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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N‑CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811‑21318

Name of Fund: |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

Fund Address: |  | 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Corporate High Yield Fund,
Inc., 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 882‑0052, Option 4
Date of fiscal year end: 12/31/2023
Date of reporting period: 06/30/2023

Item 1 – Report to Stockholders
(a) The Report to Shareholders is attached herewith.

|  | JUNE 30, 2023

|  | 2023 Semi-Annual Report (Unaudited)

BlackRock Core Bond Trust (BHK)
BlackRock Corporate High Yield Fund, Inc. (HYT)
BlackRock Credit Allocation Income Trust (BTZ)
BlackRock Floating Rate Income Trust (BGT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information (unaudited)
Section 19(a) Notices
BlackRock Core Bond Trust’s (BHK), BlackRock Corporate High Yield Fund, Inc.’s (HYT) and BlackRock Credit Allocation Income Trust’s (BTZ) (collectively the “Trusts”, or individually a “Trust”) amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.
June 30, 2023

|  | Total Cumulative Distributions for the Fiscal Period |  |  | % Breakdown of the Total Cumulative Distributions for the Fiscal Period |
Trust Name |  |  | Net Income |  |  |  | Net Realized Capital Gains Short-Term |  |  |  | Net Realized Capital Gains Long-Term |  |  |  | Return of Capital | (a) |  |  | Total Per Common Share |  |  |  | Net Income |  |  |  | Net Realized Capital Gains Short-Term |  |  |  | Net Realized Capital Gains Long-Term |  |  |  | Return of Capital |  |  |  | Total Per Common Share |
BHK |  | $ | 0.255896 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.191704 |  |  | $ | 0.447600 |  |  |  | 57 | % |  |  | — | % |  |  | — | % |  |  | 43 | % |  |  | 100 | %
HYT |  |  | 0.326298 |  |  |  | — |  |  |  | — |  |  |  | 0.141102 |  |  |  | 0.467400 |  |  |  | 70 |  |  |  | — |  |  |  | — |  |  |  | 30 |  |  |  | 100 |
BTZ |  |  | 0.311561 |  |  |  | — |  |  |  | — |  |  |  | 0.191839 |  |  |  | 0.503400 |  |  |  | 62 |  |  |  | — |  |  |  | — |  |  |  | 38 |  |  |  | 100 |

| (a) | Each Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce a Trust’s net asset value per share. |

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at blackrock.com.
Section 19(b) Disclosure
BlackRock Core Bond Trust (BHK), BlackRock Corporate High Yield Fund, Inc. (HYT), BlackRock Credit Allocation Income Trust (BTZ) and BlackRock Floating Rate Income Trust (BGT) (collectively the “Trusts”, or individually a “Trust”), acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees or Directors, as applicable (the “Board”), each has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis:

Trust Name |  | Amount Per Common Share |
BHK |  | $ | 0.074600 |
HYT |  |  | 0.077900 |
BTZ |  |  | 0.083900 |
BGT |  |  | 0.113580 |

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).
Shareholders should not draw any conclusions about each Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table.
The Board may amend, suspend or terminate a Trust’s Plan at any time without prior notice to the Trust’s shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to BHK, HYT and BGT’s prospectus for a more complete description of each Trust’s risks.

2 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

The Markets in Review
Dear Shareholder,
Despite an uncertain economic landscape during the 12-month reporting period ended June 30, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. Inflation remained elevated as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated substantially as the period continued, while ongoing strength in consumer spending backstopped the economy.
Equity returns were strong, as continued job growth eased investors’ concerns about the economy’s durability. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced significantly, including large- and small-capitalization U.S. stocks and international equities from developed markets. Emerging market equities also gained, although at a substantially slower pace, pressured by high interest rates and falling commodities prices.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, which made it the first meeting without a rate increase since the tightening cycle began in early 2022.
Supply constraints have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population exacerbate these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and most recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.
While we favor an overweight to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions, however there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC

Total Returns as of June 30, 2023
|  | 6‑Month |  | 12‑Month
U.S. large cap equities (S&P 500® Index) |  |  |  | 16.89 | % |  |  |  | 19.59 | %
U.S. small cap equities (Russell 2000® Index) |  |  |  | 8.09 |  |  |  |  | 12.31 |
International equities (MSCI Europe, Australasia, Far East Index) |  |  |  | 11.67 |  |  |  |  | 18.77 |
Emerging market equities (MSCI Emerging Markets Index) |  |  |  | 4.89 |  |  |  |  | 1.75 |
3‑month Treasury bills (ICE BofA 3‑Month U.S. Treasury Bill Index) |  |  |  | 2.25 |  |  |  |  | 3.60 |
U.S. Treasury securities (ICE BofA 10‑Year U.S. Treasury Index) |  |  |  | 1.70 |  |  |  |  | (3.97 | )
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |  |  |  | 2.09 |  |  |  |  | (0.94 | )
Tax‑exempt municipal bonds (Bloomberg Municipal Bond Index) |  |  |  | 2.67 |  |  |  |  | 3.19 |
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |  |  |  | 5.38 |  |  |  |  | 9.07 |
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |  | 3

Table of Contents

|  | Page |
Supplemental Information |  |  | 2 |
The Markets in Review |  |  | 3 |
Semi-Annual Report: |  |  |  |
The Benefits and Risks of Leveraging |  |  | 5 |
Derivative Financial Instruments |  |  | 5 |
Trust Summary |  |  | 6 |
Financial Statements: |  |  |  |
Schedules of Investments |  |  | 15 |
Statements of Assets and Liabilities |  |  | 128 |
Statements of Operations |  |  | 130 |
Statements of Changes in Net Assets |  |  | 131 |
Statements of Cash Flows |  |  | 133 |
Financial Highlights |  |  | 135 |
Notes to Financial Statements |  |  | 139 |
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |  |  | 153 |
Additional Information |  |  | 157 |
Glossary of Terms Used in this Report |  |  | 160 |

4 |  |

The Benefits and Risks of Leveraging
The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume a Trust’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is significantly lower than the income earned on a Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.
However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Trust’s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Trust had not used leverage. Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Trust’s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Trust’s intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trust’s shares than if the Trust were not leveraged. In addition, each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trust to incur losses. The use of leverage may limit a Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Trust incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of each Trust’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts’ investment adviser will be higher than if the Trusts did not use leverage.
Each Trust may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Trust is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.
Derivative Financial Instruments
The Trusts 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. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Trusts’ 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 a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S |  | 5

Trust Summary as of June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Investment Objective
BlackRock Core Bond Trust’s (BHK) (the “Trust”) investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 75% of its managed assets in bonds that are investment grade quality at the time of investment. Under normal market conditions, the Trust intends to invest its assets primarily in a diversified portfolio of investment grade bonds, which may include, but are not limited to, corporate bonds, U.S. government and agency securities and mortgage-related securities. The Trust may invest up to 25% of its total managed assets in bonds that, at the time of investment, are rated Ba/BB or below by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”) or another nationally recognized rating agency or bonds that are unrated but judged to be of comparable quality by the investment adviser. The Trust may invest up to 10% of its total managed assets in bonds issued in foreign currencies. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BHK
Initial Offering Date |  | November 27, 2001
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($ 10.64)(a) |  | 8.41%
Current Monthly Distribution per Common Share(b) |  | $0.074600
Current Annualized Distribution per Common Share(b) |  | $0.895200
Leverage as of June 30, 2023(c) |  | 34%

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (c) | Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  | 12/31/22 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 10.64 |  |  | $ | 10.38 |  |  |  | 2.50 | % |  | $ | 11.68 |  |  | $ | 10.21 |
Net Asset Value |  |  | 10.93 |  |  |  | 10.89 |  |  |  | 0.37 |  |  |  | 11.77 |  |  |  | 10.75 |

Performance
Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 4.56 | % |  |  | 0.00 | % |  |  | 1.48 | % |  |  | 3.91 | %
Trust at Market Price(a)(b) |  |  | 6.79 |  |  |  | 1.99 |  |  |  | 2.85 |  |  |  | 4.50 |
Bloomberg U.S. Credit Index(c) |  |  | 3.13 |  |  |  | 1.39 |  |  |  | 1.65 |  |  |  | 2.51 |
Reference Benchmark(d) |  |  | 3.50 |  |  |  | 0.67 |  |  |  | 1.53 |  |  |  | 2.76 |
Bloomberg U.S. Long Government/Credit Index(e) |  |  | 4.39 |  |  |  | (2.56 | ) |  |  | 0.66 |  |  |  | 2.86 |
Bloomberg Intermediate Credit Index(f) |  |  | 2.21 |  |  |  | 1.56 |  |  |  | 1.82 |  |  |  | 2.17 |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(g) |  |  | 5.38 |  |  |  | 9.07 |  |  |  | 3.34 |  |  |  | 4.43 |
Bloomberg CMBS, Eligible for U.S. Aggregate Index(h) |  |  | 1.20 |  |  |  | (1.71 | ) |  |  | 1.29 |  |  |  | 1.80 |
Bloomberg MBS Index(i) |  |  | 1.87 |  |  |  | (1.52 | ) |  |  | 0.03 |  |  |  | 1.13 |
Bloomberg ABS Index(j) |  |  | 1.74 |  |  |  | 1.18 |  |  |  | 1.53 |  |  |  | 1.48 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |

| (b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | An index that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities. |

| (d) | The Reference Benchmark is comprised of the Bloomberg U.S. Long Government/Credit Index (40%); Bloomberg Intermediate Credit Index (24%); Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (16%); Bloomberg CMBS, Eligible for U.S. Aggregate Index (8%); Bloomberg MBS Index (8%); and Bloomberg ABS Index (4%). The Reference Benchmark’s index content and weightings may have varied over past periods. |

| (e) | An unmanaged index that is the long component of the Bloomberg U.S. Government/Credit Index. It includes publicly issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt and supranational debt. |

| (f) | An unmanaged index that is the intermediate component of the Bloomberg U.S. Credit Index. The Bloomberg U.S. Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. |

| (g) | An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |

| (h) | An unmanaged index that is the CMBS component of the Bloomberg U.S. Aggregate Index. |

6 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Core Bond Trust (BHK)

| (i) | An unmanaged index that is a market value-weighted index, which covers the mortgage-backed securities component of the Bloomberg U.S. Aggregate Bond Index. It is comprised of agency mortgage-backed pass-through securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum $150 million par amount outstanding and a weighted-average maturity of at least 1 year. The index includes reinvestment of income. |

| (j) | An unmanaged index that is the asset-backed securities component of the Bloomberg U.S. Aggregate Index. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Exposure to credit-oriented sectors including investment grade corporate bonds and collateralized loan obligations contributed to the Trust’s performance over the reporting period. Holdings of U.S. Treasuries and mortgage-backed securities (“MBS”) also proved additive.
Derivatives are utilized by the Trust in order to hedge and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the portfolio. The Trust’s use of derivatives detracted from performance during the period.
Describe recent portfolio activity.
The Trust continued to favor agency MBS as a high-quality source of income as well as due to more attractive valuations driven by the spike in interest rate volatility in March and MBS selling by regional banks. The Trust remained cautious on credit risk but opportunistically added senior debt from larger, well-capitalized banks. The Trust reduced exposure to subordinated bank debt.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe portfolio positioning at period end.
At period end, the Trust maintained diversified exposure across non-government spread sectors, including investment grade and high yield corporate bonds, CMBS, ABS and, to a lesser degree, non-agency MBS. The Trust also held exposure to government-related sectors such as U.S. Treasuries, agency debt and agency MBS.
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.
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION

Asset Type(a) |  | Percentage of Total Investments |
Corporate Bonds |  |  | 45.6 | %
U.S. Government Sponsored Agency Securities |  |  | 15.7 |
Asset-Backed Securities |  |  | 10.7 |
Non-Agency Mortgage-Backed Securities |  |  | 9.2 |
U.S. Treasury Obligations |  |  | 9.0 |
Preferred Securities |  |  | 3.8 |
Municipal Bonds |  |  | 2.4 |
Floating Rate Loan Interests |  |  | 2.3 |
Foreign Agency Obligations |  |  | 1.3 |

CREDIT QUALITY ALLOCATION

Credit Rating(a)(b) |  | Percentage of Total Investments |
AAA/Aaa(c) |  |  | 34.0 | %
AA/Aa |  |  | 3.9 |
A |  |  | 12.5 |
BBB/Baa |  |  | 19.7 |
BB/Ba |  |  | 11.1 |
B |  |  | 10.6 |
CCC/Caa |  |  | 2.8 |
CC |  |  | 0.2 |
C |  |  | — | (d)
N/R(e) |  |  | 5.2 |

T R U S T S U M M A R Y |  | 7

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Core Bond Trust (BHK)

(a) | Excludes short-term securities. |

(b) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

(c) | The investment adviser evaluates the credit quality of not-rated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuer. Using this approach, the investment adviser has deemed U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations as AAA/Aaa. |

(d) | Rounds to less than 0.1% of total investments. |

(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments. |

8 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

Investment Objective
BlackRock Corporate High Yield Fund, Inc.’s (HYT) (the “Trust”) primary investment objective is to provide shareholders with current income. The Trust’s secondary investment objective is to provide shareholders with capital appreciation. The Trust seeks to achieve its objectives by investing primarily in a diversified portfolio of fixed income securities which are rated at the time of investment to be below investment grade or, if unrated, are considered by the investment adviser to be of comparable quality. The Trust may invest directly in fixed income securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | HYT
Initial Offering Date |  | May 30, 2003
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($8.92)(a) |  | 10.48%
Current Monthly Distribution per Common Share(b) |  | $0.077900
Current Annualized Distribution per Common Share(b) |  | $0.934800
Leverage as of June 30, 2023(c) |  | 29%

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (c) | Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  | 12/31/22 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 8.92 |  |  | $ | 8.74 |  |  |  | 2.06 | % |  | $ | 9.43 |  |  | $ | 8.28 |
Net Asset Value |  |  | 9.38 |  |  |  | 9.25 |  |  |  | 1.41 |  |  |  | 9.85 |  |  |  | 9.13 |

Performance
Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  |  |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 6.88 | % |  |  |  |  |  |  | 10.09 | % |  |  | 4.25 | % |  |  | 5.97 | %
Trust at Market Price(a)(b) |  |  | 7.57 |  |  |  |  |  |  |  | 3.82 |  |  |  | 5.75 |  |  |  | 5.88 |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(c) |  |  | 5.38 |  |  |  |  |  |  |  | 9.07 |  |  |  | 3.34 |  |  |  | 4.43 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |

| (b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
High-yield corporate bonds experienced strong positive returns in the period, as credit sentiment was supported by continued declines in inflation and resilient economic data.
The Trust’s overweight to issues in the B ratings category was the strongest contributor to performance on an absolute basis, followed by the overweight to CCC-rated issues. An underweight to BB issues also contributed to performance. A tactical allocation to bank loans contributed to performance as well as the asset class outperformed high yield corporates over the period. From a sector perspective, technology, leisure and independent energy exposures were the most accretive to performance.
There was very little that negatively impacted performance on an absolute basis. Some currency and interest rate exposures were held as hedges and detracted from performance on a standalone basis.

T R U S T S U M M A R Y |  | 9

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

Describe recent portfolio activity.
The Trust maintained an underweight to BB-rated issues, while maintaining slight overweights to Bs and CCCs. With expected near-term volatility, the portfolio’s beta (market sensitivity) was held below that of the broader high yield market, despite a constructive stance on opportunities within the asset class based on attractive incremental income. The Trust tactically managed sector-level exposures, although arguably individual security positioning is a more important driver of the portfolio’s composition. The Trust was an active user of liquid high yield products such as exchange-traded funds to manage overall credit exposure and tactically shifted these exposures throughout the period.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe portfolio positioning at period end.
By credit rating, the Trust’s largest allocation was to issues in the B category, followed by BB and then CCC. While the high yield corporate allocation remained at the core of the portfolio, the Trust ended the period with notable off-benchmark tactical allocations to bank loans and investment grade corporate bonds as a relative value play versus the underweight to BB issues. The largest sector allocations included technology, independent energy and cable & satellite, while the Trust had no exposure to railroads, life insurance and office REITs.
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.
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION

Asset Type(a) |  | Percentage of Total Investments |
Corporate Bonds |  |  | 86.1 | %
Floating Rate Loan Interests |  |  | 11.9 |
Preferred Securities |  |  | 1.5 |
Other* |  |  | 0.5 |

CREDIT QUALITY ALLOCATION

Credit Rating(a)(b) |  | Percentage of Total Investments |
A |  |  | 0.5 | %
BBB/Baa |  |  | 6.0 |
BB/Ba |  |  | 37.6 |
B |  |  | 44.0 |
CCC/Caa |  |  | 9.7 |
CC |  |  | — | (c)
C |  |  | — | (c)
N/R(d) |  |  | 2.2 |

(a) | Excludes short-term securities.

(b) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

(c) | Rounds to less than 0.1% of total investments.

(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments.

* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details. |

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Trust Summary as of June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

Investment Objective
BlackRock Credit Allocation Income Trust’s (BTZ) (the “Trust”) investment objective is to provide current income, current gains and capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in credit-related securities, including, but not limited to, investment grade corporate bonds, high yield bonds (commonly referred to as “junk” bonds), bank loans, preferred securities or convertible bonds or derivatives with economic characteristics similar to these credit-related securities. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BTZ
Initial Offering Date |  | December 27, 2006
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($10.15)(a) |  | 9.92%
Current Monthly Distribution per Common Share(b) |  | $0.083900
Current Annualized Distribution per Common Share(b) |  | $1.006800
Leverage as of June 30, 2023(c) |  | 37%

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (c) | Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  | 12/31/22 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 10.15 |  |  | $ | 10.10 |  |  |  | 0.50 | % |  | $ | 11.46 |  |  | $ | 9.97 |
Net Asset Value |  |  | 11.21 |  |  |  | 11.19 |  |  |  | 0.18 |  |  |  | 12.00 |  |  |  | 11.07 |

Performance
Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 5.08 | % |  |  | 6.02 | % |  |  | 3.12 | % |  |  | 4.67 | %
Trust at Market Price(a)(b) |  |  | 5.41 |  |  |  | 2.52 |  |  |  | 4.07 |  |  |  | 4.88 |
Reference Benchmark(c) |  |  | 3.75 |  |  |  | 3.69 |  |  |  | 2.42 |  |  |  | 3.40 |
Bloomberg U.S. Credit Index(d) |  |  | 3.13 |  |  |  | 1.39 |  |  |  | 1.65 |  |  |  | 2.51 |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(e) |  |  | 5.38 |  |  |  | 9.07 |  |  |  | 3.34 |  |  |  | 4.43 |
Bloomberg USD Capital Securities Index(f) |  |  | 2.80 |  |  |  | 1.45 |  |  |  | 2.79 |  |  |  | 3.96 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |

| (b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | The Reference Benchmark is comprised of the Bloomberg U.S. Credit Index (50.36%), the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (29.93%), and the Bloomberg USD Capital Securities Index (19.71%). |

| (d) | An index that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities. |

| (e) | An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |

| (f) | An unmanaged index that tracks fixed-rate, investment grade capital securities denominated in USD. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

T R U S T S U M M A R Y |  | 11

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Credit Allocation Income Trust (BTZ)

The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Contributions to the Trust’s performance over the reporting period were led by broad U.S. credit exposures, in particular investment grade corporate bonds, high yield corporate bonds, preferred securities, and floating rate exposure in the form of bank loans and collateralized loan obligations (“CLOs”). Exposure to European corporate credit, emerging market bonds and Asian corporate credit also contributed, although to a lesser extent.
The Trust’s stance with respect to duration and corresponding interest rate sensitivity detracted from performance, along with exposure to equity downside hedges. Positioning in securitized assets, specifically uniform mortgage-backed securities (“UMBS”), also detracted over the period.
In addition to employing leverage, the Trust used derivatives as part of its investment strategy, including forward contracts to hedge foreign currency exposure of non-U.S. positions back to U.S. dollars and interest rate futures to adjust duration positioning tactically as needed. The use of derivatives over the period had a negative impact on performance.
Describe recent portfolio activity.
Over the period, the Trust raised the overall credit quality of the portfolio, increasing exposure to investment grade corporate bonds and higher quality bonds within high yield corporates. The Trust also increased exposure to UMBS and CLOs which continue to offer attractive yields and incremental resilience to economic weakness. The Trust decreased exposure to preferred securities, European corporate credit and emerging markets on a weaker view of the fundamental market backdrop. The Trust’s use of leverage decreased over the period.
Describe portfolio positioning at period end.
At period end, the Trust was positioned conservatively in anticipation that interest rates would likely stay “higher for longer”. Holdings were tilted toward domestic assets given elevated geopolitical risks, particularly in Europe and Asia. The Trust was focused on utilizing credit selection across sectors to drive performance in the face of structural headwinds. The Trust maintained a core allocation to the broader U.S. credit markets, with a preference for BB-rated corporate bonds, bank loans and CLOs, in addition to select non-U.S. exposures.
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.
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION

Asset Type(a) |  | Percentage of Total Investments |
Corporate Bonds |  |  | 67.8 | %
Asset-Backed Securities |  |  | 9.3 |
U.S. Government Sponsored Agency Securities |  |  | 8.7 |
Preferred Securities |  |  | 8.3 |
Floating Rate Loan Interests |  |  | 3.8 |
Foreign Agency Obligations |  |  | 1.5 |
Other* |  |  | 0.6 |

CREDIT QUALITY ALLOCATION

Credit Rating(a)(b) |  | Percentage of Total Investments |
AAA/Aaa |  |  | 13.8 | %
AA/Aa |  |  | 3.2 |
A |  |  | 11.7 |
BBB/Baa |  |  | 34.3 |
BB/Ba |  |  | 19.4 |
B |  |  | 14.6 |
CCC/Caa |  |  | 2.4 |
C |  |  | — | (c)
N/R(d) |  |  | 0.6 |

(a) | Excludes short-term securities.

(b) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

(c) | Rounds to less than 0.1% of total investments.

(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments.

* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

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Trust Summary as of June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT)

Investment Objective
BlackRock Floating Rate Income Trust’s (BGT) (the “Trust”) primary investment objective is to provide a high level of current income. The Trust’s secondary investment objective is to seek the preservation of capital to the extent consistent with its primary objective of high current income. The Trust seeks to achieve its investment objectives by investing primarily, under normal market conditions, at least 80% of its assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a substantial portion of its assets in global floating and variable rate securities including senior secured floating rate loans made to corporate and other business entities. Under normal market conditions, the Trust expects that the average effective duration of its portfolio will be no more than 1.5 years. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BGT
Initial Offering Date |  | August 30, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($11.66)(a) |  | 11.69%
Current Monthly Distribution per Common Share(b) |  | $0.113580
Current Annualized Distribution per Common Share(b) |  | $1.362960
Leverage as of June 30, 2023(c) |  | 24%

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |

| (b) | The distribution rate is not constant and is subject to change. |

| (c) | Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  | 12/31/22 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 11.66 |  |  | $ | 10.94 |  |  |  | 6.58 | % |  | $ | 11.75 |  |  | $ | 10.78 |
Net Asset Value |  |  | 12.75 |  |  |  | 12.43 |  |  |  | 2.57 |  |  |  | 12.86 |  |  |  | 12.42 |

Performance
Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 8.00 | % |  |  | 15.23 | % |  |  | 4.97 | % |  |  | 5.22 | %
Trust at Market Price(a)(b) |  |  | 12.22 |  |  |  | 15.70 |  |  |  | 4.98 |  |  |  | 3.93 |
Morningstar LSTA Leveraged Loan Index(c) |  |  | 6.48 |  |  |  | 10.71 |  |  |  | 4.13 |  |  |  | 4.07 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |

| (b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Bank loans performed well in the first half of 2023, as the backdrop of falling inflation and continued economic growth fueled positive returns for the credit-sensitive areas of the fixed-income market.
From a sector perspective, information technology, consumer cyclical services and healthcare were the largest contributors to absolute performance. In terms of credit tiers, B, BB and CCC rated issues contributed to returns, while CC and C rated securities detracted.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

T R U S T S U M M A R Y |  | 13

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Floating Rate Income Trust (BGT)

Describe recent portfolio activity.
The Trust maintained an overweight in CCCs given market pricing and issuer-specific opportunities. It also maintained an overweight in B rated debt, but it was underweight in B2s since yield spreads did not reflect the fundamental headwinds for this cohort. BBs remained a slight underweight.
The Trust continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.
Describe portfolio positioning at period end.
The Trust remained predominately invested in bank loans, with a weighting of over 95% of assets held in the category. The rest of the portfolio was allocated to high yield bonds and cash.
The Trust was overweight in B and CCC rated issues. In the CCC space, it focused on avoiding the lowest-quality and most distressed segments of the market.
The Trust’s sector positioning continued to be largely informed by bottom-up security selection. With that said, top-down considerations have become an increasingly important factor in the current market environment. The investment adviser is particularly cautious on sectors and issuers that have high fixed operating costs, above-average economic sensitivity, limited pricing power, and outsized exposure to wage pressures. The Trust maintained its underweights in the healthcare, electric utilities and transportation services sectors.
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.
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION

Asset Type(a) |  | Percentage of Total Investments |
Floating Rate Loan Interests |  |  | 96.2 | %
Corporate Bonds |  |  | 1.5 |
Asset-Backed Securities |  |  | 1.1 |
Investment Companies |  |  | 1.1 |
Other* |  |  | 0.1 |

CREDIT QUALITY ALLOCATION

Credit Rating(a)(b) |  | Percentage of Total Investments |
BBB/Baa |  |  | 6.8 | %
BB/Ba |  |  | 25.7 |
B |  |  | 57.2 |
CCC/Caa |  |  | 6.5 |
C |  |  | — | (c)
N/R(d) |  |  | 3.8 |

(a) | Excludes short-term securities.

(b) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

(c) | Rounds to less than 0.1% of total investments.

(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments.

* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

14 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities |  |  |  |  |  |  |  |
522 Funding CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2019-4A, Class CR, (3-mo. LIBOR US + 2.40%), 7.65%, 04/20/30 |  | USD | 500 |  |  | $ | 496,237 |
Series 2019-4A, Class DR, (3-mo. LIBOR US + 3.65%), 8.90%, 04/20/30 |  |  | 600 |  |  |  | 573,381 |
AGL CLO 3 Ltd., Series 2020-3A, Class D, (3‑mo. LIBOR US + 3.30%), 8.56%, 01/15/33(a)(b) |  |  | 250 |  |  |  | 236,037 |
ALM Ltd., Series 2020-1A, Class D, (3-mo. LIBOR US + 6.00%), 11.26%, 10/15/29(a)(b) |  |  | 285 |  |  |  | 259,176 |
AMMC CLO 20 Ltd., Series 2017-20A, Class AR, (3-mo. LIBOR US + 0.87%), 6.13%, 04/17/29(a)(b) |  |  | 73 |  |  |  | 72,970 |
Anchorage Capital CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2013-1A, Class A2R, (3-mo. LIBOR US + 1.65%), 6.89%, 10/13/30 |  |  | 380 |  |  |  | 377,584 |
Series 2013-1A, Class CR, (3-mo. LIBOR US + 3.20%), 8.44%, 10/13/30 |  |  | 720 |  |  |  | 696,600 |
Apidos CLO XXII, Series 2015-22A, Class CR, (3-mo. LIBOR US + 2.95%), 8.20%, 04/20/31(a)(b) |  |  | 250 |  |  |  | 236,532 |
Apidos CLO XXIV, Series 2016-24A, Class A1AL, (3-mo. LIBOR US + 0.95%), 6.20%, 10/20/30(a)(b) |  |  | 500 |  |  |  | 494,352 |
Apidos CLO XXVI, Series 2017-26A, Class A1AR, (3-mo. LIBOR US + 0.90%), 6.16%, 07/18/29(a)(b) |  |  | 1,077 |  |  |  | 1,070,870 |
Apidos CLO XXVII, Series 2017-27A, Class A1R, (3-mo. LIBOR US + 0.93%), 6.19%, 07/17/30(a)(b) |  |  | 247 |  |  |  | 245,345 |
ASSURANT CLO I Ltd., Series 2017-1A, Class CR, (3-mo. LIBOR US + 2.15%), 7.40%, 10/20/34(a)(b) |  |  | 500 |  |  |  | 477,973 |
Bain Capital Credit CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2021-3A, Class D, (3-mo. LIBOR US + 3.10%), 8.37%, 07/24/34 |  |  | 250 |  |  |  | 224,075 |
Series 2021-5A, Class B, (3-mo. LIBOR US + 1.65%), 6.92%, 10/23/34 |  |  | 500 |  |  |  | 478,447 |
Ballyrock CLO 21 Ltd., Series 2022-21A, Class D, (3-mo. CME Term SOFR + 8.76%), 13.81%, 10/20/35(a)(b) |  |  | 500 |  |  |  | 501,759 |
Barings CLO Ltd., Series 2017-1A, Class D, (3-mo. LIBOR US + 3.60%), 8.86%, 07/18/29(a)(b) |  |  | 250 |  |  |  | 244,959 |
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A1R2, (3-mo. LIBOR US + 0.87%), 6.13%, 07/15/29(a)(b) |  |  | 160 |  |  |  | 159,346 |
Birch Grove CLO 3 Ltd., Series 2021-3A, Class D1, (3-mo. LIBOR US + 3.20%), 8.47%, 01/19/35(a)(b) |  |  | 250 |  |  |  | 235,018 |
Birch Grove CLO Ltd., Series 19A, Class DR, (3-mo. LIBOR US + 3.35%), 8.90%, 06/15/31(a)(b) |  |  | 1,000 |  |  |  | 980,639 |
BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class D, (3-mo. LIBOR US + 2.90%), 8.16%, 04/15/34(a)(b) |  |  | 500 |  |  |  | 454,549 |
Buttermilk Park CLO Ltd., Series 2018-1A, Class D, (3-mo. LIBOR US + 3.10%), 8.36%, 10/15/31(a)(b) |  |  | 250 |  |  |  | 225,236 |
Canyon Capital CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2016-1A, Class CR, (3-mo. LIBOR US + 1.90%), 7.16%, 07/15/31 |  |  | 250 |  |  |  | 240,138 |
Series 2021-2A, Class D, (3-mo. LIBOR US + 3.35%), 8.61%, 04/15/34 |  |  | 500 |  |  |  | 457,547 |
Carlyle Global Market Strategies CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2013-1A, Class A1RR, (3-mo. LIBOR US + 0.95%), 6.27%, 08/14/30 |  |  | 228 |  |  |  | 225,350 |
Series 2013-1A, Class CR, (3-mo. LIBOR US + 3.35%), 8.67%, 08/14/30 |  |  | 1,000 |  |  |  | 922,571 |
Carlyle U.S. CLO Ltd., Series 2022-6A, Class C, (3-mo. CME Term SOFR + 4.00%), 8.60%, 10/25/34(a)(b) |  |  | 250 |  |  |  | 251,489 |

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |  |  |  |  |
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3-mo. LIBOR US + 3.20%), 8.45%, 04/20/32(a)(b) |  | USD | 500 |  |  | $ | 462,671 |
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. LIBOR US + 6.44%), 11.69%, 07/20/32(a)(b) |  |  | 500 |  |  |  | 446,067 |
CarVal CLO VC Ltd., Series 2021-2A, Class D, (3-mo. LIBOR US + 3.25%), 8.51%, 10/15/34(a)(b) |  |  | 250 |  |  |  | 239,753 |
CBAM Ltd., Series 2017-1A, Class C, (3-mo. LIBOR US + 2.40%), 7.65%, 07/20/30(a)(b) |  |  | 350 |  |  |  | 343,651 |
Cedar Funding IX CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2018-9A, Class A1, (3-mo. LIBOR US + 0.98%), 6.23%, 04/20/31 |  |  | 250 |  |  |  | 247,824 |
Series 2018-9A, Class D, (3-mo. LIBOR US + 2.60%), 7.85%, 04/20/31 |  |  | 250 |  |  |  | 229,779 |
Cedar Funding VII CLO Ltd., Series 2018-7A, Class A1, (3-mo. LIBOR US + 1.00%), 6.25%, 01/20/31(a)(b) |  |  | 496 |  |  |  | 491,890 |
Cedar Funding X CLO Ltd., Series 2019-10A, Class BR, (3-mo. LIBOR US + 1.60%), 6.85%, 10/20/32(a)(b) |  |  | 930 |  |  |  | 913,290 |
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B, (3-mo. LIBOR US + 1.60%), 6.86%, 07/15/33(a)(b) |  |  | 500 |  |  |  | 491,308 |
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 6.85%, 04/20/35(a)(b) |  |  | 400 |  |  |  | 384,548 |
CIFC Funding I Ltd., Series 2019-1A, Class DR, (3-mo. LIBOR US + 3.10%), 8.35%, 04/20/32(a)(b) |  |  | 500 |  |  |  | 483,132 |
CIFC Funding II Ltd., Series 2017-2A, Class AR, (3-mo. LIBOR US + 0.95%), 6.20%, 04/20/30(a)(b) |  |  | 489 |  |  |  | 484,925 |
CIFC Funding III Ltd., Series 2015-3A, Class AR, (3-mo. LIBOR US + 0.87%), 6.14%, 04/19/29(a)(b) |  |  | 217 |  |  |  | 215,667 |
CIFC Funding IV Ltd., Series 2017-4A, Class A1R, (3-mo. LIBOR US + 0.95%), 6.22%, 10/24/30(a)(b) |  |  | 476 |  |  |  | 471,652 |
CIFC Funding Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2013-1A, Class CR, (3-mo. LIBOR US + 3.55%), 8.81%, 07/16/30 |  |  | 500 |  |  |  | 467,173 |
Series 2014-2RA, Class B1, (3-mo. LIBOR US + 2.80%), 8.07%, 04/24/30 |  |  | 750 |  |  |  | 720,776 |
Series 2014-3A, Class BR2, (3-mo. LIBOR US + 1.80%), 7.07%, 10/22/31 |  |  | 250 |  |  |  | 245,567 |
Series 2015-1A, Class ARR, (3-mo. LIBOR US + 1.11%), 6.38%, 01/22/31 |  |  | 1,000 |  |  |  | 989,300 |
Series 2020-1A, Class DR, (3-mo. LIBOR US + 3.10%), 8.36%, 07/15/36 |  |  | 500 |  |  |  | 470,038 |
CIFC Funding VII Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2022-7A, Class C, (3-mo. CME Term SOFR + 3.85%), 8.92%, 10/22/35 |  |  | 500 |  |  |  | 499,736 |
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 5.35%), 10.42%, 10/22/35 |  |  | 600 |  |  |  | 600,335 |
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1-mo. LIBOR US + 0.14%), 5.33%, 01/15/37(a) |  |  | 1,094 |  |  |  | 983,993 |
Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3-mo. LIBOR US + 2.85%), 8.11%, 10/15/30(a)(b) |  |  | 280 |  |  |  | 260,017 |
Dryden 106 CLO Ltd., Series 2022-106A, Class C, (3-mo. CME Term SOFR + 3.90%), 8.46%, 10/15/35(a)(b) |  |  | 500 |  |  |  | 502,308 |
Dryden 37 Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. LIBOR US + 1.10%), 6.36%, 01/15/31(a)(b) |  |  | 245 |  |  |  | 243,959 |
Dryden 50 Senior Loan Fund, Series 2017-50A, Class B, (3-mo. LIBOR US + 1.65%), 6.91%, 07/15/30(a)(b) |  |  | 250 |  |  |  | 242,168 |
Dryden 53 CLO Ltd., Series 2017-53A, Class B, (3-mo. LIBOR US + 1.40%), 6.66%, 01/15/31(a)(b) |  |  | 1,320 |  |  |  | 1,302,985 |

S C H E D U L E O F I N V E S T M E N T S |  | 15

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |  |  |  |  |
Dryden 64 CLO Ltd., Series 2018-64A, Class D, (3-mo. LIBOR US + 2.65%), 7.91%, 04/18/31(a)(b) |  | USD | 1,250 |  |  | $ | 1,142,337 |
Dryden 78 CLO Ltd., Series 2020-78A, Class D, (3-mo. LIBOR US + 3.00%), 8.26%, 04/17/33(a)(b) |  |  | 250 |  |  |  | 230,561 |
Dryden XXVIII Senior Loan Fund(a)(b) |  |  |  |  |  |  |  |
Series 2013-28A, Class A1LR, (3-mo. LIBOR US + 1.20%), 6.52%, 08/15/30 |  |  | 236 |  |  |  | 234,170 |
Series 2013-28A, Class B1LR, (3-mo. LIBOR US + 3.15%), 8.47%, 08/15/30 |  |  | 1,000 |  |  |  | 954,436 |
Eaton Vance CLO Ltd., Series 2015-1A, Class A2R, (3-mo. LIBOR US + 1.25%), 6.50%, 01/20/30(a)(b) |  |  | 1,000 |  |  |  | 977,500 |
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B, 3.50%, 11/25/50(b) |  |  | 110 |  |  |  | 87,115 |
Elmwood CLO 21 Ltd., Series 2022-8A, Class C, (3-mo. CME Term SOFR + 3.85%), 8.90%, 11/20/35(a)(b) |  |  | 500 |  |  |  | 500,952 |
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3-mo. LIBOR US + 1.70%), 6.96%, 04/15/33(a)(b) |  |  | 250 |  |  |  | 245,590 |
Elmwood CLO V Ltd., Series 2020-2A, Class CR, (3-mo. LIBOR US + 2.00%), 7.25%, 10/20/34(a)(b) |  |  | 436 |  |  |  | 425,898 |
Elmwood CLO VI Ltd., Series 2020-3A, Class BR, (3-mo. LIBOR US + 1.65%), 6.90%, 10/20/34(a)(b) |  |  | 250 |  |  |  | 244,188 |
Fairstone Financial Issuance Trust I, Series 2020-1A, Class C, 5.16%, 10/20/39(b) |  | CAD | 170 |  |  |  | 116,084 |
Flatiron CLO 18 Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.21%), 6.20%, 04/17/31(a)(b) |  | USD | 1,500 |  |  |  | 1,488,537 |
Galaxy 31 Clo Ltd., Series 2023-31A, Class E, (3-mo. CME Term SOFR + 8.43%), 13.21%, 04/15/36(a)(b) |  |  | 350 |  |  |  | 348,263 |
Galaxy XX CLO Ltd., Series 2015-20A, Class CR, (3-mo. LIBOR US + 1.75%), 7.00%, 04/20/31(a)(b) |  |  | 250 |  |  |  | 244,054 |
Galaxy XXIII CLO Ltd., Series 2017-23A, Class AR, (3-mo. LIBOR US + 0.87%), 6.14%, 04/24/29(a)(b) |  |  | 397 |  |  |  | 392,819 |
Galaxy XXVII CLO Ltd., Series 2018-27A, Class A, (3‑mo. LIBOR US + 1.02%), 6.34%, 05/16/31(a)(b) |  |  | 2,000 |  |  |  | 1,969,863 |
Generate CLO 2 Ltd., Series 2A, Class AR, (3-mo. LIBOR US + 1.15%), 6.42%, 01/22/31(a)(b) |  |  | 248 |  |  |  | 245,655 |
Generate CLO 3 Ltd., Series 3A, Class DR, (3-mo. LIBOR US + 3.60%), 8.85%, 10/20/29(a)(b) |  |  | 1,750 |  |  |  | 1,721,371 |
Generate CLO 4 Ltd., Series 4A, Class DR, (3-mo. LIBOR US + 3.15%), 8.40%, 04/20/32(a)(b) |  |  | 1,500 |  |  |  | 1,364,987 |
Generate CLO 6 Ltd., Series DR, Class 6A, (3-mo. LIBOR US + 3.50%), 8.77%, 01/22/35(a)(b) |  |  | 750 |  |  |  | 701,248 |
GoldenTree Loan Management U.S. CLO 3 Ltd., Series 2018-3A, Class B1, (3-mo. LIBOR US + 1.55%), 6.80%, 04/20/30(a)(b) |  |  | 250 |  |  |  | 245,702 |
GoldenTree Loan Management U.S. CLO 4 Ltd., Series 2019-5A, Class BR, (3-mo. LIBOR US + 1.60%), 6.87%, 04/24/31(a)(b) |  |  | 500 |  |  |  | 496,361 |
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class BR2, (3-mo. LIBOR US + 1.60%), 6.90%, 10/29/29(a)(b) |  |  | 1,500 |  |  |  | 1,492,989 |
GoldenTree Loan Opportunities X Ltd., Series 2015-10A, Class DR, (3-mo. LIBOR US + 3.05%), 8.30%, 07/20/31(a)(b) |  |  | 250 |  |  |  | 241,282 |
Golub Capital Partners CLO 55B Ltd., Series 2021-55A, Class E, (3-mo. LIBOR US + 6.56%), 11.81%, 07/20/34(a)(b) |  |  | 250 |  |  |  | 235,826 |
Grippen Park CLO Ltd., Series 2017-1A, Class D, (3-mo. LIBOR US + 3.30%), 8.55%, 01/20/30(a)(b) |  |  | 250 |  |  |  | 240,206 |
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3-mo. LIBOR US + 6.45%), 11.71%, 04/15/33(a)(b) |  |  | 500 |  |  |  | 437,892 |

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |  |  |  |  |
Highbridge Loan Management, Series 3A-2014, Class CR, (3-mo. LIBOR US + 3.60%), 8.86%, 07/18/29(a)(b) |  | USD | 1,000 |  |  | $ | 935,974 |
Jay Park CLO Ltd., Series 2016-1A, Class CR, (3-mo. LIBOR US + 2.65%), 7.90%, 10/20/27(a)(b) |  |  | 500 |  |  |  | 490,110 |
Litigation Fee Residual, 4.00%, 10/30/27(c) |  |  | 694 |  |  |  | 669,390 |
Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A4, (1-mo. LIBOR US + 0.48%), 5.63%, 09/25/36(a) |  |  | 6,092 |  |  |  | 1,676,828 |
Madison Park Funding LIV Ltd., Series 2022-54A, Class E1, (3-mo. CME Term SOFR + 8.95%), 14.01%, 10/21/34(a)(b) |  |  | 263 |  |  |  | 261,025 |
Madison Park Funding LXII Ltd., Series 2022-62A, Class A1, (3-mo. CME Term SOFR + 2.25%), 7.24%, 07/17/33(a)(b) |  |  | 760 |  |  |  | 760,000 |
Madison Park Funding XLVIII Ltd., (3-mo. LIBOR US + 6.25%), 11.52%, 04/19/33 |  |  | 500 |  |  |  | 467,533 |
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. LIBOR US + 3.60%), 8.86%, 07/21/30(a)(b) |  |  | 1,000 |  |  |  | 975,751 |
Madison Park Funding XXIII Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2017-23A, Class AR, (3-mo. LIBOR US + 0.97%), 6.26%, 07/27/31 |  |  | 983 |  |  |  | 974,873 |
Series 2017-23A, Class CR, (3-mo. LIBOR US + 2.00%), 7.29%, 07/27/31 |  |  | 600 |  |  |  | 582,249 |
Madison Park Funding XXV Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2017-25A, Class A1R, (3-mo. LIBOR US + 0.97%), 6.23%, 04/25/29 |  |  | 1,463 |  |  |  | 1,453,488 |
Series 2017-25A, Class A2R, (3-mo. LIBOR US + 1.65%), 6.91%, 04/25/29 |  |  | 250 |  |  |  | 245,107 |
Madison Park Funding XXXI Ltd., Series 2018-31A, Class D, (3-mo. LIBOR US + 3.00%), 8.27%, 01/23/31(a)(b) |  |  | 625 |  |  |  | 604,399 |
Madison Park Funding XXXIV Ltd., Series 2019-34A, Class DR, (3-mo. LIBOR US + 3.35%), 8.61%, 04/25/32(a)(b) |  |  | 250 |  |  |  | 244,359 |
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, (3-mo. LIBOR US + 1.65%), 6.91%, 07/15/33(a)(b) |  |  | 900 |  |  |  | 887,055 |
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, (3-mo. LIBOR US + 1.90%), 7.16%, 07/17/34(a)(b) |  |  | 250 |  |  |  | 241,032 |
Marble Point CLO XVII Ltd., Series 2020-1A, Class D, (3-mo. LIBOR US + 3.75%), 9.00%, 04/20/33(a)(b) |  |  | 250 |  |  |  | 234,994 |
Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3-mo. LIBOR US + 3.65%), 8.92%, 01/22/35(a)(b) |  |  | 250 |  |  |  | 238,116 |
Mariner Finance Issuance Trust, Series 2022-AA, Class A, 6.45%, 10/20/37(b) |  |  | 515 |  |  |  | 513,895 |
Navient Private Education Refi Loan Trust 5.51%, 10/15/32 |  |  | 178 |  |  |  | 175,927 |
Series 2019-D, Class A2A, 3.01%, 12/15/59(b) |  |  | 586 |  |  |  | 541,871 |
Series 2019-GA, Class A, 2.40%, 10/15/68(b) |  |  | 214 |  |  |  | 196,647 |
Series 2021-CA, Class A, 1.06%, 10/15/69(b) |  |  | 884 |  |  |  | 762,193 |
Series 2021-DA, Class C, 3.48%, 04/15/60(b) |  |  | 770 |  |  |  | 675,983 |
Series 2021-DA, Class D, 4.00%, 04/15/60(b) |  |  | 440 |  |  |  | 393,305 |
Series 2021-EA, Class A, 0.97%, 12/16/69(b) |  |  | 1,029 |  |  |  | 869,610 |
Nelnet Student Loan Trust(b) |  |  |  |  |  |  |  |
Series 2021-A, Class D, 4.93%, 04/20/62 |  |  | 460 |  |  |  | 387,381 |
Series 2021-BA, Class B, 2.68%, 04/20/62 |  |  | 1,983 |  |  |  | 1,599,911 |
Series 2021-CA, Class AFL, (1-mo. LIBOR US + 0.74%), 5.89%, 04/20/62(a) |  |  | 430 |  |  |  | 421,467 |

16 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |  |  |  |  |
Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class BR, (3-mo. LIBOR US + 1.65%), 6.91%, 10/17/30(a)(b) |  | USD | 250 |  |  | $ | 248,821 |
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class AR, (3-mo. LIBOR US + 0.93%), 6.19%, 10/18/29(a)(b) |  |  | 1,243 |  |  |  | 1,233,824 |
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3-mo. LIBOR US + 1.80%), 7.05%, 07/20/31(a)(b) |  |  | 1,163 |  |  |  | 1,142,774 |
Neuberger Berman Loan Advisers NBLA CLO 52 Ltd., Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 10.82%, 10/24/35(a)(b) |  |  | 568 |  |  |  | 568,171 |
OCP CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2015-9A, Class BR2, (3-mo. CME Term SOFR + 1.75%), 6.74%, 01/15/33 |  |  | 250 |  |  |  | 244,829 |
Series 2017-13A, Class A1AR, (3-mo. LIBOR US + 0.96%), 6.22%, 07/15/30 |  |  | 1,000 |  |  |  | 987,956 |
Series 2017-14A, Class A2, (3-mo. LIBOR US + 1.50%), 6.88%, 11/20/30 |  |  | 1,620 |  |  |  | 1,589,111 |
Octagon 54 Ltd., Series 2021-1A, Class D, (3‑mo. LIBOR US + 3.05%), 8.31%, 07/15/34(a)(b) |  |  | 250 |  |  |  | 231,769 |
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. LIBOR US + 0.97%), 6.24%, 07/19/30(a)(b) |  |  | 2,722 |  |  |  | 2,705,200 |
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3-mo. LIBOR US + 1.40%), 6.66%, 01/25/31(a)(b) |  |  | 500 |  |  |  | 486,556 |
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, (3-mo. LIBOR US + 1.00%), 6.32%, 02/14/31(a)(b) |  |  | 250 |  |  |  | 247,095 |
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3-mo. LIBOR US + 2.75%), 8.02%, 01/22/30(a)(b) |  |  | 500 |  |  |  | 458,959 |
OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 05/14/32(b) |  |  | 330 |  |  |  | 328,799 |
OZLM VIII Ltd., Series 2014-8A, Class CRR, (3‑mo. LIBOR US + 3.15%), 8.41%, 10/17/29(a)(b) |  |  | 875 |  |  |  | 851,792 |
OZLM XXI Ltd., Series 2017-21A, Class C, (3‑mo. LIBOR US + 2.67%), 7.92%, 01/20/31(a)(b) |  |  | 1,000 |  |  |  | 901,792 |
Palmer Square CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2013-2A, Class A2R3, (3-mo. LIBOR US + 1.50%), 6.76%, 10/17/31 |  |  | 250 |  |  |  | 247,407 |
Series 2015-2A, Class CR2, (3-mo. LIBOR US + 2.75%), 8.00%, 07/20/30 |  |  | 250 |  |  |  | 240,235 |
Series 2020-3A, Class A2R, (3-mo. LIBOR US + 1.60%), 6.92%, 11/15/31 |  |  | 250 |  |  |  | 247,367 |
Series 2022-4A, Class C, (3-mo. CME Term SOFR + 4.00%), 9.05%, 10/20/35 |  |  | 1,000 |  |  |  | 1,014,929 |
Palmer Square Loan Funding Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2020-1A, Class C, (3-mo. LIBOR US + 2.50%), 7.88%, 02/20/28 |  |  | 250 |  |  |  | 244,771 |
Series 2021-1A, Class A1, (3-mo. LIBOR US + 0.90%), 6.15%, 04/20/29 |  |  | 122 |  |  |  | 120,922 |
Series 2021-2A, Class A1, (3-mo. LIBOR US + 0.80%), 6.18%, 05/20/29 |  |  | 143 |  |  |  | 141,391 |
Series 2021-3A, Class A1, (3-mo. LIBOR US + 0.80%), 6.05%, 07/20/29 |  |  | 488 |  |  |  | 483,723 |
Park Avenue Institutional Advisers CLO Ltd., Series 2017- 1A, Class DR, (3-mo. LIBOR US + 6.81%), 12.13%, 02/14/34(a)(b) |  |  | 1,300 |  |  |  | 1,093,905 |

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |  |  |  |  |
PPM CLO 2 Ltd., Series 2019-2A, Class DR, (3‑mo. LIBOR US + 3.40%), 8.67%, 04/16/32(a)(b) |  | USD | 250 |  |  | $ | 229,273 |
Prodigy Finance DAC, Series 2021-1A, Class C, (1-mo. Term SOFR + 3.86%), 8.95%, 07/25/51(a)(b) |  |  | 153 |  |  |  | 151,827 |
Rad CLO 3 Ltd., Series 2019-3A, Class DR, (3‑mo. LIBOR US + 2.75%), 8.01%, 04/15/32(a)(b) |  |  | 400 |  |  |  | 375,138 |
Regatta XI Funding Ltd., Series 2018-1A, Class D, (3-mo. LIBOR US + 2.85%), 8.11%, 07/17/31(a)(b) |  |  | 370 |  |  |  | 352,537 |
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. LIBOR US + 1.45%), 6.71%, 01/15/34(a)(b) |  |  | 850 |  |  |  | 831,188 |
Regional Management Issuance Trust, Series 2021-A, Class A, 7.10%, 11/17/32(b) |  |  | 200 |  |  |  | 201,028 |
Republic Finance Issuance Trust, Series 2020-A, Class C, 4.05%, 11/20/30(b) |  |  | 240 |  |  |  | 218,662 |
Romark CLO Ltd., Series 2017-1A, Class B, (3‑mo. LIBOR US + 2.15%), 7.42%, 10/23/30(a)(b) |  |  | 500 |  |  |  | 482,585 |
Shackleton CLO Ltd., Series 2015-7RA, Class C, (3-mo. LIBOR US + 2.35%), 7.61%, 07/15/31(a)(b) |  |  | 250 |  |  |  | 243,911 |
Signal Peak CLO 4 Ltd., Series 2017-4A, Class XR, (3-mo. LIBOR US + 0.95%), 6.22%, 10/26/34(a)(b) |  |  | 1,200 |  |  |  | 1,199,529 |
SMB Private Education Loan Trust |  |  |  |  |  |  |  |
(30-day Avg SOFR + 1.80%), 7.20%, 10/15/56 |  |  | 243 |  |  |  | 243,526 |
Series 2019-A, Class A2A, 3.44%, 07/15/36(b) |  |  | 1,465 |  |  |  | 1,393,441 |
Series 2019-B, Class A2A, 2.84%, 06/15/37(b) |  |  | 283 |  |  |  | 263,610 |
Series 2021-A, Class A2B, 1.59%, 01/15/53(b) |  |  | 396 |  |  |  | 343,254 |
Series 2021-C, Class C, 3.00%, 01/15/53(b) |  |  | 190 |  |  |  | 165,107 |
Series 2021-C, Class D, 3.93%, 01/15/53(b) |  |  | 160 |  |  |  | 146,736 |
Series 2022-C, Class A1A, 4.48%, 05/16/50(b) |  |  | 375 |  |  |  | 358,535 |
Sterling COOFS Trust(c) |  |  |  |  |  |  |  |
Series 2004-1, Class A, 2.36%, 04/15/29 |  |  | 736 |  |  |  | 7,356 |
Series 2004-2, Class Note, 2.08%, 03/30/30(b) |  |  | 608 |  |  |  | 6,078 |
Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A2, 3.45%, 02/25/32 |  |  | 42 |  |  |  | 37,033 |
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 6.92%, 04/23/35(a)(b) |  |  | 600 |  |  |  | 589,092 |
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. LIBOR US + 0.93%), 6.19%, 07/15/30(a)(b) |  |  | 496 |  |  |  | 490,874 |
TCW CLO Ltd., Series 2020-1A, Class DRR, (3‑mo. LIBOR US + 3.40%), 8.65%, 04/20/34(a)(b) |  |  | 250 |  |  |  | 225,294 |
TICP CLO IX Ltd., Series 2017-9A, Class D, (3‑mo. LIBOR US + 2.90%), 8.15%, 01/20/31(a)(b) |  |  | 500 |  |  |  | 483,871 |
TICP CLO XV Ltd., Series 2020-15A, Class D, (3-mo. LIBOR US + 3.15%), 8.40%, 04/20/33(a)(b) |  |  | 250 |  |  |  | 240,337 |
Trestles CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2017-1A, Class B1R, (3-mo. LIBOR US + 1.75%), 7.01%, 04/25/32 |  |  | 1,750 |  |  |  | 1,704,537 |
Series 2017-1A, Class CR, (3-mo. LIBOR US + 2.90%), 8.16%, 04/25/32 |  |  | 250 |  |  |  | 232,250 |
Trimaran CAVU Ltd. |  |  |  |  |  |  |  |
(3-mo. Term SOFR + 9.08%), 14.15%, 10/22/35 |  |  | 500 |  |  |  | 499,512 |
Series 2019-2A, Class C, (3-mo. LIBOR US + 4.72%), 9.98%, 11/26/32(a)(b) |  |  | 500 |  |  |  | 478,304 |
Series 2021-2A, Class D1, (3-mo. LIBOR US + 3.25%), 8.51%, 10/25/34(a)(b) |  |  | 500 |  |  |  | 478,488 |
Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 11.17%, 01/20/36(a)(b) |  |  | 400 |  |  |  | 400,100 |
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32(d) |  | GBP | 6 |  |  |  | 7,301 |

S C H E D U L E O F I N V E S T M E N T S |  | 17

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |  |  |  |  |
Voya CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2014-2A, Class A1RR, (3-mo. LIBOR US + 1.02%), 6.28%, 04/17/30 |  | USD | 208 |  |  | $ | 206,716 |
Series 2017-2A, Class A2AR, (3-mo. LIBOR US + 1.65%), 6.91%, 06/07/30 |  |  | 250 |  |  |  | 244,394 |
Series 2017-4A, Class A1, (3-mo. LIBOR US + 1.13%), 6.39%, 10/15/30 |  |  | 227 |  |  |  | 225,833 |
Series 2018-2A, Class A2, (3-mo. LIBOR US + 1.25%), 6.51%, 07/15/31 |  |  | 1,000 |  |  |  | 965,533 |
Series 2022-3A, Class B, (3-mo. CME Term SOFR + 2.85%), 7.90%, 10/20/34 |  |  | 425 |  |  |  | 421,744 |
Series 2022-4A, Class C, (3-mo. CME Term SOFR + 4.05%), 9.10%, 10/20/33 |  |  | 1,000 |  |  |  | 1,004,033 |
Whetstone Park CLO Ltd., Series 2021-1A, Classs 1A, (3-mo. LIBOR US + 1.60%), 6.85%, 01/20/35(a)(b) |  |  | 725 |  |  |  | 719,222 |
Whitebox CLO I Ltd., Series 2019-1A, Class CR, (3-mo. LIBOR US + 3.05%), 8.32%, 07/24/32(a)(b) |  |  | 500 |  |  |  | 481,440 |
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3-mo. LIBOR US + 3.35%), 8.62%, 10/24/34(a)(b) |  |  | 500 |  |  |  | 478,425 |
Whitebox CLO III Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2021-3A, Class D, (3-mo. LIBOR US + 3.35%), 8.61%, 10/15/34 |  |  | 250 |  |  |  | 238,807 |
Series 2021-3A, Class E, (3-mo. LIBOR US + 6.85%), 12.11%, 10/15/34 |  |  | 250 |  |  |  | 239,407 |
York CLO 1 Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2014-1A, Class CRR, (3-mo. LIBOR US + 2.10%), 7.37%, 10/22/29 |  |  | 250 |  |  |  | 245,664 |
Series 2014-1A, Class DRR, (3-mo. LIBOR US + 3.01%), 8.28%, 10/22/29 |  |  | 250 |  |  |  | 244,011 |
Total Asset-Backed Securities — 16.0% (Cost: $97,636,304) |  |  |  |  |  |  | 94,636,692 |
Corporate Bonds |  |  |  |  |  |
Aerospace & Defense — 2.7% |  |  |  |  |  |
Amsted Industries, Inc., 5.63%, 07/01/27(b) |  |  | 30 |  |  |  | 29,016 |
Boeing Co. |  |  |  |  |  |  |  |
2.95%, 02/01/30 |  |  | 800 |  |  |  | 695,331 |
3.60%, 05/01/34 |  |  | 550 |  |  |  | 468,071 |
Bombardier, Inc.(b) |  |  |  |  |  |  |  |
7.50%, 03/15/25 |  |  | 15 |  |  |  | 15,026 |
7.13%, 06/15/26(e) |  |  | 846 |  |  |  | 840,300 |
7.88%, 04/15/27(e) |  |  | 395 |  |  |  | 393,983 |
6.00%, 02/15/28(e) |  |  | 667 |  |  |  | 630,384 |
7.50%, 02/01/29(e) |  |  | 303 |  |  |  | 299,469 |
7.45%, 05/01/34 |  |  | 100 |  |  |  | 114,000 |
Eaton Corp., 4.15%, 11/02/42 |  |  | 500 |  |  |  | 444,799 |
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(b) |  |  | 200 |  |  |  | 181,000 |
L3Harris Technologies, Inc. |  |  |  |  |  |  |  |
2.90%, 12/15/29 |  |  | 1,200 |  |  |  | 1,038,492 |
1.80%, 01/15/31 |  |  | 300 |  |  |  | 237,437 |
Lockheed Martin Corp., 3.80%, 03/01/45 |  |  | 800 |  |  |  | 674,068 |
Northrop Grumman Corp. |  |  |  |  |  |  |  |
4.70%, 03/15/33 |  |  | 400 |  |  |  | 392,565 |
3.85%, 04/15/45 |  |  | 850 |  |  |  | 692,676 |
Raytheon Technologies Corp. |  |  |  |  |  |  |  |
2.38%, 03/15/32 |  |  | 1,000 |  |  |  | 819,330 |
5.15%, 02/27/33 |  |  | 900 |  |  |  | 912,302 |
4.50%, 06/01/42 |  |  | 300 |  |  |  | 276,140 |

Security |  | Par (000) |  |  | Value |
Aerospace & Defense (continued) |  |  |  |
Rolls-Royce PLC, 5.75%, 10/15/27(b) |  | USD | 600 |  |  | $ | 586,653 |
Spirit AeroSystems, Inc.(b) |  |  |  |  |  |  |  |
7.50%, 04/15/25 |  |  | 22 |  |  |  | 21,738 |
9.38%, 11/30/29 |  |  | 435 |  |  |  | 465,700 |
TransDigm, Inc. |  |  |  |  |  |  |  |
6.25%, 03/15/26(b)(e) |  |  | 3,235 |  |  |  | 3,219,190 |
6.38%, 06/15/26 |  |  | 31 |  |  |  | 30,597 |
6.75%, 08/15/28(b) |  |  | 1,708 |  |  |  | 1,714,473 |
Triumph Group, Inc., 9.00%, 03/15/28(b) |  |  | 631 |  |  |  | 644,276 |
|  |  |  |  |  |  | 15,837,016 |
Automobile Components — 0.7% |  |  |  |  |  |
Aptiv PLC, 4.40%, 10/01/46 |  |  | 465 |  |  |  | 360,033 |
Clarios Global LP, 6.75%, 05/15/25(b) |  |  | 237 |  |  |  | 237,145 |
Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |  |  |  |  |
4.38%, 05/15/26(d) |  | EUR | 200 |  |  |  | 207,677 |
6.25%, 05/15/26(b)(e) |  | USD | 743 |  |  |  | 738,215 |
8.50%, 05/15/27(b) |  |  | 1,562 |  |  |  | 1,564,556 |
6.75%, 05/15/28 |  |  | 538 |  |  |  | 536,118 |
Dana Financing Luxembourg SARL, 8.50%, 07/15/31(d) |  | EUR | 100 |  |  |  | 112,557 |
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(b) |  | USD | 111 |  |  |  | 101,117 |
Forvia, 3.75%, 06/15/28(d) |  | EUR | 100 |  |  |  | 98,794 |
Goodyear Tire & Rubber Co. |  |  |  |  |  |  |  |
5.00%, 07/15/29(e) |  | USD | 78 |  |  |  | 70,336 |
5.63%, 04/30/33 |  |  | 81 |  |  |  | 70,516 |
ZF Finance GmbH, 3.75%, 09/21/28(d) |  | EUR | 100 |  |  |  | 97,966 |
|  |  |  |  |  |  | 4,195,030 |
Automobiles — 1.0% |  |  |  |  |  |
Ford Motor Co. |  |  |  |  |  |  |  |
4.35%, 12/08/26 |  | USD | 7 |  |  |  | 6,765 |
3.25%, 02/12/32(e) |  |  | 315 |  |  |  | 247,806 |
6.10%, 08/19/32 |  |  | 126 |  |  |  | 122,114 |
4.75%, 01/15/43 |  |  | 2,000 |  |  |  | 1,537,628 |
Ford Motor Credit Co. LLC |  |  |  |  |  |  |  |
2.75%, 06/14/24 |  | GBP | 100 |  |  |  | 121,241 |
4.39%, 01/08/26 |  | USD | 200 |  |  |  | 189,281 |
4.95%, 05/28/27(e) |  |  | 200 |  |  |  | 188,657 |
4.87%, 08/03/27 |  | EUR | 100 |  |  |  | 106,959 |
6.80%, 05/12/28 |  | USD | 389 |  |  |  | 389,357 |
7.35%, 03/06/30 |  |  | 200 |  |  |  | 204,248 |
3.63%, 06/17/31 |  |  | 300 |  |  |  | 245,887 |
General Motors Co., 6.25%, 10/02/43 |  |  | 2,506 |  |  |  | 2,450,620 |
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) |  |  | 120 |  |  |  | 95,282 |
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30(a)(d) |  | EUR | 100 |  |  |  | 101,272 |
|  |  |  |  |  |  | 6,007,117 |
Banks — 1.3% |  |  |  |  |  |
Banco Bilbao Vizcaya Argentaria SA, (5-year USD Swap + 3.87%), 6.13%(a)(f) |  | USD | 2,000 |  |  |  | 1,675,800 |
Banco BPM SpA, (3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28 |  | EUR | 150 |  |  |  | 162,540 |
Banco de Sabadell SA, (1-year EUR Swap + 2.40%), 5.25%, 02/07/29(a)(d) |  |  | 100 |  |  |  | 106,803 |
Bangkok Bank PCL, (5-year CMT + 4.73%), 5.00% |  | USD | 200 |  |  |  | 189,676 |
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26(d)(e) |  |  | 252 |  |  |  | 232,253 |
Bank of Communications Co. Ltd., (5-year CMT + 3.35%), 3.80%(a)(d)(f) |  |  | 518 |  |  |  | 496,948 |
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34 |  |  | 290 |  |  |  | 292,527 |

18 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Banks (continued) |  |  |  |
Credit Suisse AG/New York, 5.00%, 07/09/27 |  | USD | 900 |  |  | $ | 868,852 |
Krung Thai Bank PCL, (5-year CMT + 3.53%), 4.40%(a)(d)(e)(f) |  |  | 252 |  |  |  | 231,238 |
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33(a)(b) |  |  | 500 |  |  |  | 452,000 |
Wells Fargo & Co. 5.39%, 04/24/34 |  |  | 1,124 |  |  |  | 1,116,822 |
(1-day SOFR + 2.53%), 3.07%, 04/30/41(a)(e) |  |  | 2,250 |  |  |  | 1,654,911 |
|  |  |  |  |  |  | 7,480,370 |
Beverages — 1.7% |  |  |  |  |  |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(e) |  |  | 4,600 |  |  |  | 4,396,638 |
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(b)(g) |  |  | 701 |  |  |  | 567,912 |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b) |  |  |  |  |  |  |  |
6.00%, 06/15/27 |  |  | 372 |  |  |  | 365,440 |
3.25%, 09/01/28 |  |  | 200 |  |  |  | 171,794 |
4.00%, 09/01/29(e) |  |  | 866 |  |  |  | 685,867 |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |  |  |  |  |  |
5.25%, 04/30/25(b) |  |  | 200 |  |  |  | 195,619 |
2.13%, 08/15/26(d) |  | EUR | 200 |  |  |  | 193,709 |
5.25%, 08/15/27(b) |  | USD | 202 |  |  |  | 171,110 |
Ball Corp., 6.00%, 06/15/29(e) |  |  | 129 |  |  |  | 128,032 |
Crown Americas LLC, 5.25%, 04/01/30 |  |  | 91 |  |  |  | 86,541 |
Keurig Dr. Pepper, Inc., 2.25%, 03/15/31 |  |  | 400 |  |  |  | 329,022 |
Mauser Packaging Solutions Holding Co.(b) |  |  |  |  |  |  |  |
7.88%, 08/15/26 |  |  | 2,077 |  |  |  | 2,063,517 |
9.25%, 04/15/27 |  |  | 66 |  |  |  | 60,918 |
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27(b) |  |  | 27 |  |  |  | 26,735 |
Trivium Packaging Finance BV(b) |  |  |  |  |  |  |  |
5.50%, 08/15/26 |  |  | 305 |  |  |  | 292,847 |
8.50%, 08/15/27 |  |  | 536 |  |  |  | 515,963 |
|  |  |  |  |  |  | 10,251,664 |
Biotechnology — 0.6% |  |  |  |  |  |
Amgen, Inc. |  |  |  |  |  |  |  |
4.20%, 03/01/33 |  |  | 1,000 |  |  |  | 933,228 |
5.25%, 03/02/33(e) |  |  | 600 |  |  |  | 600,765 |
4.40%, 05/01/45 |  |  | 650 |  |  |  | 562,972 |
Baxalta, Inc., 5.25%, 06/23/45 |  |  | 500 |  |  |  | 492,820 |
Cidron Aida Finco SARL, 5.00%, 04/01/28(d) |  | EUR | 100 |  |  |  | 98,632 |
Gilead Sciences, Inc., 4.80%, 04/01/44 |  | USD | 1,000 |  |  |  | 954,568 |
|  |  |  |  |  |  | 3,642,985 |
Broadline Retail — 0.2% |  |  |  |  |  |
Amazon.com, Inc., 4.05%, 08/22/47(e) |  |  | 1,500 |  |  |  | 1,345,439 |
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(b) |  |  | 44 |  |  |  | 40,955 |
|  |  |  |  |  |  | 1,386,394 |
Building Materials — 0.6% |  |  |  |  |  |
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b) |  |  | 146 |  |  |  | 137,969 |
Emerald Debt Merger Sub LLC |  |  |  |  |  |  |  |
6.38%, 12/15/30(d) |  | EUR | 100 |  |  |  | 108,711 |
6.63%, 12/15/30(b) |  | USD | 1,738 |  |  |  | 1,722,792 |
Jeld-Wen, Inc.(b) |  |  |  |  |  |  |  |
6.25%, 05/15/25 |  |  | 98 |  |  |  | 98,857 |
4.63%, 12/15/25 |  |  | 78 |  |  |  | 75,562 |

Security |  | Par (000) |  |  | Value |
Building Materials (continued) |  |  |  |
Masonite International Corp., Class C, 5.38%, 02/01/28(b) |  | USD | 17 |  |  | $ | 16,205 |
New Enterprise Stone & Lime Co., Inc.(b) |  |  |  |  |  |  |  |
5.25%, 07/15/28 |  |  | 55 |  |  |  | 50,052 |
9.75%, 07/15/28 |  |  | 26 |  |  |  | 25,082 |
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28(b) |  |  | 520 |  |  |  | 490,383 |
Standard Industries, Inc.(b) |  |  |  |  |  |  |  |
5.00%, 02/15/27 |  |  | 25 |  |  |  | 23,826 |
4.75%, 01/15/28 |  |  | 62 |  |  |  | 57,737 |
4.38%, 07/15/30 |  |  | 559 |  |  |  | 484,148 |
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(b) |  |  | 19 |  |  |  | 17,951 |
|  |  |  |  |  |  | 3,309,275 |
Building Products — 1.2% |  |  |  |  |  |
Advanced Drainage Systems, Inc.(b) |  |  |  |  |  |  |  |
5.00%, 09/30/27 |  |  | 269 |  |  |  | 254,585 |
6.38%, 06/15/30 |  |  | 339 |  |  |  | 335,363 |
Beacon Roofing Supply, Inc., 4.13%, 05/15/29(b) |  |  | 86 |  |  |  | 76,110 |
Foundation Building Materials, Inc., 6.00%, 03/01/29(b) |  |  | 47 |  |  |  | 39,245 |
GYP Holdings III Corp., 4.63%, 05/01/29(b) |  |  | 253 |  |  |  | 222,640 |
Home Depot, Inc., 5.88%, 12/16/36 |  |  | 1,660 |  |  |  | 1,807,206 |
Lowe’s Cos., Inc. |  |  |  |  |  |  |  |
1.70%, 10/15/30 |  |  | 800 |  |  |  | 641,039 |
5.00%, 04/15/33(e) |  |  | 1,000 |  |  |  | 989,166 |
4.38%, 09/15/45 |  |  | 1,000 |  |  |  | 836,614 |
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(b) |  |  | 56 |  |  |  | 52,909 |
SRS Distribution, Inc.(b) |  |  |  |  |  |  |  |
4.63%, 07/01/28 |  |  | 345 |  |  |  | 308,007 |
6.13%, 07/01/29(e) |  |  | 340 |  |  |  | 293,635 |
6.00%, 12/01/29(e) |  |  | 423 |  |  |  | 365,070 |
White Cap Buyer LLC, 6.88%, 10/15/28(b)(e) |  |  | 855 |  |  |  | 774,844 |
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26(b)(g) |  |  | 142 |  |  |  | 136,026 |
|  |  |  |  |  |  | 7,132,459 |
Capital Markets — 1.4% |  |  |  |  |  |
Blackstone Private Credit Fund |  |  |  |  |  |  |  |
7.05%, 09/29/25 |  |  | 56 |  |  |  | 55,855 |
3.25%, 03/15/27 |  |  | 53 |  |  |  | 45,798 |
Charles Schwab Corp., Series H, (10-year CMT + 3.08%), 4.00%(a)(f) |  |  | 3,000 |  |  |  | 2,189,250 |
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b) |  |  | 129 |  |  |  | 113,071 |
FMR LLC, 4.95%, 02/01/33(b) |  |  | 2,300 |  |  |  | 2,180,288 |
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |  |  | 379 |  |  |  | 306,010 |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |  |  |  |  |
6.25%, 05/15/26(e) |  |  | 125 |  |  |  | 113,764 |
5.25%, 05/15/27 |  |  | 356 |  |  |  | 307,014 |
4.38%, 02/01/29 |  |  | 226 |  |  |  | 177,568 |
MDGH GMTN RSC Ltd., 4.38%, 11/22/33 |  |  | 200 |  |  |  | 193,000 |
Morgan Stanley, (5-year CMT + 2.43%), 5.95%, 01/19/38(a) |  |  | 70 |  |  |  | 69,093 |
NFP Corp.(b) |  |  |  |  |  |  |  |
4.88%, 08/15/28 |  |  | 517 |  |  |  | 461,777 |
6.88%, 08/15/28 |  |  | 1,279 |  |  |  | 1,110,198 |
7.50%, 10/01/30 |  |  | 74 |  |  |  | 71,647 |
Northern Trust Corp., 6.13%, 11/02/32 |  |  | 160 |  |  |  | 165,879 |
Owl Rock Capital Corp. 3.75%, 07/22/25 |  |  | 129 |  |  |  | 119,537 |

S C H E D U L E O F I N V E S T M E N T S |  | 19

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Capital Markets (continued) |  |  |  |
Owl Rock Capital Corp. (continued) |  |  |  |  |  |  |  |
3.40%, 07/15/26 |  | USD | 46 |  |  | $ | 40,745 |
Owl Rock Core Income Corp. |  |  |  |  |  |  |  |
3.13%, 09/23/26 |  |  | 31 |  |  |  | 26,713 |
7.75%, 09/16/27(b) |  |  | 215 |  |  |  | 213,912 |
Raymond James Financial, Inc., 4.95%, 07/15/46 |  |  | 400 |  |  |  | 360,744 |
SURA Asset Management SA, 4.88%, 04/17/24(d) |  |  | 178 |  |  |  | 175,330 |
|  |  |  |  |  |  | 8,497,193 |
Chemicals — 1.0% |  |  |  |  |  |
Avient Corp., 7.13%, 08/01/30(b) |  |  | 74 |  |  |  | 74,845 |
Axalta Coating Systems LLC, 3.38%, 02/15/29(b) |  |  | 348 |  |  |  | 296,235 |
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(b)(e) |  |  | 242 |  |  |  | 228,097 |
Braskem Idesa SAPI, 6.99%, 02/20/32(b) |  |  | 200 |  |  |  | 128,000 |
Chemours Co.(b) |  |  |  |  |  |  |  |
5.75%, 11/15/28 |  |  | 31 |  |  |  | 28,486 |
4.63%, 11/15/29 |  |  | 118 |  |  |  | 99,724 |
Element Solutions, Inc., 3.88%, 09/01/28(b) |  |  | 975 |  |  |  | 850,567 |
HB Fuller Co., 4.25%, 10/15/28 |  |  | 74 |  |  |  | 65,863 |
Herens Holdco SARL, 4.75%, 05/15/28(b) |  |  | 200 |  |  |  | 155,000 |
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b)(e) |  |  | 220 |  |  |  | 191,699 |
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(g) |  |  | 176 |  |  |  | 116,160 |
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b) |  |  | 90 |  |  |  | 75,168 |
Olympus Water U.S. Holding Corp. |  |  |  |  |  |  |  |
9.63%, 11/15/28(d) |  | EUR | 100 |  |  |  | 104,755 |
9.75%, 11/15/28(b) |  | USD | 363 |  |  |  | 354,034 |
Sasol Financing USA LLC, 6.50%, 09/27/28 |  |  | 200 |  |  |  | 178,900 |
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(b)(e) |  |  | 400 |  |  |  | 364,656 |
Sherwin-Williams Co., 4.50%, 06/01/47 |  |  | 350 |  |  |  | 306,440 |
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) |  |  | 311 |  |  |  | 247,130 |
WESCO Distribution, Inc.(b) |  |  |  |  |  |  |  |
7.13%, 06/15/25 |  |  | 117 |  |  |  | 118,233 |
7.25%, 06/15/28(e) |  |  | 590 |  |  |  | 601,833 |
WR Grace Holdings LLC(b) |  |  |  |  |  |  |  |
4.88%, 06/15/27 |  |  | 105 |  |  |  | 97,380 |
5.63%, 08/15/29(e) |  |  | 987 |  |  |  | 808,649 |
7.38%, 03/01/31 |  |  | 140 |  |  |  | 137,197 |
|  |  |  |  |  |  | 5,629,051 |
Commercial Services & Supplies — 0.8% |
ADT Security Corp.(b) |  |  |  |  |  |  |  |
4.13%, 08/01/29 |  |  | 19 |  |  |  | 16,411 |
4.88%, 07/15/32 |  |  | 27 |  |  |  | 23,085 |
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26(b) |  |  | 200 |  |  |  | 188,000 |
APX Group, Inc.(b) |  |  |  |  |  |  |  |
6.75%, 02/15/27 |  |  | 123 |  |  |  | 120,538 |
5.75%, 07/15/29 |  |  | 181 |  |  |  | 157,090 |
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(d) |  | EUR | 100 |  |  |  | 92,725 |
Cablevision Lightpath LLC, 3.88%, 09/15/27(b) |  | USD | 220 |  |  |  | 184,250 |
Fortress Transportation and Infrastructure Investors LLC(b) |  |  |  |  |  |  |  |
6.50%, 10/01/25 |  |  | 379 |  |  |  | 373,377 |
9.75%, 08/01/27 |  |  | 131 |  |  |  | 135,293 |
5.50%, 05/01/28(e) |  |  | 433 |  |  |  | 396,196 |
Garda World Security Corp., 9.50%, 11/01/27(b) |  |  | 46 |  |  |  | 44,440 |

Security |  | Par (000) |  |  | Value |
Commercial Services & Supplies (continued) |  |  |  |
Herc Holdings, Inc., 5.50%, 07/15/27(b)(e) |  | USD | 333 |  |  | $ | 319,063 |
Hertz Corp.(b) |  |  |  |  |  |  |  |
4.63%, 12/01/26 |  |  | 85 |  |  |  | 76,713 |
5.00%, 12/01/29 |  |  | 70 |  |  |  | 57,864 |
LABL, Inc., 9.50%, 11/01/28(b) |  |  | 301 |  |  |  | 306,233 |
Metis Merger Sub LLC, 6.50%, 05/15/29(b) |  |  | 82 |  |  |  | 70,734 |
NESCO Holdings II, Inc., 5.50%, 04/15/29(b) |  |  | 146 |  |  |  | 130,670 |
Prime Security Services Borrower LLC/Prime Finance, Inc.(b) |  |  |  |  |  |  |  |
5.75%, 04/15/26 |  |  | 209 |  |  |  | 205,160 |
6.25%, 01/15/28(e) |  |  | 172 |  |  |  | 161,130 |
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)(e) |  |  | 400 |  |  |  | 311,000 |
United Rentals North America, Inc., 6.00%, 12/15/29(b) |  |  | 1,223 |  |  |  | 1,219,992 |
Verisure Holding AB, 9.25%, 10/15/27(d) |  | EUR | 100 |  |  |  | 115,940 |
Williams Scotsman International, Inc., 6.13%, 06/15/25(b) |  | USD | 175 |  |  |  | 173,702 |
|  |  |  |  |  |  | 4,879,606 |
Communications Equipment(b) — 0.2% |  |  |  |  |  |
CommScope Technologies LLC, 6.00%, 06/15/25(e) |  |  | 530 |  |  |  | 493,997 |
CommScope, Inc. |  |  |  |  |  |  |  |
8.25%, 03/01/27 |  |  | 96 |  |  |  | 76,798 |
7.13%, 07/01/28 |  |  | 171 |  |  |  | 121,410 |
4.75%, 09/01/29(e) |  |  | 355 |  |  |  | 279,882 |
Viasat, Inc., 5.63%, 09/15/25 |  |  | 320 |  |  |  | 310,077 |
|  |  |  |  |  |  | 1,282,164 |
Construction & Engineering — 0.7% |  |  |  |  |  |
ITR Concession Co. LLC, 4.20%, 07/15/25(b) |  |  | 4,000 |  |  |  | 3,834,363 |
Construction Materials(b) — 0.1% |  |  |  |  |  |
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |  |  | 210 |  |  |  | 195,301 |
Resideo Funding, Inc., 4.00%, 09/01/29 |  |  | 42 |  |  |  | 34,843 |
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28 |  |  | 56 |  |  |  | 56,444 |
|  |  |  |  |  |  | 286,588 |
Consumer Discretionary — 1.1% |  |  |  |  |  |
Carnival Corp.(b) |  |  |  |  |  |  |  |
10.50%, 02/01/26 |  |  | 387 |  |  |  | 406,820 |
7.63%, 03/01/26(e) |  |  | 103 |  |  |  | 100,878 |
5.75%, 03/01/27 |  |  | 804 |  |  |  | 740,154 |
9.88%, 08/01/27 |  |  | 223 |  |  |  | 232,284 |
4.00%, 08/01/28 |  |  | 285 |  |  |  | 252,658 |
6.00%, 05/01/29 |  |  | 425 |  |  |  | 379,455 |
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(b) |  |  | 1,129 |  |  |  | 1,234,820 |
CoreLogic, Inc., 4.50%, 05/01/28(b)(e) |  |  | 480 |  |  |  | 387,000 |
Life Time, Inc.(b) |  |  |  |  |  |  |  |
5.75%, 01/15/26 |  |  | 231 |  |  |  | 225,117 |
8.00%, 04/15/26 |  |  | 178 |  |  |  | 175,754 |
Lindblad Expeditions LLC, 6.75%, 02/15/27(b) |  |  | 208 |  |  |  | 198,120 |
NCL Corp. Ltd.(b) |  |  |  |  |  |  |  |
5.88%, 03/15/26 |  |  | 210 |  |  |  | 196,468 |
8.38%, 02/01/28 |  |  | 95 |  |  |  | 99,270 |
7.75%, 02/15/29 |  |  | 46 |  |  |  | 43,691 |
NCL Finance Ltd., 6.13%, 03/15/28(b) |  |  | 177 |  |  |  | 159,303 |
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b) |  |  | 59 |  |  |  | 54,163 |
Royal Caribbean Cruises Ltd.(b) |  |  |  |  |  |  |  |
11.50%, 06/01/25 |  |  | 59 |  |  |  | 62,599 |
5.50%, 08/31/26 |  |  | 93 |  |  |  | 88,174 |
5.38%, 07/15/27 |  |  | 138 |  |  |  | 129,038 |
11.63%, 08/15/27 |  |  | 124 |  |  |  | 134,843 |
5.50%, 04/01/28 |  |  | 121 |  |  |  | 112,837 |
8.25%, 01/15/29 |  |  | 136 |  |  |  | 142,800 |

20 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Consumer Discretionary (continued) |
Royal Caribbean Cruises Ltd.(b) (continued) |  |  |  |  |  |  |  |  |  |  |  |
9.25%, 01/15/29 |  |  | USD |  |  |  | 186 |  |  | $ | 198,167 |
7.25%, 01/15/30 |  |  |  |  |  |  | 192 |  |  |  | 194,466 |
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26(d) |  |  | EUR |  |  |  | 88 |  |  |  | 93,945 |
Viking Cruises Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 09/15/27 |  |  | USD |  |  |  | 95 |  |  |  | 87,316 |
9.13%, 07/15/31 |  |  |  |  |  |  | 410 |  |  |  | 414,100 |
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) |  |  |  |  |  |  | 111 |  |  |  | 101,565 |
|  |  |  |  |  |  |  |  |  |  | 6,645,805 |
Consumer Finance — 0.9% |
Block, Inc.(e) |  |  |  |  |  |  |  |  |  |  |  |
2.75%, 06/01/26 |  |  |  |  |  |  | 446 |  |  |  | 406,080 |
3.50%, 06/01/31 |  |  |  |  |  |  | 620 |  |  |  | 513,498 |
Capital One Financial Corp.(a) |  |  |  |  |  |  |  |  |  |  |  |
(1-day SOFR + 2.60%), 5.82%, 02/01/34 |  |  |  |  |  |  | 440 |  |  |  | 419,793 |
(1-day SOFR + 2.64%), 6.31%, 06/08/29 |  |  |  |  |  |  | 95 |  |  |  | 94,360 |
(1-day SOFR + 2.86%), 6.38%, 06/08/34 |  |  |  |  |  |  | 70 |  |  |  | 69,498 |
Discover Financial Services, 6.70%, 11/29/32 |  |  |  |  |  |  | 65 |  |  |  | 66,965 |
Ford Motor Credit Co. LLC, 7.20%, 06/10/30 |  |  |  |  |  |  | 236 |  |  |  | 238,174 |
Global Payments, Inc. |  |  |  |  |  |  |  |  |  |  |  |
3.20%, 08/15/29 |  |  |  |  |  |  | 400 |  |  |  | 347,674 |
5.40%, 08/15/32 |  |  |  |  |  |  | 172 |  |  |  | 167,603 |
Moody’s Corp., 2.75%, 08/19/41 |  |  |  |  |  |  | 350 |  |  |  | 245,610 |
Navient Corp. |  |  |  |  |  |  |  |  |  |  |  |
7.25%, 09/25/23 |  |  |  |  |  |  | 28 |  |  |  | 28,000 |
6.13%, 03/25/24 |  |  |  |  |  |  | 51 |  |  |  | 50,601 |
5.88%, 10/25/24 |  |  |  |  |  |  | 39 |  |  |  | 38,328 |
5.50%, 03/15/29 |  |  |  |  |  |  | 30 |  |  |  | 25,577 |
9.38%, 07/25/30 |  |  |  |  |  |  | 101 |  |  |  | 100,460 |
OneMain Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.88%, 03/15/25 |  |  |  |  |  |  | 53 |  |  |  | 52,477 |
7.13%, 03/15/26(e) |  |  |  |  |  |  | 168 |  |  |  | 165,059 |
3.50%, 01/15/27 |  |  |  |  |  |  | 206 |  |  |  | 176,736 |
6.63%, 01/15/28 |  |  |  |  |  |  | 165 |  |  |  | 155,639 |
5.38%, 11/15/29 |  |  |  |  |  |  | 42 |  |  |  | 35,706 |
4.00%, 09/15/30 |  |  |  |  |  |  | 74 |  |  |  | 56,980 |
Sabre Global, Inc.(b)(e) |  |  |  |  |  |  |  |  |  |  |  |
9.25%, 04/15/25 |  |  |  |  |  |  | 124 |  |  |  | 115,642 |
7.38%, 09/01/25 |  |  |  |  |  |  | 168 |  |  |  | 149,118 |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(b) |  |  |  |  |  |  | 395 |  |  |  | 370,419 |
Shift4 Payments, Inc., 0.00%, 12/15/25(h)(i) |  |  |  |  |  |  | 112 |  |  |  | 121,632 |
Verscend Escrow Corp., 9.75%, 08/15/26(b)(e) |  |  |  |  |  |  | 1,355 |  |  |  | 1,359,190 |
|  |  |  |  |  |  |  |  |  |  | 5,570,819 |
Consumer Staples Distribution & Retail — 0.5% |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
3.25%, 03/15/26 |  |  |  |  |  |  | 41 |  |  |  | 37,866 |
7.50%, 03/15/26 |  |  |  |  |  |  | 65 |  |  |  | 66,102 |
4.63%, 01/15/27 |  |  |  |  |  |  | 222 |  |  |  | 210,346 |
5.88%, 02/15/28 |  |  |  |  |  |  | 219 |  |  |  | 212,811 |
6.50%, 02/15/28 |  |  |  |  |  |  | 109 |  |  |  | 109,181 |
3.50%, 03/15/29 |  |  |  |  |  |  | 69 |  |  |  | 59,729 |
4.88%, 02/15/30(e) |  |  |  |  |  |  | 194 |  |  |  | 179,105 |
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(d) |  |  | GBP |  |  |  | 100 |  |  |  | 106,046 |
Darling Ingredients, Inc., 6.00%, 06/15/30(b) |  |  | USD |  |  |  | 297 |  |  |  | 290,066 |
Kraft Heinz Foods Co. |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 06/04/42 |  |  |  |  |  |  | 500 |  |  |  | 467,912 |

Security |  | Par (000) |  |  | Value |
Consumer Staples Distribution & Retail (continued) |
Kraft Heinz Foods Co. (continued) |  |  |  |  |  |  |  |  |  |  |  |
4.38%, 06/01/46 |  |  | USD |  |  |  | 200 |  |  | $ | 169,971 |
Lamb Weston Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 05/15/28 |  |  |  |  |  |  | 229 |  |  |  | 219,322 |
4.13%, 01/31/30(e) |  |  |  |  |  |  | 172 |  |  |  | 153,719 |
4.38%, 01/31/32 |  |  |  |  |  |  | 75 |  |  |  | 66,996 |
Performance Food Group, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 10/15/27 |  |  |  |  |  |  | 28 |  |  |  | 26,979 |
4.25%, 08/01/29 |  |  |  |  |  |  | 279 |  |  |  | 248,397 |
Post Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 04/15/30 |  |  |  |  |  |  | 159 |  |  |  | 139,341 |
4.50%, 09/15/31 |  |  |  |  |  |  | 9 |  |  |  | 7,686 |
U.S. Foods, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 02/15/29 |  |  |  |  |  |  | 290 |  |  |  | 265,509 |
4.63%, 06/01/30 |  |  |  |  |  |  | 27 |  |  |  | 24,198 |
United Natural Foods, Inc., 6.75%, 10/15/28(b) |  |  |  |  |  |  | 24 |  |  |  | 19,893 |
|  |  |  |  |  |  |  |  |  |  | 3,081,175 |
Containers & Packaging — 0.4% |  |  |  |  |  |  |  |  |
Clydesdale Acquisition Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.63%, 04/15/29 |  |  |  |  |  |  | 591 |  |  |  | 563,636 |
8.75%, 04/15/30 |  |  |  |  |  |  | 382 |  |  |  | 337,200 |
Crown European Holdings SA, 5.00%, 05/15/28 |  |  | EUR |  |  |  | 100 |  |  |  | 110,075 |
International Paper Co., 6.00%, 11/15/41 |  |  | USD |  |  |  | 870 |  |  |  | 891,822 |
LABL, Inc., 5.88%, 11/01/28(b) |  |  |  |  |  |  | 148 |  |  |  | 134,603 |
OI European Group BV, 6.25%, 05/15/28 |  |  | EUR |  |  |  | 100 |  |  |  | 111,416 |
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/31 |  |  | USD |  |  |  | 158 |  |  |  | 159,975 |
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28(b) |  |  |  |  |  |  | 113 |  |  |  | 112,167 |
|  |  |  |  |  |  |  |  |  |  | 2,420,894 |
Diversified Consumer Services — 0.8% |
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b)(e) |  |  |  |  |  |  |  |  |  |  |  |
6.63%, 07/15/26 |  |  |  |  |  |  | 605 |  |  |  | 574,111 |
9.75%, 07/15/27 |  |  |  |  |  |  | 249 |  |  |  | 220,104 |
6.00%, 06/01/29 |  |  |  |  |  |  | 898 |  |  |  | 662,639 |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 06/01/28 |  |  |  |  |  |  | 571 |  |  |  | 483,334 |
4.63%, 06/01/28(e) |  |  |  |  |  |  | 400 |  |  |  | 336,500 |
Clarivate Science Holdings Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.88%, 07/01/28 |  |  |  |  |  |  | 755 |  |  |  | 669,267 |
4.88%, 07/01/29(e) |  |  |  |  |  |  | 393 |  |  |  | 348,633 |
Garda World Security Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 02/15/27 |  |  |  |  |  |  | 169 |  |  |  | 154,635 |
7.75%, 02/15/28 |  |  |  |  |  |  | 370 |  |  |  | 367,270 |
Graham Holdings Co., 5.75%, 06/01/26(b) |  |  |  |  |  |  | 27 |  |  |  | 26,460 |
Rekeep SpA, 7.25%, 02/01/26(d) |  |  | EUR |  |  |  | 100 |  |  |  | 102,004 |
Sotheby’s, 7.38%, 10/15/27(b)(e) |  |  | USD |  |  |  | 665 |  |  |  | 598,096 |
|  |  |  |  |  |  |  |  |  |  | 4,543,053 |
Diversified REITs — 1.8% |
Alexandria Real Estate Equities, Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 04/15/35 |  |  |  |  |  |  | 140 |  |  |  | 129,897 |
4.00%, 02/01/50 |  |  |  |  |  |  | 550 |  |  |  | 410,196 |
American Tower Corp., 2.90%, 01/15/30(e) |  |  |  |  |  |  | 1,500 |  |  |  | 1,293,751 |
Crown Castle, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2.10%, 04/01/31 |  |  |  |  |  |  | 1,000 |  |  |  | 799,812 |
2.90%, 04/01/41 |  |  |  |  |  |  | 350 |  |  |  | 245,418 |
Equinix, Inc., 2.50%, 05/15/31 |  |  |  |  |  |  | 500 |  |  |  | 407,098 |
ERP Operating LP, 4.50%, 06/01/45 |  |  |  |  |  |  | 1,155 |  |  |  | 969,345 |

S C H E D U L E O F I N V E S T M E N T S |  | 21

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Diversified REITs (continued) |
Healthpeak OP LLC, 4.00%, 06/01/25 |  |  | USD |  |  |  | 2,000 |  |  | $ | 1,931,807 |
Iron Mountain, Inc., 5.63%, 07/15/32(b) |  |  |  |  |  |  | 62 |  |  |  | 55,464 |
MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 08/01/29(e) |  |  |  |  |  |  | 345 |  |  |  | 260,806 |
3.50%, 03/15/31 |  |  |  |  |  |  | 634 |  |  |  | 436,837 |
Prologis LP, 4.63%, 01/15/33(e) |  |  |  |  |  |  | 1,000 |  |  |  | 976,247 |
RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 10/15/27 |  |  |  |  |  |  | 245 |  |  |  | 228,095 |
7.25%, 07/15/28 |  |  |  |  |  |  | 223 |  |  |  | 225,281 |
Service Properties Trust, 7.50%, 09/15/25 |  |  |  |  |  |  | 64 |  |  |  | 62,848 |
Simon Property Group LP, 4.75%, 03/15/42 |  |  |  |  |  |  | 1,670 |  |  |  | 1,467,800 |
Ventas Realty LP, 4.13%, 01/15/26 |  |  |  |  |  |  | 870 |  |  |  | 832,119 |
VICI Properties LP, 4.95%, 02/15/30 |  |  |  |  |  |  | 138 |  |  |  | 129,455 |
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29(b) |  |  |  |  |  |  | 34 |  |  |  | 29,837 |
|  |  |  |  |  |  |  |  |  |  | 10,892,113 |
Diversified Telecommunication Services — 2.2% |
AT&T, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.38%, 03/01/41 |  |  |  |  |  |  | 520 |  |  |  | 553,489 |
5.15%, 03/15/42 |  |  |  |  |  |  | 1,200 |  |  |  | 1,122,182 |
4.75%, 05/15/46(e) |  |  |  |  |  |  | 1,500 |  |  |  | 1,324,030 |
British Telecommunications PLC, (5-year UK Government Bond + 3.82%), 8.38%, 12/20/83 |  |  | GBP |  |  |  | 100 |  |  |  | 124,672 |
Level 3 Financing, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.40%, 03/01/27 |  |  | USD |  |  |  | 748 |  |  |  | 634,678 |
10.50%, 05/15/30(e) |  |  |  |  |  |  | 665 |  |  |  | 674,731 |
Lumen Technologies, Inc., 4.00%, 02/15/27(b) |  |  |  |  |  |  | 772 |  |  |  | 575,302 |
SoftBank Group Corp.(d) |  |  |  |  |  |  |  |  |  |  |  |
3.13%, 09/19/25 |  |  | EUR |  |  |  | 100 |  |  |  | 102,300 |
3.88%, 07/06/32 |  |  |  |  |  |  | 100 |  |  |  | 82,522 |
Telecom Italia Capital SA |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 09/30/34 |  |  | USD |  |  |  | 189 |  |  |  | 152,420 |
7.20%, 07/18/36 |  |  |  |  |  |  | 48 |  |  |  | 41,258 |
7.72%, 06/04/38 |  |  |  |  |  |  | 69 |  |  |  | 61,010 |
Telecom Italia SpA/Milano, 6.88%, 02/15/28(d) |  |  | EUR |  |  |  | 100 |  |  |  | 108,498 |
Verizon Communications, Inc., 6.55%, 09/15/43(e) |  |  | USD |  |  |  | 5,000 |  |  |  | 5,521,391 |
Zayo Group Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.00%, 03/01/27 |  |  |  |  |  |  | 2,034 |  |  |  | 1,436,521 |
6.13%, 03/01/28(e) |  |  |  |  |  |  | 864 |  |  |  | 539,886 |
|  |  |  |  |  |  |  |  |  |  | 13,054,890 |
Education — 0.1% |  |  |  |  |  |  |  |  |
Grand Canyon University, 5.13%, 10/01/28 |  |  |  |  |  |  | 702 |  |  |  | 635,661 |
Electric Utilities — 4.7% |  |  |  |  |  |  |  |  |
Baltimore Gas and Electric Co. |  |  |  |  |  |  |  |  |  |  |  |
3.50%, 08/15/46 |  |  |  |  |  |  | 800 |  |  |  | 603,551 |
3.75%, 08/15/47 |  |  |  |  |  |  | 500 |  |  |  | 390,394 |
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/32 |  |  |  |  |  |  | 750 |  |  |  | 720,768 |
Cleveland Electric Illuminating Co., 5.95%, 12/15/36 |  |  |  |  |  |  | 434 |  |  |  | 428,300 |
Comision Federal de Electricidad, 4.88%, 01/15/24 |  |  |  |  |  |  | 200 |  |  |  | 197,654 |
Duke Energy Carolinas LLC |  |  |  |  |  |  |  |  |  |  |  |
6.10%, 06/01/37 |  |  |  |  |  |  | 640 |  |  |  | 670,683 |
6.00%, 01/15/38 |  |  |  |  |  |  | 1,675 |  |  |  | 1,754,390 |
Duke Energy Florida LLC |  |  |  |  |  |  |  |  |  |  |  |
6.35%, 09/15/37 |  |  |  |  |  |  | 2,775 |  |  |  | 3,009,225 |
6.40%, 06/15/38 |  |  |  |  |  |  | 770 |  |  |  | 844,544 |
E.ON International Finance BV, 6.65%, 04/30/38(b) |  |  |  |  |  |  | 2,000 |  |  |  | 2,116,316 |
Electricite de France SA(b) |  |  |  |  |  |  |  |  |  |  |  |
5.60%, 01/27/40 |  |  |  |  |  |  | 2,800 |  |  |  | 2,575,178 |
(5-year CMT + 5.41%), 9.13%(a)(f) |  |  |  |  |  |  | 200 |  |  |  | 205,096 |

Security |  |  |  |  | Par (000) |  |  | Value |
Electric Utilities (continued) |
Eversource Energy, 2.55%, 03/15/31 |  |  | USD |  |  |  | 350 |  |  | $ | 290,857 |
FirstEnergy Transmission LLC, 5.45%, 07/15/44(b) |  |  |  |  |  |  | 280 |  |  |  | 258,917 |
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(d) |  |  |  |  |  |  | 576 |  |  |  | 504,495 |
Ohio Power Co., Series D, 6.60%, 03/01/33 |  |  |  |  |  |  | 3,000 |  |  |  | 3,235,432 |
Oncor Electric Delivery Co. LLC |  |  |  |  |  |  |  |  |  |  |  |
4.15%, 06/01/32 |  |  |  |  |  |  | 1,000 |  |  |  | 949,346 |
4.55%, 09/15/32 |  |  |  |  |  |  | 1,000 |  |  |  | 970,421 |
Pacific Gas and Electric Co. |  |  |  |  |  |  |  |  |  |  |  |
6.10%, 01/15/29 |  |  |  |  |  |  | 165 |  |  |  | 162,346 |
6.40%, 06/15/33 |  |  |  |  |  |  | 240 |  |  |  | 238,686 |
6.75%, 01/15/53 |  |  |  |  |  |  | 120 |  |  |  | 118,427 |
PacifiCorp., 6.25%, 10/15/37(e) |  |  |  |  |  |  | 1,225 |  |  |  | 1,224,203 |
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/30 |  |  |  |  |  |  | 750 |  |  |  | 599,854 |
Southern California Edison Co., 5.63%, 02/01/36 |  |  |  |  |  |  | 1,300 |  |  |  | 1,285,668 |
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(d)(e) |  |  |  |  |  |  | 211 |  |  |  | 206,702 |
Tierra Mojada Luxembourg II SARL, 5.75%, 12/01/40 |  |  |  |  |  |  | 182 |  |  |  | 155,641 |
Virginia Electric and Power Co., Series A, 6.00%, 05/15/37(e) |  |  |  |  |  |  | 3,920 |  |  |  | 4,078,385 |
Vistra Operations Co. LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 09/01/26 |  |  |  |  |  |  | 12 |  |  |  | 11,547 |
5.00%, 07/31/27 |  |  |  |  |  |  | 12 |  |  |  | 11,232 |
|  |  |  |  |  |  |  |  |  |  | 27,818,258 |
Electrical Equipment(b) — 0.2% |  |  |  |  |  |  |  |  |
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 |  |  |  |  |  |  | 406 |  |  |  | 399,506 |
Regal Rexnord Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.05%, 02/15/26 |  |  |  |  |  |  | 65 |  |  |  | 65,082 |
6.05%, 04/15/28 |  |  |  |  |  |  | 411 |  |  |  | 408,003 |
6.30%, 02/15/30 |  |  |  |  |  |  | 145 |  |  |  | 144,571 |
6.40%, 04/15/33 |  |  |  |  |  |  | 150 |  |  |  | 149,873 |
|  |  |  |  |  |  |  |  |  |  | 1,167,035 |
Electronic Equipment, Instruments & Components — 0.4% |
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29 |  |  |  |  |  |  | 191 |  |  |  | 163,655 |
Corning, Inc., 4.38%, 11/15/57(e) |  |  |  |  |  |  | 2,000 |  |  |  | 1,619,918 |
Imola Merger Corp., 4.75%, 05/15/29(b) |  |  |  |  |  |  | 203 |  |  |  | 176,550 |
Vertiv Group Corp., 4.13%, 11/15/28(b) |  |  |  |  |  |  | 412 |  |  |  | 371,201 |
|  |  |  |  |  |  |  |  |  |  | 2,331,324 |
Energy Equipment & Services — 0.5% |  |  |  |  |  |  |  |  |
Archrock Partners LP/Archrock Partners Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.88%, 04/01/27 |  |  |  |  |  |  | 331 |  |  |  | 317,760 |
6.25%, 04/01/28 |  |  |  |  |  |  | 347 |  |  |  | 325,785 |
Halliburton Co., 5.00%, 11/15/45(e) |  |  |  |  |  |  | 500 |  |  |  | 452,403 |
Noble Finance II LLC, 8.00%, 04/15/30 |  |  |  |  |  |  | 227 |  |  |  | 230,786 |
USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.88%, 04/01/26 |  |  |  |  |  |  | 315 |  |  |  | 308,572 |
6.88%, 09/01/27 |  |  |  |  |  |  | 291 |  |  |  | 277,874 |
Valaris Ltd., 8.38%, 04/30/30 |  |  |  |  |  |  | 366 |  |  |  | 367,230 |
Vallourec SA, 8.50%, 06/30/26(d) |  |  | EUR |  |  |  | 23 |  |  |  | 25,074 |
Weatherford International Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.50%, 09/15/28 |  |  | USD |  |  |  | 119 |  |  |  | 119,512 |
8.63%, 04/30/30 |  |  |  |  |  |  | 220 |  |  |  | 223,353 |
|  |  |  |  |  |  |  |  |  |  | 2,648,349 |
Environmental, Maintenance & Security Service — 0.3% |
Clean Harbors, Inc., 6.38%, 02/01/31(b) |  |  |  |  |  |  | 77 |  |  |  | 77,482 |
Covanta Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 12/01/29(b) |  |  |  |  |  |  | 92 |  |  |  | 79,580 |

22 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Environmental, Maintenance & Security Service (continued) |
Covanta Holding Corp. (continued) |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 09/01/30 |  |  | USD |  |  |  | 48 |  |  | $ | 40,710 |
GFL Environmental, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.75%, 08/01/25 |  |  |  |  |  |  | 120 |  |  |  | 114,164 |
4.00%, 08/01/28 |  |  |  |  |  |  | 174 |  |  |  | 155,565 |
3.50%, 09/01/28 |  |  |  |  |  |  | 111 |  |  |  | 98,788 |
4.75%, 06/15/29 |  |  |  |  |  |  | 267 |  |  |  | 243,934 |
4.38%, 08/15/29 |  |  |  |  |  |  | 252 |  |  |  | 224,368 |
Tervita Corp., 11.00%, 12/01/25(b) |  |  |  |  |  |  | 77 |  |  |  | 81,686 |
Waste Management, Inc., 2.95%, 06/01/41 |  |  |  |  |  |  | 350 |  |  |  | 259,290 |
Waste Pro USA, Inc., 5.50%, 02/15/26(b) |  |  |  |  |  |  | 634 |  |  |  | 587,717 |
|  |  |  |  |  |  |  |  |  |  | 1,963,284 |
Financial Services — 4.8% |
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(b) |  |  |  |  |  |  | 272 |  |  |  | 210,524 |
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b) |  |  |  |  |  |  | 200 |  |  |  | 192,750 |
Bank of America Corp.(a) |  |  |  |  |  |  |  |  |  |  |  |
(1-day SOFR + 1.99%), 6.20%, 11/10/28 |  |  |  |  |  |  | 248 |  |  |  | 254,907 |
(3-mo. CME Term SOFR + 1.57%), 4.27%, 07/23/29(e) |  |  |  |  |  |  | 4,000 |  |  |  | 3,795,173 |
Barclays PLC, (1-year CMT + 1.05%), 2.28%, 11/24/27(a)(e) |  |  |  |  |  |  | 3,000 |  |  |  | 2,638,987 |
BNP Paribas SA, (5-year CMT + 3.34%), 4.63%(a)(b)(f) |  |  |  |  |  |  | 2,000 |  |  |  | 1,427,500 |
Citigroup, Inc., (1-day SOFR + 2.34%), 6.27%, 11/17/33(a)(e) |  |  |  |  |  |  | 1,567 |  |  |  | 1,663,241 |
Credit Agricole SA, (5-year USD Swap + 4.90%), 7.88%(a)(b)(f) |  |  |  |  |  |  | 1,000 |  |  |  | 988,388 |
Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, 01/18/29(a)(e) |  |  |  |  |  |  | 850 |  |  |  | 851,212 |
GGAM Finance Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.75%, 05/15/26 |  |  |  |  |  |  | 30 |  |  |  | 30,112 |
8.00%, 06/15/28 |  |  |  |  |  |  | 30 |  |  |  | 30,015 |
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(b)(g) |  |  |  |  |  |  | 225 |  |  |  | 204,823 |
Goldman Sachs Group, Inc.(a) |  |  |  |  |  |  |  |  |  |  |  |
(3-mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29(e) |  |  |  |  |  |  | 4,000 |  |  |  | 3,777,963 |
Series R, (5-year CMT + 3.22%), 4.95%(f) |  |  |  |  |  |  | 333 |  |  |  | 313,929 |
Home Point Capital, Inc., 5.00%, 02/01/26(b) |  |  |  |  |  |  | 582 |  |  |  | 521,812 |
HSBC Holdings PLC |  |  |  |  |  |  |  |  |  |  |  |
6.10%, 01/14/42 |  |  |  |  |  |  | 610 |  |  |  | 645,939 |
(5-year CMT + 3.25%), 4.70%(a)(f) |  |  |  |  |  |  | 275 |  |  |  | 205,676 |
(5-year USD ICE Swap + 4.37%), 6.38%(a)(f) |  |  |  | 1,000 |  |  |  | 957,650 |
ION Trading Technologies SARL, 5.75%, 05/15/28(b) |  |  |  |  |  |  | 200 |  |  |  | 172,642 |
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(b) |  |  |  |  |  |  | 220 |  |  |  | 180,359 |
JPMorgan Chase & Co.(a) |  |  |  |  |  |  |  |  |  |  |  |
(1-day SOFR + 1.18%), 2.55%, 11/08/32 |  |  |  |  |  |  | 1,000 |  |  |  | 819,324 |
(1-day SOFR + 2.08%), 4.91%, 07/25/33(e) |  |  |  |  |  |  | 1,381 |  |  |  | 1,349,477 |
(3-mo. CME Term SOFR + 1.42%), 3.70%, 05/06/30 |  |  |  |  |  |  | 1,000 |  |  |  | 916,429 |
(3-mo. CME Term SOFR + 2.46%), 3.11%, 04/22/41 |  |  |  |  |  |  | 800 |  |  |  | 607,148 |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 10/01/25 |  |  |  |  |  |  | 30 |  |  |  | 28,329 |
4.25%, 02/01/27 |  |  |  |  |  |  | 42 |  |  |  | 36,494 |
4.75%, 06/15/29 |  |  |  |  |  |  | 46 |  |  |  | 37,436 |
Lloyds Banking Group PLC, (5-year CMT + 4.82%), 6.75%(a)(f) |  |  |  |  |  |  | 595 |  |  |  | 544,551 |
Morgan Stanley, (1-day SOFR + 1.73%), 5.12%, 02/01/29(a) |  |  |  |  |  |  | 3,000 |  |  |  | 2,958,711 |
Nationstar Mortgage Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 01/15/27 |  |  |  |  |  |  | 33 |  |  |  | 30,699 |

Security |  |  |  |  | Par (000) |  |  | Value |
Financial Services (continued) |  |  |  |  |  |  |  |  |
Nationstar Mortgage Holdings, Inc.(b) (continued) |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 12/15/30 |  |  | USD |  |  |  | 69 |  |  | $ | 55,973 |
5.75%, 11/15/31 |  |  |  |  |  |  | 78 |  |  |  | 64,073 |
NatWest Group PLC, (1-year CMT + 2.27%), 5.52%, 09/30/28(a) |  |  |  |  |  |  | 1,000 |  |  |  | 980,239 |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26(b) |  |  |  |  |  |  | 569 |  |  |  | 503,565 |
Spectrum Brands, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 10/01/29 |  |  |  |  |  |  | 53 |  |  |  | 47,306 |
5.50%, 07/15/30 |  |  |  |  |  |  | 104 |  |  |  | 94,900 |
|  |  |  |  |  |  |  |  |  |  | 28,138,256 |
Food Products — 0.4% |
Aramark International Finance SARL, 3.13%, 04/01/25(d) |  |  | EUR |  |  |  | 100 |  |  |  | 104,630 |
Aramark Services, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 04/01/25 |  |  | USD |  |  |  | 73 |  |  |  | 71,931 |
6.38%, 05/01/25 |  |  |  |  |  |  | 14 |  |  |  | 13,987 |
5.00%, 02/01/28(e) |  |  |  |  |  |  | 541 |  |  |  | 509,914 |
BRF SA, 4.88%, 01/24/30(d) |  |  |  |  |  |  | 200 |  |  |  | 161,250 |
Chobani LLC/Chobani Finance Corp., Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 04/15/25(e) |  |  |  |  |  |  | 803 |  |  |  | 798,994 |
4.63%, 11/15/28 |  |  |  |  |  |  | 628 |  |  |  | 571,480 |
Darling Global Finance BV, 3.63%, 05/15/26(d) |  |  | EUR |  |  |  | 100 |  |  |  | 106,392 |
|  |  |  |  |  |  |  |  |  |  | 2,338,578 |
Gas Utilities — 0.0% |
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28 |  |  | USD |  |  |  | 179 |  |  |  | 179,895 |
Ground Transportation — 1.1% |
Burlington Northern Santa Fe LLC, 5.75%, 05/01/40 |  |  |  |  |  |  | 1,890 |  |  |  | 1,998,939 |
Danaos Corp., 8.50%, 03/01/28(b) |  |  |  |  |  |  | 100 |  |  |  | 100,320 |
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b) |  |  |  |  |  |  | 2,294 |  |  |  | 2,237,052 |
Norfolk Southern Corp., 2.30%, 05/15/31 |  |  |  |  |  |  | 1,800 |  |  |  | 1,495,278 |
Union Pacific Corp. |  |  |  |  |  |  |  |  |  |  |  |
3.38%, 02/14/42 |  |  |  |  |  |  | 350 |  |  |  | 279,657 |
3.84%, 03/20/60 |  |  |  |  |  |  | 800 |  |  |  | 636,365 |
|  |  |  |  |  |  |  |  |  |  | 6,747,611 |
Health Care Equipment & Supplies — 0.5% |
Avantor Funding, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2.63%, 11/01/25(d) |  |  | EUR |  |  |  | 100 |  |  |  | 104,544 |
4.63%, 07/15/28(b)(e) |  |  | USD |  |  |  | 379 |  |  |  | 351,304 |
3.88%, 11/01/29(b) |  |  |  |  |  |  | 17 |  |  |  | 14,884 |
Becton Dickinson & Co. |  |  |  |  |  |  |  |  |  |  |  |
4.30%, 08/22/32 |  |  |  |  |  |  | 750 |  |  |  | 711,421 |
4.69%, 12/15/44 |  |  |  |  |  |  | 600 |  |  |  | 543,950 |
Embecta Corp., 6.75%, 02/15/30(b) |  |  |  |  |  |  | 50 |  |  |  | 44,808 |
Garden Spinco Corp., 8.63%, 07/20/30(b) |  |  |  |  |  |  | 136 |  |  |  | 146,166 |
Thermo Fisher Scientific, Inc., 5.30%, 02/01/44 |  |  |  |  |  |  | 1,000 |  |  |  | 1,010,272 |
|  |  |  |  |  |  |  |  |  |  | 2,927,349 |
Health Care Providers & Services — 1.9% |
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(b) |  |  |  |  |  |  | 37 |  |  |  | 35,385 |
AdaptHealth LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
6.13%, 08/01/28 |  |  |  |  |  |  | 49 |  |  |  | 42,445 |
5.13%, 03/01/30 |  |  |  |  |  |  | 18 |  |  |  | 14,580 |
Aetna, Inc., 4.50%, 05/15/42 |  |  |  |  |  |  | 575 |  |  |  | 493,299 |
AHP Health Partners, Inc., 5.75%, 07/15/29(b) |  |  |  |  |  |  | 219 |  |  |  | 188,828 |
Cano Health LLC, 6.25%, 10/01/28(b) |  |  |  |  |  |  | 53 |  |  |  | 33,125 |
CHS/Community Health Systems, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 03/15/27 |  |  |  |  |  |  | 92 |  |  |  | 81,074 |
6.00%, 01/15/29 |  |  |  |  |  |  | 332 |  |  |  | 279,295 |
5.25%, 05/15/30(e) |  |  |  |  |  |  | 468 |  |  |  | 368,656 |
4.75%, 02/15/31 |  |  |  |  |  |  | 223 |  |  |  | 168,540 |

