N-CSRS 1 d905327dncsrs.htm BLACKROCK CREDIT ALLOCATION INCOME TRUST

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: 811-21972

Name of Fund: |  | BlackRock Credit Allocation Income Trust (BTZ)

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

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Credit
Allocation Income Trust, 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2025

Date of reporting period: 06/30/2025

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

June 30, 2025

2025 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), BlackRock Credit Allocation Income Trust’s (BTZ) and BlackRock Floating Rate Income Trust’s (BGT) (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 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, 2025

|  | 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 |  | $0.280964 | $— | $— | $0.166636 | $0.447600 | 63 % | — % | — % | 37 % | 100 %
HYT |  | 0.347619 | — | — | 0.119781 | 0.467400 | 74 | — | — | 26 | 100
BTZ |  | 0.355380 | — | — | 0.148020 | 0.503400 | 71 | — | — | 29 | 100
BGT |  | 0.432208 | — | — | 0.289472 | 0.721680 | 60 | — | — | 40 | 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.
Managed Distribution Plan
The Trusts, each with the approval of its Board of Trustees or Board of Directors, as applicable (the “Board”), 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 | 0.120280

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Each Trust is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under its Plan, a Trust will distribute all available investment income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned on a monthly basis, a Trust 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, a 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 1940 Act.
Shareholders should not draw any conclusions about a 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.
Each Trust’s 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. Each Trust is subject to risks that could have an adverse impact on its 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’s, HYT’s and BGT’s prospectus for a more complete description of a Trust’s risks.
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2025 BlackRock Semi-Annual Report to Shareholders

Table of Contents
Page

Supplemental Information | 2
Semi-Annual Report: |
The Benefits and Risks of Leveraging | 4
Derivative Financial Instruments | 4
Trust Summary | 5
Financial Statements: |
Schedules of Investments | 14
Statements of Assets and Liabilities | 121
Statements of Operations | 123
Statements of Changes in Net Assets | 124
Statements of Cash Flows | 126
Financial Highlights | 128
Notes to Financial Statements | 132
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements | 146
Additional Information | 150
Glossary of Terms Used in this Report | 153

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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.
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2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025
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, 2025 ($9.72)(a) | 9.21%
Current Monthly Distribution per Common Share(b) | $0.074600
Current Annualized Distribution per Common Share(b) | $0.895200
Leverage as of June 30, 2025(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. 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

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $9.72 | $10.46 | (7.07 )% | $11.00 | $9.50
Net Asset Value | 10.06 | 10.30 | (2.33 ) | 10.59 | 9.91

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 2.03 % | 4.18 % | (1.55 )% | 3.23 %
Trust at Market Price(a)(b) | (2.92 ) | (0.66 ) | (1.57 ) | 4.16
Bloomberg U.S. Credit Index(c) | 4.22 | 6.83 | 0.12 | 2.80
Reference Benchmark(d) | 3.99 | 6.24 | (0.53 ) | 2.74
Bloomberg U.S. Long Government/Credit Index(e) | 3.38 | 3.32 | (4.93 ) | 1.79
Bloomberg Intermediate Credit Index(f) | 4.45 | 7.64 | 1.45 | 2.81
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(g) | 4.57 | 10.29 | 5.96 | 5.37
Bloomberg CMBS, Eligible for U.S. Aggregate Index(h) | 4.49 | 7.74 | 0.86 | 2.52
Bloomberg MBS Index(i) | 4.23 | 6.52 | (0.60 ) | 1.30
Bloomberg ABS Index(j) | 2.93 | 6.33 | 1.94 | 2.30

(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 moved from a premium to NAV to a discount 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.