S C H E D U L E O F I N V E S T M E N T S |  | 23

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Health Care Providers & Services (continued) |  |  |  |  |  |  |  |  |
Elevance Health, Inc., 4.65%, 08/15/44 |  |  | USD |  |  |  | 1,500 |  |  | $ | 1,346,895 |
Encompass Health Corp., 4.75%, 02/01/30 |  |  |  |  |  |  | 279 |  |  |  | 254,030 |
HCA, Inc., 5.50%, 06/15/47 |  |  |  |  |  |  | 1,090 |  |  |  | 1,026,660 |
HealthEquity, Inc., 4.50%, 10/01/29(b) |  |  |  |  |  |  | 355 |  |  |  | 312,873 |
IQVIA, Inc., 6.50%, 05/15/30(b) |  |  |  |  |  |  | 200 |  |  |  | 201,975 |
Legacy LifePoint Health LLC, 6.75%, 04/15/25(b)(e) |  |  |  |  |  |  | 202 |  |  |  | 187,622 |
Medline Borrower LP(b) |  |  |  |  |  |  |  |  |  |  |  |
3.88%, 04/01/29 |  |  |  |  |  |  | 281 |  |  |  | 244,207 |
5.25%, 10/01/29(e) |  |  |  |  |  |  | 1,044 |  |  |  | 905,878 |
ModivCare, Inc., 5.88%, 11/15/25(b) |  |  |  |  |  |  | 173 |  |  |  | 160,222 |
Molina Healthcare, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.38%, 06/15/28 |  |  |  |  |  |  | 32 |  |  |  | 29,499 |
3.88%, 11/15/30 |  |  |  |  |  |  | 122 |  |  |  | 104,817 |
3.88%, 05/15/32 |  |  |  |  |  |  | 13 |  |  |  | 10,899 |
Northwell Healthcare, Inc., 4.26%, 11/01/47 |  |  |  |  |  |  | 725 |  |  |  | 594,990 |
Surgery Center Holdings, Inc., 6.75%, 07/01/25(b)(e) |  |  |  |  |  |  | 189 |  |  |  | 188,327 |
Teleflex, Inc., 4.63%, 11/15/27 |  |  |  |  |  |  | 14 |  |  |  | 13,195 |
Tenet Healthcare Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 01/01/26 |  |  |  |  |  |  | 300 |  |  |  | 292,197 |
6.25%, 02/01/27 |  |  |  |  |  |  | 123 |  |  |  | 121,742 |
5.13%, 11/01/27 |  |  |  |  |  |  | 379 |  |  |  | 361,823 |
4.63%, 06/15/28 |  |  |  |  |  |  | 55 |  |  |  | 51,369 |
6.13%, 10/01/28(e) |  |  |  |  |  |  | 122 |  |  |  | 117,449 |
6.13%, 06/15/30 |  |  |  |  |  |  | 122 |  |  |  | 120,255 |
6.75%, 05/15/31 |  |  |  |  |  |  | 550 |  |  |  | 551,340 |
UnitedHealth Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.80%, 03/15/36 |  |  |  |  |  |  | 1,750 |  |  |  | 1,870,716 |
3.05%, 05/15/41 |  |  |  |  |  |  | 600 |  |  |  | 463,791 |
|  |  |  |  |  |  |  |  |  |  | 11,237,998 |
Health Care Technology(b) — 0.2% |  |  |  |  |  |  |  |  |
AthenaHealth Group, Inc., 6.50%, 02/15/30(e) |  |  |  |  |  |  | 1,232 |  |  |  | 1,036,901 |
Catalent Pharma Solutions, Inc., 3.50%, 04/01/30(e) |  |  |  |  |  |  | 328 |  |  |  | 265,680 |
Fortrea Holdings, Inc., 7.50%, 07/01/30 |  |  |  |  |  |  | 132 |  |  |  | 135,164 |
|  |  |  |  |  |  |  |  |  |  | 1,437,745 |
Hotels, Restaurants & Leisure — 1.9% |  |  |  |  |  |  |  |  |
Accor SA, (5-year EUR Swap + 4.56%), 4.38%(a)(d)(f) |  |  | EUR |  |  |  | 100 |  |  |  | 107,245 |
Boyd Gaming Corp., 4.75%, 12/01/27 |  |  | USD |  |  |  | 88 |  |  |  | 83,378 |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) |  |  |  |  |  |  |  |  |
3.88%, 01/15/28 |  |  |  |  |  |  | 39 |  |  |  | 35,653 |
4.38%, 01/15/28(e) |  |  |  |  |  |  | 214 |  |  |  | 197,559 |
4.00%, 10/15/30 |  |  |  |  |  |  | 70 |  |  |  | 59,908 |
Caesars Entertainment, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 07/01/25 |  |  |  |  |  |  | 820 |  |  |  | 816,203 |
8.13%, 07/01/27(e) |  |  |  |  |  |  | 876 |  |  |  | 896,559 |
4.63%, 10/15/29(e) |  |  |  |  |  |  | 134 |  |  |  | 117,010 |
7.00%, 02/15/30 |  |  |  |  |  |  | 925 |  |  |  | 928,922 |
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b) |  |  |  |  |  |  | 103 |  |  |  | 104,218 |
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b) |  |  |  |  |  |  | 418 |  |  |  | 389,082 |
Churchill Downs, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 04/01/27(b) |  |  |  |  |  |  | 244 |  |  |  | 234,589 |
4.75%, 01/15/28(b) |  |  |  |  |  |  | 309 |  |  |  | 286,567 |
6.75%, 05/01/31 |  |  |  |  |  |  | 280 |  |  |  | 276,850 |
Corvias Campus Living - USG LLC, 5.30%, 07/01/50(c) |  |  |  |  |  |  | 5,581 |  |  |  | 1,864,288 |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 01/15/29 |  |  |  |  |  |  | 156 |  |  |  | 136,890 |
6.75%, 01/15/30 |  |  |  |  |  |  | 46 |  |  |  | 39,148 |

Security |  |  |  |  | Par (000) |  |  | Value |
Hotels, Restaurants & Leisure (continued) |  |  |  |  |  |  |  |  |
Fortune Star BVI Ltd., 6.75%, 07/02/23(d) |  |  | USD |  |  |  | 200 |  |  | $ | 199,880 |
Hilton Domestic Operating Co., Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 05/01/28 |  |  |  |  |  |  | 112 |  |  |  | 110,288 |
3.75%, 05/01/29 |  |  |  |  |  |  | 99 |  |  |  | 87,874 |
4.00%, 05/01/31 |  |  |  |  |  |  | 79 |  |  |  | 68,610 |
3.63%, 02/15/32 |  |  |  |  |  |  | 77 |  |  |  | 64,198 |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |  |  |  |  |  |  | 44 |  |  |  | 42,684 |
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 |  |  |  |  |  |  | 166 |  |  |  | 168,428 |
Lottomatica SpA/Roma, (3-mo. EURIBOR + 4.13%), 7.59%, 06/01/28(a)(d) |  |  | EUR |  |  |  | 100 |  |  |  | 109,529 |
Melco Resorts Finance Ltd. |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 06/06/25(b) |  |  | USD |  |  |  | 200 |  |  |  | 188,790 |
5.25%, 04/26/26(d) |  |  |  |  |  |  | 250 |  |  |  | 232,010 |
5.75%, 07/21/28(b) |  |  |  |  |  |  | 200 |  |  |  | 174,875 |
5.38%, 12/04/29(b) |  |  |  |  |  |  | 200 |  |  |  | 164,750 |
Merlin Entertainments Ltd., 5.75%, 06/15/26(b) |  |  |  |  |  |  | 200 |  |  |  | 192,748 |
MGM China Holdings Ltd. |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 05/15/26(d)(e) |  |  |  |  |  |  | 450 |  |  |  | 428,472 |
4.75%, 02/01/27(b) |  |  |  |  |  |  | 200 |  |  |  | 180,250 |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 09/01/29 |  |  |  |  |  |  | 63 |  |  |  | 47,719 |
5.88%, 09/01/31 |  |  |  |  |  |  | 79 |  |  |  | 58,282 |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/30(b) |  |  |  |  |  |  | 50 |  |  |  | 44,000 |
Scientific Games International, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
8.63%, 07/01/25 |  |  |  |  |  |  | 136 |  |  |  | 138,890 |
7.00%, 05/15/28(e) |  |  |  |  |  |  | 100 |  |  |  | 99,466 |
7.25%, 11/15/29 |  |  |  |  |  |  | 96 |  |  |  | 96,120 |
Six Flags Entertainment Corp., 7.25%, 05/15/31(b) |  |  |  |  |  |  | 263 |  |  |  | 256,149 |
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(b) |  |  |  |  |  |  | 135 |  |  |  | 135,675 |
Station Casinos LLC, 4.50%, 02/15/28(b) |  |  |  |  |  |  | 123 |  |  |  | 110,401 |
Vail Resorts, Inc., 6.25%, 05/15/25(b) |  |  |  |  |  |  | 105 |  |  |  | 105,125 |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(b)(e) |  |  |  |  |  |  | 125 |  |  |  | 118,407 |
Wynn Macau Ltd. |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 10/01/24(d) |  |  |  |  |  |  | 200 |  |  |  | 194,208 |
5.50%, 10/01/27(d) |  |  |  |  |  |  | 200 |  |  |  | 177,125 |
5.63%, 08/26/28(b)(e) |  |  |  |  |  |  | 200 |  |  |  | 172,500 |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 10/01/29 |  |  |  |  |  |  | 503 |  |  |  | 450,785 |
7.13%, 02/15/31(e) |  |  |  |  |  |  | 230 |  |  |  | 228,607 |
|  |  |  |  |  |  |  |  |  |  | 11,420,914 |
Household Durables — 0.1% |  |  |  |  |  |  |  |  |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29(b) |  |  |  |  |  |  | 141 |  |  |  | 112,903 |
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(b) |  |  |  |  |  |  | 173 |  |  |  | 160,144 |
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(b) |  |  |  |  |  |  | 88 |  |  |  | 86,240 |
NCR Corp., 5.13%, 04/15/29(b) |  |  |  |  |  |  | 91 |  |  |  | 80,559 |
SWF Escrow Issuer Corp., 6.50%, 10/01/29(b)(e) |  |  |  |  |  |  | 223 |  |  |  | 133,806 |
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(b) |  |  |  |  |  |  | 125 |  |  |  | 122,774 |
Tempur Sealy International, Inc., 3.88%, 10/15/31(b) |  |  |  |  |  |  | 76 |  |  |  | 61,913 |
Tri Pointe Homes, Inc., 5.25%, 06/01/27 |  |  |  |  |  |  | 28 |  |  |  | 26,487 |
|  |  |  |  |  |  |  |  |  |  | 784,826 |

24 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Household Products — 0.0% |  |  |  |  |  |  |  |  |
Central Garden & Pet Co. |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 02/01/28 |  |  | USD |  |  |  | 35 |  |  | $ | 32,880 |
4.13%, 10/15/30(e) |  |  |  |  |  |  | 105 |  |  |  | 87,958 |
|  |  |  |  |  |  |  |  |  |  | 120,838 |
Independent Power and Renewable Electricity Producers — 0.3% |
Calpine Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 03/15/28(e) |  |  |  |  |  |  | 539 |  |  |  | 481,005 |
5.00%, 02/01/31 |  |  |  |  |  |  | 41 |  |  |  | 33,910 |
Clearway Energy Operating LLC, 4.75%, 03/15/28(b) |  |  |  |  |  |  | 124 |  |  |  | 114,405 |
Greenko Dutch BV, 3.85%, 03/29/26(d)(e) |  |  |  |  |  |  | 188 |  |  |  | 168,503 |
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26(d)(e) |  |  |  |  |  |  | 200 |  |  |  | 186,484 |
India Cleantech Energy, 4.70%, 08/10/26(b) |  |  |  |  |  |  | 229 |  |  |  | 200,073 |
NRG Energy, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 01/15/28 |  |  |  |  |  |  | 45 |  |  |  | 42,644 |
7.00%, 03/15/33(b) |  |  |  |  |  |  | 150 |  |  |  | 151,243 |
SCC Power PLC(b)(g) |  |  |  |  |  |  |  |  |  |  |  |
(4.00% Cash and 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28 |  |  |  |  |  |  | 250 |  |  |  | 83,606 |
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |  |  |  |  |  |  | 135 |  |  |  | 12,569 |
Talen Energy Supply LLC, 8.63%, 06/01/30 |  |  |  |  |  |  | 91 |  |  |  | 94,185 |
TransAlta Corp., 7.75%, 11/15/29 |  |  |  |  |  |  | 77 |  |  |  | 79,271 |
|  |  |  |  |  |  |  |  |  |  | 1,647,898 |
Industrial Conglomerates — 0.4% |  |  |  |  |  |  |  |  |
Emerald Debt Merger Sub LLC, 6.38%, 12/15/30 |  |  | EUR |  |  |  | 110 |  |  |  | 119,582 |
General Electric Co., 6.15%, 08/07/37 |  |  | USD |  |  |  | 2,150 |  |  |  | 2,249,493 |
|  |  |  |  |  |  |  |  |  |  | 2,369,075 |
Insurance — 2.4% |  |  |  |  |  |  |  |  |
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(b) |  |  |  |  |  |  | 82 |  |  |  | 70,997 |
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(b) |  |  |  |  |  |  |  |  |  |  |  |
4.25%, 10/15/27 |  |  |  |  |  |  | 319 |  |  |  | 286,268 |
6.75%, 10/15/27(e) |  |  |  |  |  |  | 1,419 |  |  |  | 1,333,860 |
6.75%, 04/15/28 |  |  |  |  |  |  | 397 |  |  |  | 393,720 |
5.88%, 11/01/29(e) |  |  |  |  |  |  | 1,342 |  |  |  | 1,167,433 |
Aon Global Ltd., 4.60%, 06/14/44 |  |  |  |  |  |  | 500 |  |  |  | 436,025 |
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42(e) |  |  |  |  |  |  | 500 |  |  |  | 476,150 |
GTCR AP Finance, Inc., 8.00%, 05/15/27(b) |  |  |  |  |  |  | 148 |  |  |  | 145,076 |
HUB International Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.00%, 05/01/26 |  |  |  |  |  |  | 938 |  |  |  | 935,519 |
7.25%, 06/15/30 |  |  |  |  |  |  | 993 |  |  |  | 1,025,372 |
Jones Deslauriers Insurance Management, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
8.50%, 03/15/30 |  |  |  |  |  |  | 352 |  |  |  | 359,114 |
10.50%, 12/15/30 |  |  |  |  |  |  | 183 |  |  |  | 183,563 |
Liberty Mutual Group, Inc., 6.50%, 05/01/42(b) |  |  |  |  |  |  | 2,000 |  |  |  | 2,009,838 |
Marsh & McLennan Cos., Inc., 5.88%, 08/01/33 |  |  |  |  |  |  | 1,500 |  |  |  | 1,590,359 |
Progressive Corp., 3.00%, 03/15/32 |  |  |  |  |  |  | 750 |  |  |  | 652,620 |
Prudential Financial, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.90%, 03/17/36 |  |  |  |  |  |  | 500 |  |  |  | 511,042 |
5.70%, 12/14/36 |  |  |  |  |  |  | 1,625 |  |  |  | 1,688,448 |
Ryan Specialty Group LLC, 4.38%, 02/01/30(b) |  |  |  |  |  |  | 132 |  |  |  | 116,846 |
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(b) |  |  |  |  |  |  | 700 |  |  |  | 578,759 |
|  |  |  |  |  |  |  |  |  |  | 13,961,009 |
Interactive Media & Services — 0.1% |  |  |  |  |  |  |  |  |
Cablevision Lightpath LLC, 5.63%, 09/15/28(b) |  |  |  |  |  |  | 200 |  |  |  | 148,160 |
iliad SA(d) |  |  |  |  |  |  |  |  |  |  |  |
5.38%, 06/14/27 |  |  | EUR |  |  |  | 100 |  |  |  | 107,581 |

Security |  |  |  |  | Par (000) |  |  | Value |
Interactive Media & Services (continued) |
iliad SA(d) (continued) |
5.63%, 02/15/30 |  |  | EUR |  |  |  | 100 |  |  | $ | 105,465 |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 04/30/27(b) |  |  | USD |  |  |  | 200 |  |  |  | 176,640 |
|  |  |  |  |  |  |  |  |  |  | 537,846 |
Internet Software & Services — 0.5% |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(b) |  |  |  |  |  |  | 27 |  |  |  | 25,650 |
Match Group Holdings II LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 02/15/29 |  |  |  |  |  |  | 6 |  |  |  | 5,626 |
4.13%, 08/01/30 |  |  |  |  |  |  | 20 |  |  |  | 17,130 |
3.63%, 10/01/31(e) |  |  |  |  |  |  | 209 |  |  |  | 171,786 |
Uber Technologies, Inc. |  |  |  |  |  |  |  |  |  |  |  |
0.00%, 12/15/25(h)(i) |  |  |  |  |  |  | 884 |  |  |  | 806,231 |
8.00%, 11/01/26(b) |  |  |  |  |  |  | 265 |  |  |  | 270,065 |
7.50%, 09/15/27(b)(e) |  |  |  |  |  |  | 788 |  |  |  | 806,008 |
6.25%, 01/15/28(b) |  |  |  |  |  |  | 190 |  |  |  | 189,061 |
4.50%, 08/15/29(b)(e) |  |  |  |  |  |  | 588 |  |  |  | 541,194 |
|  |  |  |  |  |  |  |  |  |  | 2,832,751 |
IT Services — 0.9% |
Ahead DB Holdings LLC, 6.63%, 05/01/28(b) |  |  |  |  |  |  | 99 |  |  |  | 80,514 |
CA Magnum Holdings, 5.38%, 10/31/26(b) |  |  |  |  |  |  | 258 |  |  |  | 230,435 |
Camelot Finance SA, 4.50%, 11/01/26(b) |  |  |  |  |  |  | 279 |  |  |  | 262,829 |
Dun & Bradstreet Corp., 5.00%, 12/15/29(b) |  |  |  |  |  |  | 534 |  |  |  | 470,844 |
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28(d) |  |  | EUR |  |  |  | 100 |  |  |  | 109,456 |
Fidelity National Information Services, Inc., 4.50%, 08/15/46 |  |  | USD |  |  |  | 1,000 |  |  |  | 797,046 |
Fiserv, Inc., 4.40%, 07/01/49 |  |  |  |  |  |  | 500 |  |  |  | 422,486 |
International Business Machines Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.40%, 07/27/32 |  |  |  |  |  |  | 500 |  |  |  | 479,370 |
4.75%, 02/06/33 |  |  |  |  |  |  | 550 |  |  |  | 539,618 |
2.95%, 05/15/50 |  |  |  |  |  |  | 750 |  |  |  | 502,357 |
KBR, Inc., 4.75%, 09/30/28(b) |  |  |  |  |  |  | 136 |  |  |  | 123,423 |
McAfee Corp., 7.38%, 02/15/30(b)(e) |  |  |  |  |  |  | 734 |  |  |  | 638,229 |
Presidio Holdings, Inc., 4.88%, 02/01/27(b) |  |  |  |  |  |  | 32 |  |  |  | 30,020 |
Twilio, Inc. |  |  |  |  |  |  |  |  |  |  |  |
3.63%, 03/15/29 |  |  |  |  |  |  | 117 |  |  |  | 99,538 |
3.88%, 03/15/31(e) |  |  |  |  |  |  | 214 |  |  |  | 178,180 |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., |  |  |  |  |  |  |  |  |  |  |  |
3.88%, 02/01/29(b) |  |  |  |  |  |  | 657 |  |  |  | 565,080 |
|  |  |  |  |  |  |  |  |  |  | 5,529,425 |
Leisure Products — 0.1% |
Mattel, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.20%, 10/01/40 |  |  |  |  |  |  | 194 |  |  |  | 173,447 |
5.45%, 11/01/41 |  |  |  |  |  |  | 149 |  |  |  | 123,525 |
|  |  |  |  |  |  |  |  |  |  | 296,972 |
Machinery — 0.6% |
Chart Industries, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 01/01/30 |  |  |  |  |  |  | 445 |  |  |  | 454,013 |
9.50%, 01/01/31 |  |  |  |  |  |  | 66 |  |  |  | 70,027 |
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28 |  |  |  |  |  |  | 192 |  |  |  | 190,560 |
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(b)(g) |  |  |  |  |  |  | 241 |  |  |  | 219,310 |
Madison IAQ LLC, 5.88%, 06/30/29(b)(e) |  |  |  |  |  |  | 232 |  |  |  | 187,899 |
OT Merger Corp., 7.88%, 10/15/29(b) |  |  |  |  |  |  | 78 |  |  |  | 48,751 |
Terex Corp., 5.00%, 05/15/29(b) |  |  |  |  |  |  | 110 |  |  |  | 102,265 |

S C H E D U L E O F I N V E S T M E N T S |  | 25

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Machinery (continued) |  |  |  |  |  |  |  |  |
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(b) |  |  | USD |  |  |  | 514 |  |  | $ | 466,455 |
TK Elevator Holdco GmbH, 7.63%, 07/15/28(b)(e) |  |  |  |  |  |  | 400 |  |  |  | 362,834 |
TK Elevator Midco GmbH, 4.38%, 07/15/27(d) |  |  | EUR |  |  |  | 200 |  |  |  | 194,786 |
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)(e) |  |  | USD |  |  |  | 1,207 |  |  |  | 1,115,114 |
|  |  |  |  |  |  |  |  |  |  | 3,412,014 |
Marine Transportation — 0.0% |
Huntington Ingalls Industries, Inc., 4.20%, 05/01/30 |  |  |  |  |  |  | 126 |  |  |  | 116,747 |
Media — 4.8% |
Altice Financing SA |  |  |  |  |  |  |  |  |  |  |  |
3.00%, 01/15/28(d) |  |  | EUR |  |  |  | 100 |  |  |  | 84,079 |
5.75%, 08/15/29(b)(e) |  |  | USD |  |  |  | 1,451 |  |  |  | 1,124,033 |
Altice France Holding SA, 10.50%, 05/15/27(b) |  |  |  |  |  |  | 488 |  |  |  | 295,499 |
AMC Networks, Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 08/01/25 |  |  |  |  |  |  | 115 |  |  |  | 100,587 |
4.25%, 02/15/29 |  |  |  |  |  |  | 83 |  |  |  | 44,618 |
Bell Telephone Co. of Canada or Bell Canada, |  |  |  |  |  |  |  |  |
Series US-4, 3.65%, 03/17/51 |  |  |  |  |  |  | 335 |  |  |  | 254,642 |
Cable One, Inc. |  |  |  |  |  |  |  |  |  |  |  |
0.00%, 03/15/26(h)(i) |  |  |  |  |  |  | 62 |  |  |  | 50,685 |
1.13%, 03/15/28(h) |  |  |  |  |  |  | 492 |  |  |  | 370,230 |
4.00%, 11/15/30(b) |  |  |  |  |  |  | 96 |  |  |  | 75,000 |
CCO Holdings LLC/CCO Holdings Capital Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 05/01/27 |  |  |  |  |  |  | 228 |  |  |  | 212,324 |
5.00%, 02/01/28 |  |  |  |  |  |  | 210 |  |  |  | 191,329 |
6.38%, 09/01/29(e) |  |  |  |  |  |  | 517 |  |  |  | 487,096 |
4.75%, 03/01/30(e) |  |  |  |  |  |  | 225 |  |  |  | 192,394 |
4.25%, 02/01/31 |  |  |  |  |  |  | 431 |  |  |  | 348,666 |
7.38%, 03/01/31(e) |  |  |  |  |  |  | 935 |  |  |  | 911,093 |
4.75%, 02/01/32 |  |  |  |  |  |  | 241 |  |  |  | 196,531 |
4.25%, 01/15/34(e) |  |  |  |  |  |  | 286 |  |  |  | 216,150 |
Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |  |  |  |  |  |  |  |  |
5.38%, 05/01/47 |  |  |  |  |  |  | 1,100 |  |  |  | 909,211 |
4.80%, 03/01/50 |  |  |  |  |  |  | 1,000 |  |  |  | 754,499 |
Clear Channel International BV, 6.63%, 08/01/25(b) |  |  |  |  |  |  | 256 |  |  |  | 254,717 |
Clear Channel Outdoor Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 08/15/27(e) |  |  |  |  |  |  | 1,112 |  |  |  | 1,009,577 |
7.75%, 04/15/28(e) |  |  |  |  |  |  | 237 |  |  |  | 186,045 |
7.50%, 06/01/29 |  |  |  |  |  |  | 508 |  |  |  | 375,908 |
CMG Media Corp., 8.88%, 12/15/27(b) |  |  |  |  |  |  | 213 |  |  |  | 149,280 |
Comcast Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.45%, 03/15/37 |  |  |  |  |  |  | 790 |  |  |  | 869,896 |
3.90%, 03/01/38 |  |  |  |  |  |  | 1,500 |  |  |  | 1,303,267 |
4.70%, 10/15/48 |  |  |  |  |  |  | 3,000 |  |  |  | 2,805,573 |
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b) |  |  |  |  |  |  | 1,055 |  |  |  | 1,024,739 |
CSC Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 06/01/24 |  |  |  |  |  |  | 276 |  |  |  | 256,692 |
5.50%, 04/15/27(b) |  |  |  |  |  |  | 200 |  |  |  | 166,398 |
11.25%, 05/15/28(b) |  |  |  |  |  |  | 1,007 |  |  |  | 976,518 |
4.13%, 12/01/30(b)(e) |  |  |  |  |  |  | 400 |  |  |  | 279,810 |
4.50%, 11/15/31(b) |  |  |  |  |  |  | 606 |  |  |  | 422,513 |
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(b)(e) |  |  |  |  |  |  | 279 |  |  |  | 252,672 |
Discovery Communications LLC, 3.45%, 03/15/25 |  |  |  |  |  |  | 210 |  |  |  | 201,035 |
DISH DBS Corp. |  |  |  |  |  |  |  |  |  |  |  |
7.75%, 07/01/26(e) |  |  |  |  |  |  | 343 |  |  |  | 210,247 |
5.25%, 12/01/26(b) |  |  |  |  |  |  | 613 |  |  |  | 491,732 |

Security |  |  |  |  | Par (000) |  |  | Value |
Media (continued) |
DISH DBS Corp. (continued) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 12/01/28(b) |  |  | USD |  |  |  | 192 |  |  | $ | 142,806 |
5.13%, 06/01/29 |  |  |  |  |  |  | 52 |  |  |  | 24,146 |
DISH Network Corp., 11.75%, 11/15/27(b) |  |  |  |  |  |  | 127 |  |  |  | 123,941 |
Frontier Communications Holdings LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 10/15/27 |  |  |  |  |  |  | 152 |  |  |  | 139,500 |
5.00%, 05/01/28 |  |  |  |  |  |  | 446 |  |  |  | 384,813 |
8.75%, 05/15/30 |  |  |  |  |  |  | 821 |  |  |  | 802,424 |
GCI LLC, 4.75%, 10/15/28(b) |  |  |  |  |  |  | 72 |  |  |  | 61,387 |
Iliad Holding SASU(b) |  |  |  |  |  |  |  |  |  |  |  |
6.50%, 10/15/26 |  |  |  |  |  |  | 529 |  |  |  | 499,282 |
7.00%, 10/15/28 |  |  |  |  |  |  | 802 |  |  |  | 739,159 |
Interpublic Group of Cos., Inc., 5.40%, 10/01/48 |  |  |  |  |  |  | 500 |  |  |  | 465,351 |
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(g) |  |  |  |  |  |  | 179 |  |  |  | 63,359 |
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b) |  |  |  |  |  |  | 155 |  |  |  | 112,251 |
Live Nation Entertainment, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 03/15/26 |  |  |  |  |  |  | 11 |  |  |  | 10,745 |
6.50%, 05/15/27(e) |  |  |  |  |  |  | 821 |  |  |  | 825,370 |
4.75%, 10/15/27(e) |  |  |  |  |  |  | 345 |  |  |  | 321,712 |
3.75%, 01/15/28 |  |  |  |  |  |  | 132 |  |  |  | 117,810 |
Lorca Telecom Bondco SA, 4.00%, 09/18/27(d) |  |  | EUR |  |  |  | 100 |  |  |  | 99,436 |
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(b) |  |  | USD |  |  |  | 108 |  |  |  | 101,165 |
Network i2i Ltd., (5-year CMT + 4.27%), 5.65%(a)(d)(f) |  |  |  |  |  |  | 400 |  |  |  | 387,464 |
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 08/15/27(e) |  |  |  |  |  |  | 269 |  |  |  | 244,171 |
4.25%, 01/15/29(e) |  |  |  |  |  |  | 291 |  |  |  | 244,545 |
4.63%, 03/15/30 |  |  |  |  |  |  | 18 |  |  |  | 14,996 |
Radiate Holdco LLC/Radiate Finance, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.50%, 09/15/26 |  |  |  |  |  |  | 297 |  |  |  | 236,788 |
6.50%, 09/15/28 |  |  |  |  |  |  | 640 |  |  |  | 373,482 |
Sable International Finance Ltd., 5.75%, 09/07/27(b) |  |  |  |  |  |  | 200 |  |  |  | 183,856 |
Sinclair Television Group, Inc., 4.13%, 12/01/30(b)(e) |  |  |  |  |  |  | 577 |  |  |  | 377,935 |
Sirius XM Radio, Inc., 5.00%, 08/01/27(b) |  |  |  |  |  |  | 403 |  |  |  | 373,899 |
Stagwell Global LLC, 5.63%, 08/15/29(b) |  |  |  |  |  |  | 69 |  |  |  | 59,045 |
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25(d)(g) |  |  | EUR |  |  |  | 119 |  |  |  | 108,191 |
TCI Communications, Inc., 7.88%, 02/15/26 |  |  | USD |  |  |  | 610 |  |  |  | 648,343 |
TEGNA, Inc., 4.75%, 03/15/26(b) |  |  |  |  |  |  | 32 |  |  |  | 30,554 |
Univision Communications, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 02/15/25 |  |  |  |  |  |  | 52 |  |  |  | 50,895 |
6.63%, 06/01/27 |  |  |  |  |  |  | 37 |  |  |  | 35,762 |
7.38%, 06/30/30(e) |  |  |  |  |  |  | 120 |  |  |  | 114,254 |
UPC Broadband Finco BV, 4.88%, 07/15/31(b) |  |  |  |  |  |  | 303 |  |  |  | 249,396 |
VZ Secured Financing BV, 3.50%, 01/15/32(d) |  |  | EUR |  |  |  | 100 |  |  |  | 83,883 |
Walt Disney Co. |  |  |  |  |  |  |  |  |  |  |  |
7.63%, 11/30/28 |  |  | USD |  |  |  | 385 |  |  |  | 431,174 |
5.40%, 10/01/43 |  |  |  |  |  |  | 500 |  |  |  | 509,751 |
Ziggo Bond Co. BV, 6.00%, 01/15/27(b) |  |  |  |  |  |  | 150 |  |  |  | 137,673 |
Ziggo BV, 4.88%, 01/15/30(b) |  |  |  |  |  |  | 200 |  |  |  | 165,986 |
|  |  |  |  |  |  |  |  |  |  | 28,151,985 |
Metals & Mining — 1.2% |  |  |  |  |  |  |  |  |
ABJA Investment Co. Pte. Ltd.(d) |  |  |  |  |  |  |  |  |  |  |  |
5.95%, 07/31/24 |  |  |  |  |  |  | 250 |  |  |  | 248,430 |
5.45%, 01/24/28 |  |  |  |  |  |  | 200 |  |  |  | 198,046 |
Arconic Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 05/15/25 |  |  |  |  |  |  | 89 |  |  |  | 89,708 |
6.13%, 02/15/28(e) |  |  |  |  |  |  | 393 |  |  |  | 397,875 |

26 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Metals & Mining (continued) |  |  |  |  |  |  |  |  |
ATI, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 12/01/27 |  |  | USD |  |  |  | 121 |  |  | $ | 117,100 |
5.13%, 10/01/31 |  |  |  |  |  |  | 187 |  |  |  | 166,600 |
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) |  |  |  |  |  |  | 862 |  |  |  | 851,496 |
Carpenter Technology Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.38%, 07/15/28 |  |  |  |  |  |  | 180 |  |  |  | 176,400 |
7.63%, 03/15/30 |  |  |  |  |  |  | 151 |  |  |  | 152,706 |
Constellium SE |  |  |  |  |  |  |  |  |  |  |  |
4.25%, 02/15/26(d) |  |  | EUR |  |  |  | 100 |  |  |  | 106,401 |
5.63%, 06/15/28(b) |  |  | USD |  |  |  | 250 |  |  |  | 235,232 |
3.75%, 04/15/29(b) |  |  |  |  |  |  | 841 |  |  |  | 715,487 |
First Quantum Minerals Ltd., 8.63%, 06/01/31(b) |  |  |  |  |  |  | 222 |  |  |  | 226,440 |
JSW Steel Ltd., 5.95%, 04/18/24(d) |  |  |  |  |  |  | 200 |  |  |  | 198,348 |
Kaiser Aluminum Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 03/01/28 |  |  |  |  |  |  | 98 |  |  |  | 85,707 |
4.50%, 06/01/31 |  |  |  |  |  |  | 535 |  |  |  | 426,491 |
New Gold, Inc., 7.50%, 07/15/27(b) |  |  |  |  |  |  | 470 |  |  |  | 438,877 |
Novelis Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.25%, 11/15/26(e) |  |  |  |  |  |  | 628 |  |  |  | 568,445 |
4.75%, 01/30/30(e) |  |  |  |  |  |  | 296 |  |  |  | 263,057 |
3.88%, 08/15/31 |  |  |  |  |  |  | 396 |  |  |  | 325,754 |
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(d) |  |  | EUR |  |  |  | 100 |  |  |  | 95,542 |
Rio Tinto Finance USA PLC, 4.75%, 03/22/42 |  |  | USD |  |  |  | 400 |  |  |  | 378,806 |
Stillwater Mining Co., 4.00%, 11/16/26(d) |  |  |  |  |  |  | 200 |  |  |  | 177,512 |
Vedanta Resources Finance II PLC, 13.88%, 01/21/24(d) |  |  |  |  |  |  | 200 |  |  |  | 182,074 |
|  |  |  |  |  |  |  |  |  |  | 6,822,534 |
Multi-Utilities — 0.5% |  |  |  |  |  |  |  |  |
American Water Capital Corp., 4.45%, 06/01/32 |  |  |  |  |  |  | 1,350 |  |  |  | 1,307,041 |
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28(b) |  |  |  |  |  |  | 184 |  |  |  | 186,874 |
KeySpan Gas East Corp., 5.82%, 04/01/41(b) |  |  |  |  |  |  | 1,010 |  |  |  | 969,907 |
NiSource, Inc., 1.70%, 02/15/31 |  |  |  |  |  |  | 400 |  |  |  | 312,748 |
|  |  |  |  |  |  |  |  |  |  | 2,776,570 |
Offshore Drilling & Other Services — 0.2% |  |  |  |  |  |  |  |  |
Entegris Escrow Corp., 4.75%, 04/15/29(b) |  |  |  |  |  |  | 786 |  |  |  | 729,664 |
Entegris, Inc., 4.38%, 04/15/28(b) |  |  |  |  |  |  | 201 |  |  |  | 181,901 |
KLA Corp., 3.30%, 03/01/50 |  |  |  |  |  |  | 500 |  |  |  | 374,971 |
|  |  |  |  |  |  |  |  |  |  | 1,286,536 |
Oil, Gas & Consumable Fuels — 7.6% |  |  |  |  |  |  |  |  |
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(b) |  |  |  |  |  |  | 461 |  |  |  | 452,932 |
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 03/01/27 |  |  |  |  |  |  | 203 |  |  |  | 195,781 |
5.75%, 01/15/28 |  |  |  |  |  |  | 39 |  |  |  | 37,178 |
5.38%, 06/15/29(e) |  |  |  |  |  |  | 140 |  |  |  | 130,085 |
Antero Resources Corp., 7.63%, 02/01/29(b) |  |  |  |  |  |  | 83 |  |  |  | 84,213 |
Apache Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.25%, 01/15/30(e) |  |  |  |  |  |  | 39 |  |  |  | 34,737 |
5.10%, 09/01/40 |  |  |  |  |  |  | 57 |  |  |  | 46,313 |
5.35%, 07/01/49 |  |  |  |  |  |  | 97 |  |  |  | 75,418 |
Arcosa, Inc., 4.38%, 04/15/29(b) |  |  |  |  |  |  | 117 |  |  |  | 104,832 |
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
9.00%, 11/01/27 |  |  |  |  |  |  | 479 |  |  |  | 595,502 |
8.25%, 12/31/28 |  |  |  |  |  |  | 593 |  |  |  | 583,159 |
5.88%, 06/30/29 |  |  |  |  |  |  | 44 |  |  |  | 39,254 |

Security |  |  |  |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |  |  |  |  |
Baytex Energy Corp., 8.50%, 04/30/30 |  |  | USD |  |  |  | 94 |  |  | $ | 91,798 |
Buckeye Partners LP |  |  |  |  |  |  |  |  |  |  |  |
5.85%, 11/15/43 |  |  |  |  |  |  | 94 |  |  |  | 69,560 |
5.60%, 10/15/44 |  |  |  |  |  |  | 59 |  |  |  | 42,480 |
Burlington Resources LLC, 5.95%, 10/15/36 |  |  |  |  |  |  | 685 |  |  |  | 725,401 |
Callon Petroleum Co. |  |  |  |  |  |  |  |  |  |  |  |
8.25%, 07/15/25 |  |  |  |  |  |  | 31 |  |  |  | 30,768 |
6.38%, 07/01/26 |  |  |  |  |  |  | 111 |  |  |  | 108,047 |
8.00%, 08/01/28(b)(e) |  |  |  |  |  |  | 404 |  |  |  | 399,519 |
7.50%, 06/15/30(b)(e) |  |  |  |  |  |  | 318 |  |  |  | 300,151 |
Cellnex Finance Co. SA, 1.25%, 01/15/29(d) |  |  | EUR |  |  |  | 100 |  |  |  | 90,392 |
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31(d)(h) |  |  |  |  |  |  | 100 |  |  |  | 87,028 |
Cheniere Energy Partners LP |  |  |  |  |  |  |  |  |  |  |  |
4.50%, 10/01/29 |  |  | USD |  |  |  | 549 |  |  |  | 503,848 |
3.25%, 01/31/32(e) |  |  |  |  |  |  | 149 |  |  |  | 122,575 |
Chesapeake Energy Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 02/01/29 |  |  |  |  |  |  | 28 |  |  |  | 26,596 |
6.75%, 04/15/29(e) |  |  |  |  |  |  | 290 |  |  |  | 287,748 |
Civitas Resources, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 10/15/26 |  |  |  |  |  |  | 24 |  |  |  | 22,629 |
8.38%, 07/01/28 |  |  |  |  |  |  | 523 |  |  |  | 528,910 |
8.75%, 07/01/31 |  |  |  |  |  |  | 432 |  |  |  | 437,962 |
CNX Midstream Partners LP, 4.75%, 04/15/30(b) |  |  |  |  |  |  | 66 |  |  |  | 55,980 |
CNX Resources Corp., 7.38%, 01/15/31(b) |  |  |  |  |  |  | 70 |  |  |  | 68,106 |
Comstock Resources, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.75%, 03/01/29(e) |  |  |  |  |  |  | 356 |  |  |  | 325,721 |
5.88%, 01/15/30 |  |  |  |  |  |  | 339 |  |  |  | 294,310 |
ConocoPhillips, 6.50%, 02/01/39 |  |  |  |  |  |  | 600 |  |  |  | 691,731 |
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) |  |  |  |  |  |  | 1,000 |  |  |  | 891,913 |
Crescent Energy Finance LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
7.25%, 05/01/26 |  |  |  |  |  |  | 496 |  |  |  | 465,501 |
9.25%, 02/15/28(e) |  |  |  |  |  |  | 180 |  |  |  | 174,643 |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 05/01/27 |  |  |  |  |  |  | 34 |  |  |  | 32,232 |
6.00%, 02/01/29 |  |  |  |  |  |  | 314 |  |  |  | 293,197 |
8.00%, 04/01/29 |  |  |  |  |  |  | 29 |  |  |  | 29,360 |
7.38%, 02/01/31 |  |  |  |  |  |  | 69 |  |  |  | 68,010 |
CrownRock LP/CrownRock Finance, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 10/15/25 |  |  |  |  |  |  | 659 |  |  |  | 649,247 |
5.00%, 05/01/29 |  |  |  |  |  |  | 43 |  |  |  | 40,259 |
DCP Midstream Operating LP(b) |  |  |  |  |  |  |  |  |  |  |  |
6.45%, 11/03/36 |  |  |  |  |  |  | 106 |  |  |  | 108,846 |
6.75%, 09/15/37 |  |  |  |  |  |  | 172 |  |  |  | 182,540 |
Devon Energy Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.85%, 12/15/25 |  |  |  |  |  |  | 1,000 |  |  |  | 1,007,582 |
4.75%, 05/15/42 |  |  |  |  |  |  | 300 |  |  |  | 252,873 |
Diamondback Energy, Inc., 6.25%, 03/15/33(e) |  |  |  |  |  |  | 431 |  |  |  | 445,856 |
DT Midstream, Inc., 4.38%, 06/15/31(b) |  |  |  |  |  |  | 209 |  |  |  | 180,002 |
Earthstone Energy Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
8.00%, 04/15/27(b)(e) |  |  |  |  |  |  | 189 |  |  |  | 182,538 |
9.88%, 07/15/31 |  |  |  |  |  |  | 223 |  |  |  | 220,424 |
Ecopetrol SA |  |  |  |  |  |  |  |  |  |  |  |
8.88%, 01/13/33 |  |  |  |  |  |  | 175 |  |  |  | 172,511 |
5.88%, 05/28/45 |  |  |  |  |  |  | 111 |  |  |  | 75,330 |
eG Global Finance PLC(b) |  |  |  |  |  |  |  |  |  |  |  |
6.75%, 02/07/25 |  |  |  |  |  |  | 241 |  |  |  | 234,071 |
8.50%, 10/30/25 |  |  |  |  |  |  | 200 |  |  |  | 194,053 |

S C H E D U L E O F I N V E S T M E N T S |  | 27

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |  |
Enbridge, Inc.(a) |  |  |  |  |  |  |  |
(3-mo. LIBOR US + 3.64%), 6.25%, 03/01/78 |  | USD | 1,935 |  |  | $ | 1,780,459 |
Series 20-A, (5-year CMT + 5.31%), 5.75%, 07/15/80 |  |  | 950 |  |  |  | 857,973 |
Energean Israel Finance Ltd., 8.50%, 09/30/33 |  |  | 108 |  |  |  | 107,722 |
Energy Transfer LP |  |  |  |  |  |  |  |
5.30%, 04/15/47 |  |  | 540 |  |  |  | 469,676 |
Series H, (5-year CMT + 5.69%), 6.50%(a)(f) |  |  | 307 |  |  |  | 278,854 |
EnLink Midstream LLC |  |  |  |  |  |  |  |
5.63%, 01/15/28(b) |  |  | 235 |  |  |  | 227,406 |
5.38%, 06/01/29 |  |  | 280 |  |  |  | 266,759 |
6.50%, 09/01/30(b) |  |  | 160 |  |  |  | 159,805 |
EnLink Midstream Partners LP |  |  |  |  |  |  |  |
4.15%, 06/01/25 |  |  | 4 |  |  |  | 3,880 |
4.85%, 07/15/26 |  |  | 67 |  |  |  | 64,655 |
5.60%, 04/01/44 |  |  | 155 |  |  |  | 129,770 |
5.45%, 06/01/47 |  |  | 42 |  |  |  | 34,524 |
Enterprise Products Operating LLC, 6.13%, 10/15/39 |  |  | 1,400 |  |  |  | 1,486,015 |
EOG Resources, Inc., 5.10%, 01/15/36 |  |  | 200 |  |  |  | 191,778 |
EQM Midstream Partners LP |  |  |  |  |  |  |  |
6.00%, 07/01/25(b) |  |  | 89 |  |  |  | 88,017 |
4.13%, 12/01/26 |  |  | 68 |  |  |  | 63,242 |
6.50%, 07/01/27(b) |  |  | 245 |  |  |  | 241,636 |
4.50%, 01/15/29(b) |  |  | 13 |  |  |  | 11,595 |
7.50%, 06/01/30(b) |  |  | 57 |  |  |  | 57,681 |
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |  |  |  |  |
6.50%, 10/01/25 |  |  | 72 |  |  |  | 70,905 |
7.75%, 02/01/28 |  |  | 107 |  |  |  | 101,771 |
8.88%, 04/15/30 |  |  | 109 |  |  |  | 106,492 |
Gulfport Energy Corp., 8.00%, 05/17/26(b) |  |  | 25 |  |  |  | 25,118 |
Harvest Midstream I LP, 7.50%, 09/01/28(b) |  |  | 40 |  |  |  | 39,658 |
Hess Corp., 4.30%, 04/01/27 |  |  | 1,100 |  |  |  | 1,055,005 |
Hilcorp Energy I LP/Hilcorp Finance Co.(b) |  |  |  |  |  |  |  |
6.25%, 11/01/28 |  |  | 70 |  |  |  | 65,891 |
5.75%, 02/01/29 |  |  | 127 |  |  |  | 114,997 |
6.00%, 04/15/30 |  |  | 12 |  |  |  | 10,927 |
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(d) |  |  | 200 |  |  |  | 192,412 |
HTA Group Ltd., 7.00%, 12/18/25(b) |  |  | 200 |  |  |  | 188,962 |
IHS Holding Ltd., 6.25%, 11/29/28(b) |  |  | 200 |  |  |  | 163,912 |
Impulsora Pipeline LLC, 6.05%, 01/01/43(c) |  |  | 1,614 |  |  |  | 1,390,995 |
ITT Holdings LLC, 6.50%, 08/01/29(b)(e) |  |  | 232 |  |  |  | 195,455 |
Kinder Morgan, Inc., 5.05%, 02/15/46(e) |  |  | 1,400 |  |  |  | 1,196,120 |
Kinetik Holdings LP, 5.88%, 06/15/30(b)(e) |  |  | 322 |  |  |  | 306,058 |
Leviathan Bond Ltd., 6.75%, 06/30/30(b)(d) |  |  | 88 |  |  |  | 81,650 |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(b) |  |  | 22 |  |  |  | 21,278 |
Marathon Petroleum Corp., 6.50%, 03/01/41(e) |  |  | 1,150 |  |  |  | 1,184,783 |
Matador Resources Co.(e) |  |  |  |  |  |  |  |
5.88%, 09/15/26 |  |  | 366 |  |  |  | 354,670 |
6.88%, 04/15/28 |  |  | 167 |  |  |  | 165,295 |
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26(d) |  |  | 288 |  |  |  | 283,049 |
MPLX LP |  |  |  |  |  |  |  |
4.25%, 12/01/27 |  |  | 250 |  |  |  | 237,419 |
4.80%, 02/15/29 |  |  | 500 |  |  |  | 482,183 |
Murphy Oil Corp. |  |  |  |  |  |  |  |
5.75%, 08/15/25 |  |  | 9 |  |  |  | 8,882 |
5.88%, 12/01/27 |  |  | 40 |  |  |  | 38,859 |
5.88%, 12/01/42 |  |  | 18 |  |  |  | 14,958 |
Murphy Oil USA, Inc., 4.75%, 09/15/29 |  |  | 95 |  |  |  | 87,217 |
Nabors Industries Ltd.(b) |  |  |  |  |  |  |  |
7.25%, 01/15/26 |  |  | 140 |  |  |  | 130,693 |
7.50%, 01/15/28 |  |  | 204 |  |  |  | 178,512 |

Security |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |  |
Nabors Industries, Inc. |  |  |  |  |  |  |  |
5.75%, 02/01/25(e) |  | USD | 773 |  |  | $ | 748,048 |
7.38%, 05/15/27(b) |  |  | 258 |  |  |  | 245,495 |
New Fortress Energy, Inc.(b) |  |  |  |  |  |  |  |
6.75%, 09/15/25 |  |  | 637 |  |  |  | 597,528 |
6.50%, 09/30/26 |  |  | 928 |  |  |  | 830,278 |
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(b)(e) |  |  | 151 |  |  |  | 148,716 |
NGPL PipeCo LLC, 7.77%, 12/15/37(b) |  |  | 138 |  |  |  | 147,111 |
Northern Oil and Gas, Inc. |  |  |  |  |  |  |  |
8.13%, 03/01/28(b) |  |  | 593 |  |  |  | 581,140 |
8.75%, 06/15/31 |  |  | 218 |  |  |  | 214,185 |
NuStar Logistics LP |  |  |  |  |  |  |  |
6.00%, 06/01/26 |  |  | 99 |  |  |  | 96,437 |
6.38%, 10/01/30 |  |  | 17 |  |  |  | 16,219 |
Occidental Petroleum Corp. |  |  |  |  |  |  |  |
6.45%, 09/15/36 |  |  | 81 |  |  |  | 83,130 |
6.20%, 03/15/40 |  |  | 232 |  |  |  | 228,657 |
4.63%, 06/15/45 |  |  | 18 |  |  |  | 13,927 |
OQ SAOC, 5.13%, 05/06/28(b) |  |  | 200 |  |  |  | 189,238 |
PDC Energy, Inc. |  |  |  |  |  |  |  |
6.13%, 09/15/24 |  |  | 58 |  |  |  | 57,971 |
5.75%, 05/15/26(e) |  |  | 164 |  |  |  | 163,343 |
Permian Resources Operating LLC(b) |  |  |  |  |  |  |  |
5.38%, 01/15/26 |  |  | 32 |  |  |  | 30,423 |
7.75%, 02/15/26 |  |  | 380 |  |  |  | 381,617 |
6.88%, 04/01/27 |  |  | 116 |  |  |  | 114,260 |
5.88%, 07/01/29 |  |  | 449 |  |  |  | 422,963 |
Petroleos Mexicanos |  |  |  |  |  |  |  |
4.25%, 01/15/25 |  |  | 55 |  |  |  | 51,826 |
6.50%, 03/13/27 |  |  | 212 |  |  |  | 188,150 |
8.75%, 06/02/29 |  |  | 204 |  |  |  | 183,062 |
5.95%, 01/28/31(e) |  |  | 245 |  |  |  | 178,514 |
6.70%, 02/16/32 |  |  | 235 |  |  |  | 178,353 |
6.38%, 01/23/45 |  |  | 48 |  |  |  | 29,304 |
Precision Drilling Corp., 6.88%, 01/15/29(b) |  |  | 9 |  |  |  | 8,132 |
Puma International Financing SA, 5.13%, 10/06/24(b) |  |  | 200 |  |  |  | 194,000 |
Rockcliff Energy II LLC, 5.50%, 10/15/29(b) |  |  | 63 |  |  |  | 58,115 |
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b) |  |  | 36 |  |  |  | 32,940 |
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 |  |  | 1,750 |  |  |  | 1,764,326 |
SM Energy Co. |  |  |  |  |  |  |  |
5.63%, 06/01/25 |  |  | 111 |  |  |  | 108,468 |
6.75%, 09/15/26 |  |  | 85 |  |  |  | 82,850 |
6.63%, 01/15/27 |  |  | 14 |  |  |  | 13,598 |
6.50%, 07/15/28 |  |  | 139 |  |  |  | 133,440 |
Southwestern Energy Co., 5.38%, 02/01/29(e) |  |  | 212 |  |  |  | 199,633 |
Suncor Energy, Inc., 6.50%, 06/15/38 |  |  | 1,000 |  |  |  | 1,038,260 |
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 |  |  | 4 |  |  |  | 3,847 |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) |  |  |  |  |  |  |  |
7.50%, 10/01/25 |  |  | 9 |  |  |  | 8,983 |
6.00%, 03/01/27 |  |  | 29 |  |  |  | 27,214 |
5.50%, 01/15/28 |  |  | 56 |  |  |  | 51,183 |
6.00%, 12/31/30 |  |  | 20 |  |  |  | 17,620 |
6.00%, 09/01/31 |  |  | 88 |  |  |  | 75,718 |
Tap Rock Resources LLC, 7.00%, 10/01/26(b) |  |  | 516 |  |  |  | 531,480 |
TransCanada PipeLines Ltd., 4.63%, 03/01/34 |  |  | 500 |  |  |  | 458,140 |
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) |  |  | 125 |  |  |  | 127,656 |
Transocean, Inc.(b) |  |  |  |  |  |  |  |
7.50%, 01/15/26 |  |  | 174 |  |  |  | 165,300 |
11.50%, 01/30/27 |  |  | 106 |  |  |  | 109,842 |

28 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |  |
Transocean, Inc.(b) (continued) |  |  |  |  |  |  |  |
8.75%, 02/15/30 |  | USD | 689 |  |  | $ | 699,335 |
Venture Global Calcasieu Pass LLC(b) |  |  |  |  |  |  |  |
3.88%, 08/15/29 |  |  | 200 |  |  |  | 174,718 |
4.13%, 08/15/31 |  |  | 301 |  |  |  | 258,850 |
3.88%, 11/01/33(e) |  |  | 575 |  |  |  | 470,859 |
Venture Global LNG, Inc.(b) |  |  |  |  |  |  |  |
8.13%, 06/01/28 |  |  | 890 |  |  |  | 903,915 |
8.38%, 06/01/31 |  |  | 1,365 |  |  |  | 1,376,148 |
Vermilion Energy, Inc., 6.88%, 05/01/30(b) |  |  | 108 |  |  |  | 99,543 |
Vivo Energy Investments BV, 5.13%, 09/24/27(b) |  |  | 200 |  |  |  | 180,192 |
Western Midstream Operating LP |  |  |  |  |  |  |  |
6.15%, 04/01/33 |  |  | 50 |  |  |  | 50,395 |
5.45%, 04/01/44 |  |  | 137 |  |  |  | 115,734 |
5.30%, 03/01/48 |  |  | 75 |  |  |  | 62,604 |
5.50%, 08/15/48 |  |  | 69 |  |  |  | 57,702 |
5.50%, 02/01/50 |  |  | 545 |  |  |  | 446,393 |
|  |  |  |  |  |  | 44,834,253 |
Passenger Airlines — 1.3% |  |  |  |  |  |
ABRA Global Finance, (6.00% Cash & 5.50% PIK), 11.50%, 03/02/28(b)(g) |  |  | 188 |  |  |  | 153,243 |
Air Canada, 3.88%, 08/15/26(b) |  |  | 83 |  |  |  | 76,929 |
Allegiant Travel Co., 7.25%, 08/15/27(b) |  |  | 80 |  |  |  | 79,705 |
American Airlines Pass-Through Trust |  |  |  |  |  |  |  |
Series 2015-2, Class A, 4.00%, 03/22/29 |  |  | 1,003 |  |  |  | 900,183 |
Series 2015-2, Class AA, 3.60%, 09/22/27 |  |  | 1,003 |  |  |  | 931,878 |
American Airlines, Inc.(b) |  |  |  |  |  |  |  |
11.75%, 07/15/25 |  |  | 551 |  |  |  | 604,187 |
7.25%, 02/15/28 |  |  | 47 |  |  |  | 46,720 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) |  |  |  |  |  |  |  |
5.50%, 04/20/26 |  |  | 212 |  |  |  | 210,543 |
5.75%, 04/20/29 |  |  | 411 |  |  |  | 399,477 |
Avianca Midco 2 PLC, 9.00%, 12/01/28(b) |  |  | 150 |  |  |  | 125,564 |
Deutsche Lufthansa AG, 2.88%, 05/16/27(d) |  | EUR | 100 |  |  |  | 100,258 |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b)(e) |  | USD | 138 |  |  |  | 130,622 |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b) |  |  | 610 |  |  |  | 611,294 |
United Airlines Pass-Through Trust |  |  |  |  |  |  |  |
Series 2013-1, Class A, 4.30%, 02/15/27 |  |  | 2,313 |  |  |  | 2,224,336 |
Series 2020-1, Class A, 5.88%, 04/15/29(e) |  |  | 225 |  |  |  | 223,016 |
United Airlines, Inc.(b) |  |  |  |  |  |  |  |
4.38%, 04/15/26 |  |  | 373 |  |  |  | 354,390 |
4.63%, 04/15/29(e) |  |  | 235 |  |  |  | 214,124 |
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, 05/01/27(b) |  |  | 85 |  |  |  | 76,368 |
|  |  |  |  |  |  | 7,462,837 |
Pharmaceuticals — 1.6% |  |  |  |  |  |
AbbVie, Inc. |  |  |  |  |  |  |  |
3.20%, 05/14/26 |  |  | 500 |  |  |  | 473,881 |
4.55%, 03/15/35 |  |  | 2,140 |  |  |  | 2,037,864 |
4.45%, 05/14/46 |  |  | 2,095 |  |  |  | 1,844,637 |
Bristol-Myers Squibb Co. |  |  |  |  |  |  |  |
3.55%, 03/15/42 |  |  | 350 |  |  |  | 290,194 |
4.35%, 11/15/47 |  |  | 300 |  |  |  | 271,255 |
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27(d) |  | EUR | 100 |  |  |  | 98,890 |
CVS Health Corp. |  |  |  |  |  |  |  |
5.13%, 07/20/45 |  | USD | 700 |  |  |  | 647,592 |
5.05%, 03/25/48 |  |  | 1,821 |  |  |  | 1,678,493 |

Security |  | Par (000) |  |  | Value |
Pharmaceuticals (continued) |  |  |  |  |  |
Gruenenthal GmbH, 4.13%, 05/15/28(d) |  | EUR | 100 |  |  | $ | 100,970 |
Jazz Securities DAC, 4.38%, 01/15/29(b) |  | USD | 200 |  |  |  | 178,438 |
Option Care Health, Inc., 4.38%, 10/31/29(b)(e) |  |  | 166 |  |  |  | 146,106 |
Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31(b)(e) |  |  | 387 |  |  |  | 319,284 |
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 |  |  | 500 |  |  |  | 415,525 |
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29 |  | EUR | 100 |  |  |  | 111,328 |
Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |  |  |  |
7.13%, 01/31/25 |  | USD | 200 |  |  |  | 201,258 |
3.15%, 10/01/26 |  |  | 299 |  |  |  | 266,297 |
4.75%, 05/09/27 |  |  | 200 |  |  |  | 183,777 |
7.88%, 09/15/29(e) |  |  | 200 |  |  |  | 205,218 |
|  |  |  |  |  |  | 9,471,007 |
Real Estate — 0.0% |  |  |  |  |  |
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28(b) |  |  | 68 |  |  |  | 62,478 |
Real Estate Management & Development — 0.4% |
Agps Bondco PLC, 5.50%, 11/13/26(d)(j)(k) |  | EUR | 100 |  |  |  | 41,466 |
China SCE Group Holdings Ltd., 7.38%, 04/09/24(d) |  | USD | 200 |  |  |  | 58,924 |
CIFI Holdings Group Co. Ltd., 6.45%, 11/07/24(d)(j)(k) |  |  | 200 |  |  |  | 21,500 |
Country Garden Holdings Co. Ltd., 6.50%, 04/08/24(d)(e) |  |  | 200 |  |  |  | 117,528 |
Easy Tactic Ltd., (6.50% Cash or 7.50% PIK), 7.50%, 07/11/27(g) |  |  | 218 |  |  |  | 16,440 |
Fantasia Holdings Group Co. Ltd.(j)(k) |  |  |  |  |  |  |  |
11.75%, 04/17/22(d) |  |  | 200 |  |  |  | 12,000 |
10.88%, 01/09/23 |  |  | 307 |  |  |  | 18,420 |
11.88%, 06/01/23 |  |  | 400 |  |  |  | 24,000 |
9.25%, 07/28/23(d) |  |  | 300 |  |  |  | 18,000 |
Global Prime Capital Pte. Ltd., 5.95%, 01/23/25(d) |  |  | 200 |  |  |  | 190,442 |
i-595 Express LLC, 3.31%, 12/31/31(c) |  |  | 696 |  |  |  | 640,063 |
Modern Land China Co. Ltd., (9.00% Cash or 9.00% PIK), 9.00%, 12/30/26(d)(g)(j)(k) |  |  | 226 |  |  |  | 11,273 |
Realogy Group LLC/Realogy Co.-Issuer Corp.(b) |  |  |  |  |  |  |  |
5.75%, 01/15/29 |  |  | 180 |  |  |  | 134,678 |
5.25%, 04/15/30 |  |  | 91 |  |  |  | 64,672 |
Ronshine China Holdings Ltd., 7.35%, 12/15/23(d)(j)(k) |  |  | 200 |  |  |  | 9,000 |
Theta Capital Pte. Ltd., 8.13%, 01/22/25(d) |  |  | 200 |  |  |  | 166,246 |
VICI Properties LP, 5.13%, 05/15/32(e) |  |  | 439 |  |  |  | 410,748 |
Wanda Properties Overseas Ltd., 6.88%, 07/23/23(d) |  |  | 200 |  |  |  | 181,000 |
Yuzhou Group Holdings Co. Ltd.(d)(j)(k) |  |  |  |  |  |  |  |
7.70%, 02/20/25 |  |  | 263 |  |  |  | 14,465 |
7.38%, 01/13/26 |  |  | 200 |  |  |  | 11,000 |
Zhenro Properties Group Ltd., 7.88%, 04/14/24(d)(j)(k) |  |  | 200 |  |  |  | 8,000 |
|  |  |  |  |  |  | 2,169,865 |
Semiconductors & Semiconductor Equipment — 1.0% |
Broadcom, Inc. |  |  |  |  |  |  |  |
4.75%, 04/15/29 |  |  | 2,500 |  |  |  | 2,418,494 |
4.15%, 04/15/32(b) |  |  | 1,500 |  |  |  | 1,358,656 |
Intel Corp. |  |  |  |  |  |  |  |
5.13%, 02/10/30 |  |  | 750 |  |  |  | 754,600 |
2.00%, 08/12/31(e) |  |  | 1,000 |  |  |  | 816,903 |
QUALCOMM, Inc., 4.65%, 05/20/35 |  |  | 250 |  |  |  | 249,554 |
Sensata Technologies BV(b) |  |  |  |  |  |  |  |
5.00%, 10/01/25 |  |  | 70 |  |  |  | 68,532 |
5.88%, 09/01/30 |  |  | 200 |  |  |  | 194,457 |
|  |  |  |  |  |  | 5,861,196 |
Software — 2.0% |  |  |  |  |  |
ACI Worldwide, Inc., 5.75%, 08/15/26(b) |  |  | 262 |  |  |  | 255,450 |

S C H E D U L E O F I N V E S T M E N T S |  | 29

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Software (continued) |  |  |  |  |  |
Alteryx, Inc., 8.75%, 03/15/28(b)(e) |  | USD | 174 |  |  | $ | 170,918 |
Boxer Parent Co., Inc. |  |  |  |  |  |  |  |
6.50%, 10/02/25(d) |  | EUR | 100 |  |  |  | 107,610 |
7.13%, 10/02/25(b) |  | USD | 187 |  |  |  | 187,165 |
9.13%, 03/01/26(b) |  |  | 948 |  |  |  | 943,260 |
Capstone Borrower, Inc., 8.00%, 06/15/30 |  |  | 205 |  |  |  | 202,440 |
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b) |  |  | 533 |  |  |  | 527,025 |
Cloud Software Group, Inc. |  |  |  |  |  |  |  |
6.50%, 03/31/29(b) |  |  | 2,143 |  |  |  | 1,908,086 |
9.00%, 09/30/29 |  |  | 989 |  |  |  | 863,827 |
Consensus Cloud Solutions, Inc.(b) |  |  |  |  |  |  |  |
6.00%, 10/15/26 |  |  | 48 |  |  |  | 43,560 |
6.50%, 10/15/28 |  |  | 45 |  |  |  | 38,475 |
Crowdstrike Holdings, Inc., 3.00%, 02/15/29 |  |  | 30 |  |  |  | 25,870 |
Elastic NV, 4.13%, 07/15/29(b) |  |  | 129 |  |  |  | 111,285 |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) |  |  | 65 |  |  |  | 56,110 |
Microsoft Corp., 2.92%, 03/17/52(e) |  |  | 1,600 |  |  |  | 1,190,348 |
MicroStrategy, Inc., 6.13%, 06/15/28(b)(e) |  |  | 305 |  |  |  | 273,461 |
Open Text Corp., 6.90%, 12/01/27(b) |  |  | 303 |  |  |  | 308,463 |
Oracle Corp. |  |  |  |  |  |  |  |
5.38%, 07/15/40(e) |  |  | 3,025 |  |  |  | 2,886,934 |
4.00%, 11/15/47 |  |  | 400 |  |  |  | 307,954 |
3.95%, 03/25/51 |  |  | 600 |  |  |  | 453,673 |
SS&C Technologies, Inc., 5.50%, 09/30/27(b) |  |  | 647 |  |  |  | 619,391 |
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b) |  |  | 189 |  |  |  | 153,358 |
|  |  |  |  |  |  | 11,634,663 |
Specialized REITs — 0.1% |  |  |  |  |  |
Iron Mountain, Inc., 7.00%, 02/15/29 |  |  | 357 |  |  |  | 357,600 |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) |  |  | 344 |  |  |  | 341,270 |
|  |  |  |  |  |  | 698,870 |
Specialty Retail(b) — 0.1% |  |  |  |  |  |
Arko Corp., 5.13%, 11/15/29 |  |  | 123 |  |  |  | 99,959 |
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29(e) |  |  | 493 |  |  |  | 489,834 |
Staples, Inc., 7.50%, 04/15/26 |  |  | 113 |  |  |  | 93,328 |
|  |  |  |  |  |  | 683,121 |
Technology Hardware, Storage & Peripherals — 0.7% |
Apple, Inc.(e) |  |  |  |  |  |  |  |
4.65%, 02/23/46 |  |  | 2,400 |  |  |  | 2,367,700 |
3.75%, 11/13/47 |  |  | 1,000 |  |  |  | 865,576 |
Coherent Corp., 5.00%, 12/15/29(b)(e) |  |  | 404 |  |  |  | 364,655 |
Seagate HDD Cayman(b) |  |  |  |  |  |  |  |
8.25%, 12/15/29 |  |  | 243 |  |  |  | 253,806 |
8.50%, 07/15/31 |  |  | 307 |  |  |  | 321,948 |
|  |  |  |  |  |  | 4,173,685 |
Textiles, Apparel & Luxury Goods(b) — 0.1% |
Hanesbrands, Inc. |  |  |  |  |  |  |  |
4.88%, 05/15/26 |  |  | 65 |  |  |  | 60,680 |
9.00%, 02/15/31(e) |  |  | 203 |  |  |  | 204,597 |
Levi Strauss & Co., 3.50%, 03/01/31 |  |  | 11 |  |  |  | 9,102 |
|  |  |  |  |  |  | 274,379 |
Tobacco — 0.8% |  |  |  |  |  |
Altria Group, Inc. |  |  |  |  |  |  |  |
2.45%, 02/04/32 |  |  | 200 |  |  |  | 155,971 |
5.38%, 01/31/44 |  |  | 2,000 |  |  |  | 1,880,446 |

Security |  | Par (000) |  |  | Value |
Tobacco (continued) |  |  |  |  |  |
Reynolds American, Inc. |  |  |  |  |  |  |  |
4.45%, 06/12/25 |  | USD | 635 |  |  | $ | 617,055 |
7.00%, 08/04/41 |  |  | 1,000 |  |  |  | 992,667 |
5.85%, 08/15/45 |  |  | 1,500 |  |  |  | 1,333,957 |
|  |  |  |  |  |  | 4,980,096 |
Transportation Infrastructure — 0.4% |  |  |  |  |  |
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b) |  |  | 200 |  |  |  | 192,478 |
Azzurra Aeroporti SpA, 2.63%, 05/30/27(d) |  | EUR | 100 |  |  |  | 97,778 |
FedEx Corp., 4.75%, 11/15/45(e) |  | USD | 1,250 |  |  |  | 1,110,905 |
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27(d) |  |  | 200 |  |  |  | 176,988 |
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(b) |  |  | 580 |  |  |  | 557,920 |
XPO Escrow Sub LLC, 7.50%, 11/15/27(b) |  |  | 60 |  |  |  | 61,310 |
|  |  |  |  |  |  | 2,197,379 |
Wireless Telecommunication Services — 1.1% |
Altice France SA/France(b) |  |  |  |  |  |  |  |
5.13%, 07/15/29 |  |  | 544 |  |  |  | 386,171 |
5.50%, 10/15/29 |  |  | 200 |  |  |  | 143,028 |
Crown Castle, Inc., 3.10%, 11/15/29 |  |  | 750 |  |  |  | 653,019 |
Kenbourne Invest SA, 6.88%, 11/26/24(b) |  |  | 210 |  |  |  | 182,276 |
Millicom International Cellular SA, 4.50%, 04/27/31(b) |  |  | 200 |  |  |  | 153,100 |
Rogers Communications, Inc., 7.50%, 08/15/38 |  |  | 2,325 |  |  |  | 2,577,531 |
SBA Communications Corp., 3.13%, 02/01/29(e) |  |  | 321 |  |  |  | 272,097 |
T-Mobile U.S., Inc. |  |  |  |  |  |  |  |
2.55%, 02/15/31 |  |  | 500 |  |  |  | 415,605 |
4.50%, 04/15/50 |  |  | 500 |  |  |  | 429,023 |
VICI Properties LP/VICI Note Co., Inc.(b) |  |  |  |  |  |  |  |
5.63%, 05/01/24 |  |  | 37 |  |  |  | 36,772 |
3.50%, 02/15/25 |  |  | 75 |  |  |  | 71,663 |
4.25%, 12/01/26 |  |  | 73 |  |  |  | 68,290 |
4.63%, 12/01/29 |  |  | 378 |  |  |  | 343,175 |
4.13%, 08/15/30 |  |  | 174 |  |  |  | 153,195 |
Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/31(d) |  | GBP | 100 |  |  |  | 96,026 |
Vodafone Group PLC 4.25%, 09/17/50(e) |  | USD | 700 |  |  |  | 561,986 |
(5-year EUR Swap + 3.49%), 6.50%, 08/30/84(a)(d) |  | EUR | 100 |  |  |  | 109,634 |
|  |  |  |  |  |  | 6,652,591 |
Total Corporate Bonds — 68.2% (Cost: $429,256,771) |  |  |  | 402,655,727 |
Floating Rate Loan Interests(a) |  |  |  |  |  |  |  |
Aerospace & Defense — 0.2% |  |  |  |  |  |
Peraton Corp. |  |  |  |  |  |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.98%, 02/01/29 |  | USD | 404 |  |  |  | 391,290 |
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/01/28 |  |  | 518 |  |  |  | 507,633 |
|  |  |  |  |  |  | 898,923 |
Beverages — 0.0% |  |  |  |  |  |
Naked Juice LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 01/24/30 |  |  | 20 |  |  |  | 15,750 |
Broadline Retail — 0.0% |  |  |  |  |  |
PUG LLC, USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27 |  |  | 109 |  |  |  | 96,377 |

30 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Capital Markets — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.69%, 08/02/29 |  |  | USD |  |  |  | 122 |  |  | $ | 108,523 |
Chemicals — 0.2% |  |  |  |  |  |  |  |  |
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 09/30/28 |  |  |  |  |  |  | 126 |  |  |  | 116,860 |
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 7.75%), 12.94%, 11/24/28 |  |  |  |  |  |  | 64 |  |  |  | 56,672 |
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.99%, 08/27/26 |  |  |  |  |  |  | 47 |  |  |  | 46,397 |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.62%, 10/04/29 |  |  |  |  |  |  | 360 |  |  |  | 343,870 |
Momentive Performance Materials USA LLC, 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.60%, 03/29/28 |  |  |  |  |  |  | 149 |  |  |  | 144,664 |
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.32%, 04/03/28 |  |  |  |  |  |  | 160 |  |  |  | 158,249 |
|  |  |  |  |  |  |  |  |  |  | 866,712 |
Commercial Services & Supplies — 0.0% |
Amentum Government Services Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.22%, 01/29/27(c) |  |  |  |  |  |  | 41 |  |  |  | 40,027 |
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.25%), 9.52%, 12/15/28 |  |  |  |  |  |  | 93 |  |  |  | 76,194 |
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.50%), 13.77%, 11/02/28(c) |  |  |  |  |  |  | 106 |  |  |  | 60,420 |
|  |  |  |  |  |  |  |  |  |  | 176,641 |
Construction & Engineering — 0.3% |
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.42%, 06/21/24 |  |  |  |  |  |  | 1,536 |  |  |  | 1,514,207 |
Propulsion BC Newco LLC, Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.99%, 09/14/29 |  |  |  |  |  |  | 70 |  |  |  | 69,563 |
|  |  |  |  |  |  |  |  |  |  | 1,583,770 |
Containers & Packaging — 0.0% |
Mauser Packaging Solutions Holding Co., Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.16%, 08/14/26 |  |  |  |  |  |  | 96 |  |  |  | 95,613 |
Trident TPI Holdings, Inc., 2023 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.74%, 09/15/28 |  |  |  |  |  |  | 171 |  |  |  | 168,408 |
|  |  |  |  |  |  |  |  |  |  | 264,021 |
Diversified Consumer Services — 0.0% |
Ascend Learning LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 10.95%, 12/10/29 |  |  |  |  |  |  | 83 |  |  |  | 70,204 |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/11/28 |  |  |  |  |  |  | 72 |  |  |  | 67,353 |
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.22%, 01/08/27 |  |  |  |  |  |  | 117 |  |  |  | 115,023 |
|  |  |  |  |  |  |  |  |  |  | 252,580 |

Security |  | Par (000) |  |  | Value |
Diversified Telecommunication Services — 0.1% |
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 9.00%, 05/01/28 |  |  | USD |  |  |  | 144 |  |  | $ | 138,926 |
Radiate Holdco LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 09/25/26 |  |  |  |  |  |  | 39 |  |  |  | 31,949 |
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.22%, 03/09/27 |  |  |  |  |  |  | 327 |  |  |  | 256,167 |
|  |  |  |  |  |  |  |  |  |  | 427,042 |
Energy Equipment & Services — 0.0% |
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.22%, 06/28/24 |  |  |  |  |  |  | 8 |  |  |  | 6,266 |
Entertainment — 0.0% |  |  |  |  |  |  |  |  |
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.10%, 01/15/30 |  |  |  |  |  |  | 63 |  |  |  | 62,968 |
EP Purchaser LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.00%, 11/06/28 |  |  |  |  |  |  | 101 |  |  |  | 98,399 |
|  |  |  |  |  |  |  |  |  |  | 161,367 |
Financial Services — 0.1% |
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.49%, 08/15/28 |  |  |  |  |  |  | 94 |  |  |  | 82,869 |
Deerfield Dakota Holding LLC |  |  |  |  |  |  |  |  |  |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.99%, 04/09/27 |  |  |  |  |  |  | 103 |  |  |  | 100,206 |
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 04/07/28 |  |  |  |  |  |  | 145 |  |  |  | 134,306 |
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 10/19/27 |  |  |  |  |  |  | 298 |  |  |  | 294,582 |
|  |  |  |  |  |  |  |  |  |  | 611,963 |
Food Products — 0.0% |
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.72%, 10/25/27 |  |  |  |  |  |  | 33 |  |  |  | 32,452 |
Health Care Equipment & Supplies — 0.1% |  |  |  |  |  |  |  |  |
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 05/10/27 |  |  |  |  |  |  | 178 |  |  |  | 171,977 |
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/03/28 |  |  |  |  |  |  | 221 |  |  |  | 215,802 |
|  |  |  |  |  |  |  |  |  |  | 387,779 |
Health Care Providers & Services — 0.1% |
LifePoint Health, Inc., 2018 Term Loan B, (3-mo. LIBOR US + 3.75%), 9.02%, 11/16/25 |  |  |  |  |  |  | 131 |  |  |  | 121,504 |
Quorum Health Corp., 2020 Term Loan, (3-mo. LIBOR US at 1.00% Floor + 8.25%), 13.24%, 04/29/25 |  |  |  |  |  |  | 108 |  |  |  | 73,208 |
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.90%, 08/31/26 |  |  |  |  |  |  | 113 |  |  |  | 112,464 |
|  |  |  |  |  |  |  |  |  |  | 307,176 |
Health Care Technology — 0.3% |
AthenaHealth Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2022 Delayed Draw Term loan, (1-mo. CME Term SOFR + 3.50%), 8.26%, 02/15/29 |  |  |  |  |  |  | 150 |  |  |  | 14,188 |
2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 02/15/29 |  |  |  |  |  |  | 1,219 |  |  |  | 1,174,496 |

S C H E D U L E O F I N V E S T M E N T S |  | 31

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Health Care Technology (continued) |
Polaris Newco LLC, USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 06/02/28 |  |  | USD |  |  |  | 197 |  |  | $ | 180,864 |
Verscend Holding Corp., 2021 Term Loan B, (1-mo. LIBOR US + 4.00%), 9.22%, 08/27/25 |  |  |  |  |  |  | 625 |  |  |  | 624,215 |
|  |  |  |  |  |  |  |  |  |  | 1,993,763 |
Hotels, Restaurants & Leisure — 0.1% |
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 01/27/29 |  |  |  |  |  |  | 169 |  |  |  | 166,551 |
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 12/15/27 |  |  |  |  |  |  | 110 |  |  |  | 109,578 |
|  |  |  |  |  |  |  |  |  |  | 276,129 |
Household Durables — 0.1% |
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.67%, 02/26/29 |  |  |  |  |  |  | 146 |  |  |  | 137,663 |
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 10/06/28 |  |  |  |  |  |  | 281 |  |  |  | 226,979 |
|  |  |  |  |  |  |  |  |  |  | 364,642 |
Insurance — 0.0% |  |  |  |  |  |  |  |  |
Alliant Holdings Intermediate LLC, 2021 Term Loan B4, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.65%, 11/06/27 |  |  |  |  |  |  | 93 |  |  |  | 92,429 |
HUB International Ltd., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.07%, 11/10/29 |  |  |  |  |  |  | 139 |  |  |  | 138,980 |
|  |  |  |  |  |  |  |  |  |  | 231,409 |
Interactive Media & Services — 0.0% |
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.39%, 02/16/28 |  |  |  |  |  |  | 66 |  |  |  | 64,762 |
Grab Holdings, Inc., Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 4.50%), 9.70%, 01/29/26 |  |  |  |  |  |  | 23 |  |  |  | 22,945 |
|  |  |  |  |  |  |  |  |  |  | 87,707 |
IT Services — 0.1% |  |  |  |  |  |  |  |  |
Epicor Software Corp. |  |  |  |  |  |  |  |  |  |  |  |
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.75%), 12.95%, 07/31/28 |  |  |  |  |  |  | 62 |  |  |  | 61,858 |
2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 07/30/27 |  |  |  |  |  |  | 89 |  |  |  | 87,910 |
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.34%, 10/01/27 |  |  |  |  |  |  | 300 |  |  |  | 295,108 |
Quartz Acquireco LLC, Term Loan B, 06/28/30(c)(l) |  |  |  |  |  |  | 100 |  |  |  | 99,875 |
|  |  |  |  |  |  |  |  |  |  | 544,751 |
Leisure Products — 0.0% |  |  |  |  |  |  |  |  |
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27 |  |  |  |  |  |  | 70 |  |  |  | 69,939 |
Life Sciences Tools & Services — 0.0% |  |  |  |  |  |  |  |  |
Fortrea Holdings, Inc., Term Loan B, 06/12/30(l) |  |  |  |  |  |  | 71 |  |  |  | 70,965 |
Machinery — 0.2% |  |  |  |  |  |  |  |  |
Madison IAQ LLC, Term Loan, (6-mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28 |  |  |  |  |  |  | 132 |  |  |  | 128,801 |
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.74%, 11/22/29 |  |  |  |  |  |  | 203 |  |  |  | 202,473 |

Security |  | Par (000) |  |  | Value |
Machinery (continued) |  |  |  |  |  |  |  |  |  |  |  |
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.70%, 04/05/29 |  |  | USD |  |  |  | 185 |  |  | $ | 182,199 |
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.73%, 03/28/25 |  |  |  |  |  |  | 596 |  |  |  | 581,243 |
|  |  |  |  |  |  |  |  |  |  | 1,094,716 |
Media — 0.3% |  |  |  |  |  |  |  |  |
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1-mo. LIBOR US at 1.00% Floor + 7.25%), 12.43%, 09/01/25 |  |  |  |  |  |  | 156 |  |  |  | 139,348 |
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. LIBOR US + 3.50%), 8.81%, 08/21/26 |  |  |  |  |  |  | 926 |  |  |  | 878,134 |
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.22%, 08/02/27 |  |  |  |  |  |  | 556 |  |  |  | 542,531 |
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.44%, 02/01/29 |  |  |  |  |  |  | 384 |  |  |  | 381,954 |
|  |  |  |  |  |  |  |  |  |  | 1,941,967 |
Metals & Mining — 0.0% |
Grinding Media, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.20%, 10/12/28 |  |  |  |  |  |  | 63 |  |  |  | 61,028 |
Oil, Gas & Consumable Fuels — 0.0% |
Freeport LNG Investments LLLP, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 12/21/28 |  |  |  |  |  |  | 170 |  |  |  | 166,655 |
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.68%, 09/19/29 |  |  |  |  |  |  | 78 |  |  |  | 77,017 |
|  |  |  |  |  |  |  |  |  |  | 243,672 |
Passenger Airlines — 0.2% |
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28 |  |  |  |  |  |  | 433 |  |  |  | 441,436 |
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.84%, 08/11/28 |  |  |  |  |  |  | 208 |  |  |  | 207,468 |
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.76%, 06/21/27 |  |  |  |  |  |  | 99 |  |  |  | 102,821 |
United Airlines, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.29%, 04/21/28 |  |  |  |  |  |  | 332 |  |  |  | 332,060 |
|  |  |  |  |  |  |  |  |  |  | 1,083,785 |
Pharmaceuticals — 0.0% |  |  |  |  |  |  |  |  |
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 05/04/25 |  |  |  |  |  |  | 48 |  |  |  | 46,241 |
Professional Services — 0.1% |
CoreLogic, Inc., Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 06/02/28 |  |  |  |  |  |  | 86 |  |  |  | 77,332 |
Dun & Bradstreet Corp., Term Loan, (1-mo. CME Term SOFR + 3.25%), 8.43%, 02/06/26 |  |  |  |  |  |  | 109 |  |  |  | 109,232 |
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.85%, 04/29/29(c) |  |  |  |  |  |  | 139 |  |  |  | 130,266 |
|  |  |  |  |  |  |  |  |  |  | 316,830 |
Software — 0.8% |  |  |  |  |  |  |  |  |
Boxer Parent Co., Inc., 2021 USD 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.72%, 02/27/26 |  |  |  |  |  |  | 279 |  |  |  | 270,862 |
Central Parent, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 18.65%, 07/06/29. |  |  |  |  |  |  | 118 |  |  |  | 117,995 |
Cloud Software Group, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/30/29 |  |  |  |  |  |  | 438 |  |  |  | 408,891 |
Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.08%, 10/08/29(c) |  |  |  |  |  |  | 234 |  |  |  | 210,277 |

32 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Software (continued) |
Cloudera, Inc. (continued) |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 10/08/28 |  |  | USD |  |  |  | 198 |  |  | $ | 192,362 |
Delta TopCo, Inc., 2020 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.07%, 12/01/27 |  |  |  |  |  |  | 113 |  |  |  | 109,422 |
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.14%, 03/11/28 |  |  |  |  |  |  | 80 |  |  |  | 79,266 |
Magenta Buyer LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 USD 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.03%, 07/27/28 |  |  |  |  |  |  | 563 |  |  |  | 421,999 |
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.25%), 13.53%, 07/27/29 |  |  |  |  |  |  | 280 |  |  |  | 180,600 |
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.01%, 03/01/29 |  |  |  |  |  |  | 472 |  |  |  | 450,250 |
MH Sub I LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.35%, 02/23/29 |  |  |  |  |  |  | 35 |  |  |  | 30,341 |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.35%, 05/03/28 |  |  |  |  |  |  | 427 |  |  |  | 409,066 |
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.59%, 12/18/28. |  |  |  |  |  |  | 103 |  |  |  | 90,640 |
Proofpoint, Inc. |  |  |  |  |  |  |  |  |  |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.47%, 08/31/28 |  |  |  |  |  |  | 19 |  |  |  | 18,591 |
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.25%), 11.47%, 08/31/29 |  |  |  |  |  |  | 250 |  |  |  | 241,682 |
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.22%, 04/24/28 |  |  |  |  |  |  | 216 |  |  |  | 211,233 |
Sabre Global, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 12/17/27 |  |  |  |  |  |  | 54 |  |  |  | 41,979 |
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 12/17/27 |  |  |  |  |  |  | 85 |  |  |  | 65,852 |
Sophia LP, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 9.04%, 10/07/27 |  |  |  |  |  |  | 485 |  |  |  | 479,728 |
Sovos Compliance LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.72%, 08/11/28 |  |  |  |  |  |  | 117 |  |  |  | 112,727 |
UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.27%, 05/03/27 |  |  |  |  |  |  | 295 |  |  |  | 285,252 |
Ultimate Software Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.27%, 05/04/26 |  |  |  |  |  |  | 185 |  |  |  | 181,742 |
Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.90%, 05/04/26 |  |  |  |  |  |  | 143 |  |  |  | 141,075 |
|  |  |  |  |  |  |  |  |  |  | 4,751,832 |
Textiles, Apparel & Luxury Goods — 0.0% |
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 03/08/30(c) |  |  |  |  |  |  | 75 |  |  |  | 75,000 |
Trading Companies & Distributors — 0.0% |
SRS Distribution, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.70%, 06/02/28 |  |  |  |  |  |  | 175 |  |  |  | 170,321 |

Security |  |  |  |  | Par (000) |  |  | Value |
Transportation Infrastructure — 0.1% |
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 09/22/28 |  |  | USD |  |  |  | 115 |  |  | $ | 113,995 |
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 07/02/29 |  |  |  |  |  |  | 225 |  |  |  | 224,131 |
|  |  |  |  |  |  |  |  |  |  | 338,126 |
Wireless Telecommunication Services — 0.1% |
Digicel International Finance Ltd., 2017 Term Loan B, (1-mo. LIBOR US + 3.25%), 8.98%, 05/28/24 |  |  |  |  |  |  | 371 |  |  |  | 339,744 |
Total Floating Rate Loan Interests — 3.5% (Cost: $21,005,010) |  |  |  |  |  |  |  | 20,299,909 |
Foreign Agency Obligations |  |  |  |  |  |  |  |  |  |  |  |
Bahrain — 0.0% |  |  |  |  |  |  |  |  |
Bahrain Government International Bond, 5.45%, 09/16/32(d) |  |  |  |  |  |  | 200 |  |  |  | 178,142 |
Canada — 1.1% |  |  |  |  |  |  |  |  |
CDP Financial, Inc., 5.60%, 11/25/39(b)(e) |  |  |  |  |  |  | 5,890 |  |  |  | 6,338,227 |
Colombia — 0.2% |  |  |  |  |  |  |  |  |
Colombia Government International Bond |  |  |  |  |  |  |  |  |  |  |  |
4.50%, 01/28/26 |  |  |  |  |  |  | 300 |  |  |  | 284,784 |
3.88%, 04/25/27 |  |  |  |  |  |  | 200 |  |  |  | 181,054 |
3.13%, 04/15/31 |  |  |  |  |  |  | 400 |  |  |  | 302,108 |
8.00%, 04/20/33(e) |  |  |  |  |  |  | 200 |  |  |  | 203,350 |
|  |  |  |  |  |  |  |  |  |  | 971,296 |
Dominican Republic — 0.2% |
Dominican Republic International Bond |  |  |  |  |  |  |  |  |  |  |  |
6.88%, 01/29/26(d) |  |  |  |  |  |  | 115 |  |  |  | 115,780 |
5.95%, 01/25/27(d) |  |  |  |  |  |  | 228 |  |  |  | 222,943 |
4.50%, 01/30/30(b) |  |  |  |  |  |  | 226 |  |  |  | 197,519 |
7.05%, 02/03/31(b) |  |  |  |  |  |  | 150 |  |  |  | 149,418 |
4.88%, 09/23/32(b) |  |  |  |  |  |  | 300 |  |  |  | 255,303 |
|  |  |  |  |  |  |  |  |  |  | 940,963 |
Egypt — 0.0% |  |  |  |  |  |  |  |  |
Egypt Government International Bond, 7.50%, 02/16/61(b) |  |  |  |  |  |  | 219 |  |  |  | 109,165 |
Guatemala — 0.1% |  |  |  |  |  |  |  |  |
Guatemala Government Bond(b) |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 08/10/29 |  |  |  |  |  |  | 200 |  |  |  | 190,184 |
5.38%, 04/24/32 |  |  |  |  |  |  | 200 |  |  |  | 189,542 |
|  |  |  |  |  |  |  |  |  |  | 379,726 |
Ivory Coast — 0.1% |  |  |  |  |  |  |  |  |
Ivory Coast Government International Bond, 6.38%, 03/03/28(d) |  |  |  |  |  |  | 400 |  |  |  | 384,604 |
Morocco — 0.0% |  |  |  |  |  |  |  |  |
Morocco Government International Bond, 2.38%, 12/15/27(b) |  |  |  |  |  |  | 200 |  |  |  | 174,420 |
Oman — 0.1% |  |  |  |  |  |  |  |  |
Oman Government International Bond(d) |  |  |  |  |  |  |  |  |  |  |  |
6.50%, 03/08/47 |  |  |  |  |  |  | 228 |  |  |  | 211,858 |
6.75%, 01/17/48(e) |  |  |  |  |  |  | 200 |  |  |  | 191,706 |
|  |  |  |  |  |  |  |  |  |  | 403,564 |

S C H E D U L E O F I N V E S T M E N T S |  | 33

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Pakistan — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Pakistan Government International Bond, 6.00%, 04/08/26(d) |  |  | USD |  |  |  | 200 |  |  | $ | 96,208 |
Paraguay — 0.0% |  |  |  |  |  |  |  |  |
Paraguay Government International Bond, 5.40%, 03/30/50(b) |  |  |  |  |  |  | 200 |  |  |  | 171,318 |
Romania — 0.1% |  |  |  |  |  |  |  |  |
Romanian Government International Bond |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 11/25/27(b) |  |  |  |  |  |  | 204 |  |  |  | 198,906 |
2.50%, 02/08/30(d) |  |  | EUR |  |  |  | 222 |  |  |  | 199,214 |
2.12%, 07/16/31(d) |  |  |  |  |  |  | 226 |  |  |  | 186,248 |
|  |  |  |  |  |  |  |  |  |  | 584,368 |
Senegal — 0.0% |  |  |  |  |  |  |  |  |
Senegal Government International Bond, 6.25%, 05/23/33(d)(e) |  |  | USD |  |  |  | 200 |  |  |  | 166,820 |
South Africa — 0.1% |  |  |  |  |  |  |  |  |
Republic of South Africa Government International Bond |  |  |  |  |  |  |  |  |  |  |  |
4.85%, 09/30/29 |  |  |  |  |  |  | 200 |  |  |  | 175,668 |
5.88%, 04/20/32(e) |  |  |  |  |  |  | 200 |  |  |  | 177,132 |
|  |  |  |  |  |  |  |  |  |  | 352,800 |
Sri Lanka — 0.0% |  |  |  |  |  |  |  |  |
Sri Lanka Government International Bond(d)(j)(k) |  |  |  |  |  |  |  |  |  |  |  |
6.85%, 03/14/24 |  |  |  |  |  |  | 432 |  |  |  | 189,147 |
7.85%, 03/14/29(e) |  |  |  |  |  |  | 200 |  |  |  | 87,550 |
|  |  |  |  |  |  |  |  |  |  | 276,697 |
Ukraine — 0.0% |  |  |  |  |  |  |  |  |
Ukraine Government International Bond(j)(k) |  |  |  |  |  |  |  |  |  |  |  |
7.75%, 09/01/27(d) |  |  |  |  |  |  | 385 |  |  |  | 91,072 |
7.25%, 03/15/35(b) |  |  |  |  |  |  | 200 |  |  |  | 45,754 |
|  |  |  |  |  |  |  |  |  |  | 136,826 |
Total Foreign Agency Obligations — 2.0% (Cost: $12,295,885) |  |  |  |  |  |  |  |  |  |  | 11,665,144 |
Municipal Bonds |
California — 1.2% |  |  |  |  |  |  |  |  |
City of Los Angeles California, GO, Series A, 5.00%, 09/01/42 |  |  |  |  |  |  | 2,000 |  |  |  | 1,989,960 |
East Bay Municipal Utility District Water System Revenue, RB, BAB, 5.87%, 06/01/40 |  |  |  |  |  |  | 1,900 |  |  |  | 2,083,648 |
Oxnard Union High School District, Refunding GO, (BAM), 3.18%, 08/01/43 |  |  |  |  |  |  | 1,600 |  |  |  | 1,185,152 |
State of California, Refunding GO, 5.13%, 03/01/38 |  |  |  |  |  |  | 1,000 |  |  |  | 997,276 |
University of California, RB, BAB, 5.95%, 05/15/45 |  |  |  |  |  |  | 885 |  |  |  | 961,826 |
|  |  |  |  |  |  |  |  |  |  | 7,217,862 |
Georgia — 0.4% |  |  |  |  |  |  |  |  |
Municipal Electric Authority of Georgia, Refunding RB, BAB, 7.06%, 04/01/57 |  |  |  |  |  |  | 1,907 |  |  |  | 2,007,449 |
Hawaii — 0.3% |  |  |  |  |  |  |  |  |
City & County Honolulu HI Wastewater System Revenue, Refunding RB, Series A, 2.62%, 07/01/45 |  |  |  |  |  |  | 1,000 |  |  |  | 664,624 |
State of Hawaii, GO, Series GK, 6.15%, 10/01/38 |  |  |  |  |  |  | 1,000 |  |  |  | 1,086,213 |
|  |  |  |  |  |  |  |  |  |  | 1,750,837 |

Security |  |  |  |  | Par (000) |  |  | Value |
Illinois — 0.3% |  |  |  |  |  |  |  |  |  |  |  |
State of Illinois, GO, 5.10%, 06/01/33 |  |  | USD |  |  |  | 2,000 |  |  | $ | 1,960,802 |
Massachusetts — 0.1% |  |  |  |  |  |  |  |  |
University of Massachusetts Building Authority, Refunding RB, Series 3, 3.43%, 11/01/40 |  |  |  |  |  |  | 500 |  |  |  | 404,174 |
New York — 1.2% |  |  |  |  |  |  |  |  |
Metropolitan Transportation Authority, RB, BAB, 7.34%, 11/15/39 |  |  |  |  |  |  | 1,295 |  |  |  | 1,609,779 |
New York City Industrial Development Agency, Refunding RB, (AGM), 3.19%, 03/01/40 |  |  |  |  |  |  | 165 |  |  |  | 125,593 |
New York City Municipal Water Finance Authority, Refunding RB, BAB, 5.72%, 06/15/42 |  |  |  |  |  |  | 1,390 |  |  |  | 1,520,164 |
New York State Dormitory Authority, RB, BAB |  |  |  |  |  |  |  |  |  |  |  |
Series D, 5.60%, 03/15/40 |  |  |  |  |  |  | 1,900 |  |  |  | 2,015,761 |
Series F, 5.63%, 03/15/39 |  |  |  |  |  |  | 1,100 |  |  |  | 1,152,808 |
Port Authority of New York & New Jersey, RB, 159th Series, 6.04%, 12/01/29 |  |  |  |  |  |  | 780 |  |  |  | 833,100 |
|  |  |  |  |  |  |  |  |  |  | 7,257,205 |
Total Municipal Bonds — 3.5% (Cost: $19,978,919) |  |  |  |  |  |  |  | 20,598,329 |
Non-Agency Mortgage-Backed Securities |
Collateralized Mortgage Obligations — 9.0% |
Alternative Loan Trust |  |  |  |  |  |  |  |  |  |  |  |
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 |  |  |  |  |  |  | 401 |  |  |  | 354,558 |
Series 2006-OA21, Class A1, (1-mo. LIBOR US + 0.19%), 5.35%, 03/20/47(a) |  |  |  |  |  |  | 365 |  |  |  | 298,922 |
Series 2007-OA10, Class 2A1, (1-mo. LIBOR US + 0.50%), 5.65%, 09/25/47(a) |  |  |  |  |  |  | 4,064 |  |  |  | 562,223 |
Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37 |  |  |  |  |  |  | 218 |  |  |  | 178,279 |
Bravo Residential Funding Trust |  |  |  |  |  |  |  |  |  |  |  |
4.85%, 09/25/62 |  |  |  |  |  |  | 487 |  |  |  | 473,937 |
6.44%, 05/25/63 |  |  |  |  |  |  | 1,497 |  |  |  | 1,492,870 |
Series 2021-NQM1, Class A1, 0.94%, 02/25/49(a)(b) |  |  |  |  |  |  | 785 |  |  |  | 681,679 |
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A12, 6.50%, 04/25/49(a)(b) |  |  |  |  |  |  | 538 |  |  |  | 535,939 |
CIM TRUST |  |  |  |  |  |  |  |  |  |  |  |
6.03%, 04/25/58 |  |  |  |  |  |  | 1,338 |  |  |  | 1,316,277 |
6.64%, 12/25/67 |  |  |  |  |  |  | 1,321 |  |  |  | 1,321,438 |
COLT Mortgage Loan Trust(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2020-2, Class M1, 5.25%, 03/25/65(a) |  |  |  |  |  |  | 3,050 |  |  |  | 2,906,732 |
Series 2020-3, Class M1, 3.36%, 04/27/65(a) |  |  |  |  |  |  | 3,820 |  |  |  | 3,359,663 |
Series 2022-1, Class A1, 4.55%, 04/25/67(a) |  |  |  |  |  |  | 1,591 |  |  |  | 1,527,737 |
Series 2022-7, Class A1, 5.16%, 04/25/67 |  |  |  |  |  |  | 2,211 |  |  |  | 2,151,786 |
Series 2022-9, Class A1, 6.79%, 12/25/67 |  |  |  |  |  |  | 364 |  |  |  | 363,883 |
Credit Suisse Mortgage Capital Certificates Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67(a)(b) |  |  |  |  |  |  | 2,810 |  |  |  | 2,726,572 |
Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67(a)(b) |  |  |  |  |  |  | 284 |  |  |  | 263,333 |
Ellington Financial Mortgage Trust(a)(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2020-1, Class M1, 5.24%, 05/25/65 |  |  |  |  |  |  | 1,500 |  |  |  | 1,403,392 |
Series 2021-2, Class A1, 0.93%, 06/25/66 |  |  |  |  |  |  | 206 |  |  |  | 162,782 |
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67(a)(b) |  |  |  |  |  |  | 1,161 |  |  |  | 1,097,686 |

34 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Collateralized Mortgage Obligations (continued) |
GMACM Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 3.89%, 06/19/35(a) |  |  | USD |  |  |  | 93 |  |  | $ | 83,738 |
GS Mortgage-Backed Securities Corp. Trust, Series 2022- PJ2, Class A4, 2.50%, 06/25/52(a)(b) |  |  |  |  |  |  | 1,081 |  |  |  | 867,603 |
GS Mortgage-Backed Securities Trust(a)(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2021-PJ2, Class A2, 2.50%, 11/25/51 |  |  |  |  |  |  | 936 |  |  |  | 753,299 |
Series 2021-PJ7, Class A2, 2.50%, 01/25/52 |  |  |  |  |  |  | 2,440 |  |  |  | 1,964,987 |
GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 |  |  |  |  |  |  | 83 |  |  |  | 54,609 |
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67(b) |  |  |  |  |  |  | 1,236 |  |  |  | 1,190,448 |
JP Morgan Mortgage Trust |  |  |  |  |  |  |  |  |  |  |  |
Series 2006-S3, Class 1A12, 6.50%, 08/25/36 |  |  |  |  |  |  | 42 |  |  |  | 15,048 |
Series 2022-DSC1, Class A1, 4.75%, 01/25/63(a)(b) |  |  |  |  |  |  | 483 |  |  |  | 451,481 |
Series 2022-INV3, Class A3B, 3.00%, 09/25/52(a)(b) |  |  |  |  |  |  | 764 |  |  |  | 640,407 |
Series 2023-DSC1, Class A1, 4.63%, 07/25/63(a)(b) |  |  |  |  |  |  | 342 |  |  |  | 317,375 |
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52(a)(b) |  |  |  |  |  |  | 799 |  |  |  | 667,525 |
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 4.08%, 05/25/36(a) |  |  |  |  |  |  | 140 |  |  |  | 102,970 |
MFA Trust(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2021-NQM1, Class M1, 2.31%, 04/25/65(a) |  |  |  |  |  |  | 2,750 |  |  |  | 1,967,423 |
Series 2023-NQM1, Class A1, 5.75%, 11/25/67 |  |  |  |  |  |  | 931 |  |  |  | 912,175 |
Mill City Mortgage Trust, 6.24%, 12/26/67 |  |  |  |  |  |  | 2,008 |  |  |  | 1,985,619 |
OBX Trust(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2022-INC3, Class A1, 3.00%, 02/25/52(a) |  |  |  |  |  |  | 702 |  |  |  | 585,791 |
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 |  |  |  |  |  |  | 541 |  |  |  | 540,504 |
Series 2023-NQM1, Class A1, 6.12%, 11/25/62(a) |  |  |  |  |  |  | 758 |  |  |  | 754,109 |
Onslow Bay Financial LLC, 6.57%, 06/25/63 |  |  |  |  |  |  | 1,763 |  |  |  | 1,763,190 |
PRKCM Trust, 6.48%, 06/25/58 |  |  |  |  |  |  | 1,744 |  |  |  | 1,740,886 |
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52(a)(b) |  |  |  |  |  |  | 1,054 |  |  |  | 885,231 |
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62(b) |  |  |  |  |  |  | 701 |  |  |  | 681,713 |
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57(b) |  |  |  |  |  |  | 716 |  |  |  | 674,770 |
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(a)(b) |  |  |  |  |  |  | 2,050 |  |  |  | 1,509,759 |
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(a)(b) |  |  |  |  |  |  | 2,000 |  |  |  | 1,609,256 |
Verus Securitization Trust |  |  |  |  |  |  |  |  |  |  |  |
6.48%, 06/25/68 |  |  |  |  |  |  | 1,560 |  |  |  | 1,559,973 |
Series 2022-3, Class A1, 4.13%, 02/25/67(b) |  |  |  |  |  |  | 3,027 |  |  |  | 2,764,748 |
Series 2022-7, Class A1, 5.15%, 07/25/67(b) |  |  |  |  |  |  | 1,703 |  |  |  | 1,637,941 |
Series 2022-INV2, Class A1, 6.79%, 10/25/67(b) |  |  |  |  |  |  | 527 |  |  |  | 526,923 |
Series 2023-1, Class A1, 5.85%, 12/25/67(b) |  |  |  |  |  |  | 1,042 |  |  |  | 1,028,657 |
|  |  |  |  |  |  |  |  |  |  | 53,417,846 |
Commercial Mortgage-Backed Securities — 4.7% |
3650R 2021-PF1 Commercial Mortgage Trust, Series 2021-PF1, Class A5, 2.52%, 11/15/54 |  |  |  |  |  |  | 1,250 |  |  |  | 991,087 |
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.72%, 04/14/33(a)(b) |  |  |  |  |  |  | 4,170 |  |  |  | 3,773,870 |
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1-mo. LIBOR US + 0.27%), 5.42%, 07/25/37(a)(b) |  |  |  |  |  |  | 673 |  |  |  | 595,420 |

Security |  |  |  |  | Par (000) |  |  | Value |
Commercial Mortgage-Backed Securities (continued) |
BX Commercial Mortgage Trust(a)(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2019-XL, Class A, (1-mo. Term SOFR + 1.03%), 6.18%, 10/15/36 |  |  | USD |  |  |  | 1,096 |  |  | $ | 1,089,350 |
Series 2021-CIP, Class A, (1-mo. LIBOR US + 0.92%), 6.11%, 12/15/38 |  |  |  |  |  |  | 605 |  |  |  | 589,822 |
Series 2021-SOAR, Class A, (1-mo. LIBOR US + 0.67%), 5.86%, 06/15/38 |  |  |  |  |  |  | 1,638 |  |  |  | 1,594,990 |
Series 2021-XL2, Class A, (1-mo. LIBOR US + 0.69%), 5.88%, 10/15/38 |  |  |  |  |  |  | 463 |  |  |  | 449,696 |
Series 2022-LP2, Class A, (1-mo. Term SOFR + 1.01%), 6.16%, 02/15/39 |  |  |  |  |  |  | 1,634 |  |  |  | 1,583,916 |
BX Trust(a)(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2021-LBA, Class AJV, (1-mo. Term SOFR + 0.91%), 6.06%, 02/15/36 |  |  |  |  |  |  | 1,690 |  |  |  | 1,638,095 |
Series 2021-SDMF, Class A, (1-mo. LIBOR US + 0.59%), 5.78%, 09/15/34 |  |  |  |  |  |  | 199 |  |  |  | 192,008 |
Series 2022 VAMF, Class A, (1-mo. Term SOFR + 0.85%), 6.00%, 01/15/39 |  |  |  |  |  |  | 1,300 |  |  |  | 1,263,313 |
Series 2022-GPA, Class A, (1-mo. Term SOFR + 2.17%), 7.31%, 10/15/39 |  |  |  |  |  |  | 650 |  |  |  | 648,981 |
Cantor Commercial Real Estate Lending, Series 2019-CF2, Class A5, 2.87%, 11/15/52 |  |  |  |  |  |  | 550 |  |  |  | 459,460 |
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.15%, 01/10/36(b) |  |  |  |  |  |  | 700 |  |  |  | 695,265 |
Cold Storage Trust, Class A, (1-mo. LIBOR US + 0.90%), 6.09%, 11/15/37(a)(b) |  |  |  |  |  |  | 238 |  |  |  | 233,848 |
Credit Suisse Mortgage Capital Certificates Trust, Series 2020-FACT, Class D, (1-mo. LIBOR US + 3.71%), 8.90%, 10/15/37(a)(b) |  |  |  |  |  |  | 900 |  |  |  | 830,171 |
CSMC 2021-BHAR, Series 2021-BHAR, Class C, (1-mo. LIBOR US + 2.00%), 7.19%, 11/15/38(a)(b) |  |  |  |  |  |  | 300 |  |  |  | 292,307 |
Extended Stay America Trust, Series 2021-ESH, Class D, (1-mo. LIBOR US + 2.25%), 7.44%, 07/15/38(a)(b) |  |  |  |  |  |  | 800 |  |  |  | 777,316 |
GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, (1-mo. Term SOFR + 0.73%), 5.88%, 08/15/36(a)(b) |  |  |  |  |  |  | 700 |  |  |  | 695,190 |
GS Mortgage Securities Trust, Series 2019-GC38, Class AAB, 3.84%, 02/10/52 |  |  |  |  |  |  | 930 |  |  |  | 880,231 |
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.47%, 03/15/39(a)(b) |  |  |  |  |  |  | 1,700 |  |  |  | 1,663,744 |
KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A, (1-mo. Term SOFR + 0.66%), 5.81%, 12/15/37(a)(b) |  |  |  |  |  |  | 315 |  |  |  | 309,736 |
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1-mo. LIBOR US + 1.00%), 6.15%, 04/25/31(a)(b) |  |  |  |  |  |  | 396 |  |  |  | 393,823 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.31%, 04/15/48 |  |  |  |  |  |  | 1,200 |  |  |  | 1,138,114 |
STWD Trust 2021-FLWR, Series 2021-FLWR, Class A, (1-mo. LIBOR US + 0.58%), 5.77%, 07/15/36(a)(b) |  |  |  |  |  |  | 1,207 |  |  |  | 1,170,643 |
TPGI Trust 2021-DGWD, Series 2021-DGWA, Class A, (1-mo. LIBOR US + 0.70%), 5.89%, 06/15/26(a)(b) |  |  |  |  |  |  | 1,033 |  |  |  | 1,003,805 |

S C H E D U L E O F I N V E S T M E N T S |  | 35

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Commercial Mortgage-Backed Securities (continued) |
UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.04%, 12/15/52 |  |  | USD |  |  |  | 1,200 |  |  | $ | 1,028,794 |
Wells Fargo Commercial Mortgage Trust, Series 2016- LC25, Class A4, 3.64%, 12/15/59 |  |  |  |  |  |  | 1,700 |  |  |  | 1,581,024 |
|  |  |  |  |  |  |  |  |  |  | 27,564,019 |
Total Non-Agency Mortgage-Backed Securities — 13.7% (Cost: $88,098,654) |  |  |  | 80,981,865 |
Preferred Securities |  |  |  |  |
Capital Trusts — 5.3%(a) |  |  |  |  |  |  |  |  |
Banks(f) — 2.0% |  |  |  |  |  |  |  |  |
AIB Group PLC, 5.25%(d) |  |  | EUR |  |  |  | 200 |  |  |  | 203,574 |
Banco Mercantil del Norte SA, 6.75%(b) |  |  | USD |  |  |  | 200 |  |  |  | 191,768 |
Bank of East Asia Ltd., 5.88%(d) |  |  |  |  |  |  | 250 |  |  |  | 227,828 |
Citigroup, Inc., Series P, 5.95% |  |  |  |  |  |  | 70 |  |  |  | 67,132 |
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 5.46% |  |  |  |  |  |  | 25 |  |  |  | 24,851 |
Industrial & Commercial Bank of China Ltd., 3.20%(d) |  |  |  |  |  |  | 250 |  |  |  | 232,692 |
ING Groep NV, Series NC10, 4.25% |  |  |  |  |  |  | 1,500 |  |  |  | 997,953 |
Kasikornbank PCL, 5.28%(d) |  |  |  |  |  |  | 300 |  |  |  | 282,138 |
Nordea Bank Abp, 6.13%(b) |  |  |  |  |  |  | 2,960 |  |  |  | 2,794,306 |
PNC Financial Services Group, Inc. 6.25%, 12/31/99(e) |  |  |  |  |  |  | 1,705 |  |  |  | 1,530,664 |
Series V, 6.20% |  |  |  |  |  |  | 205 |  |  |  | 191,091 |
Rizal Commercial Banking Corp., 6.50%(d) |  |  |  |  |  |  | 200 |  |  |  | 176,712 |
U.S. Bancorp, Series J, 5.30%(e) |  |  |  |  |  |  | 1,900 |  |  |  | 1,543,750 |
Wells Fargo & Co., Series S, 5.90% |  |  |  |  |  |  | 3,390 |  |  |  | 3,343,387 |
|  |  |  |  |  |  |  |  |  |  | 11,807,846 |
Capital Markets — 0.4% |  |  |  |
Bank of New York Mellon Corp., 4.63%(f) |  |  |  |  |  |  | 2,750 |  |  |  | 2,433,750 |
Diversified Telecommunication Services — 0.0% |
Telefonica Europe BV, 6.14%(d)(f) |  |  | EUR |  |  |  | 200 |  |  |  | 210,329 |
Electric Utilities — 0.5% |  |  |  |  |  |  |  |  |
Edison International, Series B, 5.00%(f) |  |  | USD |  |  |  | 115 |  |  |  | 99,349 |
EDP - Energias de Portugal SA, 5.94%, 04/23/83(d) |  |  | EUR |  |  |  | 100 |  |  |  | 108,030 |
Electricite de France SA, 3.38%(d)(f) |  |  |  |  |  |  | 200 |  |  |  | 167,124 |
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 |  |  | USD |  |  |  | 2,750 |  |  |  | 2,543,675 |
|  |  |  |  |  |  |  |  |  |  | 2,918,178 |
Financial Services(f) — 2.3% |  |  |  |
Bank of America Corp., Series FF, 5.88% |  |  |  |  |  |  | 3,500 |  |  |  | 3,206,875 |
Barclays PLC, 4.38% |  |  |  |  |  |  | 310 |  |  |  | 210,614 |
HSBC Holdings PLC(e) |  |  |  |  |  |  |  |  |  |  |  |
6.50% |  |  |  |  |  |  | 1,090 |  |  |  | 981,803 |
6.00% |  |  |  |  |  |  | 435 |  |  |  | 388,781 |
JPMorgan Chase & Co., Series FF, 5.00% |  |  |  |  |  |  | 2,500 |  |  |  | 2,442,188 |
Lloyds Banking Group PLC |  |  |  |  |  |  |  |  |  |  |  |
8.00% |  |  |  |  |  |  | 200 |  |  |  | 182,730 |
7.50% |  |  |  |  |  |  | 1,750 |  |  |  | 1,636,513 |
NatWest Group PLC, 6.00% |  |  |  |  |  |  | 1,575 |  |  |  | 1,456,875 |
Societe Generale SA, 7.88%(b) |  |  |  |  |  |  | 1,000 |  |  |  | 977,925 |

Security |  |  |  |  | Par (000) |  |  | Value |
Financial Services (continued) |
UBS Group AG, 4.88%(b) |  |  | USD |  |  |  | 2,000 |  |  | $ | 1,601,100 |
Woori Bank, 4.25%(d) |  |  |  |  |  |  | 250 |  |  |  | 240,135 |
|  |  |  |  |  |  |  |  |  |  | 13,325,539 |
Independent Power and Renewable Electricity Producers(b)(f) — 0.1% |
NRG Energy, Inc., 10.25% |  |  |  |  |  |  | 325 |  |  |  | 306,465 |
Vistra Corp., 7.00% |  |  |  |  |  |  | 162 |  |  |  | 141,345 |
|  |  |  |  |  |  |  |  |  |  | 447,810 |
|  |  |  |  |  |  |  |  |  |  | 31,143,452 |
|  |  |  |  | Shares |  |  |  |
Preferred Stocks — 0.3%(a)(f) |  |  |  |  |  |  |  |  |
Capital Markets — 0.3% |  |  |  |  |  |  |  |  |
Morgan Stanley, Series K, 5.90% |  |  |  |  |  |  | 66,567 |  |  |  | 1,564,990 |
Financial Services — 0.0% |  |  |  |  |  |  |  |  |
Federal National Mortgage Association, Series S |  |  |  |  |  |  | 10,000 |  |  |  | 23,500 |
|  |  |  |  |  |  |  |  |  |  | 1,588,490 |
Trust Preferred — 0.1% |  |  |  |  |  |  |  |  |
Financial Services — 0.1% |  |  |  |  |  |  |  |  |
Citigroup Capital XIII, 10/30/40(a) |  |  |  |  |  |  | 29,583 |  |  |  | 841,932 |
|  |  |  |  |  |  |  |  |  |  | 841,932 |
Total Preferred Securities — 5.7% (Cost: $36,599,722) |  |  |  |  |  |  |  |  |  |  | 33,573,874 |
|  |  |  |  | Par (000) |  |  |  |
U.S. Government Sponsored Agency Securities |
Agency Obligations — 1.9% |  |  |  |  |  |  |  |  |
Fannie Mae, 5.63%, 07/15/37(e) |  |  | USD |  |  |  | 1,600 |  |  |  | 1,834,159 |
Fannie Mae Mortgage-Backed Securities, 3.50%, 04/01/53(e) |  |  |  |  |  |  | 5,299 |  |  |  | 4,829,862 |
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30(i) |  |  |  |  |  |  | 6,055 |  |  |  | 4,488,992 |
|  |  |  |  |  |  |  |  |  |  | 11,153,013 |
Collateralized Mortgage Obligations(e) — 4.9% |
Fannie Mae REMICS |  |  |  |  |  |  |  |  |  |  |  |
Series 2015-47, Class GL, 3.50%, 07/25/45 |  |  |  |  |  |  | 1,636 |  |  |  | 1,434,320 |
Series 2022-25, Class KL, 4.00%, 05/25/52 |  |  |  |  |  |  | 14,500 |  |  |  | 13,047,057 |
Freddie Mac REMICS |  |  |  |  |  |  |  |  |  |  |  |
Series 4350, Class DY, 4.00%, 06/15/44 |  |  |  |  |  |  | 1,730 |  |  |  | 1,620,824 |
Series 4398, Class ZX, 4.00%, 09/15/54 |  |  |  |  |  |  | 10,884 |  |  |  | 9,769,119 |
Series 4549, Class TZ, 4.00%, 11/15/45 |  |  |  |  |  |  | 3,150 |  |  |  | 2,939,965 |
|  |  |  |  |  |  |  |  |  |  | 28,811,285 |
Interest Only Collateralized Mortgage Obligations — 0.1% |
Fannie Mae REMICS, Series 2012-47, Class NI, 4.50%, 04/25/42 |  |  |  |  |  |  | 826 |  |  |  | 148,743 |

36 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Interest Only Collateralized Mortgage Obligations (continued) |
Ginnie Mae(a) |  |  |  |  |  |  |  |  |  |  |  |
Series 2009-116, Class KS, (1-mo. LIBOR US + 6.47%), 1.31%, 12/16/39 |  |  | USD |  |  |  | 621 |  |  | $ | 41,961 |
Series 2011-52, Class NS, (1-mo. LIBOR US + 6.67%), 1.51%, 04/16/41 |  |  |  |  |  |  | 5,139 |  |  |  | 318,620 |
|  |  |  |  |  |  |  |  |  |  | 509,324 |
Mortgage-Backed Securities — 16.6% |
Fannie Mae Mortgage-Backed Securities(e) |  |  |  |  |  |  |  |  |  |  |  |
4.50%, 07/01/55 |  |  |  |  |  |  | 2,861 |  |  |  | 2,814,973 |
4.00%, 02/01/56 - 04/01/56 |  |  |  |  |  |  | 3,063 |  |  |  | 2,936,865 |
Freddie Mac Mortgage-Backed Securities, 4.50%, 03/01/47(e) |  |  |  |  |  |  | 580 |  |  |  | 573,906 |
Ginnie Mae Mortgage-Backed Securities, 5.50%, 08/15/33 |  |  |  |  |  |  | 25 |  |  |  | 24,949 |
Uniform Mortgage-Backed Securities(e) |  |  |  |  |  |  |  |  |  |  |  |
1.50%, 05/01/31 |  |  |  |  |  |  | 6,788 |  |  |  | 6,136,391 |
5.00%, 08/01/34 - 07/13/53(m) |  |  |  |  |  |  | 23,043 |  |  |  | 22,809,634 |
3.50%, 09/01/34 - 07/13/53(m) |  |  |  |  |  |  | 13,214 |  |  |  | 12,076,721 |
4.50%, 06/01/37 - 07/13/53(m) |  |  |  |  |  |  | 17,143 |  |  |  | 16,624,657 |
5.50%, 12/01/37 - 07/13/53(m) |  |  |  |  |  |  | 17,939 |  |  |  | 17,969,819 |
6.00%, 12/01/38 |  |  |  |  |  |  | 214 |  |  |  | 221,981 |
4.00%, 10/01/49 - 07/13/53(m) |  |  |  |  |  |  | 10,483 |  |  |  | 9,918,674 |
3.00%, 02/01/52 |  |  |  |  |  |  | 7,093 |  |  |  | 6,244,462 |
|  |  |  |  |  |  |  |  |  |  | 98,353,032 |
Total U.S. Government Sponsored Agency Securities — 23.5% (Cost: $143,727,586) |  |  |  | 138,826,654 |
U.S. Treasury Obligations |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bonds(e) |  |  |  |  |  |  |  |  |  |  |  |
3.00%, 11/15/44 |  |  |  |  |  |  | 33,795 |  |  |  | 28,597,699 |
2.50%, 02/15/46 |  |  |  |  |  |  | 57,350 |  |  |  | 44,143,818 |
2.75%, 11/15/47 |  |  |  |  |  |  | 2,000 |  |  |  | 1,608,672 |
U.S. Treasury Notes, 3.63%, 05/31/28(e) |  |  |  |  |  |  | 5,000 |  |  |  | 4,890,625 |
Total U.S. Treasury Obligations — 13.4% (Cost: $97,869,177) |  |  |  |  |  |  |  |  |  |  | 79,240,814 |
Total Long-Term Investments — 149.5% (Cost: $946,468,028) |  |  |  |  |  |  |  |  |  |  | 882,479,008 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Obligations — 5.6% |  |  |  |  |  |  |  |  |
U.S. Treasury Bills, 5.34%, 12/14/23(e)(n) |  |  |  |  |  |  | 34,000 |  |  |  | 33,190,964 |
Total Short-Term Securities — 5.6% (Cost: $33,195,573) |  |  |  |  |  |  |  |  |  |  | 33,190,964 |
Total Investments Before TBA Sale Commitments — 155.1% (Cost: $979,663,601) |  |  |  |  |  |  |  | 915,669,972 |

Security |  |  |  |  | Par (000) |  |  | Value |
TBA Sale Commitments(m) |
Mortgage-Backed Securities — (2.5)% |  |  |  |  |  |  |  |  |
Uniform Mortgage-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |
3.50%, 07/13/53 |  |  | USD |  |  |  | (5,000 | ) |  | $ | (4,556,055 | )
4.00%, 07/13/53 - 08/14/53 |  |  |  |  |  |  | (6,000 | ) |  |  | (5,632,734 | )
4.50%, 07/13/53 |  |  |  |  |  |  | (5,000 | ) |  |  | (4,807,031 | )
Total TBA Sale Commitments — (2.5)% (Proceeds: $(15,070,294)) |  |  |  |  |  |  |  |  |  |  | (14,995,820 | )
Total Investments, Net of TBA Sale Commitments — 152.6% (Cost: $964,593,307) |  |  |  |  |  |  |  | 900,674,152 |
Liabilities in Excess of Other Assets — (52.6)% |  |  |  |  |  |  |  |  |  |  | (310,281,299 | )
Net Assets — 100.0% |  |  |  |  |  |  |  |  |  | $ | 590,392,853 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(e) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

(f) | Perpetual security with no stated maturity date.

(g) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(h) | Convertible security.

(i) | Zero-coupon bond.

(j) | Issuer filed for bankruptcy and/or is in default.

(k) | Non-income producing security.

(l) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(m) | Represents or includes a TBA transaction.

(n) | Rates are discount rates or a range of discount rates as of period end.

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

S C H E D U L E O F I N V E S T M E N T S |  | 37

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class(a) |  | $ | 2,477,689 |  |  | $ | — |  |  | $ | (2,477,689 | )(b) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 200,756 |  |  | $ | — |

| (a) | As of period end, the entity is no longer held. |

| (b) | Represents net amount purchased (sold). |

Reverse Repurchase Agreements

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements | (a)
BNP Paribas SA |  |  | 4.67 | %(b) |  |  | 02/27/23 |  |  |  | Open |  |  | $ | 1,810,000 |  |  | $ | 1,838,864 |  |  | U.S. Government Sponsored Agency Securities |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 02/27/23 |  |  |  | Open |  |  |  | 18,937,500 |  |  |  | 19,253,220 |  |  | U.S. Treasury Obligations |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.20 | (b) |  |  | 02/27/23 |  |  |  | Open |  |  |  | 1,597,500 |  |  |  | 1,623,786 |  |  | U.S. Treasury Obligations |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.20 | (b) |  |  | 03/10/23 |  |  |  | Open |  |  |  | 25,030,812 |  |  |  | 25,410,474 |  |  | U.S. Treasury Obligations |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 03/28/23 |  |  |  | Open |  |  |  | 29,486,137 |  |  |  | 29,872,602 |  |  | U.S. Treasury Obligations |  |  | Open/Demand |
Barclays Capital, Inc. |  |  | (1.75 | )(b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 168,175 |  |  |  | 167,586 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.07 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 439,900 |  |  |  | 444,141 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.10 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 358,065 |  |  |  | 361,538 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 124,603 |  |  |  | 125,844 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 896,250 |  |  |  | 905,177 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 488,262 |  |  |  | 493,126 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 821,677 |  |  |  | 829,861 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 611,972 |  |  |  | 618,068 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 972,500 |  |  |  | 982,186 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 177,187 |  |  |  | 178,952 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 181,750 |  |  |  | 183,560 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 160,250 |  |  |  | 161,846 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 4.93 | (b) |  |  | 04/26/23 |  |  |  | Open |  |  |  | 948,750 |  |  |  | 956,767 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 05/01/23 |  |  |  | Open |  |  |  | 207,139 |  |  |  | 208,848 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/01/23 |  |  |  | Open |  |  |  | 174,150 |  |  |  | 175,595 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.12 | (b) |  |  | 05/05/23 |  |  |  | Open |  |  |  | 100,200 |  |  |  | 100,970 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.05 | (b) |  |  | 05/10/23 |  |  |  | Open |  |  |  | 284,500 |  |  |  | 286,535 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.12 | (b) |  |  | 05/10/23 |  |  |  | Open |  |  |  | 1,311,950 |  |  |  | 1,321,466 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/10/23 |  |  |  | Open |  |  |  | 278,000 |  |  |  | 280,060 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/10/23 |  |  |  | Open |  |  |  | 161,714 |  |  |  | 162,912 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.05 | (b) |  |  | 05/18/23 |  |  |  | Open |  |  |  | 561,094 |  |  |  | 564,478 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 4.25 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 146,377 |  |  |  | 146,913 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 4.90 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 109,828 |  |  |  | 110,291 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.00 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 706,640 |  |  |  | 709,682 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.10 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 216,056 |  |  |  | 217,005 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.14 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 1,572,876 |  |  |  | 1,579,838 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 1,061,415 |  |  |  | 1,066,168 |  |  | Capital Trusts |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 407,500 |  |  |  | 409,325 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 129,188 |  |  |  | 129,766 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 1,267,875 |  |  |  | 1,273,585 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 285,500 |  |  |  | 286,786 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 84,656 |  |  |  | 85,038 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 171,375 |  |  |  | 172,147 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 148,350 |  |  |  | 149,018 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 269,800 |  |  |  | 271,015 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/01/23 |  |  |  | Open |  |  |  | 117,338 |  |  |  | 117,832 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/02/23 |  |  |  | Open |  |  |  | 133,600 |  |  |  | 134,102 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/02/23 |  |  |  | Open |  |  |  | 287,767 |  |  |  | 288,848 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/05/23 |  |  |  | Open |  |  |  | 174,945 |  |  |  | 175,580 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/05/23 |  |  |  | Open |  |  |  | 483,600 |  |  |  | 485,356 |  |  | Corporate Bonds |  |  | Open/Demand |

38 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements | (a)
BofA Securities, Inc. |  |  | 0.00 | % |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  | $ | 304,500 |  |  | $ | 304,500 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 2.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 413,640 |  |  |  | 414,260 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 3.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 226,729 |  |  |  | 227,220 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 3.90 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 89,063 |  |  |  | 89,294 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 4.90 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 497,267 |  |  |  | 498,892 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 4.90 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 259,871 |  |  |  | 260,720 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 4.95 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 241,931 |  |  |  | 242,730 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.00 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 284,820 |  |  |  | 285,769 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.05 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 138,875 |  |  |  | 139,343 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.07 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 133,151 |  |  |  | 133,601 |  |  | Foreign Agency Obligations |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.08 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 131,250 |  |  |  | 131,695 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.10 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 694,230 |  |  |  | 696,590 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.10 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 204,543 |  |  |  | 205,238 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.10 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 75,000 |  |  |  | 75,255 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.10 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 161,562 |  |  |  | 162,112 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.10 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 855,461 |  |  |  | 858,370 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 131,813 |  |  |  | 132,265 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 218,429 |  |  |  | 219,179 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 413,070 |  |  |  | 414,488 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 190,417 |  |  |  | 191,071 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 202,760 |  |  |  | 203,456 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 141,250 |  |  |  | 141,735 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 319,995 |  |  |  | 321,094 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 78,111 |  |  |  | 78,379 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 370,982 |  |  |  | 372,256 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 98,498 |  |  |  | 98,836 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 121,975 |  |  |  | 122,394 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 358,530 |  |  |  | 359,761 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 297,237 |  |  |  | 298,258 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 378,125 |  |  |  | 379,423 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 86,538 |  |  |  | 86,835 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 232,170 |  |  |  | 232,967 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 468,312 |  |  |  | 469,920 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 297,876 |  |  |  | 298,899 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 148,730 |  |  |  | 149,241 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 605,662 |  |  |  | 607,742 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 100,625 |  |  |  | 100,970 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,245,000 |  |  |  | 1,249,274 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 133,133 |  |  |  | 133,594 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 119,925 |  |  |  | 120,341 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 634,147 |  |  |  | 636,346 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 251,066 |  |  |  | 251,937 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 229,046 |  |  |  | 229,840 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 228,386 |  |  |  | 229,178 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Merrill Lynch International |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 152,590 |  |  |  | 153,113 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Merrill Lynch International |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 181,500 |  |  |  | 182,129 |  |  | Foreign Agency Obligations |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/07/23 |  |  |  | 07/19/23 |  |  |  | 184,669 |  |  |  | 185,276 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BNP Paribas SA |  |  | 5.14 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 2,229,000 |  |  |  | 2,236,320 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 560,000 |  |  |  | 561,860 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 390,625 |  |  |  | 391,923 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 2,430,000 |  |  |  | 2,438,073 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 82,180 |  |  |  | 82,453 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 470,387 |  |  |  | 471,950 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 2,741,250 |  |  |  | 2,750,357 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 139,025 |  |  |  | 139,490 |  |  | Corporate Bonds |  |  | Open/Demand |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 4,694,004 |  |  |  | 4,706,396 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 5,444,558 |  |  |  | 5,458,931 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,807,404 |  |  |  | 1,812,176 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |

S C H E D U L E O F I N V E S T M E N T S |  | 39

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements | (a)
HSBC Securities (USA), Inc. |  |  | 5.28 | % |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  | $ | 2,848,739 |  |  | $ | 2,856,260 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,124,447 |  |  |  | 1,127,415 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,317,159 |  |  |  | 1,320,637 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,714,406 |  |  |  | 1,718,932 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,364,719 |  |  |  | 1,368,322 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 216,197 |  |  |  | 216,768 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 263,812 |  |  |  | 264,508 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 517,043 |  |  |  | 518,408 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 2,060,474 |  |  |  | 2,065,913 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 2,165,015 |  |  |  | 2,170,731 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 293,871 |  |  |  | 294,647 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 352,456 |  |  |  | 353,386 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 678,236 |  |  |  | 680,026 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 2,743,074 |  |  |  | 2,750,316 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 2,028,363 |  |  |  | 2,033,717 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 310,326 |  |  |  | 311,145 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 831,762 |  |  |  | 833,958 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,980,611 |  |  |  | 1,985,839 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,803,961 |  |  |  | 1,808,724 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 192,343 |  |  |  | 192,851 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,807,687 |  |  |  | 1,812,459 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,820,130 |  |  |  | 1,824,935 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 2,107,652 |  |  |  | 2,113,217 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,864,749 |  |  |  | 1,869,672 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,673,171 |  |  |  | 1,677,588 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 558,955 |  |  |  | 560,431 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 6,000,932 |  |  |  | 6,016,775 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,576,690 |  |  |  | 1,580,852 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
HSBC Securities (USA), Inc. |  |  | 5.28 |  |  |  | 06/08/23 |  |  |  | 07/13/23 |  |  |  | 1,964,094 |  |  |  | 1,969,280 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.00 |  |  |  | 06/08/23 |  |  |  | 07/19/23 |  |  |  | 561,094 |  |  |  | 562,808 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.00 |  |  |  | 06/08/23 |  |  |  | 07/19/23 |  |  |  | 157,750 |  |  |  | 158,232 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/19/23 |  |  |  | 1,546,875 |  |  |  | 1,551,791 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/19/23 |  |  |  | 1,137,585 |  |  |  | 1,141,200 |  |  | Corporate Bonds |  |  | Up to 30 Days |

40 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements | (a)
J.P. Morgan Securities LLC |  |  | 4.25 | % |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  | $ | 138,053 |  |  | $ | 138,411 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 90,055 |  |  |  | 90,338 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 248,000 |  |  |  | 248,781 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 253,207 |  |  |  | 254,004 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 111,510 |  |  |  | 111,861 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 192,750 |  |  |  | 193,357 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 88,298 |  |  |  | 88,575 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 125,750 |  |  |  | 126,146 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 596,250 |  |  |  | 598,127 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 84,844 |  |  |  | 85,111 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 712,500 |  |  |  | 714,764 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 1,072,750 |  |  |  | 1,076,159 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 163,505 |  |  |  | 164,025 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 219,725 |  |  |  | 220,423 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 355,781 |  |  |  | 356,912 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/08/23 |  |  |  | Open |  |  |  | 1,093,730 |  |  |  | 1,097,226 |  |  | Corporate Bonds |  |  | Open/Demand |
Cantor Fitzgerald & Co. |  |  | 5.21 |  |  |  | 06/13/23 |  |  |  | 07/13/23 |  |  |  | 6,091,386 |  |  |  | 6,107,254 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
Royal Bank of Canada |  |  | 5.23 |  |  |  | 06/15/23 |  |  |  | 07/17/23 |  |  |  | 1,605,062 |  |  |  | 1,608,560 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
Royal Bank of Canada |  |  | 5.23 |  |  |  | 06/15/23 |  |  |  | 07/17/23 |  |  |  | 2,884,113 |  |  |  | 2,890,398 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
Royal Bank of Canada |  |  | 5.23 |  |  |  | 06/15/23 |  |  |  | 07/17/23 |  |  |  | 13,088,242 |  |  |  | 13,101,552 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
Royal Bank of Canada |  |  | 5.23 |  |  |  | 06/15/23 |  |  |  | 07/17/23 |  |  |  | 1,437,811 |  |  |  | 1,440,945 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
Royal Bank of Canada |  |  | 5.23 |  |  |  | 06/15/23 |  |  |  | 07/17/23 |  |  |  | 9,610,476 |  |  |  | 9,620,249 |  |  | U.S. Government Sponsored Agency Securities |  |  | Up to 30 Days |
BNP Paribas SA |  |  | 5.19 | (b) |  |  | 06/15/23 |  |  |  | Open |  |  |  | 161,425 |  |  |  | 161,774 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.19 | (b) |  |  | 06/15/23 |  |  |  | Open |  |  |  | 148,215 |  |  |  | 148,536 |  |  | Corporate Bonds |  |  | Open/Demand |
BofA Securities, Inc. |  |  | 3.00 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 280,350 |  |  |  | 280,607 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.00 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 53,918 |  |  |  | 54,000 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.00 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 203,770 |  |  |  | 204,081 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 427,229 |  |  |  | 427,901 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 430,000 |  |  |  | 430,677 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 578,250 |  |  |  | 579,160 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 534,625 |  |  |  | 535,474 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 449,375 |  |  |  | 450,089 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Nomura Securities International, Inc. |  |  | 5.10 | (b) |  |  | 06/16/23 |  |  |  | Open |  |  |  | 4,937,500 |  |  |  | 4,947,930 |  |  | U.S. Treasury Obligations |  |  | Open/Demand |
Barclays Capital, Inc. |  |  | (3.75 | ) |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 62,700 |  |  |  | 62,733 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 4.50 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 310,000 |  |  |  | 310,349 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 4.50 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 38,160 |  |  |  | 38,203 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 166,750 |  |  |  | 166,967 |  |  | Capital Trusts |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 165,500 |  |  |  | 165,715 |  |  | Capital Trusts |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 773,750 |  |  |  | 774,756 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 1,020,312 |  |  |  | 1,021,639 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 1,233,750 |  |  |  | 1,235,354 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 194,462 |  |  |  | 194,715 |  |  | Capital Trusts |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 935,000 |  |  |  | 936,215 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 1,106,875 |  |  |  | 1,108,314 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 921,050 |  |  |  | 922,247 |  |  | Capital Trusts |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 1,273,125 |  |  |  | 1,274,780 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 3,625,000 |  |  |  | 3,629,712 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 105,053 |  |  |  | 105,189 |  |  | Capital Trusts |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/19/23 |  |  |  | 232,242 |  |  |  | 232,544 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 1.00 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 155,689 |  |  |  | 155,728 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.14 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 82,158 |  |  |  | 82,263 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.14 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 141,514 |  |  |  | 141,696 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.17 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 806,250 |  |  |  | 807,292 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 83,543 |  |  |  | 83,652 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 343,159 |  |  |  | 343,607 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 111,388 |  |  |  | 111,533 |  |  | Corporate Bonds |  |  | Open/Demand |

S C H E D U L E O F I N V E S T M E N T S |  | 41

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements | (a)
Nomura Securities International, Inc. |  |  | 5.23 | %(b) |  |  | 06/21/23 |  |  |  | Open |  |  | $ | 127,613 |  |  | $ | 127,779 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 618,395 |  |  |  | 619,204 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 197,625 |  |  |  | 197,883 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 5,312,500 |  |  |  | 5,319,446 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.12 | (b) |  |  | 06/22/23 |  |  |  | Open |  |  |  | 1,122,000 |  |  |  | 1,123,277 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.16 | (b) |  |  | 06/22/23 |  |  |  | Open |  |  |  | 364,999 |  |  |  | 365,417 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.16 | (b) |  |  | 06/22/23 |  |  |  | Open |  |  |  | 258,100 |  |  |  | 258,396 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.12 | (b) |  |  | 06/23/23 |  |  |  | Open |  |  |  | 33,170,400 |  |  |  | 33,205,761 |  |  | U.S. Treasury Obligations |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/23/23 |  |  |  | Open |  |  |  | 4,249,250 |  |  |  | 4,254,198 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/23/23 |  |  |  | Open |  |  |  | 3,920,000 |  |  |  | 3,924,565 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/26/23 |  |  |  | Open |  |  |  | 152,000 |  |  |  | 152,132 |  |  | Corporate Bonds |  |  | Open/Demand |
BofA Securities, Inc. |  |  | 4.45 |  |  |  | 06/27/23 |  |  |  | 07/19/23 |  |  |  | 272,500 |  |  |  | 272,601 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.07 |  |  |  | 06/27/23 |  |  |  | 07/19/23 |  |  |  | 517,435 |  |  |  | 517,654 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/27/23 |  |  |  | 07/19/23 |  |  |  | 163,735 |  |  |  | 163,806 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 4.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 107,250 |  |  |  | 107,288 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 4.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 171,925 |  |  |  | 171,986 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 4.75 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 156,750 |  |  |  | 156,812 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.00 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 139,000 |  |  |  | 139,058 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.05 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 138,500 |  |  |  | 138,558 |  |  | Foreign Agency Obligations |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.05 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 354,375 |  |  |  | 354,524 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.10 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 64,000 |  |  |  | 64,027 |  |  | Foreign Agency Obligations |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 162,500 |  |  |  | 162,570 |  |  | Foreign Agency Obligations |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 192,644 |  |  |  | 192,726 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 192,465 |  |  |  | 192,549 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/27/23 |  |  |  | Open |  |  |  | 182,250 |  |  |  | 182,329 |  |  | Corporate Bonds |  |  | Open/Demand |
BofA Securities, Inc. |  |  | 3.00 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 172,727 |  |  |  | 172,756 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 3.50 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 158,847 |  |  |  | 158,878 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 379,186 |  |  |  | 379,296 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 826,250 |  |  |  | 826,489 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 1,308,625 |  |  |  | 1,309,003 |  |  | Capital Trusts |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 807,500 |  |  |  | 807,733 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 697,744 |  |  |  | 697,947 |  |  | Corporate Bonds |  |  | Up to 30 Days |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/29/23 |  |  |  | Open |  |  |  | 2,508,750 |  |  |  | 2,509,115 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/30/23 |  |  |  | Open |  |  |  | 6,000,437 |  |  |  | 6,001,311 |  |  | Foreign Agency Obligations |  |  | Open/Demand |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 303,494,156 |  |  | $ | 305,139,899 |  |  |  |  |  |  |

| (a) | Certain agreements have no stated maturity and can be terminated by either party at any time. |

| (b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Long Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10-Year U.S. Ultra Long Treasury Note |  |  | 418 |  |  |  | 09/20/23 |  |  | $ | 49,546 |  |  | $ | (532,745 | )
Ultra U.S. Treasury Bond |  |  | 507 |  |  |  | 09/20/23 |  |  |  | 69,063 |  |  |  | 710,915 |
5-Year U.S. Treasury Note |  |  | 106 |  |  |  | 09/29/23 |  |  |  | 11,357 |  |  |  | (83,436 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 94,734 |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10-Year Japanese Government Treasury Bonds |  |  | 19 |  |  |  | 09/12/23 |  |  |  | 19,560 |  |  |  | (86,634 | )
10-Year U.S. Treasury Note |  |  | 801 |  |  |  | 09/20/23 |  |  |  | 89,962 |  |  |  | 1,538,409 |
2-Year U.S. Treasury Note |  |  | 16 |  |  |  | 09/29/23 |  |  |  | 3,254 |  |  |  | 45,905 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,497,680 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,592,414 |

42 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Forward Foreign Currency Exchange Contracts

Currency Purchased |  |  | Currency Sold |  |  | Counterparty |  | Settlement Date |  | Unrealized Appreciation (Depreciation) |
USD |  |  | 119,131 |  |  | CAD |  |  | 157,000 |  |  | Natwest Markets PLC |  | 09/20/23 |  | $ | 476 |
USD |  |  | 5,553,830 |  |  | EUR |  |  | 5,061,000 |  |  | BNP Paribas SA |  | 09/20/23 |  |  | 10,149 |
USD |  |  | 193,626 |  |  | GBP |  |  | 151,000 |  |  | BNP Paribas SA |  | 09/20/23 |  |  | 1,815 |
USD |  |  | 220,028 |  |  | JPY |  |  | 30,687,000 |  |  | The Bank of New York Mellon |  | 09/20/23 |  |  | 4,810 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,250 |
USD |  |  | 370,403 |  |  | EUR |  |  | 342,243 |  |  | State Street Bank and Trust Co. |  | 09/14/23 |  |  | (4,366 | )
JPY |  |  | 30,687,807 |  |  | USD |  |  | 217,685 |  |  | Toronto-Dominion Bank |  | 09/20/23 |  |  | (2,461 | )
USD |  |  | 107,572 |  |  | EUR |  |  | 100,000 |  |  | Morgan Stanley & Co. International PLC |  | 09/20/23 |  |  | (1,965 | )
USD |  |  | 113,579 |  |  | EUR |  |  | 105,000 |  |  | Royal Bank of Canada |  | 09/20/23 |  |  | (1,436 | )
USD |  |  | 3,265 |  |  | EUR |  |  | 3,000 |  |  | State Street Bank and Trust Co. |  | 09/20/23 |  |  | (21 | )
USD |  |  | 36,842 |  |  | EUR |  |  | 34,000 |  |  | State Street Bank and Trust Co. |  | 09/20/23 |  |  | (401 | )
USD |  |  | 124,430 |  |  | GBP |  |  | 99,000 |  |  | Bank of America N.A. |  | 09/20/23 |  |  | (1,327 | )
USD |  |  | 122,789 |  |  | GBP |  |  | 97,000 |  |  | State Street Bank and Trust Co. |  | 09/20/23 |  |  | (427 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,404 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,846 |

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation/Index |  | Financing Rate Paid by the Trust |  |  | Payment Frequency |  |  | Termination Date |  |  | Notional Amount (000) |  |  | Value |  |  | Upfront Premium Paid (Received) |  |  | Unrealized Appreciation (Depreciation) |
CDX.NA.HY.40.V1 |  |  | 5.00 | % |  |  | Quarterly |  |  |  | 06/20/28 |  |  | USD | 4,550 |  |  | $ | (135,298 | ) |  | $ | 4,432 |  |  | $ | (139,730 | )
CDX.NA.IG.40.V1 |  |  | 1.00 |  |  |  | Quarterly |  |  |  | 06/20/28 |  |  | USD | 26,090 |  |  |  | (399,747 | ) |  |  | (173,054 | ) |  |  | (226,693 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (535,045 | ) |  | $ | (168,622 | ) |  | $ | (366,423 | )

Centrally Cleared Interest Rate Swaps

Paid by the Trust |  | Received by the Trust |  | Effective Date |  |  | Termination Date |  |  | Notional Amount (000) |  |  | Value |  |  | Upfront Premium Paid (Received) |  |  | Unrealized Appreciation (Depreciation) |
Rate |  | Frequency |  | Rate |  | Frequency
1-Day SOFR, 1.09% |  | Annual |  | 3.53% |  | Annual |  |  | N/A |  |  |  | 11/10/52 |  |  | USD |  |  | 3,200 |  |  | $ | 173,852 |  |  | $ | 98 |  |  | $ | 173,754 |
1-Day SOFR, 1.09% |  | Annual |  | 3.06% |  | Annual |  |  | N/A |  |  |  | 11/28/52 |  |  | USD |  |  | 2,000 |  |  |  | (69,168 | ) |  |  | 62 |  |  |  | (69,230 | )
1-Day SOFR, 1.09% |  | Annual |  | 3.05% |  | Annual |  |  | N/A |  |  |  | 12/01/52 |  |  | USD |  |  | 1,500 |  |  |  | (53,451 | ) |  |  | 46 |  |  |  | (53,497 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 51,233 |  |  | $ | 206 |  |  | $ | 51,027 |

OTC Credit Default Swaps — Sell Protection

|  | Reference Obligation/Index |  |  | Financing Rate Received by the Trust |  |  |  | Payment Frequency |  |  | Counterparty |  |  | Termination Date |  |  | Credit Rating(a) |  |  | Notional Amount (000)(b) |  |  |  | Value |  |  |  | Upfront Premium Paid (Received) |  |  |  | Unrealized Appreciation (Depreciation) |  |  |
|  | Casino, Guichard-Perrachon S.A. |  |  | 5.00 | % |  |  | Quarterly |  |  | BNP Paribas SA |  |  | 12/20/23 |  |  | CC |  |  | EUR |  |  |  | 4 |  |  | $ | (564 | ) |  | $ | (4,296 | ) |  | $ | 3,732 |  |  |
|  | Thyssenkrupp AG |  |  | 1.00 |  |  |  | Quarterly |  |  | Bank of America N.A. |  |  | 12/20/23 |  |  | BB |  |  | EUR |  |  |  | 10 |  |  |  | (4,082 | ) |  |  | (3,017 | ) |  |  | (1,065) |  |  |
|  | Virgin Media Finance PLC |  |  | 5.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 12/20/25 |  |  | B |  |  | EUR |  |  |  | 10 |  |  |  | (21 | ) |  |  | 162 |  |  |  | (183) |  |  |
|  | Jaguar Land Rover Automotive PLC |  |  | 5.00 |  |  |  | Quarterly |  |  | Bank of America N.A. |  |  | 06/20/26 |  |  | BB- |  |  | EUR |  |  |  | 10 |  |  |  | (1,359,816 | ) |  |  | (878,550 | ) |  |  | (481,266) |  |  |
|  | Jaguar Land Rover Automotive PLC |  |  | 5.00 |  |  |  | Quarterly |  |  | Credit Suisse International |  |  | 12/20/26 |  |  | BB- |  |  | EUR |  |  |  | 5 |  |  |  | 1,934 |  |  |  | 740 |  |  |  | 1,194 |  |  |
|  | Jaguar Land Rover Automotive PLC |  |  | 5.00 |  |  |  | Quarterly |  |  | Credit Suisse International |  |  | 12/20/26 |  |  | BB- |  |  | EUR |  |  |  | 25 |  |  |  | 1,198 |  |  |  | 635 |  |  |  | 563 |  |  |
|  | K&S AG |  |  | 5.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 12/20/26 |  |  | BBB- |  |  | EUR |  |  |  | 10 |  |  |  | 406 |  |  |  | 317 |  |  |  | 89 |  |  |
|  | CMA CGM SA |  |  | 5.00 |  |  |  | Quarterly |  |  | Credit Suisse International |  |  | 06/20/27 |  |  | NR |  |  | EUR |  |  |  | 20 |  |  |  | (108 | ) |  |  | 766 |  |  |  | (874) |  |  |
|  | Ladbrokes Coral Group Ltd. |  |  | 1.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 06/20/27 |  |  | BB |  |  | EUR |  |  |  | 10 |  |  |  | 557 |  |  |  | 720 |  |  |  | (163) |  |  |
|  | Ladbrokes Coral Group Ltd. |  |  | 1.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 06/20/27 |  |  | BB |  |  | EUR |  |  |  | 30 |  |  |  | (1,383 | ) |  |  | (1,178 | ) |  |  | (205) |  |  |
|  | Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Bank of America N.A. |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 5 |  |  |  | (811 | ) |  |  | (677 | ) |  |  | (134) |  |  |
|  | Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Barclays Bank PLC |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 3 |  |  |  | (1,348 | ) |  |  | (1,143 | ) |  |  | (205) |  |  |
|  | Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Barclays Bank PLC |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 9 |  |  |  | (1,003 | ) |  |  | (842 | ) |  |  | (161) |  |  |
|  | Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Citibank N.A. |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 3 |  |  |  | (635 | ) |  |  | (969 | ) |  |  | 334 |  |  |

S C H E D U L E O F I N V E S T M E N T S |  | 43

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

OTC Credit Default Swaps — Sell Protection (continued)

|  | Reference Obligation/Index |  |  | Financing Rate Received by the Trust |  |  |  | Payment Frequency |  |  | Counterparty |  |  | Termination Date |  |  | Credit Rating(a) |  |  | Notional Amount (000)(b) |  |  |  | Value |  |  |  | Upfront Premium Paid (Received) |  |  |  | Unrealized Appreciation (Depreciation) |  |  |
|  | Adler Real Estate AG |  |  | 5.00 | % |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 6 |  |  | $ | (661 | ) |  | $ | (566 | ) |  | $ | (95) |  |  |
|  | Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Morgan Stanley & Co. International PLC |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 4 |  |  |  | (2,278 | ) |  |  | (1,900 | ) |  |  | (378) |  |  |
|  | United Group B.V. |  |  | 5.00 |  |  |  | Quarterly |  |  | Bank of America N.A. |  |  | 12/20/27 |  |  | B |  |  | EUR |  |  |  | 14 |  |  |  | (4,028 | ) |  |  | (199 | ) |  |  | (3,829) |  |  |
|  | United Group B.V. |  |  | 5.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 12/20/27 |  |  | B |  |  | EUR |  |  |  | 6 |  |  |  | (189 | ) |  |  | (898 | ) |  |  | 709 |  |  |
|  | Casino, Guichard-Perrachon S.A. |  |  | 5.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 06/20/28 |  |  | CC |  |  | EUR |  |  |  | 4 |  |  |  | 21 |  |  |  | (98 | ) |  |  | 119 |  |  |
|  | K&S AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Morgan Stanley & Co. International PLC |  |  | 06/20/28 |  |  | BBB- |  |  | EUR |  |  |  | 3 |  |  |  | 123 |  |  |  | (261 | ) |  |  | 384 |  |  |
|  | CMBX.NA.15 |  |  | 3.00 |  |  |  | Monthly |  |  | Morgan Stanley & Co. International PLC |  |  | 11/15/64 |  |  | N/R |  |  | USD |  |  |  | 4,710 |  |  |  | (1,338 | ) |  |  | (1,906 | ) |  |  | 568 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,374,026 | ) |  | $ | (893,160 | ) |  | $ | (480,866) |  |  |

| (a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |

| (b) | The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |
Centrally Cleared Swaps(a) |  | $ | 4,638 |  |  | $ | (173,054 | ) |  | $ | 173,754 |  |  | $ | (489,150 | )
OTC Swaps |  |  | 3,340 |  |  |  | (896,500 | ) |  |  | 7,692 |  |  |  | (488,558 | )

| (a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,295,229 |  |  | $ | — |  |  | $ | 2,295,229 |
Forward foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,250 |  |  |  | — |  |  |  | — |  |  |  | 17,250 |
Swaps — centrally cleared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on centrally cleared swaps(a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 173,754 |  |  |  | — |  |  |  | 173,754 |
Swaps — OTC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on OTC swaps; Swap premiums paid |  |  | — |  |  |  | 11,032 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,032 |
|  | $ | — |  |  | $ | 11,032 |  |  | $ | — |  |  | $ | 17,250 |  |  | $ | 2,468,983 |  |  | $ | — |  |  | $ | 2,497,265 |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 702,815 |  |  | $ | — |  |  | $ | 702,815 |
Forward foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,404 |  |  |  | — |  |  |  | — |  |  |  | 12,404 |

44 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Swaps — centrally cleared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on centrally cleared swaps(a) |  | $ | — |  |  | $ | 366,423 |  |  | $ | — |  |  | $ | — |  |  | $ | 122,727 |  |  | $ | — |  |  | $ | 489,150 |
Swaps — OTC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on OTC swaps; Swap premiums received |  |  | — |  |  |  | 1,385,058 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,385,058 |
|  | $ | — |  |  | $ | 1,751,481 |  |  | $ | — |  |  | $ | 12,404 |  |  | $ | 825,542 |  |  | $ | — |  |  | $ | 2,589,427 |

| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

For the period ended June 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,455,995 | ) |  | $ | — |  |  | $ | (2,455,995 | )
Forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,942 | ) |  |  | — |  |  |  | — |  |  |  | (12,942 | )
Swaps |  |  | — |  |  |  | (1,023,785 | ) |  |  | — |  |  |  | — |  |  |  | 5,753,983 |  |  |  | — |  |  |  | 4,730,198 |
|  | $ | — |  |  | $ | (1,023,785 | ) |  | $ | — |  |  | $ | (12,942 | ) |  | $ | 3,297,988 |  |  | $ | — |  |  | $ | 2,261,261 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,483,328 |  |  | $ | — |  |  | $ | 1,483,328 |
Forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,441 |  |  |  | — |  |  |  | — |  |  |  | 16,441 |
Swaps |  |  | — |  |  |  | 50,697 |  |  |  | — |  |  |  | — |  |  |  | (5,425,960 | ) |  |  | — |  |  |  | (5,375,263 | )
|  | $ | — |  |  | $ | 50,697 |  |  | $ | — |  |  | $ | 16,441 |  |  |  | $(3,942,632) |  |  | $ | — |  |  | $ | (3,875,494 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — long |  | $ | 146,021,894 |
Average notional value of contracts — short |  | $ | 140,497,505 |
Forward foreign currency exchange contracts: |  |  |  |
Average amounts purchased — in USD |  | $ | 6,904,644 |
Average amounts sold — in USD |  | $ | 322,964 |
Credit default swaps: |  |  |  |
Average notional value — buy protection |  | $ | 30,395,000 |
Average notional value — sell protection |  | $ | 4,932,891 |
Interest rate swaps: |  |  |  |
Average notional value — pays fixed rate |  | $ | — | (a)
Average notional value — receives fixed rate |  | $ | 6,700,000 |

| (a) | Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E O F I N V E S T M E N T S |  | 45

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Futures contracts |  | $ | 816,484 |  |  | $ | 160,404 |
Forward foreign currency exchange contracts |  |  | 17,250 |  |  |  | 12,404 |
Swaps — centrally cleared |  |  | — |  |  |  | 11,407 |
Swaps — OTC(a) |  |  | 11,032 |  |  |  | 1,385,058 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | 844,766 |  |  |  | 1,569,273 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | (816,484 | ) |  |  | (171,811 | )
Total derivative assets and liabilities subject to an MNA |  | $ | 28,282 |  |  | $ | 1,397,462 |

| (a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities. |

The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Trust:

Counterparty |  |  | Derivative Assets Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset | (a) |  |  | Non-Cash Collateral Received |  |  |  | Cash Collateral Received |  |  |  | Net Amount of Derivative Assets | (b)(c)
BNP Paribas SA |  | $ | 15,696 |  |  | $ | (4,296 | ) |  | $ | — |  |  | $ | — |  |  | $ | 11,400 |
Citibank N.A. |  |  | 334 |  |  |  | (334 | ) |  |  | — |  |  |  | — |  |  |  | — |
Credit Suisse International |  |  | 3,898 |  |  |  | (874 | ) |  |  | — |  |  |  | — |  |  |  | 3,024 |
JPMorgan Chase Bank N.A. |  |  | 2,116 |  |  |  | (2,116 | ) |  |  | — |  |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 952 |  |  |  | (952 | ) |  |  | — |  |  |  | — |  |  |  | — |
Natwest Markets PLC |  |  | 476 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 476 |
The Bank of New York Mellon |  |  | 4,810 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,810 |
|  | $ | 28,282 |  |  | $ | (8,572 | ) |  | $ | — |  |  | $ | — |  |  | $ | 19,710 |
Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset | (a) |  |  | Non-Cash Collateral Pledged |  |  |  | Cash Collateral Pledged | (d) |  |  | Net Amount of Derivative Liabilities | (b)(e)
Bank of America N.A. |  | $ | 1,370,064 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,370,064 |
Barclays Bank PLC |  |  | 2,351 |  |  |  | — |  |  |  | — |  |  |  | (2,351 | ) |  |  | — |
BNP Paribas SA |  |  | 4,296 |  |  |  | (4,296 | ) |  |  | — |  |  |  | — |  |  |  | — |
Citibank N.A. |  |  | 969 |  |  |  | (334 | ) |  |  | — |  |  |  | — |  |  |  | 635 |
Credit Suisse International |  |  | 874 |  |  |  | (874 | ) |  |  | — |  |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 3,386 |  |  |  | (2,116 | ) |  |  | — |  |  |  | — |  |  |  | 1,270 |
Morgan Stanley & Co. International PLC |  |  | 6,410 |  |  |  | (952 | ) |  |  | — |  |  |  | (5,458 | ) |  |  | — |
Royal Bank of Canada |  |  | 1,436 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,436 |
State Street Bank and Trust Co. |  |  | 5,215 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,215 |
Toronto-Dominion Bank |  |  | 2,461 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,461 |
|  | $ | 1,397,462 |  |  | $ | (8,572 | ) |  | $ | — |  |  | $ | (7,809 | ) |  | $ | 1,381,081 |

| (a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. |

| (b) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |

| (c) | Net amount represents the net amount receivable from the counterparty in the event of default. |

| (d) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |

| (e) | Net amount represents the net amount payable due to counterparty in the event of default. |

46 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-Backed Securities |  | $ | — |  |  | $ | 93,953,868 |  |  | $ | 682,824 |  |  | $ | 94,636,692 |
Corporate Bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  | — |  |  |  | 15,837,016 |  |  |  | — |  |  |  | 15,837,016 |
Automobile Components |  |  | — |  |  |  | 4,195,030 |  |  |  | — |  |  |  | 4,195,030 |
Automobiles |  |  | — |  |  |  | 6,007,117 |  |  |  | — |  |  |  | 6,007,117 |
Banks |  |  | — |  |  |  | 7,480,370 |  |  |  | — |  |  |  | 7,480,370 |
Beverages |  |  | — |  |  |  | 10,251,664 |  |  |  | — |  |  |  | 10,251,664 |
Biotechnology |  |  | — |  |  |  | 3,642,985 |  |  |  | — |  |  |  | 3,642,985 |
Broadline Retail |  |  | — |  |  |  | 1,386,394 |  |  |  | — |  |  |  | 1,386,394 |
Building Materials |  |  | — |  |  |  | 3,309,275 |  |  |  | — |  |  |  | 3,309,275 |
Building Products |  |  | — |  |  |  | 7,132,459 |  |  |  | — |  |  |  | 7,132,459 |
Capital Markets |  |  | — |  |  |  | 8,497,193 |  |  |  | — |  |  |  | 8,497,193 |
Chemicals |  |  | — |  |  |  | 5,629,051 |  |  |  | — |  |  |  | 5,629,051 |
Commercial Services & Supplies |  |  | — |  |  |  | 4,879,606 |  |  |  | — |  |  |  | 4,879,606 |
Communications Equipment |  |  | — |  |  |  | 1,282,164 |  |  |  | — |  |  |  | 1,282,164 |
Construction & Engineering |  |  | — |  |  |  | 3,834,363 |  |  |  | — |  |  |  | 3,834,363 |
Construction Materials |  |  | — |  |  |  | 286,588 |  |  |  | — |  |  |  | 286,588 |
Consumer Discretionary |  |  | — |  |  |  | 6,645,805 |  |  |  | — |  |  |  | 6,645,805 |
Consumer Finance |  |  | — |  |  |  | 5,570,819 |  |  |  | — |  |  |  | 5,570,819 |
Consumer Staples Distribution & Retail |  |  | — |  |  |  | 3,081,175 |  |  |  | — |  |  |  | 3,081,175 |
Containers & Packaging |  |  | — |  |  |  | 2,420,894 |  |  |  | — |  |  |  | 2,420,894 |
Diversified Consumer Services |  |  | — |  |  |  | 4,543,053 |  |  |  | — |  |  |  | 4,543,053 |
Diversified REITs |  |  | — |  |  |  | 10,892,113 |  |  |  | — |  |  |  | 10,892,113 |
Diversified Telecommunication Services |  |  | — |  |  |  | 13,054,890 |  |  |  | — |  |  |  | 13,054,890 |
Education |  |  | — |  |  |  | 635,661 |  |  |  | — |  |  |  | 635,661 |
Electric Utilities |  |  | — |  |  |  | 27,818,258 |  |  |  | — |  |  |  | 27,818,258 |
Electrical Equipment |  |  | — |  |  |  | 1,167,035 |  |  |  | — |  |  |  | 1,167,035 |
Electronic Equipment, Instruments & Components |  |  | — |  |  |  | 2,331,324 |  |  |  | — |  |  |  | 2,331,324 |
Energy Equipment & Services |  |  | — |  |  |  | 2,648,349 |  |  |  | — |  |  |  | 2,648,349 |
Environmental, Maintenance & Security Service |  |  | — |  |  |  | 1,963,284 |  |  |  | — |  |  |  | 1,963,284 |
Financial Services |  |  | — |  |  |  | 28,138,256 |  |  |  | — |  |  |  | 28,138,256 |
Food Products |  |  | — |  |  |  | 2,338,578 |  |  |  | — |  |  |  | 2,338,578 |
Gas Utilities |  |  | — |  |  |  | 179,895 |  |  |  | — |  |  |  | 179,895 |
Ground Transportation |  |  | — |  |  |  | 6,747,611 |  |  |  | — |  |  |  | 6,747,611 |
Health Care Equipment & Supplies |  |  | — |  |  |  | 2,927,349 |  |  |  | — |  |  |  | 2,927,349 |
Health Care Providers & Services |  |  | — |  |  |  | 11,237,998 |  |  |  | — |  |  |  | 11,237,998 |
Health Care Technology |  |  | — |  |  |  | 1,437,745 |  |  |  | — |  |  |  | 1,437,745 |
Hotels, Restaurants & Leisure |  |  | — |  |  |  | 9,556,626 |  |  |  | 1,864,288 |  |  |  | 11,420,914 |
Household Durables |  |  | — |  |  |  | 784,826 |  |  |  | — |  |  |  | 784,826 |
Household Products |  |  | — |  |  |  | 120,838 |  |  |  | — |  |  |  | 120,838 |
Independent Power and Renewable Electricity Producers |  |  | — |  |  |  | 1,647,898 |  |  |  | — |  |  |  | 1,647,898 |
Industrial Conglomerates |  |  | — |  |  |  | 2,369,075 |  |  |  | — |  |  |  | 2,369,075 |
Insurance |  |  | — |  |  |  | 13,961,009 |  |  |  | — |  |  |  | 13,961,009 |
Interactive Media & Services |  |  | — |  |  |  | 537,846 |  |  |  | — |  |  |  | 537,846 |
Internet Software & Services |  |  | — |  |  |  | 2,832,751 |  |  |  | — |  |  |  | 2,832,751 |
IT Services |  |  | — |  |  |  | 5,529,425 |  |  |  | — |  |  |  | 5,529,425 |
Leisure Products |  |  | — |  |  |  | 296,972 |  |  |  | — |  |  |  | 296,972 |
Machinery |  |  | — |  |  |  | 3,412,014 |  |  |  | — |  |  |  | 3,412,014 |
Marine Transportation |  |  | — |  |  |  | 116,747 |  |  |  | — |  |  |  | 116,747 |
Media |  |  | — |  |  |  | 28,151,985 |  |  |  | — |  |  |  | 28,151,985 |
Metals & Mining |  |  | — |  |  |  | 6,822,534 |  |  |  | — |  |  |  | 6,822,534 |
Multi-Utilities |  |  | — |  |  |  | 2,776,570 |  |  |  | — |  |  |  | 2,776,570 |
Offshore Drilling & Other Services |  |  | — |  |  |  | 1,286,536 |  |  |  | — |  |  |  | 1,286,536 |
Oil, Gas & Consumable Fuels |  |  | 87,028 |  |  |  | 43,356,230 |  |  |  | 1,390,995 |  |  |  | 44,834,253 |

S C H E D U L E O F I N V E S T M E N T S |  | 47

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Corporate Bonds (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Passenger Airlines |  | $ | — |  |  | $ | 7,462,837 |  |  | $ | — |  |  | $ | 7,462,837 |
Pharmaceuticals |  |  | — |  |  |  | 9,471,007 |  |  |  | — |  |  |  | 9,471,007 |
Real Estate |  |  | — |  |  |  | 62,478 |  |  |  | — |  |  |  | 62,478 |
Real Estate Management & Development |  |  | — |  |  |  | 1,529,802 |  |  |  | 640,063 |  |  |  | 2,169,865 |
Semiconductors & Semiconductor Equipment |  |  | — |  |  |  | 5,861,196 |  |  |  | — |  |  |  | 5,861,196 |
Software |  |  | — |  |  |  | 11,634,663 |  |  |  | — |  |  |  | 11,634,663 |
Specialized REITs |  |  | — |  |  |  | 698,870 |  |  |  | — |  |  |  | 698,870 |
Specialty Retail |  |  | — |  |  |  | 683,121 |  |  |  | — |  |  |  | 683,121 |
Technology Hardware, Storage & Peripherals |  |  | — |  |  |  | 4,173,685 |  |  |  | — |  |  |  | 4,173,685 |
Textiles, Apparel & Luxury Goods |  |  | — |  |  |  | 274,379 |  |  |  | — |  |  |  | 274,379 |
Tobacco |  |  | — |  |  |  | 4,980,096 |  |  |  | — |  |  |  | 4,980,096 |
Transportation Infrastructure |  |  | — |  |  |  | 2,197,379 |  |  |  | — |  |  |  | 2,197,379 |
Wireless Telecommunication Services |  |  | — |  |  |  | 6,652,591 |  |  |  | — |  |  |  | 6,652,591 |
Floating Rate Loan Interests |  |  | — |  |  |  | 19,684,044 |  |  |  | 615,865 |  |  |  | 20,299,909 |
Foreign Agency Obligations |  |  | — |  |  |  | 11,665,144 |  |  |  | — |  |  |  | 11,665,144 |
Municipal Bonds |  |  | — |  |  |  | 20,598,329 |  |  |  | — |  |  |  | 20,598,329 |
Non-Agency Mortgage-Backed Securities |  |  | — |  |  |  | 80,981,865 |  |  |  | — |  |  |  | 80,981,865 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital Trusts |  |  | — |  |  |  | 31,143,452 |  |  |  | — |  |  |  | 31,143,452 |
Preferred Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital Markets |  |  | 1,564,990 |  |  |  | — |  |  |  | — |  |  |  | 1,564,990 |
Financial Services |  |  | — |  |  |  | 23,500 |  |  |  | — |  |  |  | 23,500 |
Trust Preferred |  |  | 841,932 |  |  |  | — |  |  |  | — |  |  |  | 841,932 |
U.S. Government Sponsored Agency Securities |  |  | — |  |  |  | 138,826,654 |  |  |  | — |  |  |  | 138,826,654 |
U.S. Treasury Obligations |  |  | — |  |  |  | 79,240,814 |  |  |  | — |  |  |  | 79,240,814 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Obligations |  |  | — |  |  |  | 33,190,964 |  |  |  | — |  |  |  | 33,190,964 |
Unfunded Floating Rate Loan Interests(a) |  |  | — |  |  |  | 719 |  |  |  | — |  |  |  | 719 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TBA Sale Commitments |  |  | — |  |  |  | (14,995,820 | ) |  |  | — |  |  |  | (14,995,820 | )
|  | $ | 2,493,950 |  |  | $ | 892,986,886 |  |  | $ | 5,194,035 |  |  | $ | 900,674,871 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Contracts |  | $ | — |  |  | $ | 7,692 |  |  | $ | — |  |  | $ | 7,692 |
Foreign Currency Exchange Contracts |  |  | — |  |  |  | 17,250 |  |  |  | — |  |  |  | 17,250 |
Interest Rate Contracts |  |  | 2,295,229 |  |  |  | 173,754 |  |  |  | — |  |  |  | 2,468,983 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Contracts |  |  | — |  |  |  | (854,981 | ) |  |  | — |  |  |  | (854,981 | )
Foreign Currency Exchange Contracts |  |  | — |  |  |  | (12,404 | ) |  |  | — |  |  |  | (12,404 | )
Interest Rate Contracts |  |  | (702,815 | ) |  |  | (122,727 | ) |  |  | — |  |  |  | (825,542 | )
|  | $ | 1,592,414 |  |  | $ | (791,416 | ) |  | $ | — |  |  | $ | 800,998 |

| (a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |

| (b) | Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $305,139,899 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

|  | Asset‑Backed Securities |  |  | Corporate Bonds |  |  | Floating Rate Loan Interests |  |  | Non-Agency Mortgage-Backed Securities |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2022 |  | $ | 1,619,981 |  |  | $ | 4,333,458 |  |  | $ | 135,835 |  |  | $ | 477,212 |  |  | $ | 6,566,486 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | 360,622 |  |  |  | — |  |  |  | 360,622 |
Transfers out of Level 3 |  |  | (726,572 | ) |  |  | — |  |  |  | (58,455 | ) |  |  | (477,212 | ) |  |  | (1,262,239 | )

48 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Core Bond Trust (BHK)

|  | Asset‑Backed Securities |  |  | Corporate Bonds |  |  | Floating Rate Loan Interests |  |  | Non-Agency Mortgage-Backed Securities |  |  | Total |
Accrued discounts/premiums |  | $ | (20,953 | ) |  | $ | — |  |  | $ | 581 |  |  | $ | — |  |  | $ | (20,372 | )
Net realized gain (loss) |  |  | 1,395 |  |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | 1,421 |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 33,329 |  |  |  | (377,959 | ) |  |  | 5,452 |  |  |  | — |  |  |  | (339,178 | )
Purchases |  |  | — |  |  |  | — |  |  |  | 173,252 |  |  |  | — |  |  |  | 173,252 |
Sales |  |  | (224,356 | ) |  |  | (60,153 | ) |  |  | (1,448 | ) |  |  | — |  |  |  | (285,957 | )
Closing balance, as of June 30, 2023 |  | $ | 682,824 |  |  | $ | 3,895,346 |  |  | $ | 615,865 |  |  | $ | — |  |  | $ | 5,194,035 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023(b) |  | $ | 33,329 |  |  | $ | (377,959 | ) |  | $ | 5,452 |  |  | $ | — |  |  | $ | (339,178 | )

| (a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end. |

The Trust’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 49

Consolidated Schedule of Investments (unaudited) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class B, (3-mo. LIBOR US + 1.80%), 7.12%, 05/15/30(a)(b) |  |  | USD |  |  |  | 500 |  |  | $ | 483,147 |
BlueMountain Fuji Eur CLO IV DAC, Series 4X, Class ER, (3-mo. EURIBOR + 6.21%), 9.63%, 02/25/34(a)(c) |  |  | EUR |  |  |  | 100 |  |  |  | 98,199 |
Contego CLO VIII DAC, Series 8X, Class ER, (3-mo. EURIBOR + 6.06%), 9.32%, 01/25/34(a)(c) |  |  |  |  |  |  | 100 |  |  |  | 97,092 |
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, (3-mo. EURIBOR + 3.15%), 6.68%, 12/15/34(a)(c) |  |  |  |  |  |  | 100 |  |  |  | 97,302 |
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class C, (3-mo. LIBOR US + 1.95%), 7.21%, 07/15/31(a)(b) |  |  | USD |  |  |  | 250 |  |  |  | 238,252 |
Greene King Finance PLC(a) |  |  |  |  |  |  |  |  |  |  |  |
Series B1, (3-mo. LIBOR GBP + 1.92%), 6.80%, 12/15/34 |  |  | GBP |  |  |  | 100 |  |  |  | 93,679 |
Series B2, (1-day SONIA + 2.20%), 6.63%, 03/15/36(c) |  |  |  |  |  |  | 100 |  |  |  | 93,949 |
Margay CLO I DAC, (3-mo. EURIBOR + 6.40%), 9.95%, 07/15/36 |  |  | EUR |  |  |  | 100 |  |  |  | 108,303 |
Neuberger Berman Loan Advisers Euro CLO 2 DAC, Series 2021-2X, Class E, (3-mo. EURIBOR + 6.06%), 9.24%, 04/15/34(a)(c) |  |  |  |  |  |  | 100 |  |  |  | 98,372 |
Palmer Square European CLO DAC, (3-mo. EURIBOR + 6.20%), 10.05%, 07/15/36 |  |  |  |  |  |  | 100 |  |  |  | 107,788 |
Rockfield Park CLO DAC, Series 1X, Class D, (3-mo. EURIBOR + 5.95%), 9.13%, 07/16/34(a)(c) |  |  |  |  |  |  | 100 |  |  |  | 97,337 |
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32(c) |  |  | GBP |  |  |  | 89 |  |  |  | 108,299 |
Total Asset-Backed Securities — 0.1% (Cost: $1,888,621) |  |  |  |  |  |  |  |  |  |  | 1,721,719 |
|  |  |  |  | Shares |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |
Capital Markets — 0.0% |  |  |  |  |  |  |  |  |
ARDAGH MP USA INC, (Acquired 08/02/21, Cost: $1,599,352)(d) |  |  |  |  |  |  | 162,646 |  |  |  | 611,549 |
Chemicals — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
Element Solutions, Inc.(e) |  |  |  |  |  |  | 37,305 |  |  |  | 716,256 |
Electrical Equipment — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
SunPower Corp.(f) |  |  |  |  |  |  | 1,025 |  |  |  | 10,045 |
Energy Equipment & Services — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Nine Energy Service, Inc.(f) |  |  |  |  |  |  | 2,390 |  |  |  | 9,154 |
Financial Services — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Block, Inc.(f) |  |  |  |  |  |  | 4,614 |  |  |  | 307,154 |
UCI International Remainco LLC(g) |  |  |  |  |  |  | 109,729 |  |  |  | 1 |
|  |  |  |  |  |  |  |  |  |  | 307,155 |
Ground Transportation — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Uber Technologies, Inc.(f) |  |  |  |  |  |  | 14,860 |  |  |  | 641,506 |

Security |  |  |  |  | Shares |  |  | Value |
Hotels, Restaurants & Leisure — 0.1% |  |  |  |  |
Carnival Corp.(f) |  |  |  |  |  |  | 54,231 |  |  | $ | 1,021,170 |
IT Services — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Twilio, Inc., Class A(f) |  |  |  |  |  |  | 2,522 |  |  |  | 160,450 |
Metals & Mining — 0.2% |  |  |  |  |  |  |  |  |  |  |  |
Constellium SE(f) |  |  |  |  |  |  | 138,993 |  |  |  | 2,390,679 |
Oil, Gas & Consumable Fuels — 0.0% |  |  |  |  |
Kcad Holdings I Ltd.(g) |  |  |  |  |  |  | 2,223,465,984 |  |  |  | 22,235 |
Pharmaceuticals — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
Catalent, Inc.(f) |  |  |  |  |  |  | 19,494 |  |  |  | 845,260 |
Real Estate Management & Development — 0.0% |  |  |  |  |
ADLER Group SA(b)(f) |  |  |  |  |  |  | 8,254 |  |  |  | 4,976 |
ADLER Group SA |  |  |  |  |  |  | 3,728 |  |  |  | 2,152 |
|  |  |  |  |  |  |  |  |  |  | 7,128 |
Semiconductors & Semiconductor Equipment — 0.0% |  |  |  |  |
Maxeon Solar Technologies Ltd.(f) |  |  |  |  |  |  | 128 |  |  |  | 3,604 |
Software — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
Informatica, Inc., Class A(f) |  |  |  |  |  |  | 62,173 |  |  |  | 1,150,200 |
Total Common Stocks — 0.6% (Cost: $32,788,118) |  |  |  |  |  |  |  |  |  |  | 7,896,391 |
|  |  |  |  | Par (000) |  |  |  |
Corporate Bonds |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense — 6.3% |  |  |  |  |  |  |  |  |  |  |  |
Bombardier, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 03/15/25 |  |  | USD |  |  |  | 166 |  |  |  | 166,285 |
7.13%, 06/15/26 |  |  |  |  |  |  | 6,036 |  |  |  | 5,995,334 |
7.88%, 04/15/27 |  |  |  |  |  |  | 4,116 |  |  |  | 4,105,403 |
6.00%, 02/15/28 |  |  |  |  |  |  | 3,089 |  |  |  | 2,919,426 |
7.50%, 02/01/29 |  |  |  |  |  |  | 4,951 |  |  |  | 4,893,296 |
7.45%, 05/01/34 |  |  |  |  |  |  | 434 |  |  |  | 494,760 |
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, |  |  |  |  |  |  |  |  |  |  |  |
7.38%, 08/15/26(b) |  |  |  |  |  |  | 2,695 |  |  |  | 2,438,975 |
Rolls-Royce PLC(b) |  |  |  |  |  |  |  |  |  |  |  |
3.63%, 10/14/25 |  |  |  |  |  |  | 4,941 |  |  |  | 4,667,911 |
5.75%, 10/15/27 |  |  |  |  |  |  | 1,584 |  |  |  | 1,548,763 |
Spirit AeroSystems, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 04/15/25 |  |  |  |  |  |  | 126 |  |  |  | 124,502 |
9.38%, 11/30/29 |  |  |  |  |  |  | 3,295 |  |  |  | 3,527,544 |
TransDigm, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 03/15/26(b) |  |  |  |  |  |  | 32,149 |  |  |  | 31,991,881 |
6.38%, 06/15/26 |  |  |  |  |  |  | 417 |  |  |  | 411,582 |
7.50%, 03/15/27 |  |  |  |  |  |  | 2,638 |  |  |  | 2,641,746 |
6.75%, 08/15/28(b) |  |  |  |  |  |  | 13,672 |  |  |  | 13,723,817 |
Triumph Group, Inc., 9.00%, 03/15/28(b) |  |  |  |  |  |  | 4,764 |  |  |  | 4,864,230 |
|  |  |  |  |  |  |  |  |  |  | 84,515,455 |
Air Freight & Logistics — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
XPO, Inc., 6.25%, 06/01/28(b) |  |  |  |  |  |  | 758 |  |  |  | 745,286 |
Automobile Components — 2.6% |  |  |  |  |  |  |  |  |  |  |  |
Adient Global Holdings Ltd., 3.50%, 08/15/24(c) |  |  | EUR |  |  |  | 15 |  |  |  | 15,979 |
Clarios Global LP, 6.75%, 05/15/25(b) |  |  | USD |  |  |  | 1,456 |  |  |  | 1,456,891 |
Clarios Global LP/Clarios U.S. Finance Co. 4.38%, 05/15/26(c) |  |  | EUR |  |  |  | 1,777 |  |  |  | 1,845,204 |

50 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Automobile Components (continued) |  |  |  |  |
Clarios Global LP/Clarios U.S. Finance Co. (continued) |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 05/15/26(b) |  |  | USD |  |  |  | 6,305 |  |  | $ | 6,264,398 |
8.50%, 05/15/27(b) |  |  |  |  |  |  | 13,945 |  |  |  | 13,967,814 |
6.75%, 05/15/28 |  |  |  |  |  |  | 7,569 |  |  |  | 7,542,526 |
Dana Financing Luxembourg SARL, 8.50%, 07/15/31(c) |  |  | EUR |  |  |  | 200 |  |  |  | 225,115 |
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(b) |  |  | USD |  |  |  | 1,030 |  |  |  | 938,293 |
Dometic Group AB, 3.00%, 05/08/26(c) |  |  | EUR |  |  |  | 100 |  |  |  | 101,536 |
Forvia, 2.75%, 02/15/27(c) |  |  |  |  |  |  | 167 |  |  |  | 164,826 |
Goodyear Tire & Rubber Co. |  |  |  |  |  |  |  |  |  |  |  |
9.50%, 05/31/25 |  |  | USD |  |  |  | 1,085 |  |  |  | 1,109,491 |
5.00%, 07/15/29 |  |  |  |  |  |  | 520 |  |  |  | 468,903 |
5.63%, 04/30/33 |  |  |  |  |  |  | 311 |  |  |  | 270,747 |
IHO Verwaltungs GmbH, (8.75% Cash or 9.50% PIK), 8.75%, 05/15/28(c)(h) |  |  | EUR |  |  |  | 116 |  |  |  | 130,468 |
Titan International, Inc., 7.00%, 04/30/28 |  |  | USD |  |  |  | 348 |  |  |  | 325,361 |
ZF Finance GmbH(c) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 08/03/26 |  |  | EUR |  |  |  | 200 |  |  |  | 218,750 |
2.00%, 05/06/27 |  |  |  |  |  |  | 200 |  |  |  | 189,596 |
2.75%, 05/25/27 |  |  |  |  |  |  | 100 |  |  |  | 97,111 |
|  |  |  |  |  |  |  |  |  |  | 35,333,009 |
Automobiles — 2.2% |
Asbury Automotive Group, Inc., 5.00%, 02/15/32(b) |  |  | USD |  |  |  | 1,694 |  |  |  | 1,474,957 |
Constellation Automotive Financing PLC, 4.88%, 07/15/27(c) |  |  | GBP |  |  |  | 100 |  |  |  | 97,155 |
Ford Motor Co. |  |  |  |  |  |  |  |  |  |  |  |
3.25%, 02/12/32 |  |  | USD |  |  |  | 2,054 |  |  |  | 1,615,850 |
6.10%, 08/19/32 |  |  |  |  |  |  | 3,623 |  |  |  | 3,511,252 |
Ford Motor Credit Co. LLC |  |  |  |  |  |  |  |  |  |  |  |
3.81%, 01/09/24 |  |  |  |  |  |  | 713 |  |  |  | 702,839 |
4.54%, 03/06/25 |  |  | GBP |  |  |  | 200 |  |  |  | 240,792 |
5.13%, 06/16/25 |  |  | USD |  |  |  | 263 |  |  |  | 255,775 |
4.13%, 08/04/25 |  |  |  |  |  |  | 2,166 |  |  |  | 2,054,238 |
4.39%, 01/08/26 |  |  |  |  |  |  | 507 |  |  |  | 479,826 |
6.86%, 06/05/26 |  |  | GBP |  |  |  | 108 |  |  |  | 133,664 |
4.95%, 05/28/27 |  |  | USD |  |  |  | 640 |  |  |  | 603,704 |
4.87%, 08/03/27 |  |  | EUR |  |  |  | 175 |  |  |  | 187,179 |
6.80%, 05/12/28 |  |  | USD |  |  |  | 7,889 |  |  |  | 7,896,234 |
6.13%, 05/15/28 |  |  | EUR |  |  |  | 100 |  |  |  | 111,781 |
5.11%, 05/03/29 |  |  | USD |  |  |  | 200 |  |  |  | 185,482 |
7.35%, 03/06/30 |  |  |  |  |  |  | 4,545 |  |  |  | 4,641,545 |
3.63%, 06/17/31 |  |  |  |  |  |  | 200 |  |  |  | 163,925 |
Ken Garff Automotive LLC, 4.88%, 09/15/28(b) |  |  |  |  |  |  | 680 |  |  |  | 598,075 |
LCM Investments Holdings II LLC, 4.88%, 05/01/29(b) |  |  |  |  |  |  | 1,552 |  |  |  | 1,328,110 |
Lithia Motors, Inc., 3.88%, 06/01/29(b) |  |  |  |  |  |  | 721 |  |  |  | 626,445 |
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) |  |  |  |  |  |  | 975 |  |  |  | 774,170 |
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30(a)(c) |  |  | EUR |  |  |  | 600 |  |  |  | 607,631 |
Wabash National Corp., 4.50%, 10/15/28(b) |  |  | USD |  |  |  | 1,072 |  |  |  | 929,551 |
|  |  |  |  |  |  |  |  |  |  | 29,220,180 |
Banks — 0.7% |
Banco BPM SpA (3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28 |  |  | EUR |  |  |  | 175 |  |  |  | 189,630 |

Security |  |  |  |  | Par (000) |  |  | Value |
Banks (continued) |  |  |  |  |  |  |  |  |  |  |  |
Banco BPM SpA (continued) |  |  |  |  |  |  |  |  |  |  |  |
(5-year EUR Swap + 4.67%), 4.25%, 10/01/29(a)(c) |  |  | EUR |  |  |  | 250 |  |  | $ | 264,625 |
Banco de Sabadell SA(a)(c) |  |  |  |  |  |  |  |  |  |  |  |
(1-year EUR Swap + 2.40%), 5.25%, 02/07/29 |  |  |  |  |  |  | 100 |  |  |  | 106,803 |
(5-year EUR Swap + 2.95%), 2.50%, 04/15/31 |  |  |  |  |  |  | 100 |  |  |  | 95,344 |
Banco Espirito Santo SA(f)(i) |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 01/15/18 |  |  |  |  |  |  | 1,900 |  |  |  | 476,855 |
4.00%, 01/21/19 |  |  |  |  |  |  | 1,100 |  |  |  | 276,074 |
Bank of Ireland Group PLC, (5-year EUR Swap + 7.92%), 7.50%(a)(c)(j) |  |  |  |  |  |  | 200 |  |  |  | 213,618 |
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34 |  |  | USD |  |  |  | 2,175 |  |  |  | 2,193,949 |
Commerzbank AG, (5-year EUR Swap + 6.36%), 6.13%(a)(c)(j) |  |  | EUR |  |  |  | 400 |  |  |  | 397,197 |
First-Citizens Bank & Trust Co., 6.00%, 04/01/36 |  |  | USD |  |  |  | 3,261 |  |  |  | 2,925,589 |
Intesa Sanpaolo SpA |  |  |  |  |  |  |  |  |  |  |  |
5.71%, 01/15/26(b) |  |  |  |  |  |  | 400 |  |  |  | 380,812 |
5.15%, 06/10/30(c) |  |  | GBP |  |  |  | 125 |  |  |  | 127,906 |
(1-year CMT + 2.60%), 4.20%, 06/01/32(a)(b) |  |  | USD |  |  |  | 855 |  |  |  | 637,221 |
(1-year CMT + 2.75%), 4.95%, 06/01/42(a)(b) |  |  |  |  |  |  | 630 |  |  |  | 414,904 |
Macquarie Bank Ltd., 6.80%, 01/18/33(b) |  |  |  |  |  |  | 623 |  |  |  | 625,111 |
|  |  |  |  |  |  |  |  |  |  | 9,325,638 |
Beverages — 3.4% |  |  |  |  |  |  |  |  |  |  |  |
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(b)(h) |  |  |  |  |  |  | 3,679 |  |  |  | 2,980,762 |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 06/15/27(b) |  |  |  |  |  |  | 2,141 |  |  |  | 2,103,242 |
3.25%, 09/01/28(b) |  |  |  |  |  |  | 1,708 |  |  |  | 1,467,117 |
3.00%, 09/01/29(c) |  |  | EUR |  |  |  | 464 |  |  |  | 375,981 |
4.00%, 09/01/29(b) |  |  | USD |  |  |  | 10,956 |  |  |  | 8,677,084 |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 04/30/25(b) |  |  |  |  |  |  | 200 |  |  |  | 195,619 |
2.13%, 08/15/26(c) |  |  | EUR |  |  |  | 1,239 |  |  |  | 1,200,030 |
4.13%, 08/15/26(b) |  |  | USD |  |  |  | 1,200 |  |  |  | 1,117,724 |
4.75%, 07/15/27(c) |  |  | GBP |  |  |  | 100 |  |  |  | 100,517 |
5.25%, 08/15/27(b) |  |  | USD |  |  |  | 868 |  |  |  | 735,266 |
Ball Corp., 6.00%, 06/15/29 |  |  |  |  |  |  | 1,028 |  |  |  | 1,020,290 |
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25(b) |  |  |  |  |  |  | 584 |  |  |  | 532,900 |
Crown European Holdings SA, 3.38%, 05/15/25(c) |  |  | EUR |  |  |  | 100 |  |  |  | 106,796 |
Mauser Packaging Solutions Holding Co.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.88%, 08/15/26 |  |  | USD |  |  |  | 15,705 |  |  |  | 15,603,050 |
9.25%, 04/15/27 |  |  |  |  |  |  | 557 |  |  |  | 514,112 |
OI European Group BV, 6.25%, 05/15/28(c) |  |  | EUR |  |  |  | 100 |  |  |  | 111,416 |
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27(b) |  |  | USD |  |  |  | 211 |  |  |  | 208,927 |
Trivium Packaging Finance BV |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 08/15/26(b) |  |  |  |  |  |  | 3,921 |  |  |  | 3,764,765 |
8.50%, 08/15/27(b) |  |  |  |  |  |  | 5,459 |  |  |  | 5,254,925 |
(3-mo. EURIBOR + 3.75%), 7.07%, 08/15/26(a)(c) |  |  | EUR |  |  |  | 100 |  |  |  | 107,210 |
|  |  |  |  |  |  |  |  |  |  | 46,177,733 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 51

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Biotechnology(c) — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Cidron Aida Finco SARL |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 04/01/28 |  |  | EUR |  |  |  | 163 |  |  | $ | 160,771 |
6.25%, 04/01/28 |  |  | GBP |  |  |  | 133 |  |  |  | 146,825 |
Grifols Escrow Issuer SA, 3.88%, 10/15/28 |  |  | EUR |  |  |  | 100 |  |  |  | 93,161 |
|  |  |  |  |  |  |  |  |  |  | 400,757 |
Broadline Retail — 0.0% |
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(b) |  |  | USD |  |  |  | 697 |  |  |  | 648,761 |
Building Materials — 2.2% |  |  |  |  |  |  |  |  |
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b) |  |  |  |  |  |  | 1,004 |  |  |  | 948,774 |
Emerald Debt Merger Sub LLC |  |  |  |  |  |  |  |  |  |  |  |
6.38%, 12/15/30(c) |  |  | EUR |  |  |  | 100 |  |  |  | 108,711 |
6.63%, 12/15/30(b) |  |  | USD |  |  |  | 13,876 |  |  |  | 13,754,585 |
HT Troplast GmbH, 9.25%, 07/15/25(c) |  |  | EUR |  |  |  | 100 |  |  |  | 110,678 |
Jeld-Wen, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 05/15/25 |  |  | USD |  |  |  | 852 |  |  |  | 859,455 |
4.63%, 12/15/25 |  |  |  |  |  |  | 930 |  |  |  | 900,938 |
New Enterprise Stone & Lime Co., Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 07/15/28 |  |  |  |  |  |  | 435 |  |  |  | 395,863 |
9.75%, 07/15/28 |  |  |  |  |  |  | 640 |  |  |  | 617,395 |
PCF GmbH, 4.75%, 04/15/26(c) |  |  | EUR |  |  |  | 100 |  |  |  | 83,641 |
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28(b) |  |  | USD |  |  |  | 4,882 |  |  |  | 4,603,940 |
Standard Industries, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2.25%, 11/21/26(c) |  |  | EUR |  |  |  | 511 |  |  |  | 494,300 |
5.00%, 02/15/27(b) |  |  |  |  |  |  | 128 |  |  |  | 121,990 |
4.75%, 01/15/28(b) |  |  | USD |  |  |  | 100 |  |  |  | 93,125 |
4.38%, 07/15/30(b) |  |  |  |  |  |  | 2,772 |  |  |  | 2,400,821 |
3.38%, 01/15/31(b) |  |  |  |  |  |  | 4,471 |  |  |  | 3,599,348 |
|  |  |  |  |  |  |  |  |  |  | 29,093,564 |
Building Products(b) — 1.7% |  |  |  |  |  |  |  |  |
Advanced Drainage Systems, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 09/30/27 |  |  |  |  |  |  | 547 |  |  |  | 517,689 |
6.38%, 06/15/30 |  |  |  |  |  |  | 4,547 |  |  |  | 4,498,211 |
Beacon Roofing Supply, Inc., 4.13%, 05/15/29 |  |  |  |  |  |  | 552 |  |  |  | 488,520 |
Foundation Building Materials, Inc., 6.00%, 03/01/29 |  |  |  |  |  |  | 440 |  |  |  | 367,400 |
GYP Holdings III Corp., 4.63%, 05/01/29 |  |  |  |  |  |  | 2,104 |  |  |  | 1,851,520 |
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 |  |  |  |  |  |  | 386 |  |  |  | 364,695 |
SRS Distribution, Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 07/01/28 |  |  |  |  |  |  | 1,999 |  |  |  | 1,784,657 |
6.13%, 07/01/29 |  |  |  |  |  |  | 1,746 |  |  |  | 1,507,902 |
6.00%, 12/01/29 |  |  |  |  |  |  | 3,566 |  |  |  | 3,077,636 |
White Cap Buyer LLC, 6.88%, 10/15/28 |  |  |  |  |  |  | 6,735 |  |  |  | 6,103,594 |
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26(h) |  |  |  |  |  |  | 2,051 |  |  |  | 1,964,714 |
|  |  |  |  |  |  |  |  |  |  | 22,526,538 |
Capital Markets — 2.2% |  |  |  |  |  |  |  |  |
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27(b) |  |  |  |  |  |  | 708 |  |  |  | 725,674 |
Blackstone Holdings Finance Co. LLC, 6.20%, 04/22/33(b) |  |  |  |  |  |  | 1,774 |  |  |  | 1,811,951 |
Blackstone Private Credit Fund |  |  |  |  |  |  |  |  |  |  |  |
7.05%, 09/29/25 |  |  |  |  |  |  | 432 |  |  |  | 430,880 |
3.25%, 03/15/27 |  |  |  |  |  |  | 590 |  |  |  | 509,831 |
Compass Group Diversified Holdings LLC, |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 04/15/29(b) |  |  |  |  |  |  | 1,129 |  |  |  | 989,589 |

Security |  |  |  |  | Par (000) |  |  | Value |
Capital Markets (continued) |  |  |  |  |  |  |  |  |  |  |  |
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |  |  | USD |  |  |  | 1,733 |  |  | $ | 1,399,248 |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 05/15/26 |  |  |  |  |  |  | 308 |  |  |  | 280,315 |
5.25%, 05/15/27 |  |  |  |  |  |  | 3,545 |  |  |  | 3,057,207 |
4.38%, 02/01/29 |  |  |  |  |  |  | 3,191 |  |  |  | 2,507,169 |
Lehman Brothers Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.38%, 10/17/12 |  |  | EUR |  |  |  | 350 |  |  |  | 1,604 |
1.00%, 05/17/13 |  |  | USD |  |  |  | 1,535 |  |  |  | 2,302 |
4.75%, 01/16/14 |  |  | EUR |  |  |  | 1,890 |  |  |  | 8,662 |
1.00%, 02/05/14 |  |  |  |  |  |  | 3,950 |  |  |  | 18,103 |
1.00%, 12/31/49 |  |  | USD |  |  |  | 430 |  |  |  | 645 |
Morgan Stanley, (5-year CMT + 2.43%), 5.95%, 01/19/38(a) |  |  |  |  |  |  | 505 |  |  |  | 498,456 |
NFP Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.88%, 08/15/28 |  |  |  |  |  |  | 7,807 |  |  |  | 6,776,634 |
7.50%, 10/01/30 |  |  |  |  |  |  | 4,085 |  |  |  | 3,955,119 |
Northern Trust Corp., 6.13%, 11/02/32 |  |  |  |  |  |  | 1,435 |  |  |  | 1,487,726 |
Owl Rock Capital Corp. |  |  |  |  |  |  |  |  |  |  |  |
3.75%, 07/22/25 |  |  |  |  |  |  | 1,102 |  |  |  | 1,021,156 |
3.40%, 07/15/26 |  |  |  |  |  |  | 785 |  |  |  | 695,327 |
Owl Rock Core Income Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 03/21/25 |  |  |  |  |  |  | 873 |  |  |  | 840,069 |
3.13%, 09/23/26 |  |  |  |  |  |  | 540 |  |  |  | 465,318 |
7.75%, 09/16/27(b) |  |  |  |  |  |  | 1,852 |  |  |  | 1,842,626 |
|  |  |  |  |  |  |  |  |  |  | 29,325,611 |
Chemicals — 3.1% |  |  |  |  |  |  |  |  |
Avient Corp., 7.13%, 08/01/30(b) |  |  |  |  |  |  | 440 |  |  |  | 445,026 |
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25(c) |  |  | EUR |  |  |  | 242 |  |  |  | 258,800 |
Axalta Coating Systems LLC, 3.38%, 02/15/29(b) |  |  | USD |  |  |  | 2,011 |  |  |  | 1,711,864 |
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(b) |  |  |  |  |  |  | 2,464 |  |  |  | 2,322,438 |
Chemours Co.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 11/15/28 |  |  |  |  |  |  | 855 |  |  |  | 785,651 |
4.63%, 11/15/29 |  |  |  |  |  |  | 462 |  |  |  | 390,443 |
Element Solutions, Inc., 3.88%, 09/01/28(b) |  |  |  |  |  |  | 7,277 |  |  |  | 6,348,281 |
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(c) |  |  | EUR |  |  |  | 100 |  |  |  | 96,758 |
HB Fuller Co., 4.25%, 10/15/28 |  |  | USD |  |  |  | 606 |  |  |  | 539,364 |
Herens Holdco SARL, 4.75%, 05/15/28(b) |  |  |  |  |  |  | 4,049 |  |  |  | 3,137,975 |
Herens Midco SARL, 5.25%, 05/15/29(c) |  |  | EUR |  |  |  | 102 |  |  |  | 63,665 |
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b) |  |  | USD |  |  |  | 1,557 |  |  |  | 1,356,707 |
INEOS Finance PLC, 6.63%, 05/15/28(c) |  |  | EUR |  |  |  | 100 |  |  |  | 107,020 |
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26(c) |  |  |  |  |  |  | 215 |  |  |  | 209,613 |
Ingevity Corp., 3.88%, 11/01/28(b) |  |  | USD |  |  |  | 494 |  |  |  | 421,761 |
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(h) |  |  |  |  |  |  | 1,348 |  |  |  | 889,680 |
Kronos International, Inc., 3.75%, 09/15/25(c) |  |  | EUR |  |  |  | 100 |  |  |  | 99,161 |
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b) |  |  | USD |  |  |  | 725 |  |  |  | 605,519 |
Minerals Technologies, Inc., 5.00%, 07/01/28(b) |  |  |  |  |  |  | 878 |  |  |  | 798,980 |
NOVA Chemicals Corp., 4.88%, 06/01/24(b) |  |  |  |  |  |  | 456 |  |  |  | 445,503 |
Olympus Water U.S. Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |
9.63%, 11/15/28(c) |  |  | EUR |  |  |  | 179 |  |  |  | 187,512 |
9.75%, 11/15/28(b) |  |  | USD |  |  |  | 3,576 |  |  |  | 3,487,673 |

52 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Chemicals (continued) |  |  |  |  |
SCIL IV LLC/SCIL USA Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
5.38%, 11/01/26(b) |  |  | USD |  |  |  | 1,495 |  |  | $ | 1,362,904 |
9.50%, 07/15/28 |  |  | EUR |  |  |  | 100 |  |  |  | 107,885 |
(3-mo. EURIBOR + 4.38%), 7.63%, 11/01/26(a)(c) |  |  |  |  |  |  | 100 |  |  |  | 106,474 |
Scotts Miracle-Gro Co., 4.38%, 02/01/32 |  |  | USD |  |  |  | 1,734 |  |  |  | 1,365,323 |
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) |  |  |  |  |  |  | 3,950 |  |  |  | 3,138,788 |
Synthomer PLC, 3.88%, 07/01/25(c) |  |  | EUR |  |  |  | 133 |  |  |  | 133,914 |
WESCO Distribution, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.13%, 06/15/25 |  |  | USD |  |  |  | 1,940 |  |  |  | 1,960,438 |
7.25%, 06/15/28 |  |  |  |  |  |  | 2,820 |  |  |  | 2,876,558 |
WR Grace Holdings LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 06/15/27 |  |  |  |  |  |  | 733 |  |  |  | 679,807 |
5.63%, 08/15/29 |  |  |  |  |  |  | 5,346 |  |  |  | 4,379,978 |
7.38%, 03/01/31 |  |  |  |  |  |  | 1,068 |  |  |  | 1,046,620 |
|  |  |  |  |  |  |  |  |  |  | 41,868,083 |
Commercial Services & Supplies — 3.1% |  |  |  |  |  |  |  |  |
ADT Security Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.13%, 08/01/29 |  |  |  |  |  |  | 1,619 |  |  |  | 1,398,411 |
4.88%, 07/15/32 |  |  |  |  |  |  | 339 |  |  |  | 289,845 |
Albion Financing 1 SARL/Aggreko Holdings, Inc., |  |  |  |  |  |  |  |  |  |  |  |
6.13%, 10/15/26(b) |  |  |  |  |  |  | 940 |  |  |  | 883,600 |
APX Group, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.75%, 02/15/27 |  |  |  |  |  |  | 1,620 |  |  |  | 1,587,568 |
5.75%, 07/15/29 |  |  |  |  |  |  | 1,478 |  |  |  | 1,282,760 |
BCP V Modular Services Finance II PLC(c) |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 11/30/28 |  |  | EUR |  |  |  | 200 |  |  |  | 185,450 |
6.13%, 11/30/28 |  |  | GBP |  |  |  | 100 |  |  |  | 104,775 |
Cablevision Lightpath LLC, 3.88%, 09/15/27(b) |  |  | USD |  |  |  | 866 |  |  |  | 725,275 |
EC Finance PLC, 3.00%, 10/15/26(c) |  |  | EUR |  |  |  | 109 |  |  |  | 110,674 |
Fortress Transportation and Infrastructure Investors LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
6.50%, 10/01/25 |  |  | USD |  |  |  | 3,129 |  |  |  | 3,082,577 |
9.75%, 08/01/27 |  |  |  |  |  |  | 1,544 |  |  |  | 1,594,599 |
5.50%, 05/01/28 |  |  |  |  |  |  | 3,594 |  |  |  | 3,288,521 |
Garda World Security Corp., 9.50%, 11/01/27(b) |  |  |  |  |  |  | 328 |  |  |  | 316,879 |
Herc Holdings, Inc., 5.50%, 07/15/27(b) |  |  |  |  |  |  | 4,178 |  |  |  | 4,003,139 |
Hertz Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 12/01/26 |  |  |  |  |  |  | 666 |  |  |  | 601,065 |
5.00%, 12/01/29 |  |  |  |  |  |  | 476 |  |  |  | 393,478 |
Inter Media and Communication SpA, 6.75%, 02/09/27(c) |  |  | EUR |  |  |  | 200 |  |  |  | 210,850 |
LABL, Inc., 9.50%, 11/01/28(b) |  |  | USD |  |  |  | 2,391 |  |  |  | 2,432,570 |
Metis Merger Sub LLC, 6.50%, 05/15/29(b) |  |  |  |  |  |  | 763 |  |  |  | 658,167 |
NESCO Holdings II, Inc., 5.50%, 04/15/29(b) |  |  |  |  |  |  | 1,353 |  |  |  | 1,210,935 |
Paprec Holding SA, 3.50%, 07/01/28(c) |  |  | EUR |  |  |  | 100 |  |  |  | 96,194 |
Prime Security Services Borrower LLC/Prime Finance, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 04/15/26 |  |  | USD |  |  |  | 1,037 |  |  |  | 1,017,948 |
6.25%, 01/15/28 |  |  |  |  |  |  | 3,124 |  |  |  | 2,926,568 |
Q-Park Holding I BV, 1.50%, 03/01/25(c) |  |  | EUR |  |  |  | 100 |  |  |  | 104,394 |
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b) |  |  | USD |  |  |  | 2,072 |  |  |  | 1,610,980 |
United Rentals North America, Inc., 6.00%, 12/15/29(b) |  |  |  |  |  |  | 8,933 |  |  |  | 8,911,030 |
Verisure Holding AB(c) |  |  |  |  |  |  |  |  |  |  |  |
3.88%, 07/15/26 |  |  | EUR |  |  |  | 140 |  |  |  | 143,213 |
9.25%, 10/15/27 |  |  |  |  |  |  | 100 |  |  |  | 115,940 |

Security |  |  |  |  | Par (000) |  |  | Value |
Commercial Services & Supplies (continued) |  |  |  |  |
Verisure Holding AB(c) (continued) |  |  |  |  |  |  |  |  |
7.13%, 02/01/28 |  |  | EUR |  |  |  | 100 |  |  | $ | 109,284 |
Williams Scotsman International, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.13%, 06/15/25 |  |  | USD |  |  |  | 1,652 |  |  |  | 1,639,743 |
4.63%, 08/15/28 |  |  |  |  |  |  | 1,196 |  |  |  | 1,093,226 |
|  |  |  |  |  |  |  |  |  |  | 42,129,658 |
Communications Equipment(b) — 1.0% |  |  |  |  |  |  |  |  |
CommScope Technologies LLC, 6.00%, 06/15/25 |  |  |  |  |  |  | 3,219 |  |  |  | 3,000,331 |
CommScope, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 03/01/26 |  |  |  |  |  |  | 4,383 |  |  |  | 4,084,839 |
8.25%, 03/01/27 |  |  |  |  |  |  | 1,785 |  |  |  | 1,427,969 |
4.75%, 09/01/29 |  |  |  |  |  |  | 1,804 |  |  |  | 1,422,275 |
Viasat, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 09/15/25 |  |  |  |  |  |  | 2,321 |  |  |  | 2,249,026 |
5.63%, 04/15/27 |  |  |  |  |  |  | 837 |  |  |  | 781,473 |
Viavi Solutions, Inc., 3.75%, 10/01/29 |  |  |  |  |  |  | 1,269 |  |  |  | 1,078,274 |
|  |  |  |  |  |  |  |  |  |  | 14,044,187 |
Construction Materials(b) — 0.3% |  |  |  |  |  |  |  |  |
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29 |  |  |  |  |  |  | 1,630 |  |  |  | 1,391,475 |
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |  |  |  |  |  |  | 1,897 |  |  |  | 1,764,218 |
H&E Equipment Services, Inc., 3.88%, 12/15/28 |  |  |  |  |  |  | 358 |  |  |  | 309,950 |
Resideo Funding, Inc., 4.00%, 09/01/29 |  |  |  |  |  |  | 290 |  |  |  | 240,584 |
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28 |  |  |  |  |  |  | 412 |  |  |  | 415,263 |
|  |  |  |  |  |  |  |  |  |  | 4,121,490 |
Consumer Discretionary — 4.0% |  |  |  |  |  |  |  |  |
APi Group DE, Inc., 4.75%, 10/15/29(b) |  |  |  |  |  |  | 1,283 |  |  |  | 1,155,470 |
Carnival Corp. |  |  |  |  |  |  |  |  |  |  |  |
10.13%, 02/01/26(c) |  |  | EUR |  |  |  | 201 |  |  |  | 229,969 |
10.50%, 02/01/26(b) |  |  | USD |  |  |  | 3,051 |  |  |  | 3,207,251 |
7.63%, 03/01/26(b) |  |  |  |  |  |  | 842 |  |  |  | 824,654 |
5.75%, 03/01/27(b) |  |  |  |  |  |  | 5,401 |  |  |  | 4,972,107 |
9.88%, 08/01/27(b) |  |  |  |  |  |  | 1,240 |  |  |  | 1,291,626 |
6.00%, 05/01/29(b) |  |  |  |  |  |  | 2,706 |  |  |  | 2,416,010 |
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(b) |  |  |  |  |  |  | 10,283 |  |  |  | 11,246,811 |
CoreLogic, Inc., 4.50%, 05/01/28(b) |  |  |  |  |  |  | 1,332 |  |  |  | 1,073,925 |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26(b) |  |  |  |  |  |  | 561 |  |  |  | 504,900 |
Life Time, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 01/15/26 |  |  |  |  |  |  | 1,652 |  |  |  | 1,609,928 |
8.00%, 04/15/26 |  |  |  |  |  |  | 1,262 |  |  |  | 1,246,075 |
Lindblad Expeditions LLC, 6.75%, 02/15/27(b) |  |  |  |  |  |  | 1,551 |  |  |  | 1,477,327 |
NCL Corp. Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 03/15/26 |  |  |  |  |  |  | 2,002 |  |  |  | 1,872,998 |
8.38%, 02/01/28 |  |  |  |  |  |  | 719 |  |  |  | 751,315 |
7.75%, 02/15/29 |  |  |  |  |  |  | 1,692 |  |  |  | 1,607,078 |
NCL Finance Ltd., 6.13%, 03/15/28(b) |  |  |  |  |  |  | 849 |  |  |  | 764,116 |
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b) |  |  |  |  |  |  | 1,612 |  |  |  | 1,479,836 |
Royal Caribbean Cruises Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
11.50%, 06/01/25 |  |  |  |  |  |  | 521 |  |  |  | 552,781 |
4.25%, 07/01/26 |  |  |  |  |  |  | 462 |  |  |  | 424,093 |
5.50%, 08/31/26 |  |  |  |  |  |  | 258 |  |  |  | 244,613 |
5.38%, 07/15/27 |  |  |  |  |  |  | 868 |  |  |  | 811,627 |
11.63%, 08/15/27 |  |  |  |  |  |  | 860 |  |  |  | 935,198 |
5.50%, 04/01/28 |  |  |  |  |  |  | 2,640 |  |  |  | 2,461,905 |
8.25%, 01/15/29 |  |  |  |  |  |  | 923 |  |  |  | 969,150 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 53

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Consumer Discretionary (continued) |  |  |  |  |  |  |  |  |  |  |  |
Royal Caribbean Cruises Ltd.(b) (continued) |  |  |  |  |  |  |  |  |  |  |  |
9.25%, 01/15/29 |  |  | USD |  |  |  | 1,695 |  |  | $ | 1,805,873 |
7.25%, 01/15/30 |  |  |  |  |  |  | 1,455 |  |  |  | 1,473,688 |
Techem Verwaltungsgesellschaft 674 mbH, |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 07/30/26(c) |  |  | EUR |  |  |  | 88 |  |  |  | 93,945 |
TUI Cruises GmbH, 6.50%, 05/15/26(c) |  |  |  |  |  |  | 100 |  |  |  | 100,390 |
Viking Cruises Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 09/15/27 |  |  | USD |  |  |  | 1,436 |  |  |  | 1,319,856 |
9.13%, 07/15/31 |  |  |  |  |  |  | 3,191 |  |  |  | 3,222,910 |
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) |  |  |  |  |  |  | 886 |  |  |  | 810,690 |
|  |  |  |  |  |  |  |  |  |  | 52,958,115 |
Consumer Finance — 3.6% |  |  |  |  |  |  |  |  |
American Express Co., (5-year CMT + 2.85%), 3.55%(a)(j) |  |  |  |  |  |  | 4,020 |  |  |  | 3,336,600 |
Block, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2.75%, 06/01/26 |  |  |  |  |  |  | 3,632 |  |  |  | 3,306,910 |
3.50%, 06/01/31 |  |  |  |  |  |  | 8,304 |  |  |  | 6,877,556 |
Capital One Financial Corp.(a) |  |  |  |  |  |  |  |  |  |  |  |
(1-day SOFR + 2.64%), 6.31%, 06/08/29 |  |  |  |  |  |  | 725 |  |  |  | 720,116 |
(1-day SOFR + 2.86%), 6.38%, 06/08/34 |  |  |  |  |  |  | 520 |  |  |  | 516,274 |
Discover Financial Services, 6.70%, 11/29/32 |  |  |  |  |  |  | 445 |  |  |  | 458,454 |
Encore Capital Group, Inc., 5.38%, 02/15/26(c) |  |  | GBP |  |  |  | 100 |  |  |  | 110,934 |
Ford Motor Credit Co. LLC, 7.20%, 06/10/30 |  |  | USD |  |  |  | 3,760 |  |  |  | 3,794,630 |
Global Payments, Inc. |  |  |  |  |  |  |  |  |  |  |  |
3.20%, 08/15/29 |  |  |  |  |  |  | 671 |  |  |  | 583,223 |
5.40%, 08/15/32 |  |  |  |  |  |  | 2,892 |  |  |  | 2,818,071 |
5.95%, 08/15/52 |  |  |  |  |  |  | 1,413 |  |  |  | 1,352,027 |
Iron Mountain U.K. PLC, 3.88%, 11/15/25(c) |  |  | GBP |  |  |  | 100 |  |  |  | 118,375 |
Navient Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 10/25/24 |  |  | USD |  |  |  | 1,965 |  |  |  | 1,931,131 |
9.38%, 07/25/30 |  |  |  |  |  |  | 805 |  |  |  | 800,693 |
Nexi SpA, 0.00%, 02/24/28(c)(k)(l) |  |  | EUR |  |  |  | 200 |  |  |  | 164,144 |
OneMain Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.88%, 03/15/25 |  |  | USD |  |  |  | 1,060 |  |  |  | 1,049,539 |
7.13%, 03/15/26 |  |  |  |  |  |  | 809 |  |  |  | 794,836 |
6.63%, 01/15/28 |  |  |  |  |  |  | 3,592 |  |  |  | 3,388,226 |
5.38%, 11/15/29 |  |  |  |  |  |  | 705 |  |  |  | 599,354 |
Sabre Global, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
9.25%, 04/15/25 |  |  |  |  |  |  | 152 |  |  |  | 141,755 |
7.38%, 09/01/25 |  |  |  |  |  |  | 1,829 |  |  |  | 1,623,439 |
Shift4 Payments LLC/Shift4 Payments Finance |  |  |  |  |  |  |  |  |  |  |  |
Sub, Inc., 4.63%, 11/01/26(b) |  |  |  |  |  |  | 3,237 |  |  |  | 3,035,562 |
SLM Corp., 3.13%, 11/02/26 |  |  |  |  |  |  | 930 |  |  |  | 804,450 |
Verscend Escrow Corp., 9.75%, 08/15/26(b) |  |  |  |  |  |  | 10,288 |  |  |  | 10,319,811 |
|  |  |  |  |  |  |  |  |  |  | 48,646,110 |
Consumer Staples Distribution & Retail — 1.2% |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 01/15/27 |  |  |  |  |  |  | 373 |  |  |  | 353,419 |
5.88%, 02/15/28 |  |  |  |  |  |  | 1,328 |  |  |  | 1,290,471 |
6.50%, 02/15/28 |  |  |  |  |  |  | 4,762 |  |  |  | 4,769,905 |
3.50%, 03/15/29 |  |  |  |  |  |  | 449 |  |  |  | 388,672 |
4.88%, 02/15/30 |  |  |  |  |  |  | 801 |  |  |  | 739,499 |
Bellis Acquisition Co. PLC(c) |  |  |  |  |  |  |  |  |  |  |  |
3.25%, 02/16/26 |  |  | GBP |  |  |  | 100 |  |  |  | 106,046 |
4.50%, 02/16/26 |  |  |  |  |  |  | 328 |  |  |  | 356,242 |
Darling Ingredients, Inc., 6.00%, 06/15/30(b) |  |  | USD |  |  |  | 1,415 |  |  |  | 1,381,966 |

Security |  |  |  |  | Par (000) |  |  | Value |
Consumer Staples Distribution & Retail (continued) |
Lamb Weston Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 05/15/28 |  |  | USD |  |  |  | 100 |  |  | $ | 95,774 |
4.13%, 01/31/30 |  |  |  |  |  |  | 205 |  |  |  | 183,211 |
4.38%, 01/31/32 |  |  |  |  |  |  | 744 |  |  |  | 664,597 |
Performance Food Group, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 10/15/27 |  |  |  |  |  |  | 2,744 |  |  |  | 2,643,935 |
4.25%, 08/01/29 |  |  |  |  |  |  | 86 |  |  |  | 76,567 |
Picard Groupe SAS, 3.88%, 07/01/26(c) |  |  | EUR |  |  |  | 112 |  |  |  | 111,826 |
Post Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 12/15/29 |  |  | USD |  |  |  | 937 |  |  |  | 864,635 |
4.50%, 09/15/31 |  |  |  |  |  |  | 141 |  |  |  | 120,419 |
Premier Foods Finance PLC, 3.50%, 10/15/26(c) |  |  | GBP |  |  |  | 100 |  |  |  | 110,627 |
U.S. Foods, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 04/15/25 |  |  | USD |  |  |  | 841 |  |  |  | 840,651 |
4.75%, 02/15/29 |  |  |  |  |  |  | 224 |  |  |  | 205,083 |
4.63%, 06/01/30 |  |  |  |  |  |  | 149 |  |  |  | 133,540 |
United Natural Foods, Inc., 6.75%, 10/15/28(b) |  |  |  |  |  |  | 454 |  |  |  | 376,311 |
|  |  |  |  |  |  |  |  |  |  | 15,813,396 |
Containers & Packaging — 1.0% |  |  |  |  |  |  |  |  |
Clydesdale Acquisition Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.63%, 04/15/29 |  |  |  |  |  |  | 4,060 |  |  |  | 3,872,017 |
8.75%, 04/15/30 |  |  |  |  |  |  | 3,713 |  |  |  | 3,277,554 |
Crown European Holdings SA, 5.00%, 05/15/28 |  |  | EUR |  |  |  | 100 |  |  |  | 110,075 |
Fiber Bidco SpA, 11.00%, 10/25/27(c) |  |  |  |  |  |  | 100 |  |  |  | 116,540 |
Graphic Packaging International LLC |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 07/15/27(b) |  |  | USD |  |  |  | 574 |  |  |  | 545,739 |
3.50%, 03/15/28(b) |  |  |  |  |  |  | 35 |  |  |  | 31,298 |
2.63%, 02/01/29(c) |  |  | EUR |  |  |  | 556 |  |  |  | 531,616 |
Kleopatra Finco SARL, 4.25%, 03/01/26(c) |  |  |  |  |  |  | 100 |  |  |  | 90,984 |
LABL, Inc., 5.88%, 11/01/28(b) |  |  | USD |  |  |  | 1,085 |  |  |  | 986,786 |
OI European Group BV, 6.25%, 05/15/28 |  |  | EUR |  |  |  | 620 |  |  |  | 690,777 |
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/31 |  |  | USD |  |  |  | 1,256 |  |  |  | 1,271,700 |
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28(b) |  |  |  |  |  |  | 903 |  |  |  | 896,343 |
Trident TPI Holdings, Inc., 12.75%, 12/31/28 |  |  |  |  |  |  | 565 |  |  |  | 585,905 |
|  |  |  |  |  |  |  |  |  |  | 13,007,334 |
Diversified Consumer Services — 3.3% |  |  |  |  |  |  |  |  |
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.63%, 07/15/26 |  |  |  |  |  |  | 11,899 |  |  |  | 11,291,477 |
9.75%, 07/15/27 |  |  |  |  |  |  | 3,520 |  |  |  | 3,111,516 |
6.00%, 06/01/29 |  |  |  |  |  |  | 7,236 |  |  |  | 5,339,483 |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 06/01/28(b) |  |  |  |  |  |  | 5,681 |  |  |  | 4,791,069 |
4.88%, 06/01/28(c) |  |  | GBP |  |  |  | 100 |  |  |  | 98,425 |
Cedacri Mergeco SpA, (3-mo. EURIBOR + 5.50%), 8.88%, 05/15/28 |  |  | EUR |  |  |  | 100 |  |  |  | 104,755 |
Clarivate Science Holdings Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.88%, 07/01/28 |  |  | USD |  |  |  | 6,415 |  |  |  | 5,686,550 |
4.88%, 07/01/29 |  |  |  |  |  |  | 4,846 |  |  |  | 4,298,914 |
Garda World Security Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 02/15/27 |  |  |  |  |  |  | 595 |  |  |  | 544,426 |
7.75%, 02/15/28 |  |  |  |  |  |  | 2,744 |  |  |  | 2,723,752 |
Graham Holdings Co., 5.75%, 06/01/26(b) |  |  |  |  |  |  | 705 |  |  |  | 690,900 |
Macquarie Airfinance Holdings Ltd., 8.38%, 05/01/28 |  |  |  |  |  |  | 579 |  |  |  | 587,071 |

54 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Diversified Consumer Services (continued) |
Rekeep SpA, 7.25%, 02/01/26(c) |  |  | EUR |  |  |  | 100 |  |  | $ | 102,004 |
Sotheby’s, 7.38%, 10/15/27(b) |  |  | USD |  |  |  | 5,001 |  |  |  | 4,497,862 |
|  |  |  |  |  |  |  |  |  |  | 43,868,204 |
Diversified REITs — 1.5% |  |  |  |  |  |  |  |  |
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b) |  |  |  |  |  |  | 866 |  |  |  | 729,300 |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(b) |  |  |  |  |  |  | 590 |  |  |  | 432,825 |
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26(b) |  |  |  |  |  |  | 1,021 |  |  |  | 915,064 |
Iron Mountain, Inc., 5.63%, 07/15/32(b) |  |  |  |  |  |  | 3,252 |  |  |  | 2,909,173 |
MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
2.55%, 12/05/23 |  |  | GBP |  |  |  | 556 |  |  |  | 678,668 |
4.63%, 08/01/29 |  |  | USD |  |  |  | 4,629 |  |  |  | 3,499,339 |
3.50%, 03/15/31 |  |  |  |  |  |  | 87 |  |  |  | 59,945 |
RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 10/15/27 |  |  |  |  |  |  | 1,591 |  |  |  | 1,481,221 |
7.25%, 07/15/28 |  |  |  |  |  |  | 1,748 |  |  |  | 1,765,882 |
4.50%, 02/15/29(b) |  |  |  |  |  |  | 5,411 |  |  |  | 4,788,735 |
RLJ Lodging Trust LP, 4.00%, 09/15/29(b) |  |  |  |  |  |  | 1,279 |  |  |  | 1,071,145 |
Service Properties Trust, 7.50%, 09/15/25 |  |  |  |  |  |  | 524 |  |  |  | 514,566 |
VICI Properties LP, 4.95%, 02/15/30 |  |  |  |  |  |  | 1,185 |  |  |  | 1,111,625 |
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29(b) |  |  |  |  |  |  | 241 |  |  |  | 211,493 |
|  |  |  |  |  |  |  |  |  |  | 20,168,981 |
Diversified Telecommunication Services — 2.5% |
British Telecommunications PLC, (5-year UK Government Bond + 3.82%), 8.38%, 12/20/83 |  |  | GBP |  |  |  | 150 |  |  |  | 187,008 |
Level 3 Financing, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.40%, 03/01/27 |  |  | USD |  |  |  | 7,197 |  |  |  | 6,106,654 |
10.50%, 05/15/30 |  |  |  |  |  |  | 6,143 |  |  |  | 6,232,891 |
Lumen Technologies, Inc., 4.00%, 02/15/27(b) |  |  |  |  |  |  | 5,093 |  |  |  | 3,795,355 |
SoftBank Group Corp.(c) |  |  |  |  |  |  |  |  |  |  |  |
2.13%, 07/06/24 |  |  | EUR |  |  |  | 249 |  |  |  | 261,520 |
4.75%, 07/30/25 |  |  |  |  |  |  | 100 |  |  |  | 106,954 |
3.88%, 07/06/32 |  |  |  |  |  |  | 200 |  |  |  | 165,044 |
Telecom Italia Capital SA |  |  |  |  |  |  |  |  |  |  |  |
6.38%, 11/15/33 |  |  | USD |  |  |  | 1,453 |  |  |  | 1,232,595 |
6.00%, 09/30/34 |  |  |  |  |  |  | 2,290 |  |  |  | 1,846,778 |
7.20%, 07/18/36 |  |  |  |  |  |  | 196 |  |  |  | 168,470 |
7.72%, 06/04/38 |  |  |  |  |  |  | 185 |  |  |  | 163,579 |
Telecom Italia Finance SA, 7.75%, 01/24/33 |  |  | EUR |  |  |  | 83 |  |  |  | 94,538 |
Telecom Italia SpA |  |  |  |  |  |  |  |  |  |  |  |
5.30%, 05/30/24(b) |  |  | USD |  |  |  | 322 |  |  |  | 312,970 |
2.75%, 04/15/25(c) |  |  | EUR |  |  |  | 139 |  |  |  | 142,955 |
3.00%, 09/30/25(c) |  |  |  |  |  |  | 100 |  |  |  | 102,736 |
1.63%, 01/18/29(c) |  |  |  |  |  |  | 143 |  |  |  | 119,387 |
Telecom Italia SpA/Milano, 6.88%, 02/15/28(c) |  |  |  |  |  |  | 218 |  |  |  | 236,526 |
Zayo Group Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.00%, 03/01/27 |  |  | USD |  |  |  | 12,949 |  |  |  | 9,145,286 |
6.13%, 03/01/28 |  |  |  |  |  |  | 5,556 |  |  |  | 3,471,769 |
|  |  |  |  |  |  |  |  |  |  | 33,893,015 |
Electric Utilities — 0.6% |  |  |  |  |  |  |  |  |
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(j) |  |  |  |  |  |  | 2,200 |  |  |  | 1,922,580 |
EDP - Energias de Portugal SA(a)(c) |  |  |  |  |  |  |  |  |  |  |  |
(5-year EUR Swap + 1.84%), 1.70%, 07/20/80 |  |  | EUR |  |  |  | 100 |  |  |  | 99,545 |