Trust Summary
5

Trust Summary as of June 30, 2025(continued)
BlackRock Core Bond Trust (BHK)

(i) | An unmanaged index 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 U.S. credit sectors including high yield corporate bonds, investment grade corporate bonds, and collateralized loan obligations (“CLOs”) contributed to the Trust’s performance over the period. Holdings of both agency and non-agency mortgage-backed securities (“MBS”) also proved additive.
The main detractors from the Trust’s absolute performance were the use of reverse repurchase agreements and derivatives. 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.
Describe recent portfolio activity.
Given the interest rate volatility seen during the period, the Trust shifted duration (and corresponding interest rate sensitivity) tactically, adding to duration as the Treasury yield moved higher and trimming on yield declines.
As the period opened, the Trust trimmed risk positions to realize gains. In the second quarter, the Trust began reallocating into spread sectors, particularly high yield corporate bonds and agency MBS, as spreads widened on tariff-related uncertainty and geopolitical tensions.
Toward the end of the period, the Trust again trimmed credit exposure, especially within investment grade and high yield corporate bonds, given a recovery in risk assets from earlier tariff-related spread widening.
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.
The Trust successfully completed a rights offering in June 2025, raising $166 million and providing capital to invest in attractive income opportunities to support the Trust’s monthly distribution rate. As a result of high investor demand, the rights offering was over-subscribed, and the Trust exercised the over-subscription privilege. BlackRock, not the Trust, covered all expenses of the offering and structured the offering to limit NAV dilution to $(0.14) per share or approximately (1.4)% of NAV.
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, non-agency MBS, and CLOs. The Trust also held exposure to government-related sectors such as U.S. Treasuries 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.
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2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Core Bond Trust (BHK)
Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments(a)
Corporate Bonds | 44.8 %
U.S. Treasury Obligations | 15.2
U.S. Government Sponsored Agency Securities | 11.4
Non-Agency Mortgage-Backed Securities | 10.3
Asset-Backed Securities | 7.0
Preferred Securities | 5.0
Municipal Bonds | 3.2
Floating Rate Loan Interests | 1.7
Foreign Agency Obligations | 1.1
Other* | 0.3

CREDIT QUALITY ALLOCATION
Credit Rating(b) | Percent of Total Investments(a)
AAA/Aaa(c) | 35.2 %
AA/Aa | 4.4
A | 12.8
BBB/Baa | 15.8
BB/Ba | 11.1
B | 11.2
CCC/Caa | 2.8
D | — (d)
N/R | 6.7

(a) | Excludes short-term securities.
(b) | For purposes of this report, 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 unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
(d) | Rounds to less than 0.1%.
* | 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.

Trust Summary
7

Trust Summary as of June 30, 2025
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, 2025 ($9.75)(a) | 9.59%
Current Monthly Distribution per Common Share(b) | $0.077900
Current Annualized Distribution per Common Share(b) | $0.934800
Leverage as of June 30, 2025(c) | 23%

(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

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $9.75 | $9.81 | (0.61 )% | $9.97 | $8.45
Net Asset Value | 9.69 | 9.67 | 0.21 | 9.76 | 9.15

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 5.19 % | 11.13 % | 7.45 % | 6.57 %
Trust at Market Price(a)(b) | 4.32 | 10.78 | 8.80 | 8.22
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(c) | 4.57 | 10.29 | 5.96 | 5.37

(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 premium 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?
In terms of credit tiers, B, BB, and CC rated issues were the leading contributors, respectively. At the sector level, the largest contributions came from information technology, property and casualty, and wireline telecommunications.
At a time of strong returns for the broader high yield market, no aspect of the Fund’s positioning significantly detracted from absolute performance. With this said, risk management strategies—which involve the use of derivatives—were a very small detractor.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy.
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2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
Describe recent portfolio activity.
The Fund increased its allocation to BBs and B1s, while trimming its position B2s. It also increased its weighting in high-yield bonds and reduced its holdings in bank loans.
Describe portfolio positioning at period end.
The Fund had a large underweight in BBs and was overweight in Bs and CCCs. The Fund maintained tactical allocations to both loans and investment-grade corporate bonds. Technology, property and casualty, and wirelines were among the top sector overweights, while retailers, consumer products, and construction machinery were among the largest underweights.
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
Investment Type | Percent of Total Investments(a)
Corporate Bonds | 83.9 %
Floating Rate Loan Interests | 7.4
Preferred Securities | 5.5
Fixed Rate Loan Interests | 1.4
Other* | 1.8

CREDIT QUALITY ALLOCATION
Credit Rating(b) | Percent of Total Investments(a)
A | 0.1 %
BBB/Baa | 3.9
BB/Ba | 33.8
B | 48.0
CCC/Caa | 10.3
N/R | 3.9

(a) | Excludes short-term securities.
(b) | For purposes of this report, 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.
* | 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.