Security |  |  |  |  | Par (000) |  |  | Value |
Electric Utilities (continued) |  |  |  |  |  |  |  |  |  |  |  |
EDP - Energias de Portugal SA(a)(c) (continued) |  |  |  |  |  |  |  |  |  |  |  |
(5-year EUR Swap + 2.38%), 1.88%, 08/02/81 |  |  | EUR |  |  |  | 200 |  |  | $ | 191,578 |
Electricite de France SA, (5-year CMT + 5.41%), 9.13%(a)(b)(j) |  |  | USD |  |  |  | 774 |  |  |  | 793,721 |
Enel SpA, (5-year EURIBOR ICE Swap + 3.49%), 6.38%(a)(c)(j) |  |  | EUR |  |  |  | 100 |  |  |  | 109,787 |
Pacific Gas and Electric Co. |  |  |  |  |  |  |  |  |  |  |  |
6.10%, 01/15/29 |  |  | USD |  |  |  | 1,285 |  |  |  | 1,264,328 |
6.40%, 06/15/33 |  |  |  |  |  |  | 1,890 |  |  |  | 1,879,654 |
6.75%, 01/15/53 |  |  |  |  |  |  | 885 |  |  |  | 873,402 |
Palomino Funding Trust I, 7.23%, 05/17/28(b) |  |  |  |  |  |  | 682 |  |  |  | 682,336 |
|  |  |  |  |  |  |  |  |  |  | 7,816,931 |
Electrical Equipment(b) — 0.6% |  |  |  |  |  |  |  |  |
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 |  |  |  |  |  |  | 2,205 |  |  |  | 2,169,730 |
GrafTech Finance, Inc., 4.63%, 12/15/28 |  |  |  |  |  |  | 532 |  |  |  | 432,262 |
Regal Rexnord Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.05%, 02/15/26 |  |  |  |  |  |  | 460 |  |  |  | 460,584 |
6.05%, 04/15/28 |  |  |  |  |  |  | 3,214 |  |  |  | 3,190,562 |
6.30%, 02/15/30 |  |  |  |  |  |  | 1,055 |  |  |  | 1,051,877 |
6.40%, 04/15/33 |  |  |  |  |  |  | 1,095 |  |  |  | 1,094,077 |
|  |  |  |  |  |  |  |  |  |  | 8,399,092 |
Electronic Equipment, Instruments & Components — 0.5% |
BWX Technologies, Inc., 4.13%, 06/30/28(b) |  |  |  |  |  |  | 1,495 |  |  |  | 1,363,962 |
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29 |  |  |  |  |  |  | 1,306 |  |  |  | 1,119,025 |
Imola Merger Corp., 4.75%, 05/15/29(b) |  |  |  |  |  |  | 107 |  |  |  | 93,058 |
Vertiv Group Corp., 4.13%, 11/15/28(b) |  |  |  |  |  |  | 5,085 |  |  |  | 4,581,451 |
|  |  |  |  |  |  |  |  |  |  | 7,157,496 |
Energy Equipment & Services — 1.4% |  |  |  |  |  |  |  |  |
Archrock Partners LP/Archrock Partners Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.88%, 04/01/27 |  |  |  |  |  |  | 3,608 |  |  |  | 3,463,680 |
6.25%, 04/01/28 |  |  |  |  |  |  | 801 |  |  |  | 752,027 |
Enerflex Ltd., 9.00%, 10/15/27(b) |  |  |  |  |  |  | 1,227 |  |  |  | 1,193,834 |
Nine Energy Service, Inc., 13.00%, 02/01/28 |  |  |  |  |  |  | 478 |  |  |  | 419,791 |
Noble Finance II LLC, 8.00%, 04/15/30 |  |  |  |  |  |  | 1,765 |  |  |  | 1,794,440 |
USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.88%, 04/01/26 |  |  |  |  |  |  | 3,626 |  |  |  | 3,552,009 |
6.88%, 09/01/27 |  |  |  |  |  |  | 1,338 |  |  |  | 1,277,649 |
Valaris Ltd., 8.38%, 04/30/30 |  |  |  |  |  |  | 2,924 |  |  |  | 2,933,825 |
Vallourec SA, 8.50%, 06/30/26(c) |  |  | EUR |  |  |  | 138 |  |  |  | 150,444 |
Weatherford International Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.50%, 09/15/28 |  |  | USD |  |  |  | 728 |  |  |  | 731,130 |
8.63%, 04/30/30 |  |  |  |  |  |  | 1,785 |  |  |  | 1,812,207 |
|  |  |  |  |  |  |  |  |  |  | 18,081,036 |
Entertainment — 0.1% |  |  |  |  |  |  |  |  |
Allwyn Entertainment Financing U.K. PLC |  |  |  |  |  |  |  |  |  |  |  |
7.88%, 04/30/29(b) |  |  |  |  |  |  | 800 |  |  |  | 812,312 |
7.25%, 04/30/30(c) |  |  | EUR |  |  |  | 100 |  |  |  | 110,620 |
|  |  |  |  |  |  |  |  |  |  | 922,932 |
Environmental, Maintenance & Security Service — 1.5% |
Clean Harbors, Inc., 6.38%, 02/01/31(b) |  |  | USD |  |  |  | 1,231 |  |  |  | 1,238,706 |
Covanta Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 12/01/29(b) |  |  |  |  |  |  | 2,689 |  |  |  | 2,325,985 |
5.00%, 09/01/30 |  |  |  |  |  |  | 520 |  |  |  | 441,025 |
GFL Environmental, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.75%, 08/01/25 |  |  |  |  |  |  | 964 |  |  |  | 917,119 |
5.13%, 12/15/26 |  |  |  |  |  |  | 218 |  |  |  | 210,324 |
4.00%, 08/01/28 |  |  |  |  |  |  | 3,809 |  |  |  | 3,405,441 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 55

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Environmental, Maintenance & Security Service (continued) |
GFL Environmental, Inc.(b) (continued) |  |  |  |  |  |  |  |  |  |  |  |
3.50%, 09/01/28 |  |  | USD |  |  |  | 280 |  |  | $ | 249,196 |
4.75%, 06/15/29 |  |  |  |  |  |  | 2,070 |  |  |  | 1,891,176 |
4.38%, 08/15/29 |  |  |  |  |  |  | 3,161 |  |  |  | 2,814,388 |
Tervita Corp., 11.00%, 12/01/25(b) |  |  |  |  |  |  | 415 |  |  |  | 440,257 |
Waste Pro USA, Inc., 5.50%, 02/15/26(b) |  |  |  |  |  |  | 6,819 |  |  |  | 6,321,198 |
|  |  |  |  |  |  |  |  |  |  | 20,254,815 |
Financial Services — 2.0% |  |  |  |  |  |  |  |  |
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(b) |  |  |  |  |  |  | 2,432 |  |  |  | 1,882,334 |
Bank of America Corp., (1-day SOFR + 1.99%), 6.20%, 11/10/28(a) |  |  |  |  |  |  | 1,563 |  |  |  | 1,606,528 |
Barclays PLC, 5.20%, 05/12/26 |  |  |  |  |  |  | 800 |  |  |  | 771,798 |
Enact Holdings, Inc., 6.50%, 08/15/25(b) |  |  |  |  |  |  | 2,158 |  |  |  | 2,119,861 |
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25(c) |  |  | EUR |  |  |  | 100 |  |  |  | 79,658 |
GGAM Finance Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.75%, 05/15/26 |  |  | USD |  |  |  | 237 |  |  |  | 237,889 |
8.00%, 06/15/28 |  |  |  |  |  |  | 237 |  |  |  | 237,121 |
Global Aircraft Leasing Co. Ltd.(b)(h) |  |  |  |  |  |  |  |  |  |  |  |
(6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 |  |  |  |  |  |  | 708 |  |  |  | 644,926 |
Series 2021, (6.50% Cash or 7.25% PIK), 7.25%, 09/15/24 |  |  |  |  |  |  | 1,563 |  |  |  | 1,430,385 |
Home Point Capital, Inc., 5.00%, 02/01/26(b) |  |  |  |  |  |  | 4,175 |  |  |  | 3,743,240 |
HSBC Holdings PLC, (1-day SOFR + 3.35%), 7.39%, 11/03/28(a) |  |  |  |  |  |  | 1,270 |  |  |  | 1,340,337 |
Intrum AB, 4.88%, 08/15/25(c) |  |  | EUR |  |  |  | 100 |  |  |  | 90,098 |
ION Trading Technologies SARL, 5.75%, 05/15/28(b) |  |  | USD |  |  |  | 1,268 |  |  |  | 1,094,550 |
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(b) |  |  |  |  |  |  | 1,679 |  |  |  | 1,376,468 |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 10/01/25 |  |  |  |  |  |  | 241 |  |  |  | 227,574 |
4.75%, 06/15/29 |  |  |  |  |  |  | 1,196 |  |  |  | 973,348 |
Lloyds Banking Group PLC, (5-year EURIBOR ICE Swap + 5.29%), 4.95%(a)(c)(j) |  |  | EUR |  |  |  | 200 |  |  |  | 198,577 |
Nationstar Mortgage Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 01/15/27 |  |  | USD |  |  |  | 85 |  |  |  | 79,074 |
5.75%, 11/15/31 |  |  |  |  |  |  | 1,420 |  |  |  | 1,166,452 |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26(b) |  |  |  |  |  |  | 6,248 |  |  |  | 5,529,480 |
Spectrum Brands, Inc., 5.50%, 07/15/30(b) |  |  |  |  |  |  | 996 |  |  |  | 908,850 |
UBS Group AG(a) |  |  |  |  |  |  |  |  |  |  |  |
(1-year EURIBOR ICE Swap + 4.95%), 7.75%, 03/01/29(c) |  |  | EUR |  |  |  | 112 |  |  |  | 135,289 |
(5-year CMT + 3.31%), 4.38%(b)(j) |  |  | USD |  |  |  | 950 |  |  |  | 669,218 |
UniCredit SpA, (5-year EUR Swap + 2.80%), 2.73%, 01/15/32(a)(c) |  |  | EUR |  |  |  | 200 |  |  |  | 190,349 |
|  |  |  |  |  |  |  |  |  |  | 26,733,404 |
Food Products — 1.4% |  |  |  |  |  |  |  |  |
Aramark International Finance SARL, 3.13%, 04/01/25(c) |  |  |  |  |  |  | 582 |  |  |  | 608,945 |
Aramark Services, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 04/01/25 |  |  | USD |  |  |  | 338 |  |  |  | 333,048 |
6.38%, 05/01/25 |  |  |  |  |  |  | 1,513 |  |  |  | 1,511,605 |
5.00%, 02/01/28 |  |  |  |  |  |  | 5,051 |  |  |  | 4,760,769 |
Chobani LLC/Chobani Finance Corp., Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 04/15/25 |  |  |  |  |  |  | 6,490 |  |  |  | 6,457,623 |

Security |  |  |  |  | Par (000) |  |  | Value |
Food Products (continued) |  |  |  |  |
Chobani LLC/Chobani Finance Corp., Inc.(b) (continued) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 11/15/28 |  |  | USD |  |  |  | 3,990 |  |  | $ | 3,630,900 |
Darling Global Finance BV, 3.63%, 05/15/26(c) |  |  | EUR |  |  |  | 457 |  |  |  | 486,212 |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(b) |  |  | USD |  |  |  | 512 |  |  |  | 410,222 |
Tereos Finance Groupe I SA, 7.25%, 04/15/28(c) |  |  | EUR |  |  |  | 100 |  |  |  | 110,915 |
|  |  |  |  |  |  |  |  |  |  | 18,310,239 |
Gas Utilities — 0.1% |  |  |  |  |  |  |  |  |
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28 |  |  | USD |  |  |  | 1,391 |  |  |  | 1,397,955 |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(b) |  |  |  |  |  |  | 537 |  |  |  | 449,549 |
|  |  |  |  |  |  |  |  |  |  | 1,847,504 |
Health Care Equipment & Supplies — 0.7% |  |  |  |  |  |  |  |  |
Avantor Funding, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2.63%, 11/01/25(c) |  |  | EUR |  |  |  | 527 |  |  |  | 550,946 |
3.88%, 07/15/28(c) |  |  |  |  |  |  | 100 |  |  |  | 99,779 |
4.63%, 07/15/28(b) |  |  | USD |  |  |  | 2,380 |  |  |  | 2,206,076 |
3.88%, 11/01/29(b) |  |  |  |  |  |  | 6,485 |  |  |  | 5,677,802 |
Embecta Corp., 6.75%, 02/15/30(b) |  |  |  |  |  |  | 376 |  |  |  | 336,957 |
Garden Spinco Corp., 8.63%, 07/20/30(b) |  |  |  |  |  |  | 963 |  |  |  | 1,034,985 |
|  |  |  |  |  |  |  |  |  |  | 9,906,545 |
Health Care Providers & Services — 3.5% |  |  |  |  |  |  |  |  |
Acadia Healthcare Co., Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 07/01/28 |  |  |  |  |  |  | 286 |  |  |  | 273,516 |
5.00%, 04/15/29 |  |  |  |  |  |  | 146 |  |  |  | 134,627 |
AdaptHealth LLC, 6.13%, 08/01/28(b) |  |  |  |  |  |  | 1,120 |  |  |  | 970,172 |
AHP Health Partners, Inc., 5.75%, 07/15/29(b) |  |  |  |  |  |  | 1,951 |  |  |  | 1,682,211 |
Cano Health LLC, 6.25%, 10/01/28(b) |  |  |  |  |  |  | 484 |  |  |  | 302,500 |
Centene Corp., 2.63%, 08/01/31 |  |  |  |  |  |  | 5 |  |  |  | 3,984 |
CHS/Community Health Systems, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 01/15/29 |  |  |  |  |  |  | 2,656 |  |  |  | 2,234,360 |
5.25%, 05/15/30 |  |  |  |  |  |  | 3,975 |  |  |  | 3,131,216 |
4.75%, 02/15/31 |  |  |  |  |  |  | 1,945 |  |  |  | 1,469,999 |
Encompass Health Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.50%, 02/01/28 |  |  |  |  |  |  | 2,223 |  |  |  | 2,068,176 |
4.75%, 02/01/30 |  |  |  |  |  |  | 251 |  |  |  | 228,536 |
4.63%, 04/01/31 |  |  |  |  |  |  | 1,228 |  |  |  | 1,088,574 |
HealthEquity, Inc., 4.50%, 10/01/29(b) |  |  |  |  |  |  | 3,489 |  |  |  | 3,074,966 |
IQVIA, Inc., 6.50%, 05/15/30(b) |  |  |  |  |  |  | 1,412 |  |  |  | 1,425,941 |
Legacy LifePoint Health LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
6.75%, 04/15/25 |  |  |  |  |  |  | 1,553 |  |  |  | 1,442,457 |
4.38%, 02/15/27 |  |  |  |  |  |  | 664 |  |  |  | 513,780 |
Medline Borrower LP(b) |  |  |  |  |  |  |  |  |  |  |  |
3.88%, 04/01/29 |  |  |  |  |  |  | 1,055 |  |  |  | 916,862 |
5.25%, 10/01/29 |  |  |  |  |  |  | 5,836 |  |  |  | 5,063,892 |
ModivCare, Inc., 5.88%, 11/15/25(b) |  |  |  |  |  |  | 1,322 |  |  |  | 1,224,358 |
Molina Healthcare, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.38%, 06/15/28 |  |  |  |  |  |  | 294 |  |  |  | 271,024 |
3.88%, 05/15/32 |  |  |  |  |  |  | 149 |  |  |  | 124,914 |
Surgery Center Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.75%, 07/01/25 |  |  |  |  |  |  | 997 |  |  |  | 993,448 |
10.00%, 04/15/27 |  |  |  |  |  |  | 1,948 |  |  |  | 1,991,830 |
Teleflex, Inc., 4.63%, 11/15/27 |  |  |  |  |  |  | 80 |  |  |  | 75,400 |
Tenet Healthcare Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 01/01/26 |  |  |  |  |  |  | 3,460 |  |  |  | 3,370,003 |

56 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Health Care Providers & Services (continued) |
Tenet Healthcare Corp. (continued) |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 02/01/27 |  |  | USD |  |  |  | 2,018 |  |  | $ | 1,997,352 |
5.13%, 11/01/27 |  |  |  |  |  |  | 140 |  |  |  | 133,655 |
6.13%, 10/01/28 |  |  |  |  |  |  | 596 |  |  |  | 573,769 |
6.13%, 06/15/30 |  |  |  |  |  |  | 3,898 |  |  |  | 3,842,259 |
6.75%, 05/15/31 |  |  |  |  |  |  | 6,830 |  |  |  | 6,846,637 |
|  |  |  |  |  |  |  |  |  |  | 47,470,418 |
Health Care Technology — 1.0% |  |  |  |  |  |  |  |  |
AthenaHealth Group, Inc., 6.50%, 02/15/30(b) |  |  |  |  |  |  | 9,684 |  |  |  | 8,150,443 |
Catalent Pharma Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 07/15/27(b) |  |  |  |  |  |  | 727 |  |  |  | 666,941 |
2.38%, 03/01/28(c) |  |  | EUR |  |  |  | 100 |  |  |  | 87,717 |
3.13%, 02/15/29(b) |  |  | USD |  |  |  | 2,537 |  |  |  | 2,062,758 |
Fortrea Holdings, Inc., 7.50%, 07/01/30(b) |  |  |  |  |  |  | 1,036 |  |  |  | 1,060,833 |
IQVIA, Inc. |  |  |  |  |  |  |  |  |  |  |  |
1.75%, 03/15/26(c) |  |  | EUR |  |  |  | 330 |  |  |  | 332,639 |
5.00%, 10/15/26(b) |  |  | USD |  |  |  | 1,054 |  |  |  | 1,017,713 |
2.25%, 03/15/29(c) |  |  | EUR |  |  |  | 100 |  |  |  | 93,167 |
|  |  |  |  |  |  |  |  |  |  | 13,472,211 |
Hotels, Restaurants & Leisure — 6.4% |  |  |  |  |  |  |  |  |
Accor SA, (5-year EUR Swap + 4.56%), 4.38%(a)(c)(j) |  |  |  |  |  |  | 200 |  |  |  | 214,490 |
Boyne USA, Inc., 4.75%, 05/15/29(b) |  |  | USD |  |  |  | 1,752 |  |  |  | 1,578,830 |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) 3.88%, 01/15/28 |  |  |  |  |  |  | 495 |  |  |  | 452,516 |
4.38%, 01/15/28 |  |  |  |  |  |  | 1,545 |  |  |  | 1,426,303 |
4.00%, 10/15/30 |  |  |  |  |  |  | 416 |  |  |  | 356,026 |
Caesars Entertainment, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 07/01/25 |  |  |  |  |  |  | 8,780 |  |  |  | 8,739,342 |
8.13%, 07/01/27 |  |  |  |  |  |  | 8,705 |  |  |  | 8,909,298 |
4.63%, 10/15/29 |  |  |  |  |  |  | 3,544 |  |  |  | 3,094,658 |
7.00%, 02/15/30 |  |  |  |  |  |  | 6,747 |  |  |  | 6,775,607 |
CCM Merger, Inc., 6.38%, 05/01/26(b) |  |  |  |  |  |  | 485 |  |  |  | 470,450 |
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b) |  |  |  |  |  |  | 526 |  |  |  | 489,610 |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op |  |  |  |  |  |  |  |  |  |  |  |
5.38%, 04/15/27 |  |  |  |  |  |  | 406 |  |  |  | 386,010 |
6.50%, 10/01/28 |  |  |  |  |  |  | 293 |  |  |  | 285,737 |
Churchill Downs, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 04/01/27(b) |  |  |  |  |  |  | 850 |  |  |  | 817,217 |
4.75%, 01/15/28(b) |  |  |  |  |  |  | 4,469 |  |  |  | 4,144,555 |
6.75%, 05/01/31 |  |  |  |  |  |  | 10,340 |  |  |  | 10,223,675 |
Cirsa Finance International SARL, 4.75%, 05/22/25(c) |  |  | EUR |  |  |  | 147 |  |  |  | 157,766 |
Codere Finance 2 Luxembourg SA(c)(h) |  |  |  |  |  |  |  |
(2.00% Cash or 10.75% PIK), 12.75%, 11/30/27 |  |  |  |  |  |  | 59 |  |  |  | 19,576 |
(8.00% Cash and 3.00% PIK), 11.00%, 09/30/26 |  |  |  |  |  |  | 132 |  |  |  | 115,654 |
CPUK Finance Ltd., 4.50%, 08/28/27(c) |  |  | GBP |  |  |  | 100 |  |  |  | 108,172 |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 01/15/29 |  |  | USD |  |  |  | 1,524 |  |  |  | 1,337,310 |
6.75%, 01/15/30 |  |  |  |  |  |  | 318 |  |  |  | 270,630 |
Hilton Domestic Operating Co., Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 05/01/28(b) |  |  |  |  |  |  | 1,133 |  |  |  | 1,115,680 |

Security |  |  |  |  | Par (000) |  |  | Value |
Hotels, Restaurants & Leisure (continued) |  |  |  |  |  |  |  |  |  |  |  |
Hilton Domestic Operating Co., Inc. (continued) |  |  |  |  |  |  |  |  |  |  |  |
3.75%, 05/01/29(b) |  |  | USD |  |  |  | 544 |  |  | $ | 482,861 |
4.88%, 01/15/30 |  |  |  |  |  |  | 1,860 |  |  |  | 1,734,301 |
4.00%, 05/01/31(b) |  |  |  |  |  |  | 1,094 |  |  |  | 950,118 |
3.63%, 02/15/32(b) |  |  |  |  |  |  | 484 |  |  |  | 403,529 |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |  |  |  |  |  |  | 240 |  |  |  | 232,820 |
IRB Holding Corp., 7.00%, 06/15/25(b) |  |  |  |  |  |  | 794 |  |  |  | 797,970 |
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 |  |  |  |  |  |  | 1,313 |  |  |  | 1,332,207 |
Lottomatica SpA/Roma(c) 6.25%, 07/15/25 |  |  | EUR |  |  |  | 249 |  |  |  | 275,785 |
(3-mo. EURIBOR + 4.13%), 7.59%, 06/01/28(a) |  |  |  |  |  |  | 195 |  |  |  | 213,582 |
Melco Resorts Finance Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 06/06/25 |  |  | USD |  |  |  | 1,071 |  |  |  | 1,010,970 |
5.75%, 07/21/28 |  |  |  |  |  |  | 600 |  |  |  | 524,625 |
5.38%, 12/04/29 |  |  |  |  |  |  | 3,257 |  |  |  | 2,682,954 |
Merlin Entertainments Ltd., 5.75%, 06/15/26(b) |  |  |  |  |  |  | 1,386 |  |  |  | 1,335,748 |
MGM China Holdings Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 06/18/25 |  |  |  |  |  |  | 600 |  |  |  | 575,280 |
5.88%, 05/15/26 |  |  |  |  |  |  | 200 |  |  |  | 190,432 |
4.75%, 02/01/27 |  |  |  |  |  |  | 440 |  |  |  | 396,550 |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b) |  |  |  |  |  |  | 1,247 |  |  |  | 1,101,161 |
Motion Bondco DAC, 6.63%, 11/15/27(b) |  |  |  |  |  |  | 450 |  |  |  | 411,937 |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/29(b) |  |  |  |  |  |  | 1,188 |  |  |  | 899,851 |
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26(b) |  |  |  |  |  |  | 973 |  |  |  | 917,052 |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/30(b) |  |  |  |  |  |  | 378 |  |  |  | 332,640 |
Scientific Games International, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
8.63%, 07/01/25 |  |  |  |  |  |  | 1,054 |  |  |  | 1,076,396 |
7.00%, 05/15/28 |  |  |  |  |  |  | 706 |  |  |  | 702,231 |
7.25%, 11/15/29 |  |  |  |  |  |  | 241 |  |  |  | 241,301 |
Six Flags Entertainment Corp., 7.25%, 05/15/31(b) |  |  |  |  |  |  | 2,309 |  |  |  | 2,248,851 |
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(b) |  |  |  |  |  |  | 1,358 |  |  |  | 1,364,786 |
Station Casinos LLC, 4.63%, 12/01/31(b) |  |  |  |  |  |  | 3,720 |  |  |  | 3,134,100 |
Stonegate Pub Co. Financing PLC, 8.00%, 07/13/25(c) |  |  | GBP |  |  |  | 159 |  |  |  | 182,969 |
Vail Resorts, Inc., 6.25%, 05/15/25(b) |  |  | USD |  |  |  | 811 |  |  |  | 811,969 |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(b) |  |  |  |  |  |  | 1,353 |  |  |  | 1,281,633 |
Wynn Macau Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 01/15/26 |  |  |  |  |  |  | 400 |  |  |  | 370,750 |
5.63%, 08/26/28 |  |  |  |  |  |  | 3,847 |  |  |  | 3,318,037 |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 10/01/29 |  |  |  |  |  |  | 1,884 |  |  |  | 1,688,428 |
7.13%, 02/15/31 |  |  |  |  |  |  | 1,419 |  |  |  | 1,410,403 |
|  |  |  |  |  |  |  |  |  |  | 86,123,339 |
Household Durables — 1.1% |  |  |  |  |  |  |  |  |
Ashton Woods USA LLC/Ashton Woods Finance Co.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.63%, 01/15/28 |  |  |  |  |  |  | 406 |  |  |  | 388,063 |
4.63%, 08/01/29 |  |  |  |  |  |  | 547 |  |  |  | 466,170 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 57

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Household Durables (continued) |  |  |  |  |  |  |  |  |  |  |  |
Ashton Woods USA LLC/Ashton Woods Finance Co.(b) (continued) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 04/01/30 |  |  | USD |  |  |  | 636 |  |  | $ | 542,890 |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 06/15/29 |  |  |  |  |  |  | 1,154 |  |  |  | 924,041 |
4.88%, 02/15/30 |  |  |  |  |  |  | 1,424 |  |  |  | 1,117,110 |
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(b) |  |  |  |  |  |  | 1,328 |  |  |  | 1,229,313 |
Installed Building Products, Inc., 5.75%, 02/01/28(b) |  |  |  |  |  |  | 723 |  |  |  | 680,947 |
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(b) |  |  |  |  |  |  | 1,136 |  |  |  | 1,113,280 |
KB Home, 7.25%, 07/15/30 |  |  |  |  |  |  | 328 |  |  |  | 332,133 |
Mattamy Group Corp., 4.63%, 03/01/30(b) |  |  |  |  |  |  | 1,582 |  |  |  | 1,367,630 |
NCR Corp., 5.13%, 04/15/29(b) |  |  |  |  |  |  | 2,760 |  |  |  | 2,443,319 |
SWF Escrow Issuer Corp., 6.50%, 10/01/29(b) |  |  |  |  |  |  | 1,738 |  |  |  | 1,042,849 |
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(b) |  |  |  |  |  |  | 1,431 |  |  |  | 1,405,514 |
Tempur Sealy International, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.00%, 04/15/29 |  |  |  |  |  |  | 19 |  |  |  | 16,448 |
3.88%, 10/15/31 |  |  |  |  |  |  | 1,724 |  |  |  | 1,404,462 |
|  |  |  |  |  |  |  |  |  |  | 14,474,169 |
Household Products — 0.0% |  |  |  |  |  |  |  |  |
Central Garden & Pet Co. |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 02/01/28 |  |  |  |  |  |  | 280 |  |  |  | 263,042 |
4.13%, 10/15/30 |  |  |  |  |  |  | 349 |  |  |  | 292,356 |
|  |  |  |  |  |  |  |  |  |  | 555,398 |
Independent Power and Renewable Electricity Producers — 0.4% |
Calpine Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 06/01/26 |  |  |  |  |  |  | 136 |  |  |  | 131,335 |
5.13%, 03/15/28 |  |  |  |  |  |  | 300 |  |  |  | 267,721 |
4.63%, 02/01/29 |  |  |  |  |  |  | 2,297 |  |  |  | 1,937,938 |
Clearway Energy Operating LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 03/15/28 |  |  |  |  |  |  | 133 |  |  |  | 122,708 |
3.75%, 01/15/32 |  |  |  |  |  |  | 89 |  |  |  | 72,438 |
Cullinan Holdco Scsp, 4.63%, 10/15/26(c) |  |  | EUR |  |  |  | 100 |  |  |  | 92,082 |
NRG Energy, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 01/15/28 |  |  | USD |  |  |  | 234 |  |  |  | 221,750 |
7.00%, 03/15/33(b) |  |  |  |  |  |  | 980 |  |  |  | 988,119 |
Talen Energy Supply LLC, 8.63%, 06/01/30 |  |  |  |  |  |  | 716 |  |  |  | 741,060 |
TransAlta Corp., 7.75%, 11/15/29 |  |  |  |  |  |  | 590 |  |  |  | 607,405 |
|  |  |  |  |  |  |  |  |  |  | 5,182,556 |
Industrial Conglomerates — 0.1% |  |  |  |  |  |  |  |  |
Emerald Debt Merger Sub LLC, 6.38%, 12/15/30 |  |  | EUR |  |  |  | 840 |  |  |  | 913,171 |
Insurance — 3.4% |  |  |  |  |  |  |  |  |
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(b) |  |  | USD |  |  |  | 706 |  |  |  | 611,266 |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(b) |  |  |  |  |  |  |  |  |  |  |  |
4.25%, 10/15/27 |  |  |  |  |  |  | 2,522 |  |  |  | 2,263,225 |
6.75%, 10/15/27 |  |  |  |  |  |  | 12,437 |  |  |  | 11,690,780 |
6.75%, 04/15/28 |  |  |  |  |  |  | 3,067 |  |  |  | 3,041,662 |
5.88%, 11/01/29 |  |  |  |  |  |  | 6,180 |  |  |  | 5,376,106 |
AmWINS Group, Inc., 4.88%, 06/30/29(b) |  |  |  |  |  |  | 1,494 |  |  |  | 1,349,057 |
Ardonagh Midco 2 PLC, (11.50% Cash or 12.75% PIK), 11.50%, 01/15/27(b)(h) |  |  |  |  |  |  | 284 |  |  |  | 261,431 |
Galaxy Bidco Ltd., 6.50%, 07/31/26(c) |  |  | GBP |  |  |  | 100 |  |  |  | 115,227 |

Security |  |  |  |  | Par (000) |  |  | Value |
Insurance (continued) |  |  |  |  |  |  |  |  |  |  |  |
GTCR AP Finance, Inc., 8.00%, 05/15/27(b) |  |  | USD |  |  |  | 1,586 |  |  | $ | 1,554,664 |
HUB International Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.00%, 05/01/26 |  |  |  |  |  |  | 6,921 |  |  |  | 6,902,694 |
7.25%, 06/15/30 |  |  |  |  |  |  | 7,599 |  |  |  | 7,846,727 |
Jones Deslauriers Insurance Management, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
8.50%, 03/15/30 |  |  |  |  |  |  | 2,698 |  |  |  | 2,752,527 |
10.50%, 12/15/30 |  |  |  |  |  |  | 1,397 |  |  |  | 1,401,300 |
Liberty Mutual Group, Inc., (5-year EUR Swap + 3.70%), 3.63%, 05/23/59(a)(c) |  |  | EUR |  |  |  | 100 |  |  |  | 103,391 |
Ryan Specialty Group LLC, 4.38%, 02/01/30(b) |  |  | USD |  |  |  | 168 |  |  |  | 148,714 |
|  |  |  |  |  |  |  |  |  |  | 45,418,771 |
Interactive Media & Services — 0.1% |  |  |  |  |  |  |  |  |
Cablevision Lightpath LLC, 5.63%, 09/15/28(b) |  |  |  |  |  |  | 1,201 |  |  |  | 889,704 |
iliad SA(c) |  |  |  |  |  |  |  |  |  |  |  |
5.38%, 06/14/27 |  |  | EUR |  |  |  | 100 |  |  |  | 107,581 |
5.63%, 02/15/30 |  |  |  |  |  |  | 100 |  |  |  | 105,465 |
United Group BV, 4.00%, 11/15/27(c) |  |  |  |  |  |  | 100 |  |  |  | 89,226 |
|  |  |  |  |  |  |  |  |  |  | 1,191,976 |
Internet Software & Services — 1.7% |  |  |  |  |  |  |  |  |
ANGI Group LLC, 3.88%, 08/15/28(b) |  |  | USD |  |  |  | 869 |  |  |  | 709,544 |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29(b) |  |  |  |  |  |  | 298 |  |  |  | 255,339 |
Match Group Holdings II LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 06/01/28 |  |  |  |  |  |  | 2,149 |  |  |  | 1,974,071 |
5.63%, 02/15/29 |  |  |  |  |  |  | 2,261 |  |  |  | 2,119,934 |
4.13%, 08/01/30 |  |  |  |  |  |  | 872 |  |  |  | 746,868 |
3.63%, 10/01/31 |  |  |  |  |  |  | 464 |  |  |  | 381,380 |
Uber Technologies, Inc. |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 05/15/25(b) |  |  |  |  |  |  | 2,820 |  |  |  | 2,853,727 |
0.00%, 12/15/25(k)(l) |  |  |  |  |  |  | 1,757 |  |  |  | 1,602,431 |
8.00%, 11/01/26(b) |  |  |  |  |  |  | 2,453 |  |  |  | 2,499,882 |
7.50%, 09/15/27(b) |  |  |  |  |  |  | 2,568 |  |  |  | 2,626,687 |
6.25%, 01/15/28(b) |  |  |  |  |  |  | 1,356 |  |  |  | 1,349,301 |
4.50%, 08/15/29(b) |  |  |  |  |  |  | 5,966 |  |  |  | 5,491,095 |
|  |  |  |  |  |  |  |  |  |  | 22,610,259 |
IT Services — 2.3% |  |  |  |  |  |  |  |  |
Ahead DB Holdings LLC, 6.63%, 05/01/28(b) |  |  |  |  |  |  | 886 |  |  |  | 720,557 |
Atos SE, 2.50%, 11/07/28(c) |  |  | EUR |  |  |  | 100 |  |  |  | 80,274 |
Banff Merger Sub, Inc., 8.38%, 09/01/26(c) |  |  |  |  |  |  | 100 |  |  |  | 104,438 |
Booz Allen Hamilton, Inc., 4.00%, 07/01/29(b) |  |  | USD |  |  |  | 2,334 |  |  |  | 2,090,673 |
CA Magnum Holdings, 5.38%, 10/31/26(b) |  |  |  |  |  |  | 2,652 |  |  |  | 2,368,660 |
Camelot Finance SA, 4.50%, 11/01/26(b) |  |  |  |  |  |  | 334 |  |  |  | 314,641 |
Dun & Bradstreet Corp., 5.00%, 12/15/29(b) |  |  |  |  |  |  | 5,191 |  |  |  | 4,577,061 |
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28(c) |  |  | EUR |  |  |  | 100 |  |  |  | 109,456 |
Gartner, Inc., 4.50%, 07/01/28(b) |  |  | USD |  |  |  | 105 |  |  |  | 98,092 |
KBR, Inc., 4.75%, 09/30/28(b) |  |  |  |  |  |  | 1,071 |  |  |  | 971,959 |
La Financiere Atalian SASU, 5.13%, 05/15/25(c) |  |  | EUR |  |  |  | 100 |  |  |  | 74,872 |
McAfee Corp., 7.38%, 02/15/30(b) |  |  | USD |  |  |  | 7,292 |  |  |  | 6,340,557 |
Presidio Holdings, Inc., 4.88%, 02/01/27(b) |  |  |  |  |  |  | 265 |  |  |  | 248,599 |
Science Applications International Corp., 4.88%, 04/01/28(b) |  |  |  |  |  |  | 1,024 |  |  |  | 952,357 |
Twilio, Inc. |  |  |  |  |  |  |  |  |  |  |  |
3.63%, 03/15/29 |  |  |  |  |  |  | 4,541 |  |  |  | 3,863,259 |
3.88%, 03/15/31 |  |  |  |  |  |  | 2,101 |  |  |  | 1,749,324 |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b) |  |  |  |  |  |  | 6,563 |  |  |  | 5,644,779 |
|  |  |  |  |  |  |  |  |  |  | 30,309,558 |

58 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Leisure Products — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
Mattel, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.20%, 10/01/40 |  |  | USD |  |  |  | 169 |  |  | $ | 151,095 |
5.45%, 11/01/41 |  |  |  |  |  |  | 727 |  |  |  | 602,704 |
|  |  |  |  |  |  |  |  |  |  | 753,799 |
Machinery — 1.7% |  |  |  |  |  |  |  |  |
Chart Industries, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 01/01/30 |  |  |  |  |  |  | 3,372 |  |  |  | 3,440,300 |
9.50%, 01/01/31 |  |  |  |  |  |  | 502 |  |  |  | 532,629 |
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28 |  |  |  |  |  |  | 1,500 |  |  |  | 1,488,750 |
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(b)(h) |  |  |  |  |  |  | 1,662 |  |  |  | 1,512,420 |
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28(c) |  |  | EUR |  |  |  | 100 |  |  |  | 95,480 |
Loxam SAS, 6.38%, 05/15/28 |  |  |  |  |  |  | 115 |  |  |  | 124,021 |
Madison IAQ LLC, 5.88%, 06/30/29(b) |  |  | USD |  |  |  | 1,905 |  |  |  | 1,542,876 |
OT Merger Corp., 7.88%, 10/15/29(b) |  |  |  |  |  |  | 621 |  |  |  | 388,135 |
Renk AG/Frankfurt am Main, 5.75%, 07/15/25(c) |  |  | EUR |  |  |  | 129 |  |  |  | 138,329 |
Terex Corp., 5.00%, 05/15/29(b) |  |  | USD |  |  |  | 1,766 |  |  |  | 1,641,814 |
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(b) |  |  |  |  |  |  | 4,542 |  |  |  | 4,121,865 |
TK Elevator Holdco GmbH |  |  |  |  |  |  |  |  |  |  |  |
6.63%, 07/15/28(c) |  |  | EUR |  |  |  | 90 |  |  |  | 83,487 |
7.63%, 07/15/28(b) |  |  | USD |  |  |  | 2,645 |  |  |  | 2,399,239 |
TK Elevator Midco GmbH, 4.38%, 07/15/27(c) |  |  | EUR |  |  |  | 568 |  |  |  | 553,192 |
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b) |  |  | USD |  |  |  | 4,635 |  |  |  | 4,282,149 |
|  |  |  |  |  |  |  |  |  |  | 22,344,686 |
Marine Transportation — 0.0% |  |  |  |  |  |  |  |  |
Huntington Ingalls Industries, Inc., 4.20%, 05/01/30 |  |  |  |  |  |  | 265 |  |  |  | 245,540 |
Media — 11.5% |  |  |  |  |  |  |  |  |
Altice Financing SA |  |  |  |  |  |  |  |  |  |  |  |
2.25%, 01/15/25(c) |  |  | EUR |  |  |  | 100 |  |  |  | 101,482 |
5.00%, 01/15/28(b) |  |  | USD |  |  |  | 3,307 |  |  |  | 2,642,834 |
4.25%, 08/15/29(c) |  |  | EUR |  |  |  | 101 |  |  |  | 84,345 |
5.75%, 08/15/29(b) |  |  | USD |  |  |  | 3,543 |  |  |  | 2,744,623 |
Altice France Holding SA, 10.50%, 05/15/27(b) |  |  |  |  |  |  | 2,428 |  |  |  | 1,470,227 |
AMC Networks, Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 08/01/25 |  |  |  |  |  |  | 1,038 |  |  |  | 907,908 |
4.25%, 02/15/29 |  |  |  |  |  |  | 684 |  |  |  | 367,696 |
Block Communications, Inc., 4.88%, 03/01/28(b) |  |  |  |  |  |  | 495 |  |  |  | 409,613 |
Cable One, Inc. |  |  |  |  |  |  |  |  |  |  |  |
0.00%, 03/15/26(k)(l) |  |  |  |  |  |  | 475 |  |  |  | 388,313 |
1.13%, 03/15/28(k) |  |  |  |  |  |  | 1,164 |  |  |  | 875,910 |
4.00%, 11/15/30(b) |  |  |  |  |  |  | 2,710 |  |  |  | 2,117,188 |
CCO Holdings LLC/CCO Holdings Capital Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 03/01/30 |  |  |  |  |  |  | 492 |  |  |  | 420,701 |
4.25%, 02/01/31 |  |  |  |  |  |  | 1,212 |  |  |  | 980,471 |
7.38%, 03/01/31 |  |  |  |  |  |  | 22,313 |  |  |  | 21,742,481 |
4.75%, 02/01/32 |  |  |  |  |  |  | 3,977 |  |  |  | 3,243,164 |
4.25%, 01/15/34 |  |  |  |  |  |  | 128 |  |  |  | 96,738 |
Clear Channel International BV, 6.63%, 08/01/25(b) |  |  |  |  |  |  | 1,965 |  |  |  | 1,955,152 |
Clear Channel Outdoor Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 08/15/27 |  |  |  |  |  |  | 3,195 |  |  |  | 2,900,718 |
7.50%, 06/01/29 |  |  |  |  |  |  | 9,625 |  |  |  | 7,122,272 |
CMG Media Corp., 8.88%, 12/15/27(b) |  |  |  |  |  |  | 1,482 |  |  |  | 1,038,654 |

Security |  |  |  |  | Par (000) |  |  | Value |
Media (continued) |  |  |  |  |  |  |  |  |  |  |  |
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b) |  |  | USD |  |  |  | 9,224 |  |  | $ | 8,959,423 |
CSC Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 06/01/24 |  |  |  |  |  |  | 1,120 |  |  |  | 1,041,648 |
5.50%, 04/15/27(b) |  |  |  |  |  |  | 2,570 |  |  |  | 2,138,211 |
11.25%, 05/15/28(b) |  |  |  |  |  |  | 4,925 |  |  |  | 4,775,920 |
4.13%, 12/01/30(b) |  |  |  |  |  |  | 6,384 |  |  |  | 4,465,773 |
DISH DBS Corp., 5.75%, 12/01/28(b) |  |  |  |  |  |  | 5,230 |  |  |  | 3,889,988 |
DISH Network Corp., 11.75%, 11/15/27(b) |  |  |  |  |  |  | 3,434 |  |  |  | 3,351,279 |
Frontier Communications Holdings LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 05/01/28 |  |  |  |  |  |  | 345 |  |  |  | 297,670 |
8.75%, 05/15/30 |  |  |  |  |  |  | 12,473 |  |  |  | 12,190,783 |
GCI LLC, 4.75%, 10/15/28(b) |  |  |  |  |  |  | 498 |  |  |  | 424,595 |
Global Switch Holdings Ltd., 2.25%, 05/31/27(c) |  |  | EUR |  |  |  | 106 |  |  |  | 107,203 |
Iliad Holding SASU(b) |  |  |  |  |  |  |  |  |  |  |  |
6.50%, 10/15/26 |  |  | USD |  |  |  | 7,579 |  |  |  | 7,153,234 |
7.00%, 10/15/28 |  |  |  |  |  |  | 3,741 |  |  |  | 3,447,871 |
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b) |  |  |  |  |  |  | 4,017 |  |  |  | 3,764,942 |
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(h) |  |  |  |  |  |  | 1,228 |  |  |  | 433,717 |
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b) |  |  |  |  |  |  | 1,076 |  |  |  | 779,239 |
Live Nation Entertainment, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 03/15/26 |  |  |  |  |  |  | 104 |  |  |  | 101,588 |
6.50%, 05/15/27 |  |  |  |  |  |  | 8,159 |  |  |  | 8,202,430 |
4.75%, 10/15/27 |  |  |  |  |  |  | 3,015 |  |  |  | 2,811,488 |
3.75%, 01/15/28 |  |  |  |  |  |  | 799 |  |  |  | 713,108 |
Lorca Telecom Bondco SA, 4.00%, 09/18/27(c) |  |  | EUR |  |  |  | 274 |  |  |  | 272,454 |
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(b) |  |  | USD |  |  |  | 972 |  |  |  | 910,482 |
Odeon Finco PLC, 12.75%, 11/01/27(b) |  |  |  |  |  |  | 303 |  |  |  | 296,874 |
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 08/15/27 |  |  |  |  |  |  | 1,625 |  |  |  | 1,475,013 |
4.25%, 01/15/29 |  |  |  |  |  |  | 1,148 |  |  |  | 964,733 |
4.63%, 03/15/30 |  |  |  |  |  |  | 1,362 |  |  |  | 1,134,689 |
Pinewood Finance Co. Ltd., 3.63%, 11/15/27(c) |  |  | GBP |  |  |  | 100 |  |  |  | 110,490 |
Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/28(b) |  |  | USD |  |  |  | 4,185 |  |  |  | 2,442,220 |
RCS & RDS SA, 2.50%, 02/05/25(c) |  |  | EUR |  |  |  | 100 |  |  |  | 103,716 |
Sable International Finance Ltd., 5.75%, 09/07/27(b) |  |  | USD |  |  |  | 539 |  |  |  | 495,492 |
SES SA, (5-year EUR Swap + 5.40%), 5.63%(a)(c)(j) |  |  | EUR |  |  |  | 100 |  |  |  | 107,920 |
Sinclair Television Group, Inc., 4.13%, 12/01/30(b) |  |  | USD |  |  |  | 2,989 |  |  |  | 1,957,795 |
Sirius XM Radio, Inc., 5.00%, 08/01/27(b) |  |  |  |  |  |  | 6,532 |  |  |  | 6,060,324 |
Stagwell Global LLC, 5.63%, 08/15/29(b) |  |  |  |  |  |  | 553 |  |  |  | 473,220 |
Summer BC Holdco B SARL, 5.75%, 10/31/26(c) |  |  | EUR |  |  |  | 100 |  |  |  | 96,980 |
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25(c)(h) |  |  |  |  |  |  | 174 |  |  |  | 159,041 |
TEGNA, Inc., 4.75%, 03/15/26(b) |  |  | USD |  |  |  | 240 |  |  |  | 229,153 |
Tele Columbus AG, 3.88%, 05/02/25(c) |  |  | EUR |  |  |  | 185 |  |  |  | 135,254 |
Telenet Finance Luxembourg Notes SARL, |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 03/01/28(b) |  |  | USD |  |  |  | 2,000 |  |  |  | 1,834,000 |
Univision Communications, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.63%, 06/01/27 |  |  |  |  |  |  | 1,630 |  |  |  | 1,575,475 |
7.38%, 06/30/30 |  |  |  |  |  |  | 892 |  |  |  | 849,289 |
UPC Broadband Finco BV, 4.88%, 07/15/31(b) |  |  |  |  |  |  | 1,894 |  |  |  | 1,558,932 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 59

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Media (continued) |  |  |  |  |  |  |  |  |
Virgin Media Secured Finance PLC, 5.00%, 04/15/27(c) |  |  | GBP |  |  |  | 142 |  |  | $ | 163,311 |
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28(c) |  |  |  |  |  |  | 100 |  |  |  | 100,441 |
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(b) |  |  | USD |  |  |  | 2,360 |  |  |  | 2,064,369 |
VZ Secured Financing BV, 3.50%, 01/15/32(c) |  |  | EUR |  |  |  | 170 |  |  |  | 142,601 |
Warnermedia Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.14%, 03/15/52 |  |  | USD |  |  |  | 4,489 |  |  |  | 3,655,159 |
5.39%, 03/15/62 |  |  |  |  |  |  | 2,348 |  |  |  | 1,913,552 |
Ziggo Bond Co. BV(b) |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 01/15/27 |  |  |  |  |  |  | 291 |  |  |  | 267,086 |
5.13%, 02/28/30 |  |  |  |  |  |  | 868 |  |  |  | 657,276 |
Ziggo BV, 4.88%, 01/15/30(b) |  |  |  |  |  |  | 1,165 |  |  |  | 966,868 |
|  |  |  |  |  |  |  |  |  |  | 153,834,809 |
Metals & Mining — 3.8% |  |  |  |  |  |  |  |  |
Arconic Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 05/15/25 |  |  |  |  |  |  | 1,484 |  |  |  | 1,495,802 |
6.13%, 02/15/28 |  |  |  |  |  |  | 3,194 |  |  |  | 3,233,618 |
ATI, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 12/01/27 |  |  |  |  |  |  | 1,060 |  |  |  | 1,025,833 |
4.88%, 10/01/29 |  |  |  |  |  |  | 550 |  |  |  | 495,104 |
5.13%, 10/01/31 |  |  |  |  |  |  | 1,063 |  |  |  | 947,038 |
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) |  |  |  |  |  |  | 6,251 |  |  |  | 6,174,825 |
Carpenter Technology Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.38%, 07/15/28 |  |  |  |  |  |  | 379 |  |  |  | 371,420 |
7.63%, 03/15/30 |  |  |  |  |  |  | 1,152 |  |  |  | 1,165,019 |
Constellium SE |  |  |  |  |  |  |  |  |  |  |  |
4.25%, 02/15/26(c) |  |  | EUR |  |  |  | 394 |  |  |  | 419,219 |
5.63%, 06/15/28(b) |  |  | USD |  |  |  | 4,620 |  |  |  | 4,347,087 |
3.75%, 04/15/29(b) |  |  |  |  |  |  | 5,957 |  |  |  | 5,067,959 |
ERO Copper Corp., 6.50%, 02/15/30(b) |  |  |  |  |  |  | 1,008 |  |  |  | 867,122 |
First Quantum Minerals Ltd., 8.63%, 06/01/31(b) |  |  |  |  |  |  | 1,764 |  |  |  | 1,799,280 |
Kaiser Aluminum Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 03/01/28 |  |  |  |  |  |  | 5,292 |  |  |  | 4,628,172 |
4.50%, 06/01/31 |  |  |  |  |  |  | 2,662 |  |  |  | 2,122,093 |
New Gold, Inc., 7.50%, 07/15/27(b) |  |  |  |  |  |  | 2,345 |  |  |  | 2,189,714 |
Novelis Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.25%, 11/15/26 |  |  |  |  |  |  | 1,542 |  |  |  | 1,395,769 |
4.75%, 01/30/30 |  |  |  |  |  |  | 7,524 |  |  |  | 6,686,631 |
3.88%, 08/15/31 |  |  |  |  |  |  | 6,036 |  |  |  | 4,965,284 |
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(c) |  |  | EUR |  |  |  | 1,029 |  |  |  | 983,130 |
Vedanta Resources Finance II PLC, 8.95%, 03/11/25(b) |  |  | USD |  |  |  | 577 |  |  |  | 435,456 |
|  |  |  |  |  |  |  |  |  |  | 50,815,575 |
Mortgage Real Estate Investment Trusts (REITs) — 0.0% |
Starwood Property Trust, Inc., 5.50%, 11/01/23(b) |  |  |  |  |  |  | 157 |  |  |  | 155,643 |
Multi-Utilities — 0.1% |  |  |  |  |  |  |  |  |
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28(b) |  |  |  |  |  |  | 1,438 |  |  |  | 1,460,461 |
UGI International LLC, 2.50%, 12/01/29(c) |  |  | EUR |  |  |  | 100 |  |  |  | 85,435 |
|  |  |  |  |  |  |  |  |  |  | 1,545,896 |

Security |  | Par (000) |  |  | Value |
Offshore Drilling & Other Services(b) — 0.6% |  |  |  |  |  |
Entegris Escrow Corp., 4.75%, 04/15/29 |  | USD | 8,811 |  |  | $ | 8,179,481 |
Entegris, Inc., 4.38%, 04/15/28 |  |  | 511 |  |  |  | 462,445 |
|  |  |  |  |  |  | 8,641,926 |
Oil, Gas & Consumable Fuels — 16.8% |  |  |  |  |  |
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(b) |  |  | 3,920 |  |  |  | 3,851,400 |
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 03/01/27(b) |  |  | 2,034 |  |  |  | 1,961,664 |
Antero Resources Corp., 7.63%, 02/01/29(b) |  |  | 410 |  |  |  | 415,992 |
Apache Corp. |  |  |  |  |  |  |  |
5.10%, 09/01/40 |  |  | 171 |  |  |  | 138,938 |
5.35%, 07/01/49 |  |  | 305 |  |  |  | 237,138 |
Arcosa, Inc., 4.38%, 04/15/29(b) |  |  | 1,988 |  |  |  | 1,781,253 |
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) |  |  |  |  |  |  |  |
9.00%, 11/01/27 |  |  | 4,668 |  |  |  | 5,803,351 |
8.25%, 12/31/28 |  |  | 4,696 |  |  |  | 4,618,066 |
5.88%, 06/30/29 |  |  | 1,814 |  |  |  | 1,618,344 |
Baytex Energy Corp., 8.50%, 04/30/30 |  |  | 756 |  |  |  | 738,287 |
Buckeye Partners LP |  |  |  |  |  |  |  |
4.13%, 03/01/25(b) |  |  | 34 |  |  |  | 32,300 |
5.85%, 11/15/43 |  |  | 816 |  |  |  | 603,840 |
5.60%, 10/15/44 |  |  | 553 |  |  |  | 398,160 |
Callon Petroleum Co. |  |  |  |  |  |  |  |
8.25%, 07/15/25 |  |  | 279 |  |  |  | 276,908 |
6.38%, 07/01/26 |  |  | 929 |  |  |  | 904,282 |
8.00%, 08/01/28(b) |  |  | 4,799 |  |  |  | 4,745,775 |
7.50%, 06/15/30(b) |  |  | 4,240 |  |  |  | 4,002,018 |
Cellnex Finance Co. SA(c) |  |  |  |  |  |  |  |
1.00%, 09/15/27 |  | EUR | 100 |  |  |  | 93,714 |
2.00%, 09/15/32 |  |  | 100 |  |  |  | 85,676 |
2.00%, 02/15/33 |  |  | 100 |  |  |  | 84,730 |
Cellnex Telecom SA(c) |  |  |  |  |  |  |  |
1.75%, 10/23/30 |  |  | 100 |  |  |  | 87,927 |
Series CLNX, 0.75%, 11/20/31(k) |  |  | 200 |  |  |  | 174,055 |
Cheniere Energy Partners LP, 4.50%, 10/01/29 |  | USD | 1,502 |  |  |  | 1,378,470 |
Chesapeake Energy Corp., 6.75%, 04/15/29(b) |  |  | 2,403 |  |  |  | 2,384,342 |
CITGO Petroleum Corp., 7.00%, 06/15/25(b) |  |  | 2,745 |  |  |  | 2,693,531 |
Civitas Resources, Inc.(b) |  |  |  |  |  |  |  |
5.00%, 10/15/26 |  |  | 194 |  |  |  | 182,917 |
8.38%, 07/01/28 |  |  | 4,068 |  |  |  | 4,113,968 |
8.75%, 07/01/31 |  |  | 3,369 |  |  |  | 3,415,492 |
CNX Midstream Partners LP, 4.75%, 04/15/30(b) |  |  | 520 |  |  |  | 441,057 |
CNX Resources Corp., 7.38%, 01/15/31(b) |  |  | 473 |  |  |  | 460,200 |
Comstock Resources, Inc.(b) |  |  |  |  |  |  |  |
6.75%, 03/01/29 |  |  | 3,944 |  |  |  | 3,608,550 |
5.88%, 01/15/30 |  |  | 1,377 |  |  |  | 1,195,471 |
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) |  |  | 7,398 |  |  |  | 6,598,369 |
Crescent Energy Finance LLC(b) |  |  |  |  |  |  |  |
7.25%, 05/01/26 |  |  | 5,449 |  |  |  | 5,113,941 |
9.25%, 02/15/28 |  |  | 1,363 |  |  |  | 1,322,437 |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(b) |  |  |  |  |  |  |  |
6.00%, 02/01/29 |  |  | 1,687 |  |  |  | 1,575,236 |
8.00%, 04/01/29 |  |  | 265 |  |  |  | 268,289 |
7.38%, 02/01/31 |  |  | 921 |  |  |  | 907,785 |

60 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |  |
CrownRock LP/CrownRock Finance, Inc.(b) |  |  |  |  |  |  |  |
5.63%, 10/15/25 |  | USD | 3,586 |  |  | $ | 3,532,927 |
5.00%, 05/01/29 |  |  | 240 |  |  |  | 224,700 |
DCP Midstream Operating LP(b) |  |  |  |  |  |  |  |
6.45%, 11/03/36 |  |  | 920 |  |  |  | 944,699 |
6.75%, 09/15/37 |  |  | 2,031 |  |  |  | 2,155,460 |
Diamondback Energy, Inc., 6.25%, 03/15/33 |  |  | 2,505 |  |  |  | 2,591,342 |
DT Midstream, Inc., 4.13%, 06/15/29(b) |  |  | 4,234 |  |  |  | 3,715,653 |
Dycom Industries, Inc., 4.50%, 04/15/29(b) |  |  | 90 |  |  |  | 81,738 |
Earthstone Energy Holdings LLC |  |  |  |  |  |  |  |
8.00%, 04/15/27(b) |  |  | 1,407 |  |  |  | 1,358,895 |
9.88%, 07/15/31 |  |  | 1,724 |  |  |  | 1,704,088 |
eG Global Finance PLC(b) |  |  |  |  |  |  |  |
6.75%, 02/07/25 |  |  | 1,158 |  |  |  | 1,124,708 |
8.50%, 10/30/25 |  |  | 1,586 |  |  |  | 1,538,843 |
Energy Transfer LP |  |  |  |  |  |  |  |
5.30%, 04/15/47 |  |  | 626 |  |  |  | 544,476 |
Series H, (5-year CMT + 5.69%), 6.50%(a)(j) |  |  | 2,326 |  |  |  | 2,112,752 |
EnLink Midstream LLC |  |  |  |  |  |  |  |
5.63%, 01/15/28(b) |  |  | 1,459 |  |  |  | 1,411,850 |
5.38%, 06/01/29 |  |  | 835 |  |  |  | 795,514 |
6.50%, 09/01/30(b) |  |  | 3,529 |  |  |  | 3,524,701 |
EnLink Midstream Partners LP |  |  |  |  |  |  |  |
5.60%, 04/01/44 |  |  | 1,433 |  |  |  | 1,199,743 |
5.45%, 06/01/47 |  |  | 246 |  |  |  | 202,213 |
EnQuest PLC, 11.63%, 11/01/27(b) |  |  | 200 |  |  |  | 181,000 |
EQM Midstream Partners LP |  |  |  |  |  |  |  |
6.00%, 07/01/25(b) |  |  | 634 |  |  |  | 627,000 |
4.13%, 12/01/26 |  |  | 361 |  |  |  | 335,742 |
6.50%, 07/01/27(b) |  |  | 1,843 |  |  |  | 1,817,698 |
7.50%, 06/01/30(b) |  |  | 1,558 |  |  |  | 1,576,612 |
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27(b) |  |  | 540 |  |  |  | 530,336 |
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |  |  |  |  |
6.50%, 10/01/25 |  |  | 667 |  |  |  | 656,858 |
7.75%, 02/01/28 |  |  | 477 |  |  |  | 453,689 |
8.88%, 04/15/30 |  |  | 849 |  |  |  | 829,468 |
Gulfport Energy Corp., 8.00%, 05/17/26(b) |  |  | 152 |  |  |  | 152,714 |
Harbour Energy PLC, 5.50%, 10/15/26(b) |  |  | 420 |  |  |  | 384,851 |
Harvest Midstream I LP, 7.50%, 09/01/28(b) |  |  | 315 |  |  |  | 312,304 |
Hess Midstream Operations LP, 4.25%, 02/15/30(b) |  |  | 1,313 |  |  |  | 1,145,593 |
Hilcorp Energy I LP/Hilcorp Finance Co.(b) |  |  |  |  |  |  |  |
6.25%, 11/01/28 |  |  | 514 |  |  |  | 483,830 |
5.75%, 02/01/29 |  |  | 1,157 |  |  |  | 1,047,650 |
6.00%, 04/15/30 |  |  | 130 |  |  |  | 118,375 |
Infrastrutture Wireless Italiane SpA, 1.63%, 10/21/28(c) |  | EUR | 200 |  |  |  | 191,212 |
ITT Holdings LLC, 6.50%, 08/01/29(b) |  | USD | 1,889 |  |  |  | 1,591,445 |
Kinetik Holdings LP, 5.88%, 06/15/30(b) |  |  | 2,333 |  |  |  | 2,217,493 |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(b) |  |  | 135 |  |  |  | 130,567 |
Matador Resources Co. |  |  |  |  |  |  |  |
5.88%, 09/15/26 |  |  | 2,078 |  |  |  | 2,013,676 |
6.88%, 04/15/28 |  |  | 3,215 |  |  |  | 3,182,185 |
Murphy Oil Corp. |  |  |  |  |  |  |  |
5.75%, 08/15/25 |  |  | 129 |  |  |  | 127,310 |
5.88%, 12/01/42 |  |  | 141 |  |  |  | 117,173 |
Nabors Industries Ltd.(b) |  |  |  |  |  |  |  |
7.25%, 01/15/26 |  |  | 596 |  |  |  | 556,378 |

Security |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |  |
Nabors Industries Ltd.(b) (continued) |  |  |  |  |  |  |  |
7.50%, 01/15/28 |  | USD | 1,749 |  |  | $ | 1,530,480 |
Nabors Industries, Inc. |  |  |  |  |  |  |  |
5.75%, 02/01/25 |  |  | 4,816 |  |  |  | 4,660,540 |
7.38%, 05/15/27(b) |  |  | 2,672 |  |  |  | 2,542,488 |
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b) |  |  | 200 |  |  |  | 199,646 |
New Fortress Energy, Inc.(b) |  |  |  |  |  |  |  |
6.75%, 09/15/25 |  |  | 6,575 |  |  |  | 6,167,580 |
6.50%, 09/30/26 |  |  | 5,475 |  |  |  | 4,898,462 |
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(b) |  |  | 1,331 |  |  |  | 1,310,864 |
NGPL PipeCo LLC, 7.77%, 12/15/37(b) |  |  | 1,640 |  |  |  | 1,748,281 |
Northern Oil and Gas, Inc. |  |  |  |  |  |  |  |
8.13%, 03/01/28(b) |  |  | 6,436 |  |  |  | 6,307,280 |
8.75%, 06/15/31 |  |  | 1,719 |  |  |  | 1,688,918 |
NuStar Logistics LP, 6.00%, 06/01/26 |  |  | 1,631 |  |  |  | 1,588,770 |
Occidental Petroleum Corp. |  |  |  |  |  |  |  |
6.45%, 09/15/36 |  |  | 822 |  |  |  | 843,618 |
6.20%, 03/15/40 |  |  | 1,963 |  |  |  | 1,934,713 |
4.63%, 06/15/45 |  |  | 100 |  |  |  | 77,370 |
ONEOK, Inc., 4.95%, 07/13/47 |  |  | 625 |  |  |  | 515,032 |
PDC Energy, Inc. |  |  |  |  |  |  |  |
6.13%, 09/15/24 |  |  | 356 |  |  |  | 355,820 |
5.75%, 05/15/26 |  |  | 134 |  |  |  | 133,464 |
Permian Resources Operating LLC(b) |  |  |  |  |  |  |  |
7.75%, 02/15/26 |  |  | 1,419 |  |  |  | 1,425,036 |
6.88%, 04/01/27 |  |  | 1,827 |  |  |  | 1,799,595 |
5.88%, 07/01/29 |  |  | 2,147 |  |  |  | 2,022,497 |
Plains All American Pipeline LP/PAA Finance Corp., 5.15%, 06/01/42 |  |  | 604 |  |  |  | 501,119 |
Precision Drilling Corp., 6.88%, 01/15/29(b) |  |  | 76 |  |  |  | 68,667 |
Rockcliff Energy II LLC, 5.50%, 10/15/29(b) |  |  | 530 |  |  |  | 488,901 |
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b) |  |  | 452 |  |  |  | 413,580 |
SM Energy Co. |  |  |  |  |  |  |  |
5.63%, 06/01/25 |  |  | 933 |  |  |  | 911,718 |
6.75%, 09/15/26 |  |  | 2,755 |  |  |  | 2,685,324 |
6.63%, 01/15/27 |  |  | 85 |  |  |  | 82,556 |
6.50%, 07/15/28 |  |  | 855 |  |  |  | 820,800 |
Southwestern Energy Co. |  |  |  |  |  |  |  |
5.38%, 02/01/29 |  |  | 800 |  |  |  | 753,331 |
4.75%, 02/01/32 |  |  | 2,256 |  |  |  | 1,988,295 |
Sunoco LP/Sunoco Finance Corp. |  |  |  |  |  |  |  |
6.00%, 04/15/27 |  |  | 238 |  |  |  | 234,488 |
5.88%, 03/15/28 |  |  | 352 |  |  |  | 338,492 |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) |  |  |  |  |  |  |  |
7.50%, 10/01/25 |  |  | 74 |  |  |  | 73,858 |
5.50%, 01/15/28 |  |  | 1,520 |  |  |  | 1,389,253 |
6.00%, 12/31/30 |  |  | 171 |  |  |  | 150,651 |
6.00%, 09/01/31 |  |  | 686 |  |  |  | 590,257 |
Tap Rock Resources LLC, 7.00%, 10/01/26(b) |  |  | 6,903 |  |  |  | 7,110,090 |
Targa Resources Corp., 6.25%, 07/01/52 |  |  | 642 |  |  |  | 627,547 |
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 01/15/32 |  |  | 621 |  |  |  | 536,811 |
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) |  |  | 947 |  |  |  | 967,124 |
Transocean, Inc.(b) |  |  |  |  |  |  |  |
7.50%, 01/15/26 |  |  | 1,355 |  |  |  | 1,287,250 |
11.50%, 01/30/27 |  |  | 1,179 |  |  |  | 1,221,739 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 61

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Transocean, Inc.(b) (continued) |  |  |  |  |  |  |  |
8.75%, 02/15/30 |  | USD | 4,552 |  |  | $ | 4,620,280 |
Vantage Drilling International, 9.50%, 02/15/28(b) |  |  | 2,353 |  |  |  | 2,310,340 |
Venture Global Calcasieu Pass LLC(b) |  |  |  |  |  |  |  |
3.88%, 08/15/29 |  |  | 4,589 |  |  |  | 4,008,907 |
4.13%, 08/15/31 |  |  | 34 |  |  |  | 29,239 |
3.88%, 11/01/33 |  |  | 7,564 |  |  |  | 6,194,052 |
Venture Global LNG, Inc.(b) |  |  |  |  |  |  |  |
8.13%, 06/01/28 |  |  | 6,959 |  |  |  | 7,067,802 |
8.38%, 06/01/31 |  |  | 10,557 |  |  |  | 10,643,223 |
Vermilion Energy, Inc., 6.88%, 05/01/30(b) |  |  | 807 |  |  |  | 743,804 |
Western Midstream Operating LP |  |  |  |  |  |  |  |
6.15%, 04/01/33 |  |  | 350 |  |  |  | 352,762 |
5.45%, 04/01/44 |  |  | 1,001 |  |  |  | 845,621 |
5.30%, 03/01/48 |  |  | 1,851 |  |  |  | 1,545,077 |
5.50%, 08/15/48 |  |  | 703 |  |  |  | 587,892 |
5.50%, 02/01/50 |  |  | 3,466 |  |  |  | 2,838,897 |
|  |  |  |  |  |  | 224,639,535 |
Passenger Airlines — 2.2% |  |  |  |  |  |
Air France-KLM, 8.13%, 05/31/28(c) |  | EUR | 100 |  |  |  | 112,803 |
Allegiant Travel Co., 7.25%, 08/15/27(b) |  | USD | 553 |  |  |  | 550,959 |
American Airlines, Inc.(b) |  |  |  |  |  |  |  |
11.75%, 07/15/25 |  |  | 7,195 |  |  |  | 7,889,519 |
7.25%, 02/15/28 |  |  | 345 |  |  |  | 342,945 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) |  |  |  |  |  |  |  |
5.50%, 04/20/26 |  |  | 659 |  |  |  | 652,584 |
5.75%, 04/20/29 |  |  | 4,463 |  |  |  | 4,333,295 |
Deutsche Lufthansa AG, 3.50%, 07/14/29(c) |  | EUR | 100 |  |  |  | 98,724 |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b) |  | USD | 1,196 |  |  |  | 1,132,059 |
International Consolidated Airlines Group SA, 3.75%, 03/25/29(c) |  | EUR | 100 |  |  |  | 95,071 |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b) |  | USD | 3,195 |  |  |  | 3,203,693 |
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(b) |  |  | 1,166 |  |  |  | 1,174,715 |
United Airlines Pass-Through Trust |  |  |  |  |  |  |  |
Series 2020-1, Class A, 5.88%, 04/15/29 |  |  | 2,421 |  |  |  | 2,400,452 |
Series 2020-1, Class B, 4.88%, 07/15/27 |  |  | 192 |  |  |  | 183,064 |
United Airlines, Inc.(b) |  |  |  |  |  |  |  |
4.38%, 04/15/26 |  |  | 215 |  |  |  | 204,273 |
4.63%, 04/15/29 |  |  | 6,123 |  |  |  | 5,579,081 |
VistaJet Malta Finance PLC/Vista Management Holding, Inc.(b) |  |  |  |  |  |  |  |
7.88%, 05/01/27 |  |  | 700 |  |  |  | 628,915 |
6.38%, 02/01/30 |  |  | 862 |  |  |  | 694,110 |
|  |  |  |  |  |  | 29,276,262 |
Personal Care Products — 0.0% |  |  |  |  |  |
Coty, Inc., 3.88%, 04/15/26(c) |  | EUR | 106 |  |  |  | 111,908 |
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29(b) |  | USD | 83 |  |  |  | 76,526 |
|  |  |  |  |  |  | 188,434 |

Security |  | Par (000) |  |  | Value |
Pharmaceuticals — 0.9% |  |  |  |  |  |
Bayer AG, (5-year EUR Swap + 3.75%), 4.50%, 03/25/82(a)(c) |  | EUR | 300 |  |  | $ | 308,704 |
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28(b) |  | USD | 743 |  |  |  | 672,415 |
Gruenenthal GmbH, 4.13%, 05/15/28(c) |  | EUR | 117 |  |  |  | 118,135 |
Option Care Health, Inc., 4.38%, 10/31/29(b) |  | USD | 1,054 |  |  |  | 927,687 |
Organon & Co./Organon Foreign Debt Co-Issuer BV(b) |  |  |  |  |  |  |  |
4.13%, 04/30/28 |  |  | 400 |  |  |  | 355,012 |
5.13%, 04/30/31 |  |  | 2,127 |  |  |  | 1,754,827 |
Rossini SARL, 6.75%, 10/30/25(c) |  | EUR | 101 |  |  |  | 110,903 |
Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |  |  |  |
3.75%, 05/09/27 |  |  | 100 |  |  |  | 98,402 |
7.38%, 09/15/29 |  |  | 192 |  |  |  | 213,749 |
7.88%, 09/15/31 |  |  | 100 |  |  |  | 112,750 |
Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |  |  |  |
3.15%, 10/01/26 |  | USD | 4,163 |  |  |  | 3,707,672 |
4.75%, 05/09/27 |  |  | 513 |  |  |  | 471,388 |
6.75%, 03/01/28 |  |  | 531 |  |  |  | 520,863 |
7.88%, 09/15/29 |  |  | 1,670 |  |  |  | 1,713,570 |
8.13%, 09/15/31 |  |  | 912 |  |  |  | 950,076 |
|  |  |  |  |  |  | 12,036,153 |
Real Estate — 0.2% |  |  |  |  |  |
VICI Properties LP, 5.63%, 05/15/52 |  |  | 2,051 |  |  |  | 1,827,031 |
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28(b) |  |  | 323 |  |  |  | 296,771 |
|  |  |  |  |  |  | 2,123,802 |
Real Estate Management & Development — 0.4% |
Adler Financing SARL, 12.50%, 06/30/25 |  | EUR | 120 |  |  |  | 133,825 |
Agps Bondco PLC(c)(f)(i) |  |  |  |  |  |  |  |
6.00%, 08/05/25 |  |  | 200 |  |  |  | 93,861 |
5.50%, 11/13/26 |  |  | 200 |  |  |  | 82,931 |
Aroundtown SA, (5-year GBP Swap + 4.38%), 4.75%(a)(c)(j) |  | GBP | 215 |  |  |  | 95,567 |
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28(b) |  | USD | 1,451 |  |  |  | 1,313,155 |
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24(c) |  | EUR | 100 |  |  |  | 80,749 |
Heimstaden Bostad AB, (5-year EUR Swap + 3.15%), 2.63%(a)(c)(j) |  |  | 375 |  |  |  | 189,542 |
Howard Hughes Corp., 4.38%, 02/01/31(b) |  | USD | 2,347 |  |  |  | 1,873,000 |
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.25%, 04/15/30(b) |  |  | 2,339 |  |  |  | 1,662,291 |
Starwood Property Trust, Inc., 4.38%, 01/15/27(b) |  |  | 334 |  |  |  | 287,657 |
|  |  |  |  |  |  | 5,812,578 |
Semiconductors & Semiconductor Equipment(b) — 0.4% |
Sensata Technologies BV, 5.88%, 09/01/30 |  |  | 1,209 |  |  |  | 1,175,493 |
Sensata Technologies, Inc., 4.38%, 02/15/30 |  |  | 3,077 |  |  |  | 2,751,599 |
Synaptics, Inc., 4.00%, 06/15/29 |  |  | 1,613 |  |  |  | 1,352,285 |
|  |  |  |  |  |  | 5,279,377 |
Software — 4.3% |  |  |  |  |  |
Alteryx, Inc., 8.75%, 03/15/28(b) |  |  | 1,309 |  |  |  | 1,285,811 |
Boxer Parent Co., Inc. |  |  |  |  |  |  |  |
6.50%, 10/02/25(c) |  | EUR | 173 |  |  |  | 186,165 |
7.13%, 10/02/25(b) |  | USD | 3,099 |  |  |  | 3,101,743 |
9.13%, 03/01/26(b) |  |  | 4,443 |  |  |  | 4,420,785 |
Capstone Borrower, Inc., 8.00%, 06/15/30 |  |  | 1,656 |  |  |  | 1,635,317 |

62 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Software (continued) |  |  |  |  |  |
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b) |  | USD | 5,945 |  |  | $ | 5,878,360 |
Cloud Software Group, Inc. |  |  |  |  |  |  |  |
6.50%, 03/31/29(b) |  |  | 17,659 |  |  |  | 15,723,235 |
9.00%, 09/30/29 |  |  | 7,891 |  |  |  | 6,892,271 |
Consensus Cloud Solutions, Inc.(b) |  |  |  |  |  |  |  |
6.00%, 10/15/26 |  |  | 386 |  |  |  | 350,295 |
6.50%, 10/15/28 |  |  | 475 |  |  |  | 406,125 |
Crowdstrike Holdings, Inc., 3.00%, 02/15/29 |  |  | 138 |  |  |  | 119,002 |
Elastic NV, 4.13%, 07/15/29(b) |  |  | 3,665 |  |  |  | 3,161,702 |
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28(b) |  |  | 400 |  |  |  | 340,000 |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) |  |  | 526 |  |  |  | 454,056 |
MicroStrategy, Inc., 6.13%, 06/15/28(b) |  |  | 2,441 |  |  |  | 2,188,588 |
Open Text Corp., 6.90%, 12/01/27(b) |  |  | 4,576 |  |  |  | 4,658,505 |
SS&C Technologies, Inc., 5.50%, 09/30/27(b) |  |  | 6,271 |  |  |  | 6,003,403 |
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b) |  |  | 165 |  |  |  | 133,884 |
|  |  |  |  |  |  | 56,939,247 |
Specialized REITs — 0.4% |  |  |  |  |  |
Iron Mountain, Inc., 7.00%, 02/15/29 |  |  | 3,092 |  |  |  | 3,097,201 |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) |  |  | 2,647 |  |  |  | 2,625,992 |
|  |  |  |  |  |  | 5,723,193 |
Specialty Retail — 0.4% |  |  |  |  |  |
Arko Corp., 5.13%, 11/15/29(b) |  |  | 981 |  |  |  | 797,229 |
Goldstory SASU, 5.38%, 03/01/26(c) |  | EUR | 100 |  |  |  | 104,799 |
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29(b) |  | USD | 3,269 |  |  |  | 3,248,007 |
Staples, Inc., 7.50%, 04/15/26(b) |  |  | 1,051 |  |  |  | 868,035 |
|  |  |  |  |  |  | 5,018,070 |
Technology Hardware, Storage & Peripherals(b) — 0.5% |
Coherent Corp., 5.00%, 12/15/29 |  |  | 1,682 |  |  |  | 1,518,190 |
Seagate HDD Cayman |  |  |  |  |  |  |  |
8.25%, 12/15/29 |  |  | 1,902 |  |  |  | 1,986,582 |
8.50%, 07/15/31 |  |  | 2,409 |  |  |  | 2,526,294 |
|  |  |  |  |  |  | 6,031,066 |
Textiles, Apparel & Luxury Goods — 0.2% |
Crocs, Inc.(b) |  |  |  |  |  |  |  |
4.25%, 03/15/29 |  |  | 217 |  |  |  | 184,493 |
4.13%, 08/15/31 |  |  | 282 |  |  |  | 227,715 |
European TopSoho SARL, Series SMCP, 4.00%, 09/21/21(c)(f)(i)(k) |  | EUR | 200 |  |  |  | 189,022 |
Hanesbrands, Inc.(b) |  |  |  |  |  |  |  |
4.88%, 05/15/26 |  | USD | 521 |  |  |  | 486,372 |
9.00%, 02/15/31 |  |  | 1,541 |  |  |  | 1,553,122 |
Kontoor Brands, Inc., 4.13%, 11/15/29(b) |  |  | 525 |  |  |  | 438,395 |
Levi Strauss & Co., 3.50%, 03/01/31(b) |  |  | 318 |  |  |  | 263,145 |
|  |  |  |  |  |  | 3,342,264 |
Transportation Infrastructure — 0.1% |  |  |  |  |  |
Azzurra Aeroporti SpA, 2.13%, 05/30/24(c) |  | EUR | 288 |  |  |  | 303,861 |
Gatwick Airport Finance PLC, 4.38%, 04/07/26(c) |  | GBP | 100 |  |  |  | 115,034 |
XPO Escrow Sub LLC, 7.50%, 11/15/27(b) |  | USD | 412 |  |  |  | 420,994 |
|  |  |  |  |  |  | 839,889 |
Wireless Telecommunication Services — 1.4% |
Altice France SA/France |  |  |  |  |  |  |  |
2.13%, 02/15/25(c) |  | EUR | 200 |  |  |  | 199,962 |

Security |  | Par (000) |  |  | Value |
Wireless Telecommunication Services (continued) |
Altice France SA/France (continued) |  |  |  |  |  |  |  |
5.88%, 02/01/27(c) |  | EUR | 100 |  |  | $ | 90,570 |
8.13%, 02/01/27(b) |  | USD | 4,519 |  |  |  | 3,913,100 |
5.13%, 01/15/29(b) |  |  | 1,181 |  |  |  | 841,931 |
5.50%, 10/15/29(b) |  |  | 1,541 |  |  |  | 1,102,034 |
Cellnex Finance Co. SA, 1.50%, 06/08/28(c) |  | EUR | 100 |  |  |  | 93,148 |
Eutelsat SA, 1.50%, 10/13/28(c) |  |  | 200 |  |  |  | 160,227 |
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31(b) |  | USD | 643 |  |  |  | 635,207 |
SBA Communications Corp. |  |  |  |  |  |  |  |
3.13%, 02/01/29 |  |  | 3,693 |  |  |  | 3,130,390 |
3.88%, 02/15/27 |  |  | 87 |  |  |  | 80,145 |
VICI Properties LP/VICI Note Co., Inc.(b) |  |  |  |  |  |  |  |
5.63%, 05/01/24 |  |  | 300 |  |  |  | 298,151 |
3.50%, 02/15/25 |  |  | 401 |  |  |  | 383,156 |
4.25%, 12/01/26 |  |  | 425 |  |  |  | 397,580 |
4.63%, 12/01/29 |  |  | 3,379 |  |  |  | 3,067,693 |
4.13%, 08/15/30 |  |  | 1,219 |  |  |  | 1,073,244 |
Vmed O2 U.K. Financing I PLC |  |  |  |  |  |  |  |
4.00%, 01/31/29(c) |  | GBP | 200 |  |  |  | 200,761 |
4.25%, 01/31/31(b) |  | USD | 3,172 |  |  |  | 2,564,747 |
4.50%, 07/15/31(c) |  | GBP | 201 |  |  |  | 193,012 |
4.75%, 07/15/31(b) |  | USD | 324 |  |  |  | 269,406 |
Vodafone Group PLC(a)(c) |  |  |  |  |  |  |  |
(5-year EUR Swap + 3.48%), 3.00%, 08/27/80 |  | EUR | 100 |  |  |  | 87,845 |
(5-year EUR Swap + 3.49%), 6.50%, 08/30/84 |  |  | 100 |  |  |  | 109,634 |
|  |  |  |  |  |  | 18,891,943 |
Total Corporate Bonds — 120.9% (Cost: $1,672,633,188) |  |  |  | 1,619,462,612 |
Floating Rate Loan Interests(a) |  |  |  |  |  |  |  |
Aerospace & Defense — 0.4% |  |  |  |  |  |
Peraton Corp. |  |  |  |  |  |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.98%, 02/01/29 |  | USD | 2,790 |  |  |  | 2,699,416 |
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/01/28 |  |  | 2,888 |  |  |  | 2,831,386 |
|  |  |  |  |  |  | 5,530,802 |
Beverages — 0.0% |  |  |  |  |  |
Naked Juice LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.06%, 01/24/30 |  |  | 156 |  |  |  | 122,850 |
Broadline Retail — 0.1% |  |  |  |  |  |
PUG LLC, USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27 |  |  | 1,075 |  |  |  | 952,678 |
Capital Markets — 0.1% |  |  |  |  |  |
Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.69%, 08/02/29 |  |  | 994 |  |  |  | 884,723 |
Chemicals — 0.7% |  |  |  |  |  |
Arc Falcon I, Inc. |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.00%), 12.20%, 09/30/29 |  |  | 2,814 |  |  |  | 2,405,970 |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 09/30/28 |  |  | 1,005 |  |  |  | 936,100 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 63

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Chemicals (continued) |  |  |  |  |  |
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 7.75%), 12.94%, 11/24/28 |  | USD | 443 |  |  | $ | 389,928 |
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.99%, 08/27/26 |  |  | 229 |  |  |  | 223,654 |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.62%, 10/04/29 |  |  | 2,501 |  |  |  | 2,388,090 |
Momentive Performance Materials USA LLC, 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.60%, 03/29/28 |  |  | 1,172 |  |  |  | 1,143,663 |
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.32%, 04/03/28 |  |  | 1,251 |  |  |  | 1,237,314 |
W.R. Grace Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.75%), 9.31%, 09/22/28 |  |  | 481 |  |  |  | 477,145 |
|  |  |  |  |  |  | 9,201,864 |
Commercial Services & Supplies — 0.3% |
Amentum Government Services Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.22%, 01/29/27(g) |  |  | 358 |  |  |  | 351,666 |
Garda World Security Corp., 2022 Term Loan B, 02/01/29(m)(n) |  |  | 819 |  |  |  | 809,016 |
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.20%, 10/29/28 |  |  | 972 |  |  |  | 961,698 |
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.25%), 9.52%, 12/15/28 |  |  | 1,283 |  |  |  | 1,045,301 |
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.50%), 13.77%, 11/02/28(g) |  |  | 868 |  |  |  | 494,760 |
|  |  |  |  |  |  | 3,662,441 |
Construction & Engineering — 0.9% |  |  |  |  |  |
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.42%, 06/21/24 |  |  | 11,864 |  |  |  | 11,729,717 |
Propulsion BC Newco LLC, Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.99%, 09/14/29 |  |  | 150 |  |  |  | 149,155 |
|  |  |  |  |  |  | 11,878,872 |
Containers & Packaging — 0.2% |  |  |  |  |  |
Mauser Packaging Solutions Holding Co., Term Loan B, 08/14/26 |  |  | 2,089 |  |  |  | 2,087,553 |
Trident TPI Holdings, Inc., 2023 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.74%, 09/15/28 |  |  | 1,354 |  |  |  | 1,333,316 |
|  |  |  |  |  |  | 3,420,869 |

Security |  | Par (000) |  |  | Value |
Diversified Consumer Services — 0.2% |  |  |  |  |  |
Ascend Learning LLC |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 10.95%, 12/10/29 |  | USD | 657 |  |  | $ | 555,710 |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/11/28 |  |  | 591 |  |  |  | 553,796 |
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.22%, 01/08/27 |  |  | 1,219 |  |  |  | 1,194,762 |
|  |  |  |  |  |  | 2,304,268 |
Diversified Telecommunication Services — 0.6% |
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 9.00%, 05/01/28 |  |  | 698 |  |  |  | 674,751 |
Lumen Technologies, Inc., 2020 Term Loan B, 03/15/27(m)(n) |  |  | 1,966 |  |  |  | 1,508,694 |
Northwest Fiber LLC, 2021 Term Loan, 04/30/27(m)(n) |  |  | 1,147 |  |  |  | 1,120,493 |
Radiate Holdco LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 09/25/26 |  |  | 1,750 |  |  |  | 1,455,097 |
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.22%, 03/09/27 |  |  | 3,955 |  |  |  | 3,095,535 |
|  |  |  |  |  |  | 7,854,570 |
Electronic Equipment, Instruments & Components — 0.1% |
Ingram Micro, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 9.04%, 06/30/28 |  |  | 1,025 |  |  |  | 1,020,863 |
Energy Equipment & Services — 0.0% |  |  |  |  |  |
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.22%, 06/28/24 |  |  | 90 |  |  |  | 67,799 |
Entertainment — 0.0% |  |  |  |  |  |
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.10%, 01/15/30 |  |  | 138 |  |  |  | 137,931 |
EP Purchaser LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.00%, 11/06/28 |  |  | 365 |  |  |  | 356,415 |
|  |  |  |  |  |  | 494,346 |
Financial Services — 0.2% |  |  |  |  |  |
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 04/07/28 |  |  | 1,206 |  |  |  | 1,117,057 |
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 10/19/27 |  |  | 1,253 |  |  |  | 1,240,391 |
|  |  |  |  |  |  | 2,357,448 |
Food Products — 0.0% |  |  |  |  |  |
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.72%, 10/25/27 |  |  | 270 |  |  |  | 267,824 |

64 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Health Care Equipment & Supplies — 0.4% |
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 05/10/27 |  | USD | 1,388 |  |  | $ | 1,344,902 |
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/03/28 |  |  | 1,047 |  |  |  | 1,021,752 |
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.47%, 10/23/28 |  |  | 2,758 |  |  |  | 2,724,397 |
|  |  |  |  |  |  | 5,091,051 |
Health Care Providers & Services — 0.3% |  |  |  |
EyeCare Partners LLC, 2020 Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.25%, 02/18/27 |  |  | 731 |  |  |  | 535,809 |
LifePoint Health, Inc., 2018 Term Loan B, (3-mo. LIBOR US + 3.75%), 9.02%, 11/16/25 |  |  | 1,264 |  |  |  | 1,168,408 |
Quorum Health Corp., 2020 Term Loan, (3-mo. LIBOR US at 1.00% Floor + 8.25%), 13.24%, 04/29/25 |  |  | 1,360 |  |  |  | 920,232 |
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.90%, 08/31/26 |  |  | 807 |  |  |  | 805,244 |
|  |  |  |  |  |  | 3,429,693 |
Health Care Technology — 1.9% |  |  |  |
AthenaHealth Group, Inc. |  |  |  |  |  |  |  |
2022 Delayed Draw Term loan, (1-mo. CME Term SOFR + 3.50%), 8.26%, 02/15/29(n) |  |  | 1,204 |  |  |  | 86,684 |
2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 02/15/29 |  |  | 9,773 |  |  |  | 9,128,123 |
Polaris Newco LLC, USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 06/02/28 |  |  | 1,351 |  |  |  | 1,240,211 |
Verscend Holding Corp. |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 7.00%), 12.22%, 04/02/29(g) |  |  | 9,376 |  |  |  | 9,376,345 |
2021 Term Loan B, (1-mo. LIBOR US + 4.00%), 9.22%, 08/27/25 |  |  | 5,441 |  |  |  | 5,432,916 |
|  |  |  |  |  |  | 25,264,279 |
Hotels, Restaurants & Leisure — 0.8% |  |  |  |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., Term Loan B4, (1-mo. LIBOR US + 1.75%), 6.94%, 11/19/26 |  |  | 4,068 |  |  |  | 4,036,238 |
Carnival Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 10/18/28 |  |  | 2,888 |  |  |  | 2,858,794 |
Fertitta Entertainment LLC, 2022 Term Loan B, 01/27/29 |  |  | 3,218 |  |  |  | 3,171,894 |
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 12/15/27 |  |  | 837 |  |  |  | 830,228 |
|  |  |  |  |  |  | 10,897,154 |

Security |  | Par (000) |  |  | Value |
Household Durables — 0.2% |  |  |  |  |  |
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.67%, 02/26/29 |  | USD | 1,123 |  |  | $ | 1,062,905 |
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 10/06/28 |  |  | 2,063 |  |  |  | 1,663,719 |
|  |  |  |  |  |  | 2,726,624 |
Insurance — 0.8% |  |  |  |
Alliant Holdings Intermediate LLC |  |  |  |  |  |  |  |
2021 Term Loan B4, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.65%, 11/06/27 |  |  | 835 |  |  |  | 828,812 |
2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.65%, 11/05/27(n) |  |  | 6,917 |  |  |  | 6,868,412 |
HUB International Ltd., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.07%, 11/10/29 |  |  | 691 |  |  |  | 689,903 |
NFP Corp., 2020 Term Loan, 02/15/27(m)(n) |  |  | 2,099 |  |  |  | 2,052,849 |
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 09/01/27 |  |  | 537 |  |  |  | 536,296 |
|  |  |  |  |  |  | 10,976,272 |
Interactive Media & Services — 0.1% |  |  |  |
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.39%, 02/16/28 |  |  | 543 |  |  |  | 535,456 |
Arches Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 12/06/27 |  |  | 721 |  |  |  | 694,786 |
Grab Holdings, Inc., Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 4.50%), 9.70%, 01/29/26 |  |  | 149 |  |  |  | 148,402 |
|  |  |  |  |  |  | 1,378,644 |
IT Services — 0.2% |  |  |  |
Epicor Software Corp., 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.75%), 12.95%, 07/31/28 |  |  | 506 |  |  |  | 504,841 |
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.34%, 10/01/27 |  |  | 1,771 |  |  |  | 1,741,715 |
Quartz Acquireco LLC, Term Loan B, 06/28/30(g)(m)(n) |  |  | 765 |  |  |  | 764,044 |
TierPoint LLC, 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 9.23%, 05/05/26 |  |  | 339 |  |  |  | 336,470 |
|  |  |  |  |  |  | 3,347,070 |
Leisure Products — 0.0% |  |  |  |
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27 |  |  | 507 |  |  |  | 504,346 |
Life Sciences Tools & Services — 0.0% |  |  |  |
Fortrea Holdings, Inc., Term Loan B, 06/12/30(m)(n) |  |  | 553 |  |  |  | 552,723 |
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28 |  |  | — | (o) |  |  | 2 |
|  |  |  |  |  |  | 552,725 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 65

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Machinery — 1.4% |  |  |  |  |  |
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 03/31/27 |  | USD | 1,219 |  |  | $ | 1,211,242 |
Madison IAQ LLC, Term Loan, (6-mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28 |  |  | 1,021 |  |  |  | 999,179 |
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.74%, 11/22/29 |  |  | 1,547 |  |  |  | 1,539,387 |
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.70%, 04/05/29 |  |  | 1,277 |  |  |  | 1,259,067 |
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.73%, 03/28/25 |  |  | 8,620 |  |  |  | 8,401,409 |
Vertical U.S. Newco, Inc., Term Loan B, 07/30/27(m)(n) |  |  | 4,808 |  |  |  | 4,772,427 |
|  |  |  |  |  |  | 18,182,711 |
Media — 1.6% |  |  |  |  |  |
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1-mo. LIBOR US at 1.00% Floor + 7.25%), 12.43%, 09/01/25 |  |  | 639 |  |  |  | 569,547 |
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.81%, 08/21/26(n) |  |  | 12,153 |  |  |  | 11,574,818 |
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.22%, 08/02/27 |  |  | 5,950 |  |  |  | 5,810,543 |
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, 02/01/29 |  |  | 2,270 |  |  |  | 2,257,573 |
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.75%), 8.95%, 04/21/29(g) |  |  | 841 |  |  |  | 632,760 |
|  |  |  |  |  |  | 20,845,241 |
Oil, Gas & Consumable Fuels — 0.1% |  |  |  |  |  |
Freeport LNG Investments LLLP, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 12/21/28 |  |  | 1,339 |  |  |  | 1,309,774 |
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.68%, 09/19/29 |  |  | 425 |  |  |  | 420,679 |
|  |  |  |  |  |  | 1,730,453 |
Passenger Airlines — 0.6% |  |  |  |  |  |
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28 |  |  | 2,902 |  |  |  | 2,960,675 |
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.84%, 08/11/28 |  |  | 782 |  |  |  | 780,631 |
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.76%, 06/21/27 |  |  | 340 |  |  |  | 352,443 |
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.80%, 10/20/27 |  |  | 1,483 |  |  |  | 1,539,161 |
United Airlines, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.29%, 04/21/28 |  |  | 1,822 |  |  |  | 1,818,568 |
|  |  |  |  |  |  | 7,451,478 |

Security |  | Par (000) |  |  | Value |
Pharmaceuticals — 0.0% |  |  |  |  |  |
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 05/04/25 |  | USD | 397 |  |  | $ | 381,921 |
Professional Services — 0.3% |  |  |  |  |  |
CoreLogic, Inc. |  |  |  |  |  |  |  |
2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.75%, 06/04/29 |  |  | 1,107 |  |  |  | 888,546 |
Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 06/02/28 |  |  | 2,499 |  |  |  | 2,252,526 |
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.85%, 04/29/29(g) |  |  | 480 |  |  |  | 450,347 |
|  |  |  |  |  |  | 3,591,419 |
Software — 3.7% |  |  |  |  |  |
Boxer Parent Co., Inc. |  |  |  |  |  |  |  |
2021 USD 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.72%, 02/27/26 |  |  | 2,250 |  |  |  | 2,184,367 |
2021 USD Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 10/02/25 |  |  | 1,279 |  |  |  | 1,267,523 |
Central Parent, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.49%, 07/06/29 |  |  | 623 |  |  |  | 620,715 |
Cloud Software Group, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/30/29 |  |  | 5,114 |  |  |  | 4,775,368 |
Cloudera, Inc. |  |  |  |  |  |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.08%, 10/08/29(g) |  |  | 1,896 |  |  |  | 1,705,932 |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 10/08/28 |  |  | 996 |  |  |  | 969,610 |
Delta TopCo, Inc., 2020 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.07%, 12/01/27 |  |  | 1,284 |  |  |  | 1,240,790 |
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.14%, 03/11/28 |  |  | 303 |  |  |  | 298,982 |
Magenta Buyer LLC |  |  |  |  |  |  |  |
2021 USD 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.03%, 07/27/28 |  |  | 3,476 |  |  |  | 2,605,726 |
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.25%), 13.53%, 07/27/29 |  |  | 2,293 |  |  |  | 1,478,985 |
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.01%, 03/01/29 |  |  | 2,726 |  |  |  | 2,602,353 |
MH Sub I LLC |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.35%, 02/23/29 |  |  | 288 |  |  |  | 249,661 |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.35%, 05/03/28 |  |  | 3,383 |  |  |  | 3,240,914 |
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.59%, 12/18/28 |  |  | 850 |  |  |  | 748,000 |
Proofpoint, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.25%), 11.47%, 08/31/29 |  |  | 2,070 |  |  |  | 2,003,064 |

66 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Software (continued) |  |  |  |  |  |
RealPage, Inc., 2nd Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 6.50%), 11.69%, 04/23/29 |  | USD | 7,231 |  |  | $ | 6,984,249 |
Sabre Global, Inc. |  |  |  |  |  |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 12/17/27 |  |  | 342 |  |  |  | 265,825 |
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 12/17/27 |  |  | 534 |  |  |  | 415,676 |
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.05%, 08/01/25 |  |  | 2,143 |  |  |  | 2,140,433 |
Sophia LP |  |  |  |  |  |  |  |
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.00%), 13.20%, 10/09/28 |  |  | 10,251 |  |  |  | 10,199,745 |
2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 9.04%, 10/07/27 |  |  | 1,111 |  |  |  | 1,097,741 |
UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.27%, 05/03/27 |  |  | 2,177 |  |  |  | 2,105,228 |
|  |  |  |  |  |  | 49,200,887 |
Textiles, Apparel & Luxury Goods — 0.0% |
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 03/08/30(g) |  |  | 563 |  |  |  | 563,996 |
Trading Companies & Distributors — 0.2% |
SRS Distribution, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.70%, 06/02/28 |  |  | 3,417 |  |  |  | 3,329,076 |
Transportation Infrastructure — 0.2% |  |  |  |  |  |
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 09/22/28 |  |  | 903 |  |  |  | 897,090 |
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 07/02/29 |  |  | 1,294 |  |  |  | 1,291,092 |
|  |  |  |  |  |  | 2,188,182 |
Wireless Telecommunication Services — 0.1% |
Digicel International Finance Ltd., 2017 Term Loan B, (1-mo. LIBOR US + 3.25%), 8.98%, 05/28/24 |  |  | 1,916 |  |  |  | 1,752,994 |
Total Floating Rate Loan Interests — 16.7% (Cost: $228,792,073) |  |  |  | 223,408,433 |
Preferred Securities |  |  |  |  |  |  |  |
Capital Trusts — 1.2% |  |  |  |  |  |
Automobiles — 0.1% |  |  |  |  |  |
General Motors Financial Co., Inc., Series C, 5.70%(a)(j) |  |  | 655 |  |  |  | 574,988 |
Banks(a)(j) — 0.3% |  |  |  |  |  |
AIB Group PLC, 5.25%(c) |  | EUR | 210 |  |  |  | 213,753 |
Citigroup, Inc., Series P, 5.95% |  | USD | 600 |  |  |  | 575,417 |

Security |  | Par (000) |  |  | Value |
Banks (continued) |  |  |  |  |  |
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 5.46% |  | USD | 60 |  |  | $ | 59,643 |
PNC Financial Services Group, Inc. |  |  |  |  |  |  |  |
6.25%, 12/31/99 |  |  | 1,572 |  |  |  | 1,411,263 |
Series V, 6.20% |  |  | 1,417 |  |  |  | 1,320,857 |
|  |  |  |  |  |  | 3,580,933 |
Consumer Staples Distribution & Retail — 0.0% |
Casino Guichard Perrachon SA, 3.99%(c)(f)(i)(j) |  | EUR | 100 |  |  |  | 600 |
Diversified Telecommunication Services(a) — 0.1% |
British Telecommunications PLC, 4.88%, 11/23/81(b) |  | USD | 200 |  |  |  | 162,567 |
Telefonica Europe BV(c)(j) |  |  |  |  |  |  |  |
7.13% |  | EUR | 200 |  |  |  | 222,602 |
6.14% |  |  | 300 |  |  |  | 315,493 |
|  |  |  |  |  |  | 700,662 |
Electric Utilities(a) — 0.1% |  |  |  |  |  |
Edison International, Series B, 5.00%(j) |  | USD | 940 |  |  |  | 812,066 |
EDP - Energias de Portugal SA, 5.94%, 04/23/83(c) |  | EUR | 100 |  |  |  | 108,030 |
Electricite de France SA(c)(j) |  |  |  |  |  |  |  |
3.00% |  |  | 200 |  |  |  | 184,369 |
3.38% |  |  | 200 |  |  |  | 167,124 |
Naturgy Finance BV, 2.37%(c)(j) |  |  | 200 |  |  |  | 191,672 |
|  |  |  |  |  |  | 1,463,261 |
Financial Services(a)(j) — 0.3% |  |  |  |  |  |
Barclays PLC |  |  |  |  |  |  |  |
4.38% |  | USD | 2,490 |  |  |  | 1,691,706 |
8.00% |  |  | 980 |  |  |  | 875,532 |
8.00% |  |  | 200 |  |  |  | 188,980 |
BNP Paribas SA, 6.88%(c) |  | EUR | 200 |  |  |  | 208,923 |
Lloyds Banking Group PLC, 8.00% |  | USD | 1,320 |  |  |  | 1,206,018 |
Societe Generale SA, 7.88%(c) |  | EUR | 100 |  |  |  | 104,291 |
|  |  |  |  |  |  | 4,275,450 |
Health Care Providers & Services — 0.0% |
Clariane SE, 4.13%(a)(c)(j) |  | GBP | 200 |  |  |  | 203,131 |
Independent Power and Renewable Electricity Producers(a)(b)(j) — 0.3% |
NRG Energy, Inc., 10.25% |  | USD | 2,427 |  |  |  | 2,288,588 |
Vistra Corp., 7.00% |  |  | 1,272 |  |  |  | 1,109,820 |
|  |  |  |  |  |  | 3,398,408 |
Media — 0.0% |  |  |  |  |  |
SES SA, 2.88%(a)(c)(j) |  | EUR | 134 |  |  |  | 123,739 |
Oil, Gas & Consumable Fuels(a)(c)(j) — 0.0% |
Abertis Infraestructuras Finance BV, 3.25% |  |  | 200 |  |  |  | 195,641 |
Repsol International Finance BV, 4.25% |  |  | 124 |  |  |  | 121,630 |
|  |  |  |  |  |  | 317,271 |
Transportation Infrastructure — 0.0% |
Poste Italiane SpA, 2.63%(a)(c)(j) |  |  | 200 |  |  |  | 165,317 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 67

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Wireless Telecommunication Services — 0.0% |
Vodafone Group PLC, 2.63%, 08/27/80(a)(c) |  | EUR | 400 |  |  | $ | 392,776 |
|  |  |  |  |  |  | 15,196,536 |
|  | Shares |  |  |  |
Preferred Stocks — 1.0% |  |  |  |  |  |
Commercial Services & Supplies — 0.1% |
Verscend Intermediate Holding(g) |  |  | 790 |  |  |  | 1,036,072 |
Financial Services — 0.1% |  |  |  |  |  |
Alliant Holdings, Inc.(g) |  |  | 1,431 |  |  |  | 1,359,579 |
IT Services — 0.8% |  |  |  |  |  |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $6,755,577)(d)(g) |  |  | 61,653 |  |  |  | 10,838,848 |
Wireless Telecommunication Services — 0.0% |
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $674,329)(d) |  |  | 688,714 |  |  |  | 6,887 |
Ligado Networks LLC(p) |  |  | 32,168 |  |  |  | 321,684 |
|  |  |  |  |  |  | 328,571 |
|  |  |  |  |  |  | 13,563,070 |
Total Preferred Securities — 2.2% (Cost: $31,922,244) |  |  |  | 28,759,606 |
Total Long-Term Investments — 140.5% (Cost: $1,968,024,244) |  |  |  | 1,881,248,761 |
Options Purchased — 0.0% (Cost: $448,059) |  |  |  | 270,369 |
Total Investments Before Options Written — 140.5% (Cost: $1,968,472,303) |  |  |  | 1,881,519,130 |
Options Written — (0.0)% (Premiums Received: $(141,072)) |  |  |  | (87,588 | )
Total Investments, Net of Options Written — 140.5% (Cost: $1,968,331,231) |  |  |  | 1,881,431,542 |
Liabilities in Excess of Other Assets — (40.5)% |  |  |  | (542,195,263 | )
Net Assets — 100.0% |  |  | $ | 1,339,236,279 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(d) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $11,457,284, representing 0.9% of its net assets as of period end, and an original cost of $9,029,258.

(e) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

(f) | Non-income producing security.

(g) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(h) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(i) | Issuer filed for bankruptcy and/or is in default.

(j) | Perpetual security with no stated maturity date.

(k) | Convertible security.

(l) | Zero-coupon bond.

(m) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(n) | When-issued security.

(o) | Rounds to less than 1,000.

(p) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class(a) |  | $ | 723,084 |  |  | $ | — |  |  | $ | (723,084 | )(b) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 37,586 |  |  | $ | — |

| (a) | As of period end, the entity is no longer held. |

| (b) | Represents net amount purchased (sold). |

68 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Long Bond |  |  | 6 |  |  |  | 09/20/23 |  |  | $ | 763 |  |  | $ | (2,071 | )
Ultra U.S. Treasury Bond |  |  | 29 |  |  |  | 09/20/23 |  |  |  | 3,950 |  |  |  | (28,370 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (30,441 | )

Forward Foreign Currency Exchange Contracts

Currency Purchased |  |  | Currency Sold |  |  | Counterparty |  | Settlement Date |  |  | Unrealized Appreciation (Depreciation) |
USD |  |  | 19,763,741 |  |  |  | EUR |  |  |  | 18,009,966 |  |  | BNP Paribas SA |  |  | 09/20/23 |  |  | $ | 36,115 |
USD |  |  | 93,803 |  |  |  | EUR |  |  |  | 85,000 |  |  | Morgan Stanley & Co. International PLC |  |  | 09/20/23 |  |  |  | 697 |
USD |  |  | 195,948 |  |  |  | EUR |  |  |  | 178,000 |  |  | Nomura International PLC |  |  | 09/20/23 |  |  |  | 972 |
USD |  |  | 131,937 |  |  |  | EUR |  |  |  | 120,000 |  |  | Royal Bank of Canada |  |  | 09/20/23 |  |  |  | 492 |
USD |  |  | 11,217,772 |  |  |  | EUR |  |  |  | 10,221,034 |  |  | Toronto-Dominion Bank |  |  | 09/20/23 |  |  |  | 21,930 |
USD |  |  | 4,589,316 |  |  |  | GBP |  |  |  | 3,579,000 |  |  | BNP Paribas SA |  |  | 09/20/23 |  |  |  | 43,020 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 103,226 |
USD |  |  | 202,714 |  |  |  | EUR |  |  |  | 188,000 |  |  | Bank of America N.A. |  |  | 09/20/23 |  |  |  | (3,216 | )
USD |  |  | 15,072 |  |  |  | EUR |  |  |  | 14,000 |  |  | Royal Bank of Canada |  |  | 09/20/23 |  |  |  | (263 | )
USD |  |  | 213,429 |  |  |  | EUR |  |  |  | 198,000 |  |  | Royal Bank of Canada |  |  | 09/20/23 |  |  |  | (3,454 | )
USD |  |  | 91,787 |  |  |  | EUR |  |  |  | 85,000 |  |  | State Street Bank and Trust Co. |  |  | 09/20/23 |  |  |  | (1,320 | )
USD |  |  | 192,555 |  |  |  | EUR |  |  |  | 179,000 |  |  | Toronto-Dominion Bank |  |  | 09/20/23 |  |  |  | (3,517 | )
USD |  |  | 64,559 |  |  |  | GBP |  |  |  | 51,000 |  |  | State Street Bank and Trust Co. |  |  | 09/20/23 |  |  |  | (225 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,995 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 91,231 |

Exchange-Traded Options Purchased

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Put |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SPDR S&P 500 ETF Trust |  |  | 389 |  |  |  | 08/18/23 |  |  |  | USD 425.00 |  |  |  | USD 17,244 |  |  | $ | 96,083 |
SPDR S&P 500 ETF Trust |  |  | 413 |  |  |  | 09/15/23 |  |  |  | USD 425.00 |  |  |  | USD 18,307 |  |  |  | 174,286 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 270,369 |

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Put |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SPDR S&P 500 ETF Trust |  |  | 389 |  |  |  | 08/18/23 |  |  |  | USD 390.00 |  |  |  | USD 17,244 |  |  | $ | (26,258 | )
SPDR S&P 500 ETF Trust |  |  | 413 |  |  |  | 09/15/23 |  |  |  | USD 390.00 |  |  |  | USD 18,307 |  |  |  | (61,330 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (87,588 | )

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index |  | Financing Rate Received by the Trust |  |  | Payment Frequency |  |  | Termination Date |  |  | Credit Rating |  | Notional Amount (000) |  |  | Value |  |  | Upfront Premium Paid (Received) |  |  | Unrealized Appreciation (Depreciation) |
CDX.NA.HY.40.V1 |  |  | 5.00 | % |  |  | Quarterly |  |  |  | 06/20/28 |  |  | B |  |  | USD 16,772 |  |  | $ | 498,719 |  |  | $ | 9,936 |  |  | $ | 488,783 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 69

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index |  |  | Financing Rate Paid by the Trust |  |  |  | Payment Frequency |  |  | Counterparty |  |  | Termination Date |  |  |  | Notional Amount (000) |  |  |  | Value |  |  |  | Upfront Premium Paid (Received) |  |  |  | Unrealized Appreciation (Depreciation) |
Intrum AB |  |  | 5.00 | % |  |  | Quarterly |  |  | Goldman Sachs International |  |  | 06/20/28 |  |  |  | EUR |  |  |  | 61 |  |  | $ | 12,471 |  |  | $ | 13,260 |  |  | $ | (789 | )

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index |  |  | Financing Rate Received by the Trust |  |  |  | Payment Frequency |  |  | Counterparty |  |  | Termination Date |  |  | Credit Rating(a) |  |  | Notional Amount (000)(b) |  |  |  | Value |  |  |  | Upfront Premium Paid (Received) |  |  |  | Unrealized Appreciation (Depreciation) |
Casino, Guichard-Perrachon S.A. |  |  | 5.00 | % |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 12/20/23 |  |  | CC |  |  | EUR |  |  |  | 8 |  |  | $ | (8,056 | ) |  | $ | (755 | ) |  | $ | (7,301 | )
Virgin Media Finance PLC |  |  | 5.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 12/20/25 |  |  | B |  |  | EUR |  |  |  | 70 |  |  |  | 3,901 |  |  |  | 5,039 |  |  |  | (1,138 | )
Jaguar Land Rover Automotive PLC |  |  | 5.00 |  |  |  | Quarterly |  |  | Bank of America N.A. |  |  | 06/20/26 |  |  | BB- |  |  | EUR |  |  |  | 61 |  |  |  | 751 |  |  |  | (1,593 | ) |  |  | 2,344 |
Jaguar Land Rover Automotive PLC |  |  | 5.00 |  |  |  | Quarterly |  |  | Bank of America N.A. |  |  | 12/20/26 |  |  | BB- |  |  | EUR |  |  |  | 37 |  |  |  | (159 | ) |  |  | (1,141 | ) |  |  | 982 |
Jaguar Land Rover Automotive PLC |  |  | 5.00 |  |  |  | Quarterly |  |  | Barclays Bank PLC |  |  | 12/20/26 |  |  | BB- |  |  | EUR |  |  |  | 41 |  |  |  | (176 | ) |  |  | 1,264 |  |  |  | (1,440 | )
Jaguar Land Rover Automotive PLC |  |  | 5.00 |  |  |  | Quarterly |  |  | Credit Suisse International |  |  | 12/20/26 |  |  | BB- |  |  | EUR |  |  |  | 40 |  |  |  | (170 | ) |  |  | 1,300 |  |  |  | (1,470 | )
Jaguar Land Rover Automotive PLC |  |  | 5.00 |  |  |  | Quarterly |  |  | Credit Suisse International |  |  | 12/20/26 |  |  | BB- |  |  | EUR |  |  |  | 55 |  |  |  | (237 | ) |  |  | 1,686 |  |  |  | (1,923 | )
K&S AG |  |  | 5.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 12/20/26 |  |  | BBB- |  |  | EUR |  |  |  | 90 |  |  |  | 10,781 |  |  |  | 5,721 |  |  |  | 5,060 |
CMA CGM SA |  |  | 5.00 |  |  |  | Quarterly |  |  | Credit Suisse International |  |  | 06/20/27 |  |  | NR |  |  | EUR |  |  |  | 125 |  |  |  | 12,088 |  |  |  | 4,633 |  |  |  | 7,455 |
Ladbrokes Coral Group Ltd. |  |  | 1.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 06/20/27 |  |  | BB |  |  | EUR |  |  |  | 50 |  |  |  | (940 | ) |  |  | (4,489 | ) |  |  | 3,549 |
Ladbrokes Coral Group Ltd. |  |  | 1.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 06/20/27 |  |  | BB |  |  | EUR |  |  |  | 180 |  |  |  | (3,383 | ) |  |  | (25,775 | ) |  |  | 22,392 |
Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Bank of America N.A. |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 35 |  |  |  | (8,775 | ) |  |  | (7,444 | ) |  |  | (1,331 | )
Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Barclays Bank PLC |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 21 |  |  |  | (5,274 | ) |  |  | (4,400 | ) |  |  | (874 | )
Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Barclays Bank PLC |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 59 |  |  |  | (14,825 | ) |  |  | (12,367 | ) |  |  | (2,458 | )
Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Citibank N.A. |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 17 |  |  |  | (4,301 | ) |  |  | (3,685 | ) |  |  | (616 | )
Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 36 |  |  |  | (9,003 | ) |  |  | (7,672 | ) |  |  | (1,331 | )
Adler Real Estate AG |  |  | 5.00 |  |  |  | Quarterly |  |  | Morgan Stanley & Co. International PLC |  |  | 12/20/27 |  |  | CCC+ |  |  | EUR |  |  |  | 26 |  |  |  | (6,526 | ) |  |  | (5,482 | ) |  |  | (1,044 | )
United Group B.V. |  |  | 5.00 |  |  |  | Quarterly |  |  | Bank of America N.A. |  |  | 12/20/27 |  |  | B |  |  | EUR |  |  |  | 68 |  |  |  | (6,692 | ) |  |  | (9,534 | ) |  |  | 2,842 |
United Group B.V. |  |  | 5.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 12/20/27 |  |  | B |  |  | EUR |  |  |  | 82 |  |  |  | (8,110 | ) |  |  | (12,380 | ) |  |  | 4,270 |
Casino, Guichard-Perrachon S.A. |  |  | 5.00 |  |  |  | Quarterly |  |  | Deutsche Bank AG |  |  | 06/20/28 |  |  | CC |  |  | EUR |  |  |  | 58 |  |  |  | (59,192 | ) |  |  | (47,005 | ) |  |  | (12,187 | )
Casino, Guichard-Perrachon S.A. |  |  | 5.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 06/20/28 |  |  | CC |  |  | EUR |  |  |  | 8 |  |  |  | (8,164 | ) |  |  | (6,035 | ) |  |  | (2,129 | )
Ladbrokes Coral Group Ltd. |  |  | 1.00 |  |  |  | Quarterly |  |  | JPMorgan Chase Bank N.A. |  |  | 06/20/28 |  |  | BB |  |  | EUR |  |  |  | 16 |  |  |  | (569 | ) |  |  | (1,103 | ) |  |  | 534 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (117,031) |  |  | $ | (131,217) |  |  | $ | 14,186 |

| (a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |

| (b) | The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |

OTC Total Return Swaps

|  | Paid by the Trust |  |  | Received by the Trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Upfront Premium |  |  | Unrealized |  |  |
|  | Rate/Reference |  | Frequency |  |  |  |  |  | Rate/Reference |  | Frequency |  |  |  |  | Counterparty |  | Effective Date |  |  | Termination Date |  |  | Notional Amount (000) |  |  | Value |  |  | Paid (Received) |  |  | Appreciation (Depreciation) |  |  |
|  | 1‑Day SOFR, 1.09% |  |  | Quarterly |  |  |  |  |  |  | Markit iBoxx $ Liquid High Yield Index |  |  | Monthly |  |  |  |  | JPMorgan Chase Bank N.A. |  |  | N/A |  |  |  | 03/20/24 |  |  |  | USD |  |  |  | 1,535 |  |  | $ | 6,130 |  |  | $ | (16,550 | ) |  | $ | 22,680 |  |  |
|  | 1‑Day SOFR, 1.09% |  |  | Quarterly |  |  |  |  |  |  | Markit iBoxx $ Liquid High Yield Index |  |  | Monthly |  |  |  |  | Morgan Stanley & Co. International PLC |  |  | N/A |  |  |  | 03/20/24 |  |  |  | USD |  |  |  | 9,430 |  |  |  | 133,105 |  |  |  | (55,170 | ) |  |  | 188,275 |  |  |
|  | 1‑Day SOFR, 1.09% |  |  | Quarterly |  |  |  |  |  |  | Markit iBoxx $ Liquid High Yield Index |  |  | Monthly |  |  |  |  | Morgan Stanley & Co. International PLC |  |  | N/A |  |  |  | 03/20/24 |  |  |  | USD |  |  |  | 346 |  |  |  | 3,592 |  |  |  | (2,408 | ) |  |  | 6,000 |  |  |
|  | 1‑Day SOFR, 1.09% |  |  | Quarterly |  |  |  |  |  |  | Markit iBoxx $ Liquid High Yield Index |  |  | Monthly |  |  |  |  | Morgan Stanley & Co. International PLC |  |  | N/A |  |  |  | 03/20/24 |  |  |  | USD |  |  |  | 693 |  |  |  | 10,186 |  |  |  | (5,019 | ) |  |  | 15,205 |  |  |
|  | 1‑Day SOFR, 1.09% |  |  | Quarterly |  |  |  |  |  |  | Markit iBoxx $ Liquid High Yield Index |  |  | Monthly |  |  |  |  | Morgan Stanley & Co. International PLC |  |  | N/A |  |  |  | 03/20/24 |  |  |  | USD |  |  |  | 1,386 |  |  |  | 34,018 |  |  |  | (12,387 | ) |  |  | 46,405 |  |  |
|  | 1‑Day SOFR, 1.09% |  |  | Quarterly |  |  |  |  |  |  | Markit iBoxx $ Liquid High Yield Index |  |  | Monthly |  |  |  |  | Morgan Stanley & Co. International PLC |  |  | N/A |  |  |  | 03/20/24 |  |  |  | USD |  |  |  | 624 |  |  |  | 2,635 |  |  |  | (6,728 | ) |  |  | 9,363 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 189,666 |  |  | $ | (98,262 | ) |  | $ | 287,928 |  |  |

70 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

Balances Reported in the Consolidated Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Centrally Cleared Swaps(a) |  | $ | 9,936 |  |  | $ | — |  |  | $ | 488,783 |  |  | $ | — |  |  | $ | — |
OTC Swaps |  |  | 32,903 |  |  |  | (249,122 | ) |  |  | 337,356 |  |  |  | (36,031 | ) |  |  | — |
Options Written |  |  | N/A |  |  |  | N/A |  |  |  | 53,484 |  |  |  | — |  |  |  | (87,588 | )

| (a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on forward foreign currency exchange contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 103,226 |  |  | $ | — |  |  | $ | — |  |  | $ | 103,226 |
Options purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated(a) |  |  | — |  |  |  | — |  |  |  | 270,369 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 270,369 |
Swaps — centrally cleared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on centrally cleared swaps(b) |  |  | — |  |  |  | 488,783 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 488,783 |
Swaps — OTC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on OTC swaps; Swap premiums paid |  |  | — |  |  |  | 82,331 |  |  |  | — |  |  |  | — |  |  |  | 287,928 |  |  |  | — |  |  |  | 370,259 |
|  | $ | — |  |  | $ | 571,114 |  |  | $ | 270,369 |  |  | $ | 103,226 |  |  | $ | 287,928 |  |  | $ | — |  |  | $ | 1,232,637 |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on futures contracts(b) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 30,441 |  |  | $ | — |  |  | $ | 30,441 |
Forward foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,995 |  |  |  | — |  |  |  | — |  |  |  | 11,995 |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  |  | — |  |  |  | — |  |  |  | 87,588 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 87,588 |
Swaps — OTC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on OTC swaps; Swap premiums received |  |  | — |  |  |  | 186,891 |  |  |  | — |  |  |  | — |  |  |  | 98,262 |  |  |  | — |  |  |  | 285,153 |
|  | $ | — |  |  | $ | 186,891 |  |  | $ | 87,588 |  |  | $ | 11,995 |  |  | $ | 128,703 |  |  | $ | — |  |  | $ | 415,177 |

| (a) | Includes options purchased at value as reported in the Consolidated Schedule of Investments. |

| (b) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

For the period ended June 30, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | (1,412,063 | ) |  | $ | — |  |  | $ | (758,810 | ) |  | $ | — |  |  | $ | (2,170,873 | )
Forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (305,526 | ) |  |  | — |  |  |  | — |  |  |  | (305,526 | )
Options purchased(a) |  |  | — |  |  |  | — |  |  |  | (2,027,113 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,027,113 | )
Options written |  |  | — |  |  |  | — |  |  |  | 1,155,118 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,155,118 |
Swaps |  |  | — |  |  |  | 362,414 |  |  |  | — |  |  |  | — |  |  |  | (1,929 | ) |  |  | — |  |  |  | 360,485 |
|  | $ | — |  |  | $ | 362,414 |  |  | $ | (2,284,058 | ) |  | $ | (305,526 | ) |  | $ | (760,739 | ) |  | $ | — |  |  | $ | (2,987,909 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | (188,778 | ) |  | $ | — |  |  | $ | (495,022 | ) |  | $ | — |  |  | $ | (683,800 | )
Forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 157,845 |  |  |  | — |  |  |  | — |  |  |  | 157,845 |
Options purchased(b) |  |  | — |  |  |  | — |  |  |  | (197,450 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (197,450 | )

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 71

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (85,337 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (85,337 | )
Swaps |  |  | — |  |  |  | 517,333 |  |  |  | — |  |  |  | — |  |  |  | 433,882 |  |  |  | — |  |  |  | 951,215 |
|  | $ | — |  |  | $ | 517,333 |  |  | $ | (471,565 | ) |  | $ | 157,845 |  |  | $ | (61,140 | ) |  | $ | — |  |  | $ | 142,473 |

| (a) | Options purchased are included in net realized gain (loss) from investments — unaffiliated. |

| (b) | Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — short |  | $ | 28,228,470 |
Forward foreign currency exchange contracts: |  |  |  |
Average amounts purchased — in USD |  | $ | 33,748,222 |
Average amounts sold — in USD |  | $ | 500,689 |
Options: |  |  |  |
Average value of option contracts purchased |  | $ | 297,643 |
Average value of option contracts written |  | $ | 77,657 |
Credit default swaps: |  |  |  |
Average notional value — buy protection |  | $ | 33,282 |
Average notional value — sell protection |  | $ | 18,306,483 |
Total return swaps: |  |  |  |
Average notional value |  | $ | 14,014,000 |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | 42,103 |
Forward foreign currency exchange contracts |  |  | 103,226 |  |  |  | 11,995 |
Options |  |  | 270,369 |  |  |  | 87,588 |
Swaps — centrally cleared |  |  | 112,936 |  |  |  | — |
Swaps — OTC(a) |  |  | 370,259 |  |  |  | 285,153 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | 856,790 |  |  |  | 426,839 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | (383,305 | ) |  |  | (129,691 | )
Total derivative assets and liabilities subject to an MNA |  | $ | 473,485 |  |  | $ | 297,148 |

| (a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Consolidated Statements of Assets and Liabilities. |

The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Trust:

Counterparty |  |  | Derivative Assets Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset | (a) |  |  | Non-Cash Collateral Received |  |  |  | Cash Collateral Received |  |  |  | Net Amount of Derivative Assets | (b)(c)
Bank of America N.A. |  | $ | 6,168 |  |  | $ | (6,168) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Barclays Bank PLC |  |  | 1,264 |  |  |  | (1,264) |  |  |  | — |  |  |  | — |  |  |  | — |
BNP Paribas SA |  |  | 79,135 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 79,135 |
Credit Suisse International |  |  | 15,074 |  |  |  | (3,393) |  |  |  | — |  |  |  | — |  |  |  | 11,681 |
Goldman Sachs International |  |  | 13,260 |  |  |  | (789) |  |  |  | — |  |  |  | — |  |  |  | 12,471 |
JPMorgan Chase Bank N.A. |  |  | 69,245 |  |  |  | (69,245) |  |  |  | — |  |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 265,945 |  |  |  | (88,238) |  |  |  | — |  |  |  | (20,000 | ) |  |  | 157,707 |
Nomura International PLC |  |  | 972 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 972 |

72 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

Counterparty |  |  | Derivative Assets Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset | (a) |  |  | Non-Cash Collateral Received |  |  |  | Cash Collateral Received |  |  |  | Net Amount of Derivative Assets | (b)(c)
Royal Bank of Canada |  | $ | 492 |  |  | $ | (492) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Toronto-Dominion Bank |  |  | 21,930 |  |  |  | (3,517) |  |  |  | — |  |  |  | — |  |  |  | 18,413 |
|  | $ | 473,485 |  |  | $ | (173,106) |  |  | $ | — |  |  | $ | (20,000 | ) |  | $ | 280,379 |
Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset | (a) |  |  | Non-Cash Collateral Pledged |  |  |  | Cash Collateral Pledged | (d) |  |  | Net Amount of Derivative Liabilities | (b)(e)
Bank of America N.A. |  | $ | 24,259 |  |  | $ | (6,168) |  |  | $ | — |  |  | $ | — |  |  | $ | 18,091 |
Barclays Bank PLC |  |  | 21,539 |  |  |  | (1,264) |  |  |  | — |  |  |  | — |  |  |  | 20,275 |
Citibank N.A. |  |  | 4,301 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,301 |
Credit Suisse International |  |  | 3,393 |  |  |  | (3,393) |  |  |  | — |  |  |  | — |  |  |  | — |
Deutsche Bank AG |  |  | 59,192 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 59,192 |
Goldman Sachs International |  |  | 789 |  |  |  | (789) |  |  |  | — |  |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 86,658 |  |  |  | (69,245) |  |  |  | — |  |  |  | (17,413 | ) |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 88,238 |  |  |  | (88,238) |  |  |  | — |  |  |  | — |  |  |  | — |
Royal Bank of Canada |  |  | 3,717 |  |  |  | (492) |  |  |  | — |  |  |  | — |  |  |  | 3,225 |
State Street Bank and Trust Co. |  |  | 1,545 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,545 |
Toronto-Dominion Bank |  |  | 3,517 |  |  |  | (3,517) |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 297,148 |  |  | $ | (173,106) |  |  | $ | — |  |  | $ | (17,413 | ) |  | $ | 106,629 |

| (a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. |

| (b) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |

| (c) | Net amount represents the net amount receivable from the counterparty in the event of default. |

| (d) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |

| (e) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities. |

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-Backed Securities |  | $ | — |  |  | $ | 1,721,719 |  |  | $ | — |  |  | $ | 1,721,719 |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital Markets |  |  | — |  |  |  | 611,549 |  |  |  | — |  |  |  | 611,549 |
Chemicals |  |  | 716,256 |  |  |  | — |  |  |  | — |  |  |  | 716,256 |
Electrical Equipment |  |  | 10,045 |  |  |  | — |  |  |  | — |  |  |  | 10,045 |
Energy Equipment & Services |  |  | 9,154 |  |  |  | — |  |  |  | — |  |  |  | 9,154 |
Financial Services |  |  | 307,154 |  |  |  | — |  |  |  | 1 |  |  |  | 307,155 |
Ground Transportation |  |  | 641,506 |  |  |  | — |  |  |  | — |  |  |  | 641,506 |
Hotels, Restaurants & Leisure |  |  | 1,021,170 |  |  |  | — |  |  |  | — |  |  |  | 1,021,170 |
IT Services |  |  | 160,450 |  |  |  | — |  |  |  | — |  |  |  | 160,450 |
Metals & Mining |  |  | 2,390,679 |  |  |  | — |  |  |  | — |  |  |  | 2,390,679 |
Oil, Gas & Consumable Fuels |  |  | — |  |  |  | — |  |  |  | 22,235 |  |  |  | 22,235 |
Pharmaceuticals |  |  | 845,260 |  |  |  | — |  |  |  | — |  |  |  | 845,260 |
Real Estate Management & Development |  |  | 4,976 |  |  |  | 2,152 |  |  |  | — |  |  |  | 7,128 |
Semiconductors & Semiconductor Equipment |  |  | 3,604 |  |  |  | — |  |  |  | — |  |  |  | 3,604 |
Software |  |  | 1,150,200 |  |  |  | — |  |  |  | — |  |  |  | 1,150,200 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 73

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Corporate Bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | — |  |  | $ | 84,515,455 |  |  | $ | — |  |  | $ | 84,515,455 |
Air Freight & Logistics |  |  | — |  |  |  | 745,286 |  |  |  | — |  |  |  | 745,286 |
Automobile Components |  |  | — |  |  |  | 35,333,009 |  |  |  | — |  |  |  | 35,333,009 |
Automobiles |  |  | — |  |  |  | 29,220,180 |  |  |  | — |  |  |  | 29,220,180 |
Banks |  |  | — |  |  |  | 9,325,638 |  |  |  | — |  |  |  | 9,325,638 |
Beverages |  |  | — |  |  |  | 46,177,733 |  |  |  | — |  |  |  | 46,177,733 |
Biotechnology |  |  | — |  |  |  | 400,757 |  |  |  | — |  |  |  | 400,757 |
Broadline Retail |  |  | — |  |  |  | 648,761 |  |  |  | — |  |  |  | 648,761 |
Building Materials |  |  | — |  |  |  | 29,093,564 |  |  |  | — |  |  |  | 29,093,564 |
Building Products |  |  | — |  |  |  | 22,526,538 |  |  |  | — |  |  |  | 22,526,538 |
Capital Markets |  |  | — |  |  |  | 29,325,611 |  |  |  | — |  |  |  | 29,325,611 |
Chemicals |  |  | — |  |  |  | 41,868,083 |  |  |  | — |  |  |  | 41,868,083 |
Commercial Services & Supplies |  |  | — |  |  |  | 42,129,658 |  |  |  | — |  |  |  | 42,129,658 |
Communications Equipment |  |  | — |  |  |  | 14,044,187 |  |  |  | — |  |  |  | 14,044,187 |
Construction Materials |  |  | — |  |  |  | 4,121,490 |  |  |  | — |  |  |  | 4,121,490 |
Consumer Discretionary |  |  | — |  |  |  | 52,958,115 |  |  |  | — |  |  |  | 52,958,115 |
Consumer Finance |  |  | 164,144 |  |  |  | 48,481,966 |  |  |  | — |  |  |  | 48,646,110 |
Consumer Staples Distribution & Retail |  |  | — |  |  |  | 15,813,396 |  |  |  | — |  |  |  | 15,813,396 |
Containers & Packaging |  |  | — |  |  |  | 13,007,334 |  |  |  | — |  |  |  | 13,007,334 |
Diversified Consumer Services |  |  | — |  |  |  | 43,868,204 |  |  |  | — |  |  |  | 43,868,204 |
Diversified REITs |  |  | — |  |  |  | 20,168,981 |  |  |  | — |  |  |  | 20,168,981 |
Diversified Telecommunication Services |  |  | — |  |  |  | 33,893,015 |  |  |  | — |  |  |  | 33,893,015 |
Electric Utilities |  |  | — |  |  |  | 7,816,931 |  |  |  | — |  |  |  | 7,816,931 |
Electrical Equipment |  |  | — |  |  |  | 8,399,092 |  |  |  | — |  |  |  | 8,399,092 |
Electronic Equipment, Instruments & Components |  |  | — |  |  |  | 7,157,496 |  |  |  | — |  |  |  | 7,157,496 |
Energy Equipment & Services |  |  | — |  |  |  | 18,081,036 |  |  |  | — |  |  |  | 18,081,036 |
Entertainment |  |  | — |  |  |  | 922,932 |  |  |  | — |  |  |  | 922,932 |
Environmental, Maintenance & Security Service |  |  | — |  |  |  | 20,254,815 |  |  |  | — |  |  |  | 20,254,815 |
Financial Services |  |  | — |  |  |  | 26,733,404 |  |  |  | — |  |  |  | 26,733,404 |
Food Products |  |  | — |  |  |  | 18,310,239 |  |  |  | — |  |  |  | 18,310,239 |
Gas Utilities |  |  | — |  |  |  | 1,847,504 |  |  |  | — |  |  |  | 1,847,504 |
Health Care Equipment & Supplies |  |  | — |  |  |  | 9,906,545 |  |  |  | — |  |  |  | 9,906,545 |
Health Care Providers & Services |  |  | — |  |  |  | 47,470,418 |  |  |  | — |  |  |  | 47,470,418 |
Health Care Technology |  |  | — |  |  |  | 13,472,211 |  |  |  | — |  |  |  | 13,472,211 |
Hotels, Restaurants & Leisure |  |  | — |  |  |  | 86,123,339 |  |  |  | — |  |  |  | 86,123,339 |
Household Durables |  |  | — |  |  |  | 14,474,169 |  |  |  | — |  |  |  | 14,474,169 |
Household Products |  |  | — |  |  |  | 555,398 |  |  |  | — |  |  |  | 555,398 |
Independent Power and Renewable Electricity Producers |  |  | — |  |  |  | 5,182,556 |  |  |  | — |  |  |  | 5,182,556 |
Industrial Conglomerates |  |  | — |  |  |  | 913,171 |  |  |  | — |  |  |  | 913,171 |
Insurance |  |  | — |  |  |  | 45,418,771 |  |  |  | — |  |  |  | 45,418,771 |
Interactive Media & Services |  |  | — |  |  |  | 1,191,976 |  |  |  | — |  |  |  | 1,191,976 |
Internet Software & Services |  |  | — |  |  |  | 22,610,259 |  |  |  | — |  |  |  | 22,610,259 |
IT Services |  |  | — |  |  |  | 30,309,558 |  |  |  | — |  |  |  | 30,309,558 |
Leisure Products |  |  | — |  |  |  | 753,799 |  |  |  | — |  |  |  | 753,799 |
Machinery |  |  | — |  |  |  | 22,344,686 |  |  |  | — |  |  |  | 22,344,686 |
Marine Transportation |  |  | — |  |  |  | 245,540 |  |  |  | — |  |  |  | 245,540 |
Media |  |  | — |  |  |  | 153,834,809 |  |  |  | — |  |  |  | 153,834,809 |
Metals & Mining |  |  | — |  |  |  | 50,815,575 |  |  |  | — |  |  |  | 50,815,575 |
Mortgage Real Estate Investment Trusts (REITs) |  |  | — |  |  |  | 155,643 |  |  |  | — |  |  |  | 155,643 |
Multi-Utilities |  |  | — |  |  |  | 1,545,896 |  |  |  | — |  |  |  | 1,545,896 |
Offshore Drilling & Other Services |  |  | — |  |  |  | 8,641,926 |  |  |  | — |  |  |  | 8,641,926 |
Oil, Gas & Consumable Fuels |  |  | 174,055 |  |  |  | 224,465,480 |  |  |  | — |  |  |  | 224,639,535 |
Passenger Airlines |  |  | — |  |  |  | 29,276,262 |  |  |  | — |  |  |  | 29,276,262 |
Personal Care Products |  |  | — |  |  |  | 188,434 |  |  |  | — |  |  |  | 188,434 |
Pharmaceuticals |  |  | — |  |  |  | 12,036,153 |  |  |  | — |  |  |  | 12,036,153 |
Real Estate |  |  | — |  |  |  | 2,123,802 |  |  |  | — |  |  |  | 2,123,802 |
Real Estate Management & Development |  |  | — |  |  |  | 5,812,578 |  |  |  | — |  |  |  | 5,812,578 |
Semiconductors & Semiconductor Equipment |  |  | — |  |  |  | 5,279,377 |  |  |  | — |  |  |  | 5,279,377 |
Software |  |  | — |  |  |  | 56,939,247 |  |  |  | — |  |  |  | 56,939,247 |
Specialized REITs |  |  | — |  |  |  | 5,723,193 |  |  |  | — |  |  |  | 5,723,193 |
Specialty Retail |  |  | — |  |  |  | 5,018,070 |  |  |  | — |  |  |  | 5,018,070 |
Technology Hardware, Storage & Peripherals |  |  | — |  |  |  | 6,031,066 |  |  |  | — |  |  |  | 6,031,066 |
Textiles, Apparel & Luxury Goods |  |  | 189,022 |  |  |  | 3,153,242 |  |  |  | — |  |  |  | 3,342,264 |

74 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Corporate Bonds (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transportation Infrastructure |  | $ | — |  |  | $ | 839,889 |  |  | $ | — |  |  | $ | 839,889 |
Wireless Telecommunication Services |  |  | — |  |  |  | 18,891,943 |  |  |  | — |  |  |  | 18,891,943 |
Floating Rate Loan Interests |  |  | — |  |  |  | 209,068,583 |  |  |  | 14,339,850 |  |  |  | 223,408,433 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital Trusts |  |  | — |  |  |  | 15,196,536 |  |  |  | — |  |  |  | 15,196,536 |
Preferred Stocks |  |  | 321,684 |  |  |  | — |  |  |  | 13,234,499 |  |  |  | 13,556,183 |
Options Purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  |  | 270,369 |  |  |  | — |  |  |  | — |  |  |  | 270,369 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unfunded Floating Rate Loan Interests(a) |  |  | — |  |  |  | (20,170 | ) |  |  | — |  |  |  | (20,170 | )
|  | $ | 8,379,728 |  |  | $ | 1,845,515,760 |  |  | $ | 27,596,585 |  |  |  | 1,881,492,073 |
Investments Valued at NAV(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,887 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,881,498,960 |
Derivative Financial Instruments(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Contracts |  | $ | — |  |  | $ | 538,211 |  |  | $ | — |  |  | $ | 538,211 |
Foreign Currency Exchange Contracts |  |  | — |  |  |  | 103,226 |  |  |  | — |  |  |  | 103,226 |
Interest Rate Contracts |  |  | — |  |  |  | 287,928 |  |  |  | — |  |  |  | 287,928 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Contracts |  |  | — |  |  |  | (36,031 | ) |  |  | — |  |  |  | (36,031 | )
Equity Contracts |  |  | (87,588 | ) |  |  | — |  |  |  | — |  |  |  | (87,588 | )
Foreign Currency Exchange Contracts |  |  | — |  |  |  | (11,995 | ) |  |  | — |  |  |  | (11,995 | )
Interest Rate Contracts |  |  | (30,441 | ) |  |  | — |  |  |  | — |  |  |  | (30,441 | )
|  | $ | (118,029 | ) |  | $ | 881,339 |  |  | $ | — |  |  | $ | 763,310 |

| (a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |

| (b) | Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy. |

| (c) | Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $551,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

|  | Common Stocks |  |  | Floating Rate Loan Interests |  |  | Preferred Stocks |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2022 |  | $ | 22,236 |  |  | $ | 12,296,415 |  |  | $ | 12,439,882 |  |  | $ | 24,758,533 |
Transfers into Level 3 |  |  | — |  |  |  | 2,364,303 |  |  |  | — |  |  |  | 2,364,303 |
Transfers out of Level 3 |  |  | — |  |  |  | (2,427,075 | ) |  |  | — |  |  |  | (2,427,075 | )
Accrued discounts/premiums |  |  | — |  |  |  | 15,640 |  |  |  | — |  |  |  | 15,640 |
Net realized gain (loss) |  |  | — |  |  |  | 549 |  |  |  | — |  |  |  | 549 |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | — |  |  |  | 118,401 |  |  |  | 794,617 |  |  |  | 913,018 |
Purchases |  |  | — |  |  |  | 1,980,625 |  |  |  | — |  |  |  | 1,980,625 |
Sales |  |  | — |  |  |  | (9,008 | ) |  |  | — |  |  |  | (9,008 | )
Closing balance, as of June 30, 2023 |  | $ | 22,236 |  |  | $ | 14,339,850 |  |  | $ | 13,234,499 |  |  | $ | 27,596,585 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023(b) |  | $ | — |  |  | $ | 118,401 |  |  | $ | 794,618 |  |  | $ | 913,019 |

| (a) | Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations. |

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end. |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 75

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Corporate High Yield Fund, Inc. (HYT)

The Trust’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.

76 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities |  |  |  |  |  |  |  |
AGL CLO 12 Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2021-12A, Class B, (3-mo. LIBOR US + 1.60%), 6.85%, 07/20/34 |  | USD | 890 |  |  | $ | 874,774 |
Series 2021-12A, Class C, (3-mo. LIBOR US + 1.85%), 7.10%, 07/20/34 |  |  | 500 |  |  |  | 485,337 |
AGL CLO 5 Ltd., Series 2020-5A, Class A1R, (3-mo. LIBOR US + 1.16%), 6.41%, 07/20/34(a)(b) |  |  | 1,000 |  |  |  | 982,000 |
AIG CLO 2019-2 Ltd., Series 2019-2A, Class AR, (3-mo. LIBOR US + 1.10%), 6.36%, 10/25/33(a)(b) |  |  | 1,000 |  |  |  | 989,728 |
AIG CLO 2021-2 LLC, Series 2021-2A, Class B, (3-mo. LIBOR US + 1.75%), 7.00%, 07/20/34(a)(b) |  |  | 1,000 |  |  |  | 977,726 |
AIG CLO LLC(a)(b) |  |  |  |  |  |  |  |
Series 2018-1A, Class A1R, (3-mo. LIBOR US + 1.12%), 6.37%, 04/20/32 |  |  | 3,500 |  |  |  | 3,469,346 |
Series 2021-1A, Class A, (3-mo. LIBOR US + 1.10%), 6.37%, 04/22/34 |  |  | 2,000 |  |  |  | 1,970,275 |
AIMCO CLO 14 Ltd., Series 2021-14A, Class A, (3-mo. LIBOR US + 0.99%), 6.24%, 04/20/34(a)(b) |  |  | 3,000 |  |  |  | 2,958,234 |
Allegro CLO II-S Ltd., Series 2014-1RA, Class B, (3-mo. LIBOR US + 2.15%), 7.41%, 10/21/28(a)(b) |  |  | 500 |  |  |  | 493,741 |
Allegro CLO VI Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2017-2A, Class B, (3-mo. LIBOR US + 1.50%), 6.76%, 01/17/31 |  |  | 360 |  |  |  | 354,082 |
Series 2017-2A, Class C, (3-mo. LIBOR US + 1.80%), 7.06%, 01/17/31 |  |  | 2,400 |  |  |  | 2,301,814 |
American Airlines, Inc., 5.18%, 08/15/23(c) |  |  | 520 |  |  |  | 520,960 |
Anchorage Capital CLO 3-R Ltd., Series 2014-3RA, Class C, (3-mo. LIBOR US + 1.85%), 7.12%, 01/28/31(a)(b) |  |  | 1,000 |  |  |  | 946,198 |
Anchorage Capital CLO Ltd., Series 2013-1A, Class BR, (3-mo. LIBOR US + 2.15%), 7.39%, 10/13/30(a)(b) |  |  | 1,000 |  |  |  | 979,999 |
Apidos CLO XV, Series 2013-15A, Class DRR, (3-mo. LIBOR US + 2.70%), 7.95%, 04/20/31(a)(b) |  |  | 1,000 |  |  |  | 933,118 |
Apidos CLO XX, Series 2015-20A, Class BRR, (3-mo. LIBOR US + 1.95%), 7.21%, 07/16/31(a)(b) |  |  | 1,000 |  |  |  | 973,048 |
Apidos CLO XXXIII, Series 2020-33A, Class AR, (3-mo. LIBOR US + 1.15%), 6.42%, 10/24/34(a)(b) |  |  | 2,000 |  |  |  | 1,962,890 |
Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. LIBOR US + 1.13%), 6.40%, 10/22/34(a)(b) |  |  | 3,000 |  |  |  | 2,964,655 |
Ares XLVII CLO Ltd., Series 2018-47A, Class D, (3-mo. LIBOR US + 2.70%), 7.96%, 04/15/30(a)(b) |  |  | 1,500 |  |  |  | 1,346,620 |
Ares XLVIII CLO Ltd., Series 2018-48A, Class C, (3-mo. LIBOR US + 1.80%), 7.05%, 07/20/30(a)(b) |  |  | 500 |  |  |  | 478,981 |
Ares XXXVII CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2015-4A, Class A3R, (3-mo. LIBOR US + 1.50%), 6.76%, 10/15/30 |  |  | 1,000 |  |  |  | 980,892 |
Series 2015-4A, Class BR, (3-mo. LIBOR US + 1.80%), 7.06%, 10/15/30 |  |  | 1,750 |  |  |  | 1,690,133 |
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3-mo. LIBOR US + 1.18%), 6.45%, 10/24/31(a)(b) |  |  | 400 |  |  |  | 396,076 |
Atrium XV, Series 15A, Class C, (3-mo. LIBOR US + 2.20%), 7.47%, 01/23/31(a)(b) |  |  | 250 |  |  |  | 246,435 |
Benefit Street Partners CLO XII Ltd., Series 2017- 12A, Class B, (3-mo. LIBOR US + 2.00%), 7.26%, 10/15/30(a)(b) |  |  | 1,000 |  |  |  | 972,656 |

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |
Benefit Street Partners CLO XVI Ltd., Series 2018- 16A, Class A1R, (3-mo. LIBOR US + 1.03%), 6.29%, 01/17/32(a)(b) |  | USD | 1,900 |  |  | $ | 1,875,300 |
Canyon CLO Ltd., Series 2020-3A, Class C, (3‑mo. LIBOR US + 2.50%), 7.76%, 01/15/34(a)(b) |  |  | 500 |  |  |  | 487,265 |
Carlyle C17 CLO Ltd., Series C17A, Class BR, (3-mo. LIBOR US + 1.85%), 7.15%, 04/30/31(a)(b) |  |  | 1,000 |  |  |  | 975,158 |
CarVal CLO I Ltd., Series 2018-1A, Class D, (3-mo. LIBOR US + 2.89%), 8.15%, 07/16/31(a)(b) |  |  | 500 |  |  |  | 468,893 |
Cedar Funding XII CLO Ltd., Series 2020-12A, Class A1R, (3-mo. LIBOR US + 1.13%), 6.39%, 10/25/34(a)(b) |  |  | 1,000 |  |  |  | 978,430 |
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class A, (3-mo. LIBOR US + 1.10%), 6.36%, 07/15/33(a)(b) |  |  | 2,000 |  |  |  | 1,973,633 |
CIFC Funding 2020-III Ltd., Series A1R, Class 3A, (3-mo. LIBOR US + 1.13%), 6.38%, 10/20/34(a)(b) |  |  | 1,000 |  |  |  | 980,590 |
CIFC Funding I Ltd., Series 2021-1A, Class A1, (3-mo. LIBOR US + 1.11%), 6.37%, 04/25/33(a)(b) |  |  | 1,500 |  |  |  | 1,491,448 |
CIFC Funding II Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2019-2A, Class BR, (3-mo. LIBOR US + 1.50%), 6.76%, 04/17/34 |  |  | 900 |  |  |  | 880,030 |
Series 2020-2A, Class AR, (3-mo. LIBOR US + 1.17%), 6.42%, 10/20/34 |  |  | 1,200 |  |  |  | 1,178,880 |
CIFC Funding Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2013-2A, Class A3LR, (3-mo. LIBOR US + 1.95%), 7.21%, 10/18/30 |  |  | 1,000 |  |  |  | 967,663 |
Series 2018-1A, Class C, (3-mo. LIBOR US + 1.75%), 7.01%, 04/18/31 |  |  | 1,000 |  |  |  | 969,828 |
Series 2018-1A, Class D, (3-mo. LIBOR US + 2.65%), 7.91%, 04/18/31 |  |  | 1,200 |  |  |  | 1,131,920 |
CIFC Funding V Ltd., Series 2019-5A, Class A2RS, (3-mo. LIBOR US + 1.75%), 7.01%, 01/15/35(a)(b) |  |  | 1,000 |  |  |  | 995,626 |
Dryden 77 CLO Ltd., Series 2020-77A, Class AR, (3-mo. LIBOR US + 1.12%), 6.50%, 05/20/34(a)(b) |  |  | 3,500 |  |  |  | 3,430,923 |
Elmwood CLO 15 Ltd., Series 2022-2A, Class A1, (3-mo. CME Term SOFR + 1.34%), 6.41%, 04/22/35(a)(b) |  |  | 1,200 |  |  |  | 1,181,653 |
Elmwood CLO II Ltd., Series 2019-2A, Class AR, (3-mo. LIBOR US + 1.15%), 6.40%, 04/20/34(a)(b) |  |  | 2,000 |  |  |  | 1,969,465 |
Elmwood CLO V Ltd., Series 2022-2A, Class AR, (3-mo. LIBOR US + 1.15%), 6.40%, 10/20/34(a)(b) |  |  | 1,000 |  |  |  | 985,967 |
Elmwood CLO VII Ltd., Series 2020-4A, Class A, (3-mo. LIBOR US + 1.39%), 6.65%, 01/17/34(a)(b) |  |  | 2,000 |  |  |  | 1,983,550 |
Elmwood CLO VIII Ltd., Series 2021-1A, Class A1, (3-mo. LIBOR US + 1.24%), 6.49%, 01/20/34(a)(b) |  |  | 2,000 |  |  |  | 1,977,570 |
Elmwood CLO XII Ltd., Series 2019-2A, Class B, (3-mo. LIBOR US + 1.70%), 6.95%, 01/20/35(a)(b) |  |  | 2,000 |  |  |  | 1,936,394 |
Flatiron CLO 21 Ltd., Series 2021-1A, Class A1, (3-mo. LIBOR US + 1.11%), 6.38%, 07/19/34(a)(b) |  |  | 1,931 |  |  |  | 1,895,347 |
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3-mo. LIBOR US + 2.60%), 7.85%, 04/20/31(a)(b) |  |  | 1,000 |  |  |  | 912,462 |
Generate CLO 2 Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2A, Class CR, (3-mo. LIBOR US + 1.85%), 7.12%, 01/22/31 |  |  | 1,500 |  |  |  | 1,453,526 |
Series 2A, Class DR, (3-mo. LIBOR US + 2.60%), 7.87%, 01/22/31 |  |  | 1,800 |  |  |  | 1,692,359 |
Generate CLO 6 Ltd., Series A1R, Class 6A, (3-mo. LIBOR US + 1.20%), 6.47%, 01/22/35(a)(b) |  |  | 2,500 |  |  |  | 2,449,080 |

S C H E D U L E O F I N V E S T M E N T S |  | 77

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |
Golub Capital Partners CLO 41B-R Ltd., Series 2019- 41A, Class AR, (3-mo. LIBOR US + 1.32%), 6.57%, 01/20/34(a)(b) |  | USD | 1,000 |  |  | $ | 993,485 |
Golub Capital Partners CLO 52B Ltd., Series 2020- 52A, Class A1, (3-mo. LIBOR US + 1.44%), 6.69%, 01/20/34(a)(b) |  |  | 2,000 |  |  |  | 1,982,044 |
Golub Capital Partners CLO 53B Ltd., Series 2021- 53A, Class B, (3-mo. LIBOR US + 1.80%), 7.05%, 07/20/34(a)(b) |  |  | 1,000 |  |  |  | 968,516 |
HalseyPoint CLO 4 Ltd., Series 2021-4A, Class A, (3-mo. LIBOR US + 1.22%), 6.47%, 04/20/34(a)(b) |  |  | 2,000 |  |  |  | 1,963,049 |
Highbridge Loan Management Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 12A-18, Class B, (3-mo. LIBOR US + 1.85%), 7.11%, 07/18/31 |  |  | 1,250 |  |  |  | 1,228,145 |
Series 4A-2014, Class A2R, (3-mo. LIBOR US + 1.50%), 6.77%, 01/28/30 |  |  | 650 |  |  |  | 645,447 |
HPS Loan Management Ltd., Series 6A-2015, Class BR, (3-mo. LIBOR US + 1.75%), 7.08%, 02/05/31(a)(b) |  |  | 1,500 |  |  |  | 1,455,943 |
Long Point Park CLO Ltd., Series 2017-1A, Class B, (3-mo. LIBOR US + 1.70%), 6.96%, 01/17/30(a)(b) |  |  | 1,000 |  |  |  | 968,391 |
Madison Park Funding L Ltd., Series 2021-50A, Class A, (3-mo. CME Term SOFR + 1.40%), 6.43%, 04/19/34(a)(b) |  |  | 1,270 |  |  |  | 1,249,362 |
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR2, (3-mo. LIBOR US + 1.90%), 7.17%, 04/19/30(a)(b) |  |  | 1,000 |  |  |  | 980,689 |
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, (3-mo. LIBOR US + 1.15%), 6.42%, 04/19/33(a)(b) |  |  | 1,000 |  |  |  | 991,310 |
Madison Park Funding XXVII Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2018-27A, Class B, (3-mo. LIBOR US + 1.80%), 7.05%, 04/20/30 |  |  | 1,000 |  |  |  | 974,822 |
Series 2018-27A, Class C, (3-mo. LIBOR US + 2.60%), 7.85%, 04/20/30 |  |  | 1,000 |  |  |  | 945,115 |
Madison Park Funding XXXVIII Ltd., Series 2021- 38A, Class A, (3-mo. LIBOR US + 1.12%), 6.38%, 07/17/34(a)(b) |  |  | 1,070 |  |  |  | 1,054,116 |
Marble Point CLO XI Ltd., Series 2017-2A, Class B, (3-mo. LIBOR US + 1.50%), 6.76%, 12/18/30(a)(b) |  |  | 1,000 |  |  |  | 963,745 |
MP CLO III Ltd., Series 2013-1A, Class CR, (3-mo. LIBOR US + 2.00%), 7.25%, 10/20/30(a)(b) |  |  | 1,000 |  |  |  | 967,063 |
Neuberger Berman CLO XXII Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2016-22A, Class BR, (3-mo. LIBOR US + 1.65%), 6.91%, 10/17/30 |  |  | 400 |  |  |  | 398,113 |
Series 2016-22A, Class CR, (3-mo. LIBOR US + 2.20%), 7.46%, 10/17/30 |  |  | 1,000 |  |  |  | 978,184 |
Neuberger Berman Loan Advisers CLO 26 Ltd., |  |  |  |  |  |  |  |
Series 2017-26A, Class C, (3-mo. LIBOR US + 1.75%), 7.01%, 10/18/30(a)(b) |  |  | 1,500 |  |  |  | 1,458,399 |
Neuberger Berman Loan Advisers CLO 27 Ltd., |  |  |  |  |  |  |  |
Series 2018-27A, Class D, (3-mo. LIBOR US + 2.60%), 7.86%, 01/15/30(a)(b) |  |  | 1,000 |  |  |  | 942,843 |
Neuberger Berman Loan Advisers CLO 35 Ltd., |  |  |  |  |  |  |  |
Series 2019-35A, Class A1, (3-mo. LIBOR US + 1.34%), 6.61%, 01/19/33(a)(b) |  |  | 1,000 |  |  |  | 993,585 |
Neuberger Berman Loan Advisers CLO 45 Ltd., |  |  |  |  |  |  |  |
Series 2021-45A, Class A, (3-mo. LIBOR US + 1.13%), 6.38%, 10/14/35(a)(b) |  |  | 3,000 |  |  |  | 2,943,000 |

Security |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |
Neuberger Berman Loan Advisers CLO 47 Ltd., |  |  |  |  |  |  |  |
Series 2022-47A, Class A, (3-mo. CME Term SOFR + 1.30%), 6.29%, 04/14/35(a)(b) |  | USD | 1,000 |  |  | $ | 981,934 |
OCP CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2014-6A, Class BR, (3-mo. LIBOR US + 2.15%), 7.41%, 10/17/30 |  |  | 500 |  |  |  | 489,140 |
Series 2016-11A, Class BR, (3-mo. LIBOR US + 2.45%), 7.72%, 10/26/30 |  |  | 1,500 |  |  |  | 1,472,792 |
Series 2017-14A, Class B, (3-mo. LIBOR US + 1.95%), 7.33%, 11/20/30 |  |  | 1,000 |  |  |  | 974,716 |
Octagon Investment Partners 26 Ltd., Series 2016- 1A, Class DR, (3-mo. LIBOR US + 2.85%), 8.11%, 07/15/30(a)(b) |  |  | 500 |  |  |  | 439,568 |
Octagon Investment Partners 34 Ltd., Series 2017- 1A, Class B1, (3-mo. LIBOR US + 1.40%), 6.65%, 01/20/30(a)(b) |  |  | 1,000 |  |  |  | 977,026 |
Octagon Investment Partners XVII Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2013-1A, Class BR2, (3-mo. LIBOR US + 1.40%), 6.66%, 01/25/31 |  |  | 1,000 |  |  |  | 973,113 |
Series 2013-1A, Class CR2, (3-mo. LIBOR US + 1.70%), 6.96%, 01/25/31 |  |  | 1,000 |  |  |  | 945,078 |
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class CRR, (3-mo. LIBOR US + 1.90%), 7.17%, 01/22/30(a)(b) |  |  | 900 |  |  |  | 864,501 |
OHA Credit Funding 10 Ltd., Series 2021-10A, Class A, (3-mo. LIBOR US + 1.13%), 6.39%, 01/18/36(a)(b) |  |  | 1,500 |  |  |  | 1,484,942 |
OHA Credit Funding 3 Ltd., Series 2019-3A, Class AR, (3-mo. LIBOR US + 1.14%), 6.39%, 07/02/35(a)(b) |  |  | 1,750 |  |  |  | 1,725,409 |
OHA Credit Funding 5 Ltd., Series 2020-5A, Class A1, (3-mo. LIBOR US + 1.17%), 6.43%, 04/18/33(a)(b) |  |  | 1,000 |  |  |  | 994,109 |
OHA Credit Funding 7 Ltd., Series 2020-7A, Class AR, (3-mo. CME Term SOFR + 1.30%), 6.33%, 02/24/37(a)(b) |  |  | 1,250 |  |  |  | 1,228,986 |
OHA Credit Partners XII Ltd., Series 2015-12A, Class DR, (3-mo. LIBOR US + 2.90%), 8.17%, 07/23/30(a)(b) |  |  | 600 |  |  |  | 568,555 |
OHA Credit Partners XVI, Series 2021-16A, Class A, (3-mo. LIBOR US + 1.15%), 6.41%, 10/18/34(a)(b) |  |  | 750 |  |  |  | 739,971 |
OZLM XXI Ltd., Series 2017-21A, Class B, (3-mo. LIBOR US + 1.90%), 7.15%, 01/20/31(a)(b) |  |  | 1,800 |  |  |  | 1,752,081 |
Palmer Square CLO Ltd.(a)(b) |  |  |  |  |  |  |  |
Series 2015-1A, Class A2R4, (3-mo. LIBOR US + 1.70%), 7.08%, 05/21/34 |  |  | 2,500 |  |  |  | 2,459,165 |
Series 2018-1A, Class A2, (3-mo. LIBOR US + 1.45%), 6.71%, 04/18/31 |  |  | 1,500 |  |  |  | 1,486,512 |
Series 2019-1A, Class CR, (3-mo. LIBOR US + 3.05%), 8.37%, 11/14/34 |  |  | 1,000 |  |  |  | 937,039 |
Series 2020-3A, Class A1AR, (3-mo. LIBOR US + 1.08%), 6.40%, 11/15/31 |  |  | 1,500 |  |  |  | 1,486,664 |
Series 2021-2A, Class A, (3-mo. LIBOR US + 1.15%), 6.41%, 07/15/34 |  |  | 2,000 |  |  |  | 1,972,653 |
Series 2021-4A, Class B, (3-mo. LIBOR US + 1.65%), 6.91%, 10/15/34 |  |  | 1,250 |  |  |  | 1,234,760 |
Regatta VI Funding Ltd., Series 2016-1A, Class AR2, (3-mo. LIBOR US + 1.16%), 6.41%, 04/20/34(a)(b) |  |  | 2,000 |  |  |  | 1,977,068 |
Regatta VII Funding Ltd., Series 2016-1A, Class DR2, (3-mo. LIBOR US + 3.05%), 8.56%, 06/20/34(a)(b) |  |  | 500 |  |  |  | 475,599 |

78 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |
Regatta XV Funding Ltd., Series 2018-4A, Class A2, (3-mo. LIBOR US + 1.85%), 7.11%, 10/25/31(a)(b) |  |  | USD |  |  |  | 1,200 |  |  | $ | 1,180,859 |
Regatta XVI Funding Ltd.(a)(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2019-2A, Class C, (3-mo. LIBOR US + 2.70%), 7.96%, 01/15/33 |  |  |  |  |  |  | 1,000 |  |  |  | 1,007,213 |
Series 2019-2A, Class D, (3-mo. LIBOR US + 3.90%), 9.16%, 01/15/33 |  |  |  |  |  |  | 1,000 |  |  |  | 976,276 |
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. LIBOR US + 1.45%), 6.71%, 01/15/34(a)(b) |  |  |  |  |  |  | 1,000 |  |  |  | 977,868 |
Rockford Tower CLO Ltd.(a)(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2017-3A, Class A, (3-mo. LIBOR US + 1.19%), 6.44%, 10/20/30 |  |  |  |  |  |  | 1,908 |  |  |  | 1,897,011 |
Series 2017-3A, Class D, (3-mo. LIBOR US + 2.65%), 7.90%, 10/20/30 |  |  |  |  |  |  | 1,000 |  |  |  | 929,780 |
RR 5 Ltd., Series 2018-5A, Class C, (3-mo. LIBOR US + 3.10%), 8.36%, 10/15/31(a)(b) |  |  |  |  |  |  | 650 |  |  |  | 601,753 |
Signal Peak CLO 8 Ltd.(a)(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2020-8A, Class A, (3-mo. LIBOR US + 1.27%), 6.52%, 04/20/33 |  |  |  |  |  |  | 6,000 |  |  |  | 5,925,000 |
Series 2020-8A, Class B, (3-mo. LIBOR US + 1.65%), 6.90%, 04/20/33 |  |  |  |  |  |  | 1,650 |  |  |  | 1,625,377 |
Sixth Street CLO XX Ltd., Series 2021-20A, Class A1, (3-mo. LIBOR US + 1.16%), 6.41%, 10/20/34(a)(b) |  |  |  |  |  |  | 1,325 |  |  |  | 1,303,137 |
Sound Point CLO XXI Ltd., Series 2018-3A, Class A1A, (3-mo. LIBOR US + 1.18%), 6.45%, 10/26/31(a)(b) |  |  |  |  |  |  | 1,400 |  |  |  | 1,384,768 |
Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3-mo. LIBOR US + 2.60%), 7.86%, 01/15/30(a)(b) |  |  |  |  |  |  | 1,500 |  |  |  | 1,340,414 |
Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, (3-mo. LIBOR US + 1.14%), 6.41%, 10/23/34(a)(b) |  |  |  |  |  |  | 1,900 |  |  |  | 1,877,153 |
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3‑mo. LIBOR US + 1.15%), 6.41%, 01/16/31(a)(b) |  |  |  |  |  |  | 2,409 |  |  |  | 2,392,059 |
TICP CLO IX Ltd., Series 2017-9A, Class A, (3‑mo. LIBOR US + 1.14%), 6.39%, 01/20/31(a)(b) |  |  |  |  |  |  | 963 |  |  |  | 956,579 |
TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3‑mo. LIBOR US + 1.12%), 6.38%, 01/15/34(a)(b) |  |  |  |  |  |  | 2,000 |  |  |  | 1,980,672 |
TICP CLO X Ltd., Series 2018-10A, Class B, (3‑mo. LIBOR US + 1.47%), 6.72%, 04/20/31(a)(b) |  |  |  |  |  |  | 1,300 |  |  |  | 1,277,278 |
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3-mo. LIBOR US + 1.65%), 6.91%, 07/15/34(a)(b) |  |  |  |  |  |  | 1,000 |  |  |  | 974,074 |
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, (3-mo. LIBOR US + 1.65%), 6.90%, 10/20/32(a)(b) |  |  |  |  |  |  | 1,750 |  |  |  | 1,722,116 |
Trimaran CAVU Ltd.(a)(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2021-2A, Class B1, (3-mo. LIBOR US + 1.75%), 7.01%, 10/25/34 |  |  |  |  |  |  | 1,500 |  |  |  | 1,460,227 |
Series 2022-2A, Class A, (3-mo. CME Term SOFR + 2.50%), 7.55%, 01/20/36 |  |  |  |  |  |  | 2,500 |  |  |  | 2,517,454 |
Series 2022-2A, Class B1, (3-mo. CME Term SOFR + 3.40%), 8.45%, 01/20/36 |  |  |  |  |  |  | 1,500 |  |  |  | 1,512,677 |
Whitebox CLO I Ltd., Series 2019-1A, Class ANAR, (3-mo. LIBOR US + 1.13%), 6.40%, 07/24/32(a)(b) |  |  |  |  |  |  | 1,000 |  |  |  | 987,653 |
Whitebox CLO IV Ltd.(a)(b) |  |  |  |  |  |  |  |  |  |  |  |
Series 2023-4A, Class A1, (3-mo. CME Term SOFR + 2.15%), 6.93%, 04/20/36 |  |  |  |  |  |  | 2,000 |  |  |  | 1,992,271 |

Security |  |  |  |  | Par (000) |  |  | Value |
Asset-Backed Securities (continued) |
Whitebox CLO IV Ltd.(a)(b) (continued) |  |  |  |  |  |  |  |  |  |  |  |
Series 2023-4A, Class B1, (3-mo. CME Term SOFR + 2.60%), 7.38%, 04/20/36 |  |  | USD |  |  |  | 1,000 |  |  | $ | 988,629 |
York CLO 1 Ltd., Series 2014-1A, Class ARR, (3-mo. LIBOR US + 1.12%), 6.39%, 10/22/29(a)(b) |  |  |  |  |  |  | 1,563 |  |  |  | 1,548,832 |
Total Asset-Backed Securities — 15.7% (Cost: $165,212,405) |  |  |  |  |  |  |  | 164,496,555 |
Corporate Bonds |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense — 4.8% |  |  |  |  |  |  |  |  |
Boeing Co., 5.15%, 05/01/30(d) |  |  |  |  |  |  | 6,775 |  |  |  | 6,709,622 |
Bombardier, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 03/15/25 |  |  |  |  |  |  | 42 |  |  |  | 42,072 |
7.13%, 06/15/26(d) |  |  |  |  |  |  | 1,322 |  |  |  | 1,313,093 |
7.88%, 04/15/27(d) |  |  |  |  |  |  | 1,347 |  |  |  | 1,343,532 |
7.50%, 02/01/29(d) |  |  |  |  |  |  | 1,713 |  |  |  | 1,693,035 |
7.45%, 05/01/34 |  |  |  |  |  |  | 327 |  |  |  | 372,780 |
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(b) |  |  |  |  |  |  | 1,000 |  |  |  | 905,000 |
General Dynamics Corp., 4.25%, 04/01/50(d) |  |  |  |  |  |  | 1,260 |  |  |  | 1,154,978 |
Howmet Aerospace, Inc., 5.13%, 10/01/24 |  |  |  |  |  |  | 39 |  |  |  | 38,562 |
Moog, Inc., 4.25%, 12/15/27(b) |  |  |  |  |  |  | 320 |  |  |  | 296,123 |
Northrop Grumman Corp.(d) |  |  |  |  |  |  |  |  |  |  |  |
4.03%, 10/15/47 |  |  |  |  |  |  | 2,400 |  |  |  | 2,061,860 |
5.25%, 05/01/50 |  |  |  |  |  |  | 3,050 |  |  |  | 3,099,655 |
Raytheon Technologies Corp.(d) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 11/16/48 |  |  |  |  |  |  | 2,805 |  |  |  | 2,616,902 |
3.13%, 07/01/50 |  |  |  |  |  |  | 3,545 |  |  |  | 2,567,148 |
Rolls-Royce PLC(b) |  |  |  |  |  |  |  |  |  |  |  |
3.63%, 10/14/25 |  |  |  |  |  |  | 200 |  |  |  | 188,946 |
5.75%, 10/15/27 |  |  |  |  |  |  | 1,933 |  |  |  | 1,889,999 |
Spirit AeroSystems, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 04/15/25 |  |  |  |  |  |  | 332 |  |  |  | 328,052 |
9.38%, 11/30/29 |  |  |  |  |  |  | 974 |  |  |  | 1,042,740 |
TransDigm, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 03/15/26(b)(d) |  |  |  |  |  |  | 16,639 |  |  |  | 16,557,682 |
6.38%, 06/15/26 |  |  |  |  |  |  | 8 |  |  |  | 7,896 |
7.50%, 03/15/27 |  |  |  |  |  |  | 432 |  |  |  | 432,614 |
6.75%, 08/15/28(b) |  |  |  |  |  |  | 3,929 |  |  |  | 3,943,891 |
Triumph Group, Inc., 9.00%, 03/15/28(b) |  |  |  |  |  |  | 1,348 |  |  |  | 1,376,361 |
|  |  |  |  |  |  |  |  |  |  | 49,982,543 |
Automobile Components — 1.4% |  |  |  |  |  |  |  |  |  |  |  |
Clarios Global LP, 6.75%, 05/15/25(b) |  |  |  |  |  |  | 631 |  |  |  | 631,386 |
Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |  |  |  |  |  |  |  |  |
4.38%, 05/15/26(e) |  |  | EUR |  |  |  | 246 |  |  |  | 255,442 |
6.25%, 05/15/26(b)(d) |  |  | USD |  |  |  | 4,933 |  |  |  | 4,901,233 |
8.50%, 05/15/27(b)(d) |  |  |  |  |  |  | 6,981 |  |  |  | 6,992,421 |
6.75%, 05/15/28 |  |  |  |  |  |  | 1,200 |  |  |  | 1,195,803 |
Goodyear Tire & Rubber Co. |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 07/15/29(d) |  |  |  |  |  |  | 207 |  |  |  | 186,659 |
5.63%, 04/30/33 |  |  |  |  |  |  | 53 |  |  |  | 46,140 |
SK On Co. Ltd., 5.38%, 05/11/26(e) |  |  |  |  |  |  | 200 |  |  |  | 198,600 |
|  |  |  |  |  |  |  |  |  |  | 14,407,684 |
Automobiles — 1.5% |  |  |  |  |  |  |  |  |  |  |  |
Asbury Automotive Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.50%, 03/01/28 |  |  |  |  |  |  | 197 |  |  |  | 180,611 |
5.00%, 02/15/32(b) |  |  |  |  |  |  | 293 |  |  |  | 255,114 |

S C H E D U L E O F I N V E S T M E N T S |  | 79

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Automobiles (continued) |  |  |  |  |
Ford Motor Co. |  |  |  |  |  |  |  |  |  |  |  |
3.25%, 02/12/32(d) |  |  | USD |  |  |  | 908 |  |  | $ | 714,309 |
6.10%, 08/19/32 |  |  |  |  |  |  | 5,265 |  |  |  | 5,102,607 |
Ford Motor Credit Co. LLC |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 06/16/25 |  |  |  |  |  |  | 1,270 |  |  |  | 1,235,113 |
2.70%, 08/10/26 |  |  |  |  |  |  | 613 |  |  |  | 547,271 |
4.95%, 05/28/27(d) |  |  |  |  |  |  | 400 |  |  |  | 377,315 |
6.80%, 05/12/28 |  |  |  |  |  |  | 886 |  |  |  | 886,812 |
5.11%, 05/03/29 |  |  |  |  |  |  | 200 |  |  |  | 185,482 |
7.35%, 03/06/30 |  |  |  |  |  |  | 635 |  |  |  | 648,489 |
3.63%, 06/17/31 |  |  |  |  |  |  | 256 |  |  |  | 209,824 |
General Motors Co.(d) |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 10/02/43 |  |  |  |  |  |  | 940 |  |  |  | 919,227 |
5.95%, 04/01/49 |  |  |  |  |  |  | 3,455 |  |  |  | 3,228,267 |
Hyundai Capital America(e) |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 03/30/26 |  |  |  |  |  |  | 200 |  |  |  | 198,194 |
2.38%, 10/15/27 |  |  |  |  |  |  | 200 |  |  |  | 174,979 |
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27(e) |  |  |  |  |  |  | 500 |  |  |  | 439,299 |
LCM Investments Holdings II LLC, 4.88%, 05/01/29(b) |  |  |  |  |  |  | 456 |  |  |  | 390,218 |
Lithia Motors, Inc., 3.88%, 06/01/29(b) |  |  |  |  |  |  | 269 |  |  |  | 233,722 |
TML Holdings Pte. Ltd., 4.35%, 06/09/26(d)(e) |  |  |  |  |  |  | 200 |  |  |  | 186,282 |
|  |  |  |  |  |  |  |  |  |  | 16,113,135 |
Banks — 4.1% |  |  |  |  |  |  |  |  |  |  |  |
ABQ Finance Ltd., 3.13%, 09/24/24(d)(e) |  |  |  |  |  |  | 200 |  |  |  | 192,938 |
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27(e) |  |  |  |  |  |  | 212 |  |  |  | 200,206 |
Agricultural Bank of China Ltd., 1.25%, 01/19/26(e) |  |  |  |  |  |  | 200 |  |  |  | 181,364 |
Australia & New Zealand Banking Group Ltd., (5-year CMT + 1.70%), 2.57%, 11/25/35(a)(b)(d) |  |  |  |  |  |  | 5,445 |  |  |  | 4,136,102 |
Bangkok Bank PCL |  |  |  |  |  |  |  |  |  |  |  |
4.45%, 09/19/28(e) |  |  |  |  |  |  | 200 |  |  |  | 193,030 |
(5-year CMT + 1.90%), 3.73%, 09/25/34(a)(e) |  |  |  |  |  |  | 200 |  |  |  | 170,366 |
(5-year CMT + 4.73%), 5.00% |  |  |  |  |  |  | 222 |  |  |  | 210,540 |
Bank Mandiri Persero Tbk PT, 5.50%, 04/04/26(e) |  |  |  |  |  |  | 200 |  |  |  | 199,272 |
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26(d)(e) |  |  |  |  |  |  | 200 |  |  |  | 184,328 |
Bank of China Ltd.(e) |  |  |  |  |  |  |  |  |  |  |  |
1.00%, 11/02/24 |  |  |  |  |  |  | 200 |  |  |  | 188,336 |
1.40%, 04/28/26 |  |  |  |  |  |  | 200 |  |  |  | 180,074 |
Bank of East Asia Ltd., (5-year CMT + 5.53%), 5.83%(a)(e)(f) |  |  |  |  |  |  | 750 |  |  |  | 653,738 |
China Construction Bank Corp., (5-year CMT + 2.15%), 2.45%, 06/24/30(a)(e) |  |  |  |  |  |  | 200 |  |  |  | 187,878 |
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34(d) |  |  |  |  |  |  | 2,740 |  |  |  | 2,763,872 |
Industrial & Commercial Bank of China Ltd., 2.95%, 06/01/25(e) |  |  |  |  |  |  | 200 |  |  |  | 190,926 |
Industrial & Commercial Bank of China Macau Ltd., (5-year CMT + 1.65%), 2.88%, 09/12/29(a)(e) |  |  |  |  |  |  | 200 |  |  |  | 192,734 |
Intesa Sanpaolo SpA, 5.71%, 01/15/26(b)(d) |  |  |  |  |  |  | 9,840 |  |  |  | 9,367,977 |
Kasikornbank PCL(a)(e) |  |  |  |  |  |  |  |  |  |  |  |
(5-year CMT + 1.70%), 3.34%, 10/02/31(d) |  |  |  |  |  |  | 468 |  |  |  | 413,244 |
(5-year CMT + 3.34%), 4.00%(f) |  |  |  |  |  |  | 300 |  |  |  | 254,295 |
Kasikornbank PCL/Hong Kong, 5.46%, 03/07/28(e) |  |  |  |  |  |  | 200 |  |  |  | 200,564 |
Macquarie Bank Ltd., 6.80%, 01/18/33(b)(d) |  |  |  |  |  |  | 5,110 |  |  |  | 5,127,314 |
NongHyup Bank, 4.00%, 01/06/26(e) |  |  |  |  |  |  | 200 |  |  |  | 192,314 |
QNB Finance Ltd., 2.63%, 05/12/25(e) |  |  |  |  |  |  | 200 |  |  |  | 189,304 |
Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26(e) |  |  |  |  |  |  | 200 |  |  |  | 180,242 |

Security |  |  |  |  | Par (000) |  |  | Value |
Banks (continued) |  |  |  |  |
SNB Funding Ltd., 2.75%, 10/02/24(e) |  |  | USD |  |  |  | 200 |  |  | $ | 192,490 |
Truist Financial Corp., (1-day SOFR + 2.05%), 6.05%, 06/08/27(d) |  |  |  |  |  |  | 9,310 |  |  |  | 9,313,865 |
United Overseas Bank Ltd., 1.25%, 04/14/26(e) |  |  |  |  |  |  | 200 |  |  |  | 179,496 |
Wells Fargo & Co.(d) |  |  |  |  |  |  |  |  |  |  |  |
5.61%, 01/15/44 |  |  |  |  |  |  | 4,119 |  |  |  | 3,954,313 |
(1-day SOFR + 1.51%), 3.53%, 03/24/28(a) |  |  |  |  |  |  | 4,075 |  |  |  | 3,803,399 |
|  |  |  |  |  |  |  |  |  |  | 43,394,521 |
Beverages — 2.7% |  |  |  |  |  |  |  |  |  |  |  |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(d) |  |  |  |  |  |  | 6,170 |  |  |  | 5,897,229 |
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49(d) |  |  |  |  |  |  | 5,000 |  |  |  | 5,269,968 |
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(b)(d)(g) |  |  |  |  |  |  | 2,781 |  |  |  | 2,253,016 |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b) |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 06/15/27 |  |  |  |  |  |  | 509 |  |  |  | 500,024 |
3.25%, 09/01/28 |  |  |  |  |  |  | 200 |  |  |  | 171,794 |
4.00%, 09/01/29(d) |  |  |  |  |  |  | 3,414 |  |  |  | 2,703,867 |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 04/30/25(b) |  |  |  |  |  |  | 200 |  |  |  | 195,619 |
2.13%, 08/15/26(e) |  |  | EUR |  |  |  | 304 |  |  |  | 294,438 |
5.25%, 08/15/27(b) |  |  | USD |  |  |  | 200 |  |  |  | 169,416 |
Ball Corp. |  |  |  |  |  |  |  |  |  |  |  |
5.25%, 07/01/25 |  |  |  |  |  |  | 30 |  |  |  | 29,741 |
6.00%, 06/15/29(d) |  |  |  |  |  |  | 290 |  |  |  | 287,825 |
3.13%, 09/15/31(d) |  |  |  |  |  |  | 234 |  |  |  | 192,481 |
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25(b) |  |  |  |  |  |  | 228 |  |  |  | 208,050 |
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26 |  |  |  |  |  |  | 151 |  |  |  | 156,100 |
Mauser Packaging Solutions Holding Co.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.88%, 08/15/26(d) |  |  |  |  |  |  | 4,571 |  |  |  | 4,541,327 |
9.25%, 04/15/27 |  |  |  |  |  |  | 154 |  |  |  | 142,142 |
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27(b) |  |  |  |  |  |  | 59 |  |  |  | 58,420 |
Trivium Packaging Finance BV(b) |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 08/15/26 |  |  |  |  |  |  | 2,830 |  |  |  | 2,717,237 |
8.50%, 08/15/27 |  |  |  |  |  |  | 2,393 |  |  |  | 2,303,542 |
|  |  |  |  |  |  |  |  |  |  | 28,092,236 |
Biotechnology — 0.6% |  |  |  |  |  |  |  |  |  |  |  |
Baxalta, Inc., 5.25%, 06/23/45(d) |  |  |  |  |  |  | 6,000 |  |  |  | 5,913,841 |
Broadline Retail — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
Alibaba Group Holding Ltd. |  |  |  |  |  |  |  |  |  |  |  |
3.60%, 11/28/24 |  |  |  |  |  |  | 200 |  |  |  | 193,608 |
2.70%, 02/09/41 |  |  |  |  |  |  | 200 |  |  |  | 134,218 |
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(b) |  |  |  |  |  |  | 222 |  |  |  | 206,636 |
|  |  |  |  |  |  |  |  |  |  | 534,462 |
Building Materials — 0.8% |  |  |  |  |  |  |  |  |  |  |  |
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b) |  |  |  |  |  |  | 336 |  |  |  | 317,518 |
Emerald Debt Merger Sub LLC, 6.63%, 12/15/30(b) |  |  |  |  |  |  | 3,889 |  |  |  | 3,854,971 |
Jeld-Wen, Inc., 4.63%, 12/15/25(b) |  |  |  |  |  |  | 257 |  |  |  | 248,969 |
Masonite International Corp., Class C, 5.38%, 02/01/28(b) |  |  |  |  |  |  | 235 |  |  |  | 224,007 |
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28(b) |  |  |  |  |  |  | 163 |  |  |  | 148,335 |

80 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Building Materials (continued) |  |  |  |  |
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28(b) |  |  | USD |  |  |  | 1,232 |  |  | $ | 1,161,830 |
Standard Industries, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2.25%, 11/21/26(e) |  |  | EUR |  |  |  | 156 |  |  |  | 150,902 |
5.00%, 02/15/27(b) |  |  | USD |  |  |  | 412 |  |  |  | 392,656 |
4.75%, 01/15/28(b) |  |  |  |  |  |  | 26 |  |  |  | 24,212 |
4.38%, 07/15/30(b) |  |  |  |  |  |  | 1,513 |  |  |  | 1,310,405 |
3.38%, 01/15/31(b) |  |  |  |  |  |  | 350 |  |  |  | 281,765 |
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(b) |  |  |  |  |  |  | 90 |  |  |  | 85,029 |
|  |  |  |  |  |  |  |  |  |  | 8,200,599 |
Building Products — 1.0% |  |  |  |  |  |  |  |  |  |  |  |
Advanced Drainage Systems, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.00%, 09/30/27 |  |  |  |  |  |  | 173 |  |  |  | 163,730 |
6.38%, 06/15/30 |  |  |  |  |  |  | 724 |  |  |  | 716,232 |
Beacon Roofing Supply, Inc., 4.13%, 05/15/29(b) |  |  |  |  |  |  | 86 |  |  |  | 76,110 |
GYP Holdings III Corp., 4.63%, 05/01/29(b) |  |  |  |  |  |  | 350 |  |  |  | 308,000 |
Lowe’s Cos., Inc., 5.63%, 04/15/53(d) |  |  |  |  |  |  | 4,345 |  |  |  | 4,342,397 |
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(b) |  |  |  |  |  |  | 113 |  |  |  | 106,763 |
SRS Distribution, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 07/01/28 |  |  |  |  |  |  | 904 |  |  |  | 807,069 |
6.13%, 07/01/29(d) |  |  |  |  |  |  | 1,046 |  |  |  | 903,359 |
6.00%, 12/01/29(d) |  |  |  |  |  |  | 763 |  |  |  | 658,507 |
White Cap Buyer LLC, 6.88%, 10/15/28(b)(d) |  |  |  |  |  |  | 2,117 |  |  |  | 1,918,531 |
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26(b)(g) |  |  |  |  |  |  | 96 |  |  |  | 91,961 |
|  |  |  |  |  |  |  |  |  |  | 10,092,659 |
Capital Markets — 1.3% |  |  |  |  |  |  |  |  |  |  |  |
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b) |  |  |  |  |  |  | 447 |  |  |  | 391,803 |
Gaci First Investment Co., 4.88%, 02/14/35(e) |  |  |  |  |  |  | 200 |  |  |  | 190,988 |
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |  |  |  |  |  |  | 725 |  |  |  | 585,375 |
Huarong Finance 2019 Co. Ltd., 2.13%, 09/30/23(e) |  |  |  |  |  |  | 200 |  |  |  | 197,024 |
Huarong Finance II Co. Ltd., 4.63%, 06/03/26(e) |  |  |  |  |  |  | 200 |  |  |  | 177,456 |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 05/15/26(d) |  |  |  |  |  |  | 807 |  |  |  | 734,463 |
5.25%, 05/15/27(d) |  |  |  |  |  |  | 2,570 |  |  |  | 2,216,367 |
4.38%, 02/01/29 |  |  |  |  |  |  | 651 |  |  |  | 511,491 |
Jefferies Financial Group, Inc., 5.50%, 10/18/23(d) |  |  |  |  |  |  | 4,000 |  |  |  | 3,986,128 |
NFP Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 08/15/28(d) |  |  |  |  |  |  | 112 |  |  |  | 100,037 |
6.88%, 08/15/28 |  |  |  |  |  |  | 784 |  |  |  | 680,528 |
7.50%, 10/01/30 |  |  |  |  |  |  | 170 |  |  |  | 164,595 |
State Street Corp., (1-day SOFR + 1.72%), 5.82%, 11/04/28(a)(d) |  |  |  |  |  |  | 2,925 |  |  |  | 2,995,963 |
Temasek Financial I Ltd., 2.38%, 08/02/41(e) |  |  |  |  |  |  | 250 |  |  |  | 191,920 |
|  |  |  |  |  |  |  |  |  |  | 13,124,138 |
Chemicals — 2.7% |  |  |  |  |  |  |  |  |  |  |  |
Avient Corp., 7.13%, 08/01/30(b) |  |  |  |  |  |  | 180 |  |  |  | 182,056 |
Axalta Coating Systems LLC, 3.38%, 02/15/29(b) |  |  |  |  |  |  | 940 |  |  |  | 800,175 |
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(b)(d) |  |  |  |  |  |  | 597 |  |  |  | 562,701 |
Bluestar Finance Holdings Ltd., 3.38%, 07/16/24(e) |  |  |  |  |  |  | 200 |  |  |  | 194,398 |
Chemours Co.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 11/15/28 |  |  |  |  |  |  | 68 |  |  |  | 62,485 |
4.63%, 11/15/29 |  |  |  |  |  |  | 261 |  |  |  | 220,575 |
CNAC HK Finbridge Co. Ltd., 2.00%, 09/22/25(e) |  |  |  |  |  |  | 300 |  |  |  | 273,954 |

Security |  |  |  |  | Par (000) |  |  | Value |
Chemicals (continued) |  |  |  |  |
DuPont de Nemours, Inc., 5.42%, 11/15/48(d) |  |  | USD |  |  |  | 7,500 |  |  | $ | 7,394,231 |
Element Solutions, Inc., 3.88%, 09/01/28(b) |  |  |  |  |  |  | 3,039 |  |  |  | 2,651,151 |
GC Treasury Center Co. Ltd., 2.98%, 03/18/31(e) |  |  |  |  |  |  | 200 |  |  |  | 165,364 |
Herens Holdco SARL, 4.75%, 05/15/28(b) |  |  |  |  |  |  | 490 |  |  |  | 379,750 |
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b)(d) |  |  |  |  |  |  | 445 |  |  |  | 387,755 |
Ingevity Corp., 3.88%, 11/01/28(b) |  |  |  |  |  |  | 100 |  |  |  | 85,377 |
LG Chem Ltd., 2.38%, 07/07/31(e) |  |  |  |  |  |  | 200 |  |  |  | 162,960 |
LYB Finance Co. BV, 8.10%, 03/15/27(b) |  |  |  |  |  |  | 6,000 |  |  |  | 6,472,366 |
NOVA Chemicals Corp., 4.88%, 06/01/24(b) |  |  |  |  |  |  | 240 |  |  |  | 234,475 |
Olympus Water U.S. Holding Corp., 9.75%, 11/15/28(b) |  |  |  |  |  |  | 796 |  |  |  | 776,339 |
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(b)(d) |  |  |  |  |  |  | 480 |  |  |  | 437,588 |
Scotts Miracle-Gro Co., 4.00%, 04/01/31 |  |  |  |  |  |  | 250 |  |  |  | 195,499 |
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) |  |  |  |  |  |  | 877 |  |  |  | 696,891 |
UPL Corp. Ltd., (5-year CMT + 3.87%), 5.25%(a)(e)(f) |  |  |  |  |  |  | 500 |  |  |  | 407,055 |
WESCO Distribution, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.13%, 06/15/25 |  |  |  |  |  |  | 1,485 |  |  |  | 1,500,644 |
7.25%, 06/15/28(d) |  |  |  |  |  |  | 1,384 |  |  |  | 1,411,757 |
WR Grace Holdings LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 06/15/27 |  |  |  |  |  |  | 224 |  |  |  | 207,745 |
5.63%, 08/15/29(d) |  |  |  |  |  |  | 2,101 |  |  |  | 1,721,349 |
7.38%, 03/01/31 |  |  |  |  |  |  | 345 |  |  |  | 338,093 |
|  |  |  |  |  |  |  |  |  |  | 27,922,733 |
Commercial Services & Supplies(b) — 1.4% |  |  |  |  |  |  |  |  |  |  |  |
ADT Security Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.13%, 08/01/29 |  |  |  |  |  |  | 91 |  |  |  | 78,601 |
4.88%, 07/15/32 |  |  |  |  |  |  | 77 |  |  |  | 65,835 |
AerCap Global Aviation Trust, (3-mo. CME Term SOFR + 4.56%), 6.50%, 06/15/45(a) |  |  |  |  |  |  | 5,000 |  |  |  | 4,832,893 |
APX Group, Inc., 5.75%, 07/15/29 |  |  |  |  |  |  | 555 |  |  |  | 481,686 |
Cablevision Lightpath LLC, 3.88%, 09/15/27 |  |  |  |  |  |  | 368 |  |  |  | 308,200 |
Fortress Transportation and Infrastructure Investors LLC |  |  |  |  |  |  |  |  |  |  |  |
6.50%, 10/01/25 |  |  |  |  |  |  | 966 |  |  |  | 951,668 |
9.75%, 08/01/27 |  |  |  |  |  |  | 298 |  |  |  | 307,766 |
5.50%, 05/01/28(d) |  |  |  |  |  |  | 1,180 |  |  |  | 1,079,704 |
Garda World Security Corp., 9.50%, 11/01/27 |  |  |  |  |  |  | 84 |  |  |  | 81,152 |
Herc Holdings, Inc., 5.50%, 07/15/27(d) |  |  |  |  |  |  | 1,117 |  |  |  | 1,070,250 |
Hertz Corp., 5.00%, 12/01/29(d) |  |  |  |  |  |  | 439 |  |  |  | 362,893 |
LABL, Inc., 9.50%, 11/01/28 |  |  |  |  |  |  | 710 |  |  |  | 722,344 |
Metis Merger Sub LLC, 6.50%, 05/15/29 |  |  |  |  |  |  | 310 |  |  |  | 267,407 |
NESCO Holdings II, Inc., 5.50%, 04/15/29 |  |  |  |  |  |  | 356 |  |  |  | 318,620 |
Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 04/15/26 |  |  |  |  |  |  | 637 |  |  |  | 625,297 |
6.25%, 01/15/28(d) |  |  |  |  |  |  | 804 |  |  |  | 753,188 |
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(d) |  |  |  |  |  |  | 882 |  |  |  | 685,755 |
Williams Scotsman International, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.13%, 06/15/25 |  |  |  |  |  |  | 823 |  |  |  | 816,894 |
4.63%, 08/15/28 |  |  |  |  |  |  | 541 |  |  |  | 494,511 |
|  |  |  |  |  |  |  |  |  |  | 14,304,664 |
Communications Equipment(b) — 0.4% |  |  |  |  |  |  |  |  |  |  |  |
CommScope Technologies LLC, 6.00%, 06/15/25(d) |  |  |  |  |  |  | 942 |  |  |  | 878,009 |
CommScope, Inc. |  |  |  |  |  |  |  |  |  |  |  |
8.25%, 03/01/27 |  |  |  |  |  |  | 506 |  |  |  | 404,791 |
4.75%, 09/01/29(d) |  |  |  |  |  |  | 1,098 |  |  |  | 865,664 |

S C H E D U L E O F I N V E S T M E N T S |  | 81

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Communications Equipment (continued) |  |  |  |  |
Viasat, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 09/15/25 |  |  | USD |  |  |  | 1,078 |  |  | $ | 1,044,571 |
5.63%, 04/15/27 |  |  |  |  |  |  | 243 |  |  |  | 226,880 |
Viavi Solutions, Inc., 3.75%, 10/01/29 |  |  |  |  |  |  | 561 |  |  |  | 476,684 |
|  |  |  |  |  |  |  |  |  |  | 3,896,599 |
Construction Materials(b) — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29 |  |  |  |  |  |  | 24 |  |  |  | 20,488 |
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |  |  |  |  |  |  | 568 |  |  |  | 528,242 |
H&E Equipment Services, Inc., 3.88%, 12/15/28 |  |  |  |  |  |  | 132 |  |  |  | 114,283 |
Resideo Funding, Inc., 4.00%, 09/01/29 |  |  |  |  |  |  | 97 |  |  |  | 80,471 |
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28 |  |  |  |  |  |  | 117 |  |  |  | 117,927 |
|  |  |  |  |  |  |  |  |  |  | 861,411 |
Consumer Discretionary(b) — 1.4% |  |  |  |  |  |  |  |  |  |  |  |
Carnival Corp. |  |  |  |  |  |  |  |  |  |  |  |
10.50%, 02/01/26 |  |  |  |  |  |  | 733 |  |  |  | 770,539 |
7.63%, 03/01/26(d) |  |  |  |  |  |  | 273 |  |  |  | 267,376 |
5.75%, 03/01/27 |  |  |  |  |  |  | 1,311 |  |  |  | 1,206,893 |
9.88%, 08/01/27 |  |  |  |  |  |  | 957 |  |  |  | 996,844 |
4.00%, 08/01/28 |  |  |  |  |  |  | 434 |  |  |  | 384,750 |
6.00%, 05/01/29(d) |  |  |  |  |  |  | 936 |  |  |  | 835,693 |
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 |  |  |  |  |  |  | 3,281 |  |  |  | 3,588,524 |
CoreLogic, Inc., 4.50%, 05/01/28(d) |  |  |  |  |  |  | 1,155 |  |  |  | 931,219 |
Life Time, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 01/15/26 |  |  |  |  |  |  | 256 |  |  |  | 249,480 |
8.00%, 04/15/26 |  |  |  |  |  |  | 254 |  |  |  | 250,795 |
Lindblad Expeditions LLC, 6.75%, 02/15/27 |  |  |  |  |  |  | 480 |  |  |  | 457,200 |
NCL Corp. Ltd. |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 03/15/26 |  |  |  |  |  |  | 244 |  |  |  | 228,278 |
8.38%, 02/01/28 |  |  |  |  |  |  | 206 |  |  |  | 215,258 |
7.75%, 02/15/29 |  |  |  |  |  |  | 78 |  |  |  | 74,085 |
NCL Finance Ltd., 6.13%, 03/15/28(d) |  |  |  |  |  |  | 530 |  |  |  | 477,010 |
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 |  |  |  |  |  |  | 128 |  |  |  | 117,506 |
Royal Caribbean Cruises Ltd. |  |  |  |  |  |  |  |  |  |  |  |
4.25%, 07/01/26 |  |  |  |  |  |  | 200 |  |  |  | 183,590 |
5.50%, 08/31/26 |  |  |  |  |  |  | 313 |  |  |  | 296,759 |
5.38%, 07/15/27 |  |  |  |  |  |  | 378 |  |  |  | 353,450 |
11.63%, 08/15/27 |  |  |  |  |  |  | 284 |  |  |  | 308,833 |
5.50%, 04/01/28 |  |  |  |  |  |  | 162 |  |  |  | 151,071 |
8.25%, 01/15/29 |  |  |  |  |  |  | 302 |  |  |  | 317,100 |
9.25%, 01/15/29 |  |  |  |  |  |  | 566 |  |  |  | 603,023 |
7.25%, 01/15/30 |  |  |  |  |  |  | 415 |  |  |  | 420,330 |
Viking Cruises Ltd. |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 09/15/27 |  |  |  |  |  |  | 350 |  |  |  | 321,692 |
9.13%, 07/15/31 |  |  |  |  |  |  | 896 |  |  |  | 904,960 |
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 |  |  |  |  |  |  | 283 |  |  |  | 258,945 |
|  |  |  |  |  |  |  |  |  |  | 15,171,203 |
Consumer Finance — 2.4% |  |  |  |  |  |  |  |  |  |  |  |
Block, Inc.(d) |  |  |  |  |  |  |  |  |  |  |  |
2.75%, 06/01/26 |  |  |  |  |  |  | 1,181 |  |  |  | 1,075,292 |
3.50%, 06/01/31 |  |  |  |  |  |  | 2,228 |  |  |  | 1,845,278 |
Capital One Financial Corp., (1-day SOFR + 2.64%), 6.31%, 06/08/29(a)(d) |  |  |  |  |  |  | 6,980 |  |  |  | 6,932,979 |
Ford Motor Credit Co. LLC, 7.20%, 06/10/30 |  |  |  |  |  |  | 1,209 |  |  |  | 1,220,135 |
Global Payments, Inc., 5.95%, 08/15/52(d) |  |  |  |  |  |  | 4,850 |  |  |  | 4,640,717 |
KB Kookmin Card Co. Ltd., 4.00%, 06/09/25(e) |  |  |  |  |  |  | 200 |  |  |  | 192,548 |
Navient Corp. |  |  |  |  |  |  |  |  |  |  |  |
7.25%, 09/25/23 |  |  |  |  |  |  | 299 |  |  |  | 299,000 |
5.50%, 03/15/29 |  |  |  |  |  |  | 480 |  |  |  | 409,233 |

Security |  |  |  |  | Par (000) |  |  | Value |
Consumer Finance (continued) |  |  |  |  |
Navient Corp. (continued) |  |  |  |  |  |  |  |  |  |  |  |
9.38%, 07/25/30 |  |  | USD |  |  |  | 228 |  |  | $ | 226,780 |
OneMain Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.88%, 03/15/25 |  |  |  |  |  |  | 112 |  |  |  | 110,895 |
7.13%, 03/15/26(d) |  |  |  |  |  |  | 781 |  |  |  | 767,326 |
6.63%, 01/15/28 |  |  |  |  |  |  | 295 |  |  |  | 278,265 |
5.38%, 11/15/29(d) |  |  |  |  |  |  | 1,233 |  |  |  | 1,048,232 |
Sabre Global, Inc., 7.38%, 09/01/25(b)(d) |  |  |  |  |  |  | 483 |  |  |  | 428,716 |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(b)(d) |  |  |  |  |  |  | 788 |  |  |  | 738,963 |
Shinhan Card Co. Ltd., 1.38%, 10/19/25(e) |  |  |  |  |  |  | 200 |  |  |  | 180,026 |
Shriram Finance Ltd., 4.40%, 03/13/24 |  |  |  |  |  |  | 500 |  |  |  | 489,360 |
SLM Corp., 3.13%, 11/02/26 |  |  |  |  |  |  | 347 |  |  |  | 300,155 |
Verscend Escrow Corp., 9.75%, 08/15/26(b) |  |  |  |  |  |  | 3,791 |  |  |  | 3,802,722 |
|  |  |  |  |  |  |  |  |  |  | 24,986,622 |
Consumer Staples Distribution & Retail — 2.3% |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
3.25%, 03/15/26 |  |  |  |  |  |  | 1,389 |  |  |  | 1,282,838 |
4.63%, 01/15/27 |  |  |  |  |  |  | 1,961 |  |  |  | 1,858,056 |
5.88%, 02/15/28 |  |  |  |  |  |  | 928 |  |  |  | 901,775 |
6.50%, 02/15/28 |  |  |  |  |  |  | 237 |  |  |  | 237,393 |
4.88%, 02/15/30(d) |  |  |  |  |  |  | 387 |  |  |  | 357,286 |
CK Hutchison International 21 Ltd., 2.50%, 04/15/31(d)(e) |  |  |  |  |  |  | 200 |  |  |  | 169,314 |
CK Hutchison International 23 Ltd.(e) |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 04/21/28(d) |  |  |  |  |  |  | 400 |  |  |  | 395,576 |
4.88%, 04/21/33 |  |  |  |  |  |  | 400 |  |  |  | 396,096 |
Darling Ingredients, Inc., 6.00%, 06/15/30(b) |  |  |  |  |  |  | 714 |  |  |  | 697,331 |
General Mills, Inc.(d) |  |  |  |  |  |  |  |  |  |  |  |
5.24%, 11/18/25 |  |  |  |  |  |  | 935 |  |  |  | 935,112 |
4.20%, 04/17/28 |  |  |  |  |  |  | 620 |  |  |  | 601,730 |
Kraft Heinz Foods Co. |  |  |  |  |  |  |  |  |  |  |  |
4.25%, 03/01/31 |  |  |  |  |  |  | 68 |  |  |  | 64,686 |
5.00%, 07/15/35 |  |  |  |  |  |  | 214 |  |  |  | 210,794 |
7.13%, 08/01/39(b)(d) |  |  |  |  |  |  | 4,415 |  |  |  | 4,916,226 |
4.63%, 10/01/39 |  |  |  |  |  |  | 100 |  |  |  | 90,358 |
5.00%, 06/04/42 |  |  |  |  |  |  | 12 |  |  |  | 11,230 |
4.38%, 06/01/46 |  |  |  |  |  |  | 158 |  |  |  | 134,277 |
5.50%, 06/01/50(d) |  |  |  |  |  |  | 2,825 |  |  |  | 2,801,757 |
Lamb Weston Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 05/15/28 |  |  |  |  |  |  | 460 |  |  |  | 440,558 |
4.13%, 01/31/30(d) |  |  |  |  |  |  | 515 |  |  |  | 460,263 |
4.38%, 01/31/32(d) |  |  |  |  |  |  | 266 |  |  |  | 237,611 |
Performance Food Group, Inc., 4.25%, 08/01/29(b) |  |  |  |  |  |  | 700 |  |  |  | 623,217 |
Post Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 04/15/30(d) |  |  |  |  |  |  | 434 |  |  |  | 380,340 |
4.50%, 09/15/31 |  |  |  |  |  |  | 19 |  |  |  | 16,227 |
U.S. Foods, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 02/15/29 |  |  |  |  |  |  | 595 |  |  |  | 544,752 |
4.63%, 06/01/30 |  |  |  |  |  |  | 67 |  |  |  | 60,048 |
United Natural Foods, Inc., 6.75%, 10/15/28(b) |  |  |  |  |  |  | 53 |  |  |  | 43,931 |
Walmart, Inc., 5.25%, 09/01/35(d) |  |  |  |  |  |  | 5,150 |  |  |  | 5,491,075 |
|  |  |  |  |  |  |  |  |  |  | 24,359,857 |
Containers & Packaging — 1.9% |  |  |  |  |  |  |  |  |  |  |  |
Clydesdale Acquisition Holdings, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.63%, 04/15/29 |  |  |  |  |  |  | 988 |  |  |  | 942,254 |
8.75%, 04/15/30 |  |  |  |  |  |  | 633 |  |  |  | 558,764 |
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |  |  |  |  |  |  | 224 |  |  |  | 212,126 |

82 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Containers & Packaging (continued) |  |  |  |  |
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 |  |  | USD |  |  |  | 355 |  |  | $ | 344,054 |
International Paper Co.(d) |  |  |  |  |  |  |  |  |  |  |  |
8.70%, 06/15/38 |  |  |  |  |  |  | 4,000 |  |  |  | 5,084,000 |
7.30%, 11/15/39 |  |  |  |  |  |  | 10,000 |  |  |  | 11,328,677 |
LABL, Inc., 5.88%, 11/01/28(b) |  |  |  |  |  |  | 418 |  |  |  | 380,163 |
OI European Group BV, 6.25%, 05/15/28 |  |  | EUR |  |  |  | 175 |  |  |  | 194,977 |
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/31 |  |  | USD |  |  |  | 353 |  |  |  | 357,413 |
Sealed Air Corp., 4.00%, 12/01/27(b) |  |  |  |  |  |  | 109 |  |  |  | 99,489 |
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28(b) |  |  |  |  |  |  | 229 |  |  |  | 227,312 |
|  |  |  |  |  |  |  |  |  |  | 19,729,229 |
Diversified Consumer Services — 1.5% |  |  |  |  |  |  |  |  |  |  |  |
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.63%, 07/15/26(d) |  |  |  |  |  |  | 5,356 |  |  |  | 5,082,541 |
9.75%, 07/15/27(d) |  |  |  |  |  |  | 3,786 |  |  |  | 3,346,647 |
6.00%, 06/01/29 |  |  |  |  |  |  | 200 |  |  |  | 147,581 |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 06/01/28(d) |  |  |  |  |  |  | 1,226 |  |  |  | 1,031,373 |
4.63%, 06/01/28 |  |  |  |  |  |  | 1,128 |  |  |  | 954,818 |
Clarivate Science Holdings Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.88%, 07/01/28 |  |  |  |  |  |  | 1,602 |  |  |  | 1,420,086 |
4.88%, 07/01/29(d) |  |  |  |  |  |  | 771 |  |  |  | 683,959 |
Garda World Security Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 02/15/27 |  |  |  |  |  |  | 194 |  |  |  | 177,510 |
7.75%, 02/15/28 |  |  |  |  |  |  | 804 |  |  |  | 798,067 |
Kodit Global Co. Ltd., 4.95%, 05/25/26 |  |  |  |  |  |  | 200 |  |  |  | 196,802 |
Service Corp. International |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 06/01/29 |  |  |  |  |  |  | 468 |  |  |  | 440,959 |
3.38%, 08/15/30(d) |  |  |  |  |  |  | 1,318 |  |  |  | 1,102,243 |
|  |  |  |  |  |  |  |  |  |  | 15,382,586 |
Diversified REITs — 1.3% |  |  |  |  |  |  |  |  |  |  |  |
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b) |  |  |  |  |  |  | 328 |  |  |  | 276,224 |
Crown Castle, Inc.(d) |  |  |  |  |  |  |  |  |  |  |  |
1.05%, 07/15/26 |  |  |  |  |  |  | 925 |  |  |  | 809,794 |
3.65%, 09/01/27 |  |  |  |  |  |  | 8,000 |  |  |  | 7,477,308 |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(b) |  |  |  |  |  |  | 197 |  |  |  | 144,519 |
Iron Mountain, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 09/15/27 |  |  |  |  |  |  | 606 |  |  |  | 572,431 |
5.63%, 07/15/32 |  |  |  |  |  |  | 493 |  |  |  | 441,028 |
MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
2.55%, 12/05/23 |  |  | GBP |  |  |  | 158 |  |  |  | 192,859 |
4.63%, 08/01/29(d) |  |  | USD |  |  |  | 449 |  |  |  | 339,426 |
3.50%, 03/15/31 |  |  |  |  |  |  | 2,043 |  |  |  | 1,407,663 |
RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 10/15/27 |  |  |  |  |  |  | 146 |  |  |  | 135,926 |
7.25%, 07/15/28 |  |  |  |  |  |  | 485 |  |  |  | 489,962 |
4.50%, 02/15/29(b) |  |  |  |  |  |  | 1,704 |  |  |  | 1,508,040 |
RLJ Lodging Trust LP, 4.00%, 09/15/29(b) |  |  |  |  |  |  | 199 |  |  |  | 166,660 |
Service Properties Trust, 7.50%, 09/15/25 |  |  |  |  |  |  | 142 |  |  |  | 139,444 |
|  |  |  |  |  |  |  |  |  |  | 14,101,284 |

Security |  |  |  |  | Par (000) |  |  | Value |
Diversified Telecommunication Services — 6.3% |  |  |  |  |
AT&T, Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.65%, 06/01/44 |  |  | USD |  |  |  | 28 |  |  | $ | 24,393 |
4.35%, 06/15/45 |  |  |  |  |  |  | 95 |  |  |  | 79,612 |
3.50%, 09/15/53(d) |  |  |  |  |  |  | 15,960 |  |  |  | 11,298,334 |
Level 3 Financing, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.40%, 03/01/27 |  |  |  |  |  |  | 1,197 |  |  |  | 1,015,654 |
10.50%, 05/15/30(d) |  |  |  |  |  |  | 2,436 |  |  |  | 2,471,646 |
Lumen Technologies, Inc., 4.00%, 02/15/27(b) |  |  |  |  |  |  | 2,133 |  |  |  | 1,589,533 |
Sprint Capital Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.88%, 11/15/28(d) |  |  |  |  |  |  | 3,063 |  |  |  | 3,246,760 |
8.75%, 03/15/32 |  |  |  |  |  |  | 2,041 |  |  |  | 2,466,767 |
Telecom Italia Capital SA |  |  |  |  |  |  |  |  |  |  |  |
6.38%, 11/15/33 |  |  |  |  |  |  | 393 |  |  |  | 333,386 |
6.00%, 09/30/34 |  |  |  |  |  |  | 763 |  |  |  | 615,324 |
7.20%, 07/18/36 |  |  |  |  |  |  | 115 |  |  |  | 98,847 |
7.72%, 06/04/38 |  |  |  |  |  |  | 195 |  |  |  | 172,421 |
Telecom Italia SpA, 5.30%, 05/30/24(b) |  |  |  |  |  |  | 1,062 |  |  |  | 1,032,219 |
Telefonica Emisiones SA, 5.21%, 03/08/47(d) |  |  |  |  |  |  | 5,000 |  |  |  | 4,348,694 |
Verizon Communications, Inc.(d) |  |  |  |  |  |  |  |  |  |  |  |
6.40%, 09/15/33 |  |  |  |  |  |  | 9,475 |  |  |  | 10,149,903 |
6.55%, 09/15/43 |  |  |  |  |  |  | 13,225 |  |  |  | 14,604,080 |
5.01%, 04/15/49 |  |  |  |  |  |  | 6,998 |  |  |  | 6,570,989 |
Zayo Group Holdings, Inc.(b)(d) |  |  |  |  |  |  |  |  |  |  |  |
4.00%, 03/01/27 |  |  |  |  |  |  | 7,103 |  |  |  | 5,016,523 |
6.13%, 03/01/28 |  |  |  |  |  |  | 1,734 |  |  |  | 1,083,522 |
|  |  |  |  |  |  |  |  |  |  | 66,218,607 |
Electric Utilities — 4.8% |  |  |  |  |  |  |  |  |  |  |  |
China Huaneng Group Hong Kong Treasury Management Holding Ltd., 1.60%, 01/20/26(e) |  |  |  |  |  |  | 200 |  |  |  | 181,882 |
Dominion Energy, Inc., Series C, (5-year CMT + 3.20%), 4.35%(a)(f) |  |  |  |  |  |  | 2,020 |  |  |  | 1,697,046 |
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(f) |  |  |  |  |  |  | 6,851 |  |  |  | 5,987,089 |
Emera, Inc., Series 16-A, (3-mo. LIBOR US + 5.44%), 6.75%, 06/15/76(a) |  |  |  |  |  |  | 7,500 |  |  |  | 7,252,350 |
FirstEnergy Transmission LLC, 5.45%, 07/15/44(b) |  |  |  |  |  |  | 699 |  |  |  | 646,367 |
Korea Western Power Co. Ltd., 4.13%, 06/28/25(e) |  |  |  |  |  |  | 200 |  |  |  | 193,674 |
Minejesa Capital BV, 4.63%, 08/10/30(e) |  |  |  |  |  |  | 200 |  |  |  | 178,848 |
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(e) |  |  |  |  |  |  | 605 |  |  |  | 529,895 |
NextEra Energy Capital Holdings, Inc., (3-mo. LIBOR US + 2.41%), 4.80%, 12/01/77(a)(d) |  |  |  |  |  |  | 5,000 |  |  |  | 4,375,228 |
NextEra Energy Operating Partners LP(b) |  |  |  |  |  |  |  |  |  |  |  |
4.25%, 07/15/24 |  |  |  |  |  |  | 712 |  |  |  | 696,360 |
4.25%, 09/15/24 |  |  |  |  |  |  | 26 |  |  |  | 24,830 |
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42(d) |  |  |  |  |  |  | 2,750 |  |  |  | 2,816,188 |
Pacific Gas and Electric Co., 4.20%, 06/01/41(d) |  |  |  |  |  |  | 2,310 |  |  |  | 1,720,268 |
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b) |  |  |  |  |  |  | 566 |  |  |  | 516,946 |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 3.00%, 06/30/30(e) |  |  |  |  |  |  | 350 |  |  |  | 299,212 |
PG&E Corp., 5.25%, 07/01/30 |  |  |  |  |  |  | 226 |  |  |  | 202,562 |
Progress Energy, Inc., 7.00%, 10/30/31(d) |  |  |  |  |  |  | 12,000 |  |  |  | 13,151,619 |
Sempra Energy, (5-year CMT + 4.55%), 4.88%(a)(f) |  |  |  |  |  |  | 4,375 |  |  |  | 4,069,049 |
Southern California Edison Co., 5.88%, 12/01/53(d) |  |  |  |  |  |  | 4,000 |  |  |  | 4,079,459 |
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(e) |  |  |  |  |  |  | 200 |  |  |  | 180,400 |
State Grid Overseas Investment BVI Ltd.(e) 1.00%, 08/05/25 |  |  |  |  |  |  | 200 |  |  |  | 182,550 |

S C H E D U L E O F I N V E S T M E N T S |  | 83

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Electric Utilities (continued) |
State Grid Overseas Investment BVI Ltd.(e) (continued) |  |  |  |  |  |  |  |
3.50%, 05/04/27 |  | USD | 200 |  |  | $ | 190,912 |
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26(e) |  |  | 200 |  |  |  | 188,410 |
Vistra Operations Co. LLC(b) |  |  |  |  |  |  |  |
5.50%, 09/01/26 |  |  | 23 |  |  |  | 22,132 |
5.63%, 02/15/27(d) |  |  | 812 |  |  |  | 778,283 |
5.00%, 07/31/27 |  |  | 23 |  |  |  | 21,528 |
|  |  |  |  |  |  | 50,183,087 |
Electrical Equipment(b) — 0.3% |
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 |  |  | 714 |  |  |  | 702,579 |
GrafTech Finance, Inc., 4.63%, 12/15/28 |  |  | 99 |  |  |  | 80,440 |
Regal Rexnord Corp. |  |  |  |  |  |  |  |
6.05%, 02/15/26 |  |  | 155 |  |  |  | 155,197 |
6.05%, 04/15/28 |  |  | 940 |  |  |  | 933,145 |
6.30%, 02/15/30 |  |  | 350 |  |  |  | 348,964 |
6.40%, 04/15/33 |  |  | 510 |  |  |  | 509,570 |
|  |  |  |  |  |  | 2,729,895 |
Electronic Equipment, Instruments & Components(b) — 0.2% |
BWX Technologies, Inc. |  |  |  |  |  |  |  |
4.13%, 06/30/28 |  |  | 70 |  |  |  | 63,864 |
4.13%, 04/15/29 |  |  | 248 |  |  |  | 223,820 |
Imola Merger Corp., 4.75%, 05/15/29 |  |  | 784 |  |  |  | 681,849 |
Vertiv Group Corp., 4.13%, 11/15/28 |  |  | 1,191 |  |  |  | 1,073,060 |
|  |  |  |  |  |  | 2,042,593 |
Energy Equipment & Services — 0.5% |
Archrock Partners LP/Archrock Partners Finance Corp.(b) |  |  |  |  |  |  |  |
6.88%, 04/01/27 |  |  | 1,295 |  |  |  | 1,243,200 |
6.25%, 04/01/28 |  |  | 98 |  |  |  | 92,008 |
Noble Finance II LLC, 8.00%, 04/15/30 |  |  | 525 |  |  |  | 533,757 |
USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |  |  |  |  |
6.88%, 04/01/26 |  |  | 927 |  |  |  | 908,084 |
6.88%, 09/01/27 |  |  | 621 |  |  |  | 592,990 |
Valaris Ltd., 8.38%, 04/30/30 |  |  | 820 |  |  |  | 822,755 |
Weatherford International Ltd.(b) |  |  |  |  |  |  |  |
6.50%, 09/15/28 |  |  | 111 |  |  |  | 111,477 |
8.63%, 04/30/30(d) |  |  | 505 |  |  |  | 512,697 |
|  |  |  |  |  |  | 4,816,968 |
Environmental, Maintenance & Security Service — 0.7% |
Clean Harbors, Inc.(b) |  |  |  |  |  |  |  |
5.13%, 07/15/29 |  |  | 1,142 |  |  |  | 1,080,450 |
6.38%, 02/01/31 |  |  | 168 |  |  |  | 169,052 |
Covanta Holding Corp. |  |  |  |  |  |  |  |
4.88%, 12/01/29(b) |  |  | 142 |  |  |  | 122,830 |
5.00%, 09/01/30 |  |  | 282 |  |  |  | 239,171 |
GFL Environmental, Inc.(b) |  |  |  |  |  |  |  |
4.25%, 06/01/25 |  |  | 26 |  |  |  | 25,090 |
3.75%, 08/01/25 |  |  | 443 |  |  |  | 421,456 |
5.13%, 12/15/26(d) |  |  | 2,367 |  |  |  | 2,283,653 |
4.00%, 08/01/28 |  |  | 36 |  |  |  | 32,186 |
3.50%, 09/01/28 |  |  | 376 |  |  |  | 334,634 |
4.75%, 06/15/29 |  |  | 558 |  |  |  | 509,795 |
4.38%, 08/15/29 |  |  | 508 |  |  |  | 452,297 |

Security |  | Par (000) |  |  | Value |
Environmental, Maintenance & Security Service (continued) |
Tervita Corp., 11.00%, 12/01/25(b) |  | USD | 182 |  |  | $ | 193,076 |
Waste Pro USA, Inc., 5.50%, 02/15/26(b) |  |  | 1,749 |  |  |  | 1,621,319 |
|  |  |  |  |  |  | 7,485,009 |
Financial Services — 6.0% |
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(b) |  |  | 724 |  |  |  | 560,366 |
Ally Financial, Inc., Series B, (5-year CMT + 3.87%), 4.70%(a)(d)(f) |  |  | 3,375 |  |  |  | 2,379,375 |
Bank of America Corp.(a)(d) |  |  |  |  |  |  |  |
(1-day SOFR + 1.83%), 4.57%, 04/27/33 |  |  | 9,380 |  |  |  | 8,819,486 |
(1-day SOFR + 1.99%), 6.20%, 11/10/28 |  |  | 3,090 |  |  |  | 3,176,053 |
Barclays PLC, (3-mo. LIBOR US + 1.90%), 4.97%, 05/16/29(a)(d) |  |  | 3,220 |  |  |  | 3,042,981 |
BNP Paribas SA, (5-year CMT + 3.34%), 4.63%(a)(b)(f) |  |  | 13,999 |  |  |  | 9,991,786 |
BOC Aviation Ltd., 1.75%, 01/21/26(d)(e) |  |  | 200 |  |  |  | 181,008 |
China Cinda 2020 I Management Ltd.(e) |  |  |  |  |  |  |  |
3.25%, 01/28/27 |  |  | 200 |  |  |  | 183,590 |
3.00%, 03/18/27 |  |  | 200 |  |  |  | 181,938 |
CITIC Ltd., 3.70%, 06/14/26(e) |  |  | 200 |  |  |  | 189,516 |
Citigroup, Inc., 6.68%, 09/13/43(d) |  |  | 4,125 |  |  |  | 4,443,090 |
CMB International Leasing Management Ltd., 1.88%, 08/12/25(e) |  |  | 200 |  |  |  | 184,180 |
Deutsche Bank AG, (1-day SOFR + 1.87%), 2.13%, 11/24/26(a)(d) |  |  | 3,260 |  |  |  | 2,900,491 |
GGAM Finance Ltd.(b) |  |  |  |  |  |  |  |
7.75%, 05/15/26 |  |  | 66 |  |  |  | 66,247 |
8.00%, 06/15/28 |  |  | 66 |  |  |  | 66,034 |
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(b)(g) |  |  | 338 |  |  |  | 308,250 |
Goldman Sachs Group, Inc., (1-day SOFR + 1.85%), 3.62%, 03/15/28(a)(d) |  |  | 1,830 |  |  |  | 1,717,038 |
Home Point Capital, Inc., 5.00%, 02/01/26(b) |  |  | 1,511 |  |  |  | 1,354,739 |
ICBCIL Finance Co. Ltd., 1.75%, 08/25/25(e) |  |  | 200 |  |  |  | 183,548 |
ION Trading Technologies SARL, 5.75%, 05/15/28(b) |  |  | 200 |  |  |  | 172,642 |
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(b) |  |  | 475 |  |  |  | 389,412 |
JIC Zhixin Ltd., 3.50%, 11/24/27(e) |  |  | 200 |  |  |  | 187,776 |
JPMorgan Chase & Co., (1-day SOFR + 2.58%), 5.72%, 09/14/33(a)(d) |  |  | 11,000 |  |  |  | 11,159,425 |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(b) |  |  |  |  |  |  |  |
5.25%, 10/01/25 |  |  | 67 |  |  |  | 63,267 |
4.75%, 06/15/29 |  |  | 398 |  |  |  | 323,907 |
MGIC Investment Corp., 5.25%, 08/15/28 |  |  | 337 |  |  |  | 317,879 |
Nationstar Mortgage Holdings, Inc.(b) |  |  |  |  |  |  |  |
6.00%, 01/15/27(d) |  |  | 524 |  |  |  | 487,469 |
5.75%, 11/15/31 |  |  | 380 |  |  |  | 312,149 |
Power Finance Corp. Ltd., 3.75%, 12/06/27(e) |  |  | 200 |  |  |  | 184,058 |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26(b) |  |  | 1,056 |  |  |  | 934,560 |
Spectrum Brands, Inc. |  |  |  |  |  |  |  |
5.75%, 07/15/25 |  |  | 1,002 |  |  |  | 1,001,379 |
5.00%, 10/01/29(b) |  |  | 34 |  |  |  | 30,348 |
Sumitomo Mitsui Finance & Leasing Co. Ltd., 5.35%, 04/25/28 |  |  | 200 |  |  |  | 198,486 |