Trust Summary
9

Trust Summary as of June 30, 2025
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, 2025 ($10.92)(a) | 9.22%
Current Monthly Distribution per Common Share(b) | $0.083900
Current Annualized Distribution per Common Share(b) | $1.006800
Leverage as of June 30, 2025(c) | 35%

(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

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $10.92 | $10.46 | 4.40 % | $10.92 | $9.86
Net Asset Value | 11.36 | 11.27 | 0.80 | 11.38 | 10.83

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 5.59 % | 10.56 % | 3.68 % | 5.19 %
Trust at Market Price(a)(b) | 9.36 | 11.83 | 4.87 | 6.38
Reference Benchmark(c) | 4.39 | 8.13 | 2.20 | 3.87
Bloomberg U.S. Credit Index(d) | 4.22 | 6.83 | 0.12 | 2.80
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(e) | 4.57 | 10.29 | 5.96 | 5.37
Bloomberg USD Capital Securities Index(f) | 4.49 | 8.15 | 1.84 | 4.19

(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.
10
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(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 period were led by U.S. credit exposures, in particular to high yield corporate bonds, investment grade corporate bonds, capital securities, collateralized loan obligations (“CLOs”) and bank loans. Allocations to Asian corporate bonds and European high yield corporate bonds contributed as well.
Positioning with respect to interest rates and an allocation to equities were the primary detractors.
Describe recent portfolio activity.
Over the reporting period, the Trust increased exposure to floating rate securities, most notably CLOs. The Trust also added to holdings of high yield corporate bonds and European investment grade corporate bonds. The allocation to U.S. investment grade corporate was trimmed as relative value shifted away from the asset class. Exposure to European high yield corporate bonds was decreased as well.
In addition to employing leverage, the Trust uses 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 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 was positioned relatively conservatively with a preference for floating rate securities given elevated interest rate levels. In this vein, the CLO allocation was near historic highs given the asset class’s attractive floating rate income and structural protection. Similarly, exposure to floating rate bank loans was higher than usual as all-in yields remained high and default rates expectations stabilized.
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
Investment Type | Percent of Total Investments(a)
Corporate Bonds | 66.2 %
Asset-Backed Securities | 11.5
U.S. Government Sponsored Agency Securities | 8.9
Preferred Securities | 6.9
Floating Rate Loan Interests | 4.6
Foreign Agency Obligations | 1.1
Other* | 0.8

CREDIT QUALITY ALLOCATION
Credit Rating(b) | Percent of Total Investments(c)
AAA/Aaa(d) | 17.2 %
AA/Aa | 3.7
A | 10.7
BBB/Baa | 29.1
BB/Ba | 19.0
B | 15.8
CCC/Caa | 2.6
N/R | 1.9

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, 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) | Excludes short-term securities.
(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, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
* | 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.

Trust Summary
11

Trust Summary as of June 30, 2025
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, 2025 ($12.52)(a) | 11.53%
Current Monthly Distribution per Common Share(b) | $0.120280
Current Annualized Distribution per Common Share(b) | $1.443360
Leverage as of June 30, 2025(c) | 18%

(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

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $12.52 | $12.86 | (2.64 )% | $12.93 | $10.95
Net Asset Value | 12.17 | 12.57 | (3.18 ) | 12.62 | 11.88

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 2.66 % | 7.20 % | 8.64 % | 5.88 %
Trust at Market Price(a)(b) | 3.23 | 10.12 | 12.29 | 7.37
Morningstar LSTA Leveraged Loan Index(c) | 2.81 | 7.29 | 7.45 | 5.15

(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 premium to NAV widened 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 spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%.

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?
Positions in leveraged loans made the largest contributions to absolute performance. In terms of credit tiers, B and BBs were the leading contributors. At the sector level, the largest contributions came from information technology, diversified manufacturing, and property and casualty.
At a time of strong returns for the broader market, no aspect of the Fund’s positioning significantly detracted from absolute performance. With this said, an allocation to the construction machinery sector was a small detractor, as were risk management strategies.
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.
12
2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025(continued)
BlackRock Floating Rate Income Trust (BGT)
Describe recent portfolio activity.
The Fund increased its allocation to BBBs, B1, and B3 rated issues, and it reduced its positions in B2s and CCCs. Asset allocation was largely unchanged, aside from a modest increase in high yield and a small reduction in collateralized loan obligations.
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 was overweight in BBBs, BBs, and B1s, and it was underweight in B2s, B3s, and bonds rated CCC and below. The top sector overweights included property and casualty, diversified manufacturing, and gaming. Healthcare, retailers, and home construction were among the largest underweights.
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
Investment Type | Percent of Total Investments(a)
Floating Rate Loan Interests | 88.3 %
Investment Companies | 8.1
Corporate Bonds | 1.7
Other* | 1.9

CREDIT QUALITY ALLOCATION
Credit Rating(b) | Percent of Total Investments(a)
A | 0.1 %
BBB/Baa | 8.3
BB/Ba | 26.8
B | 51.8
CCC/Caa | 3.7
N/R | 9.3

(a) | Excludes short-term securities.
(b) | For purposes of this report, 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.
* | 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.

Trust Summary
13

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME Term SOFR + 2.40%), 6.66%, 04/16/37(a)(b) | USD | 650 | $654,054
Apidos CLO XVIII-R(a)(b) |  |  |
Series 2018-18A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 5.60%, 01/22/38 |  | 1,295 | 1,298,247
Series 2018-18A, Class BR2, (3-mo. CME Term SOFR + 1.70%), 5.97%, 01/22/38 |  | 777 | 778,642
Apidos CLO XXII, Series 2015-22A, Class CR, (3-mo. CME Term SOFR + 3.21%), 7.48%, 04/20/31(a)(b) |  | 250 | 251,442
Apidos CLO XXIV, Series 2016-24A, Class A1AL, (3- mo. CME Term SOFR + 1.21%), 5.48%, 10/20/30(a)(b) |  | 253 | 253,446
Assurant CLO I Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 2.41%), 6.68%, 10/20/34(a)(b) |  | 500 | 501,530
Bain Capital Credit CLO Ltd., Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.36%), 7.64%, 07/24/34(a)(b) |  | 250 | 248,233
Ballyrock CLO Ltd., Series 2024-28A, Class A2, (3-mo. CME Term SOFR + 1.70%), 6.03%, 01/20/38(a)(b) |  | 500 | 500,723
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A2R, (3-mo. CME Term SOFR + 1.71%), 5.98%, 01/20/31(a)(b) |  | 1,500 | 1,500,468
Birch Grove CLO Ltd., Series 2021-3A, Class D1R, (3-mo. CME Term SOFR + 2.85%), 7.12%, 01/19/38(a)(b) |  | 250 | 251,431
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 6.86%, 04/15/37(a)(b) |  | 1,200 | 1,207,856
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 5.34%, 07/18/34(a)(b) |  | 2,500 | 2,500,193
Canyon Capital CLO Ltd.(a)(b) |  |  |
Series 2016-1A, Class CR, (3-mo. CME Term SOFR + 2.16%), 6.42%, 07/15/31 |  | 250 | 250,551
Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.61%), 7.87%, 04/15/34 |  | 500 | 498,717
CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. CME Term SOFR + 1.02%), 5.29%, 04/20/32(a)(b) |  | 391 | 390,257
CarVal CLO VC Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.51%), 7.77%, 10/15/34(a)(b) |  | 250 | 249,032
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 5.96%, 10/15/37(a)(b) |  | 500 | 501,057
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 6.07%, 04/20/35(a)(b) |  | 400 | 400,545
CIFC Funding Ltd.(a)(b) |  |  |
Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 3.81%), 8.07%, 07/16/30 |  | 500 | 506,461
Series 2015-1A, Class ARR, (3-mo. CME Term SOFR + 1.37%), 5.64%, 01/22/31 |  | 391 | 391,507
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 6.72%, 04/21/37 |  | 1,000 | 1,006,255
Series 2018-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.59%, 01/18/38 |  | 1,036 | 1,038,590
Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 5.97%, 01/18/38 |  | 1,295 | 1,296,882
Series 2019-1A, Class D1R2, (3-mo. CME Term SOFR + 3.05%), 7.32%, 10/20/37 |  | 500 | 501,218
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 7.62%, 07/15/36 |  | 500 | 502,357