84 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Financial Services (continued) |
UBS Group AG, (1-year CMT + 1.55%), 4.49%, 05/12/26(a)(b) |  | USD | 2,585 |  |  | $ | 2,499,096 |
UniCredit SpA, (5-year CMT + 4.75%), 5.46%, 06/30/35(a)(b) |  |  | 6,135 |  |  |  | 5,206,465 |
|  |  |  |  |  |  | 63,398,034 |
Food Products — 0.6% |
Aramark International Finance SARL, 3.13%, 04/01/25(e) |  | EUR | 200 |  |  |  | 209,260 |
Aramark Services, Inc.(b) |  |  |  |  |  |  |  |
5.00%, 04/01/25 |  | USD | 1,049 |  |  |  | 1,033,632 |
6.38%, 05/01/25 |  |  | 1,567 |  |  |  | 1,565,555 |
5.00%, 02/01/28(d) |  |  | 686 |  |  |  | 646,582 |
China Modern Dairy Holdings Ltd., 2.13%, 07/14/26(e) |  |  | 200 |  |  |  | 170,754 |
Chobani LLC/Chobani Finance Corp., Inc.(b) |  |  |  |  |  |  |  |
7.50%, 04/15/25 |  |  | 1,562 |  |  |  | 1,554,208 |
4.63%, 11/15/28 |  |  | 675 |  |  |  | 614,250 |
Darling Global Finance BV, 3.63%, 05/15/26(e) |  | EUR | 100 |  |  |  | 106,392 |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(b) |  | USD | 275 |  |  |  | 220,334 |
Tingyi Cayman Islands Holding Corp., 1.63%, 09/24/25(e) |  |  | 200 |  |  |  | 181,624 |
|  |  |  |  |  |  | 6,302,591 |
Gas Utilities — 0.1% |
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28 |  |  | 390 |  |  |  | 391,950 |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(b) |  |  | 237 |  |  |  | 198,404 |
|  |  |  |  |  |  | 590,354 |
Ground Transportation — 1.8% |
BNSF Funding Trust I, (3-mo. LIBOR US + 2.35%), 6.61%, 12/15/55(a)(d) |  |  | 6,125 |  |  |  | 5,909,948 |
CMHI Finance BVI Co. Ltd., (5-year CMT + 6.62%), 3.88%(a)(e)(f) |  |  | 200 |  |  |  | 190,750 |
CSX Corp., 3.80%, 04/15/50(d) |  |  | 770 |  |  |  | 614,081 |
Norfolk Southern Corp., 6.00%, 03/15/2105 |  |  | 12,700 |  |  |  | 12,198,342 |
|  |  |  |  |  |  | 18,913,121 |
Health Care Equipment & Supplies — 0.4% |
Avantor Funding, Inc. |  |  |  |  |  |  |  |
2.63%, 11/01/25(e) |  | EUR | 300 |  |  |  | 313,631 |
4.63%, 07/15/28(b)(d) |  | USD | 2,191 |  |  |  | 2,030,888 |
3.88%, 11/01/29(b) |  |  | 395 |  |  |  | 345,834 |
Embecta Corp., 6.75%, 02/15/30(b) |  |  | 129 |  |  |  | 115,605 |
Garden Spinco Corp., 8.63%, 07/20/30(b) |  |  | 328 |  |  |  | 352,518 |
Medtronic, Inc., 4.63%, 03/15/45(d) |  |  | 647 |  |  |  | 629,504 |
|  |  |  |  |  |  | 3,787,980 |
Health Care Providers & Services — 4.4% |
Acadia Healthcare Co., Inc., 5.00%, 04/15/29(b) |  |  | 52 |  |  |  | 47,949 |
AdaptHealth LLC, 5.13%, 03/01/30(b) |  |  | 55 |  |  |  | 44,550 |
Aetna, Inc., 3.88%, 08/15/47(d) |  |  | 3,500 |  |  |  | 2,727,926 |
AHP Health Partners, Inc., 5.75%, 07/15/29(b) |  |  | 580 |  |  |  | 500,093 |
Centene Corp. |  |  |  |  |  |  |  |
2.45%, 07/15/28(d) |  |  | 640 |  |  |  | 547,044 |
3.00%, 10/15/30(d) |  |  | 1,673 |  |  |  | 1,394,106 |
2.50%, 03/01/31(d) |  |  | 1,345 |  |  |  | 1,072,597 |
2.63%, 08/01/31 |  |  | 363 |  |  |  | 289,268 |

Security |  | Par (000) |  |  | Value |
Health Care Providers & Services (continued) |
CHS/Community Health Systems, Inc.(b) |  |  |  |  |  |  |  |
6.00%, 01/15/29(d) |  | USD | 1,376 |  |  | $ | 1,157,560 |
5.25%, 05/15/30(d) |  |  | 588 |  |  |  | 463,184 |
4.75%, 02/15/31 |  |  | 174 |  |  |  | 131,506 |
Elevance Health, Inc., 4.55%, 03/01/48(d) |  |  | 5,000 |  |  |  | 4,388,307 |
Encompass Health Corp. |  |  |  |  |  |  |  |
4.50%, 02/01/28 |  |  | 35 |  |  |  | 32,562 |
4.75%, 02/01/30(d) |  |  | 928 |  |  |  | 844,945 |
4.63%, 04/01/31 |  |  | 354 |  |  |  | 313,807 |
HCA, Inc. |  |  |  |  |  |  |  |
5.38%, 09/01/26 |  |  | 359 |  |  |  | 356,179 |
5.63%, 09/01/28(d) |  |  | 833 |  |  |  | 833,637 |
5.25%, 06/15/49(d) |  |  | 3,500 |  |  |  | 3,158,157 |
HealthEquity, Inc., 4.50%, 10/01/29(b) |  |  | 1,134 |  |  |  | 999,430 |
IQVIA, Inc., 6.50%, 05/15/30(b) |  |  | 314 |  |  |  | 317,100 |
Legacy LifePoint Health LLC(b) |  |  |  |  |  |  |  |
6.75%, 04/15/25(d) |  |  | 622 |  |  |  | 577,726 |
4.38%, 02/15/27 |  |  | 509 |  |  |  | 393,846 |
Medline Borrower LP(b) |  |  |  |  |  |  |  |
3.88%, 04/01/29 |  |  | 362 |  |  |  | 314,601 |
5.25%, 10/01/29(d) |  |  | 2,815 |  |  |  | 2,442,573 |
ModivCare, Inc., 5.88%, 11/15/25(b) |  |  | 266 |  |  |  | 246,354 |
Molina Healthcare, Inc.(b) |  |  |  |  |  |  |  |
4.38%, 06/15/28(d) |  |  | 659 |  |  |  | 607,500 |
3.88%, 11/15/30 |  |  | 491 |  |  |  | 421,847 |
3.88%, 05/15/32(d) |  |  | 198 |  |  |  | 165,993 |
Surgery Center Holdings, Inc.(b)(d) |  |  |  |  |  |  |  |
6.75%, 07/01/25 |  |  | 188 |  |  |  | 187,330 |
10.00%, 04/15/27 |  |  | 524 |  |  |  | 535,790 |
Teleflex, Inc. |  |  |  |  |  |  |  |
4.63%, 11/15/27 |  |  | 70 |  |  |  | 65,975 |
4.25%, 06/01/28(b)(d) |  |  | 637 |  |  |  | 582,055 |
Tenet Healthcare Corp. |  |  |  |  |  |  |  |
4.88%, 01/01/26 |  |  | 4,122 |  |  |  | 4,014,784 |
6.25%, 02/01/27 |  |  | 171 |  |  |  | 169,250 |
5.13%, 11/01/27(d) |  |  | 427 |  |  |  | 407,647 |
6.13%, 06/15/30 |  |  | 243 |  |  |  | 239,525 |
6.75%, 05/15/31(d) |  |  | 3,342 |  |  |  | 3,350,141 |
UnitedHealth Group, Inc., 6.88%, 02/15/38(d) |  |  | 10,000 |  |  |  | 11,902,295 |
|  |  |  |  |  |  | 46,245,139 |
Health Care Technology(b) — 0.4% |
AthenaHealth Group, Inc., 6.50%, 02/15/30(d) |  |  | 2,565 |  |  |  | 2,158,807 |
Catalent Pharma Solutions, Inc., 5.00%, 07/15/27(d) |  |  | 733 |  |  |  | 672,445 |
Charles River Laboratories International, Inc. |  |  |  |  |  |  |  |
4.25%, 05/01/28 |  |  | 324 |  |  |  | 296,646 |
4.00%, 03/15/31 |  |  | 68 |  |  |  | 59,062 |
Fortrea Holdings, Inc., 7.50%, 07/01/30 |  |  | 289 |  |  |  | 295,927 |
IQVIA, Inc. |  |  |  |  |  |  |  |
5.00%, 10/15/26 |  |  | 554 |  |  |  | 534,927 |
5.00%, 05/15/27(d) |  |  | 592 |  |  |  | 569,424 |
|  |  |  |  |  |  | 4,587,238 |
Hotels, Restaurants & Leisure — 3.7% |
Boyd Gaming Corp. |  |  |  |  |  |  |  |
4.75%, 12/01/27 |  |  | 254 |  |  |  | 240,659 |
4.75%, 06/15/31(b)(d) |  |  | 643 |  |  |  | 574,427 |
Boyne USA, Inc., 4.75%, 05/15/29(b) |  |  | 584 |  |  |  | 526,277 |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) |  |  |  |  |  |  |  |
5.75%, 04/15/25 |  |  | 552 |  |  |  | 551,167 |
3.88%, 01/15/28 |  |  | 1,128 |  |  |  | 1,031,188 |

S C H E D U L E O F I N V E S T M E N T S |  | 85

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Hotels, Restaurants & Leisure (continued) |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) (continued) |  |  |  |  |  |  |  |
4.38%, 01/15/28(d) |  | USD | 2,509 |  |  | $ | 2,316,243 |
4.00%, 10/15/30 |  |  | 110 |  |  |  | 94,142 |
Caesars Entertainment, Inc.(b) |  |  |  |  |  |  |  |
6.25%, 07/01/25 |  |  | 3,282 |  |  |  | 3,266,802 |
8.13%, 07/01/27(d) |  |  | 2,244 |  |  |  | 2,296,664 |
4.63%, 10/15/29(d) |  |  | 1,619 |  |  |  | 1,413,728 |
7.00%, 02/15/30 |  |  | 2,151 |  |  |  | 2,160,120 |
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b) |  |  | 1,048 |  |  |  | 1,060,392 |
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b) |  |  | 1,346 |  |  |  | 1,252,881 |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b) |  |  | 408 |  |  |  | 404,923 |
Champion Path Holdings Ltd.(e) |  |  |  |  |  |  |  |
4.50%, 01/27/26 |  |  | 500 |  |  |  | 438,165 |
4.85%, 01/27/28 |  |  | 500 |  |  |  | 405,100 |
Churchill Downs, Inc. |  |  |  |  |  |  |  |
5.50%, 04/01/27(b) |  |  | 1,730 |  |  |  | 1,663,276 |
4.75%, 01/15/28(b) |  |  | 730 |  |  |  | 677,003 |
6.75%, 05/01/31 |  |  | 634 |  |  |  | 626,867 |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b) |  |  |  |  |  |  |  |
4.63%, 01/15/29 |  |  | 807 |  |  |  | 708,142 |
6.75%, 01/15/30 |  |  | 133 |  |  |  | 113,188 |
Fortune Star BVI Ltd.(e) |  |  |  |  |  |  |  |
6.75%, 07/02/23 |  |  | 200 |  |  |  | 199,880 |
5.95%, 10/19/25(d) |  |  | 269 |  |  |  | 213,825 |
5.00%, 05/18/26(d) |  |  | 344 |  |  |  | 251,364 |
Hilton Domestic Operating Co., Inc. |  |  |  |  |  |  |  |
5.38%, 05/01/25(b) |  |  | 319 |  |  |  | 314,926 |
5.75%, 05/01/28(b) |  |  | 638 |  |  |  | 628,247 |
3.75%, 05/01/29(b) |  |  | 356 |  |  |  | 315,990 |
4.88%, 01/15/30(d) |  |  | 833 |  |  |  | 776,706 |
4.00%, 05/01/31(b) |  |  | 248 |  |  |  | 215,383 |
3.63%, 02/15/32(b) |  |  | 51 |  |  |  | 42,521 |
Las Vegas Sands Corp. |  |  |  |  |  |  |  |
3.50%, 08/18/26 |  |  | 96 |  |  |  | 89,417 |
3.90%, 08/08/29 |  |  | 88 |  |  |  | 78,519 |
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 |  |  | 371 |  |  |  | 376,427 |
Marriott International, Inc., Series EE, 5.75%, 05/01/25(d) |  |  | 1,295 |  |  |  | 1,297,439 |
McDonald’s Corp., 4.20%, 04/01/50 |  |  | 480 |  |  |  | 415,179 |
Melco Resorts Finance Ltd. |  |  |  |  |  |  |  |
4.88%, 06/06/25(b) |  |  | 200 |  |  |  | 188,790 |
5.25%, 04/26/26(e) |  |  | 300 |  |  |  | 278,412 |
5.75%, 07/21/28(e) |  |  | 300 |  |  |  | 262,313 |
5.38%, 12/04/29(b) |  |  | 1,000 |  |  |  | 823,750 |
5.38%, 12/04/29(d)(e) |  |  | 383 |  |  |  | 315,496 |
Merlin Entertainments Ltd., 5.75%, 06/15/26(b) |  |  | 440 |  |  |  | 424,047 |
MGM China Holdings Ltd. |  |  |  |  |  |  |  |
5.88%, 05/15/26(b) |  |  | 200 |  |  |  | 190,432 |
5.88%, 05/15/26(d)(e) |  |  | 200 |  |  |  | 190,432 |
4.75%, 02/01/27(b) |  |  | 200 |  |  |  | 180,250 |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b) |  |  | 487 |  |  |  | 430,044 |
Motion Bondco DAC, 6.63%, 11/15/27(b) |  |  | 200 |  |  |  | 183,083 |

Security |  | Par (000) |  |  | Value |
Hotels, Restaurants & Leisure (continued) |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b) |  |  |  |  |  |  |  |
5.63%, 09/01/29 |  | USD | 242 |  |  | $ | 183,303 |
5.88%, 09/01/31 |  |  | 242 |  |  |  | 178,536 |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/30(b) |  |  | 109 |  |  |  | 95,920 |
Scientific Games International, Inc.(b) |  |  |  |  |  |  |  |
8.63%, 07/01/25 |  |  | 442 |  |  |  | 451,392 |
7.00%, 05/15/28(d) |  |  | 451 |  |  |  | 448,592 |
7.25%, 11/15/29(d) |  |  | 218 |  |  |  | 218,273 |
Six Flags Entertainment Corp., 7.25%, 05/15/31(b) |  |  | 609 |  |  |  | 593,136 |
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(b) |  |  | 591 |  |  |  | 593,953 |
Station Casinos LLC, 4.63%, 12/01/31(b) |  |  | 611 |  |  |  | 514,768 |
Studio City Finance Ltd.(e) |  |  |  |  |  |  |  |
6.50%, 01/15/28 |  |  | 300 |  |  |  | 250,338 |
5.00%, 01/15/29 |  |  | 530 |  |  |  | 393,361 |
Sunny Express Enterprises Corp., 2.95%, 03/01/27(e) |  |  | 200 |  |  |  | 186,542 |
Vail Resorts, Inc., 6.25%, 05/15/25(b) |  |  | 341 |  |  |  | 341,408 |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(b)(d) |  |  | 602 |  |  |  | 570,246 |
Wynn Macau Ltd. |  |  |  |  |  |  |  |
4.88%, 10/01/24(e) |  |  | 200 |  |  |  | 194,208 |
5.50%, 01/15/26(e) |  |  | 230 |  |  |  | 213,181 |
5.63%, 08/26/28(b)(d) |  |  | 1,267 |  |  |  | 1,092,787 |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b)(d) |  |  |  |  |  |  |  |
5.13%, 10/01/29 |  |  | 1,337 |  |  |  | 1,198,210 |
7.13%, 02/15/31 |  |  | 559 |  |  |  | 555,613 |
Yum! Brands, Inc., 3.63%, 03/15/31 |  |  | 134 |  |  |  | 115,766 |
|  |  |  |  |  |  | 38,893,759 |
Household Durables — 0.4% |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30(b) |  |  | 699 |  |  |  | 548,357 |
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(b) |  |  | 507 |  |  |  | 469,323 |
Lennar Corp., 5.25%, 06/01/26(d) |  |  | 890 |  |  |  | 881,279 |
Mattamy Group Corp., 4.63%, 03/01/30(b)(d) |  |  | 427 |  |  |  | 369,139 |
NCR Corp.(b) |  |  |  |  |  |  |  |
5.00%, 10/01/28 |  |  | 241 |  |  |  | 215,076 |
5.13%, 04/15/29 |  |  | 913 |  |  |  | 808,243 |
PulteGroup, Inc. |  |  |  |  |  |  |  |
5.00%, 01/15/27 |  |  | 55 |  |  |  | 54,186 |
7.88%, 06/15/32 |  |  | 56 |  |  |  | 63,456 |
SWF Escrow Issuer Corp., 6.50%, 10/01/29(b)(d) |  |  | 684 |  |  |  | 410,419 |
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(b) |  |  | 15 |  |  |  | 14,733 |
Tempur Sealy International, Inc.(b) |  |  |  |  |  |  |  |
4.00%, 04/15/29 |  |  | 429 |  |  |  | 371,384 |
3.88%, 10/15/31 |  |  | 70 |  |  |  | 57,026 |
Toll Brothers Finance Corp., 4.35%, 02/15/28 |  |  | 35 |  |  |  | 32,866 |
|  |  |  |  |  |  | 4,295,487 |
Household Products — 0.0% |
Central Garden & Pet Co. |  |  |  |  |  |  |  |
5.13%, 02/01/28 |  |  | 80 |  |  |  | 75,155 |
4.13%, 10/15/30(d) |  |  | 246 |  |  |  | 206,073 |
|  |  |  |  |  |  | 281,228 |
Independent Power and Renewable Electricity Producers — 0.7% |
Calpine Corp.(b) |  |  |  |  |  |  |  |
5.25%, 06/01/26 |  |  | 379 |  |  |  | 366,000 |
5.13%, 03/15/28(d) |  |  | 2,807 |  |  |  | 2,504,972 |

86 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Independent Power and Renewable Electricity Producers (continued) |
Calpine Corp.(b) (continued) |  |  |  |  |  |  |  |
5.00%, 02/01/31 |  | USD | 3 |  |  | $ | 2,481 |
Clearway Energy Operating LLC(b) |  |  |  |  |  |  |  |
4.75%, 03/15/28 |  |  | 747 |  |  |  | 689,197 |
3.75%, 01/15/32 |  |  | 307 |  |  |  | 249,870 |
Greenko Dutch BV, 3.85%, 03/29/26(d)(e) |  |  | 758 |  |  |  | 679,065 |
India Green Energy Holdings, 5.38%, 04/29/24(e) |  |  | 250 |  |  |  | 244,375 |
India Green Power Holdings, 4.00%, 02/22/27(e) |  |  | 700 |  |  |  | 611,100 |
JERA Co., Inc., 3.67%, 04/14/27(e) |  |  | 200 |  |  |  | 185,555 |
NRG Energy, Inc. |  |  |  |  |  |  |  |
6.63%, 01/15/27 |  |  | 618 |  |  |  | 613,476 |
5.75%, 01/15/28 |  |  | 52 |  |  |  | 49,278 |
3.88%, 02/15/32(b) |  |  | 317 |  |  |  | 244,244 |
ReNew Power Pvt Ltd., 5.88%, 03/05/27(e) |  |  | 200 |  |  |  | 186,602 |
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28(d)(e) |  |  | 550 |  |  |  | 464,657 |
Talen Energy Supply LLC, 8.63%, 06/01/30 |  |  | 202 |  |  |  | 209,070 |
TerraForm Power Operating LLC(b) |  |  |  |  |  |  |  |
5.00%, 01/31/28 |  |  | 231 |  |  |  | 212,672 |
4.75%, 01/15/30 |  |  | 127 |  |  |  | 112,078 |
TransAlta Corp., 7.75%, 11/15/29 |  |  | 165 |  |  |  | 169,868 |
|  |  |  |  |  |  | 7,794,560 |
Industrial Conglomerates — 0.0% |
Emerald Debt Merger Sub LLC, 6.38%, 12/15/30 |  | EUR | 240 |  |  |  | 260,906 |
Shanghai Port Group BVI Development 2 Co. Ltd., 1.50%, 07/13/25(e) |  | USD | 200 |  |  |  | 183,762 |
|  |  |  |  |  |  | 444,668 |
Insurance — 4.1% |
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(b) |  |  | 280 |  |  |  | 242,429 |
AIA Group Ltd., (5-year CMT + 1.76%), 2.70%(a)(e)(f) |  |  | 200 |  |  |  | 177,044 |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(b) |  |  |  |  |  |  |  |
4.25%, 10/15/27 |  |  | 41 |  |  |  | 36,793 |
6.75%, 10/15/27(d) |  |  | 2,839 |  |  |  | 2,668,660 |
6.75%, 04/15/28 |  |  | 871 |  |  |  | 863,804 |
5.88%, 11/01/29 |  |  | 66 |  |  |  | 57,415 |
Allstate Corp., Series B, (3-mo. LIBOR US + 2.94%), 5.75%, 08/15/53(a) |  |  | 5,000 |  |  |  | 4,920,347 |
AmWINS Group, Inc., 4.88%, 06/30/29(b) |  |  | 551 |  |  |  | 497,544 |
Aon Global Ltd., 4.25%, 12/12/42(d) |  |  | 6,500 |  |  |  | 5,168,560 |
Farmers Exchange Capital II, (3-mo. LIBOR US + 3.74%), 6.15%, 11/01/53(a)(b)(d) |  |  | 4,890 |  |  |  | 4,749,608 |
GTCR AP Finance, Inc., 8.00%, 05/15/27(b) |  |  | 80 |  |  |  | 78,419 |
Guoren Property & Casualty Insurance Co. Ltd., 3.35%, 06/01/26(e) |  |  | 200 |  |  |  | 171,982 |
HUB International Ltd.(b) |  |  |  |  |  |  |  |
7.00%, 05/01/26 |  |  | 1,900 |  |  |  | 1,894,974 |
7.25%, 06/15/30 |  |  | 2,246 |  |  |  | 2,319,220 |
Jones Deslauriers Insurance Management, Inc.(b) |  |  |  |  |  |  |  |
8.50%, 03/15/30 |  |  | 764 |  |  |  | 779,440 |
10.50%, 12/15/30 |  |  | 400 |  |  |  | 401,231 |
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40(b)(d) |  |  | 12,000 |  |  |  | 12,432,246 |
Progressive Corp., Series B, (3-mo. LIBOR US + 2.54%), 8.09%(a)(f) |  |  | 5,000 |  |  |  | 4,922,100 |
Ryan Specialty Group LLC, 4.38%, 02/01/30(b) |  |  | 308 |  |  |  | 272,642 |
|  |  |  |  |  |  | 42,654,458 |

Security |  | Par (000) |  |  | Value |
Interactive Media & Services — 0.6% |
Baidu, Inc., 1.63%, 02/23/27 |  | USD | 200 |  |  | $ | 175,524 |
Cablevision Lightpath LLC, 5.63%, 09/15/28(b) |  |  | 540 |  |  |  | 400,033 |
Netflix, Inc. |  |  |  |  |  |  |  |
3.63%, 06/15/25(b) |  |  | 210 |  |  |  | 202,305 |
5.88%, 11/15/28(d) |  |  | 1,698 |  |  |  | 1,753,698 |
5.38%, 11/15/29(b) |  |  | 2,007 |  |  |  | 2,014,434 |
4.88%, 06/15/30(b) |  |  | 461 |  |  |  | 453,667 |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27(b) |  |  | 552 |  |  |  | 487,527 |
Tencent Holdings Ltd.(e) |  |  |  |  |  |  |  |
1.81%, 01/26/26 |  |  | 200 |  |  |  | 182,478 |
3.60%, 01/19/28 |  |  | 200 |  |  |  | 185,679 |
3.68%, 04/22/41 |  |  | 200 |  |  |  | 154,636 |
Weibo Corp., 3.50%, 07/05/24 |  |  | 200 |  |  |  | 194,228 |
|  |  |  |  |  |  | 6,204,209 |
Internet Software & Services — 1.1% |
ANGI Group LLC, 3.88%, 08/15/28(b) |  |  | 432 |  |  |  | 352,731 |
Booking Holdings, Inc., 3.55%, 03/15/28(d) |  |  | 3,375 |  |  |  | 3,170,733 |
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29(b) |  |  | 777 |  |  |  | 665,767 |
Match Group Holdings II LLC(b) |  |  |  |  |  |  |  |
4.13%, 08/01/30 |  |  | 383 |  |  |  | 328,040 |
3.63%, 10/01/31(d) |  |  | 217 |  |  |  | 178,361 |
Uber Technologies, Inc.(b) |  |  |  |  |  |  |  |
7.50%, 05/15/25 |  |  | 1,590 |  |  |  | 1,609,016 |
8.00%, 11/01/26 |  |  | 645 |  |  |  | 657,327 |
7.50%, 09/15/27(d) |  |  | 1,443 |  |  |  | 1,475,977 |
6.25%, 01/15/28 |  |  | 2,220 |  |  |  | 2,209,033 |
4.50%, 08/15/29(d) |  |  | 926 |  |  |  | 852,289 |
|  |  |  |  |  |  | 11,499,274 |
IT Services — 0.8% |
Booz Allen Hamilton, Inc.(b) |  |  |  |  |  |  |  |
3.88%, 09/01/28 |  |  | 561 |  |  |  | 507,402 |
4.00%, 07/01/29 |  |  | 945 |  |  |  | 846,481 |
CA Magnum Holdings |  |  |  |  |  |  |  |
5.38%, 10/31/26(b) |  |  | 964 |  |  |  | 861,006 |
5.38%, 10/31/26(e) |  |  | 700 |  |  |  | 625,212 |
Camelot Finance SA, 4.50%, 11/01/26(b) |  |  | 1,348 |  |  |  | 1,269,870 |
Dun & Bradstreet Corp., 5.00%, 12/15/29(b) |  |  | 592 |  |  |  | 521,984 |
Fair Isaac Corp., 4.00%, 06/15/28(b) |  |  | 393 |  |  |  | 360,541 |
Gartner, Inc., 4.50%, 07/01/28(b) |  |  | 545 |  |  |  | 509,145 |
KBR, Inc., 4.75%, 09/30/28(b) |  |  | 15 |  |  |  | 13,613 |
McAfee Corp., 7.38%, 02/15/30(b)(d) |  |  | 1,273 |  |  |  | 1,106,902 |
Presidio Holdings, Inc., 4.88%, 02/01/27(b) |  |  | 73 |  |  |  | 68,482 |
Twilio, Inc. |  |  |  |  |  |  |  |
3.63%, 03/15/29 |  |  | 259 |  |  |  | 220,344 |
3.88%, 03/15/31(d) |  |  | 558 |  |  |  | 464,599 |
Wipro IT Services LLC, 1.50%, 06/23/26(e) |  |  | 200 |  |  |  | 177,808 |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b) |  |  | 989 |  |  |  | 850,630 |
|  |  |  |  |  |  | 8,404,019 |
Leisure Products — 0.1% |
Mattel, Inc. |  |  |  |  |  |  |  |
3.75%, 04/01/29(b) |  |  | 122 |  |  |  | 107,340 |
6.20%, 10/01/40 |  |  | 513 |  |  |  | 458,650 |
5.45%, 11/01/41 |  |  | 753 |  |  |  | 624,258 |
|  |  |  |  |  |  | 1,190,248 |

S C H E D U L E O F I N V E S T M E N T S |  | 87

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Machinery — 0.7% |
Chart Industries, Inc.(b) |  |  |  |  |  |  |  |
7.50%, 01/01/30 |  | USD | 946 |  |  | $ | 965,161 |
9.50%, 01/01/31 |  |  | 143 |  |  |  | 151,725 |
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28 |  |  | 418 |  |  |  | 414,865 |
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(b)(g) |  |  | 166 |  |  |  | 151,060 |
Madison IAQ LLC, 5.88%, 06/30/29(b)(d) |  |  | 658 |  |  |  | 532,920 |
Terex Corp., 5.00%, 05/15/29(b)(d) |  |  | 688 |  |  |  | 639,619 |
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(b) |  |  | 1,550 |  |  |  | 1,406,625 |
TK Elevator Holdco GmbH, 7.63%, 07/15/28(b)(d) |  |  | 596 |  |  |  | 540,623 |
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)(d) |  |  | 2,602 |  |  |  | 2,403,917 |
|  |  |  |  |  |  | 7,206,515 |
Media — 8.2% |
Altice Financing SA, 5.75%, 08/15/29(b)(d) |  |  | 2,677 |  |  |  | 2,073,767 |
AMC Networks, Inc., 4.25%, 02/15/29 |  |  | 263 |  |  |  | 141,380 |
Cable One, Inc. |  |  |  |  |  |  |  |
0.00%, 03/15/26(h)(i) |  |  | 136 |  |  |  | 111,180 |
4.00%, 11/15/30(b) |  |  | 493 |  |  |  | 385,156 |
CCO Holdings LLC/CCO Holdings Capital Corp.(b) |  |  |  |  |  |  |  |
5.00%, 02/01/28 |  |  | 7 |  |  |  | 6,378 |
6.38%, 09/01/29(d) |  |  | 7,984 |  |  |  | 7,522,195 |
4.75%, 03/01/30(d) |  |  | 229 |  |  |  | 195,814 |
4.50%, 08/15/30(d) |  |  | 113 |  |  |  | 94,094 |
4.25%, 02/01/31 |  |  | 1,749 |  |  |  | 1,414,888 |
7.38%, 03/01/31(d) |  |  | 2,503 |  |  |  | 2,439,001 |
4.75%, 02/01/32 |  |  | 229 |  |  |  | 186,745 |
4.25%, 01/15/34 |  |  | 1,579 |  |  |  | 1,193,357 |
Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |  |  |  |  |
6.38%, 10/23/35 |  |  | 479 |  |  |  | 466,874 |
6.48%, 10/23/45 |  |  | 9,584 |  |  |  | 9,010,091 |
5.38%, 05/01/47 |  |  | 1,500 |  |  |  | 1,239,833 |
6.83%, 10/23/55 |  |  | 3,540 |  |  |  | 3,337,255 |
Clear Channel Outdoor Holdings, Inc.(b)(d) |  |  |  |  |  |  |  |
5.13%, 08/15/27 |  |  | 6,338 |  |  |  | 5,754,225 |
7.75%, 04/15/28 |  |  | 1,309 |  |  |  | 1,027,565 |
Comcast Corp., 3.75%, 04/01/40(d) |  |  | 545 |  |  |  | 459,183 |
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b) |  |  | 4,099 |  |  |  | 3,981,426 |
Cox Communications, Inc., 8.38%, 03/01/39(b)(d) |  |  | 5,000 |  |  |  | 6,042,793 |
CSC Holdings LLC |  |  |  |  |  |  |  |
5.25%, 06/01/24 |  |  | 1,125 |  |  |  | 1,046,298 |
5.38%, 02/01/28(b) |  |  | 336 |  |  |  | 269,990 |
11.25%, 05/15/28(b) |  |  | 2,282 |  |  |  | 2,212,924 |
4.13%, 12/01/30(b)(d) |  |  | 272 |  |  |  | 190,271 |
4.50%, 11/15/31(b) |  |  | 1,651 |  |  |  | 1,151,104 |
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(b)(d) |  |  | 807 |  |  |  | 730,848 |
Discovery Communications LLC, 4.88%, 04/01/43(d) |  |  | 4,000 |  |  |  | 3,244,273 |
DISH DBS Corp. |  |  |  |  |  |  |  |
7.75%, 07/01/26(d) |  |  | 1,110 |  |  |  | 680,391 |
5.25%, 12/01/26(b) |  |  | 1,142 |  |  |  | 916,081 |
5.75%, 12/01/28(b) |  |  | 189 |  |  |  | 140,575 |
DISH Network Corp., 11.75%, 11/15/27(b) |  |  | 276 |  |  |  | 269,351 |
Frontier Communications Holdings LLC(b) |  |  |  |  |  |  |  |
5.00%, 05/01/28 |  |  | 640 |  |  |  | 552,199 |
8.75%, 05/15/30 |  |  | 2,693 |  |  |  | 2,632,068 |
GCI LLC, 4.75%, 10/15/28(b) |  |  | 160 |  |  |  | 136,416 |
Globe Telecom, Inc., (5-year CMT + 5.53%), 4.20%(a)(d)(e)(f) |  |  | 700 |  |  |  | 648,970 |

Security |  | Par (000) |  |  | Value |
Media (continued) |
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(e) |  | USD | 200 |  |  | $ | 184,656 |
Iliad Holding SASU(b) |  |  |  |  |  |  |  |
6.50%, 10/15/26(d) |  |  | 1,020 |  |  |  | 962,699 |
7.00%, 10/15/28 |  |  | 1,735 |  |  |  | 1,599,053 |
Interpublic Group of Cos., Inc., 5.40%, 10/01/48 |  |  | 2,215 |  |  |  | 2,061,507 |
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b) |  |  | 860 |  |  |  | 806,037 |
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(g) |  |  | 539 |  |  |  | 190,460 |
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b) |  |  | 388 |  |  |  | 280,990 |
Live Nation Entertainment, Inc.(b) |  |  |  |  |  |  |  |
4.88%, 11/01/24 |  |  | 136 |  |  |  | 133,888 |
5.63%, 03/15/26 |  |  | 25 |  |  |  | 24,420 |
6.50%, 05/15/27(d) |  |  | 2,865 |  |  |  | 2,880,250 |
4.75%, 10/15/27(d) |  |  | 711 |  |  |  | 663,007 |
3.75%, 01/15/28 |  |  | 155 |  |  |  | 138,338 |
Network i2i Ltd., (5-year CMT + 4.27%), 5.65%(a)(e)(f) |  |  | 695 |  |  |  | 673,219 |
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) |  |  |  |  |  |  |  |
5.00%, 08/15/27(d) |  |  | 998 |  |  |  | 905,885 |
4.25%, 01/15/29(d) |  |  | 461 |  |  |  | 387,406 |
4.63%, 03/15/30 |  |  | 151 |  |  |  | 125,799 |
Paramount Global, 5.85%, 09/01/43(d) |  |  | 1,300 |  |  |  | 1,107,845 |
Radiate Holdco LLC/Radiate Finance, Inc.(b) |  |  |  |  |  |  |  |
4.50%, 09/15/26(d) |  |  | 1,066 |  |  |  | 849,885 |
6.50%, 09/15/28 |  |  | 2,175 |  |  |  | 1,269,254 |
Sinclair Television Group, Inc., 4.13%, 12/01/30(b)(d) |  |  | 735 |  |  |  | 481,425 |
Sirius XM Radio, Inc., 5.00%, 08/01/27(b) |  |  | 651 |  |  |  | 603,991 |
Stagwell Global LLC, 5.63%, 08/15/29(b) |  |  | 209 |  |  |  | 178,848 |
TEGNA, Inc., 4.75%, 03/15/26(b) |  |  | 64 |  |  |  | 61,108 |
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(b) |  |  | 1,000 |  |  |  | 917,000 |
Time Warner Cable LLC, 6.55%, 05/01/37 |  |  | 3,519 |  |  |  | 3,373,574 |
Univision Communications, Inc.(b) |  |  |  |  |  |  |  |
6.63%, 06/01/27 |  |  | 60 |  |  |  | 57,993 |
7.38%, 06/30/30(d) |  |  | 242 |  |  |  | 230,412 |
UPC Broadband Finco BV, 4.88%, 07/15/31(b) |  |  | 534 |  |  |  | 439,530 |
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(b) |  |  | 1,452 |  |  |  | 1,270,112 |
Ziggo Bond Co. BV, 6.00%, 01/15/27(b)(d) |  |  | 955 |  |  |  | 876,518 |
Ziggo BV, 4.88%, 01/15/30(b) |  |  | 605 |  |  |  | 502,107 |
|  |  |  |  |  |  | 86,142,175 |
Metals & Mining — 2.0% |
ABJA Investment Co. Pte. Ltd.(e) |  |  |  |  |  |  |  |
4.45%, 07/24/23 |  |  | 200 |  |  |  | 199,500 |
5.45%, 01/24/28 |  |  | 306 |  |  |  | 303,010 |
Arconic Corp.(b) |  |  |  |  |  |  |  |
6.00%, 05/15/25 |  |  | 705 |  |  |  | 710,607 |
6.13%, 02/15/28(d) |  |  | 607 |  |  |  | 614,529 |
ATI, Inc. |  |  |  |  |  |  |  |
5.88%, 12/01/27 |  |  | 374 |  |  |  | 361,945 |
5.13%, 10/01/31 |  |  | 656 |  |  |  | 584,437 |
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) |  |  | 2,606 |  |  |  | 2,574,243 |
Carpenter Technology Corp. |  |  |  |  |  |  |  |
6.38%, 07/15/28 |  |  | 58 |  |  |  | 56,840 |
7.63%, 03/15/30(d) |  |  | 108 |  |  |  | 109,221 |
Chinalco Capital Holdings Ltd., 2.13%, 06/03/26(e) |  |  | 200 |  |  |  | 181,398 |
Constellium SE(b) |  |  |  |  |  |  |  |
5.88%, 02/15/26(j) |  |  | 830 |  |  |  | 813,177 |
3.75%, 04/15/29 |  |  | 1,731 |  |  |  | 1,472,660 |

88 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Metals & Mining (continued) |  |  |  |  |  |  |  |  |
First Quantum Minerals Ltd., 8.63%, 06/01/31(b) |  |  | USD |  |  |  | 495 |  |  | $ | 504,900 |
JSW Steel Ltd., 3.95%, 04/05/27(d)(e) |  |  |  |  |  |  | 500 |  |  |  | 442,735 |
Kaiser Aluminum Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 03/01/28(d) |  |  |  |  |  |  | 944 |  |  |  | 825,585 |
4.50%, 06/01/31 |  |  |  |  |  |  | 700 |  |  |  | 558,026 |
New Gold, Inc., 7.50%, 07/15/27(b) |  |  |  |  |  |  | 1,357 |  |  |  | 1,267,139 |
Novelis Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.25%, 11/15/26 |  |  |  |  |  |  | 538 |  |  |  | 486,980 |
4.75%, 01/30/30(d) |  |  |  |  |  |  | 3,326 |  |  |  | 2,955,839 |
3.88%, 08/15/31 |  |  |  |  |  |  | 932 |  |  |  | 766,674 |
Periama Holdings LLC, 5.95%, 04/19/26(e) |  |  |  |  |  |  | 200 |  |  |  | 191,890 |
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(b) |  |  |  |  |  |  | 249 |  |  |  | 223,081 |
Southern Copper Corp., 5.88%, 04/23/45(d) |  |  |  |  |  |  | 3,870 |  |  |  | 3,938,209 |
Steel Dynamics, Inc., 3.25%, 10/15/50(d) |  |  |  |  |  |  | 1,145 |  |  |  | 752,442 |
Vedanta Resources Finance II PLC(e) |  |  |  |  |  |  |  |  |  |  |  |
13.88%, 01/21/24 |  |  |  |  |  |  | 400 |  |  |  | 364,148 |
8.95%, 03/11/25 |  |  |  |  |  |  | 200 |  |  |  | 150,938 |
|  |  |  |  |  |  |  |  |  |  | 21,410,153 |
Multi-Utilities — 0.1% |  |  |  |  |  |  |  |  |
Abu Dhabi National Energy Co. PJSC, 4.38%, 04/23/25(e) |  |  |  |  |  |  | 200 |  |  |  | 197,044 |
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28(b) |  |  |  |  |  |  | 416 |  |  |  | 422,498 |
|  |  |  |  |  |  |  |  |  |  | 619,542 |
Offshore Drilling & Other Services — 0.1% |  |  |  |  |  |  |  |  |
Entegris Escrow Corp., 4.75%, 04/15/29(b) |  |  |  |  |  |  | 258 |  |  |  | 239,508 |
Entegris, Inc., 4.38%, 04/15/28(b) |  |  |  |  |  |  | 120 |  |  |  | 108,598 |
Lam Research Corp., 4.88%, 03/15/49(d) |  |  |  |  |  |  | 875 |  |  |  | 847,042 |
|  |  |  |  |  |  |  |  |  |  | 1,195,148 |
Oil, Gas & Consumable Fuels — 14.2% |  |  |  |  |  |  |  |  |
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(b) |  |  |  |  |  |  | 557 |  |  |  | 547,252 |
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 03/01/27 |  |  |  |  |  |  | 95 |  |  |  | 91,621 |
5.75%, 01/15/28 |  |  |  |  |  |  | 127 |  |  |  | 121,068 |
5.38%, 06/15/29(d) |  |  |  |  |  |  | 1,095 |  |  |  | 1,017,453 |
Apache Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.25%, 01/15/30(d) |  |  |  |  |  |  | 131 |  |  |  | 116,682 |
5.10%, 09/01/40 |  |  |  |  |  |  | 6 |  |  |  | 4,875 |
5.35%, 07/01/49 |  |  |  |  |  |  | 198 |  |  |  | 153,945 |
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
9.00%, 11/01/27 |  |  |  |  |  |  | 680 |  |  |  | 845,390 |
8.25%, 12/31/28 |  |  |  |  |  |  | 1,334 |  |  |  | 1,311,861 |
Baytex Energy Corp., 8.50%, 04/30/30 |  |  |  |  |  |  | 110 |  |  |  | 107,423 |
Buckeye Partners LP |  |  |  |  |  |  |  |  |  |  |  |
4.13%, 03/01/25(b) |  |  |  |  |  |  | 594 |  |  |  | 564,300 |
5.85%, 11/15/43 |  |  |  |  |  |  | 383 |  |  |  | 283,420 |
5.60%, 10/15/44 |  |  |  |  |  |  | 191 |  |  |  | 137,520 |
Callon Petroleum Co. |  |  |  |  |  |  |  |  |  |  |  |
8.25%, 07/15/25 |  |  |  |  |  |  | 69 |  |  |  | 68,483 |
6.38%, 07/01/26 |  |  |  |  |  |  | 245 |  |  |  | 238,481 |
8.00%, 08/01/28(b)(d) |  |  |  |  |  |  | 1,054 |  |  |  | 1,042,310 |
7.50%, 06/15/30(b)(d) |  |  |  |  |  |  | 859 |  |  |  | 810,786 |
Cheniere Energy Partners LP |  |  |  |  |  |  |  |  |  |  |  |
4.50%, 10/01/29 |  |  |  |  |  |  | 1,312 |  |  |  | 1,204,096 |

Security |  |  |  |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Cheniere Energy Partners LP (continued) |  |  |  |  |  |  |  |  |  |  |  |
3.25%, 01/31/32(d) |  |  | USD |  |  |  | 786 |  |  | $ | 646,603 |
Chesapeake Energy Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 02/01/29 |  |  |  |  |  |  | 80 |  |  |  | 75,990 |
6.75%, 04/15/29(d) |  |  |  |  |  |  | 705 |  |  |  | 699,526 |
Civitas Resources, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
8.38%, 07/01/28 |  |  |  |  |  |  | 1,141 |  |  |  | 1,153,893 |
8.75%, 07/01/31 |  |  |  |  |  |  | 945 |  |  |  | 958,041 |
CNOOC Finance 2014 ULC, Series 2014, 4.88%, 04/30/44 |  |  |  |  |  |  | 250 |  |  |  | 239,372 |
CNOOC Finance 2015 USA LLC, Series 2015, 3.50%, 05/05/25 |  |  |  |  |  |  | 250 |  |  |  | 240,630 |
CNOOC Petroleum North America ULC, 6.40%, 05/15/37 |  |  |  |  |  |  | 2,000 |  |  |  | 2,215,920 |
CNX Resources Corp., 7.38%, 01/15/31(b) |  |  |  |  |  |  | 166 |  |  |  | 161,508 |
Comstock Resources, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.75%, 03/01/29(d) |  |  |  |  |  |  | 490 |  |  |  | 448,324 |
5.88%, 01/15/30 |  |  |  |  |  |  | 738 |  |  |  | 640,710 |
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) |  |  |  |  |  |  | 2,468 |  |  |  | 2,201,240 |
Crescent Energy Finance LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
7.25%, 05/01/26 |  |  |  |  |  |  | 1,096 |  |  |  | 1,028,607 |
9.25%, 02/15/28(d) |  |  |  |  |  |  | 403 |  |  |  | 391,007 |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 02/01/29 |  |  |  |  |  |  | 510 |  |  |  | 476,212 |
8.00%, 04/01/29 |  |  |  |  |  |  | 142 |  |  |  | 143,762 |
7.38%, 02/01/31 |  |  |  |  |  |  | 417 |  |  |  | 411,017 |
CrownRock LP/CrownRock Finance, Inc.(b) |  |  |  |  |  |  |  |  |
5.63%, 10/15/25 |  |  |  |  |  |  | 1,369 |  |  |  | 1,348,739 |
5.00%, 05/01/29 |  |  |  |  |  |  | 86 |  |  |  | 80,518 |
DCP Midstream Operating LP(b) |  |  |  |  |  |  |  |  |  |  |  |
6.45%, 11/03/36 |  |  |  |  |  |  | 177 |  |  |  | 181,752 |
6.75%, 09/15/37 |  |  |  |  |  |  | 1,218 |  |  |  | 1,292,639 |
Devon Energy Corp. |  |  |  |  |  |  |  |  |  |  |  |
8.25%, 08/01/23(d) |  |  |  |  |  |  | 811 |  |  |  | 811,422 |
5.25%, 09/15/24 |  |  |  |  |  |  | 100 |  |  |  | 99,195 |
5.25%, 10/15/27 |  |  |  |  |  |  | 130 |  |  |  | 128,038 |
5.88%, 06/15/28 |  |  |  |  |  |  | 204 |  |  |  | 203,303 |
4.50%, 01/15/30 |  |  |  |  |  |  | 117 |  |  |  | 110,135 |
Diamondback Energy, Inc.(d) |  |  |  |  |  |  |  |  |  |  |  |
3.50%, 12/01/29 |  |  |  |  |  |  | 692 |  |  |  | 622,884 |
6.25%, 03/15/33 |  |  |  |  |  |  | 2,880 |  |  |  | 2,979,268 |
DT Midstream, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.13%, 06/15/29(d) |  |  |  |  |  |  | 591 |  |  |  | 518,647 |
4.38%, 06/15/31 |  |  |  |  |  |  | 568 |  |  |  | 489,192 |
Dycom Industries, Inc., 4.50%, 04/15/29(b) |  |  |  |  |  |  | 26 |  |  |  | 23,613 |
Earthstone Energy Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
8.00%, 04/15/27(b)(d) |  |  |  |  |  |  | 444 |  |  |  | 428,820 |
9.88%, 07/15/31 |  |  |  |  |  |  | 489 |  |  |  | 483,352 |
eG Global Finance PLC(b) |  |  |  |  |  |  |  |  |  |  |  |
6.75%, 02/07/25(d) |  |  |  |  |  |  | 503 |  |  |  | 488,539 |
8.50%, 10/30/25 |  |  |  |  |  |  | 787 |  |  |  | 763,600 |
Enbridge, Inc.(a) |  |  |  |  |  |  |  |  |  |  |  |
(3-mo. LIBOR US + 3.64%), 6.25%, 03/01/78 |  |  |  |  |  |  | 5,000 |  |  |  | 4,600,670 |
Series 16-A, (3-mo. LIBOR US + 3.89%), 6.00%, 01/15/77 |  |  |  |  |  |  | 5,880 |  |  |  | 5,454,222 |
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28(b) |  |  |  |  |  |  | 518 |  |  |  | 506,697 |

S C H E D U L E O F I N V E S T M E N T S |  | 89

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |  |  |  |  |
Energy Transfer LP |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 06/01/27 |  |  | USD |  |  |  | 406 |  |  | $ | 403,799 |
6.13%, 12/15/45(d) |  |  |  |  |  |  | 3,579 |  |  |  | 3,400,258 |
Series B, (3-mo. LIBOR US + 4.16%), 6.63%(a)(f) |  |  |  |  |  |  | 5,000 |  |  |  | 3,825,346 |
Series H, (5-year CMT + 5.69%), 6.50%(a)(f) |  |  |  |  |  |  | 121 |  |  |  | 109,907 |
EnLink Midstream LLC |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 01/15/28(b) |  |  |  |  |  |  | 594 |  |  |  | 574,804 |
5.38%, 06/01/29 |  |  |  |  |  |  | 423 |  |  |  | 402,997 |
6.50%, 09/01/30(b) |  |  |  |  |  |  | 347 |  |  |  | 346,577 |
EnLink Midstream Partners LP |  |  |  |  |  |  |  |  |  |  |  |
4.15%, 06/01/25 |  |  |  |  |  |  | 20 |  |  |  | 19,402 |
4.85%, 07/15/26 |  |  |  |  |  |  | 64 |  |  |  | 61,760 |
5.60%, 04/01/44 |  |  |  |  |  |  | 626 |  |  |  | 524,103 |
5.45%, 06/01/47 |  |  |  |  |  |  | 215 |  |  |  | 176,731 |
Enterprise Products Operating LLC |  |  |  |  |  |  |  |  |  |  |  |
4.90%, 05/15/46(d) |  |  |  |  |  |  | 5,375 |  |  |  | 4,953,546 |
Series E, (3-mo. CME Term SOFR + 3.29%), 5.25%, 08/16/77(a) |  |  |  |  |  |  | 4,800 |  |  |  | 4,197,398 |
EQM Midstream Partners LP |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 07/01/25(b) |  |  |  |  |  |  | 50 |  |  |  | 49,448 |
4.13%, 12/01/26 |  |  |  |  |  |  | 226 |  |  |  | 210,188 |
7.50%, 06/01/30(b) |  |  |  |  |  |  | 141 |  |  |  | 142,684 |
4.75%, 01/15/31(b)(d) |  |  |  |  |  |  | 802 |  |  |  | 702,539 |
Exxon Mobil Corp., 3.45%, 04/15/51(d) |  |  |  |  |  |  | 3,890 |  |  |  | 3,022,502 |
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.50%, 10/01/25 |  |  |  |  |  |  | 99 |  |  |  | 97,495 |
7.75%, 02/01/28 |  |  |  |  |  |  | 368 |  |  |  | 350,016 |
8.88%, 04/15/30 |  |  |  |  |  |  | 232 |  |  |  | 226,663 |
Gulfport Energy Corp., 8.00%, 05/17/26(b) |  |  |  |  |  |  | 53 |  |  |  | 52,747 |
Harbour Energy PLC, 5.50%, 10/15/26(b) |  |  |  |  |  |  | 200 |  |  |  | 183,263 |
Harvest Midstream I LP, 7.50%, 09/01/28(b) |  |  |  |  |  |  | 115 |  |  |  | 114,016 |
Hess Corp., 5.80%, 04/01/47(d) |  |  |  |  |  |  | 5,000 |  |  |  | 4,857,645 |
Hess Midstream Operations LP, 4.25%, 02/15/30(b) |  |  |  |  |  |  | 497 |  |  |  | 433,632 |
Hilcorp Energy I LP/Hilcorp Finance Co.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 11/01/28 |  |  |  |  |  |  | 238 |  |  |  | 224,030 |
5.75%, 02/01/29 |  |  |  |  |  |  | 234 |  |  |  | 211,884 |
6.00%, 04/15/30 |  |  |  |  |  |  | 32 |  |  |  | 29,138 |
ITT Holdings LLC, 6.50%, 08/01/29(b)(d) |  |  |  |  |  |  | 711 |  |  |  | 599,003 |
Kinder Morgan, Inc. 7.80%, 08/01/31 |  |  |  |  |  |  | 197 |  |  |  | 221,553 |
7.75%, 01/15/32(d) |  |  |  |  |  |  | 4,586 |  |  |  | 5,177,738 |
Kinetik Holdings LP, 5.88%, 06/15/30(b)(d) |  |  |  |  |  |  | 807 |  |  |  | 767,045 |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(b) |  |  |  |  |  |  | 58 |  |  |  | 56,095 |
Marathon Petroleum Corp., 5.13%, 12/15/26(d) |  |  |  |  |  |  | 937 |  |  |  | 927,760 |
Matador Resources Co. 5.88%, 09/15/26 |  |  |  |  |  |  | 415 |  |  |  | 402,154 |
6.88%, 04/15/28 |  |  |  |  |  |  | 412 |  |  |  | 407,795 |
Medco Bell Pte. Ltd., 6.38%, 01/30/27(e) |  |  |  |  |  |  | 300 |  |  |  | 281,841 |
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28(d)(e) |  |  |  |  |  |  | 400 |  |  |  | 366,044 |
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26(e) |  |  |  |  |  |  | 200 |  |  |  | 196,562 |
MPLX LP 5.20%, 03/01/47(d) |  |  |  |  |  |  | 3,500 |  |  |  | 3,069,632 |
4.70%, 04/15/48(d) |  |  |  |  |  |  | 5,000 |  |  |  | 4,103,844 |
5.50%, 02/15/49(d) |  |  |  |  |  |  | 2,640 |  |  |  | 2,392,356 |
5.65%, 03/01/53 |  |  |  |  |  |  | 885 |  |  |  | 826,830 |
Murphy Oil Corp. 5.75%, 08/15/25 |  |  |  |  |  |  | 2 |  |  |  | 1,974 |
5.88%, 12/01/27 |  |  |  |  |  |  | 46 |  |  |  | 44,688 |
5.88%, 12/01/42 |  |  |  |  |  |  | 47 |  |  |  | 39,058 |
Murphy Oil USA, Inc., 4.75%, 09/15/29 |  |  |  |  |  |  | 323 |  |  |  | 296,537 |

Security |  |  |  |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |  |  |  |  |
Nabors Industries Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.25%, 01/15/26 |  |  | USD |  |  |  | 260 |  |  | $ | 242,715 |
7.50%, 01/15/28 |  |  |  |  |  |  | 794 |  |  |  | 694,798 |
Nabors Industries, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 02/01/25(d) |  |  |  |  |  |  | 1,318 |  |  |  | 1,275,455 |
7.38%, 05/15/27(b) |  |  |  |  |  |  | 692 |  |  |  | 658,459 |
New Fortress Energy, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
6.75%, 09/15/25 |  |  |  |  |  |  | 1,625 |  |  |  | 1,524,307 |
6.50%, 09/30/26 |  |  |  |  |  |  | 1,605 |  |  |  | 1,435,988 |
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(b)(d) |  |  |  |  |  |  | 470 |  |  |  | 462,890 |
NGPL PipeCo LLC, 7.77%, 12/15/37(b) |  |  |  |  |  |  | 1,117 |  |  |  | 1,190,750 |
Northern Oil and Gas, Inc. 8.13%, 03/01/28(b) |  |  |  |  |  |  | 1,220 |  |  |  | 1,195,600 |
8.75%, 06/15/31 |  |  |  |  |  |  | 486 |  |  |  | 477,495 |
NuStar Logistics LP |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 06/01/26 |  |  |  |  |  |  | 373 |  |  |  | 363,342 |
6.38%, 10/01/30 |  |  |  |  |  |  | 45 |  |  |  | 42,932 |
Occidental Petroleum Corp. |  |  |  |  |  |  |  |  |  |  |  |
6.45%, 09/15/36 |  |  |  |  |  |  | 202 |  |  |  | 207,313 |
6.20%, 03/15/40 |  |  |  |  |  |  | 669 |  |  |  | 659,360 |
PDC Energy, Inc., 5.75%, 05/15/26(d) |  |  |  |  |  |  | 759 |  |  |  | 755,961 |
Permian Resources Operating LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
5.38%, 01/15/26 |  |  |  |  |  |  | 64 |  |  |  | 60,846 |
7.75%, 02/15/26 |  |  |  |  |  |  | 635 |  |  |  | 637,701 |
6.88%, 04/01/27 |  |  |  |  |  |  | 208 |  |  |  | 204,880 |
5.88%, 07/01/29(d) |  |  |  |  |  |  | 571 |  |  |  | 537,888 |
Pertamina Persero PT(e) |  |  |  |  |  |  |  |  |  |  |  |
1.40%, 02/09/26 |  |  |  |  |  |  | 250 |  |  |  | 225,188 |
2.30%, 02/09/31 |  |  |  |  |  |  | 200 |  |  |  | 162,706 |
Petroleos Mexicanos |  |  |  |  |  |  |  |  |  |  |  |
4.63%, 09/21/23(d) |  |  |  |  |  |  | 3,965 |  |  |  | 3,924,755 |
6.70%, 02/16/32 |  |  |  |  |  |  | 695 |  |  |  | 527,470 |
Petronas Capital Ltd.(e) |  |  |  |  |  |  |  |  |  |  |  |
2.48%, 01/28/32 |  |  |  |  |  |  | 200 |  |  |  | 167,950 |
4.50%, 03/18/45 |  |  |  |  |  |  | 200 |  |  |  | 185,744 |
Plains All American Pipeline LP, Series B, (3-mo. LIBOR US + 4.11%), 9.43%(a)(f) |  |  |  |  |  |  | 2,215 |  |  |  | 1,971,635 |
Precision Drilling Corp., 6.88%, 01/15/29(b) |  |  |  |  |  |  | 18 |  |  |  | 16,263 |
Reliance Industries Ltd., 3.67%, 11/30/27(e) |  |  |  |  |  |  | 300 |  |  |  | 281,322 |
Rockcliff Energy II LLC, 5.50%, 10/15/29(b) |  |  |  |  |  |  | 191 |  |  |  | 176,189 |
Rockies Express Pipeline LLC, 6.88%, 04/15/40(b) |  |  |  |  |  |  | 580 |  |  |  | 523,456 |
Sabine Pass Liquefaction LLC(d) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 05/15/24 |  |  |  |  |  |  | 2,575 |  |  |  | 2,570,569 |
5.88%, 06/30/26 |  |  |  |  |  |  | 1,481 |  |  |  | 1,493,124 |
Sinopec Group Overseas Development 2017 Ltd., |  |  |  |  |  |  |  |  |  |  |  |
3.63%, 04/12/27(e) |  |  |  |  |  |  | 200 |  |  |  | 191,916 |
Sinopec Group Overseas Development 2018 Ltd., |  |  |  |  |  |  |  |  |  |  |  |
2.30%, 01/08/31(d)(e) |  |  |  |  |  |  | 500 |  |  |  | 431,555 |
SM Energy Co. |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 06/01/25 |  |  |  |  |  |  | 196 |  |  |  | 191,529 |
6.75%, 09/15/26 |  |  |  |  |  |  | 327 |  |  |  | 318,730 |
6.63%, 01/15/27 |  |  |  |  |  |  | 75 |  |  |  | 72,844 |
6.50%, 07/15/28 |  |  |  |  |  |  | 173 |  |  |  | 166,080 |
Southwestern Energy Co. 5.70%, 01/23/25 |  |  |  |  |  |  | 29 |  |  |  | 28,847 |
5.38%, 02/01/29(d) |  |  |  |  |  |  | 308 |  |  |  | 290,032 |
4.75%, 02/01/32 |  |  |  |  |  |  | 8 |  |  |  | 7,051 |
Summit Digitel Infrastructure Ltd., 2.88%, 08/12/31(e) |  |  |  |  |  |  | 200 |  |  |  | 158,850 |
Sunoco LP/Sunoco Finance Corp. 6.00%, 04/15/27 |  |  |  |  |  |  | 141 |  |  |  | 138,919 |

90 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Sunoco LP/Sunoco Finance Corp. (continued) |
5.88%, 03/15/28 |  |  | USD |  |  |  | 317 |  |  | $ | 304,835 |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 10/01/25 |  |  |  |  |  |  | 41 |  |  |  | 40,921 |
6.00%, 03/01/27 |  |  |  |  |  |  | 150 |  |  |  | 140,761 |
5.50%, 01/15/28 |  |  |  |  |  |  | 52 |  |  |  | 47,527 |
6.00%, 12/31/30 |  |  |  |  |  |  | 102 |  |  |  | 89,862 |
6.00%, 09/01/31 |  |  |  |  |  |  | 239 |  |  |  | 205,644 |
Tap Rock Resources LLC, 7.00%, 10/01/26(b) |  |  |  |  |  |  | 1,355 |  |  |  | 1,395,650 |
TransCanada PipeLines Ltd., 4.88%, 05/15/48(d) |  |  |  |  |  |  | 4,000 |  |  |  | 3,581,970 |
Transcanada Trust, (3-mo. LIBOR US + 3.53%), 5.63%, 05/20/75(a)(d) |  |  |  |  |  |  | 2,755 |  |  |  | 2,630,336 |
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) |  |  |  |  |  |  | 269 |  |  |  | 274,716 |
Transocean, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.50%, 01/15/26 |  |  |  |  |  |  | 700 |  |  |  | 665,000 |
11.50%, 01/30/27 |  |  |  |  |  |  | 53 |  |  |  | 54,921 |
8.75%, 02/15/30 |  |  |  |  |  |  | 1,606 |  |  |  | 1,630,090 |
Venture Global Calcasieu Pass LLC(b) |  |  |  |  |  |  |  |  |  |  |  |
3.88%, 08/15/29 |  |  |  |  |  |  | 1,575 |  |  |  | 1,375,905 |
4.13%, 08/15/31 |  |  |  |  |  |  | 910 |  |  |  | 782,569 |
3.88%, 11/01/33(d) |  |  |  |  |  |  | 1,141 |  |  |  | 934,349 |
Venture Global LNG, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
8.13%, 06/01/28 |  |  |  |  |  |  | 1,960 |  |  |  | 1,990,644 |
8.38%, 06/01/31 |  |  |  |  |  |  | 3,132 |  |  |  | 3,157,580 |
Vermilion Energy, Inc., 6.88%, 05/01/30(b) |  |  |  |  |  |  | 270 |  |  |  | 248,856 |
Western Midstream Operating LP |  |  |  |  |  |  |  |  |  |  |  |
5.45%, 04/01/44 |  |  |  |  |  |  | 12 |  |  |  | 10,137 |
5.30%, 03/01/48(d) |  |  |  |  |  |  | 945 |  |  |  | 788,815 |
5.50%, 08/15/48 |  |  |  |  |  |  | 117 |  |  |  | 97,843 |
5.50%, 02/01/50 |  |  |  |  |  |  | 1,039 |  |  |  | 851,014 |
Williams Cos., Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.55%, 06/24/24(d) |  |  |  |  |  |  | 527 |  |  |  | 519,864 |
8.75%, 03/15/32(d) |  |  |  |  |  |  | 2,478 |  |  |  | 2,941,740 |
5.10%, 09/15/45 |  |  |  |  |  |  | 5,075 |  |  |  | 4,564,213 |
Woodside Finance Ltd., 3.70%, 09/15/26(e) |  |  |  |  |  |  | 200 |  |  |  | 188,135 |
|  |  |  |  |  |  |  |  |  |  | 148,862,901 |
Passenger Airlines — 1.5% |
Air Canada, 3.88%, 08/15/26(b) |  |  |  |  |  |  | 549 |  |  |  | 508,842 |
Allegiant Travel Co., 7.25%, 08/15/27(b) |  |  |  |  |  |  | 183 |  |  |  | 182,325 |
American Airlines, Inc. |  |  |  |  |  |  |  |  |  |  |  |
5.18%, 10/15/23(c) |  |  |  |  |  |  | 588 |  |  |  | 583,401 |
11.75%, 07/15/25(b) |  |  |  |  |  |  | 1,475 |  |  |  | 1,617,379 |
7.25%, 02/15/28(b) |  |  |  |  |  |  | 137 |  |  |  | 136,184 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.50%, 04/20/26 |  |  |  |  |  |  | 403 |  |  |  | 399,634 |
5.75%, 04/20/29 |  |  |  |  |  |  | 1,764 |  |  |  | 1,713,058 |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b)(d) |  |  |  |  |  |  | 396 |  |  |  | 374,829 |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b)(d) |  |  |  |  |  |  | 1,793 |  |  |  | 1,797,333 |
Singapore Airlines Ltd., 3.00%, 07/20/26(e) |  |  |  |  |  |  | 200 |  |  |  | 186,406 |
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 09/15/28(b) |  |  |  |  |  |  | 1,548 |  |  |  | 1,399,027 |
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 04/15/29(d) |  |  |  |  |  |  | 4,879 |  |  |  | 4,837,241 |

Security |  |  |  |  | Par (000) |  |  | Value |
Passenger Airlines (continued) |
United Airlines, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
4.38%, 04/15/26 |  |  | USD |  |  |  | 1,097 |  |  | $ | 1,042,266 |
4.63%, 04/15/29(d) |  |  |  |  |  |  | 1,362 |  |  |  | 1,241,011 |
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, 05/01/27(b) |  |  |  |  |  |  | 192 |  |  |  | 172,502 |
|  |  |  |  |  |  |  |  |  |  | 16,191,438 |
Pharmaceuticals — 4.2% |  |  |  |  |  |  |  |  |
AbbVie, Inc.(d) |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 03/15/45 |  |  |  |  |  |  | 5,485 |  |  |  | 5,015,243 |
4.70%, 05/14/45 |  |  |  |  |  |  | 3,255 |  |  |  | 2,973,877 |
CVS Health Corp.(d) |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 07/20/45 |  |  |  |  |  |  | 3,879 |  |  |  | 3,588,585 |
5.05%, 03/25/48 |  |  |  |  |  |  | 8,205 |  |  |  | 7,562,899 |
Jazz Securities DAC, 4.38%, 01/15/29(b) |  |  |  |  |  |  | 853 |  |  |  | 761,038 |
Merck & Co., Inc., 6.50%, 12/01/33(d) |  |  |  |  |  |  | 6,420 |  |  |  | 7,364,073 |
Option Care Health, Inc., 4.38%, 10/31/29(b)(d) |  |  |  |  |  |  | 461 |  |  |  | 405,753 |
Organon & Co./Organon Foreign Debt Co-Issuer BV(b) |  |  |  |  |  |  |  |  |  |  |  |
4.13%, 04/30/28 |  |  |  |  |  |  | 1,633 |  |  |  | 1,449,338 |
5.13%, 04/30/31(d) |  |  |  |  |  |  | 1,599 |  |  |  | 1,319,214 |
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 05/19/53 |  |  |  |  |  |  | 3,070 |  |  |  | 3,191,822 |
PRA Health Sciences, Inc., 2.88%, 07/15/26(b) |  |  |  |  |  |  | 1,021 |  |  |  | 924,448 |
Prestige Brands, Inc., 3.75%, 04/01/31(b) |  |  |  |  |  |  | 233 |  |  |  | 192,899 |
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 |  |  |  |  |  |  | 8,270 |  |  |  | 6,872,789 |
Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |  |  |  |  |  |  |  |
3.15%, 10/01/26 |  |  |  |  |  |  | 1,174 |  |  |  | 1,045,594 |
4.75%, 05/09/27 |  |  |  |  |  |  | 200 |  |  |  | 183,777 |
7.88%, 09/15/29(d) |  |  |  |  |  |  | 451 |  |  |  | 462,767 |
8.13%, 09/15/31 |  |  |  |  |  |  | 200 |  |  |  | 208,350 |
|  |  |  |  |  |  |  |  |  |  | 43,522,466 |
Real Estate — 0.0% |
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28(b) |  |  |  |  |  |  | 430 |  |  |  | 395,082 |
Real Estate Management & Development — 1.1% |
Agile Group Holdings Ltd.(e) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 01/02/25 |  |  |  |  |  |  | 200 |  |  |  | 60,102 |
6.05%, 10/13/25 |  |  |  |  |  |  | 200 |  |  |  | 43,106 |
AYC Finance Ltd., 3.90%(e)(f) |  |  |  |  |  |  | 300 |  |  |  | 189,000 |
China Overseas Finance Cayman VII Ltd., 4.75%, 04/26/28(d)(e) |  |  |  |  |  |  | 200 |  |  |  | 194,590 |
China Resources Land Ltd., 3.75%, 08/26/24(e) |  |  |  |  |  |  | 200 |  |  |  | 194,394 |
Fantasia Holdings Group Co. Ltd., 7.95%, 07/05/22(k)(l) |  |  |  |  |  |  | 1,050 |  |  |  | 67,851 |
Global Prime Capital Pte. Ltd., 5.95%, 01/23/25(e) |  |  |  |  |  |  | 200 |  |  |  | 190,442 |
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b) |  |  |  |  |  |  | 360 |  |  |  | 351,546 |
Howard Hughes Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.38%, 08/01/28 |  |  |  |  |  |  | 399 |  |  |  | 355,140 |
4.13%, 02/01/29 |  |  |  |  |  |  | 176 |  |  |  | 145,594 |
Modern Land China Co. Ltd.(e)(g)(k)(l) |  |  |  |  |  |  |  |  |  |  |  |
(8.00% Cash or 8.00% PIK), 8.00%, 12/30/24 |  |  |  |  |  |  | 219 |  |  |  | 12,050 |
(9.00% Cash or 9.00% PIK), 9.00%, 12/30/25 |  |  |  |  |  |  | 253 |  |  |  | 13,717 |
(9.00% Cash or 9.00% PIK), 9.00%, 12/30/26 |  |  |  |  |  |  | 337 |  |  |  | 16,854 |
(9.00% Cash or 9.00% PIK), 9.00%, 12/30/27 |  |  |  |  |  |  | 492 |  |  |  | 27,057 |
New Metro Global Ltd., 4.50%, 05/02/26(e) |  |  |  |  |  |  | 349 |  |  |  | 137,855 |
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29(b)(d) |  |  |  |  |  |  | 4,485 |  |  |  | 4,135,473 |

S C H E D U L E O F I N V E S T M E N T S |  | 91

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Real Estate Management & Development (continued) |
Pakuwon Jati Tbk PT, 4.88%, 04/29/28(e) |  |  | USD |  |  |  | 500 |  |  | $ | 447,485 |
Realogy Group LLC/Realogy Co.-Issuer Corp.(b) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 01/15/29 |  |  |  |  |  |  | 362 |  |  |  | 270,853 |
5.25%, 04/15/30 |  |  |  |  |  |  | 263 |  |  |  | 186,910 |
RKPF Overseas Ltd.(e) |  |  |  |  |  |  |  |  |  |  |  |
Series 2019-A, 5.90%, 03/05/25(d) |  |  |  |  |  |  | 200 |  |  |  | 125,584 |
Series 2020-A, 5.20%, 01/12/26 |  |  |  |  |  |  | 306 |  |  |  | 159,503 |
Shimao Group Holdings Ltd., 3.45%, 01/11/31(e)(k)(l) |  |  |  |  |  |  | 200 |  |  |  | 17,000 |
Shui On Development Holding Ltd.(e) |  |  |  |  |  |  |  |  |  |  |  |
5.75%, 11/12/23 |  |  |  |  |  |  | 225 |  |  |  | 217,217 |
5.50%, 03/03/25(d) |  |  |  |  |  |  | 230 |  |  |  | 188,292 |
Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26(e) |  |  |  |  |  |  | 200 |  |  |  | 174,572 |
Starwood Property Trust, Inc., 4.38%, 01/15/27(b) |  |  |  |  |  |  | 123 |  |  |  | 105,934 |
Sunac China Holdings Ltd., 7.00%, 07/09/25(e)(k)(l) |  |  |  |  |  |  | 200 |  |  |  | 32,000 |
Theta Capital Pte. Ltd., 8.13%, 01/22/25(e) |  |  |  |  |  |  | 200 |  |  |  | 166,246 |
VICI Properties LP, 5.13%, 05/15/32(d) |  |  |  |  |  |  | 3,155 |  |  |  | 2,951,957 |
Wanda Properties International Co. Ltd., 7.25%, 01/29/24(e) |  |  |  |  |  |  | 285 |  |  |  | 177,056 |
Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30(e) |  |  |  |  |  |  | 200 |  |  |  | 174,950 |
Yango Justice International Ltd.(e)(k)(l) |  |  |  |  |  |  |  |  |  |  |  |
8.25%, 11/25/23 |  |  |  |  |  |  | 200 |  |  |  | 2,000 |
7.50%, 04/15/24 |  |  |  |  |  |  | 200 |  |  |  | 2,000 |
Yanlord Land HK Co. Ltd.(e) |  |  |  |  |  |  |  |  |  |  |  |
6.80%, 02/27/24(d) |  |  |  |  |  |  | 200 |  |  |  | 194,000 |
5.13%, 05/20/26 |  |  |  |  |  |  | 200 |  |  |  | 161,000 |
Yuzhou Group Holdings Co. Ltd., 7.38%, 01/13/26(e)(k)(l) |  |  |  |  |  |  | 550 |  |  |  | 30,250 |
|  |  |  |  |  |  |  |  |  |  | 11,919,580 |
Semiconductors & Semiconductor Equipment — 2.5% |
Broadcom, Inc., 5.00%, 04/15/30(d) |  |  |  |  |  |  | 10,970 |  |  |  | 10,769,816 |
NVIDIA Corp.(d) |  |  |  |  |  |  |  |  |  |  |  |
3.50%, 04/01/50 |  |  |  |  |  |  | 2,785 |  |  |  | 2,263,180 |
3.70%, 04/01/60 |  |  |  |  |  |  | 1,760 |  |  |  | 1,451,015 |
NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.40%, 06/01/27 |  |  |  |  |  |  | 750 |  |  |  | 723,262 |
3.40%, 05/01/30(d) |  |  |  |  |  |  | 1,755 |  |  |  | 1,552,192 |
QUALCOMM, Inc.(d) |  |  |  |  |  |  |  |  |  |  |  |
4.30%, 05/20/47 |  |  |  |  |  |  | 3,500 |  |  |  | 3,173,114 |
6.00%, 05/20/53 |  |  |  |  |  |  | 1,993 |  |  |  | 2,230,760 |
Sensata Technologies BV(b) |  |  |  |  |  |  |  |  |  |  |  |
5.63%, 11/01/24 |  |  |  |  |  |  | 695 |  |  |  | 689,756 |
5.00%, 10/01/25 |  |  |  |  |  |  | 572 |  |  |  | 560,003 |
4.00%, 04/15/29 |  |  |  |  |  |  | 207 |  |  |  | 184,289 |
Sensata Technologies, Inc., 4.38%, 02/15/30(b) |  |  |  |  |  |  | 2,150 |  |  |  | 1,922,632 |
SK Hynix, Inc., 1.50%, 01/19/26(e) |  |  |  |  |  |  | 200 |  |  |  | 176,872 |
Synaptics, Inc., 4.00%, 06/15/29(b) |  |  |  |  |  |  | 16 |  |  |  | 13,414 |
TSMC Global Ltd., 2.25%, 04/23/31(e) |  |  |  |  |  |  | 250 |  |  |  | 206,015 |
|  |  |  |  |  |  |  |  |  |  | 25,916,320 |
Software — 2.3% |  |  |  |  |  |  |  |  |
Alteryx, Inc., 8.75%, 03/15/28(b)(d) |  |  |  |  |  |  | 372 |  |  |  | 365,410 |
Black Knight InfoServ LLC, 3.63%, 09/01/28(b) |  |  |  |  |  |  | 859 |  |  |  | 768,805 |
Boxer Parent Co., Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
7.13%, 10/02/25 |  |  |  |  |  |  | 764 |  |  |  | 764,676 |
9.13%, 03/01/26 |  |  |  |  |  |  | 392 |  |  |  | 390,040 |
Capstone Borrower, Inc., 8.00%, 06/15/30 |  |  |  |  |  |  | 453 |  |  |  | 447,342 |
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b)(d) |  |  |  |  |  |  | 819 |  |  |  | 809,820 |

Security |  |  |  |  | Par (000) |  |  | Value |
Software (continued) |
Cloud Software Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.50%, 03/31/29(b) |  |  | USD |  |  |  | 4,570 |  |  | $ | 4,069,040 |
9.00%, 09/30/29 |  |  |  |  |  |  | 2,247 |  |  |  | 1,962,607 |
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(b) |  |  |  |  |  |  | 286 |  |  |  | 244,530 |
Crowdstrike Holdings, Inc., 3.00%, 02/15/29 |  |  |  |  |  |  | 61 |  |  |  | 52,603 |
Elastic NV, 4.13%, 07/15/29(b) |  |  |  |  |  |  | 718 |  |  |  | 619,400 |
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28(b) |  |  |  |  |  |  | 205 |  |  |  | 174,250 |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) |  |  |  |  |  |  | 201 |  |  |  | 173,508 |
MicroStrategy, Inc., 6.13%, 06/15/28(b)(d) |  |  |  |  |  |  | 180 |  |  |  | 161,387 |
MSCI, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.63%, 09/01/30 |  |  |  |  |  |  | 81 |  |  |  | 69,853 |
3.88%, 02/15/31 |  |  |  |  |  |  | 707 |  |  |  | 612,634 |
3.25%, 08/15/33 |  |  |  |  |  |  | 173 |  |  |  | 139,327 |
Open Text Corp., 6.90%, 12/01/27(b) |  |  |  |  |  |  | 898 |  |  |  | 914,191 |
Oracle Corp.(d) |  |  |  |  |  |  |  |  |  |  |  |
6.15%, 11/09/29 |  |  |  |  |  |  | 2,385 |  |  |  | 2,484,139 |
3.95%, 03/25/51 |  |  |  |  |  |  | 4,425 |  |  |  | 3,345,841 |
5.55%, 02/06/53 |  |  |  |  |  |  | 1,280 |  |  |  | 1,239,479 |
PTC, Inc.(b) |  |  |  |  |  |  |  |  |  |  |  |
3.63%, 02/15/25 |  |  |  |  |  |  | 166 |  |  |  | 160,296 |
4.00%, 02/15/28 |  |  |  |  |  |  | 365 |  |  |  | 336,022 |
SS&C Technologies, Inc., 5.50%, 09/30/27(b) |  |  |  |  |  |  | 3,719 |  |  |  | 3,560,302 |
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b)(d) |  |  |  |  |  |  | 955 |  |  |  | 774,902 |
|  |  |  |  |  |  |  |  |  |  | 24,640,404 |
Specialized REITs — 0.1% |  |  |  |  |  |  |  |  |
Iron Mountain, Inc., 7.00%, 02/15/29 |  |  |  |  |  |  | 794 |  |  |  | 795,336 |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) |  |  |  |  |  |  | 754 |  |  |  | 748,016 |
|  |  |  |  |  |  |  |  |  |  | 1,543,352 |
Specialty Retail(b) — 0.2% |  |  |  |  |  |  |  |  |
PetSmart, Inc./PetSmart Finance Corp. |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 02/15/28 |  |  |  |  |  |  | 481 |  |  |  | 444,499 |
7.75%, 02/15/29(d) |  |  |  |  |  |  | 1,317 |  |  |  | 1,308,542 |
Staples, Inc., 7.50%, 04/15/26 |  |  |  |  |  |  | 276 |  |  |  | 227,952 |
|  |  |  |  |  |  |  |  |  |  | 1,980,993 |
Technology Hardware, Storage & Peripherals — 0.7% |
Coherent Corp., 5.00%, 12/15/29(b)(d) |  |  |  |  |  |  | 886 |  |  |  | 799,712 |
Dell International LLC/EMC Corp.(d) |  |  |  |  |  |  |  |  |  |  |  |
5.85%, 07/15/25 |  |  |  |  |  |  | 2,395 |  |  |  | 2,403,746 |
8.35%, 07/15/46 |  |  |  |  |  |  | 2,355 |  |  |  | 2,887,959 |
Seagate HDD Cayman(b) |  |  |  |  |  |  |  |  |  |  |  |
8.25%, 12/15/29 |  |  |  |  |  |  | 532 |  |  |  | 555,658 |
8.50%, 07/15/31 |  |  |  |  |  |  | 675 |  |  |  | 707,866 |
|  |  |  |  |  |  |  |  |  |  | 7,354,941 |
Textiles, Apparel & Luxury Goods(b) — 0.1% |  |  |  |  |  |  |  |  |
Crocs, Inc., 4.13%, 08/15/31 |  |  |  |  |  |  | 244 |  |  |  | 197,030 |
Hanesbrands, Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.88%, 05/15/26 |  |  |  |  |  |  | 145 |  |  |  | 135,363 |
9.00%, 02/15/31(d) |  |  |  |  |  |  | 440 |  |  |  | 443,461 |
Levi Strauss & Co., 3.50%, 03/01/31 |  |  |  |  |  |  | 523 |  |  |  | 432,782 |
William Carter Co., 5.63%, 03/15/27 |  |  |  |  |  |  | 365 |  |  |  | 354,170 |
|  |  |  |  |  |  |  |  |  |  | 1,562,806 |
Tobacco — 2.5% |  |  |  |  |  |  |  |  |
Altria Group, Inc., 10.20%, 02/06/39 |  |  |  |  |  |  | 13,392 |  |  |  | 18,103,699 |

92 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Tobacco (continued) |
BAT Capital Corp., 4.54%, 08/15/47(d) |  |  | USD |  |  |  | 3,000 |  |  | $ | 2,207,607 |
BAT International Finance PLC, 1.67%, 03/25/26(d) |  |  |  |  |  |  | 4,350 |  |  |  | 3,910,951 |
Reynolds American, Inc., 5.85%, 08/15/45(d) |  |  |  |  |  |  | 2,335 |  |  |  | 2,076,526 |
|  |  |  |  |  |  |  |  |  |  | 26,298,783 |
Transportation Infrastructure — 0.6% |  |  |  |  |  |  |  |  |
FedEx Corp., 5.25%, 05/15/50(d) |  |  |  |  |  |  | 6,000 |  |  |  | 5,766,006 |
SF Holding Investment 2021 Ltd., 2.38%, 11/17/26(e) |  |  |  |  |  |  | 200 |  |  |  | 179,784 |
Signature Aviation U.S. Holdings, Inc., 4.00%, 03/01/28(b) |  |  |  |  |  |  | 541 |  |  |  | 486,927 |
XPO Escrow Sub LLC, 7.50%, 11/15/27(b) |  |  |  |  |  |  | 105 |  |  |  | 107,292 |
|  |  |  |  |  |  |  |  |  |  | 6,540,009 |
Wireless Telecommunication Services — 1.5% |
Altice France SA/France(b) |  |  |  |  |  |  |  |  |  |  |  |
5.13%, 01/15/29 |  |  |  |  |  |  | 1,346 |  |  |  | 959,559 |
5.13%, 07/15/29 |  |  |  |  |  |  | 796 |  |  |  | 565,059 |
American Tower Corp., 3.60%, 01/15/28(d) |  |  |  |  |  |  | 4,000 |  |  |  | 3,682,756 |
Crown Castle, Inc., 4.15%, 07/01/50(d) |  |  |  |  |  |  | 820 |  |  |  | 650,566 |
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.75%, 05/25/24(b) |  |  |  |  |  |  | 635 |  |  |  | 580,790 |
SBA Communications Corp. |  |  |  |  |  |  |  |  |  |  |  |
3.13%, 02/01/29(d) |  |  |  |  |  |  | 3,072 |  |  |  | 2,603,997 |
3.88%, 02/15/27 |  |  |  |  |  |  | 30 |  |  |  | 27,636 |
Sprint LLC, 7.63%, 03/01/26 |  |  |  |  |  |  | 1,096 |  |  |  | 1,138,496 |
T-Mobile U.S., Inc. |  |  |  |  |  |  |  |  |  |  |  |
4.75%, 02/01/28(d) |  |  |  |  |  |  | 1,013 |  |  |  | 984,101 |
2.63%, 02/15/29 |  |  |  |  |  |  | 438 |  |  |  | 380,415 |
3.38%, 04/15/29(d) |  |  |  |  |  |  | 676 |  |  |  | 610,461 |
2.88%, 02/15/31 |  |  |  |  |  |  | 235 |  |  |  | 198,636 |
3.50%, 04/15/31(d) |  |  |  |  |  |  | 990 |  |  |  | 873,574 |
5.05%, 07/15/33(d) |  |  |  |  |  |  | 2,000 |  |  |  | 1,963,797 |
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31(b) |  |  |  |  |  |  | 934 |  |  |  | 776,620 |
|  |  |  |  |  |  |  |  |  |  | 15,996,463 |
Total Corporate Bonds — 114.3% (Cost: $1,260,986,714) |  |  |  | 1,198,833,603 |
Floating Rate Loan Interests(a) |
Aerospace & Defense — 0.2% |
Atlas CC Acquisition Corp. |  |  |  |  |  |  |  |  |  |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.78%, 05/25/28 |  |  |  |  |  |  | 354 |  |  |  | 306,844 |
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.78%, 05/25/28 |  |  |  |  |  |  | 47 |  |  |  | 40,654 |
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. LIBOR US at 0.50% Floor + 3.50%), 8.56%, 08/03/29 |  |  |  |  |  |  | 99 |  |  |  | 97,298 |
Dynasty Acquisition Co., Inc. |  |  |  |  |  |  |  |  |  |  |  |
2020 CAD Term Loan B2, (1-mo. CME Term SOFR + 3.50%), 8.70%, 04/06/26 |  |  |  |  |  |  | 69 |  |  |  | 68,404 |
2020 Term Loan B1, (1-mo. CME Term SOFR + 3.50%), 8.70%, 04/06/26 |  |  |  |  |  |  | 129 |  |  |  | 127,244 |
Peraton Corp. |  |  |  |  |  |  |  |  |  |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.98%, 02/01/29 |  |  |  |  |  |  | 113 |  |  |  | 109,250 |

Security |  |  |  |  | Par (000) |  |  | Value |
Aerospace & Defense (continued) |  |  |  |  |  |  |  |  |
Peraton Corp. (continued) |  |  |  |  |  |  |  |  |  |  |  |
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/01/28 |  |  | USD |  |  |  | 602 |  |  | $ | 590,584 |
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3-mo. LIBOR US + 2.00%), 7.54%, 11/05/28 |  |  |  |  |  |  | 150 |  |  |  | 149,839 |
TransDigm, Inc., 2023 Term Loan I, (3-mo. CME Term SOFR + 3.25%), 8.49%, 08/24/28 |  |  |  |  |  |  | 314 |  |  |  | 313,798 |
|  |  |  |  |  |  |  |  |  |  | 1,803,915 |
Automobile Components — 0.0% |  |  |  |  |  |  |  |  |
Clarios Global LP, 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.85%, 05/06/30 |  |  |  |  |  |  | 298 |  |  |  | 296,975 |
Automobiles — 0.0% |  |  |  |  |  |  |  |  |
Dealer Tire Financial LLC, Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.60%, 12/14/27 |  |  |  |  |  |  | 222 |  |  |  | 221,051 |
Beverages — 0.1% |  |  |  |  |  |  |  |  |
Naked Juice LLC |  |  |  |  |  |  |  |  |  |  |  |
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 01/24/30 |  |  |  |  |  |  | 213 |  |  |  | 167,739 |
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 01/24/29 |  |  |  |  |  |  | 536 |  |  |  | 497,288 |
|  |  |  |  |  |  |  |  |  |  | 665,027 |
Broadline Retail — 0.1% |  |  |  |  |  |  |  |  |
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 11/24/28 |  |  |  |  |  |  | 179 |  |  |  | 178,346 |
Midas Intermediate Holdco II LLC, 2022 PIK Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.85%, 1.50% PIK), 5.96%, 06/30/27(g) |  |  |  |  |  |  | 307 |  |  |  | 267,546 |
PUG LLC, USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27 |  |  |  |  |  |  | 459 |  |  |  | 406,688 |
Sally Holdings LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.60%, 02/28/30(c) |  |  |  |  |  |  | 73 |  |  |  | 72,726 |
|  |  |  |  |  |  |  |  |  |  | 925,306 |
Building Products — 0.1% |  |  |  |  |  |  |  |  |
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.41%, 05/13/29 |  |  |  |  |  |  | 28 |  |  |  | 27,729 |
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 11/23/27 |  |  |  |  |  |  | 197 |  |  |  | 184,892 |
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.70%, 04/28/29 |  |  |  |  |  |  | 88 |  |  |  | 87,854 |
Jeld-Wen, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.47%, 07/28/28 |  |  |  |  |  |  | 98 |  |  |  | 97,816 |
Wilsonart LLC, 2021 Term Loan E, (6-mo. LIBOR US at 1.00% Floor + 3.50%), 8.71%, 12/31/26 |  |  |  |  |  |  | 340 |  |  |  | 334,106 |
|  |  |  |  |  |  |  |  |  |  | 732,397 |
Capital Markets — 0.2% |  |  |  |  |  |  |  |  |
Advisor Group, Inc., 2021 Term Loan, (1-mo. LIBOR US + 4.50%), 9.69%, 07/31/26 |  |  |  |  |  |  | 368 |  |  |  | 368,316 |

S C H E D U L E O F I N V E S T M E N T S |  | 93

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Capital Markets (continued) |
Ascensus Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.69%, 08/02/29 |  |  | USD |  |  |  | 61 |  |  | $ | 54,728 |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 08/02/28 |  |  |  |  |  |  | 451 |  |  |  | 442,970 |
Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.24%, 12/20/29 |  |  |  |  |  |  | 132 |  |  |  | 132,082 |
Azalea Topco, Inc., Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 07/24/26 |  |  |  |  |  |  | 265 |  |  |  | 256,745 |
Castlelake Aviation Ltd., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 8.30%, 10/22/26 |  |  |  |  |  |  | 187 |  |  |  | 186,078 |
Castlelake Aviation One DAC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.00%, 10/22/27 |  |  |  |  |  |  | 81 |  |  |  | 80,125 |
Focus Financial Partners LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 06/30/28 |  |  |  |  |  |  | 183 |  |  |  | 180,716 |
2023 Term Loan B6, 06/30/28(m) |  |  |  |  |  |  | 97 |  |  |  | 96,297 |
ION Trading Finance Ltd., 2021 USD Term Loan, (3-mo. LIBOR US + 4.75%), 10.09%, 04/03/28 |  |  |  |  |  |  | 74 |  |  |  | 72,313 |
|  |  |  |  |  |  |  |  |  |  | 1,870,370 |
Chemicals — 0.2% |  |  |  |  |  |  |  |  |
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 09/30/28 |  |  |  |  |  |  | 215 |  |  |  | 200,316 |
Aruba Investments Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.20%, 11/24/27 |  |  |  |  |  |  | 74 |  |  |  | 71,163 |
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.99%, 08/27/26 |  |  |  |  |  |  | 257 |  |  |  | 251,409 |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.62%, 10/04/29 |  |  |  |  |  |  | 116 |  |  |  | 111,081 |
Element Solutions, Inc., 2019 Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.10%, 01/31/26 |  |  |  |  |  |  | 110 |  |  |  | 110,178 |
HB Fuller Co., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 02/15/30 |  |  |  |  |  |  | 37 |  |  |  | 37,006 |
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.70%, 02/18/30 |  |  |  |  |  |  | 72 |  |  |  | 71,524 |
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR + 3.93%), 9.27%, 07/03/28 |  |  |  |  |  |  | 18 |  |  |  | 14,944 |
LSF11 A5 Holdco LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 10/15/28 |  |  |  |  |  |  | 216 |  |  |  | 212,668 |
Messer Industries GmbH, 2018 USD Term Loan, (3-mo. CME Term SOFR + 2.50%), 8.00%, 03/02/26 |  |  |  |  |  |  | 161 |  |  |  | 160,116 |
Momentive Performance Materials USA LLC, 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.60%, 03/29/28 |  |  |  |  |  |  | 236 |  |  |  | 230,103 |
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.32%, 04/03/28 |  |  |  |  |  |  | 89 |  |  |  | 88,026 |
Olympus Water U.S. Holding Corp., 2023 Incremental Term Loan, 11/09/28(m) |  |  |  |  |  |  | 84 |  |  |  | 81,042 |
OQ Chemicals Corp., 2017 USD Term Loan B2, (1-mo. CME Term SOFR + 3.60%), 8.74%, 10/14/24 |  |  |  |  |  |  | 223 |  |  |  | 218,501 |
PQ Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.65%, 06/09/28 |  |  |  |  |  |  | 185 |  |  |  | 184,153 |

Security |  |  |  |  | Par (000) |  |  | Value |
Chemicals (continued) |
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 4.00%), 9.19%, 03/16/27 |  |  | USD |  |  |  | 75 |  |  | $ | 73,420 |
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.54%, 08/02/28 |  |  |  |  |  |  | 219 |  |  |  | 217,138 |
W.R. Grace Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.75%), 9.31%, 09/22/28 |  |  |  |  |  |  | 109 |  |  |  | 108,546 |
|  |  |  |  |  |  |  |  |  |  | 2,441,334 |
Commercial Services & Supplies — 0.3% |  |  |  |  |  |  |  |  |
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 05/12/28 |  |  |  |  |  |  | 381 |  |  |  | 370,034 |
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.15%, 02/15/29(c) |  |  |  |  |  |  | 53 |  |  |  | 52,124 |
Aramark Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.72%, 04/06/28 |  |  |  |  |  |  | 113 |  |  |  | 112,718 |
2023 Term Loan B6, 06/22/30(c)(m) |  |  |  |  |  |  | 88 |  |  |  | 87,888 |
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.95%, 09/07/27 |  |  |  |  |  |  | 297 |  |  |  | 295,971 |
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1-mo. LIBOR US + 2.00%), 7.19%, 10/08/28 |  |  |  |  |  |  | 112 |  |  |  | 111,686 |
Covanta Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 11/30/28 |  |  |  |  |  |  | 6 |  |  |  | 6,210 |
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 11/30/28 |  |  |  |  |  |  | 83 |  |  |  | 81,868 |
GFL Environmental, Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.15%, 05/28/27 |  |  |  |  |  |  | 80 |  |  |  | 79,798 |
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.20%, 10/29/28 |  |  |  |  |  |  | 146 |  |  |  | 144,578 |
PECF USS Intermediate Holding III Corp., Term Loan B, (3‑mo. LIBOR US at 0.50% Floor + 4.25%), 9.52%, 12/15/28 |  |  |  |  |  |  | 131 |  |  |  | 107,223 |
Prime Security Services Borrower LLC, 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 2.75%), 7.94%, 09/23/26 |  |  |  |  |  |  | 178 |  |  |  | 177,418 |
Tempo Acquisition LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.10%, 08/31/28 |  |  |  |  |  |  | 585 |  |  |  | 584,866 |
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.20%, 11/02/27 |  |  |  |  |  |  | 237 |  |  |  | 217,448 |
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR + 5.00%), 10.22%, 07/30/28 |  |  |  |  |  |  | 148 |  |  |  | 143,312 |
|  |  |  |  |  |  |  |  |  |  | 2,573,142 |
Communications Equipment — 0.0% |  |  |  |  |  |  |  |  |
Ciena Corp., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.59%, 01/18/30 |  |  |  |  |  |  | 27 |  |  |  | 26,933 |
ViaSat, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.60%, 03/02/29 |  |  |  |  |  |  | 115 |  |  |  | 110,946 |
|  |  |  |  |  |  |  |  |  |  | 137,879 |

94 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Construction & Engineering — 0.0% |
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.42%, 06/21/24 |  |  | USD |  |  |  | 152 |  |  | $ | 149,857 |
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 01/21/28 |  |  |  |  |  |  | 75 |  |  |  | 74,611 |
USIC Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.50%), 8.69%, 05/12/28 |  |  |  |  |  |  | 148 |  |  |  | 139,618 |
|  |  |  |  |  |  |  |  |  |  | 364,086 |
Construction Materials — 0.1% |  |  |  |  |  |  |  |  |
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1-mo. CME Term SOFR + 2.00%), 7.20%, 01/15/27 |  |  |  |  |  |  | 122 |  |  |  | 121,339 |
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.10%, 03/08/29 |  |  |  |  |  |  | 97 |  |  |  | 81,363 |
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 04/29/29 |  |  |  |  |  |  | 122 |  |  |  | 119,127 |
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.69%, 09/22/28 |  |  |  |  |  |  | 73 |  |  |  | 73,141 |
|  |  |  |  |  |  |  |  |  |  | 394,970 |
Consumer Staples Distribution & Retail — 0.0% |
U.S. Foods, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2019 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.22%, 09/13/26 |  |  |  |  |  |  | 43 |  |  |  | 42,832 |
2021 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 11/22/28 |  |  |  |  |  |  | 200 |  |  |  | 200,128 |
|  |  |  |  |  |  |  |  |  |  | 242,960 |
Containers & Packaging — 0.1% |  |  |  |  |  |  |  |  |
Charter Next Generation, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 12/01/27 |  |  |  |  |  |  | 402 |  |  |  | 398,742 |
Mauser Packaging Solutions Holding Co., Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.16%, 08/14/26 |  |  |  |  |  |  | 125 |  |  |  | 124,496 |
Pregis TopCo Corp., 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 07/31/26 |  |  |  |  |  |  | 75 |  |  |  | 73,855 |
|  |  |  |  |  |  |  |  |  |  | 597,093 |
Distributors — 0.0% |  |  |  |  |  |  |  |  |
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.02%, 10/28/27 |  |  |  |  |  |  | 163 |  |  |  | 150,608 |
Diversified Consumer Services — 0.2% |  |  |  |  |  |  |  |  |
Ascend Learning LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 10.95%, 12/10/29 |  |  |  |  |  |  | 100 |  |  |  | 84,583 |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/11/28 |  |  |  |  |  |  | 148 |  |  |  | 138,419 |
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.47%, 11/24/28 |  |  |  |  |  |  | 189 |  |  |  | 187,593 |
KUEHG Corp., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.24%, 06/12/30 |  |  |  |  |  |  | 167 |  |  |  | 165,121 |
Sotheby’s, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.50%), 9.76%, 01/15/27 |  |  |  |  |  |  | 368 |  |  |  | 358,554 |

Security |  |  |  |  | Par (000) |  |  | Value |
Diversified Consumer Services (continued) |
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3-mo. LIBOR US + 4.00%), 9.54%, 07/30/25 |  |  | USD |  |  |  | 76 |  |  | $ | 75,716 |
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 5.00%), 10.22%, 09/01/25 |  |  |  |  |  |  | 335 |  |  |  | 271,992 |
Wand NewCo 3, Inc., 2020 Term Loan, (1-mo. LIBOR US + 2.75%), 7.40%, 02/05/26 |  |  |  |  |  |  | 337 |  |  |  | 334,120 |
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.22%, 01/08/27 |  |  |  |  |  |  | 154 |  |  |  | 151,009 |
|  |  |  |  |  |  |  |  |  |  | 1,767,107 |
Diversified REITs — 0.0% |  |  |  |  |  |  |  |  |
RHP Hotel Properties, LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.85%, 05/18/30 |  |  |  |  |  |  | 135 |  |  |  | 134,466 |
Diversified Telecommunication Services — 0.3% |
Altice Financing SA, USD 2017 1st Lien Term Loan, (3-mo. LIBOR US + 2.75%), 8.01%, 01/31/26 |  |  |  |  |  |  | 249 |  |  |  | 244,377 |
Connect Finco SARL, 2021 Term Loan B, (1-mo. LIBOR US + 3.50%), 8.70%, 12/11/26 |  |  |  |  |  |  | 744 |  |  |  | 742,918 |
Iridium Satellite LLC, 2021 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 11/04/26 |  |  |  |  |  |  | 207 |  |  |  | 206,688 |
Level 3 Financing, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.97%, 03/01/27 |  |  |  |  |  |  | 215 |  |  |  | 199,817 |
Lumen Technologies, Inc., 2020 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.47%, 03/15/27 |  |  |  |  |  |  | 244 |  |  |  | 199,535 |
Orbcomm, Inc., Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 4.25%), 9.58%, 09/01/28 |  |  |  |  |  |  | 148 |  |  |  | 118,196 |
Radiate Holdco LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 09/25/26 |  |  |  |  |  |  | 352 |  |  |  | 292,667 |
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. LIBOR US + 3.25%), 8.44%, 01/31/29 |  |  |  |  |  |  | 225 |  |  |  | 223,794 |
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.22%, 03/09/27 |  |  |  |  |  |  | 584 |  |  |  | 457,485 |
|  |  |  |  |  |  |  |  |  |  | 2,685,477 |
Electrical Equipment — 0.0% |  |  |  |  |  |  |  |  |
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.25%, 06/23/28(c) |  |  |  |  |  |  | 221 |  |  |  | 214,564 |
Electronic Equipment, Instruments & Components — 0.0% |
Coherent Corp., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 07/02/29 |  |  |  |  |  |  | 114 |  |  |  | 114,152 |
Energy Equipment & Services — 0.0% |  |  |  |  |  |  |  |  |
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.54%, 10/05/28 |  |  |  |  |  |  | 365 |  |  |  | 363,678 |
Entertainment — 0.3% |  |  |  |  |  |  |  |  |
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. LIBOR US + 3.00%), 8.22%, 04/22/26 |  |  |  |  |  |  | 162 |  |  |  | 126,457 |
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 05/24/29 |  |  |  |  |  |  | 11 |  |  |  | 11,529 |
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.49%, 03/08/30 |  |  |  |  |  |  | 118 |  |  |  | 116,602 |

S C H E D U L E O F I N V E S T M E N T S |  | 95

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Entertainment (continued) |
City Football Group Ltd., Term Loan, (3-mo. LIBOR US at 0.50% Floor + 3.00%), 8.27%, 07/21/28 |  |  | USD |  |  |  | 223 |  |  | $ | 218,158 |
Creative Artists Agency LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.60%, 11/27/28 |  |  |  |  |  |  | 180 |  |  |  | 178,966 |
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.10%, 01/15/30 |  |  |  |  |  |  | 151 |  |  |  | 150,925 |
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.00%), 8.73%, 03/08/24 |  |  |  |  |  |  | 538 |  |  |  | 497,975 |
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.93%, 10/17/26 |  |  |  |  |  |  | 452 |  |  |  | 450,540 |
Playtika Holding Corp., 2021 Term Loan, (1-mo. LIBOR US + 2.75%), 7.94%, 03/13/28 |  |  |  |  |  |  | 230 |  |  |  | 229,072 |
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. LIBOR US + 2.50%), 7.77%, 01/23/25 |  |  |  |  |  |  | 152 |  |  |  | 151,138 |
UFC Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 2.75%), 8.05%, 04/29/26 |  |  |  |  |  |  | 146 |  |  |  | 145,836 |
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. LIBOR US + 2.75%), 7.95%, 05/18/25 |  |  |  |  |  |  | 470 |  |  |  | 468,643 |
WMG Acquisition Corp., 2021 Term Loan G, (1-mo. CME Term SOFR + 2.13%), 7.33%, 01/20/28 |  |  |  |  |  |  | 351 |  |  |  | 349,747 |
|  |  |  |  |  |  |  |  |  |  | 3,095,588 |
Financial Services — 0.3% |  |  |  |  |  |  |  |  |
ABG Intermediate Holdings 2 LLC, 2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/21/28 |  |  |  |  |  |  | 90 |  |  |  | 89,257 |
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.49%, 08/15/28 |  |  |  |  |  |  | 200 |  |  |  | 177,444 |
Belron Finance U.S. LLC, 2018 Term Loan B, (3-mo. LIBOR US + 2.25%), 7.63%, 11/13/25 |  |  |  |  |  |  | 370 |  |  |  | 370,030 |
Belron Luxembourg SARL, 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.83%, 04/18/29 |  |  |  |  |  |  | 54 |  |  |  | 53,967 |
Deerfield Dakota Holding LLC |  |  |  |  |  |  |  |  |  |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.99%, 04/09/27 |  |  |  |  |  |  | 753 |  |  |  | 729,824 |
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 04/07/28 |  |  |  |  |  |  | 190 |  |  |  | 175,988 |
LBM Acquisition LLC, Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.94%, 12/17/27 |  |  |  |  |  |  | 96 |  |  |  | 92,384 |
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.45%, 03/24/25 |  |  |  |  |  |  | 257 |  |  |  | 255,447 |
Sotera Health Holdings LLC, 2021 Term Loan, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 8.02%, 12/11/26 |  |  |  |  |  |  | 267 |  |  |  | 262,386 |
Travelport Finance SARL, 2023 Consented Term Loan, 05/29/26(c)(m) |  |  |  |  |  |  | 144 |  |  |  | 87,317 |
UPC Financing Partnership, 2021 USD Term Loan AX, (1-mo. LIBOR US + 2.93%), 8.12%, 01/31/29 |  |  |  |  |  |  | 45 |  |  |  | 44,076 |
WEX, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.47%, 03/31/28 |  |  |  |  |  |  | 123 |  |  |  | 122,899 |
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 10/19/27 |  |  |  |  |  |  | 193 |  |  |  | 190,925 |
|  |  |  |  |  |  |  |  |  |  | 2,651,944 |

Security |  |  |  |  | Par (000) |  |  | Value |
Food Products — 0.2% |
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 10/01/25 |  |  | USD |  |  |  | 162 |  |  | $ | 148,462 |
B&G Foods, Inc., 2019 Term Loan B4, (1-mo. LIBOR US + 2.50%), 7.65%, 10/10/26 |  |  |  |  |  |  | 92 |  |  |  | 89,756 |
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.72%, 10/25/27 |  |  |  |  |  |  | 588 |  |  |  | 584,010 |
Froneri International Ltd., 2020 USD Term Loan, (3-mo. CME Term SOFR + 2.25%), 7.45%, 01/29/27 |  |  |  |  |  |  | 563 |  |  |  | 559,487 |
H-Food Holdings LLC, 2018 Term Loan B, (6-mo. LIBOR US + 3.69%), 9.27%, 05/23/25 |  |  |  |  |  |  | 55 |  |  |  | 47,972 |
Hostess Brands LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.75%, 06/21/30 |  |  |  |  |  |  | 185 |  |  |  | 185,214 |
Nomad Foods U.S. LLC, 2022 Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.56%, 11/12/29 |  |  |  |  |  |  | 75 |  |  |  | 74,906 |
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.77%, 06/08/28 |  |  |  |  |  |  | 261 |  |  |  | 257,748 |
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor), 5.24%, 03/31/28 |  |  |  |  |  |  | 273 |  |  |  | 262,985 |
UTZ Quality Foods LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 01/20/28 |  |  |  |  |  |  | 259 |  |  |  | 258,742 |
|  |  |  |  |  |  |  |  |  |  | 2,469,282 |
Ground Transportation — 0.1% |  |  |  |  |  |  |  |  |
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 4.75%), 9.93%, 04/06/28 |  |  |  |  |  |  | 98 |  |  |  | 95,197 |
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.97%, 08/06/27 |  |  |  |  |  |  | 71 |  |  |  | 69,763 |
Genesee & Wyoming, Inc., Term Loan, (3-mo. CME Term SOFR + 2.00%), 7.34%, 12/30/26 |  |  |  |  |  |  | 186 |  |  |  | 185,312 |
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 5.50%), 10.76%, 08/04/25 |  |  |  |  |  |  | 78 |  |  |  | 69,967 |
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.01%, 03/03/30 |  |  |  |  |  |  | 198 |  |  |  | 198,344 |
|  |  |  |  |  |  |  |  |  |  | 618,583 |
Health Care Equipment & Supplies — 0.1% |  |  |  |  |  |  |  |  |
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/03/28 |  |  |  |  |  |  | 371 |  |  |  | 362,711 |
Femur Buyer, Inc., 1st Lien Term Loan, (3-mo. LIBOR US + 4.50%), 10.00%, 03/05/26 |  |  |  |  |  |  | 107 |  |  |  | 97,647 |
Insulet Corp., Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.47%, 05/04/28 |  |  |  |  |  |  | 110 |  |  |  | 110,174 |
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.47%, 10/23/28 |  |  |  |  |  |  | 759 |  |  |  | 749,440 |
|  |  |  |  |  |  |  |  |  |  | 1,319,972 |
Health Care Providers & Services — 0.1% |  |  |  |  |  |  |  |  |
CHG Healthcare Services, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.44%, 09/29/28 |  |  |  |  |  |  | 184 |  |  |  | 183,129 |
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.46%, 11/08/27 |  |  |  |  |  |  | 197 |  |  |  | 196,091 |

96 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Health Care Providers & Services (continued) |
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.22%, 11/01/28 |  |  | USD |  |  |  | 297 |  |  | $ | 295,626 |
Envision Healthcare Corp. |  |  |  |  |  |  |  |  |  |  |  |
2022 First Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.88%), 13.27%, 03/31/27 |  |  |  |  |  |  | — | (n) |  |  | 86 |
2022 Second Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 4.25%), 9.49%, 03/31/27 |  |  |  |  |  |  | 159 |  |  |  | 11,681 |
EyeCare Partners LLC, 2020 Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.25%, 02/18/27 |  |  |  |  |  |  | 198 |  |  |  | 145,047 |
MED ParentCo LP, 1st Lien Term Loan, (1-mo. LIBOR US + 4.25%), 9.47%, 08/31/26 |  |  |  |  |  |  | 182 |  |  |  | 168,828 |
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.94%, 10/27/28 |  |  |  |  |  |  | 109 |  |  |  | 108,416 |
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 11/01/28 |  |  |  |  |  |  | 152 |  |  |  | 142,729 |
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.90%, 08/31/26 |  |  |  |  |  |  | 68 |  |  |  | 67,479 |
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.44%, 05/16/29 |  |  |  |  |  |  | 32 |  |  |  | 31,632 |
|  |  |  |  |  |  |  |  |  |  | 1,350,744 |
Health Care Technology — 0.1% |  |  |  |  |  |  |  |  |
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 02/15/29 |  |  |  |  |  |  | 399 |  |  |  | 384,019 |
Polaris Newco LLC, USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 06/02/28 |  |  |  |  |  |  | 529 |  |  |  | 485,545 |
Verscend Holding Corp., 2021 Term Loan B, (1-mo. LIBOR US + 4.00%), 9.22%, 08/27/25 |  |  |  |  |  |  | 331 |  |  |  | 330,423 |
|  |  |  |  |  |  |  |  |  |  | 1,199,987 |
Hotels, Restaurants & Leisure — 0.4% |  |  |  |  |  |  |  |  |
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. LIBOR US + 3.75%), 8.94%, 02/02/26 |  |  |  |  |  |  | 211 |  |  |  | 204,359 |
Alterra Mountain Co., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.95%, 05/31/30(c) |  |  |  |  |  |  | 19 |  |  |  | 18,953 |
Bally’s Corp., 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.40%, 10/02/28 |  |  |  |  |  |  | 74 |  |  |  | 72,103 |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., Term Loan B4, (1-mo. LIBOR US + 1.75%), 6.94%, 11/19/26 |  |  |  |  |  |  | 337 |  |  |  | 334,478 |
Caesars Entertainment, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 02/06/30 |  |  |  |  |  |  | 140 |  |  |  | 139,523 |
Carnival Corp., USD Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.22%, 06/30/25 |  |  |  |  |  |  | 255 |  |  |  | 254,212 |
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.20%, 03/17/28 |  |  |  |  |  |  | 184 |  |  |  | 181,858 |
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 01/27/29 |  |  |  |  |  |  | 591 |  |  |  | 582,488 |

Security |  |  |  |  | Par (000) |  |  | Value |
Hotels, Restaurants & Leisure (continued) |
Flutter Financing BV, 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.75%, 07/22/28 |  |  | USD |  |  |  | 154 |  |  | $ | 153,942 |
Four Seasons Hotels Ltd., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/30/29 |  |  |  |  |  |  | 302 |  |  |  | 302,591 |
Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1-mo. CME Term SOFR + 1.75%), 6.94%, 06/22/26 |  |  |  |  |  |  | 261 |  |  |  | 260,914 |
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 12/15/27 |  |  |  |  |  |  | 543 |  |  |  | 538,842 |
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.44%, 03/09/28 |  |  |  |  |  |  | 126 |  |  |  | 86,983 |
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.95%, 05/03/29 |  |  |  |  |  |  | 152 |  |  |  | 151,479 |
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.34%, 01/05/29 |  |  |  |  |  |  | 57 |  |  |  | 56,508 |
Scientific Games International, Inc., 2022 USD Term Loan, (1‑mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.25%, 04/14/29 |  |  |  |  |  |  | 87 |  |  |  | 86,888 |
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1‑mo. LIBOR US at 0.50% Floor + 3.00%), 8.25%, 08/25/28 |  |  |  |  |  |  | 69 |  |  |  | 69,363 |
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3-mo. CME Term SOFR + 2.25%), 7.75%, 07/21/26 |  |  |  |  |  |  | 148 |  |  |  | 148,167 |
Station Casinos LLC, 2020 Term Loan B, (1-mo. LIBOR US at 0.25% Floor + 2.25%), 7.45%, 02/08/27 |  |  |  |  |  |  | 298 |  |  |  | 296,582 |
Whatabrands LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.47%, 08/03/28 |  |  |  |  |  |  | 309 |  |  |  | 306,458 |
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.45%, 05/24/30 |  |  |  |  |  |  | 19 |  |  |  | 18,941 |
|  |  |  |  |  |  |  |  |  |  | 4,265,632 |
Household Durables — 0.1% |  |  |  |  |  |  |  |  |
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.75%, 05/17/28 |  |  |  |  |  |  | 171 |  |  |  | 143,026 |
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.67%, 02/26/29 |  |  |  |  |  |  | 329 |  |  |  | 311,135 |
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 10/06/28 |  |  |  |  |  |  | 110 |  |  |  | 88,543 |
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 10/30/27 |  |  |  |  |  |  | 350 |  |  |  | 306,762 |
|  |  |  |  |  |  |  |  |  |  | 849,466 |
Household Products — 0.0% |  |  |  |  |  |  |  |  |
Diamond BC BV, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.06%, 09/29/28 |  |  |  |  |  |  | 338 |  |  |  | 337,279 |