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Concord Music Royalties LLC, Series 2024-1A, Class A, 5.64%, 10/20/74(b) | USD | 164 | $164,432
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. Term SOFR + 0.25%), 4.57%, 01/15/37(a) |  | 714 | 682,848
Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3- mo. CME Term SOFR + 3.11%), 7.37%, 10/15/30(a)(b) |  | 280 | 279,989
Dryden CLO Ltd.(a)(b) |  |  |
Series 2017-53A, Class B, (3-mo. CME Term SOFR + 1.66%), 5.92%, 01/15/31 |  | 1,320 | 1,319,756
Series 2018-64A, Class D, (3-mo. CME Term SOFR + 2.91%), 7.18%, 04/18/31 |  | 1,250 | 1,245,429
Dryden Senior Loan Fund(a)(b) |  |  |
Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.62%, 01/15/31 |  | 94 | 94,429
Series 2017-50A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.17%, 07/15/30 |  | 250 | 250,667
Eaton Vance CLO Ltd., Series 2015-1A, Class A2R, (3-mo. CME Term SOFR + 1.51%), 5.78%, 01/20/30(a)(b) |  | 1,000 | 1,000,060
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B, 3.50%, 11/25/50(b) |  | 110 | 92,188
Elmwood CLO 21 Ltd., Series 2022-8A, Class CR, (3- mo. CME Term SOFR + 2.70%), 6.97%, 10/20/36(a)(b) |  | 500 | 503,298
Elmwood CLO 26 Ltd., Series 2026-1A, Class C, (3-mo. CME Term SOFR + 2.40%), 6.67%, 04/18/37(a)(b) |  | 1,300 | 1,308,097
Elmwood CLO VI Ltd., Series 2020-3A, Class BRR, (3-mo. CME Term SOFR + 1.70%), 5.97%, 07/18/37(a)(b) |  | 250 | 251,000
Fairstone Financial Issuance Trust I, Series 2020-1A, Class C, 5.16%, 10/20/39(b) | CAD | 170 | 122,837
Galaxy XX CLO Ltd., Series 2015-20A, Class CR, (3- mo. CME Term SOFR + 2.01%), 6.28%, 04/20/31(a)(b) | USD | 250 | 250,559
GoldenTree Loan Management U.S. CLO Ltd., Series 2021-11A, Class AR, (3-mo. CME Term SOFR + 1.08%), 5.35%, 10/20/34(a)(b) |  | 470 | 470,337
Golub Capital Partners CLO Ltd., Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 11.09%, 07/20/34(a)(b) |  | 250 | 250,207
Gracie Point International Funding LLC, Series 2023- 1A, Class D, (90-day Avg SOFR + 4.50%), 8.85%, 09/01/26(a)(b) |  | 162 | 161,983
GreenSky Home Improvement Issuer Trust, Series 2024-2, Class C, 5.55%, 10/27/59(b) |  | 100 | 100,889
Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class B1, 5.44%, 10/20/32(b) |  | 630 | 636,025
Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A4, (1 mo. Term SOFR + 0.59%), 4.91%, 09/25/36(a) |  | 5,775 | 1,533,908
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 5.77%, 04/18/37(a)(b) |  | 1,300 | 1,305,229
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, (3-mo. CME Term SOFR + 6.51%), 10.78%, 04/19/33(a)(b) |  | 500 | 500,370
Madison Park Funding XXIII Ltd.(a)(b) |  |  |
Series 2017-23A, Class AR, (3-mo. CME Term SOFR + 1.23%), 5.51%, 07/27/31 |  | 548 | 548,764