S C H E D U L E O F I N V E S T M E N T S |  | 97

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Independent Power and Renewable Electricity Producers — 0.0% |
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 8.03%, 12/15/27 |  |  | USD |  |  |  | 233 |  |  | $ | 231,455 |
Insurance — 0.2% |  |  |  |  |  |  |  |  |
Alliant Holdings Intermediate LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B4, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.65%, 11/06/27 |  |  |  |  |  |  | 118 |  |  |  | 117,393 |
2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.65%, 11/05/27 |  |  |  |  |  |  | 524 |  |  |  | 519,949 |
AmWINS Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 2.25%), 7.44%, 02/19/28 |  |  |  |  |  |  | 173 |  |  |  | 171,581 |
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.83%, 02/19/28 |  |  |  |  |  |  | 55 |  |  |  | 54,531 |
AssuredPartners, Inc., 2020 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27 |  |  |  |  |  |  | 260 |  |  |  | 257,575 |
HUB International Ltd. |  |  |  |  |  |  |  |  |  |  |  |
2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.07%, 11/10/29 |  |  |  |  |  |  | 74 |  |  |  | 74,510 |
2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.34%, 06/20/30 |  |  |  |  |  |  | 466 |  |  |  | 466,516 |
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 09/01/27 |  |  |  |  |  |  | 161 |  |  |  | 160,363 |
USI, Inc., 2022 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.99%, 11/22/29 |  |  |  |  |  |  | 325 |  |  |  | 324,644 |
|  |  |  |  |  |  |  |  |  |  | 2,147,062 |
Interactive Media & Services — 0.1% |
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.39%, 02/16/28 |  |  |  |  |  |  | 50 |  |  |  | 49,304 |
Adevinta ASA, USD Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 2.75%), 8.29%, 06/26/28 |  |  |  |  |  |  | 139 |  |  |  | 138,707 |
Camelot Finance SA, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 10/30/26 |  |  |  |  |  |  | 250 |  |  |  | 249,282 |
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.22%, 10/30/26 |  |  |  |  |  |  | 281 |  |  |  | 280,940 |
GoodRx, Inc., 1st Lien Term Loan, (1-mo. LIBOR US + 2.75%), 7.94%, 10/10/25 |  |  |  |  |  |  | 76 |  |  |  | 75,827 |
Grab Holdings, Inc., Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 4.50%), 9.70%, 01/29/26 |  |  |  |  |  |  | 120 |  |  |  | 119,711 |
|  |  |  |  |  |  |  |  |  |  | 913,771 |
IT Services — 0.2% |  |  |  |  |  |  |  |  |
Asurion LLC |  |  |  |  |  |  |  |  |  |  |  |
2020 Term Loan B8, (3-mo. LIBOR US + 3.25%), 8.79%, 12/23/26 |  |  |  |  |  |  | 283 |  |  |  | 272,183 |
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.25%), 10.51%, 01/31/28 |  |  |  |  |  |  | 255 |  |  |  | 216,273 |
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.25%), 9.45%, 08/19/28 |  |  |  |  |  |  | 23 |  |  |  | 21,781 |
Epicor Software Corp., 2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 07/30/27 |  |  |  |  |  |  | 111 |  |  |  | 109,407 |

Security |  |  |  |  | Par (000) |  |  | Value |
IT Services (continued) |
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.34%, 10/01/27 |  |  | USD |  |  |  | 366 |  |  | $ | 360,321 |
Go Daddy Operating Co. LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B4, (1-mo. LIBOR US + 2.00%), 7.19%, 08/10/27 |  |  |  |  |  |  | 124 |  |  |  | 123,842 |
2022 Term Loan B5, (1-mo. CME Term SOFR + 3.00%), 8.10%, 11/09/29 |  |  |  |  |  |  | 161 |  |  |  | 161,407 |
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 02/17/28 |  |  |  |  |  |  | 382 |  |  |  | 379,052 |
|  |  |  |  |  |  |  |  |  |  | 1,644,266 |
Leisure Products — 0.0% |  |  |  |  |  |  |  |  |
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.19%, 12/01/28(c) |  |  |  |  |  |  | 99 |  |  |  | 94,131 |
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27 |  |  |  |  |  |  | 40 |  |  |  | 40,387 |
Topgolf Callaway Brands Corp., Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.70%, 03/15/30 |  |  |  |  |  |  | 130 |  |  |  | 129,459 |
|  |  |  |  |  |  |  |  |  |  | 263,977 |
Life Sciences Tools & Services — 0.2% |
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.45%, 11/08/27 |  |  |  |  |  |  | 229 |  |  |  | 228,417 |
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 02/22/28 |  |  |  |  |  |  | 188 |  |  |  | 183,217 |
Curia Global, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.90%, 08/30/26 |  |  |  |  |  |  | 23 |  |  |  | 19,784 |
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.72%, 02/04/27 |  |  |  |  |  |  | 156 |  |  |  | 149,493 |
Fortrea Holdings, Inc., Term Loan B, 06/12/30(m) |  |  |  |  |  |  | 51 |  |  |  | 50,975 |
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28 |  |  |  |  |  |  | 229 |  |  |  | 229,375 |
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.03%, 10/19/27 |  |  |  |  |  |  | 239 |  |  |  | 238,344 |
Parexel International Corp., 2021 1st Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.35%, 11/15/28 |  |  |  |  |  |  | 368 |  |  |  | 364,892 |
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28 |  |  |  |  |  |  | 57 |  |  |  | 57,149 |
|  |  |  |  |  |  |  |  |  |  | 1,521,646 |
Machinery — 0.3% |  |  |  |  |  |  |  |  |
Albion Financing 3 SARL, USD Term Loan, (3-mo. LIBOR US at 0.50% Floor + 5.25%), 10.52%, 08/17/26(c) |  |  |  |  |  |  | 222 |  |  |  | 219,963 |
Clark Equipment Co., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 04/20/29 |  |  |  |  |  |  | 42 |  |  |  | 41,449 |
Columbus McKinnon Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.23%, 05/14/28 |  |  |  |  |  |  | 66 |  |  |  | 66,176 |

98 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Machinery (continued) |
Filtration Group Corp., 2023 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.33%, 10/21/28 |  |  | USD |  |  |  | 297 |  |  | $ | 296,681 |
Gardner Denver, Inc., 2020 USD Term Loan B2, (1-mo. CME Term SOFR + 1.75%), 6.95%, 03/01/27 |  |  |  |  |  |  | 142 |  |  |  | 141,761 |
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 03/31/27 |  |  |  |  |  |  | 300 |  |  |  | 298,376 |
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1-mo. CME Term SOFR + 1.75%), 6.95%, 03/01/27 |  |  |  |  |  |  | 157 |  |  |  | 156,815 |
Madison IAQ LLC, Term Loan, (6-mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28 |  |  |  |  |  |  | 452 |  |  |  | 441,778 |
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.74%, 11/22/29 |  |  |  |  |  |  | 259 |  |  |  | 258,053 |
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.70%, 04/05/29 |  |  |  |  |  |  | 230 |  |  |  | 226,574 |
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.73%, 03/28/25 |  |  |  |  |  |  | 446 |  |  |  | 434,799 |
Vertical U.S. Newco, Inc., Term Loan B, (6-mo. LIBOR US at 0.50% Floor + 3.50%), 8.60%, 07/30/27 |  |  |  |  |  |  | 327 |  |  |  | 324,629 |
Vertiv Group Corp., 2021 Term Loan B, (1-mo. LIBOR US + 2.75%), 7.94%, 03/02/27 |  |  |  |  |  |  | 302 |  |  |  | 300,460 |
Zurn LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 10/04/28 |  |  |  |  |  |  | 109 |  |  |  | 108,622 |
|  |  |  |  |  |  |  |  |  |  | 3,316,136 |
Media — 0.2% |
AVSC Holding Corp., 2020 Term Loan B1, (1‑mo. LIBOR US at 1.00% Floor + 3.25%, 0.25% PIK), 8.68%, 03/03/25(g) |  |  |  |  |  |  | 184 |  |  |  | 179,200 |
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (3-mo. CME Term SOFR + 1.75%), 6.80%, 04/30/25 |  |  |  |  |  |  | 123 |  |  |  | 122,907 |
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. LIBOR US + 3.50%), 8.81%, 08/21/26 |  |  |  |  |  |  | 390 |  |  |  | 371,914 |
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.72%, 09/01/28 |  |  |  |  |  |  | 166 |  |  |  | 164,302 |
CSC Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
2017 Term Loan B1, (1-mo. LIBOR US + 2.25%), 7.44%, 07/17/25 |  |  |  |  |  |  | 115 |  |  |  | 110,315 |
2019 Term Loan B5, (1-mo. LIBOR US + 2.50%), 7.69%, 04/15/27 |  |  |  |  |  |  | 315 |  |  |  | 274,335 |
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.22%, 08/02/27 |  |  |  |  |  |  | 336 |  |  |  | 328,737 |
Learfield Communications LLC, 2016 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.25%), 8.77%, 12/01/23 |  |  |  |  |  |  | 91 |  |  |  | 70,477 |
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.75%), 8.95%, 04/21/29(c) |  |  |  |  |  |  | 199 |  |  |  | 149,740 |

Security |  |  |  |  | Par (000) |  |  | Value |
Media (continued) |
Voyage Digital Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.36%, 05/11/29(c) |  |  | USD |  |  |  | 106 |  |  | $ | 105,400 |
Ziggo Financing Partnership, USD Term Loan I, (1-mo. LIBOR US + 2.50%), 7.69%, 04/30/28 |  |  |  |  |  |  | 126 |  |  |  | 123,930 |
|  |  |  |  |  |  |  |  |  |  | 2,001,257 |
Oil, Gas & Consumable Fuels — 0.1% |
Freeport LNG Investments LLLP, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 12/21/28 |  |  |  |  |  |  | 441 |  |  |  | 431,228 |
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.68%, 09/19/29 |  |  |  |  |  |  | 26 |  |  |  | 25,563 |
Medallion Midland Acquisition LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.25%, 10/18/28 |  |  |  |  |  |  | 221 |  |  |  | 219,147 |
|  |  |  |  |  |  |  |  |  |  | 675,938 |
Passenger Airlines — 0.2% |
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28 |  |  |  |  |  |  | 436 |  |  |  | 444,558 |
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.84%, 08/11/28 |  |  |  |  |  |  | 370 |  |  |  | 369,731 |
American Airlines, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2017 1st Lien Term Loan, (6-mo. LIBOR US + 3.50%), 7.00%, 01/29/27 |  |  |  |  |  |  | 302 |  |  |  | 294,041 |
2023 Term Loan B, (6-mo. CME Term SOFR + 2.75%), 8.15%, 02/15/28 |  |  |  |  |  |  | 280 |  |  |  | 274,593 |
Kestrel Bidco, Inc., Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.25%, 12/11/26 |  |  |  |  |  |  | 108 |  |  |  | 103,960 |
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.76%, 06/21/27 |  |  |  |  |  |  | 299 |  |  |  | 310,464 |
United Airlines, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.29%, 04/21/28 |  |  |  |  |  |  | 351 |  |  |  | 350,501 |
|  |  |  |  |  |  |  |  |  |  | 2,147,848 |
Personal Care Products — 0.1% |
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.09%, 10/01/26 |  |  |  |  |  |  | 771 |  |  |  | 766,322 |
Pharmaceuticals — 0.1% |
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 05/04/25 |  |  |  |  |  |  | 124 |  |  |  | 119,276 |
Amynta Agency Borrower, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 5.00%), 10.20%, 02/28/28 |  |  |  |  |  |  | 99 |  |  |  | 96,092 |
Bausch Health Cos., Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.43%, 02/01/27 |  |  |  |  |  |  | 143 |  |  |  | 107,479 |
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.01%, 08/01/27 |  |  |  |  |  |  | 298 |  |  |  | 292,019 |
Jazz Financing Lux SARL, USD Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.69%, 05/05/28 |  |  |  |  |  |  | 265 |  |  |  | 264,984 |

S C H E D U L E O F I N V E S T M E N T S |  | 99

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Pharmaceuticals (continued) |
Organon & Co., USD Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.00%), 8.25%, 06/02/28 |  |  | USD |  |  |  | 197 |  |  | $ | 196,588 |
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.34%, 11/18/27(c) |  |  |  |  |  |  | 153 |  |  |  | 146,443 |
|  |  |  |  |  |  |  |  |  |  | 1,222,881 |
Professional Services — 0.3% |
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.72%, 02/04/28 |  |  |  |  |  |  | 185 |  |  |  | 184,603 |
CoreLogic, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.75%, 06/04/29 |  |  |  |  |  |  | 100 |  |  |  | 80,250 |
Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 06/02/28 |  |  |  |  |  |  | 476 |  |  |  | 429,453 |
Dun & Bradstreet Corp. |  |  |  |  |  |  |  |  |  |  |  |
2022 Incremental Term Loan B2, (1-mo. CME Term SOFR + 3.25%), 8.33%, 01/18/29 |  |  |  |  |  |  | 75 |  |  |  | 74,156 |
Term Loan, (1-mo. CME Term SOFR + 3.25%), 8.43%, 02/06/26 |  |  |  |  |  |  | 480 |  |  |  | 480,027 |
Element Materials Technology Group U.S. Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2022 USD Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/06/29 |  |  |  |  |  |  | 76 |  |  |  | 74,623 |
2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/06/29 |  |  |  |  |  |  | 165 |  |  |  | 161,682 |
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.95%, 04/28/28 |  |  |  |  |  |  | 224 |  |  |  | 221,625 |
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.85%, 04/29/29(c) |  |  |  |  |  |  | 268 |  |  |  | 251,227 |
Trans Union LLC |  |  |  |  |  |  |  |  |  |  |  |
2019 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.95%, 11/16/26 |  |  |  |  |  |  | 111 |  |  |  | 110,952 |
2021 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.47%, 12/01/28 |  |  |  |  |  |  | 385 |  |  |  | 383,307 |
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.52%, 02/28/27 |  |  |  |  |  |  | 259 |  |  |  | 254,992 |
|  |  |  |  |  |  |  |  |  |  | 2,706,897 |
Real Estate Management & Development — 0.0% |
Cushman & Wakefield U.S. Borrower LLC |  |  |  |  |  |  |  |  |  |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 08/21/25 |  |  |  |  |  |  | 95 |  |  |  | 94,002 |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 01/31/30(c) |  |  |  |  |  |  | 238 |  |  |  | 230,156 |
|  |  |  |  |  |  |  |  |  |  | 324,158 |
Semiconductors & Semiconductor Equipment — 0.0% |
MKS Instruments, Inc., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.94%, 08/17/29 |  |  |  |  |  |  | 179 |  |  |  | 178,812 |
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.74%, 12/02/28 |  |  |  |  |  |  | 110 |  |  |  | 108,716 |
|  |  |  |  |  |  |  |  |  |  | 287,528 |

Security |  |  |  |  | Par (000) |  |  | Value |
Software — 0.6% |
Applied Systems, Inc., 2022 Extended 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.74%, 09/18/26 |  |  | USD |  |  |  | 74 |  |  | $ | 74,345 |
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.55%, 08/15/29 |  |  |  |  |  |  | 83 |  |  |  | 79,550 |
Boxer Parent Co., Inc., 2021 USD Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 10/02/25 |  |  |  |  |  |  | 222 |  |  |  | 220,069 |
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.33%, 09/21/28 |  |  |  |  |  |  | 185 |  |  |  | 184,486 |
Central Parent, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.49%, 07/06/29 |  |  |  |  |  |  | 297 |  |  |  | 295,484 |
Cloud Software Group, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/30/29 |  |  |  |  |  |  | 667 |  |  |  | 623,117 |
Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.08%, 10/08/29(c) |  |  |  |  |  |  | 113 |  |  |  | 101,700 |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 10/08/28 |  |  |  |  |  |  | 89 |  |  |  | 86,960 |
Cornerstone OnDemand, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.25%, 10/16/28 |  |  |  |  |  |  | 185 |  |  |  | 171,852 |
Delta TopCo, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2020 2nd Lien Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.57%, 12/01/28 |  |  |  |  |  |  | 45 |  |  |  | 40,913 |
2020 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.07%, 12/01/27 |  |  |  |  |  |  | — | (n) |  |  | 2 |
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.19%, 12/01/27 |  |  |  |  |  |  | 383 |  |  |  | 381,136 |
Informatica LLC, 2021 USD Term Loan B, (1-mo. LIBOR US + 2.75%), 8.00%, 10/27/28 |  |  |  |  |  |  | 422 |  |  |  | 420,407 |
Instructure Holdings, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 7.85%, 10/30/28 |  |  |  |  |  |  | 99 |  |  |  | 98,689 |
Magenta Buyer LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 USD 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.03%, 07/27/28 |  |  |  |  |  |  | 250 |  |  |  | 187,733 |
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.25%), 13.53%, 07/27/29 |  |  |  |  |  |  | 193 |  |  |  | 124,762 |
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.01%, 03/01/29 |  |  |  |  |  |  | 372 |  |  |  | 355,333 |
MH Sub I LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.35%, 02/23/29 |  |  |  |  |  |  | 247 |  |  |  | 213,832 |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.35%, 05/03/28 |  |  |  |  |  |  | 812 |  |  |  | 778,235 |
NortonLifeLock, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.20%, 09/12/29 |  |  |  |  |  |  | 185 |  |  |  | 183,480 |
Proofpoint, Inc., 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.47%, 08/31/28 |  |  |  |  |  |  | 445 |  |  |  | 435,202 |

100 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Software (continued) |
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.22%, 04/24/28 |  |  | USD |  |  |  | 809 |  |  | $ | 790,518 |
Severin Acquisition LLC, 2018 Term Loan B, (3‑mo. CME Term SOFR + 3.00%), 8.05%, 08/01/25 |  |  |  |  |  |  | 148 |  |  |  | 147,884 |
Sophia LP, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 9.04%, 10/07/27 |  |  |  |  |  |  | 290 |  |  |  | 286,303 |
UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.27%, 05/03/27 |  |  |  |  |  |  | 112 |  |  |  | 108,744 |
Ultimate Software Group, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.27%, 05/04/26 |  |  |  |  |  |  | 280 |  |  |  | 274,730 |
|  |  |  |  |  |  |  |  |  |  | 6,665,466 |
Specialty Retail — 0.1% |
EG Group Ltd., 2021 Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.41%, 03/31/26 |  |  |  |  |  |  | 320 |  |  |  | 317,947 |
Mavis Tire Express Services Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 05/04/28 |  |  |  |  |  |  | 312 |  |  |  | 308,632 |
PetSmart, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/11/28 |  |  |  |  |  |  | 398 |  |  |  | 396,383 |
Pilot Travel Centers LLC, 2021 Term Loan B, (1‑mo. CME Term SOFR + 2.00%), 7.20%, 08/04/28 |  |  |  |  |  |  | 177 |  |  |  | 176,742 |
Restoration Hardware, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 10/20/28 |  |  |  |  |  |  | 89 |  |  |  | 86,087 |
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.69%, 10/20/28 |  |  |  |  |  |  | 91 |  |  |  | 87,711 |
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 02/08/28 |  |  |  |  |  |  | 22 |  |  |  | 20,312 |
|  |  |  |  |  |  |  |  |  |  | 1,393,814 |
Technology Hardware, Storage & Peripherals — 0.0% |
Electronics for Imaging, Inc., Term Loan, (1-mo. LIBOR US + 5.00%), 10.21%, 07/23/26 |  |  |  |  |  |  | 66 |  |  |  | 44,725 |
Textiles, Apparel & Luxury Goods — 0.0% |  |  |  |  |  |  |  |  |
Crocs, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 02/20/29 |  |  |  |  |  |  | 113 |  |  |  | 113,447 |
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 03/08/30(c) |  |  |  |  |  |  | 58 |  |  |  | 57,999 |
|  |  |  |  |  |  |  |  |  |  | 171,446 |
Trading Companies & Distributors — 0.1% |
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1-mo. LIBOR US + 2.25%), 7.44%, 05/19/28 |  |  |  |  |  |  | 185 |  |  |  | 184,472 |
Core & Main LP, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.61%, 07/27/28 |  |  |  |  |  |  | 556 |  |  |  | 552,150 |
SRS Distribution, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.69%, 06/02/28 |  |  |  |  |  |  | 448 |  |  |  | 433,979 |

Security |  |  |  |  | Par (000) |  |  | Value |
Trading Companies & Distributors (continued) |
SRS Distribution, Inc. (continued) |  |  |  |  |  |  |  |  |  |  |  |
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.70%, 06/02/28 |  |  | USD |  |  |  | 67 |  |  | $ | 65,500 |
TMK Hawk Parent Corp., 2020 Super Priority Second Out Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 3.50%), 9.00%, 08/28/24(c) |  |  |  |  |  |  | 120 |  |  |  | 72,887 |
|  |  |  |  |  |  |  |  |  |  | 1,308,988 |
Transportation Infrastructure — 0.0% |
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 09/22/28 |  |  |  |  |  |  | 94 |  |  |  | 93,179 |
KKR Apple Bidco LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.97%, 09/23/28 |  |  |  |  |  |  | 39 |  |  |  | 39,020 |
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 11.43%, 12/15/26 . |  |  |  |  |  |  | 122 |  |  |  | 114,146 |
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.49%, 03/17/30 |  |  |  |  |  |  | 39 |  |  |  | 36,471 |
|  |  |  |  |  |  |  |  |  |  | 282,816 |
Wireless Telecommunication Services — 0.0% |
Digicel International Finance Ltd., 2017 Term Loan B, (1-mo. LIBOR US + 3.25%), 8.98%, 05/28/24 |  |  |  |  |  |  | 101 |  |  |  | 92,612 |
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 04/30/28 |  |  |  |  |  |  | 64 |  |  |  | 63,314 |
SBA Senior Finance II LLC, 2018 Term Loan B, (1-mo. LIBOR US + 1.75%), 6.95%, 04/11/25 |  |  |  |  |  |  | 186 |  |  |  | 185,978 |
|  |  |  |  |  |  |  |  |  |  | 341,904 |
Total Floating Rate Loan Interests — 6.4% (Cost: $68,896,288) |  |  |  |  |  |  |  |  |  |  | 67,235,335 |
Foreign Agency Obligations |  |  |  |  |  |  |  |  |  |  |  |
Brazil — 0.5% |  |  |  |  |  |  |  |  |
Brazilian Government International Bond, 5.00%, 01/27/45(d) |  |  |  |  |  |  | 6,525 |  |  |  | 5,085,585 |
China — 0.0% |  |  |  |  |  |  |  |  |
China Development Bank/Hong Kong, 2.00%, 02/16/27(e) |  |  |  |  |  |  | 200 |  |  |  | 183,092 |
Export-Import Bank of China, 3.38%, 03/14/27(e) |  |  |  |  |  |  | 200 |  |  |  | 191,514 |
|  |  |  |  |  |  |  |  |  |  | 374,606 |
Colombia — 0.3% |
Colombia Government International Bond, 5.63%, 02/26/44(d) |  |  |  |  |  |  | 4,000 |  |  |  | 2,975,640 |
Hong Kong — 0.0% |  |  |  |  |  |  |  |  |
Airport Authority, 3.25%, 01/12/52(d) |  |  |  |  |  |  | 200 |  |  |  | 153,452 |
India — 0.0% |  |  |  |  |  |  |  |  |
Export-Import Bank of India, 3.88%, 02/01/28(e) |  |  |  |  |  |  | 200 |  |  |  | 188,068 |
Indonesia — 0.6% |  |  |  |  |  |  |  |  |
Indonesia Government International Bond |  |  |  |  |  |  |  |  |  |  |  |
5.88%, 01/15/24(b)(d) |  |  |  |  |  |  | 4,400 |  |  |  | 4,411,704 |
4.65%, 09/20/32 |  |  |  |  |  |  | 250 |  |  |  | 244,978 |
4.85%, 01/11/33 |  |  |  |  |  |  | 200 |  |  |  | 199,438 |
5.25%, 01/17/42(e) |  |  |  |  |  |  | 200 |  |  |  | 199,970 |
4.75%, 07/18/47(e) |  |  |  |  |  |  | 200 |  |  |  | 188,490 |
3.70%, 10/30/49 |  |  |  |  |  |  | 200 |  |  |  | 158,058 |

S C H E D U L E O F I N V E S T M E N T S |  | 101

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Indonesia (continued) |
Indonesia Government International Bond (continued) |
3.50%, 02/14/50 |  |  | USD |  |  |  | 200 |  |  | $ | 152,362 |
Perusahaan Penerbit SBSN Indonesia III(e) |  |  |  |  |  |  |  |  |  |  |  |
1.50%, 06/09/26 |  |  |  |  |  |  | 200 |  |  |  | 181,396 |
4.40%, 06/06/27 |  |  |  |  |  |  | 200 |  |  |  | 196,828 |
|  |  |  |  |  |  |  |  |  |  | 5,933,224 |
Mexico — 0.5% |
Mexico Government International Bond, 4.75%, 03/08/44(d) |  |  |  |  |  |  | 5,800 |  |  |  | 4,971,876 |
Pakistan — 0.0% |  |  |  |  |  |  |  |  |
Pakistan Government International Bond(e) |  |  |  |  |  |  |  |  |  |  |  |
6.00%, 04/08/26 |  |  |  |  |  |  | 450 |  |  |  | 216,468 |
7.38%, 04/08/31 |  |  |  |  |  |  | 200 |  |  |  | 90,660 |
|  |  |  |  |  |  |  |  |  |  | 307,128 |
Philippines — 0.0% |
Philippines Government International Bond |  |  |  |  |  |  |  |  |  |  |  |
3.70%, 03/01/41 |  |  |  |  |  |  | 300 |  |  |  | 247,560 |
2.65%, 12/10/45 |  |  |  |  |  |  | 200 |  |  |  | 134,144 |
|  |  |  |  |  |  |  |  |  |  | 381,704 |
Qatar — 0.0% |
Qatar Government International Bond, 5.10%, 04/23/48(e) |  |  |  |  |  |  | 200 |  |  |  | 198,922 |
Saudi Arabia — 0.1% |  |  |  |  |  |  |  |  |
Saudi Government International Bond(e) |  |  |  |  |  |  |  |  |  |  |  |
4.00%, 04/17/25 |  |  |  |  |  |  | 200 |  |  |  | 195,412 |
4.75%, 01/18/28 |  |  |  |  |  |  | 250 |  |  |  | 247,450 |
4.50%, 10/26/46 |  |  |  |  |  |  | 200 |  |  |  | 174,820 |
|  |  |  |  |  |  |  |  |  |  | 617,682 |
South Korea — 0.2% |
Export-Import Bank of Korea |  |  |  |  |  |  |  |  |  |  |  |
0.63%, 06/29/24 |  |  |  |  |  |  | 250 |  |  |  | 237,815 |
1.63%, 01/18/27 |  |  |  |  |  |  | 200 |  |  |  | 179,144 |
Korea Development Bank |  |  |  |  |  |  |  |  |  |  |  |
3.75%, 01/22/24 |  |  |  |  |  |  | 200 |  |  |  | 197,660 |
2.00%, 02/24/25 |  |  |  |  |  |  | 200 |  |  |  | 189,186 |
4.38%, 02/15/33 |  |  |  |  |  |  | 200 |  |  |  | 193,938 |
Korea Electric Power Corp., 3.63%, 06/14/25(e) |  |  |  |  |  |  | 300 |  |  |  | 288,754 |
Korea Expressway Corp., 1.13%, 05/17/26(e) |  |  |  |  |  |  | 200 |  |  |  | 177,332 |
|  |  |  |  |  |  |  |  |  |  | 1,463,829 |
Uruguay — 0.3% |
Uruguay Government International Bond, 5.10%, 06/18/50 |  |  |  |  |  |  | 3,500 |  |  |  | 3,493,315 |
Total Foreign Agency Obligations — 2.5% (Cost: $29,310,372) |  |  |  |  |  |  |  |  |  |  | 26,145,031 |

Security |  |  |  |  | Shares |  |  | Value |
Investment Companies |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income Funds — 0.1% |  |  |  |  |  |  |  |  |
Invesco Senior Loan ETF(o) |  |  |  |  |  |  | 45,000 |  |  | $ | 946,800 |
Total Investment Companies — 0.1% (Cost: $925,698) |  |  |  |  |  |  |  |  |  |  | 946,800 |
|  |  |  |  | Par (000) |  |  |  |
Municipal Bonds |  |  |  |  |  |  |  |  |  |  |  |
New York — 1.0% |  |  |  |  |  |  |  |  |
Metropolitan Transportation Authority, RB, BAB, 6.55%, 11/15/31 |  |  | USD |  |  |  | 10,000 |  |  |  | 10,472,880 |
Total Municipal Bonds — 1.0% (Cost: $9,833,900) |  |  |  |  |  |  |  |  |  |  | 10,472,880 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |
Capital Trusts — 10.1% |  |  |  |  |  |  |  |  |
Automobiles — 0.2% |  |  |  |  |  |  |  |  |
General Motors Financial Co., Inc., Series C, 5.70%(a)(d)(f) |  |  |  |  |  |  | 2,565 |  |  |  | 2,251,669 |
Banks(a)(f) — 2.9% |  |  |  |  |  |  |  |  |
HSBC Capital Funding Dollar 1 LP, 10.18%(b) |  |  |  |  |  |  | 11,835 |  |  |  | 14,605,987 |
Industrial & Commercial Bank of China Ltd., 3.20%(e) . |  |  |  |  |  |  | 300 |  |  |  | 279,231 |
ING Groep NV, 3.88% |  |  |  |  |  |  | 2,284 |  |  |  | 1,625,722 |
Macquarie Bank Ltd., 6.13%(b) |  |  |  |  |  |  | 1,885 |  |  |  | 1,697,949 |
Nordea Bank Abp, 6.13%(b) |  |  |  |  |  |  | 5,540 |  |  |  | 5,229,883 |
PNC Financial Services Group, Inc., Series V, 6.20%(d) |  |  |  |  |  |  | 5,529 |  |  |  | 5,153,857 |
Rizal Commercial Banking Corp., 6.50%(e) |  |  |  |  |  |  | 700 |  |  |  | 618,492 |
TMBThanachart Bank PCL, 4.90%(e) |  |  |  |  |  |  | 700 |  |  |  | 658,000 |
Wells Fargo & Co., Series S, 5.90% |  |  |  |  |  |  | 281 |  |  |  | 277,136 |
|  |  |  |  |  |  |  |  |  |  | 30,146,257 |
Capital Markets — 0.1% |
State Street Corp., Series F, 9.15%(a)(f) |  |  |  |  |  |  | 618 |  |  |  | 616,467 |
Electric Utilities — 0.7% |  |  |  |  |  |  |  |  |
PPL Capital Funding, Inc., Series A, 8.20%, 03/30/67(a) |  |  |  |  |  |  | 8,300 |  |  |  | 7,324,754 |
Financial Services — 3.7% |  |  |  |  |  |  |  |  |
Bank of America Corp., Series U, 8.63%(a)(f) |  |  |  |  |  |  | 5,785 |  |  |  | 5,784,838 |
Barclays PLC(a)(f) |  |  |  |  |  |  |  |  |  |  |  |
4.38% |  |  |  |  |  |  | 1,630 |  |  |  | 1,107,422 |
8.00% |  |  |  |  |  |  | 4,500 |  |  |  | 4,252,050 |
BNP Paribas SA, 7.38%(a)(b)(f) |  |  |  |  |  |  | 4,535 |  |  |  | 4,397,015 |
Credit Agricole SA, 8.13%(a)(b)(f) |  |  |  |  |  |  | 5,000 |  |  |  | 5,006,250 |
JPMorgan Chase & Co., 8.75%, 09/01/30 |  |  |  |  |  |  | 2,000 |  |  |  | 2,427,744 |
Lloyds Banking Group PLC, 7.50%(a)(f) |  |  |  |  |  |  | 8,285 |  |  |  | 7,747,718 |
NatWest Group PLC, 8.00%(a)(f) |  |  |  |  |  |  | 970 |  |  |  | 944,227 |
UBS Group AG, 7.00%(a)(b)(f) |  |  |  |  |  |  | 7,500 |  |  |  | 7,242,364 |
|  |  |  |  |  |  |  |  |  |  | 38,909,628 |
Independent Power and Renewable Electricity Producers — 0.1% |
Vistra Corp., 7.00%(a)(b)(f) |  |  |  |  |  |  | 481 |  |  |  | 419,672 |

102 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Insurance — 1.7% |
ACE Capital Trust II, 9.70%, 04/01/30(d) |  | USD | 7,000 |  |  | $ | 8,312,500 |
Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, 04/01/27 |  |  | 5,000 |  |  |  | 4,732,805 |
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52(a)(e) |  |  | 200 |  |  |  | 195,454 |
MetLife, Inc., 6.40%, 12/15/66(d) |  |  | 5,000 |  |  |  | 4,990,232 |
|  |  |  |  |  |  | 18,230,991 |
Oil, Gas & Consumable Fuels — 0.2% |  |  |  |  |  |
Enterprise Products Operating LLC, 8.27%, 06/01/67(a) |  |  | 2,500 |  |  |  | 2,349,897 |
Real Estate Management & Development — 0.0% |  |  |  |
NWD Finance BVI Ltd., 4.13%(a)(e)(f) |  |  | 409 |  |  |  | 272,954 |
Wireless Telecommunication Services — 0.5% |  |  |  |
Vodafone Group PLC, 7.00%, 04/04/79(a) |  |  | 4,745 |  |  |  | 4,865,286 |
|  |  |  |  |  |  | 105,387,575 |
|  | Shares |  |  |  |
Preferred Stocks — 3.9% |
Banks(a)(f) — 2.5% |  |  |  |  |  |
Citigroup, Inc., Series K |  |  | 488,320 |  |  |  | 12,369,146 |
Wells Fargo & Co., Series Q |  |  | 550,500 |  |  |  | 13,768,005 |
|  |  |  |  |  |  | 26,137,151 |
Capital Markets(a)(f) — 0.9% |  |  |  |  |  |
Goldman Sachs Group, Inc., Series J, 5.50% |  |  | 162,450 |  |  |  | 4,144,099 |
State Street Corp., Series D |  |  | 220,495 |  |  |  | 5,609,393 |
|  |  |  |  |  |  | 9,753,492 |
IT Services — 0.5% |  |  |  |  |  |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $3,403,593)(c)(p) |  |  | 31,062 |  |  |  | 5,460,826 |
|  |  |  |  |  |  | 41,351,469 |
Total Preferred Securities — 14.0% (Cost: $151,735,796) |  |  |  |  |  |  | 146,739,044 |
|  | Par (000) |  |  |  |
U.S. Government Sponsored Agency Securities |
Mortgage-Backed Securities — 14.7% |  |  |  |  |  |
Uniform Mortgage-Backed Securities, 4.50%, 07/13/53(q) |  | USD | 160,000 |  |  |  | 153,825,000 |
Total U.S. Government Sponsored Agency Securities — 14.7% (Cost: $154,150,000) |  |  |  | 153,825,000 |
|  | Shares |  |  |  |
Warrants |
Consumer Discretionary — 0.0% |  |  |  |  |  |
Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00)(l) |  |  | 450 |  |  |  | — |
Total Warrants — 0.0% (Cost: $ — ) |  |  |  | — |
Total Long-Term Investments — 168.7% (Cost: $1,841,051,173) |  |  |  | 1,768,694,248 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.7% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(o)(r) |  |  | 7,466,683 |  |  | $ | 7,466,683 |
Total Short-Term Securities — 0.7% (Cost: $7,466,683) |  |  |  |  |  |  | 7,466,683 |
Options Purchased — 0.1% (Cost: $2,089,125) |  |  |  |  |  |  | 1,442,631 |
Total Investments Before TBA Sale Commitments and Options Written — 169.5% (Cost: $1,850,606,981) |  |  |  | 1,777,603,562 |
|  | Par (000) |  |  |  |
TBA Sale Commitments |  |  |  |  |  |  |  |
Mortgage-Backed Securities — (7.4)% |
Uniform Mortgage-Backed Securities, 4.50%, 07/13/53(q) |  | USD | (80,740 | ) |  |  | (77,623,941 | )
Total TBA Sale Commitments — (7.4)% (Proceeds: $(78,109,642)) |  |  |  | (77,623,941 | )
Options Written — (0.0)% (Premiums Received: $(755,964)) |  |  |  |  |  |  | (280,459 | )
Total Investments, Net of TBA Sale Commitments and Options Written — 162.1% (Cost: $1,771,741,375) |  |  |  | 1,699,699,162 |
Liabilities in Excess of Other Assets — (62.1)% |  |  |  | (651,185,982 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 1,048,513,180 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(f) | Perpetual security with no stated maturity date.

(g) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(h) | Convertible security.

(i) | Zero-coupon bond.

(j) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

(k) | Issuer filed for bankruptcy and/or is in default.

(l) | Non-income producing security.

(m) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(n) | Rounds to less than 1,000.

(o) | Affiliate of the Trust.

(p) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $5,460,826, representing 0.5% of its net assets as of period end, and an original cost of $3,403,593.

(q) | Represents or includes a TBA transaction.

(r) | Annualized 7-day yield as of period end.

S C H E D U L E O F I N V E S T M E N T S |  | 103

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 8,145,069 |  |  | $ | — |  |  | $ | (678,386) | (a) |  | $ | — |  |  | $ | — |  |  | $ | 7,466,683 |  |  |  | 7,466,683 |  |  | $ | 173,043 |  |  | $ | — |

| (a) | Represents net amount purchased (sold). |

Reverse Repurchase Agreements

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements(a) |
BNP Paribas SA |  |  | 5.24 | %(b) |  |  | 04/17/23 |  |  |  | Open |  |  | $ | 249,948 |  |  | $ | 252,511 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.24 | (b) |  |  | 04/17/23 |  |  |  | Open |  |  |  | 1,271,480 |  |  |  | 1,284,522 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/17/23 |  |  |  | Open |  |  |  | 269,625 |  |  |  | 272,385 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.07 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 1,826,000 |  |  |  | 1,843,603 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.19 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 1,877,500 |  |  |  | 1,896,050 |  |  | Capital Trusts |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 1,520,625 |  |  |  | 1,535,679 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 4,903,125 |  |  |  | 4,951,666 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 338,520 |  |  |  | 341,898 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 5,059,035 |  |  |  | 5,108,310 |  |  | Capital Trusts |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.25 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 2,598,750 |  |  |  | 2,623,802 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 4.25 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 5,625,000 |  |  |  | 5,679,563 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.10 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 387,495 |  |  |  | 391,254 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 163,103 |  |  |  | 164,727 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 224,350 |  |  |  | 226,585 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 558,606 |  |  |  | 564,170 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 1,283,992 |  |  |  | 1,296,781 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 1,792,500 |  |  |  | 1,810,353 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 369,380 |  |  |  | 373,059 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 867,818 |  |  |  | 876,461 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 1,186,827 |  |  |  | 1,198,648 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 416,250 |  |  |  | 420,396 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc |  |  | 5.23 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 756,175 |  |  |  | 763,707 |  |  | Corporate Bonds |  |  | Open/Demand |
RBC Capital Markets, LLC |  |  | 5.20 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 6,597,156 |  |  |  | 6,648,760 |  |  | Corporate Bonds |  |  | Open/Demand |
RBC Capital Markets, LLC |  |  | 5.25 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 4,651,612 |  |  |  | 4,698,129 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 4,095,162 |  |  |  | 4,136,032 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 1,107,225 |  |  |  | 1,118,275 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 813,750 |  |  |  | 821,871 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 3,861,562 |  |  |  | 3,900,101 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 5,130,587 |  |  |  | 5,181,791 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 2,182,335 |  |  |  | 2,204,115 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 3,925,000 |  |  |  | 3,964,172 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 442,131 |  |  |  | 446,544 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 2,965,219 |  |  |  | 2,994,812 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 779,313 |  |  |  | 787,090 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 4,326,094 |  |  |  | 4,369,268 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 606,563 |  |  |  | 612,616 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 5,662,500 |  |  |  | 5,719,012 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 3,790,000 |  |  |  | 3,827,824 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 3,075,469 |  |  |  | 3,106,162 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 5,950,042 |  |  |  | 6,009,424 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 909,287 |  |  |  | 918,362 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 04/19/23 |  |  |  | Open |  |  |  | 3,000,131 |  |  |  | 3,030,073 |  |  | Corporate Bonds |  |  | Open/Demand |

104 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements(a) |
TD Securities (USA) LLC |  |  | 5.24 | %(b) |  |  | 04/19/23 |  |  |  | Open |  |  | $ | 2,625,000 |  |  | $ | 2,651,198 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.21 | (b) |  |  | 04/26/23 |  |  |  | Open |  |  |  | 1,889,919 |  |  |  | 1,906,844 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.11 | (b) |  |  | 05/01/23 |  |  |  | Open |  |  |  | 1,113,600 |  |  |  | 1,122,620 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 05/01/23 |  |  |  | Open |  |  |  | 291,360 |  |  |  | 293,764 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/01/23 |  |  |  | Open |  |  |  | 389,118 |  |  |  | 392,347 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/01/23 |  |  |  | Open |  |  |  | 357,880 |  |  |  | 360,850 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/01/23 |  |  |  | Open |  |  |  | 389,903 |  |  |  | 393,139 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 05/01/23 |  |  |  | Open |  |  |  | 7,318,800 |  |  |  | 7,379,668 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/03/23 |  |  |  | Open |  |  |  | 626,835 |  |  |  | 631,864 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/03/23 |  |  |  | Open |  |  |  | 184,860 |  |  |  | 186,343 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.12 | (b) |  |  | 05/05/23 |  |  |  | Open |  |  |  | 202,070 |  |  |  | 203,622 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.05 | (b) |  |  | 05/10/23 |  |  |  | Open |  |  |  | 627,323 |  |  |  | 631,810 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.12 | (b) |  |  | 05/10/23 |  |  |  | Open |  |  |  | 956,250 |  |  |  | 963,186 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/10/23 |  |  |  | Open |  |  |  | 189,040 |  |  |  | 190,441 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/10/23 |  |  |  | Open |  |  |  | 167,904 |  |  |  | 169,148 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.23 | (b) |  |  | 05/10/23 |  |  |  | Open |  |  |  | 5,680,937 |  |  |  | 5,723,029 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 05/22/23 |  |  |  | Open |  |  |  | 4,710,244 |  |  |  | 4,737,668 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 4.25 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 312,945 |  |  |  | 314,090 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 4.90 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 336,870 |  |  |  | 338,291 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.10 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 281,186 |  |  |  | 282,421 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.17 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 1,939,406 |  |  |  | 1,948,040 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.19 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 500,000 |  |  |  | 502,235 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 672,636 |  |  |  | 675,648 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 326,000 |  |  |  | 327,460 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.25 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 4,500,000 |  |  |  | 4,520,344 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.25 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 3,039,787 |  |  |  | 3,053,137 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.25 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 3,956,250 |  |  |  | 3,974,136 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.25 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 3,053,250 |  |  |  | 3,066,790 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 198,338 |  |  |  | 199,231 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 444,188 |  |  |  | 446,188 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 1,698,375 |  |  |  | 1,706,024 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 114,250 |  |  |  | 114,765 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 1,760,120 |  |  |  | 1,768,047 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 834,480 |  |  |  | 838,238 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 356,875 |  |  |  | 358,482 |  |  | Corporate Bonds |  |  | Open/Demand |
RBC Capital Markets, LLC |  |  | 5.25 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 1,668,975 |  |  |  | 1,676,520 |  |  | Corporate Bonds |  |  | Open/Demand |
RBC Capital Markets, LLC |  |  | 5.25 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 11,425,000 |  |  |  | 11,476,651 |  |  | Corporate Bonds |  |  | Open/Demand |
RBC Capital Markets, LLC |  |  | 5.25 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 12,255,692 |  |  |  | 12,311,098 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 3,585,000 |  |  |  | 3,601,176 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 1,975,994 |  |  |  | 1,984,910 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 4,568,750 |  |  |  | 4,589,365 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 3,730,125 |  |  |  | 3,746,956 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 3,927,206 |  |  |  | 3,944,927 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.25 | (b) |  |  | 05/30/23 |  |  |  | Open |  |  |  | 6,166,987 |  |  |  | 6,194,867 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.15 | (b) |  |  | 06/01/23 |  |  |  | Open |  |  |  | 975,125 |  |  |  | 979,170 |  |  | Corporate Bonds |  |  | Open/Demand |
BofA Securities, Inc. |  |  | (0.25 | ) |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 802,358 |  |  |  | 802,224 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 2.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 688,921 |  |  |  | 689,955 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 3.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 573,793 |  |  |  | 575,036 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 3.90 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 428,925 |  |  |  | 430,040 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 4.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 247,126 |  |  |  | 247,826 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 4.75 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,893,750 |  |  |  | 1,899,747 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 4.90 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 509,824 |  |  |  | 511,489 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 4.95 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 498,589 |  |  |  | 500,234 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.00 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 7,031,250 |  |  |  | 7,054,688 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.00 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 624,630 |  |  |  | 626,712 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.00 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,291,150 |  |  |  | 1,295,454 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.05 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 427,625 |  |  |  | 429,065 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.08 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 831,469 |  |  |  | 834,285 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.10 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 936,375 |  |  |  | 939,559 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.10 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,778,370 |  |  |  | 1,784,416 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.10 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,238,186 |  |  |  | 1,242,396 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.10 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 338,250 |  |  |  | 339,400 |  |  | Corporate Bonds |  |  | Up to 30 Days |

S C H E D U L E O F I N V E S T M E N T S |  | 105

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements(a) |
BofA Securities, Inc. |  |  | 5.15 | % |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  | $ | 282,645 |  |  | $ | 283,615 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 182,210 |  |  |  | 182,836 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 411,090 |  |  |  | 412,501 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 226,125 |  |  |  | 226,901 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 273,910 |  |  |  | 274,850 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 400,403 |  |  |  | 401,777 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 991,042 |  |  |  | 994,445 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,115,625 |  |  |  | 1,119,455 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 282,500 |  |  |  | 283,470 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 756,250 |  |  |  | 758,846 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 163,800 |  |  |  | 164,362 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 485,625 |  |  |  | 487,292 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 310,399 |  |  |  | 311,464 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,013,617 |  |  |  | 1,017,098 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 463,125 |  |  |  | 464,715 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,098,550 |  |  |  | 1,102,322 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 550,778 |  |  |  | 552,669 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 396,210 |  |  |  | 397,570 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 787,031 |  |  |  | 789,733 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 574,000 |  |  |  | 575,971 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,248,446 |  |  |  | 1,252,733 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,743,755 |  |  |  | 1,749,742 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 264,749 |  |  |  | 265,658 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,134,559 |  |  |  | 1,138,454 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,704,965 |  |  |  | 1,710,819 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,868,696 |  |  |  | 1,875,174 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,258,425 |  |  |  | 1,262,788 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 847,880 |  |  |  | 850,819 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 107,749 |  |  |  | 108,122 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 320,000 |  |  |  | 321,109 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 499,444 |  |  |  | 501,175 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,291,174 |  |  |  | 1,295,650 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,037,351 |  |  |  | 1,040,947 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,468,416 |  |  |  | 1,473,507 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.22 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 4,448,814 |  |  |  | 4,464,296 |  |  | Foreign Agency Obligations |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.23 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 2,898,750 |  |  |  | 2,908,857 |  |  | Capital Trusts |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.23 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 2,703,750 |  |  |  | 2,713,177 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.24 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 5,446,125 |  |  |  | 5,465,150 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 4,995,000 |  |  |  | 5,012,483 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 722,925 |  |  |  | 725,455 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 343,069 |  |  |  | 344,269 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 215,175 |  |  |  | 215,928 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 301,350 |  |  |  | 302,405 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 887,110 |  |  |  | 890,215 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 3,381,581 |  |  |  | 3,393,417 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 383,169 |  |  |  | 384,510 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 9,925,000 |  |  |  | 9,959,738 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 281,286 |  |  |  | 282,271 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 775,249 |  |  |  | 777,962 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 505,750 |  |  |  | 507,520 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 7,199,887 |  |  |  | 7,225,087 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 1,728,486 |  |  |  | 1,734,535 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 624,488 |  |  |  | 626,673 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 3,513,656 |  |  |  | 3,525,954 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 558,495 |  |  |  | 560,450 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 4,796,316 |  |  |  | 4,813,103 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 5,056,250 |  |  |  | 5,073,947 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 515,849 |  |  |  | 517,654 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/06/23 |  |  |  | 07/19/23 |  |  |  | 9,782,937 |  |  |  | 9,817,178 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BNP Paribas SA |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 441,955 |  |  |  | 443,423 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 1,600,000 |  |  |  | 1,605,316 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 837,500 |  |  |  | 840,282 |  |  | Corporate Bonds |  |  | Open/Demand |

106 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements(a) |
Goldman Sachs & Co. LLC |  |  | 5.20 | %(b) |  |  | 06/07/23 |  |  |  | Open |  |  | $ | 390,625 |  |  | $ | 391,923 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 1,311,211 |  |  |  | 1,315,567 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 4,164,290 |  |  |  | 4,178,125 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 2,762,681 |  |  |  | 2,771,860 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 386,088 |  |  |  | 387,378 |  |  | Corporate Bonds |  |  | Open/Demand |
RBC Capital Markets, LLC |  |  | 5.25 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 4,200,000 |  |  |  | 4,214,700 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/07/23 |  |  |  | Open |  |  |  | 6,604,825 |  |  |  | 6,626,937 |  |  | Corporate Bonds |  |  | Open/Demand |
BofA Securities, Inc. |  |  | 5.00 |  |  |  | 06/08/23 |  |  |  | 07/19/23 |  |  |  | 355,726 |  |  |  | 356,813 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.10 |  |  |  | 06/08/23 |  |  |  | 07/19/23 |  |  |  | 1,492,329 |  |  |  | 1,496,980 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/19/23 |  |  |  | 1,347,266 |  |  |  | 1,351,506 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 4.25 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 513,765 |  |  |  | 515,099 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 320,591 |  |  |  | 321,600 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 407,410 |  |  |  | 408,692 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 1,170,000 |  |  |  | 1,173,682 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 157,188 |  |  |  | 157,682 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 240,923 |  |  |  | 241,681 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 310,000 |  |  |  | 310,976 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 449,750 |  |  |  | 451,165 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 596,250 |  |  |  | 598,127 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 547,751 |  |  |  | 549,475 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 710,000 |  |  |  | 712,235 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 237,545 |  |  |  | 238,300 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 642,375 |  |  |  | 644,416 |  |  | Capital Trusts |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 675,978 |  |  |  | 678,126 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 705,994 |  |  |  | 708,237 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 877,500 |  |  |  | 880,289 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 352,800 |  |  |  | 353,932 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 553,900 |  |  |  | 555,677 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 83,565 |  |  |  | 83,833 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 272,496 |  |  |  | 273,371 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/08/23 |  |  |  | 07/21/23 |  |  |  | 627,608 |  |  |  | 629,621 |  |  | Corporate Bonds |  |  | Up to 30 Days |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/08/23 |  |  |  | Open |  |  |  | 2,637,250 |  |  |  | 2,645,695 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/08/23 |  |  |  | Open |  |  |  | 8,867,775 |  |  |  | 8,896,172 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/08/23 |  |  |  | Open |  |  |  | 2,905,000 |  |  |  | 2,914,302 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/08/23 |  |  |  | Open |  |  |  | 2,930,200 |  |  |  | 2,939,583 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/12/23 |  |  |  | Open |  |  |  | 2,440,350 |  |  |  | 2,446,744 |  |  | Corporate Bonds |  |  | Open/Demand |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/15/23 |  |  |  | 07/19/23 |  |  |  | 76,300 |  |  |  | 76,467 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BNP Paribas SA |  |  | 5.19 | (b) |  |  | 06/15/23 |  |  |  | Open |  |  |  | 685,946 |  |  |  | 687,430 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.19 | (b) |  |  | 06/15/23 |  |  |  | Open |  |  |  | 326,519 |  |  |  | 327,225 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/15/23 |  |  |  | Open |  |  |  | 840,000 |  |  |  | 841,820 |  |  | Corporate Bonds |  |  | Open/Demand |
Goldman Sachs & Co. LLC |  |  | 5.20 | (b) |  |  | 06/15/23 |  |  |  | Open |  |  |  | 8,112,500 |  |  |  | 8,130,077 |  |  | Corporate Bonds |  |  | Open/Demand |
BofA Securities, Inc. |  |  | 3.00 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 679,770 |  |  |  | 680,393 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.00 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 143,089 |  |  |  | 143,307 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 173,700 |  |  |  | 173,973 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.15 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 2,854,800 |  |  |  | 2,859,292 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 164,590 |  |  |  | 164,854 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 362,388 |  |  |  | 362,969 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 416,116 |  |  |  | 416,784 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 930,520 |  |  |  | 932,013 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 371,385 |  |  |  | 371,981 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 366,561 |  |  |  | 367,149 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 3,525,384 |  |  |  | 3,531,039 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/16/23 |  |  |  | 07/19/23 |  |  |  | 1,762,459 |  |  |  | 1,765,286 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | (3.75 | ) |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 128,250 |  |  |  | 128,317 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 4.50 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 118,455 |  |  |  | 118,588 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 4.50 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 461,900 |  |  |  | 462,420 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.15 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 2,710,000 |  |  |  | 2,713,489 |  |  | Foreign Agency Obligations |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 4,031,250 |  |  |  | 4,036,491 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 5,599,275 |  |  |  | 5,606,554 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.20 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 2,462,281 |  |  |  | 2,465,482 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.25 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 4,158,000 |  |  |  | 4,163,457 |  |  | Foreign Agency Obligations |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 5.25 |  |  |  | 06/21/23 |  |  |  | 07/18/23 |  |  |  | 3,284,587 |  |  |  | 3,288,898 |  |  | Foreign Agency Obligations |  |  | Up to 30 Days |

S C H E D U L E O F I N V E S T M E N T S |  | 107

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements(a) |
BofA Securities, Inc. |  |  | 5.20 | % |  |  | 06/21/23 |  |  |  | 07/19/23 |  |  | $ | 582,049 |  |  | $ | 582,805 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Barclays Capital, Inc. |  |  | 1.00 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 154,865 |  |  |  | 154,904 |  |  | Corporate Bonds |  |  | Open/Demand |
Barclays Capital, Inc. |  |  | 5.12 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 3,502,350 |  |  |  | 3,506,833 |  |  | Corporate Bonds |  |  | Open/Demand |
Barclays Capital, Inc. |  |  | 5.25 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 162,000 |  |  |  | 162,213 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.14 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 167,100 |  |  |  | 167,315 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.14 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 640,181 |  |  |  | 641,004 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.15 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 982,520 |  |  |  | 983,785 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.17 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,660,625 |  |  |  | 2,664,064 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 515,780 |  |  |  | 516,454 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 525,525 |  |  |  | 526,213 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.25 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 8,430,275 |  |  |  | 8,441,340 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.25 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 701,313 |  |  |  | 702,233 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 166,250 |  |  |  | 166,467 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 215,078 |  |  |  | 215,359 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 1,088,370 |  |  |  | 1,089,793 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 618,984 |  |  |  | 619,793 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 488,250 |  |  |  | 488,888 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 995,835 |  |  |  | 997,137 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 812,000 |  |  |  | 813,062 |  |  | Corporate Bonds |  |  | Open/Demand |
RBC Capital Markets, LLC |  |  | 5.25 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 3,974,831 |  |  |  | 3,980,048 |  |  | Corporate Bonds |  |  | Open/Demand |
RBC Capital Markets, LLC |  |  | 5.25 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 13,902,781 |  |  |  | 13,921,029 |  |  | Corporate Bonds |  |  | Open/Demand |
RBC Capital Markets, LLC |  |  | 5.25 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 5,291,625 |  |  |  | 5,298,570 |  |  | Corporate Bonds |  |  | Open/Demand |
RBC Capital Markets, LLC |  |  | 5.25 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,455,906 |  |  |  | 2,459,130 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 3,110,000 |  |  |  | 3,114,074 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 594,255 |  |  |  | 595,033 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,393,944 |  |  |  | 2,397,080 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 1,388,200 |  |  |  | 1,390,019 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 581,360 |  |  |  | 582,122 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 884,294 |  |  |  | 885,452 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 3,657,312 |  |  |  | 3,662,104 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 3,238,995 |  |  |  | 3,243,238 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,494,794 |  |  |  | 2,498,062 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,817,169 |  |  |  | 2,820,859 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 795,794 |  |  |  | 796,836 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 806,969 |  |  |  | 808,026 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,846,602 |  |  |  | 2,850,332 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 1,248,056 |  |  |  | 1,249,691 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 505,261 |  |  |  | 505,923 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 4,956,250 |  |  |  | 4,962,743 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 8,058,750 |  |  |  | 8,069,307 |  |  | Capital Trusts |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 888,300 |  |  |  | 889,464 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,137,500 |  |  |  | 2,140,300 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 5,887,856 |  |  |  | 5,895,569 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,343,000 |  |  |  | 2,346,069 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 1,464,339 |  |  |  | 1,466,257 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 1,074,125 |  |  |  | 1,075,532 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 835,313 |  |  |  | 836,407 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 3,005,625 |  |  |  | 3,009,562 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,667,500 |  |  |  | 2,670,994 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 4,498,375 |  |  |  | 4,504,268 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 4,795,794 |  |  |  | 4,802,076 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 632,425 |  |  |  | 633,253 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 1,649,287 |  |  |  | 1,651,448 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,750,625 |  |  |  | 2,754,228 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,186,225 |  |  |  | 2,189,089 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 3,118,137 |  |  |  | 3,122,222 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 843,275 |  |  |  | 844,380 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 956,019 |  |  |  | 957,271 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 3,495,949 |  |  |  | 3,500,528 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 1,971,000 |  |  |  | 1,973,582 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 4,675,000 |  |  |  | 4,681,124 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,350,094 |  |  |  | 2,353,172 |  |  | Corporate Bonds |  |  | Open/Demand |

108 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty |  |  | Interest Rate |  |  |  | Trade Date |  |  |  | Maturity Date | (a) |  |  | Face Value |  |  |  | Face Value Including Accrued Interest |  |  | Type of Non‑Cash Underlying Collateral |  |  | Remaining Contractual Maturity of the Agreements(a) |
TD Securities (USA) LLC |  |  | 5.24 | %(b) |  |  | 06/21/23 |  |  |  | Open |  |  | $ | 578,150 |  |  | $ | 578,907 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 2,979,025 |  |  |  | 2,982,928 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 587,125 |  |  |  | 587,894 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.25 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 5,052,512 |  |  |  | 5,059,144 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.25 | (b) |  |  | 06/21/23 |  |  |  | Open |  |  |  | 10,133,537 |  |  |  | 10,146,838 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.16 | (b) |  |  | 06/22/23 |  |  |  | Open |  |  |  | 563,751 |  |  |  | 564,398 |  |  | Corporate Bonds |  |  | Open/Demand |
BNP Paribas SA |  |  | 5.16 | (b) |  |  | 06/22/23 |  |  |  | Open |  |  |  | 627,450 |  |  |  | 628,169 |  |  | Corporate Bonds |  |  | Open/Demand |
TD Securities (USA) LLC |  |  | 5.24 | (b) |  |  | 06/23/23 |  |  |  | Open |  |  |  | 10,812,500 |  |  |  | 10,825,091 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/26/23 |  |  |  | Open |  |  |  | 906,250 |  |  |  | 906,777 |  |  | Corporate Bonds |  |  | Open/Demand |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/26/23 |  |  |  | Open |  |  |  | 340,100 |  |  |  | 340,396 |  |  | Corporate Bonds |  |  | Open/Demand |
BofA Securities, Inc. |  |  | 4.45 |  |  |  | 06/27/23 |  |  |  | 07/19/23 |  |  |  | 273,181 |  |  |  | 273,283 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.07 |  |  |  | 06/27/23 |  |  |  | 07/19/23 |  |  |  | 1,105,972 |  |  |  | 1,106,440 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/19/23 |  |  |  | 70,908 |  |  |  | 70,939 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.00 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 560,170 |  |  |  | 560,403 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.05 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 163,750 |  |  |  | 163,819 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.05 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 157,500 |  |  |  | 157,566 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.15 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 1,237,472 |  |  |  | 1,238,003 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 368,500 |  |  |  | 368,660 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.20 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 157,250 |  |  |  | 157,318 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 177,204 |  |  |  | 177,281 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 168,000 |  |  |  | 168,074 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 153,500 |  |  |  | 153,567 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 179,250 |  |  |  | 179,328 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 208,550 |  |  |  | 208,641 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 342,696 |  |  |  | 342,846 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 172,750 |  |  |  | 172,826 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 152,750 |  |  |  | 152,817 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 158,125 |  |  |  | 158,194 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 110,250 |  |  |  | 110,298 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 537,250 |  |  |  | 537,485 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 259,004 |  |  |  | 259,117 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 303,000 |  |  |  | 303,133 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 366,250 |  |  |  | 366,410 |  |  | Corporate Bonds |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 139,500 |  |  |  | 139,561 |  |  | Foreign Agency Obligations |  |  | Up to 30 Days |
J.P. Morgan Securities LLC |  |  | 5.25 |  |  |  | 06/27/23 |  |  |  | 07/21/23 |  |  |  | 388,438 |  |  |  | 388,607 |  |  | Corporate Bonds |  |  | Up to 30 Days |
Nomura Securities International, Inc. |  |  | 5.23 | (b) |  |  | 06/27/23 |  |  |  | Open |  |  |  | 185,490 |  |  |  | 185,571 |  |  | Corporate Bonds |  |  | Open/Demand |
BofA Securities, Inc. |  |  | 3.00 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 426,109 |  |  |  | 426,180 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 3.50 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 344,300 |  |  |  | 344,367 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 809,775 |  |  |  | 810,009 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 3,885,000 |  |  |  | 3,886,122 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 2,725,131 |  |  |  | 2,725,919 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.20 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 948,750 |  |  |  | 949,024 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 1,867,864 |  |  |  | 1,868,409 |  |  | Corporate Bonds |  |  | Up to 30 Days |
BofA Securities, Inc. |  |  | 5.25 |  |  |  | 06/28/23 |  |  |  | 07/19/23 |  |  |  | 2,531,565 |  |  |  | 2,532,303 |  |  | Corporate Bonds |  |  | Up to 30 Days |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 616,162,047 |  |  | $ | 618,555,134 |  |  |  |  |  |  |

| (a) | Certain agreements have no stated maturity and can be terminated by either party at any time. |

| (b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Long Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10-Year U.S. Treasury Note |  |  | 471 |  |  |  | 09/20/23 |  |  | $ | 52,899 |  |  | $ | (310,224 | )

S C H E D U L E O F I N V E S T M E N T S |  | 109

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

Futures Contracts (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Long Contracts (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2-Year U.S. Treasury Note |  |  | 860 |  |  |  | 09/29/23 |  |  | $ | 174,916 |  |  | $ | (2,381,332 | )
5-Year U.S. Treasury Note |  |  | 1,168 |  |  |  | 09/29/23 |  |  |  | 125,140 |  |  |  | (2,774,505 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,466,061 | )
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Russell 2000 E-Mini Index |  |  | 325 |  |  |  | 09/15/23 |  |  |  | 30,935 |  |  |  | 198,521 |
S&P 500 E-Mini Index |  |  | 94 |  |  |  | 09/15/23 |  |  |  | 21,095 |  |  |  | (340,783 | )
10-Year U.S. Ultra Long Treasury Note |  |  | 367 |  |  |  | 09/20/23 |  |  |  | 43,501 |  |  |  | 495,340 |
U.S. Long Bond |  |  | 1,064 |  |  |  | 09/20/23 |  |  |  | 135,261 |  |  |  | 1,173,165 |
Ultra U.S. Treasury Bond |  |  | 52 |  |  |  | 09/20/23 |  |  |  | 7,083 |  |  |  | (49,075 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,477,168 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,988,893 | )

Forward Foreign Currency Exchange Contracts

Currency Purchased |  |  | Currency Sold |  |  | Counterparty |  | Settlement Date |  |  | Unrealized Appreciation (Depreciation) |
USD |  |  | 1,112,415 |  |  |  | EUR |  |  |  | 1,013,703 |  |  | BNP Paribas SA |  |  | 09/20/23 |  |  | $ | 2,033 |
USD |  |  | 631,399 |  |  |  | EUR |  |  |  | 575,297 |  |  | Toronto-Dominion Bank |  |  | 09/20/23 |  |  |  | 1,234 |
USD |  |  | 196,263 |  |  |  | GBP |  |  |  | 154,000 |  |  | Toronto-Dominion Bank |  |  | 09/20/23 |  |  |  | 641 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,908 |

Exchange-Traded Options Purchased

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SPDR S&P 500 ETF Trust |  |  | 2,011 |  |  |  | 08/18/23 |  |  | USD | 455.00 |  |  | USD | 89,144 |  |  | $ | 643,520 |
3-Month SOFR Future |  |  | 910 |  |  |  | 03/15/24 |  |  | USD | 95.50 |  |  | USD | 215,886 |  |  |  | 665,437 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,308,957 |
Put |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Euro Stoxx 50 Index |  |  | 915 |  |  |  | 07/21/23 |  |  | EUR | 4,225.00 |  |  | EUR | 40,252 |  |  |  | 90,859 |
SPDR S&P 500 ETF Trust |  |  | 1,241 |  |  |  | 07/21/23 |  |  | USD | 410.00 |  |  | USD | 55,011 |  |  |  | 42,815 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 133,674 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,442,631 |

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3-Month SOFR Future |  |  | 910 |  |  |  | 03/15/24 |  |  | USD | 97.00 |  |  | USD | 215,886 |  |  | $ | (221,813 | )
Put |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Euro Stoxx 50 Index |  |  | 915 |  |  |  | 07/21/23 |  |  | EUR | 4,050.00 |  |  | EUR | 40,252 |  |  |  | (34,446 | )
SPDR S&P 500 ETF Trust |  |  | 1,241 |  |  |  | 07/21/23 |  |  | USD | 390.00 |  |  | USD | 55,011 |  |  |  | (24,200 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (58,646 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (280,459 | )

110 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation/Index |  | Financing Rate Paid by the Trust |  |  | Payment Frequency |  |  | Termination Date |  |  | Notional Amount (000) |  |  | Value |  |  | Upfront Premium Paid (Received) |  |  | Unrealized Appreciation (Depreciation) |
CDX.NA.HY.40.V1 |  |  | 5.00 | % |  |  | Quarterly |  |  |  | 06/20/28 |  |  |  | USD 108,600 |  |  | $ | (3,229,318 | ) |  | $ | (662,111 | ) |  | $ | (2,567,207 | )

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and Options Written

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Centrally Cleared Swaps(a) |  | $ | — |  |  | $ | (662,111 | ) |  | $ | — |  |  | $ | (2,567,207 | ) |  | $ | — |
Options Written |  |  | N/A |  |  |  | N/A |  |  |  | 475,505 |  |  |  | — |  |  |  | (280,459 | )

| (a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | 198,521 |  |  | $ | — |  |  | $ | 1,668,505 |  |  | $ | — |  |  | $ | 1,867,026 |
Forward foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,908 |  |  |  | — |  |  |  | — |  |  |  | 3,908 |
Options purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated(b) |  |  | — |  |  |  | — |  |  |  | 777,194 |  |  |  | — |  |  |  | 665,437 |  |  |  | — |  |  |  | 1,442,631 |
|  | $ | — |  |  | $ | — |  |  | $ | 975,715 |  |  | $ | 3,908 |  |  | $ | 2,333,942 |  |  | $ | — |  |  | $ | 3,313,565 |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | 340,783 |  |  | $ | — |  |  | $ | 5,515,136 |  |  | $ | — |  |  | $ | 5,855,919 |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  |  | — |  |  |  | — |  |  |  | 58,646 |  |  |  | — |  |  |  | 221,813 |  |  |  | — |  |  |  | 280,459 |
Swaps — centrally cleared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on centrally cleared swaps(a) |  |  | — |  |  |  | 2,567,207 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,567,207 |
|  | $ | — |  |  | $ | 2,567,207 |  |  | $ | 399,429 |  |  | $ | — |  |  | $ | 5,736,949 |  |  | $ | — |  |  | $ | 8,703,585 |

| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

| (b) | Includes options purchased at value as reported in the Schedule of Investments. |

For the period ended June 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | (2,124,200 | ) |  | $ | — |  |  | $ | (301,444 | ) |  | $ | — |  |  | $ | (2,425,644 | )
Forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (11,025 | ) |  |  | — |  |  |  | — |  |  |  | (11,025 | )
Options purchased(a) |  |  | — |  |  |  | — |  |  |  | (2,639,337 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,639,337 | )
Options written |  |  | — |  |  |  | — |  |  |  | 1,158,037 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,158,037 |
Swaps |  |  | — |  |  |  | (2,598,677 | ) |  |  | — |  |  |  | — |  |  |  | (2,818,506 | ) |  |  | — |  |  |  | (5,417,183 | )
|  | $ | — |  |  | $ | (2,598,677 | ) |  | $ | (3,605,500 | ) |  | $ | (11,025 | ) |  | $ | (3,119,950 | ) |  | $ | — |  |  | $ | (9,335,152 | )

S C H E D U L E O F I N V E S T M E N T S |  | 111

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | (142,262 | ) |  | $ | — |  |  | $ | (4,986,967 | ) |  | $ | — |  |  | $ | (5,129,229 | )
Forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,908 |  |  |  | — |  |  |  | — |  |  |  | 3,908 |
Options purchased(b) |  |  | — |  |  |  | — |  |  |  | (448,928 | ) |  |  | — |  |  |  | (87,251 | ) |  |  | — |  |  |  | (536,179 | )
Options written |  |  | — |  |  |  | — |  |  |  | 393,524 |  |  |  | — |  |  |  | 26,499 |  |  |  | — |  |  |  | 420,023 |
Swaps |  |  | — |  |  |  | (1,984,334 | ) |  |  | — |  |  |  | — |  |  |  | 5,074,148 |  |  |  | — |  |  |  | 3,089,814 |
|  | $ | — |  |  | $ | (1,984,334 | ) |  | $ | (197,666 | ) |  | $ | 3,908 |  |  | $ | 26,429 |  |  | $ | — |  |  | $ | (2,151,663 | )

| (a) | Options purchased are included in net realized gain (loss) from investments — unaffiliated. |

| (b) | Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — long |  | $ | 301,064,816 |
Average notional value of contracts — short |  | $ | 249,296,524 |
Forward foreign currency exchange contracts: |  |  |  |
Average amounts purchased — in USD |  | $ | 1,317,721 |
Options: |  |  |  |
Average value of option contracts purchased |  | $ | 721,315 |
Average value of option contracts written |  | $ | 140,229 |
Credit default swaps: |  |  |  |
Average notional value — buy protection |  | $ | 108,600,000 |
Interest rate swaps: |  |  |  |
Average notional value — receives fixed rate |  | $ | — | (a)

| (a) | Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Futures contracts |  | $ | 156,499 |  |  | $ | 1,575,034 |
Forward foreign currency exchange contracts |  |  | 3,908 |  |  |  | — |
Options |  |  | 1,442,631 | (a) |  |  | 280,459 |
Swaps — centrally cleared |  |  | — |  |  |  | 812,546 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | 1,603,038 |  |  |  | 2,668,039 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | (1,599,130 | ) |  |  | (2,668,039 | )
Total derivative assets and liabilities subject to an MNA |  | $ | 3,908 |  |  | $ | — |

| (a) | Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments. |

The following table presents the Trust’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Trust:

Counterparty |  |  | Derivative Assets Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Received |  |  |  | Cash Collateral Received |  |  |  | Net Amount of Derivative Assets | (a)(b)
BNP Paribas SA |  | $ | 2,033 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,033 |
Toronto-Dominion Bank |  |  | 1,875 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,875 |
|  | $ | 3,908 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,908 |

| (a) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |

| (b) | Net amount represents the net amount receivable from the counterparty in the event of default. |

112 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Credit Allocation Income Trust (BTZ)

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-Backed Securities |  | $ | — |  |  | $ | 163,975,595 |  |  | $ | 520,960 |  |  | $ | 164,496,555 |
Corporate Bonds |  |  | — |  |  |  | 1,198,250,202 |  |  |  | 583,401 |  |  |  | 1,198,833,603 |
Floating Rate Loan Interests |  |  | — |  |  |  | 65,272,117 |  |  |  | 1,963,218 |  |  |  | 67,235,335 |
Foreign Agency Obligations |  |  | — |  |  |  | 26,145,031 |  |  |  | — |  |  |  | 26,145,031 |
Investment Companies |  |  | 946,800 |  |  |  | — |  |  |  | — |  |  |  | 946,800 |
Municipal Bonds |  |  | — |  |  |  | 10,472,880 |  |  |  | — |  |  |  | 10,472,880 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital Trusts |  |  | — |  |  |  | 105,387,575 |  |  |  | — |  |  |  | 105,387,575 |
Preferred Stocks |  |  | 35,890,643 |  |  |  | — |  |  |  | 5,460,826 |  |  |  | 41,351,469 |
U.S. Government Sponsored Agency Securities |  |  | — |  |  |  | 153,825,000 |  |  |  | — |  |  |  | 153,825,000 |
Warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 7,466,683 |  |  |  | — |  |  |  | — |  |  |  | 7,466,683 |
Options Purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  |  | 777,194 |  |  |  | — |  |  |  | — |  |  |  | 777,194 |
Interest Rate Contracts |  |  | 665,437 |  |  |  | — |  |  |  | — |  |  |  | 665,437 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TBA Sale Commitments |  |  | — |  |  |  | (77,623,941 | ) |  |  | — |  |  |  | (77,623,941 | )
Unfunded Floating Rate Loan Interests(a) |  |  | — |  |  |  | (3,468 | ) |  |  | — |  |  |  | (3,468 | )
|  | $ | 45,746,757 |  |  | $ | 1,645,700,991 |  |  | $ | 8,528,405 |  |  | $ | 1,699,976,153 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | 198,521 |  |  | $ | — |  |  | $ | — |  |  | $ | 198,521 |
Foreign Currency Exchange Contracts |  |  | — |  |  |  | 3,908 |  |  |  | — |  |  |  | 3,908 |
Interest Rate Contracts |  |  | 1,668,505 |  |  |  | — |  |  |  | — |  |  |  | 1,668,505 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Contracts |  |  | — |  |  |  | (2,567,207 | ) |  |  | — |  |  |  | (2,567,207 | )
Equity Contracts |  |  | (399,429 | ) |  |  | — |  |  |  | — |  |  |  | (399,429 | )
Interest Rate Contracts |  |  | (5,736,949 | ) |  |  | — |  |  |  | — |  |  |  | (5,736,949 | )
|  | $ | (4,269,352 | ) |  | $ | (2,563,299 | ) |  | $ | — |  |  | $ | (6,832,651 | )

| (a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |

| (b) | Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $618,555,134 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 113

Schedule of Investments (unaudited) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |
Golub Capital Partners CLO 66B Ltd., Series 2023-66, Class D, (3-mo. CME Term SOFR + 5.50%), 10.48%, 04/25/36(a)(b) |  |  | USD |  |  |  | 1,000 |  |  | $ | 998,106 |
Palmer Square CLO Ltd., (3-mo. Term SOFR + 5.00%), 6.80%, 04/20/36 |  |  |  |  |  |  | 1,000 |  |  |  | 1,000,645 |
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo. CME Term SOFR + 5.45%), 10.51%, 04/20/36(a)(b) |  |  |  |  |  |  | 1,000 |  |  |  | 1,000,956 |
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 9.93%, 04/20/36(a)(b) |  |  |  |  |  |  | 1,000 |  |  |  | 1,000,292 |
Total Asset-Backed Securities — 1.4% (Cost: $4,000,000) |  |  |  |  |  |  |  |  |  |  | 3,999,999 |
|  |  |  |  | Shares |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |
Automobile Components — 0.0% |  |  |  |  |  |  |  |  |
Lear Corp |  |  |  |  |  |  | 178 |  |  |  | 25,552 |
Construction & Engineering — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
McDermott International Ltd.(c) |  |  |  |  |  |  | 76,644 |  |  |  | 13,796 |
Energy Equipment & Services — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0)(d)(e) |  |  |  |  |  |  | 3,738 |  |  |  | — |
Financial Services — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
NMG Parent LLC |  |  |  |  |  |  | 2,218 |  |  |  | 273,553 |
Household Products — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Berkline Benchcraft Equity LLC(d) |  |  |  |  |  |  | 6,155 |  |  |  | — |
Industrial Conglomerates — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Ameriforge Group, Inc. |  |  |  |  |  |  | 832 |  |  |  | 8 |
Total Common Stocks — 0.1% (Cost: $1,246,954) |  |  |  |  |  |  |  |  |  |  | 312,909 |
|  |  |  |  | Par (000) |  |  |  |
Corporate Bonds |  |  |  |  |  |  |  |  |  |  |  |
Automobile Components — 0.1% |  |  |  |  |  |  |  |  |
Clarios Global LP, 6.75%, 05/15/25(b) |  |  | USD |  |  |  | 275 |  |  |  | 275,168 |
Building Materials — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(b) |  |  |  |  |  |  | 73 |  |  |  | 68,968 |
Building Products — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
White Cap Buyer LLC, 6.88%, 10/15/28(b) |  |  |  |  |  |  | 155 |  |  |  | 140,469 |
Capital Markets — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27(b) |  |  |  |  |  |  | 74 |  |  |  | 75,847 |
Chemicals(b) — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 |  |  |  |  |  |  | 32 |  |  |  | 27,883 |
WR Grace Holdings LLC, 5.63%, 08/15/29 |  |  |  |  |  |  | 409 |  |  |  | 335,094 |
|  |  |  |  |  |  |  |  |  |  | 362,977 |

Security |  |  |  |  | Par (000) |  |  | Value |
Commercial Services & Supplies — 0.1% |  |  |  |
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(b) |  |  | USD |  |  |  | 127 |  |  | $ | 118,974 |
Construction Materials — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26(b) |  |  |  |  |  |  | 926 |  |  |  | 87,970 |
Diversified Telecommunication Services — 0.0% |  |  |  |  |
Zayo Group Holdings, Inc., 6.13%, 03/01/28(b) |  |  |  |  |  |  | 155 |  |  |  | 96,855 |
Electric Utilities — 0.0% |  |  |  |  |  |  |  |  |
Texas Competitive Electric Holdings, 1.00%, 10/10/19(d) |  |  |  |  |  |  | 1,050 |  |  |  | — |
Electronic Equipment, Instruments & Components — 0.2% |
Vertiv Group Corp., 4.13%, 11/15/28(b) |  |  |  |  |  |  | 556 |  |  |  | 500,941 |
Health Care Providers & Services — 0.1% |  |  |  |  |
Medline Borrower LP, 5.25%, 10/01/29(b) |  |  |  |  |  |  | 237 |  |  |  | 205,645 |
Hotels, Restaurants & Leisure(b) — 0.2% |  |  |  |  |
Caesars Entertainment, Inc., 4.63%, 10/15/29 |  |  |  |  |  |  | 240 |  |  |  | 209,570 |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30 |  |  |  |  |  |  | 395 |  |  |  | 336,160 |
|  |  |  |  |  |  |  |  |  |  | 545,730 |
Household Durables — 0.0% |  |  |  |  |  |  |  |  |
SWF Escrow Issuer Corp., 6.50%, 10/01/29(b) |  |  |  |  |  |  | 194 |  |  |  | 116,405 |
Household Products — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Berkline Benchcraft LLC, 4.50%, 05/03/12(a)(c)(d)(f) |  |  |  |  |  |  | 400 |  |  |  | — |
Insurance — 0.1% |  |  |  |  |  |  |  |  |
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27(b) |  |  |  |  |  |  | 220 |  |  |  | 206,800 |
Internet Software & Services(b) — 0.1% |  |  |  |  |
Uber Technologies, Inc. |  |  |  |  |  |  |  |  |  |  |  |
6.25%, 01/15/28 |  |  |  |  |  |  | 137 |  |  |  | 136,323 |
4.50%, 08/15/29 |  |  |  |  |  |  | 235 |  |  |  | 216,294 |
|  |  |  |  |  |  |  |  |  |  | 352,617 |
Machinery — 0.2% |  |  |  |  |  |  |  |  |
Madison IAQ LLC, 5.88%, 06/30/29(b) |  |  |  |  |  |  | 742 |  |  |  | 600,952 |
Media(b) — 0.3% |  |  |  |  |  |  |  |  |  |  |  |
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(g) |  |  |  |  |  |  | 163 |  |  |  | 57,511 |
Odeon Finco PLC, 12.75%, 11/01/27 |  |  |  |  |  |  | 374 |  |  |  | 366,438 |
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26 |  |  |  |  |  |  | 353 |  |  |  | 281,435 |
|  |  |  |  |  |  |  |  |  |  | 705,384 |
Passenger Airlines — 0.3% |  |  |  |  |  |  |  |  |  |  |  |
Allegiant Travel Co., 8.50%, 02/05/24(b) |  |  |  |  |  |  | 740 |  |  |  | 738,150 |
Real Estate Management & Development — 0.1% |
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, 01/15/29(b) |  |  |  |  |  |  | 315 |  |  |  | 235,687 |
Software — 0.1% |  |  |  |  |  |  |  |  |  |  |  |
Cloud Software Group, Inc., 9.00%, 09/30/29 |  |  |  |  |  |  | 379 |  |  |  | 331,032 |
Wireless Telecommunication Services — 0.0% |  |  |  |  |  |  |  |  |
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25(b) |  |  |  |  |  |  | 85 |  |  |  | 82,131 |
Total Corporate Bonds — 2.1% (Cost: $7,008,824) |  |  |  |  |  |  |  |  |  |  | 5,848,702 |

114 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Floating Rate Loan Interests(a) |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense — 4.4% |  |  |  |  |  |  |  |  |
Atlas CC Acquisition Corp. |  |  |  |  |  |  |  |  |  |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.78%, 05/25/28 |  |  | USD |  |  |  | 1,813 |  |  | $ | 1,569,299 |
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.78%, 05/25/28 |  |  |  |  |  |  | 369 |  |  |  | 319,198 |
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.50%, 10/31/26 |  |  |  |  |  |  | 436 |  |  |  | 435,732 |
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. LIBOR US at 0.50% Floor + 3.50%), 8.56%, 08/03/29 |  |  |  |  |  |  | 228 |  |  |  | 223,784 |
Dynasty Acquisition Co., Inc. |  |  |  |  |  |  |  |  |  |  |  |
2020 CAD Term Loan B2, (1-mo. CME Term SOFR + 3.50%), 8.70%, 04/06/26 |  |  |  |  |  |  | 837 |  |  |  | 829,299 |
2020 Term Loan B1, (1-mo. CME Term SOFR + 3.50%), 8.70%, 04/06/26 |  |  |  |  |  |  | 1,558 |  |  |  | 1,542,679 |
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 5.60%), 10.70%, 04/09/26 |  |  |  |  |  |  | 452 |  |  |  | 384,149 |
Peraton Corp. |  |  |  |  |  |  |  |  |  |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.98%, 02/01/29 |  |  |  |  |  |  | 1,049 |  |  |  | 1,014,462 |
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/01/28 |  |  |  |  |  |  | 3,492 |  |  |  | 3,424,233 |
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3-mo. LIBOR US + 2.00%), 7.54%, 11/05/28 |  |  |  |  |  |  | 826 |  |  |  | 825,116 |
TransDigm, Inc., 2023 Term Loan I, (3-mo. CME Term SOFR + 3.25%), 8.49%, 08/24/28 |  |  |  |  |  |  | 1,846 |  |  |  | 1,844,332 |
|  |  |  |  |  |  |  |  |  |  | 12,412,283 |
Automobile Components — 0.6% |  |  |  |  |  |  |  |  |
Adient U.S. LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.47%, 04/10/28 |  |  |  |  |  |  | 322 |  |  |  | 321,507 |
Clarios Global LP, 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.85%, 05/06/30 |  |  |  |  |  |  | 1,390 |  |  |  | 1,385,218 |
|  |  |  |  |  |  |  |  |  |  | 1,706,725 |
Automobiles — 0.5% |  |  |  |  |  |  |  |  |
Dealer Tire Financial LLC, Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.60%, 12/14/27 |  |  |  |  |  |  | 1,560 |  |  |  | 1,552,519 |
Beverages — 1.1% |  |  |  |  |  |  |  |  |  |  |  |
Naked Juice LLC |  |  |  |  |  |  |  |  |  |  |  |
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 01/24/30 |  |  |  |  |  |  | 1,111 |  |  |  | 875,130 |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 01/24/29 |  |  |  |  |  |  | 2,384 |  |  |  | 2,212,866 |
|  |  |  |  |  |  |  |  |  |  | 3,087,996 |
Broadline Retail — 1.9% |  |  |  |  |  |  |  |  |
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 11/24/28 |  |  |  |  |  |  | 990 |  |  |  | 986,133 |
Midas Intermediate Holdco II LLC, 2022 PIK Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.85%, 1.50% PIK), 5.96%, 06/30/27(g) |  |  |  |  |  |  | 1,699 |  |  |  | 1,476,837 |

Security |  |  |  |  | Par (000) |  |  | Value |
Broadline Retail (continued) |  |  |  |  |  |  |  |  |
PUG LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.45%, 02/12/27(d) |  |  | USD |  |  |  | 226 |  |  | $ | 203,377 |
USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27 |  |  |  |  |  |  | 2,319 |  |  |  | 2,055,496 |
Sally Holdings LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.60%, 02/28/30(d) |  |  |  |  |  |  | 391 |  |  |  | 390,531 |
Woof Holdings, Inc., 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 12/21/27(d) |  |  |  |  |  |  | 333 |  |  |  | 325,828 |
|  |  |  |  |  |  |  |  |  |  | 5,438,202 |
Building Products — 1.7% |  |  |  |  |  |  |  |  |
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.41%, 05/13/29 |  |  |  |  |  |  | 161 |  |  |  | 160,828 |
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.50%, 04/12/28 |  |  |  |  |  |  | 157 |  |  |  | 150,106 |
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 11/23/27 |  |  |  |  |  |  | 900 |  |  |  | 845,307 |
CPG International LLC, 2022 Term Loan B, (1‑mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.70%, 04/28/29 |  |  |  |  |  |  | 479 |  |  |  | 476,779 |
IPS Corp. |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.20%, 10/01/29(d) |  |  |  |  |  |  | 645 |  |  |  | 503,100 |
2021 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.00%, 10/02/28 |  |  |  |  |  |  | 64 |  |  |  | 1,923 |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 10/02/28 |  |  |  |  |  |  | 368 |  |  |  | 338,618 |
Jeld-Wen, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.47%, 07/28/28 |  |  |  |  |  |  | 502 |  |  |  | 499,101 |
Wilsonart LLC, 2021 Term Loan E, (6-mo. LIBOR US at 1.00% Floor + 3.50%), 8.71%, 12/31/26 |  |  |  |  |  |  | 1,946 |  |  |  | 1,914,798 |
|  |  |  |  |  |  |  |  |  |  | 4,890,560 |
Capital Markets — 3.6% |  |  |  |  |  |  |  |  |
Advisor Group, Inc., 2021 Term Loan, (1-mo. LIBOR US + 4.50%), 9.69%, 07/31/26 |  |  |  |  |  |  | 624 |  |  |  | 623,812 |
Ascensus Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.69%, 08/02/29 |  |  |  |  |  |  | 1,778 |  |  |  | 1,582,450 |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 08/02/28 |  |  |  |  |  |  | 1,742 |  |  |  | 1,710,728 |
Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.24%, 12/20/29 |  |  |  |  |  |  | 725 |  |  |  | 713,984 |
Azalea Topco, Inc., Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 07/24/26 |  |  |  |  |  |  | 594 |  |  |  | 576,267 |
Castlelake Aviation Ltd., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 8.30%, 10/22/26 |  |  |  |  |  |  | 980 |  |  |  | 974,425 |
Castlelake Aviation One DAC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.00%, 10/22/27 |  |  |  |  |  |  | 444 |  |  |  | 441,183 |
Focus Financial Partners LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 06/30/28 |  |  |  |  |  |  | 902 |  |  |  | 889,707 |

S C H E D U L E O F I N V E S T M E N T S |  | 115

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Capital Markets (continued) |  |  |  |  |  |  |  |  |
Focus Financial Partners LLC (continued) 2023 Term Loan B6, 06/30/28(h) |  |  | USD |  |  |  | 483 |  |  | $ | 479,498 |
Greenhill & Co., Inc., Term Loan B, (3-mo. LIBOR US + 3.25%), 8.73%, 04/12/24 |  |  |  |  |  |  | 716 |  |  |  | 715,477 |
ION Trading Finance Ltd., 2021 USD Term Loan, (3-mo. LIBOR US + 4.75%), 10.09%, 04/03/28 |  |  |  |  |  |  | 413 |  |  |  | 404,846 |
Press Ganey Holdings, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 07/24/26 |  |  |  |  |  |  | 1,028 |  |  |  | 992,466 |
|  |  |  |  |  |  |  |  |  |  | 10,104,843 |
Chemicals — 5.7% |  |  |  |  |  |  |  |  |
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.00%), 12.20%, 09/30/29 |  |  |  |  |  |  | 572 |  |  |  | 489,060 |
Aruba Investments Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
2020 2nd Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 7.75%), 12.94%, 11/24/28 |  |  |  |  |  |  | 885 |  |  |  | 778,800 |
2020 USD Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.20%, 11/24/27 |  |  |  |  |  |  | 468 |  |  |  | 451,093 |
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.99%, 08/27/26 |  |  |  |  |  |  | 1,551 |  |  |  | 1,516,909 |
CPC Acquisition Corp., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.25%, 12/29/27 |  |  |  |  |  |  | 397 |  |  |  | 299,760 |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.62%, 10/04/29 |  |  |  |  |  |  | 591 |  |  |  | 564,665 |
Element Solutions, Inc., 2019 Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.10%, 01/31/26 |  |  |  |  |  |  | 1,218 |  |  |  | 1,214,833 |
HB Fuller Co., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 02/15/30 |  |  |  |  |  |  | 180 |  |  |  | 180,031 |
Illuminate Buyer LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 06/30/27 |  |  |  |  |  |  | 853 |  |  |  | 844,805 |
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.70%, 02/18/30 |  |  |  |  |  |  | 416 |  |  |  | 413,250 |
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR + 3.93%), 9.27%, 07/03/28 |  |  |  |  |  |  | 659 |  |  |  | 555,237 |
LSF11 A5 Holdco LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 10/15/28 |  |  |  |  |  |  | 1,116 |  |  |  | 1,099,602 |
Messer Industries GmbH, 2018 USD Term Loan, (3-mo. CME Term SOFR + 2.50%), 8.00%, 03/02/26 |  |  |  |  |  |  | 1,286 |  |  |  | 1,284,236 |
Momentive Performance Materials USA LLC, 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.60%, 03/29/28 |  |  |  |  |  |  | 1,252 |  |  |  | 1,218,475 |
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.32%, 04/03/28 |  |  |  |  |  |  | 453 |  |  |  | 448,044 |
Olympus Water U.S. Holding Corp., 2023 Incremental Term Loan, 11/09/28(h) |  |  |  |  |  |  | 416 |  |  |  | 401,353 |
OQ Chemicals Corp., 2017 USD Term Loan B2, (1-mo. CME Term SOFR + 3.60%), 8.74%, 10/14/24 |  |  |  |  |  |  | 1,054 |  |  |  | 1,033,264 |
PQ Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.65%, 06/09/28 |  |  |  |  |  |  | 1,061 |  |  |  | 1,055,535 |
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 4.00%), 9.19%, 03/16/27 |  |  |  |  |  |  | 645 |  |  |  | 634,851 |
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.54%, 08/02/28 |  |  |  |  |  |  | 1,012 |  |  |  | 1,002,855 |

Security |  |  |  |  | Par (000) |  |  | Value |
Chemicals (continued) |  |  |  |  |  |  |  |  |
Starfruit Finco BV, 2018 USD Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.07%, 10/01/25 |  |  | USD |  |  |  | 97 |  |  | $ | 97,373 |
W.R. Grace Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.75%), 9.31%, 09/22/28 |  |  |  |  |  |  | 568 |  |  |  | 563,116 |
|  |  |  |  |  |  |  |  |  |  | 16,147,147 |
Commercial Services & Supplies — 4.4% |  |  |  |  |  |  |  |  |
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 05/12/28 |  |  |  |  |  |  | 1,605 |  |  |  | 1,557,605 |
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.15%, 02/15/29(d) |  |  |  |  |  |  | 483 |  |  |  | 471,042 |
Aramark Services, Inc., 2023 Term Loan B6, (1-mo. CME Term SOFR + 2.50%), 7.72%, 06/22/30(d) |  |  |  |  |  |  | 469 |  |  |  | 468,138 |
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.95%, 09/07/27 |  |  |  |  |  |  | 1,204 |  |  |  | 1,200,199 |
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1-mo. LIBOR US + 2.00%), 7.19%, 10/08/28 |  |  |  |  |  |  | 427 |  |  |  | 426,849 |
Covanta Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 11/30/28 |  |  |  |  |  |  | 53 |  |  |  | 52,279 |
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 11/30/28 |  |  |  |  |  |  | 696 |  |  |  | 689,197 |
EnergySolutions LLC, 2018 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 3.75%), 9.29%, 05/09/25 |  |  |  |  |  |  | 293 |  |  |  | 295,448 |
GFL Environmental, Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.15%, 05/28/27 |  |  |  |  |  |  | 448 |  |  |  | 447,471 |
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.20%, 10/29/28 |  |  |  |  |  |  | 985 |  |  |  | 974,027 |
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.25%), 9.52%, 12/15/28 |  |  |  |  |  |  | 495 |  |  |  | 403,078 |
Prime Security Services Borrower LLC, 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 2.75%), 7.94%, 09/23/26 |  |  |  |  |  |  | 1,205 |  |  |  | 1,204,021 |
Tempo Acquisition LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.10%, 08/31/28 |  |  |  |  |  |  | 2,947 |  |  |  | 2,947,265 |
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.20%, 11/02/27 |  |  |  |  |  |  | 1,012 |  |  |  | 929,283 |
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR + 5.00%), 10.22%, 07/30/28 |  |  |  |  |  |  | 480 |  |  |  | 466,029 |
|  |  |  |  |  |  |  |  |  |  | 12,531,931 |
Communications Equipment — 0.2% |  |  |  |  |  |  |  |  |
Ciena Corp., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.59%, 01/18/30 |  |  |  |  |  |  | 131 |  |  |  | 130,672 |
ViaSat, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.60%, 03/02/29 |  |  |  |  |  |  | 588 |  |  |  | 567,903 |
|  |  |  |  |  |  |  |  |  |  | 698,575 |
Construction & Engineering — 0.8% |  |  |  |  |  |  |  |  |
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.41%, 06/21/24 |  |  |  |  |  |  | 601 |  |  |  | 594,288 |
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 01/21/28 |  |  |  |  |  |  | 644 |  |  |  | 640,842 |
USIC Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.50%), 8.69%, 05/12/28 |  |  |  |  |  |  | 1,075 |  |  |  | 1,015,379 |
|  |  |  |  |  |  |  |  |  |  | 2,250,509 |

116 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Construction Materials — 1.0% |  |  |  |  |  |  |  |  |
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1-mo. CME Term SOFR + 2.00%), 7.20%, 01/15/27 |  |  | USD |  |  |  | 729 |  |  | $ | 725,862 |
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.10%, 03/08/29 |  |  |  |  |  |  | 520 |  |  |  | 436,528 |
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 04/29/29 |  |  |  |  |  |  | 678 |  |  |  | 661,493 |
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.69%, 09/22/28 |  |  |  |  |  |  | 986 |  |  |  | 984,649 |
|  |  |  |  |  |  |  |  |  |  | 2,808,532 |
Consumer Staples Distribution & Retail — 0.4% |  |  |  |
U.S. Foods, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2019 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.22%, 09/13/26 |  |  |  |  |  |  | 613 |  |  |  | 611,916 |
2021 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 11/22/28 |  |  |  |  |  |  | 373 |  |  |  | 372,227 |
|  |  |  |  |  |  |  |  |  |  | 984,143 |
Containers & Packaging — 1.9% |  |  |  |  |  |  |  |  |
Charter Next Generation, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 12/01/27 |  |  |  |  |  |  | 2,140 |  |  |  | 2,121,173 |
Mauser Packaging Solutions Holding Co., Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.16%, 08/14/26 |  |  |  |  |  |  | 775 |  |  |  | 771,877 |
Pregis TopCo Corp. |  |  |  |  |  |  |  |  |  |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 07/31/26 |  |  |  |  |  |  | 377 |  |  |  | 374,133 |
2021 Incremental Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.75%), 8.94%, 07/31/26 |  |  |  |  |  |  | 430 |  |  |  | 425,060 |
Reynolds Consumer Products LLC, Term Loan, (1-mo. CME Term SOFR + 1.75%), 6.95%, 02/04/27 |  |  |  |  |  |  | 919 |  |  |  | 917,819 |
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1-mo. CME Term SOFR + 3.25%), 8.47%, 02/05/26 |  |  |  |  |  |  | 188 |  |  |  | 188,035 |
Trident TPI Holdings, Inc., 2021 Incremental Term Loan, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 09/15/28 |  |  |  |  |  |  | 704 |  |  |  | 691,065 |
|  |  |  |  |  |  |  |  |  |  | 5,489,162 |
Distributors — 0.2% |  |  |  |  |  |  |  |  |
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.02%, 10/28/27 |  |  |  |  |  |  | 627 |  |  |  | 579,228 |
Diversified Consumer Services — 3.2% |  |  |  |
2U, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 6.50%), 11.32%, 12/28/26 |  |  |  |  |  |  | 587 |  |  |  | 562,374 |
Ascend Learning LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 10.95%, 12/10/29 |  |  |  |  |  |  | 482 |  |  |  | 407,690 |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/11/28 |  |  |  |  |  |  | 1,179 |  |  |  | 1,105,909 |
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.47%, 11/24/28 |  |  |  |  |  |  | 569 |  |  |  | 566,723 |
KUEHG Corp., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.24%, 06/12/30 |  |  |  |  |  |  | 863 |  |  |  | 853,291 |
Sotheby’s |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.50%), 9.76%, 01/15/27 |  |  |  |  |  |  | 1,089 |  |  |  | 1,060,179 |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.76%, 01/15/27 |  |  |  |  |  |  | 245 |  |  |  | 238,263 |

Security |  |  |  |  | Par (000) |  |  | Value |
Diversified Consumer Services (continued) |  |  |  |
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3-mo. LIBOR US + 4.00%), 9.54%, 07/30/25 |  |  | USD |  |  |  | 614 |  |  | $ | 608,399 |
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 5.00%), 10.22%, 09/01/25 |  |  |  |  |  |  | 1,821 |  |  |  | 1,532,499 |
Wand NewCo 3, Inc., 2020 Term Loan, (1-mo. LIBOR US + 2.75%), 7.41%, 02/05/26 |  |  |  |  |  |  | 1,572 |  |  |  | 1,557,098 |
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.22%, 01/08/27 |  |  |  |  |  |  | 752 |  |  |  | 736,792 |
|  |  |  |  |  |  |  |  |  |  | 9,229,217 |
Diversified REITs — 0.2% |  |  |  |
RHP Hotel Properties, LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.85%, 05/18/30 |  |  |  |  |  |  | 512 |  |  |  | 510,970 |
Diversified Telecommunication Services — 5.1% |  |  |  |
Altice Financing SA |  |  |  |  |  |  |  |  |  |  |  |
2017 USD Term Loan B, (3-mo. LIBOR US + 2.75%), 8.01%, 07/15/25(d) |  |  |  |  |  |  | 684 |  |  |  | 670,555 |
USD 2017 1st Lien Term Loan, (3-mo. LIBOR US + 2.75%), 8.01%, 01/31/26 |  |  |  |  |  |  | 945 |  |  |  | 927,561 |
Cablevision Lightpath LLC, Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.44%, 11/30/27 |  |  |  |  |  |  | 143 |  |  |  | 137,555 |
Connect Finco SARL, 2021 Term Loan B, (1-mo. LIBOR US + 3.50%), 8.70%, 12/11/26 |  |  |  |  |  |  | 3,443 |  |  |  | 3,438,137 |
Consolidated Communications, Inc., 2021 Term Loan B, (1‑mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.72%, 10/02/27 |  |  |  |  |  |  | 497 |  |  |  | 437,492 |
Iridium Satellite LLC, 2021 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 11/04/26 |  |  |  |  |  |  | 1,106 |  |  |  | 1,105,548 |
Level 3 Financing, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.97%, 03/01/27 |  |  |  |  |  |  | 1,082 |  |  |  | 1,005,264 |
Lumen Technologies, Inc., 2020 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.47%, 03/15/27 |  |  |  |  |  |  | 1,099 |  |  |  | 843,326 |
Orbcomm, Inc., Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 4.25%), 9.58%, 09/01/28 |  |  |  |  |  |  | 535 |  |  |  | 427,900 |
Radiate Holdco LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 09/25/26 |  |  |  |  |  |  | 1,620 |  |  |  | 1,347,400 |
Virgin Media Bristol LLC |  |  |  |  |  |  |  |  |  |  |  |
2020 USD Term Loan Q, (1-mo. LIBOR US + 3.25%), 8.44%, 01/31/29 |  |  |  |  |  |  | 278 |  |  |  | 276,510 |
USD Term Loan N, (1-mo. LIBOR US + 2.50%), 7.69%, 01/31/28 |  |  |  |  |  |  | 609 |  |  |  | 603,193 |
Virgin Media SFA Finance Ltd., GBP Term Loan L, (1-mo. SONIA + 3.25%), 7.68%, 01/15/27 |  |  | GBP |  |  |  | 600 |  |  |  | 726,856 |
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.22%, 03/09/27 |  |  | USD |  |  |  | 3,114 |  |  |  | 2,436,853 |
|  |  |  |  |  |  |  |  |  |  | 14,384,150 |
Electric Utilities — 0.1% |  |  |  |
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1-mo. LIBOR US + 2.00%), 7.19%, 01/15/25 |  |  |  |  |  |  | 308 |  |  |  | 307,942 |
Electrical Equipment — 0.3% |  |  |  |
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.25%, 06/23/28(d) |  |  |  |  |  |  | 937 |  |  |  | 911,529 |
Electronic Equipment, Instruments & Components — 0.3% |
Coherent Corp., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 07/02/29 |  |  |  |  |  |  | 981 |  |  |  | 977,139 |

S C H E D U L E O F I N V E S T M E N T S |  | 117

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Energy Equipment & Services — 0.7% |  |  |  |
Lealand Finance Co. BV |  |  |  |  |  |  |  |  |  |  |  |
2020 Make Whole Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.22%, 06/28/24 |  |  | USD |  |  |  | 25 |  |  | $ | 18,689 |
2020 Take Back Term Loan, (1-mo. LIBOR US + 1.00%, 3.00% PIK), 6.19%, 06/30/25(g) |  |  |  |  |  |  | 188 |  |  |  | 104,722 |
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.54%, 10/05/28 |  |  |  |  |  |  | 1,899 |  |  |  | 1,892,866 |
|  |  |  |  |  |  |  |  |  |  | 2,016,277 |
Entertainment — 4.8% |  |  |  |  |  |  |  |  |
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. LIBOR US + 3.00%), 8.22%, 04/22/26 |  |  |  |  |  |  | 924 |  |  |  | 719,687 |
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 05/24/29 |  |  |  |  |  |  | 62 |  |  |  | 62,155 |
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.49%, 03/08/30 |  |  |  |  |  |  | 557 |  |  |  | 551,390 |
City Football Group Ltd., Term Loan, (3-mo. LIBOR US at 0.50% Floor + 3.00%), 8.27%, 07/21/28 |  |  |  |  |  |  | 1,031 |  |  |  | 1,010,141 |
Creative Artists Agency LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.60%, 11/27/28 |  |  |  |  |  |  | 961 |  |  |  | 957,471 |
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.10%, 01/15/30 |  |  |  |  |  |  | 796 |  |  |  | 795,602 |
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.00%), 8.73%, 03/08/24 |  |  |  |  |  |  | 2,395 |  |  |  | 2,218,358 |
Live Nation Entertainment, Inc., Term Loan B4, (1‑mo. CME Term SOFR + 1.75%), 6.93%, 10/17/26 |  |  |  |  |  |  | 1,547 |  |  |  | 1,541,423 |
Playtika Holding Corp., 2021 Term Loan, (1‑mo. LIBOR US + 2.75%), 7.94%, 03/13/28 |  |  |  |  |  |  | 1,050 |  |  |  | 1,045,240 |
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3‑mo. LIBOR US + 2.50%), 7.77%, 01/23/25 |  |  |  |  |  |  | 934 |  |  |  | 931,343 |
UFC Holdings LLC, 2021 Term Loan B, (3‑mo. LIBOR US at 0.75% Floor + 2.75%), 8.05%, 04/29/26 |  |  |  |  |  |  | 550 |  |  |  | 549,315 |
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. LIBOR US + 2.75%), 7.95%, 05/18/25 |  |  |  |  |  |  | 1,656 |  |  |  | 1,650,206 |
WMG Acquisition Corp., 2021 Term Loan G, (1-mo. CME Term SOFR + 2.13%), 7.33%, 01/20/28 |  |  |  |  |  |  | 1,662 |  |  |  | 1,655,538 |
|  |  |  |  |  |  |  |  |  |  | 13,687,869 |
Financial Services — 5.1% |  |  |  |  |  |  |  |  |
ABG Intermediate Holdings 2 LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.20%, 12/20/29 |  |  |  |  |  |  | 123 |  |  |  | 113,775 |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/21/28 |  |  |  |  |  |  | 486 |  |  |  | 482,980 |
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.49%, 08/15/28 |  |  |  |  |  |  | 1,171 |  |  |  | 1,038,046 |
Belron Finance U.S. LLC |  |  |  |  |  |  |  |  |  |  |  |
2018 Term Loan B, (3-mo. LIBOR US + 2.25%), 7.63%, 11/13/25 |  |  |  |  |  |  | 266 |  |  |  | 266,333 |
2019 USD Term Loan B3, (3-mo. LIBOR US + 2.25%), 7.56%, 10/30/26 |  |  |  |  |  |  | 651 |  |  |  | 650,287 |
2021 USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.43%), 7.80%, 04/13/28 |  |  |  |  |  |  | 1,693 |  |  |  | 1,689,149 |
Belron Luxembourg SARL, 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.83%, 04/18/29 |  |  |  |  |  |  | 289 |  |  |  | 288,821 |

Security |  |  |  |  | Par (000) |  |  | Value |
Financial Services (continued) |  |  |  |  |  |  |
Deerfield Dakota Holding LLC |  |  |  |  |  |  |  |  |  |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.99%, 04/09/27 |  |  | USD |  |  |  | 3,772 |  |  | $ | 3,653,770 |
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 04/07/28 |  |  |  |  |  |  | 1,114 |  |  |  | 1,031,843 |
FinCo I LLC, 2020 Term Loan B, (6-mo. LIBOR US + 2.50%), 8.08%, 06/27/25 |  |  |  |  |  |  | 381 |  |  |  | 380,623 |
LBM Acquisition LLC, Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.94%, 12/17/27 |  |  |  |  |  |  | 312 |  |  |  | 299,196 |
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.45%, 03/24/25 |  |  |  |  |  |  | 807 |  |  |  | 803,215 |
Sotera Health Holdings LLC, 2021 Term Loan, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 8.02%, 12/11/26 |  |  |  |  |  |  | 1,564 |  |  |  | 1,537,615 |
Travelport Finance SARL, 2023 Consented Term Loan, 05/29/26(d)(h) |  |  |  |  |  |  | 931 |  |  |  | 569,306 |
UPC Financing Partnership, 2021 USD Term Loan AX, (1-mo. LIBOR US + 2.93%), 8.12%, 01/31/29 |  |  |  |  |  |  | 474 |  |  |  | 463,018 |
WEX, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.47%, 03/31/28 |  |  |  |  |  |  | 597 |  |  |  | 596,225 |
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 10/19/27 |  |  |  |  |  |  | 751 |  |  |  | 743,151 |
|  |  |  |  |  |  |  |  |  |  | 14,607,353 |
Food Products — 3.5% |  |  |  |  |  |  |  |  |
8th Avenue Food & Provisions, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 10/01/25 |  |  |  |  |  |  | 729 |  |  |  | 668,358 |
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.97%, 10/01/25 |  |  |  |  |  |  | 935 |  |  |  | 865,925 |
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.72%, 10/25/27 |  |  |  |  |  |  | 1,973 |  |  |  | 1,959,683 |
Froneri International Ltd., 2020 USD Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.45%, 01/29/27 |  |  |  |  |  |  | 2,168 |  |  |  | 2,153,239 |
H-Food Holdings LLC, 2018 Term Loan B, (6‑mo. LIBOR US + 3.69%), 9.27%, 05/23/25 |  |  |  |  |  |  | 308 |  |  |  | 270,388 |
Hostess Brands LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.75%, 06/21/30 |  |  |  |  |  |  | 622 |  |  |  | 619,897 |
Nomad Foods U.S. LLC, 2022 Term Loan B, (6‑mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.56%, 11/12/29 |  |  |  |  |  |  | 624 |  |  |  | 622,937 |
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.77%, 06/08/28 |  |  |  |  |  |  | 1,153 |  |  |  | 1,138,993 |
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor), 5.24%, 03/31/28 |  |  |  |  |  |  | 1,400 |  |  |  | 1,351,011 |
UTZ Quality Foods LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 01/20/28 |  |  |  |  |  |  | 419 |  |  |  | 418,345 |
|  |  |  |  |  |  |  |  |  |  | 10,068,776 |
Ground Transportation — 0.8% |  |  |  |
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 4.75%), 9.93%, 04/06/28 |  |  |  |  |  |  | 355 |  |  |  | 342,801 |
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.97%, 08/06/27 |  |  |  |  |  |  | 404 |  |  |  | 398,543 |
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3‑mo. LIBOR US + 5.50%), 10.76%, 08/04/25 |  |  |  |  |  |  | 711 |  |  |  | 638,114 |
Uber Technologies, Inc., 2023 Term Loan B, (3‑mo. CME Term SOFR + 2.75%), 8.01%, 03/03/30 |  |  |  |  |  |  | 985 |  |  |  | 986,735 |
|  |  |  |  |  |  |  |  |  |  | 2,366,193 |
Health Care Equipment & Supplies — 1.7% |  |  |  |  |  |  |  |  |
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/03/28 |  |  |  |  |  |  | 1,508 |  |  |  | 1,472,219 |

118 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Health Care Equipment & Supplies (continued) |  |  |  |
Femur Buyer, Inc., 1st Lien Term Loan, (3-mo. LIBOR US + 4.50%), 10.00%, 03/05/26 |  |  | USD |  |  |  | 422 |  |  | $ | 386,245 |
Insulet Corp., Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.47%, 05/04/28 |  |  |  |  |  |  | 469 |  |  |  | 468,833 |
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.47%, 10/23/28 |  |  |  |  |  |  | 2,668 |  |  |  | 2,635,776 |
|  |  |  |  |  |  |  |  |  |  | 4,963,073 |
Health Care Providers & Services — 2.9% |  |  |  |
CHG Healthcare Services, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.44%, 09/29/28 |  |  |  |  |  |  | 628 |  |  |  | 624,208 |
CNT Holdings I Corp., 2020 Term Loan, (3‑mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.46%, 11/08/27 |  |  |  |  |  |  | 1,127 |  |  |  | 1,121,881 |
Electron BidCo, Inc., 2021 Term Loan, (1‑mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.22%, 11/01/28 |  |  |  |  |  |  | 1,344 |  |  |  | 1,337,069 |
Envision Healthcare Corp. |  |  |  |  |  |  |  |  |  |  |  |
2022 First Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.88%), 13.27%, 03/31/27 |  |  |  |  |  |  | 1 | (i) |  |  | 345 |
2022 Second Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 4.25%), 9.49%, 03/31/27 |  |  |  |  |  |  | 969 |  |  |  | 204,778 |
EyeCare Partners LLC |  |  |  |  |  |  |  |  |  |  |  |
2020 Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.25%, 02/18/27 |  |  |  |  |  |  | 1,029 |  |  |  | 754,109 |
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.75%), 12.25%, 11/15/29 |  |  |  |  |  |  | 358 |  |  |  | 237,912 |
2021 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.25%, 11/15/28 |  |  |  |  |  |  | 329 |  |  |  | 234,573 |
Ingenovis Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.97%, 03/06/28 |  |  |  |  |  |  | 995 |  |  |  | 955,038 |
MED ParentCo LP, 1st Lien Term Loan, (1‑mo. LIBOR US + 4.25%), 9.47%, 08/31/26 |  |  |  |  |  |  | 819 |  |  |  | 758,063 |
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.36%, 11/01/29 |  |  |  |  |  |  | 377 |  |  |  | 333,174 |
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.94%, 10/27/28 |  |  |  |  |  |  | 430 |  |  |  | 429,254 |
PetVet Care Centers LLC, 2021 Term Loan B3, (1-mo. LIBOR US at 0.75% Floor + 3.50%), 8.69%, 02/14/25 |  |  |  |  |  |  | 32 |  |  |  | 31,433 |
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 11/01/28 |  |  |  |  |  |  | 681 |  |  |  | 638,357 |
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.90%, 08/31/26 |  |  |  |  |  |  | 365 |  |  |  | 364,384 |
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.44%, 05/16/29 |  |  |  |  |  |  | 207 |  |  |  | 206,595 |
|  |  |  |  |  |  |  |  |  |  | 8,231,173 |
Health Care Technology — 2.9% |  |  |  |  |  |  |  |  |
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 02/15/29 |  |  |  |  |  |  | 1,840 |  |  |  | 1,768,827 |
Polaris Newco LLC, USD Term Loan B, (3‑mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 06/02/28 |  |  |  |  |  |  | 2,848 |  |  |  | 2,615,580 |
Verscend Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 7.00%), 12.22%, 04/02/29(d) |  |  |  |  |  |  | 1,902 |  |  |  | 1,902,000 |
2021 Term Loan B, (1-mo. LIBOR US + 4.00%), 9.22%, 08/27/25 |  |  |  |  |  |  | 1,909 |  |  |  | 1,905,930 |
|  |  |  |  |  |  |  |  |  |  | 8,192,337 |

Security |  |  |  |  | Par (000) |  |  | Value |
Hotels, Restaurants & Leisure — 6.2% |  |  |  |  |  |  |  |  |
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. LIBOR US + 3.75%), 8.94%, 02/02/26 |  |  | USD |  |  |  | 813 |  |  | $ | 785,522 |
Alterra Mountain Co., 2023 Term Loan B, (1‑mo. CME Term SOFR + 3.75%), 8.95%, 05/31/30(d) |  |  |  |  |  |  | 95 |  |  |  | 94,763 |
Bally’s Corp., 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.40%, 10/02/28 |  |  |  |  |  |  | 551 |  |  |  | 537,796 |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., Term Loan B4, (1-mo. LIBOR US + 1.75%), 6.94%, 11/19/26 |  |  |  |  |  |  | 993 |  |  |  | 985,026 |
Caesars Entertainment, Inc., Term Loan B, (1‑mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 02/06/30 |  |  |  |  |  |  | 765 |  |  |  | 764,386 |
Carnival Corp., USD Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.22%, 06/30/25 |  |  |  |  |  |  | 1,115 |  |  |  | 1,112,564 |
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.20%, 03/17/28 |  |  |  |  |  |  | 898 |  |  |  | 889,023 |
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 01/27/29 |  |  |  |  |  |  | 2,324 |  |  |  | 2,291,045 |
Flutter Financing BV, 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.75%, 07/22/28 |  |  |  |  |  |  | 725 |  |  |  | 726,011 |
Four Seasons Hotels Ltd., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/30/29 |  |  |  |  |  |  | 1,885 |  |  |  | 1,887,396 |
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 12/15/27 |  |  |  |  |  |  | 1,471 |  |  |  | 1,459,298 |
Packers Holdings LLC, 2021 Term Loan, (1‑mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.44%, 03/09/28 |  |  |  |  |  |  | 557 |  |  |  | 384,284 |
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.95%, 05/03/29 |  |  |  |  |  |  | 910 |  |  |  | 906,666 |
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.34%, 01/05/29 |  |  |  |  |  |  | 294 |  |  |  | 293,445 |
Scientific Games International, Inc., 2022 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.25%, 04/14/29 |  |  |  |  |  |  | 500 |  |  |  | 498,620 |
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.00%), 8.25%, 08/25/28 |  |  |  |  |  |  | 423 |  |  |  | 421,131 |
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3-mo. CME Term SOFR + 2.25%), 7.75%, 07/21/26 |  |  |  |  |  |  | 682 |  |  |  | 681,137 |
Station Casinos LLC, 2020 Term Loan B, (1‑mo. LIBOR US at 0.25% Floor + 2.25%), 7.45%, 02/08/27 |  |  |  |  |  |  | 1,253 |  |  |  | 1,248,099 |
Whatabrands LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.47%, 08/03/28 |  |  |  |  |  |  | 1,388 |  |  |  | 1,377,886 |
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.45%, 05/24/30 |  |  |  |  |  |  | 332 |  |  |  | 331,358 |
|  |  |  |  |  |  |  |  |  |  | 17,675,456 |
Household Durables — 1.5% |  |  |  |  |  |  |  |  |
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.75%, 05/17/28 |  |  |  |  |  |  | 1,009 |  |  |  | 845,626 |
Hunter Douglas, Inc., USD Term Loan B1, (3‑mo. CME Term SOFR + 3.50%), 8.67%, 02/26/29 |  |  |  |  |  |  | 1,479 |  |  |  | 1,399,337 |
Serta Simmons Bedding LLC, 2023 Take Back Term Loan, 0.00%, 01/23/28 |  |  |  |  |  |  | 285 |  |  |  | 285,302 |

S C H E D U L E O F I N V E S T M E N T S |  | 119

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Household Durables (continued) |  |  |  |  |  |  |  |  |
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 10/06/28 |  |  | USD |  |  |  | 506 |  |  | $ | 407,766 |
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 10/30/27 |  |  |  |  |  |  | 1,458 |  |  |  | 1,276,721 |
|  |  |  |  |  |  |  |  |  |  | 4,214,752 |
Household Products — 0.5% |  |  |  |  |  |  |  |  |
Diamond BC BV, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.06%, 09/29/28 |  |  |  |  |  |  | 1,062 |  |  |  | 1,059,741 |
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 11.38%, 12/22/26 |  |  |  |  |  |  | 250 |  |  |  | 245,495 |
|  |  |  |  |  |  |  |  |  |  | 1,305,236 |
Independent Power and Renewable Electricity Producers — 0.7% |
Calpine Corp. |  |  |  |  |  |  |  |  |  |  |  |
2019 Term Loan B10, (1-mo. LIBOR US + 2.00%), 7.19%, 08/12/26 |  |  |  |  |  |  | 464 |  |  |  | 462,980 |
Term Loan B9, (1-mo. LIBOR US + 2.00%), 7.20%, 04/05/26 |  |  |  |  |  |  | 862 |  |  |  | 860,929 |
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 8.03%, 12/15/27 |  |  |  |  |  |  | 728 |  |  |  | 722,779 |
|  |  |  |  |  |  |  |  |  |  | 2,046,688 |
Industrial Conglomerates — 0.2% |  |  |  |  |  |  |  |  |
Stitch Aquisition Corp., Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 07/28/28 |  |  |  |  |  |  | 666 |  |  |  | 492,940 |
Insurance — 4.7% |  |  |  |  |  |  |  |  |
Alliant Holdings Intermediate LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B4, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.65%, 11/06/27 |  |  |  |  |  |  | 2,328 |  |  |  | 2,311,783 |
2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.65%, 11/05/27 |  |  |  |  |  |  | 2,384 |  |  |  | 2,366,928 |
AmWINS Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 2.25%), 7.44%, 02/19/28 |  |  |  |  |  |  | 1,182 |  |  |  | 1,169,636 |
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.83%, 02/19/28 |  |  |  |  |  |  | 304 |  |  |  | 303,392 |
AssuredPartners, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27 |  |  |  |  |  |  | 621 |  |  |  | 614,838 |
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 02/12/27 |  |  |  |  |  |  | 599 |  |  |  | 592,974 |
HUB International Ltd. |  |  |  |  |  |  |  |  |  |  |  |
2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.07%, 11/10/29 |  |  |  |  |  |  | 286 |  |  |  | 285,125 |
2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.34%, 06/20/30 |  |  |  |  |  |  | 3,390 |  |  |  | 2,840,880 |
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 09/01/27 |  |  |  |  |  |  | 836 |  |  |  | 834,544 |
USI, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2019 Incremental Term Loan B, (3-mo. LIBOR US + 3.25%), 8.79%, 12/02/26 |  |  |  |  |  |  | 131 |  |  |  | 131,060 |
2022 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.99%, 11/22/29 |  |  |  |  |  |  | 1,977 |  |  |  | 1,972,363 |
|  |  |  |  |  |  |  |  |  |  | 13,423,523 |

Security |  |  |  |  | Par (000) |  |  | Value |
Interactive Media & Services — 1.6% |  |  |  |  |  |  |  |  |
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.39%, 02/16/28 |  |  | USD |  |  |  | 263 |  |  | $ | 259,702 |
Adevinta ASA, USD Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 2.75%), 8.29%, 06/26/28 |  |  |  |  |  |  | 797 |  |  |  | 796,312 |
Camelot Finance SA, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 10/30/26 |  |  |  |  |  |  | 1,131 |  |  |  | 1,128,566 |
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.22%, 10/30/26 |  |  |  |  |  |  | 1,240 |  |  |  | 1,237,440 |
GoodRx, Inc., 1st Lien Term Loan, (1-mo. LIBOR US + 2.75%), 7.94%, 10/10/25 |  |  |  |  |  |  | 441 |  |  |  | 440,295 |
Grab Holdings, Inc., Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 4.50%), 9.70%, 01/29/26 |  |  |  |  |  |  | 646 |  |  |  | 644,749 |
|  |  |  |  |  |  |  |  |  |  | 4,507,064 |
IT Services — 3.4% |  |  |  |  |  |  |  |  |
Asurion LLC |  |  |  |  |  |  |  |  |  |  |  |
2020 Term Loan B8, (3-mo. LIBOR US + 3.25%), 8.79%, 12/23/26 |  |  |  |  |  |  | 182 |  |  |  | 174,845 |
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.25%), 10.51%, 01/31/28 |  |  |  |  |  |  | 689 |  |  |  | 584,109 |
2021 Second Lien Term Loan B4, (1-mo. LIBOR US + 5.25%), 10.51%, 01/20/29 |  |  |  |  |  |  | 984 |  |  |  | 822,870 |
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.25%), 9.45%, 08/19/28 |  |  |  |  |  |  | 817 |  |  |  | 776,039 |
Epicor Software Corp., 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.75%), 12.95%, 07/31/28 |  |  |  |  |  |  | 1,316 |  |  |  | 1,312,986 |
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.34%, 10/01/27 |  |  |  |  |  |  | 1,899 |  |  |  | 1,868,156 |
Go Daddy Operating Co. LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B4, (1-mo. LIBOR US + 2.00%), 7.19%, 08/10/27 |  |  |  |  |  |  | 449 |  |  |  | 447,721 |
2022 Term Loan B5, (1-mo. CME Term SOFR + 3.00%), 8.10%, 11/09/29 |  |  |  |  |  |  | 912 |  |  |  | 913,647 |
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 02/17/28 |  |  |  |  |  |  | 2,461 |  |  |  | 2,444,162 |
Venga Finance SARL, 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.28%, 06/28/29 |  |  |  |  |  |  | 399 |  |  |  | 381,931 |
|  |  |  |  |  |  |  |  |  |  | 9,726,466 |
Leisure Products — 0.5% |  |  |  |  |  |  |  |  |
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.19%, 12/01/28(d) |  |  |  |  |  |  | 599 |  |  |  | 570,037 |
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27 |  |  |  |  |  |  | 211 |  |  |  | 209,816 |
Topgolf Callaway Brands Corp., Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.70%, 03/15/30 |  |  |  |  |  |  | 704 |  |  |  | 703,059 |
|  |  |  |  |  |  |  |  |  |  | 1,482,912 |
Life Sciences Tools & Services — 2.8% |  |  |  |  |  |  |  |  |
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.45%, 11/08/27 |  |  |  |  |  |  | 938 |  |  |  | 936,744 |
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 02/22/28 |  |  |  |  |  |  | 978 |  |  |  | 955,221 |
Curia Global, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.90%, 08/30/26 |  |  |  |  |  |  | 86 |  |  |  | 73,967 |

120 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Life Sciences Tools & Services (continued) |
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.72%, 02/04/27 |  |  | USD |  |  |  | 1,218 |  |  | $ | 1,169,358 |
Fortrea Holdings, Inc., Term Loan B, 06/12/30(h) |  |  |  |  |  |  | 259 |  |  |  | 258,871 |
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28 |  |  |  |  |  |  | 1,415 |  |  |  | 1,414,249 |
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.03%, 10/19/27 |  |  |  |  |  |  | 916 |  |  |  | 914,617 |
Parexel International Corp., 2021 1st Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.35%, 11/15/28 |  |  |  |  |  |  | 1,883 |  |  |  | 1,866,021 |
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28 |  |  |  |  |  |  | 353 |  |  |  | 352,362 |
|  |  |  |  |  |  |  |  |  |  | 7,941,410 |
Machinery — 5.8% |  |  |  |  |  |  |  |  |  |  |  |
Albion Financing 3 SARL, USD Term Loan, (3-mo. LIBOR US at 0.50% Floor + 5.25%), 10.52%, 08/17/26(d) |  |  |  |  |  |  | 1,212 |  |  |  | 1,202,604 |
Clark Equipment Co., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 04/20/29 |  |  |  |  |  |  | 186 |  |  |  | 185,535 |
Columbus McKinnon Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.23%, 05/14/28 |  |  |  |  |  |  | 229 |  |  |  | 228,691 |
Filtration Group Corp. |  |  |  |  |  |  |  |  |  |  |  |
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 10/21/28 |  |  |  |  |  |  | 720 |  |  |  | 716,831 |
2023 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.33%, 10/21/28 |  |  |  |  |  |  | 1,455 |  |  |  | 1,453,234 |
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 03/31/27 |  |  |  |  |  |  | 1,484 |  |  |  | 1,474,817 |
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1-mo. CME Term SOFR + 1.75%), 6.95%, 03/01/27 |  |  |  |  |  |  | 1,371 |  |  |  | 1,368,384 |
Madison IAQ LLC, Term Loan, (6-mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28 |  |  |  |  |  |  | 2,276 |  |  |  | 2,226,648 |
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.74%, 11/22/29 |  |  |  |  |  |  | 1,322 |  |  |  | 1,315,079 |
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.70%, 04/05/29 |  |  |  |  |  |  | 1,197 |  |  |  | 1,180,766 |
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.73%, 03/28/25 |  |  |  |  |  |  | 2,377 |  |  |  | 2,316,306 |
Vertical U.S. Newco, Inc., Term Loan B, (6-mo. LIBOR US at 0.50% Floor + 3.50%), 8.60%, 07/30/27 |  |  |  |  |  |  | 1,391 |  |  |  | 1,377,250 |
Vertiv Group Corp., 2021 Term Loan B, (1-mo. LIBOR US + 2.75%), 7.94%, 03/02/27 |  |  |  |  |  |  | 1,490 |  |  |  | 1,483,652 |
Zurn LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 10/04/28 |  |  |  |  |  |  | 77 |  |  |  | 76,638 |
|  |  |  |  |  |  |  |  |  |  | 16,606,435 |
Media — 4.7% |  |  |  |  |  |  |  |  |  |  |  |
AVSC Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |
2020 Term Loan B1, (1-mo. LIBOR US at 1.00% Floor + 3.25%), 8.68%, 03/03/25 |  |  |  |  |  |  | 617 |  |  |  | 600,360 |
2020 Term Loan B3, 10/15/26(h) |  |  |  |  |  |  | 580 |  |  |  | 602,355 |
Cable One, Inc., 2021 Term Loan B4, (1-mo. LIBOR US + 2.00%), 7.19%, 05/03/28 |  |  |  |  |  |  | 300 |  |  |  | 293,583 |

Security |  |  |  |  | Par (000) |  |  | Value |
Media (continued) |  |  |  |  |  |  |  |  |  |  |  |
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (3-mo. CME Term SOFR + 1.75%), 6.80%, 04/30/25 |  |  | USD |  |  |  | 1,595 |  |  | $ | 1,593,623 |
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. LIBOR US + 3.50%), 8.81%, 08/21/26 |  |  |  |  |  |  | 2,098 |  |  |  | 2,000,355 |
CMG Media Corp., 2021 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.84%, 12/17/26 |  |  |  |  |  |  | — | (i) |  |  | 128 |
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.72%, 09/01/28 |  |  |  |  |  |  | 980 |  |  |  | 971,412 |
CSC Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |
2017 Term Loan B1, (1-mo. LIBOR US + 2.25%), 7.44%, 07/17/25 |  |  |  |  |  |  | 936 |  |  |  | 900,114 |
2019 Term Loan B5, (1-mo. LIBOR US + 2.50%), 7.69%, 04/15/27 |  |  |  |  |  |  | 893 |  |  |  | 777,631 |
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.22%, 08/02/27 |  |  |  |  |  |  | 1,390 |  |  |  | 1,357,073 |
E.W. Scripps Co., 2020 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.97%, 01/07/28 |  |  |  |  |  |  | 336 |  |  |  | 325,831 |
ECL Entertainment LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.50%), 12.72%, 05/01/28 |  |  |  |  |  |  | 561 |  |  |  | 562,944 |
Learfield Communications LLC, 2016 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.25%), 8.77%, 12/01/23 |  |  |  |  |  |  | 535 |  |  |  | 413,490 |
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1-mo. CME Term SOFR + 2.50%), 7.72%, 09/18/26 |  |  |  |  |  |  | 489 |  |  |  | 488,145 |
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.75%), 8.95%, 04/21/29(d) |  |  |  |  |  |  | 1,113 |  |  |  | 837,352 |
Voyage Digital Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.36%, 05/11/29(d) |  |  |  |  |  |  | 622 |  |  |  | 618,611 |
Ziggo Financing Partnership, USD Term Loan I, (1-mo. LIBOR US + 2.50%), 7.69%, 04/30/28 |  |  |  |  |  |  | 1,003 |  |  |  | 986,521 |
|  |  |  |  |  |  |  |  |  |  | 13,329,528 |
Oil, Gas & Consumable Fuels — 1.4% |  |  |  |  |  |  |  |  |  |  |  |
Freeport LNG Investments LLLP, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 12/21/28 |  |  |  |  |  |  | 2,266 |  |  |  | 2,216,527 |
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.68%, 09/19/29 |  |  |  |  |  |  | 164 |  |  |  | 162,228 |
Medallion Midland Acquisition LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.25%, 10/18/28 |  |  |  |  |  |  | 1,182 |  |  |  | 1,171,067 |
Murphy USA, Inc., Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 1.75%), 6.92%, 01/31/28 |  |  |  |  |  |  | 392 |  |  |  | 392,165 |
|  |  |  |  |  |  |  |  |  |  | 3,941,987 |
Passenger Airlines — 2.8% |  |  |  |  |  |  |  |  |  |  |  |
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28 |  |  |  |  |  |  | 1,009 |  |  |  | 1,029,382 |
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.84%, 08/11/28 |  |  |  |  |  |  | 1,249 |  |  |  | 1,246,704 |
American Airlines, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.75%), 7.00%, 01/29/27 |  |  |  |  |  |  | 167 |  |  |  | 162,867 |
2023 Term Loan B, (6-mo. CME Term SOFR + 2.75%), 8.15%, 02/15/28 |  |  |  |  |  |  | 1,485 |  |  |  | 1,456,325 |
Kestrel Bidco, Inc., Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.25%, 12/11/26 |  |  |  |  |  |  | 505 |  |  |  | 489,041 |

S C H E D U L E O F I N V E S T M E N T S |  | 121

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Passenger Airlines (continued) |  |  |  |  |  |  |  |  |  |  |  |
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.76%, 06/21/27 |  |  | USD |  |  |  | 1,588 |  |  | $ | 1,647,865 |
United Airlines, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.29%, 04/21/28 |  |  |  |  |  |  | 1,799 |  |  |  | 1,795,270 |
|  |  |  |  |  |  |  |  |  |  | 7,827,454 |
Personal Care Products — 1.3% |  |  |  |  |  |  |  |  |  |  |  |
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.09%, 10/01/26 |  |  |  |  |  |  | 3,719 |  |  |  | 3,694,843 |
Pharmaceuticals — 2.0% |  |  |  |  |  |  |  |  |  |  |  |
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 05/04/25 |  |  |  |  |  |  | 743 |  |  |  | 714,935 |
Amynta Agency Borrower, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 5.00%), 10.20%, 02/28/28 |  |  |  |  |  |  | 526 |  |  |  | 510,551 |
Bausch Health Cos., Inc., 2022 Term Loan B, (3‑mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.43%, 02/01/27 |  |  |  |  |  |  | 683 |  |  |  | 513,784 |
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.01%, 08/01/27 |  |  |  |  |  |  | 931 |  |  |  | 912,902 |
Jazz Financing Lux SARL, USD Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.69%, 05/05/28 |  |  |  |  |  |  | 1,245 |  |  |  | 1,242,462 |
Organon & Co., USD Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.00%), 8.25%, 06/02/28 |  |  |  |  |  |  | 866 |  |  |  | 864,794 |
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.34%, 11/18/27(d) |  |  |  |  |  |  | 756 |  |  |  | 724,264 |
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 07/03/28 |  |  |  |  |  |  | 95 |  |  |  | 94,951 |
|  |  |  |  |  |  |  |  |  |  | 5,578,643 |
Professional Services — 4.6% |  |  |  |  |  |  |  |  |  |  |  |
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.72%, 02/04/28 |  |  |  |  |  |  | 1,062 |  |  |  | 1,058,912 |
CoreLogic, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.75%, 06/04/29 |  |  |  |  |  |  | 873 |  |  |  | 700,903 |
Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 06/02/28 |  |  |  |  |  |  | 2,069 |  |  |  | 1,864,768 |
Dun & Bradstreet Corp. |  |  |  |  |  |  |  |  |  |  |  |
2022 Incremental Term Loan B2, (1-mo. CME Term SOFR + 3.25%), 8.33%, 01/18/29 |  |  |  |  |  |  | 437 |  |  |  | 435,822 |
Term Loan, (1-mo. CME Term SOFR + 3.25%), 8.43%, 02/06/26 |  |  |  |  |  |  | 1,432 |  |  |  | 1,432,085 |
Element Materials Technology Group U.S. Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2022 USD Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/06/29 |  |  |  |  |  |  | 373 |  |  |  | 364,689 |
2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/06/29 |  |  |  |  |  |  | 808 |  |  |  | 790,160 |
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.95%, 04/28/28 |  |  |  |  |  |  | 1,245 |  |  |  | 1,234,133 |
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.85%, 04/29/29(d) |  |  |  |  |  |  | 1,235 |  |  |  | 1,157,503 |
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1-mo. LIBOR US + 3.75%), 8.94%, 07/11/25 |  |  |  |  |  |  | 627 |  |  |  | 625,887 |
Trans Union LLC |  |  |  |  |  |  |  |  |  |  |  |
2019 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.95%, 11/16/26 |  |  |  |  |  |  | 1,137 |  |  |  | 1,132,471 |

Security |  |  |  |  | Par (000) |  |  | Value |
Professional Services (continued) |  |  |  |  |  |  |  |  |  |  |  |
Trans Union LLC (continued) |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.47%, 12/01/28 |  |  | USD |  |  |  | 1,383 |  |  | $ | 1,378,376 |
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.52%, 02/28/27 |  |  |  |  |  |  | 1,017 |  |  |  | 999,465 |
|  |  |  |  |  |  |  |  |  |  | 13,175,174 |
Real Estate Management & Development — 0.5% |
Cushman & Wakefield U.S. Borrower LLC |  |  |  |  |  |  |  |  |  |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 08/21/25 |  |  |  |  |  |  | 460 |  |  |  | 455,154 |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 01/31/30(d) |  |  |  |  |  |  | 1,125 |  |  |  | 1,088,556 |
|  |  |  |  |  |  |  |  |  |  | 1,543,710 |
Semiconductors & Semiconductor Equipment — 0.4% |
MKS Instruments, Inc., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.94%, 08/17/29 |  |  |  |  |  |  | 710 |  |  |  | 709,638 |
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.74%, 12/02/28 |  |  |  |  |  |  | 384 |  |  |  | 378,587 |
|  |  |  |  |  |  |  |  |  |  | 1,088,225 |
Software — 13.5% |  |  |  |  |  |  |  |  |  |  |  |
Applied Systems, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 11.99%, 09/17/27 |  |  |  |  |  |  | 439 |  |  |  | 438,728 |
2022 Extended 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.74%, 09/18/26 |  |  |  |  |  |  | 469 |  |  |  | 469,829 |
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.55%, 08/15/29 |  |  |  |  |  |  | 471 |  |  |  | 453,339 |
Boxer Parent Co., Inc., 2021 USD Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 10/02/25 |  |  |  |  |  |  | 1,244 |  |  |  | 1,233,100 |
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.33%, 09/21/28 |  |  |  |  |  |  | 1,032 |  |  |  | 1,028,409 |
Central Parent, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.49%, 07/06/29 |  |  |  |  |  |  | 848 |  |  |  | 844,807 |
Cloud Software Group, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/30/29 |  |  |  |  |  |  | 2,826 |  |  |  | 2,638,700 |
Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.08%, 10/08/29(d) |  |  |  |  |  |  | 482 |  |  |  | 433,800 |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 10/08/28 |  |  |  |  |  |  | 527 |  |  |  | 513,113 |
Cornerstone OnDemand, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.25%, 10/16/28 |  |  |  |  |  |  | 733 |  |  |  | 681,896 |
Delta TopCo, Inc., 2020 2nd Lien Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.57%, 12/01/28 |  |  |  |  |  |  | 237 |  |  |  | 215,473 |
E2open LLC, 2020 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.76%, 02/04/28 |  |  |  |  |  |  | 175 |  |  |  | 173,863 |
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.19%, 12/01/27 |  |  |  |  |  |  | 2,015 |  |  |  | 2,007,561 |
Informatica LLC, 2021 USD Term Loan B, (1-mo. LIBOR US + 2.75%), 8.00%, 10/27/28 |  |  |  |  |  |  | 1,886 |  |  |  | 1,879,775 |
Instructure Holdings, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 7.85%, 10/30/28 |  |  |  |  |  |  | 447 |  |  |  | 447,060 |

122 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Software (continued) |  |  |  |  |  |  |  |  |  |  |  |
Magenta Buyer LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 USD 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.03%, 07/27/28 |  |  | USD |  |  |  | 1,484 |  |  | $ | 1,112,680 |
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.25%), 13.53%, 07/27/29 |  |  |  |  |  |  | 1,359 |  |  |  | 876,218 |
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.01%, 03/01/29 |  |  |  |  |  |  | 2,132 |  |  |  | 2,035,604 |
MH Sub I LLC |  |  |  |  |  |  |  |  |  |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.35%, 02/23/29 |  |  |  |  |  |  | 1,249 |  |  |  | 1,082,559 |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.35%, 05/03/28 |  |  |  |  |  |  | 4,655 |  |  |  | 4,459,586 |
NortonLifeLock, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.20%, 09/12/29 |  |  |  |  |  |  | 997 |  |  |  | 991,790 |
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.59%, 12/18/28 |  |  |  |  |  |  | 572 |  |  |  | 503,360 |
Proofpoint, Inc. |  |  |  |  |  |  |  |  |  |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.47%, 08/31/28 |  |  |  |  |  |  | 1,720 |  |  |  | 1,680,808 |
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.25%), 11.47%, 08/31/29 |  |  |  |  |  |  | 895 |  |  |  | 865,913 |
RealPage, Inc. |  |  |  |  |  |  |  |  |  |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.22%, 04/24/28 |  |  |  |  |  |  | 3,851 |  |  |  | 3,763,649 |
2nd Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 6.50%), 11.69%, 04/23/29 |  |  |  |  |  |  | 1,825 |  |  |  | 1,762,743 |
Severin Acquisition LLC, 2018 Term Loan B, (3‑mo. CME Term SOFR + 3.00%), 8.05%, 08/01/25 |  |  |  |  |  |  | 762 |  |  |  | 760,921 |
Sophia LP |  |  |  |  |  |  |  |  |  |  |  |
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.00%), 13.20%, 10/09/28 |  |  |  |  |  |  | 1,708 |  |  |  | 1,699,460 |
2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 9.04%, 10/07/27 |  |  |  |  |  |  | 1,341 |  |  |  | 1,324,799 |
UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.27%, 05/03/27 |  |  |  |  |  |  | 865 |  |  |  | 836,657 |
Ultimate Software Group, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.90%, 05/04/26 |  |  |  |  |  |  | 1,001 |  |  |  | 986,292 |
Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.81%, 07/20/28 |  |  |  |  |  |  | 201 |  |  |  | 197,798 |
ZoomInfo LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.95%, 02/28/30 |  |  |  |  |  |  | 134 |  |  |  | 134,074 |
|  |  |  |  |  |  |  |  |  |  | 38,534,364 |
Specialty Retail — 2.8% |  |  |  |  |  |  |  |  |  |  |  |
CD&R Firefly Bidco Ltd., 2023 GBP Term Loan B5, (1-day SONIA + 6.00%), 10.28%, 06/21/28 |  |  | GBP |  |  |  | 1,000 |  |  |  | 1,226,667 |
EG America LLC, 2018 USD Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.16%, 02/07/25 |  |  | USD |  |  |  | 882 |  |  |  | 866,104 |
EG Group Ltd., 2021 Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.41%, 03/31/26 |  |  |  |  |  |  | 349 |  |  |  | 346,332 |

Security |  |  |  |  | Par (000) |  |  | Value |
Specialty Retail (continued) |  |  |  |  |  |  |  |  |  |  |  |
Mavis Tire Express Services Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 05/04/28 |  |  | USD |  |  |  | 1,839 |  |  | $ | 1,820,095 |
PetSmart, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/11/28 |  |  |  |  |  |  | 2,261 |  |  |  | 2,253,255 |
Pilot Travel Centers LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.20%, 08/04/28 |  |  |  |  |  |  | 698 |  |  |  | 696,116 |
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 10/20/28 |  |  |  |  |  |  | 531 |  |  |  | 511,739 |
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 02/08/28 |  |  |  |  |  |  | 148 |  |  |  | 137,896 |
|  |  |  |  |  |  |  |  |  |  | 7,858,204 |
Technology Hardware, Storage & Peripherals — 0.1% |
Electronics for Imaging, Inc., Term Loan, (1-mo. LIBOR US + 5.00%), 10.21%, 07/23/26 |  |  |  |  |  |  | 492 |  |  |  | 332,081 |
Textiles, Apparel & Luxury Goods — 0.3% |
Crocs, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 02/20/29 |  |  |  |  |  |  | 599 |  |  |  | 600,040 |
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 03/08/30(d) |  |  |  |  |  |  | 320 |  |  |  | 320,998 |
|  |  |  |  |  |  |  |  |  |  | 921,038 |
Trading Companies & Distributors — 2.6% |  |  |  |  |  |  |  |  |  |  |  |
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1-mo. LIBOR US + 2.25%), 7.44%, 05/19/28 |  |  |  |  |  |  | 841 |  |  |  | 838,335 |
Core & Main LP, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.69%, 07/27/28 |  |  |  |  |  |  | 2,515 |  |  |  | 2,498,213 |
SRS Distribution, Inc. |  |  |  |  |  |  |  |  |  |  |  |
2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.69%, 06/02/28 |  |  |  |  |  |  | 1,702 |  |  |  | 1,650,826 |
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.70%, 06/02/28 |  |  |  |  |  |  | 608 |  |  |  | 592,213 |
TMK Hawk Parent Corp.(d) |  |  |  |  |  |  |  |  |  |  |  |
2020 Super Priority First Out Term Loan A, (3-mo. LIBOR US at 1.00% Floor + 9.50%), 15.00%, 05/30/24 |  |  |  |  |  |  | 597 |  |  |  | 587,898 |
2020 Super Priority Second Out Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 3.50%), 9.00%, 08/28/24 |  |  |  |  |  |  | 1,881 |  |  |  | 1,137,956 |
|  |  |  |  |  |  |  |  |  |  | 7,305,441 |
Transportation Infrastructure — 0.6% |  |  |  |  |  |  |  |  |  |  |  |
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 09/22/28 |  |  |  |  |  |  | 457 |  |  |  | 453,997 |
KKR Apple Bidco LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.97%, 09/23/28 |  |  |  |  |  |  | 573 |  |  |  | 567,813 |
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 11.43%, 12/15/26 |  |  |  |  |  |  | 521 |  |  |  | 487,143 |
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.49%, 03/17/30 |  |  |  |  |  |  | 151 |  |  |  | 141,208 |
|  |  |  |  |  |  |  |  |  |  | 1,650,161 |

S C H E D U L E O F I N V E S T M E N T S |  | 123

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Par (000) |  |  | Value |
Wireless Telecommunication Services — 1.1% |
Digicel International Finance Ltd., 2017 Term Loan B, (1-mo. LIBOR US + 3.25%), 8.98%, 05/28/24 |  |  |  |  |  |  | USD 503 |  |  | $ | 459,992 |
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 04/30/28 |  |  |  |  |  |  | 576 |  |  |  | 574,663 |
SBA Senior Finance II LLC, 2018 Term Loan B, (1-mo. LIBOR US + 1.75%), 6.95%, 04/11/25 |  |  |  |  |  |  | 2,042 |  |  |  | 2,041,801 |
|  |  |  |  |  |  |  |  |  |  | 3,076,456 |
Total Floating Rate Loan Interests — 126.6% (Cost: $370,758,282) |  |  |  | 360,416,544 |
|  |  |  |  | Shares |  |  |  |
Investment Companies |
Equity Funds — 0.1% |  |  |  |  |  |  |  |  |
Janus Henderson AAA CLO ETF |  |  |  |  |  |  | 5,000 |  |  |  | 249,250 |
Fixed Income Funds — 1.3% |  |  |  |  |  |  |  |  |  |  |  |
Invesco Senior Loan ETF |  |  |  |  |  |  | 35,400 |  |  |  | 744,816 |
iShares iBoxx $ High Yield Corporate Bond ETF(j) |  |  |  |  |  |  | 40,000 |  |  |  | 3,002,800 |
|  |  |  |  |  |  |  |  |  |  | 3,747,616 |
Total Investment Companies — 1.4% (Cost: $4,037,247) |  |  |  |  |  |  |  | 3,996,866 |
|  |  |  |  | Benefical Interest (000) |  |  |  |
Other Interests |  |  |  |  |  |  |  |  |
Capital Markets — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Millennium Lender Claim Trust(d)(k) |  |  | USD |  |  |  | 991 |  |  |  | — |
Industrial Conglomerates — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Millennium Corp. Claim(d)(k) |  |  |  |  |  |  | 930 |  |  |  | — |
Total Other Interests — 0.0% (Cost: $ — ) |  |  |  |  |  |  |  | — |

Security |  |  |  |  | Shares |  |  | Value |
Warrants |  |  |  |  |  |  |  |  |  |  |  |
Consumer Discretionary — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00)(c) |  |  |  |  |  |  | 2,121 |  |  | $ | — |
Oil, Gas & Consumable Fuels — 0.0% |  |  |  |  |  |  |  |  |  |  |  |
California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price USD 36.00)(c) |  |  |  |  |  |  | 617 |  |  |  | 7,318 |
Total Warrants — 0.0% (Cost: $ — ) |  |  |  |  |  |  |  |  |  |  | 7,318 |
Total Investments — 131.6% (Cost: $387,051,307) |  |  |  |  |  |  |  |  |  |  | 374,582,338 |
Liabilities in Excess of Other Assets — (31.6)% |  |  |  | (89,977,830 | )
Net Assets — 100.0% |  |  |  |  |  |  |  |  |  | $ | 284,604,508 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | Non-income producing security.

(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $0, representing 0.00% of its net assets as of period end, and an original cost of $0.

(f) | Issuer filed for bankruptcy and/or is in default.

(g) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(h) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(i) | Rounds to less than 1,000.

(j) | Affiliate of the Trust.

(k) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T‑Fund, Institutional Class(a) |  | $ | — |  |  | $ | 12,656,394 |  |  | $ | (12,656,394 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 4,218 |  |  | $ | — |
iShares iBoxx $ High Yield Corporate Bond ETF |  |  | 368,150 |  |  |  | 4,935,440 |  |  |  | (2,253,995 | ) |  |  | (24,805 | ) |  |  | (21,990 | ) |  |  | 3,002,800 |  |  |  | 40,000 |  |  |  | 76,203 |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (24,805 | ) |  | $ | (21,990 | ) |  | $ | 3,002,800 |  |  |  |  |  |  | $ | 80,421 |  |  | $ | — |

| (a) | As of period end, the entity is no longer held. |

124 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT)

Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts

Currency Purchased |  |  |  |  | Currency Sold |  |  |  |  | Counterparty |  | Settlement Date |  | Unrealized Appreciation (Depreciation) |
USD |  | 1,904,201 |  |  |  |  |  | GBP |  |  | 1,485,000 |  |  |  |  | BNP Paribas SA |  | 09/20/23 |  | $ | 17,850 |

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index |  |  | Financing Rate Received by the Trust |  |  |  | Payment Frequency |  |  |  | Termination Date |  |  |  | Credit Rating | (a) |  |  | Notional Amount (000) | (b) |  |  | Value |  |  |  | Upfront Premium Paid (Received) |  |  |  | Unrealized Appreciation (Depreciation) |
CDX.NA.HY.39.V2 |  |  | 5.00 | % |  |  | Quarterly |  |  |  | 12/20/27 |  |  |  | B |  |  |  | USD 2,757 |  |  | $ | 92,759 |  |  | $ | (38,896 | ) |  | $ | 131,655 |

| (a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |

| (b) | The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |
Centrally Cleared Swaps(a) |  | $ | — |  |  | $ | (38,896 | ) |  | $ | 131,655 |  |  | $ | — |

| (a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on forward foreign currency exchange contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17,850 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,850 |
Swaps — centrally cleared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on centrally cleared swaps(a) |  |  | — |  |  |  | 131,655 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 131,655 |
|  | $ | — |  |  | $ | 131,655 |  |  | $ | — |  |  | $ | 17,850 |  |  | $ | — |  |  | $ | — |  |  | $ | 149,505 |

| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

For the period ended June 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (78,608 | ) |  | $ | — |  |  | $ | — |  |  | $ | (78,608 | )
Swaps |  |  | — |  |  |  | 74,056 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 74,056 |
|  | $ | — |  |  | $ | 74,056 |  |  | $ | — |  |  | $ | (78,608 | ) |  | $ | — |  |  | $ | — |  |  | $ | (4,552 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,090 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,090 |
Swaps |  |  | — |  |  |  | 88,183 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 88,183 |
|  | $ | — |  |  | $ | 88,183 |  |  | $ | — |  |  | $ | 1,090 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,273 |

S C H E D U L E O F I N V E S T M E N T S |  | 125

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |  |  |  |
Average amounts purchased — in USD |  | $ | 1,889,579 |
Credit default swaps: |  |  |  |
Average notional value — sell protection |  | $ | 2,771,075 |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  | $ | 17,850 |  |  | $ | — |
Swaps — centrally cleared |  |  | 20,014 |  |  |  | — |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | 37,864 |  |  |  | — |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | (20,014 | ) |  |  | — |
Total derivative assets and liabilities subject to an MNA |  | $ | 17,850 |  |  | $ | — |

The following table presents the Trust’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Trust:

Counterparty |  |  | Derivative Assets Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Received |  |  |  | Cash Collateral Received |  |  |  | Net Amount of Derivative Assets | (a)(b)
BNP Paribas SA |  | $ | 17,850 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17,850 |

| (a) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |

| (b) | Net amount represents the net amount receivable from the counterparty in the event of default. |

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-Backed Securities |  | $ | — |  |  | $ | 3,999,999 |  |  | $ | — |  |  | $ | 3,999,999 |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobile Components |  |  | 25,552 |  |  |  | — |  |  |  | — |  |  |  | 25,552 |
Construction & Engineering |  |  | — |  |  |  | 13,796 |  |  |  | — |  |  |  | 13,796 |
Energy Equipment & Services |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Financial Services |  |  | — |  |  |  | 273,553 |  |  |  | — |  |  |  | 273,553 |
Household Products |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Industrial Conglomerates |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | 8 |
Corporate Bonds |  |  | — |  |  |  | 5,848,702 |  |  |  | — |  |  |  | 5,848,702 |
Floating Rate Loan Interests |  |  | — |  |  |  | 345,226,796 |  |  |  | 15,189,748 |  |  |  | 360,416,544 |
Investment Companies |  |  | 3,996,866 |  |  |  | — |  |  |  | — |  |  |  | 3,996,866 |
Other Interests |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Warrants |  |  | 7,318 |  |  |  | — |  |  |  | — |  |  |  | 7,318 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unfunded Floating Rate Loan Interests(a) |  |  | — |  |  |  | (13,459 | ) |  |  | — |  |  |  | (13,459 | )
|  | $ | 4,029,736 |  |  | $ | 355,349,395 |  |  | $ | 15,189,748 |  |  | $ | 374,568,879 |

126 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Floating Rate Income Trust (BGT)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Contracts |  | $ | — |  |  | $ | 131,655 |  |  | $ | — |  |  | $ | 131,655 |
Foreign Currency Exchange Contracts |  |  | — |  |  |  | 17,850 |  |  |  | — |  |  |  | 17,850 |
|  | $ | — |  |  | $ | 149,505 |  |  | $ | — |  |  | $ | 149,505 |

| (a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |

| (b) | Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $91,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

|  | Common Stocks |  |  | Corporate Bonds |  |  | Floating Rate Loan Interests |  |  | Other Interests |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2022 |  | $ | 822 |  |  | $ | — | (a) |  | $ | 7,962,927 |  |  | $ | — | (a) |  | $ | 7,963,749 |
Transfers into Level 3(b) |  |  | — |  |  |  | — |  |  |  | 6,960,893 |  |  |  | — |  |  |  | 6,960,893 |
Transfers out of Level 3(c) |  |  | — |  |  |  | — |  |  |  | (1,537,208 | ) |  |  | — |  |  |  | (1,537,208 | )
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | 141,598 |  |  |  | — |  |  |  | 141,598 |
Net realized gain (loss) |  |  | (130,652 | ) |  |  | — |  |  |  | (15,721 | ) |  |  | — |  |  |  | (146,373 | )
Net change in unrealized appreciation (depreciation)(d)(e) |  |  | 130,334 |  |  |  | — |  |  |  | 206,067 |  |  |  | — |  |  |  | 336,401 |
Purchases |  |  | — |  |  |  | — |  |  |  | 3,113,618 |  |  |  | — |  |  |  | 3,113,618 |
Sales |  |  | (504 | ) |  |  | — |  |  |  | (1,642,426 | ) |  |  | — |  |  |  | (1,642,930 | )
Closing balance, as of June 30, 2023 |  | $ | — |  |  | $ | — | (a) |  | $ | 15,189,748 |  |  | $ | — | (a) |  | $ | 15,189,748 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023(e) |  | $ | — |  |  | $ | — |  |  | $ | 176,048 |  |  | $ | — |  |  | $ | 176,048 |

| (a) | Rounds to less than $1. |

| (b) | As of December 31, 2022, the Trust used observable inputs in determining the value of certain investments. As of June 30, 2023, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. |

| (c) | As of December 31, 2022, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 2023, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. |

| (d) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |

| (e) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end. |

The Trust’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 127

Statements of Assets and Liabilities (unaudited)
June 30, 2023

|  | BHK |  |  | HYT(a) |  |  | BTZ |  |  | BGT |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(b) |  | $ | 915,669,972 |  |  | $ | 1,881,519,130 |  |  | $ | 1,770,136,879 |  |  | $ | 371,579,538 |
Investments, at value — affiliated(c) |  |  | — |  |  |  | — |  |  |  | 7,466,683 |  |  |  | 3,002,800 |
Cash |  |  | — |  |  |  | 1,936,183 |  |  |  | — |  |  |  | 446,093 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — reverse repurchase agreements |  |  | 2,132,207 |  |  |  | — |  |  |  | 2,492,624 |  |  |  | — |
Collateral — exchange-traded options written |  |  | — |  |  |  | — |  |  |  | 7,820,000 |  |  |  | — |
Collateral — OTC derivatives |  |  | 1,379,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Futures contracts |  |  | 3,915,000 |  |  |  | 216,000 |  |  |  | 7,043,000 |  |  |  | — |
Centrally cleared swaps |  |  | 1,309,000 |  |  |  | 1,578,000 |  |  |  | 6,770,000 |  |  |  | 245,000 |
Foreign currency, at value(d) |  |  | 61,065 |  |  |  | 132,125 |  |  |  | 553,256 |  |  |  | — |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 2,307,109 |  |  |  | 3,471,669 |  |  |  | 1,748,713 |  |  |  | 2,392,428 |
Reverse repurchase agreements |  |  | 9,026,623 |  |  |  | — |  |  |  | 3,468,847 |  |  |  | — |
TBA sale commitments |  |  | 15,070,294 |  |  |  | — |  |  |  | 78,109,642 |  |  |  | — |
Dividends — unaffiliated |  |  | 24,339 |  |  |  | — |  |  |  | — |  |  |  | — |
Dividends — affiliated |  |  | 34,881 |  |  |  | 6,483 |  |  |  | 33,562 |  |  |  | 46 |
Interest — unaffiliated |  |  | 10,131,591 |  |  |  | 29,299,767 |  |  |  | 23,414,704 |  |  |  | 2,426,461 |
Variation margin on futures contracts |  |  | 816,484 |  |  |  | — |  |  |  | 156,499 |  |  |  | — |
Variation margin on centrally cleared swaps |  |  | — |  |  |  | 112,936 |  |  |  | — |  |  |  | 20,014 |
Swap premiums paid |  |  | 3,340 |  |  |  | 32,903 |  |  |  | — |  |  |  | — |
Unrealized appreciation on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  |  | 17,250 |  |  |  | 103,226 |  |  |  | 3,908 |  |  |  | 17,850 |
OTC swaps |  |  | 7,692 |  |  |  | 337,356 |  |  |  | — |  |  |  | — |
Unfunded floating rate loan interests |  |  | 719 |  |  |  | — |  |  |  | — |  |  |  | — |
Deferred offering costs |  |  | 147,699 |  |  |  | 186,982 |  |  |  | — |  |  |  | 231,751 |
Other assets |  |  | — |  |  |  | 250,000 |  |  |  | — |  |  |  | — |
Total assets |  |  | 962,054,265 |  |  |  | 1,919,182,760 |  |  |  | 1,909,218,317 |  |  |  | 380,361,981 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 2,500,395 |  |  |  | — |  |  |  | 184,112 |  |  |  | — |
Foreign bank overdraft(e) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 136,081 |
Due to broker |  |  | — |  |  |  | — |  |  |  | 552,038 |  |  |  | — |
Cash received as collateral for reverse repurchase agreements |  |  | 69,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Options written, at value(f) |  |  | — |  |  |  | 87,588 |  |  |  | 280,459 |  |  |  | — |
TBA sale commitments, at value(g) |  |  | 14,995,820 |  |  |  | — |  |  |  | 77,623,941 |  |  |  | — |
Reverse repurchase agreements, at value |  |  | 305,139,899 |  |  |  | — |  |  |  | 618,555,134 |  |  |  | — |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 45,185,850 |  |  |  | 22,475,516 |  |  |  | 155,567,421 |  |  |  | 3,272,016 |
Reverse repurchase agreements |  |  | 920,811 |  |  |  | — |  |  |  | 2,372,655 |  |  |  | — |
Swaps |  |  | — |  |  |  | 13,159 |  |  |  | — |  |  |  | — |
Accounting services fees |  |  | 56,952 |  |  |  | 82,674 |  |  |  | 77,836 |  |  |  | 27,411 |
Bank borrowings |  |  | — |  |  |  | 551,000,000 |  |  |  | — |  |  |  | 91,000,000 |
Custodian fees |  |  | 21,946 |  |  |  | 24,775 |  |  |  | 35,001 |  |  |  | 9,568 |
Income dividend distributions |  |  | 73,079 |  |  |  | 609,216 |  |  |  | 355,664 |  |  |  | 35,166 |
Interest expense |  |  | — |  |  |  | 2,595,131 |  |  |  | — |  |  |  | 475,353 |
Investment advisory fees |  |  | 758,343 |  |  |  | 1,850,922 |  |  |  | 1,701,519 |  |  |  | 462,904 |
Offering costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41,452 |
Trustees’ and Officer’s fees |  |  | 217,548 |  |  |  | 583,553 |  |  |  | 754,630 |  |  |  | 197,408 |
Other accrued expenses |  |  | 55,418 |  |  |  | 154,190 |  |  |  | 87,016 |  |  |  | 17,730 |
Professional fees |  |  | 61,554 |  |  |  | 56,541 |  |  |  | 52,546 |  |  |  | 49,136 |
Reorganization costs |  |  | — |  |  |  | — |  |  |  | 67,446 |  |  |  | — |
Transfer agent fees |  |  | 35,524 |  |  |  | 53,795 |  |  |  | 46,671 |  |  |  | 19,789 |
Variation margin on futures contracts |  |  | 160,404 |  |  |  | 42,103 |  |  |  | 1,575,034 |  |  |  | — |
Variation margin on centrally cleared swaps |  |  | 11,407 |  |  |  | — |  |  |  | 812,546 |  |  |  | — |
Swap premiums received |  |  | 896,500 |  |  |  | 249,122 |  |  |  | — |  |  |  | — |
Unrealized depreciation on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  |  | 12,404 |  |  |  | 11,995 |  |  |  | — |  |  |  | — |
OTC swaps |  |  | 488,558 |  |  |  | 36,031 |  |  |  | — |  |  |  | — |
Unfunded floating rate loan interests |  |  | — |  |  |  | 20,170 |  |  |  | 3,468 |  |  |  | 13,459 |
Total liabilities |  |  | 371,661,412 |  |  |  | 579,946,481 |  |  |  | 860,705,137 |  |  |  | 95,757,473 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NET ASSETS |  | $ | 590,392,853 |  |  | $ | 1,339,236,279 |  |  | $ | 1,048,513,180 |  |  | $ | 284,604,508 |

128 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2023

|  | BHK |  |  | HYT(a) |  |  | BTZ |  |  | BGT |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(h)(i)(j) |  | $ | 754,580,785 |  |  | $ | 1,686,432,389 |  |  | $ | 1,232,128,209 |  |  | $ | 328,106,361 |
Accumulated loss |  |  | (164,187,932 | ) |  |  | (347,196,110 | ) |  |  | (183,615,029 | ) |  |  | (43,501,853 | )
NET ASSETS |  | $ | 590,392,853 |  |  | $ | 1,339,236,279 |  |  | $ | 1,048,513,180 |  |  | $ | 284,604,508 |
Net asset value(h)(i)(j) |  | $ | 10.93 |  |  | $ | 9.38 |  |  | $ | 11.21 |  |  | $ | 12.75 |
(a)Consolidated Statement of Assets and Liabilities. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b)Investments, at cost — unaffiliated |  | $ | 979,663,601 |  |  | $ | 1,968,472,303 |  |  | $ | 1,843,140,298 |  |  | $ | 384,034,898 |
(c)Investments, at cost — affiliated |  | $ | — |  |  | $ | — |  |  | $ | 7,466,683 |  |  | $ | 3,016,409 |
(d)Foreign currency, at cost |  | $ | 61,900 |  |  | $ | 132,124 |  |  | $ | 553,258 |  |  | $ | — |
(e)Foreign bank overdraft, at cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 137,313 |
(f)Premiums received |  | $ | — |  |  | $ | 141,072 |  |  | $ | 755,964 |  |  | $ | — |
(g)Proceeds from TBA sale commitments |  | $ | 15,070,294 |  |  | $ | — |  |  | $ | 78,109,642 |  |  | $ | — |
(h)Shares outstanding |  |  | 54,010,702 |  |  |  | 142,699,920 |  |  |  | 93,507,103 |  |  |  | 22,315,637 |
(i)Shares authorized |  |  | Unlimited |  |  |  | 200 million |  |  |  | Unlimited |  |  |  | Unlimited |
(j)Par value |  | $ | 0.001 |  |  | $ | 0.10 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 129

Statements of Operations (unaudited)
Six Months Ended June 30, 2023

|  | BHK |  |  | HYT(a) |  |  | BTZ |  |  | BGT |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 89,037 |  |  | $ | 5,969 |  |  | $ | 1,119,866 |  |  | $ | 31,485 |
Dividends — affiliated |  |  | 200,756 |  |  |  | 37,586 |  |  |  | 173,043 |  |  |  | 80,421 |
Interest — unaffiliated |  |  | 25,349,379 |  |  |  | 67,139,088 |  |  |  | 49,732,746 |  |  |  | 16,870,234 |
Other income — unaffiliated |  |  | 120,189 |  |  |  | 933,050 |  |  |  | 168,785 |  |  |  | 246,973 |
Foreign taxes withheld |  |  | (4,883 | ) |  |  | (7,525 | ) |  |  | — |  |  |  | — |
Total investment income |  |  | 25,754,478 |  |  |  | 68,108,168 |  |  |  | 51,194,440 |  |  |  | 17,229,113 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 2,330,974 |  |  |  | 5,534,088 |  |  |  | 5,082,904 |  |  |  | 1,375,215 |
Accounting services |  |  | 64,508 |  |  |  | 98,839 |  |  |  | 88,931 |  |  |  | 32,336 |
Professional |  |  | 54,236 |  |  |  | 57,066 |  |  |  | 41,081 |  |  |  | 55,388 |
Transfer agent |  |  | 44,867 |  |  |  | 66,228 |  |  |  | 55,906 |  |  |  | 24,555 |
Custodian |  |  | 41,138 |  |  |  | 29,033 |  |  |  | 46,037 |  |  |  | 11,254 |
Trustees and Officer |  |  | 25,161 |  |  |  | 55,465 |  |  |  | 56,224 |  |  |  | 14,088 |
Registration |  |  | 9,236 |  |  |  | 20,562 |  |  |  | 15,783 |  |  |  | 4,123 |
Printing and postage |  |  | 6,340 |  |  |  | 7,428 |  |  |  | 1,403 |  |  |  | 4,708 |
Miscellaneous |  |  | 68,525 |  |  |  | 40,308 |  |  |  | 35,185 |  |  |  | 7,185 |
Total expenses excluding interest expense |  |  | 2,644,985 |  |  |  | 5,909,017 |  |  |  | 5,423,454 |  |  |  | 1,528,852 |
Interest expense |  |  | 8,121,364 |  |  |  | 14,587,599 |  |  |  | 14,429,042 |  |  |  | 2,503,072 |
Total expenses |  |  | 10,766,349 |  |  |  | 20,496,616 |  |  |  | 19,852,496 |  |  |  | 4,031,924 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (3,098 | ) |  |  | (671 | ) |  |  | (2,838 | ) |  |  | (10,241 | )
Total expenses after fees waived and/or reimbursed |  |  | 10,763,251 |  |  |  | 20,495,945 |  |  |  | 19,849,658 |  |  |  | 4,021,683 |
Net investment income |  |  | 14,991,227 |  |  |  | 47,612,223 |  |  |  | 31,344,782 |  |  |  | 13,207,430 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (29,360,317 | ) |  |  | (68,254,219 | ) |  |  | (38,899,793 | ) |  |  | (1,478,692 | )
Investments — affiliated |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (24,805 | )
Forward foreign currency exchange contracts |  |  | (12,942 | ) |  |  | (305,526 | ) |  |  | (11,025 | ) |  |  | (78,608 | )
Foreign currency transactions |  |  | (24,917 | ) |  |  | (123,728 | ) |  |  | 5,336 |  |  |  | (37,124 | )
Futures contracts |  |  | (2,455,995 | ) |  |  | (2,170,873 | ) |  |  | (2,425,644 | ) |  |  | — |
Options written |  |  | — |  |  |  | 1,155,118 |  |  |  | 1,158,037 |  |  |  | — |
Swaps |  |  | 4,730,198 |  |  |  | 360,485 |  |  |  | (5,417,183 | ) |  |  | 74,056 |
|  |  | (27,123,973 | ) |  |  | (69,338,743 | ) |  |  | (45,590,272 | ) |  |  | (1,545,173 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 42,493,774 |  |  |  | 107,816,576 |  |  |  | 65,554,852 |  |  |  | 8,736,859 |
Investments — affiliated |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (21,990 | )
Forward foreign currency exchange contracts |  |  | 16,441 |  |  |  | 157,845 |  |  |  | 3,908 |  |  |  | 1,090 |
Foreign currency translations |  |  | (3,542 | ) |  |  | (12,617 | ) |  |  | 180 |  |  |  | 26,670 |
Futures contracts |  |  | 1,483,328 |  |  |  | (683,800 | ) |  |  | (5,129,229 | ) |  |  | — |
Options written |  |  | — |  |  |  | (85,337 | ) |  |  | 420,023 |  |  |  | — |
Swaps |  |  | (5,375,263 | ) |  |  | 951,215 |  |  |  | 3,089,814 |  |  |  | 88,183 |
Unfunded floating rate loan interests |  |  | 14,735 |  |  |  | 73,248 |  |  |  | 4,558 |  |  |  | 33,364 |
|  |  | 38,629,473 |  |  |  | 108,217,130 |  |  |  | 63,944,106 |  |  |  | 8,864,176 |
Net realized and unrealized gain |  |  | 11,505,500 |  |  |  | 38,878,387 |  |  |  | 18,353,834 |  |  |  | 7,319,003 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 26,496,727 |  |  | $ | 86,490,610 |  |  | $ | 49,698,616 |  |  | $ | 20,526,433 |

(a) | Consolidated Statement of Operations.

See notes to financial statements.

130 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets

|  | BHK |  |  | HYT(a) |
|  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |  |  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 14,991,227 |  |  | $ | 34,621,610 |  |  | $ | 47,612,223 |  |  | $ | 85,310,028 |
Net realized loss |  |  | (27,123,973 | ) |  |  | (58,306,032 | ) |  |  | (69,338,743 | ) |  |  | (48,802,949 | )
Net change in unrealized appreciation (depreciation) |  |  | 38,629,473 |  |  |  | (179,504,308 | ) |  |  | 108,217,130 |  |  |  | (243,082,240 | )
Net increase (decrease) in net assets resulting from operations |  |  | 26,496,727 |  |  |  | (203,188,730 | ) |  |  | 86,490,610 |  |  |  | (206,575,161 | )
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (24,175,190 | )(c) |  |  | (43,352,180 | ) |  |  | (66,697,943 | )(c) |  |  | (75,141,728 | )
Return of capital |  |  | — |  |  |  | (969,019 | ) |  |  | — |  |  |  | (32,825,998 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (24,175,190 | ) |  |  | (44,321,199 | ) |  |  | (66,697,943 | ) |  |  | (107,967,726 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from rights offering (Note 11) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 167,749,786 |
Reinvestment of distributions |  |  | — |  |  |  | 267,474 |  |  |  | — |  |  |  | 1,065,866 |
Net increase in net assets derived from capital share transactions |  |  | — |  |  |  | 267,474 |  |  |  | — |  |  |  | 168,815,652 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 2,321,537 |  |  |  | (247,242,455 | ) |  |  | 19,792,667 |  |  |  | (145,727,235 | )
Beginning of period |  |  | 588,071,316 |  |  |  | 835,313,771 |  |  |  | 1,319,443,612 |  |  |  | 1,465,170,847 |
End of period |  | $ | 590,392,853 |  |  | $ | 588,071,316 |  |  | $ | 1,339,236,279 |  |  | $ | 1,319,443,612 |

(a) | Consolidated Statement of Changes in Net Assets.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 131

Statements of Changes in Net Assets (continued)

|  | BTZ |  |  | BGT |
|  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |  |  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 31,344,782 |  |  | $ | 72,207,568 |  |  | $ | 13,207,430 |  |  | $ | 18,263,413 |
Net realized loss |  |  | (45,590,272 | ) |  |  | (26,934,855 | ) |  |  | (1,545,173 | ) |  |  | (4,197,922 | )
Net change in unrealized appreciation (depreciation) |  |  | 63,944,106 |  |  |  | (325,268,939 | ) |  |  | 8,864,176 |  |  |  | (20,011,741 | )
Net increase (decrease) in net assets resulting from operations |  |  | 49,698,616 |  |  |  | (279,996,226 | ) |  |  | 20,526,433 |  |  |  | (5,946,250 | )
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (47,071,475 | )(b) |  |  | (65,195,451 | ) |  |  | (13,274,960 | ) |  |  | (16,820,514 | )
Return of capital |  |  | — |  |  |  | (21,102,257 | ) |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (47,071,475 | ) |  |  | (86,297,708 | ) |  |  | (13,274,960 | ) |  |  | (16,820,514 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | 33,408 |  |  |  | — |  |  |  | — |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,244 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  | — |  |  |  | (624,592 | ) |  |  | — |
Net increase (decrease) in net assets derived from capital share transactions |  |  | — |  |  |  | 33,408 |  |  |  | (624,592 | ) |  |  | 32,244 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 2,627,141 |  |  |  | (366,260,526 | ) |  |  | 6,626,881 |  |  |  | (22,734,520 | )
Beginning of period |  |  | 1,045,886,039 |  |  |  | 1,412,146,565 |  |  |  | 277,977,627 |  |  |  | 300,712,147 |
End of period |  | $ | 1,048,513,180 |  |  | $ | 1,045,886,039 |  |  | $ | 284,604,508 |  |  | $ | 277,977,627 |

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

132 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows (unaudited)
Six Months Ended June 30, 2023

|  | BHK |  |  | HYT(a) |  |  | BTZ |  |  | BGT |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 26,496,727 |  |  | $ | 86,490,610 |  |  | $ | 49,698,616 |  |  | $ | 20,526,433 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments and principal paydowns/payups |  |  | 755,522,190 |  |  |  | 727,781,121 |  |  |  | 1,571,845,892 |  |  |  | 54,361,930 |
Purchases of long-term investments |  |  | (630,657,766 | ) |  |  | (723,751,242 | ) |  |  | (1,564,197,824 | ) |  |  | (53,934,789 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (31,110,079 | ) |  |  | (741,269 | ) |  |  | 659,284 |  |  |  | (11,708 | )
Amortization of premium and accretion of discount on investments and other fees |  |  | (785,996 | ) |  |  | (4,641,386 | ) |  |  | (205,332 | ) |  |  | (459,763 | )
Paid-in-kind income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (31,891 | )
Premiums paid on closing options written |  |  | — |  |  |  | (576,565 | ) |  |  | (1,266,731 | ) |  |  | — |
Premiums received from options written |  |  | — |  |  |  | 1,536,542 |  |  |  | 3,078,529 |  |  |  | — |
Net realized loss on investments and options written |  |  | 29,371,016 |  |  |  | 67,099,101 |  |  |  | 37,741,756 |  |  |  | 1,503,497 |
Net unrealized appreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests |  |  | (42,424,056 | ) |  |  | (108,406,740 | ) |  |  | (65,983,521 | ) |  |  | (8,775,993 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | (2,774 | ) |  |  | (522 | ) |  |  | 5,922 |  |  |  | 3,024 |
Interest — unaffiliated |  |  | 981,848 |  |  |  | (1,292,928 | ) |  |  | 279,430 |  |  |  | (641,148 | )
Variation margin on futures contracts |  |  | (300,662 | ) |  |  | 351,742 |  |  |  | 919,985 |  |  |  | — |
Variation margin on centrally cleared swaps |  |  | 87,160 |  |  |  | (108,763 | ) |  |  | — |  |  |  | (20,014 | )
Swap premiums paid |  |  | 2,197 |  |  |  | 12,194 |  |  |  | — |  |  |  | — |
Prepaid expenses |  |  | 4,538 |  |  |  | 11,128 |  |  |  | 8,629 |  |  |  | 2,324 |
Other assets |  |  | — |  |  |  | (250,000 | ) |  |  | — |  |  |  | — |
Deferred offering costs |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | (118,383 | )
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due to broker |  |  | (241,000 | ) |  |  | — |  |  |  | 133,553 |  |  |  | — |
Cash received |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — reverse repurchase agreements |  |  | (754,818 | ) |  |  | — |  |  |  | (15,478 | ) |  |  | — |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps |  |  | — |  |  |  | 13,159 |  |  |  | — |  |  |  | — |
Accounting services fees |  |  | 9,703 |  |  |  | 19,760 |  |  |  | 15,379 |  |  |  | 5,661 |
Custodian fees |  |  | 10,251 |  |  |  | 1,239 |  |  |  | 8,787 |  |  |  | (3,577 | )
Interest expense |  |  | (410,126 | ) |  |  | 265,046 |  |  |  | 379,352 |  |  |  | 39,975 |
Investment advisory fees |  |  | 337,616 |  |  |  | 895,958 |  |  |  | 835,725 |  |  |  | 224,158 |
Trustees’ and Officer’s fees |  |  | 7,570 |  |  |  | (24,257 | ) |  |  | (35,260 | ) |  |  | (11,748 | )
Other accrued expenses |  |  | (16,540 | ) |  |  | (2,759 | ) |  |  | (42,016 | ) |  |  | (2,985 | )
Professional fees |  |  | (51,372 | ) |  |  | (99,762 | ) |  |  | (39,644 | ) |  |  | (43,327 | )
Reorganization costs |  |  | — |  |  |  | — |  |  |  | 67,446 |  |  |  | — |
Transfer agent fees |  |  | 3,673 |  |  |  | 7,402 |  |  |  | 2,945 |  |  |  | 6,058 |
Variation margin on futures contracts |  |  | (662,957 | ) |  |  | 42,103 |  |  |  | 1,056,617 |  |  |  | — |
Variation margin on centrally cleared swaps |  |  | 11,407 |  |  |  | — |  |  |  | (4,244,389 | ) |  |  | (26 | )
Swap premiums received |  |  | (433,078 | ) |  |  | 8,648 |  |  |  | — |  |  |  | — |
Net cash provided by operating activities |  |  | 104,994,672 |  |  |  | 44,639,561 |  |  |  | 30,707,652 |  |  |  | 12,617,708 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (24,102,111 | ) |  |  | (66,088,727 | ) |  |  | (46,715,811 | ) |  |  | (13,239,794 | )
Payments for offering costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41,452 |
Payments for bank borrowings |  |  | — |  |  |  | (282,000,000 | ) |  |  | — |  |  |  | (41,000,000 | )
Net payments on redemption of capital shares |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (624,592 | )
Proceeds from bank borrowings |  |  | — |  |  |  | 304,000,000 |  |  |  | — |  |  |  | 41,000,000 |
Increase in bank overdraft |  |  | 2,500,395 |  |  |  | — |  |  |  | 184,112 |  |  |  | 76,215 |
Net borrowing of reverse repurchase agreements |  |  | (89,774,897 | ) |  |  | — |  |  |  | 23,042,036 |  |  |  | — |
Net cash used for financing activities |  |  | (111,376,613 | ) |  |  | (44,088,727 | ) |  |  | (23,489,663 | ) |  |  | (13,746,719 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | (1,306 | ) |  |  | 8 |  |  |  | (2 | ) |  |  | — |

F I N A N C I A L S T A T E M E N T S |  | 133

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2023

|  | BHK |  |  | HYT(a) |  |  | BTZ |  |  | BGT |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  | $ | (6,383,247 | ) |  | $ | 550,842 |  |  | $ | 7,217,987 |  |  | $ | (1,129,011 | )
Restricted and unrestricted cash and foreign currency at beginning of period |  |  | 15,179,519 |  |  |  | 3,311,466 |  |  |  | 17,460,893 |  |  |  | 1,820,104 |
Restricted and unrestricted cash and foreign currency at end of period |  | $ | 8,796,272 |  |  | $ | 3,862,308 |  |  | $ | 24,678,880 |  |  | $ | 691,093 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for interest expense |  | $ | 8,531,490 |  |  | $ | 14,322,553 |  |  | $ | 14,049,690 |  |  | $ | 2,463,097 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | 1,936,183 |  |  | $ | — |  |  | $ | 446,093 |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — reverse repurchase agreements |  |  | 2,132,207 |  |  |  | — |  |  |  | 2,492,624 |  |  |  | — |
Collateral — exchange-traded options written |  |  | — |  |  |  | — |  |  |  | 7,820,000 |  |  |  | — |
Collateral — OTC derivatives |  |  | 1,379,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Futures contracts |  |  | 3,915,000 |  |  |  | 216,000 |  |  |  | 7,043,000 |  |  |  | — |
Centrally cleared swaps |  |  | 1,309,000 |  |  |  | 1,578,000 |  |  |  | 6,770,000 |  |  |  | 245,000 |
Foreign currency at value |  |  | 61,065 |  |  |  | 132,125 |  |  |  | 553,256 |  |  |  | — |
|  | $ | 8,796,272 |  |  | $ | 3,862,308 |  |  | $ | 24,678,880 |  |  | $ | 691,093 |

(a) | Consolidated Statement of Cash Flows.

See notes to financial statements.

134 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights
(For a share outstanding throughout each period)

|  |  |  |  | BHK |
|  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |  |  | Year Ended 12/31/21 |  |  | Year Ended 12/31/20 |  |  | Period from 09/01/19 to 12/31/19 |  |  | Year Ended 08/31/19 |  |  | Year Ended 08/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 10.89 |  |  | $ | 15.47 |  |  | $ | 16.45 |  |  | $ | 15.32 |  |  | $ | 15.79 |  |  | $ | 14.08 |  |  | $ | 14.96 |
Net investment income(a) |  |  |  |  |  |  | 0.28 |  |  |  | 0.64 |  |  |  | 0.72 |  |  |  | 0.72 |  |  |  | 0.22 |  |  |  | 0.66 |  |  |  | 0.72 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.21 |  |  |  | (4.40 | ) |  |  | (0.65 | ) |  |  | 1.24 |  |  |  | (0.36 | ) |  |  | 1.82 |  |  |  | (0.82 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.49 |  |  |  | (3.76 | ) |  |  | 0.07 |  |  |  | 1.96 |  |  |  | (0.14 | ) |  |  | 2.48 |  |  |  | (0.10 | )
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.45 | )(c) |  |  | (0.69 | ) |  |  | (0.80 | ) |  |  | (0.64 | ) |  |  | (0.27 | ) |  |  | (0.73 | ) |  |  | (0.78 | )
From net realized gain |  |  |  |  |  |  | — |  |  |  | (0.11 | ) |  |  | (0.25 | ) |  |  | (0.19 | ) |  |  | (0.04 | ) |  |  | (0.04 | ) |  |  | — |
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.02 | ) |  |  | — |  |  |  | — |  |  |  | (0.02 | ) |  |  | — |  |  |  | — |
Total distributions |  |  |  |  |  |  | (0.45 | ) |  |  | (0.82 | ) |  |  | (1.05 | ) |  |  | (0.83 | ) |  |  | (0.33 | ) |  |  | (0.77 | ) |  |  | (0.78 | )
Net asset value, end of period |  |  |  |  |  | $ | 10.93 |  |  | $ | 10.89 |  |  | $ | 15.47 |  |  | $ | 16.45 |  |  | $ | 15.32 |  |  | $ | 15.79 |  |  | $ | 14.08 |
Market price, end of period |  |  |  |  |  | $ | 10.64 |  |  | $ | 10.38 |  |  | $ | 16.51 |  |  | $ | 16.30 |  |  | $ | 14.58 |  |  | $ | 14.56 |  |  | $ | 12.85 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 4.56 | %(e) |  |  | (24.44 | )% |  |  | 0.50 | %(f) |  |  | 13.24 | % |  |  | (0.75 | )%(e) |  |  | 18.86 | % |  |  | (0.24 | )%
Based on market price |  |  |  |  |  |  | 6.79 | %(e) |  |  | (32.52 | )% |  |  | 8.25 | % |  |  | 17.90 | % |  |  | 2.43 | %(e) |  |  | 20.09 | % |  |  | (3.40 | )%
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.61 | %(h) |  |  | 1.95 | % |  |  | 0.85 | % |  |  | 0.91 | % |  |  | 1.42 | %(h)(i) |  |  | 1.72 | % |  |  | 1.60 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.61 | %(h) |  |  | 1.95 | % |  |  | 0.85 | % |  |  | 0.90 | % |  |  | 1.42 | %(h) |  |  | 1.72 | % |  |  | 1.60 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense |  |  |  |  |  |  | 0.88 | %(h) |  |  | 0.90 | % |  |  | 0.81 | % |  |  | 0.75 | % |  |  | 0.79 | %(h) |  |  | 0.77 | % |  |  | 0.82 | %
Net investment income |  |  |  |  |  |  | 5.02 | %(h) |  |  | 5.13 | % |  |  | 4.50 | % |  |  | 4.52 | % |  |  | 4.15 | %(h) |  |  | 4.63 | % |  |  | 4.99 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 590,393 |  |  | $ | 588,071 |  |  | $ | 835,314 |  |  | $ | 886,970 |  |  | $ | 826,349 |  |  | $ | 851,650 |  |  | $ | 759,385 |
Borrowings outstanding, end of period (000) |  |  |  |  |  | $ | 305,140 |  |  | $ | 387,219 |  |  | $ | 405,522 |  |  | $ | 296,921 |  |  | $ | 271,749 |  |  | $ | 273,621 |  |  | $ | 316,216 |
Portfolio turnover rate(j) |  |  |  |  |  |  | 66 | % |  |  | 104 | % |  |  | 54 | % |  |  | 69 | % |  |  | 21 | % |  |  | 27 | % |  |  | 28 | %

(a) | Based on average shares outstanding.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(e) | Not annualized.

(f) | Includes payment from an affiliate, which had no impact on the Fund’s total return.

(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) | Annualized.

(i) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.45%.

(j) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

|  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |  |  | Year Ended 12/31/21 |  |  | Year Ended 12/31/20 |  |  | Period from 09/01/19 to 12/31/19 |  |  | Year Ended 08/31/19 |  |  | Year Ended 08/31/18 |
Portfolio turnover rate (excluding MDRs) |  |  |  |  |  |  | 41 | % |  |  | 76 | % |  |  | 34 | % |  |  | 55 | % |  |  | 11 | % |  |  | 27 | % |  |  | 28 | %

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 135

Financial Highlights (continued)
(For a share outstanding throughout each period)

|  | HYT(a) |
|  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |  |  | Year Ended 12/31/21 |  |  | Year Ended 12/31/20 |  |  | Period from 09/01/19 to 12/31/19 |  |  | Year Ended 08/31/19 |  |  | Year Ended 08/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 9.25 |  |  | $ | 11.99 |  |  | $ | 11.95 |  |  | $ | 11.91 |  |  | $ | 11.82 |  |  | $ | 11.90 |  |  | $ | 12.22 |
Net investment income(b) |  |  |  |  |  |  | 0.33 |  |  |  | 0.67 |  |  |  | 0.76 |  |  |  | 0.79 |  |  |  | 0.25 |  |  |  | 0.79 |  |  |  | 0.83 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.27 |  |  |  | (2.42 | ) |  |  | 0.21 |  |  |  | 0.18 |  |  |  | 0.22 |  |  |  | (0.01 | ) |  |  | (0.31 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.60 |  |  |  | (1.75 | ) |  |  | 0.97 |  |  |  | 0.97 |  |  |  | 0.47 |  |  |  | 0.78 |  |  |  | 0.52 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.47 | )(d) |  |  | (0.60 | ) |  |  | (0.80 | ) |  |  | (0.82 | ) |  |  | (0.35 | ) |  |  | (0.86 | ) |  |  | (0.84 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.26 | ) |  |  | (0.13 | ) |  |  | (0.11 | ) |  |  | (0.03 | ) |  |  | — |  |  |  | — |
Total distributions |  |  |  |  |  |  | (0.47 | ) |  |  | (0.86 | ) |  |  | (0.93 | ) |  |  | (0.93 | ) |  |  | (0.38 | ) |  |  | (0.86 | ) |  |  | (0.84 | )
Dilutive effect of rights offer (Note 11) |  |  |  |  |  |  | — |  |  |  | (0.13 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net asset value, end of period |  |  |  |  |  | $ | 9.38 |  |  | $ | 9.25 |  |  | $ | 11.99 |  |  | $ | 11.95 |  |  | $ | 11.91 |  |  | $ | 11.82 |  |  | $ | 11.90 |
Market price, end of period |  |  |  |  |  | $ | 8.92 |  |  | $ | 8.74 |  |  | $ | 12.34 |  |  | $ | 11.43 |  |  | $ | 11.20 |  |  | $ | 10.51 |  |  | $ | 10.70 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 6.88 | %(f) |  |  | (15.71 | )% |  |  | 8.42 | % |  |  | 9.57 | % |  |  | 4.28 | %(f) |  |  | 8.06 | % |  |  | 5.25 | %
Based on market price |  |  |  |  |  |  | 7.57 | %(f) |  |  | (22.62 | )% |  |  | 16.66 | % |  |  | 11.45 | % |  |  | 10.28 | %(f) |  |  | 6.86 | % |  |  | 3.91 | %
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.08 | %(h) |  |  | 1.89 | % |  |  | 1.35 | % |  |  | 1.50 | % |  |  | 1.92 | %(h)(i) |  |  | 2.19 | % |  |  | 1.99 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.08 | %(h) |  |  | 1.89 | % |  |  | 1.34 | % |  |  | 1.49 | % |  |  | 1.92 | %(h) |  |  | 2.19 | % |  |  | 1.99 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees |  |  |  |  |  |  | 0.89 | %(h) |  |  | 0.91 | % |  |  | 0.93 | % |  |  | 0.94 | % |  |  | 0.93 | %(h) |  |  | 0.92 | % |  |  | 0.94 | %
Net investment income |  |  |  |  |  |  | 7.15 | %(h) |  |  | 6.61 | % |  |  | 6.30 | % |  |  | 7.06 | % |  |  | 6.39 | %(h) |  |  | 6.87 | % |  |  | 6.88 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 1,339,236 |  |  | $ | 1,319,444 |  |  | $ | 1,465,171 |  |  | $ | 1,456,907 |  |  | $ | 1,451,868 |  |  | $ | 1,440,436 |  |  | $ | 1,482,422 |
Borrowings outstanding, end of period (000) |  |  |  |  |  | $ | 551,000 |  |  | $ | 529,000 |  |  | $ | 647,000 |  |  | $ | 685,000 |  |  | $ | 607,000 |  |  | $ | 486,000 |  |  | $ | 647,000 |
Asset coverage, end of period per $1,000 of bank borrowings(j) |  |  |  |  |  | $ | 3,431 |  |  | $ | 3,494 |  |  | $ | 3,265 |  |  | $ | 3,127 |  |  | $ | 3,392 |  |  | $ | 3,965 |  |  | $ | 3,292 |
Portfolio turnover rate |  |  |  |  |  |  | 39 | % |  |  | 45 | % |  |  | 54 | % |  |  | 82 | % |  |  | 20 | % |  |  | 64 | % |  |  | 65 | %

(a) | Consolidated Financial Highlights.

(b) | Based on average shares outstanding.

(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(f) | Not annualized.

(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) | Annualized.

(i) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.95%.

(j) | Calculated by subtracting the Trust’s total liabilities (not including bank borrowings) from the Trust’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.

136 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)
(For a share outstanding throughout each period)

|  | BTZ |
|  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |  |  | Year Ended 12/31/21 |  |  | Year Ended 12/31/20 |  |  | Period from 11/01/19 to 12/31/19 |  |  | Year Ended 10/31/19 |  |  | Year Ended 10/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 11.19 |  |  | $ | 15.10 |  |  | $ | 15.71 |  |  | $ | 14.97 |  |  | $ | 14.94 |  |  | $ | 13.72 |  |  | $ | 14.88 |
Net investment income(a) |  |  |  |  |  |  | 0.34 |  |  |  | 0.77 |  |  |  | 0.85 |  |  |  | 0.84 |  |  |  | 0.13 |  |  |  | 0.79 |  |  |  | 0.81 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.18 |  |  |  | (3.76 | ) |  |  | (0.45 | ) |  |  | 0.91 |  |  |  | 0.15 |  |  |  | 1.25 |  |  |  | (1.17 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.52 |  |  |  | (2.99 | ) |  |  | 0.40 |  |  |  | 1.75 |  |  |  | 0.28 |  |  |  | 2.04 |  |  |  | (0.36 | )
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.50 | )(c) |  |  | (0.70 | ) |  |  | (0.86 | ) |  |  | (0.85 | ) |  |  | (0.23 | ) |  |  | (0.79 | ) |  |  | (0.80 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.22 | ) |  |  | (0.15 | ) |  |  | (0.16 | ) |  |  | (0.02 | ) |  |  | (0.03 | ) |  |  | — |
Total distributions |  |  |  |  |  |  | (0.50 | ) |  |  | (0.92 | ) |  |  | (1.01 | ) |  |  | (1.01 | ) |  |  | (0.25 | ) |  |  | (0.82 | ) |  |  | (0.80 | )
Net asset value, end of period |  |  |  |  |  | $ | 11.21 |  |  | $ | 11.19 |  |  | $ | 15.10 |  |  | $ | 15.71 |  |  | $ | 14.97 |  |  | $ | 14.94 |  |  | $ | 13.72 |
Market price, end of period |  |  |  |  |  | $ | 10.15 |  |  | $ | 10.10 |  |  | $ | 15.05 |  |  | $ | 14.71 |  |  | $ | 13.98 |  |  | $ | 13.55 |  |  | $ | 11.72 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 5.08 | %(e) |  |  | (19.50 | )% |  |  | 2.73 | % |  |  | 12.78 | % |  |  | 2.02 | %(e) |  |  | 16.17 | % |  |  | (1.72 | )%
Based on market price |  |  |  |  |  |  | 5.41 | %(e) |  |  | (27.10 | )% |  |  | 9.36 | % |  |  | 13.07 | % |  |  | 5.05 | %(e) |  |  | 23.34 | % |  |  | (6.49 | )%
Ratios to Average Net Assets(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.76 | %(g) |  |  | 1.79 | % |  |  | 1.12 | % |  |  | 1.35 | % |  |  | 1.68 | %(g)(h) |  |  | 2.26 | % |  |  | 1.82 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.75 | %(g) |  |  | 1.79 | % |  |  | 1.12 | % |  |  | 1.35 | % |  |  | 1.68 | %(g) |  |  | 2.25 | % |  |  | 1.82 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense |  |  |  |  |  |  | 1.02 | %(g) |  |  | 0.94 | % |  |  | 0.94 | % |  |  | 0.94 | % |  |  | 0.92 | %(g) |  |  | 1.08 | % |  |  | 0.94 | %
Net investment income |  |  |  |  |  |  | 5.93 | %(g) |  |  | 6.22 | % |  |  | 5.49 | % |  |  | 5.69 | % |  |  | 5.29 | %(g) |  |  | 5.57 | % |  |  | 5.69 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 1,048,513 |  |  | $ | 1,045,886 |  |  | $ | 1,412,147 |  |  | $ | 1,468,153 |  |  | $ | 1,554,828 |  |  | $ | 1,551,243 |  |  | $ | 1,439,954 |
Borrowings outstanding, end of period (000) |  |  |  |  |  | $ | 618,555 |  |  | $ | 589,324 |  |  | $ | 587,017 |  |  | $ | 614,172 |  |  | $ | 577,231 |  |  | $ | 568,461 |  |  | $ | 707,102 |
Portfolio turnover rate |  |  |  |  |  |  | 96 | % |  |  | 42 | % |  |  | 20 | % |  |  | 34 | % |  |  | 2 | % |  |  | 18 | % |  |  | 30 | %

(a) | Based on average shares outstanding.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(e) | Not annualized.

(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) | Annualized.

(h) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.70%.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 137

Financial Highlights (continued)
(For a share outstanding throughout each period)

|  |  |  |  | BGT |
|  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |  |  | Year Ended 12/31/21 |  |  | Year Ended 12/31/20 |  |  | Period from 11/01/19 to 12/31/19 |  |  | Year Ended 10/31/19 |  |  | Year Ended 10/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 12.43 |  |  | $ | 13.44 |  |  | $ | 13.40 |  |  | $ | 14.10 |  |  | $ | 13.95 |  |  | $ | 14.33 |  |  | $ | 14.49 |
Net investment income(a) |  |  |  |  |  |  | 0.59 |  |  |  | 0.82 |  |  |  | 0.65 |  |  |  | 0.66 |  |  |  | 0.12 |  |  |  | 0.80 |  |  |  | 0.76 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.32 |  |  |  | (1.08 | ) |  |  | 0.17 |  |  |  | (0.47 | ) |  |  | 0.26 |  |  |  | (0.37 | ) |  |  | (0.21 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.91 |  |  |  | (0.26 | ) |  |  | 0.82 |  |  |  | 0.19 |  |  |  | 0.38 |  |  |  | 0.43 |  |  |  | 0.55 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.59 | ) |  |  | (0.75 | ) |  |  | (0.66 | ) |  |  | (0.69 | ) |  |  | (0.23 | ) |  |  | (0.81 | ) |  |  | (0.71 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (0.12 | ) |  |  | (0.20 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total distributions |  |  |  |  |  |  | (0.59 | ) |  |  | (0.75 | ) |  |  | (0.78 | ) |  |  | (0.89 | ) |  |  | (0.23 | ) |  |  | (0.81 | ) |  |  | (0.71 | )
Net asset value, end of period |  |  |  |  |  | $ | 12.75 |  |  | $ | 12.43 |  |  | $ | 13.44 |  |  | $ | 13.40 |  |  | $ | 14.10 |  |  | $ | 13.95 |  |  | $ | 14.33 |
Market price, end of period |  |  |  |  |  | $ | 11.66 |  |  | $ | 10.94 |  |  | $ | 13.99 |  |  | $ | 11.79 |  |  | $ | 12.87 |  |  | $ | 12.42 |  |  | $ | 12.72 |
Total Return(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 8.00 | %(d) |  |  | (1.32 | )% |  |  | 6.43 | % |  |  | 2.83 | % |  |  | 2.89 | %(d) |  |  | 4.00 | % |  |  | 4.25 | %
Based on market price |  |  |  |  |  |  | 12.22 | %(d) |  |  | (16.56 | )% |  |  | 25.91 | % |  |  | (0.88 | )% |  |  | 5.48 | %(d) |  |  | 4.31 | % |  |  | (6.30 | )%
Ratios to Average Net Assets(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 2.88 | %(f) |  |  | 2.20 | % |  |  | 1.61 | % |  |  | 1.72 | % |  |  | 2.11 | %(f) |  |  | 2.41 | % |  |  | 2.29 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 2.87 | %(f) |  |  | 2.20 | % |  |  | 1.60 | % |  |  | 1.70 | % |  |  | 2.11 | %(f) |  |  | 2.41 | % |  |  | 2.29 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees |  |  |  |  |  |  | 1.08 | %(f) |  |  | 1.17 | % |  |  | 1.19 | % |  |  | 1.17 | % |  |  | 1.28 | %(f) |  |  | 1.16 | % |  |  | 1.21 | %
Net investment income |  |  |  |  |  |  | 9.44 | %(f) |  |  | 6.40 | % |  |  | 4.82 | % |  |  | 5.13 | % |  |  | 5.23 | %(f) |  |  | 5.68 | % |  |  | 5.27 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 284,605 |  |  | $ | 277,978 |  |  | $ | 300,712 |  |  | $ | 300,126 |  |  | $ | 323,708 |  |  | $ | 321,091 |  |  | $ | 339,096 |
Borrowings outstanding, end of period (000) |  |  |  |  |  | $ | 91,000 |  |  | $ | 91,000 |  |  | $ | 143,000 |  |  | $ | 129,000 |  |  | $ | 130,000 |  |  | $ | 123,000 |  |  | $ | 142,000 |
Asset coverage, end of period per $1,000 of bank borrowings(g) |  |  |  |  |  | $ | 4,128 |  |  | $ | 4,055 |  |  | $ | 3,103 |  |  | $ | 3,327 |  |  | $ | 3,490 |  |  | $ | 3,610 |  |  | $ | 3,389 |
Portfolio turnover rate |  |  |  |  |  |  | 14 | % |  |  | 16 | % |  |  | 50 | % |  |  | 65 | % |  |  | 6 | % |  |  | 53 | % |  |  | 57 | %

(a) | Based on average shares outstanding.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Not annualized.

(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) | Annualized.

(g) | Calculated by subtracting the Trust’s total liabilities (not including bank borrowings) from the Trust’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.

See notes to financial statements.

138 |  | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1. | ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:

Trust Name |  | Herein Referred To As |  |  | Organized |  |  | Diversification Classification |
BlackRock Core Bond Trust |  |  | BHK |  |  |  | Delaware |  |  |  | Diversified |
BlackRock Corporate High Yield Fund, Inc. |  |  | HYT |  |  |  | Maryland |  |  |  | Diversified |
BlackRock Credit Allocation Income Trust |  |  | BTZ |  |  |  | Delaware |  |  |  | Diversified |
BlackRock Floating Rate Income Trust |  |  | BGT |  |  |  | Delaware |  |  |  | Diversified |

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.
Basis of Consolidation: The accompanying consolidated financial statements of HYT include the accounts of HYT Subsidiary LLC (the “Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of HYT. The Taxable Subsidiary enables HYT to hold certain pass-through investments and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investments held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for HYT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for HYT. Taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Consolidated Statement of Assets and Liabilities. HYT may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $321,684, which is 0.02% of HYT’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to HYT.

2. | SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.
Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Trust does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Realized currency gains (losses) on foreign currency related transactions are reported as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. Each Trust has elected to treat realized gains (losses) from certain forward foreign currency exchange contracts as capital gain (loss) for U.S. federal income tax purposes.
Foreign Taxes: The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 139

Notes to Financial Statements (unaudited) (continued)
The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to the Trusts’ managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.
The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.
Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Trust’s Manager as the valuation designee for each Trust. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

| • |  | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

| • |  | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

| • |  | Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

| • |  | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

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Notes to Financial Statements (unaudited) (continued)

| • |  | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

| • |  | Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

| • |  | Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

| • |  | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.

|  | Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
Market approach |  | (i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
|  | (ii)   recapitalizations and other transactions across the capital structure; and
|  | (iii)  market multiples of comparable issuers.
Income approach |  | (i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
|  | (ii)   quoted prices for similar investments or assets in active markets; and
|  | (iii)  other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach |  | (i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
|  | (ii)   changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
|  | (iii)  relevant news and other public sources; and
|  | (iv)  known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

| • |  | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access;

| • |  | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

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Notes to Financial Statements (unaudited) (continued)

| • |  | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
As of June 30, 2023, certain investments of HYT were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. | SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.
Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

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Notes to Financial Statements (unaudited) (continued)
Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
In connection with floating rate loan interests, the Trusts may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Trusts had the following unfunded floating rate loan interests:

Trust Name |  | Borrower |  |  | Par |  |  | Commitment Amount |  |  | Value |  |  | Unrealized Appreciation (Depreciation) |
BHK |  |  | AthenaHealth Group, Inc. |  |  | $ | 140,006 |  |  | $ | 133,862 |  |  | $ | 134,581 |  |  | $ | 719 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 719 |
HYT |  |  | AthenaHealth Group, Inc. |  |  | $ | 1,113,494 |  |  | $ | 1,090,517 |  |  | $ | 1,070,347 |  |  |  | (20,170 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (20,170 | )
BTZ |  |  | AthenaHealth Group, Inc. |  |  | $ | 49,090 |  |  | $ | 50,656 |  |  | $ | 47,188 |  |  |  | (3,468 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,468 | )

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Notes to Financial Statements (unaudited) (continued)

Trust Name |  | Borrower |  |  | Par |  |  | Commitment Amount |  |  | Value |  |  | Unrealized Appreciation (Depreciation) |
BGT |  |  | AthenaHealth Group, Inc. |  |  | $ | 226,591 |  |  | $ | 226,591 |  |  | $ | 217,811 |  |  | $ | (8,780 | )
|  |  | IPS Corp. |  |  |  | 63,658 |  |  |  | 63,658 |  |  |  | 58,979 |  |  |  | (4,679 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (13,459 | )

Forward Commitments, When-Issued and Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trusts’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.
TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions: The Trusts may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.
Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.
For the six months ended June 30, 2023, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Trusts were as follows:

Trust Name |  | Average Amount Outstanding |  |  | Weighted Average Interest Rate |
BHK |  | $ | 338,118,944 |  |  |  | 4.84 | %
BTZ |  |  | 588,058,583 |  |  |  | 4.95 |

Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a

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Notes to Financial Statements (unaudited) (continued)
market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.
As of period end, the following table is a summary of BHK and BTZ’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:

Trust Name/Counterparty |  |  | Reverse Repurchase Agreements |  |  |  | Fair Value of Non‑Cash Collateral Pledged Including Accrued Interest | (a) |  |  | Cash Collateral Pledged/Received | (a) |  |  | Net Amount |
BHK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Barclays Capital, Inc. |  | $ | (12,270,202 | ) |  | $ | 12,270,202 |  |  | $ | — |  |  | $ | — |
BNP Paribas SA |  |  | (64,541,850 | ) |  |  | 64,541,850 |  |  |  | — |  |  |  | — |
BofA Securities, Inc. |  |  | (24,955,271 | ) |  |  | 24,955,271 |  |  |  | — |  |  |  | — |
Cantor Fitzgerald & Co. |  |  | (6,107,254 | ) |  |  | 6,107,254 |  |  |  | — |  |  |  | — |
Goldman Sachs & Co. LLC |  |  | (7,119,566 | ) |  |  | 7,119,566 |  |  |  | — |  |  |  | — |
HSBC Securities (USA), Inc. |  |  | (56,275,215 | ) |  |  | 56,275,215 |  |  |  | — |  |  |  | — |
J.P. Morgan Securities LLC |  |  | (6,147,092 | ) |  |  | 6,147,092 |  |  |  | — |  |  |  | — |
Merrill Lynch International |  |  | (335,242 | ) |  |  | 335,242 |  |  |  | — |  |  |  | — |
Nomura Securities International, Inc. |  |  | (76,717,868 | ) |  |  | 76,717,868 |  |  |  | — |  |  |  | — |
Royal Bank of Canada |  |  | (28,661,704 | ) |  |  | 28,661,704 |  |  |  | — |  |  |  | — |
TD Securities (USA) LLC |  |  | (22,008,635 | ) |  |  | 22,008,635 |  |  |  | — |  |  |  | — |
|  | $ | (305,139,899 | ) |  | $ | 305,139,899 |  |  | $ | — |  |  | $ | — |

| (a) | Net collateral, including accrued interest, if any, with a value of $320,762,200 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. |

Trust Name/Counterparty |  |  | Reverse Repurchase Agreements |  |  |  | Fair Value of Non‑Cash Collateral Pledged Including Accrued Interest | (a) |  |  | Cash Collateral Pledged/Received | (a) |  |  | Net Amount |
BTZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Barclays Capital, Inc. |  | $ | (26,807,646 | ) |  | $ | 26,807,646 |  |  | $ | — |  |  | $ | — |
BNP Paribas SA |  |  | (62,234,702 | ) |  |  | 62,234,702 |  |  |  | — |  |  |  | — |
BofA Securities, Inc. |  |  | (148,719,955 | ) |  |  | 148,719,955 |  |  |  | — |  |  |  | — |
Goldman Sachs & Co. LLC |  |  | (20,074,970 | ) |  |  | 20,074,970 |  |  |  | — |  |  |  | — |
J.P. Morgan Securities LLC |  |  | (16,950,170 | ) |  |  | 16,950,170 |  |  |  | — |  |  |  | — |
Nomura Securities International, Inc. |  |  | (28,003,817 | ) |  |  | 28,003,817 |  |  |  | — |  |  |  | — |
RBC Capital Markets, LLC |  |  | (66,684,635 | ) |  |  | 66,684,635 |  |  |  | — |  |  |  | — |
TD Securities (USA) LLC |  |  | (249,079,239 | ) |  |  | 249,079,239 |  |  |  | — |  |  |  | — |
|  | $ | (618,555,134 | ) |  | $ | 618,555,134 |  |  | $ | — |  |  | $ | — |

| (a) | Collateral, if any, with a value of $682,555,601 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.

5. | DERIVATIVE FINANCIAL INSTRUMENTS

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable)

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Notes to Financial Statements (unaudited) (continued)
on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.
Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trusts and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Trusts’ counterparty on the swap. Each Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

| • |  | Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Trusts may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trusts will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional

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Notes to Financial Statements (unaudited) (continued)
amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trusts will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

| • |  | Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or make a payment to the counterparty.

| • |  | Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts and the counterparty.
Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.
For such services, BHK, BTZ and BGT pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of the Trust’s managed assets.

|  | BHK |  |  | BTZ |  |  | BGT |
Investment advisory fees |  |  | 0.50 | % |  |  | 0.62 | % |  |  | 0.75 | %

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Notes to Financial Statements (unaudited) (continued)
For purposes of calculating these fees, “managed assets” are determined as total assets of the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).
For such services, HYT pays the Manager a monthly fee at an annual rate equal to 0.60% of the average daily value of HYT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage.
The Manager provides investment management and other services to the Taxable Subsidiary. The Manager does not receive separate compensation from the Taxable Subsidiary for providing investment management or administrative services. However, HYT pays the Manager based on HYT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.
With respect to each Trust, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”) and, with respect to BHK and BTZ, BlackRock (Singapore) Limited (“BSL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of each Trust for which BIL and BSL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.
Distribution Fees: BHK, HYT and BGT has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BHK, HYT and BGT common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BHK, HYT and BGT’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended June 30, 2023 amounted to $0.
Expense Waivers and Reimbursements: With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2023, the amounts waived were as follows:

Trust Name |  | Fees Waived and/or Reimbursed by the Manager
BHK |  | $ 3,098
HYT |  | 671
BTZ |  | 2,838
BGT |  | 47

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2023, the amount waived in investment advisory fees pursuant to these arrangements was as follows:

Trust Name |  | Fees Waived and/or Reimbursed by the Manager
BGT |  | $ 10,194

Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

7. | PURCHASES AND SALES

For the six months ended June 30, 2023, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls and excluding short-term securities, were as follows:

|  | U.S. Government Securities |  |  | Other Securities
Trust Name |  | Purchases |  |  | Sales |  |  | Purchases |  |  | Sales
BHK |  | $ | 11,024,711 |  |  | $ | 106,694,040 |  |  | $ | 610,442,145 |  |  | $ 658,434,359
HYT |  |  | — |  |  |  | — |  |  |  | 739,982,655 |  |  | 728,441,774
BTZ |  |  | — |  |  |  | — |  |  |  | 1,643,797,462 |  |  | 1,641,811,506
BGT |  |  | — |  |  |  | — |  |  |  | 55,353,011 |  |  | 52,851,366

For the six months ended June 30, 2023, purchases and sales related to mortgage dollar rolls were as follows:

Trust Name |  | Purchases |  |  | Sales
BHK |  | $ | 236,696,295 |  |  | $ 236,678,461
BTZ |  |  | 598,988,164 |  |  | 598,713,615

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Notes to Financial Statements (unaudited) (continued)

8. | INCOME TAX INFORMATION

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required, except with respect to any taxes related to the Taxable Subsidiaries.
Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.
As of December 31, 2022, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

Trust Name |  |  | Non-Expiring Capital Loss Carryforwards | (a) |  |  | Qualified Late‑Year Losses | (b)
BHK |  |  | $ (62,329,096 | ) |  |  | $ (1,380,292 | )
HYT |  |  | (153,261,725 | ) |  |  | (13,209,605 | )
BTZ |  |  | (37,655,037 | ) |  |  | — |
BGT |  |  | (29,377,882 | ) |  |  | — |

| (a) | Amounts available to offset future realized capital gains. |

| (b) | The Trust has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year. |

As of June 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Trust Name |  | Tax Cost |  |  | Gross Unrealized Appreciation |  |  | Gross Unrealized Depreciation |  |  | Net Unrealized Appreciation (Depreciation)
BHK |  | $ | 981,083,851 |  |  | $ | 11,541,696 |  |  | $ | (76,080,104 | ) |  | $ (64,538,408)
HYT |  |  | 1,972,975,153 |  |  |  | 21,764,546 |  |  |  | (112,316,185 | ) |  | (90,551,639)
BTZ |  |  | 1,854,854,814 |  |  |  | 31,470,227 |  |  |  | (114,312,467 | ) |  | (82,842,240)
BGT |  |  | 387,208,173 |  |  |  | 1,484,152 |  |  |  | (13,960,482 | ) |  | (12,476,330)

9. | BANK BORROWINGS

BGT and HYT are party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to HYT and BGT. As of period end, HYT and BGT have not received any notice to terminate. HYT and BGT has granted a security interest in substantially all of their assets to SSB.
The SSB Agreement allows for the maximum commitment amounts of $758,000,000 for HYT and $157,000,000 for BGT.
Prior to March 9, 2023, maximum commitment amounts were $732,000,000 for HYT and $168,000,000 for BGT.
Advances will be made by SSB to BGT and HYT, at HYT and BGT’s option of (a) Daily Simple SOFR plus 0.80% or (b) One Month Term SOFR plus 0.80%. SOFR and One Month Term SOFR are subject to a 0% floor.
In addition, BGT and HYT paid a commitment fee (based on the daily unused portion of the commitments). Advances to BGT and HYT as of period end, if any, are shown in the Statements of Assets and Liabilities as bank borrowings. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value.
BGT and HYT may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding borrowings is less than 300%.
For the six months ended June 30, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

Trust Name |  | Maximum Amount Borrowed |  |  | Average Amount Outstanding |  |  | Daily Weighted Average Interest Rate |
HYT |  | $ | 551,000,000 |  |  | $ | 516,895,028 |  |  |  | 5.62 | %
BGT |  |  | 94,000,000 |  |  |  | 87,640,884 |  |  |  | 5.63 |

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Notes to Financial Statements (unaudited) (continued)

10. | PRINCIPAL RISKS

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments.
Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Market Risk: Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.
The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.

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Notes to Financial Statements (unaudited) (continued)
With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded options purchased and exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust’s portfolio are disclosed in its Schedule of Investments.
Certain Trusts invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Trusts’ performance.
The Trusts invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.
Certain Trusts invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.
LIBOR Transition Risk: The Trusts may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Trusts is uncertain.

11. | CAPITAL SHARE TRANSACTIONS

BHK, BTZ and BGT is authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares. HYT is authorized to issue 200 million shares, par value $0.10, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
As of the close of business on September 20, 2022, HYT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for shares of HYT’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders to purchase one new Common Share for every five rights held (1-for-5). The Offer expired on October 13, 2022. HYT received from the Offer gross proceeds of $167,749,786 for the issuance of 20,382,720 Common Shares. The rights offering resulted in $(0.13) or (1.42)% of NAV dilution since the Common Shares were issued below HYT’s NAV. HYT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related to the Offer.
BHK, HYT and BGT have filed a prospectus with the SEC allowing them to issue an additional 15,000,000, 19,617,820 and 11,000,000 Common Shares, respectively, through an equity shelf program (a “Shelf Offering”). Under the Shelf Offering, BHK, HYT and BGT, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). For the period end June 30, 2023, BHK, HYT and BGT did not issue any Common Shares. As of period end June 30, 2023, 15,000,000, 19,617,820 and 11,000,000 Common Shares, respectively, remain available for issuance under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.

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Notes to Financial Statements (unaudited) (continued)
Initial costs incurred by BHK, HYT and BGT in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

Trust Name |  | Six Months Ended 06/30/23 |  |  | Year Ended 12/31/22
BHK |  |  | — |  |  | 17,666
HYT |  |  | — |  |  | 101,463
BGT |  |  | — |  |  | 2,386

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust’s NAV. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended June 30, 2023, BHK, HYT and BTZ did not repurchase any shares.
The total cost of the shares repurchased is reflected in BGT’s Statements of Changes in Net Assets. For the period shown, shares repurchased and cost, including transaction costs were as follows:

|  | BGT
|  | Shares |  |  | Amounts
Six Months Ended June 30, 2023 |  |  | 55,022 |  |  | $624,592

For the period ended June 30, 2023, shares issued and outstanding remained constant for BHK, HYT and BTZ. For the year ended December 31, 2022, shares issued and outstanding remained constant for BTZ.

12. | SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:
The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name |  | Declaration Date |  |  | Record Date |  |  | Payable/ Paid Date |  |  | Dividend Per Common Share
BHK |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  | $ 0.074600
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  | 0.074600
HYT |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  | 0.077900
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  | 0.077900
BTZ |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  | 0.083900
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  | 0.083900
BGT |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  | 0.113580
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  | 0.113580

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Disclosure of Investment Advisory Agreements and Sub‑Advisory Agreements
The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Core Bond Trust (“BHK”), BlackRock Corporate High Yield Fund, Inc. (“HYT”), BlackRock Credit Allocation Income Trust (“BTZ”) and BlackRock Floating Rate Income Trust (“BGT”) (collectively, the “Funds” and each, a “Fund”) met on May 4, 2023 (the “May Meeting”) and June 1-2, 2023 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager, BlackRock International Limited (“BIL”) and each Fund and (2) the Manager, BlackRock (Singapore) Limited (“BRS” and together with BIL, the “Sub-Advisors”) and each of BHK and BTZ. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.
Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to them on a fund-by-fund basis. The following paragraphs

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Disclosure of Investment Advisory Agreements and Sub‑Advisory Agreements (continued)
provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with BHK’s, HYT’s and BGT’s equity shelf programs, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.
The Board noted that the engagement of the Sub-Advisors with respect to each Fund, as applicable, facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.
B. The Investment Performance of each Fund and BlackRock
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2022, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board reviewed and considered BHK’s performance relative to BHK’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BHK generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BHK, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BHK’s underperformance relative to the Performance Metrics.
The Board reviewed and considered HYT’s performance relative to HYT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, HYT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for HYT, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BTZ’s performance relative to BTZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BTZ generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BTZ, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BTZ’s underperformance relative to the Performance Metrics.

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Disclosure of Investment Advisory Agreements and Sub‑Advisory Agreements (continued)
The Board reviewed and considered BGT’s performance relative to BGT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGT, and that BlackRock has explained its rationale for this belief to the Board.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2022 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that BHK’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that HYT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BTZ’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the first and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BGT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee was appropriate.
Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although each of BHK, HYT and BGT may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each of BHK’s, HYT’s and BGT’s assets will occur primarily through the appreciation of its investment portfolio.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B ‑ A D V I S O R Y A G R E E M E N T S |  | 155

Disclosure of Investment Advisory Agreements and Sub‑Advisory Agreements (continued)
each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.
The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.
Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2024, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BRS and each of BHK and BTZ for a one-year term ending June 30, 2024. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

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Additional Information
Trust Certification
The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.
Environmental, Social and Governance (“ESG”) Integration
Although the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors as part of the investment process for the Trusts. Trust management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Trusts’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Trusts’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Trusts’ exposure to certain companies or industries. While Trust management views ESG considerations as having the potential to contribute to the Trusts’ long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust.
The distributions paid by each Trust for any particular month may be more or less than the amount of net investment income earned by each Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.
A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.
Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.
General Information
The Trusts, other than BHK, HYT and BGT, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BHK, HYT and BGT, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BHK, HYT and BGT, has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.
BHK’s, HYT’s and BGT’s Statement of Additional Information includes additional information about the Board and is available, without charge, upon request by calling (800) 882-0052.
The following information is a summary of certain changes since December 31, 2022. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.
Except if noted otherwise herein, there were no changes to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BHK, HYT and BGT only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BHK, HYT and BGT only, prospectuses, are available on BlackRock’s website.
To enroll in electronic delivery:

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Additional Information (continued)
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Trusts will mail only one copy of shareholder documents, including for BHK, HYT and BGT only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.
Availability of Quarterly Schedule of Investments
The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Trust Updates
BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.
Shelf Offering Program
From time to time, BHK, HYT and BGT may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BHK, HYT and BGT may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BHK’s, HYT’s and BGT’s NAV per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BHK, HYT and BGT to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.
BHK, HYT and BGT filed final prospectuses with the SEC in connection with its Shelf Offering on February 9, 2022, December 29, 2022 and January 3,2023, respectively. This report and the prospectuses of BHK, HYT and BGT are not offers to sell BHK, HYT and BGT Common Shares or solicitations of an offer to buy BHK, HYT and BGT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BHK, HYT and BGT contain important information about BHK, HYT and BGT, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BHK, HYT and BGT carefully and in their entirety before investing. Copies of the final prospectuses for BHK, HYT and BGT can be obtained from BlackRock at blackrock.com.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

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Additional Information (continued)

Trust and Service Providers |  |
Investment Adviser BlackRock Advisors, LLC Wilmington, DE 19809 Sub-Adviser BlackRock International Limited Edinburgh, EH3 8BL United Kingdom BlackRock (Singapore) Limited(a) 079912 Singapore Accounting Agent and Custodian State Street Bank and Trust Company Boston, MA 02114 |  | Transfer Agent Computershare Trust Company, N.A. Canton, MA 02021 Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116 Legal Counsel Willkie Farr & Gallagher LLP New York, NY 10019 Address of the Trusts 100 Bellevue Parkway Wilmington, DE 19809 |  |
(a)For BHK, HYT and BGT. |  |  |  |

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Glossary of Terms Used in this Report

Currency Abbreviation |  |
CAD |  | Canadian Dollar |  |
EUR |  | Euro |  |
GBP |  | British Pound |  |
JPY |  | Japanese Yen |  |
USD |  | United States Dollar |  |
Portfolio Abbreviation |  |
AGM |  | Assured Guaranty Municipal Corp. |  |
BAB |  | Build America Bond |  |
BAM |  | Build America Mutual Assurance Co. |  |
CDI |  | CREST Depository Interest |  |
CLO |  | Collateralized Loan Obligation |  |
CMT |  | Constant Maturity Treasury |  |
DAC |  | Designated Activity Company |  |
ETF |  | Exchange-Traded Fund |  |
EURIBOR |  | Euro Interbank Offered Rate |  |
GMTN |  | Global Medium-Term Note |  |
GO |  | General Obligation Bonds |  |
LIBOR |  | London Interbank Offered Rate |  |
PCL |  | Public Company Limited |  |
PIK |  | Payment-in-Kind |  |
PJSC |  | Public Joint Stock Company |  |
RB |  | Revenue Bond |  |
REIT |  | Real Estate Investment Trust |  |
S&P |  | Standard & Poor’s |  |
SG |  | Syncora Guarantee |  |
SOFR |  | Secured Overnight Financing Rate |  |
SONIA |  | Sterling Overnight Interbank Average Rate |  |
SPDR |  | Standard & Poor’s Depository Receipt |  |
TBA |  | To-Be-Announced |  |

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Want to know more?
blackrock.com | 800-882-0052
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.
TAXBOND-06/23-SAR

(b) Not Applicable

Item 2 – | Code of Ethics – Not Applicable to this semi-annual report

Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – | Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 – | Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 – | Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Mitchell Garfin, Managing Director at BlackRock and Derek Schoenhofen, Managing Director at BlackRock and David Delbos, Managing Director at BlackRock. Messrs. Garfin, Schoenhofen and Delbos are the Fund’s co-portfolio managers. Messrs. Garfin, Schoenhofen and Delbos are responsible for the day-to-day management of the Fund’s portfolio, which includes setting the Fund’s overall investment strategy, overseeing the management of the Fund and/or selection of its investments. Messrs. Garfin and Schoenhofen have been members of the Fund’s portfolio management team since 2009. Mr. Delbos has been a member of the Fund’s portfolio management team since 2023.

Information below is with respect to Mr. Delbos who became a portfolio manager to the Fund on May 31, 2023.

Portfolio Manager |  | Biography
David Delbos |  | Managing Director of BlackRock, Inc. since 2012; Director of BlackRock, Inc. from 2007 to 2011; Vice President of BlackRock, Inc. from 2005 to 2006.

(a)(2) As of April 30, 2023:

|  | (ii) Number of Other Accounts Managed and Assets by Account Type |  | (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts
David Delbos |  | 29 |  | 25 |  | 116 |  | 0 |  | 0 |  | 5
|  | $33.58 Billion |  | $11.02 Billion |  | $16.41 Billion |  | $0 |  | $0 |  | $782.2 Million

(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Mr. Delbos may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Mr. Delbos may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of April 30, 2023:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio manager’s compensation as of April 30, 2023.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources.

Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to this portfolio manager, such benchmarks for the Fund and other accounts are: A combination of market-based indices (e.g., The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices and certain fund industry peer groups.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio manager of this Fund has deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($330,000 for 2023). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of April 30, 2023.

Portfolio Manager |  | Dollar Range of Equity Securities of the Fund Beneficially Owned
David Delbos |  | $500,001 - $1,000,000

(b) Not Applicable

Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers — Not Applicable due to no such purchases during the period covered by this report.

Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – | Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable to this semi-annual report

Item 13 – | Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 20091

1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Corporate High Yield Fund, Inc.

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock Corporate High Yield Fund, Inc.

Date: August 25, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock Corporate High Yield Fund, Inc.

Date: August 25, 2023

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Corporate High Yield Fund, Inc.

Date: August 25, 2023