14
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Madison Park Funding XXIII Ltd.(a)(b) (continued) |  |  |
Series 2017-23A, Class CR, (3-mo. CME Term SOFR + 2.26%), 6.54%, 07/27/31 | USD | 600 | $601,330
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 6.21%, 04/15/37(a)(b) |  | 1,000 | 1,003,573
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, (3-mo. CME Term SOFR + 2.16%), 6.44%, 07/17/34(a)(b) |  | 250 | 250,439
Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3-mo. CME Term SOFR + 3.91%), 8.18%, 01/22/35(a)(b) |  | 250 | 249,159
Navient Private Education Refi Loan Trust(b) |  |  |
Series 2019-D, Class A2A, 3.01%, 12/15/59 |  | 358 | 347,751
Series 2019-GA, Class A, 2.40%, 10/15/68 |  | 112 | 107,626
Series 2021-CA, Class A, 1.06%, 10/15/69 |  | 591 | 531,916
Series 2021-DA, Class C, 3.48%, 04/15/60 |  | 407 | 379,688
Series 2021-EA, Class A, 0.97%, 12/16/69 |  | 716 | 640,354
Series 2023-A, Class A, 5.51%, 10/15/71 |  | 128 | 130,603
Nelnet Student Loan Trust(b) |  |  |
Series 2021-A, Class D, 4.93%, 04/20/62 |  | 460 | 409,796
Series 2021-BA, Class B, 2.68%, 04/20/62 |  | 1,983 | 1,744,818
Series 2021-CA, Class AFL, (1 mo. Term SOFR + 0.85%), 5.17%, 04/20/62(a) |  | 258 | 257,062
Neuberger Berman Loan Advisers CLO Ltd.(a)(b) |  |  |
Series 2019-31A, Class AR2, (3-mo. CME Term SOFR + 1.23%), 5.50%, 01/20/39 |  | 1,615 | 1,616,211
Series 2019-34A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.02%, 01/20/35 |  | 400 | 400,329
OCP CLO Ltd.(a)(b) |  |  |
Series 16-11R, Class B1R2, (3-mo. CME Term SOFR + 1.95%), 6.23%, 04/26/36 |  | 500 | 502,064
Series 2017-13A, Class AR2, (3-mo. CME Term SOFR + 1.34%), 5.61%, 11/26/37 |  | 1,000 | 1,003,763
Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.68%, 01/21/38 |  | 1,000 | 1,003,015
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 7.57%, 07/15/34(a)(b) |  | 250 | 250,161
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 5.50%, 07/19/30(a)(b) |  | 363 | 362,986
Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 5.94%, 01/25/31(a)(b) |  | 500 | 500,066
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 7.28%, 01/22/30(a)(b) |  | 500 | 500,812
OZLM XXI Ltd., Series 2017-21A, Class C, (3-mo. CME Term SOFR + 2.93%), 7.20%, 01/20/31(a)(b) |  | 1,000 | 999,293
Palmer Square CLO Ltd.(a)(b) |  |  |
Series 2020-3ARR, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 5.98%, 11/15/36 |  | 250 | 251,026
Series 2020-3ARR, Class A2R2, (3-mo. CME Term SOFR + 2.30%), 6.63%, 11/15/36 |  | 250 | 251,609
Series 2024-4A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.98%, 01/15/38 |  | 920 | 922,783
Prodigy Finance DAC, Series 2021-1A, Class C, (1 mo. Term SOFR + 3.86%), 8.18%, 07/25/51(a)(b) |  | 48 | 48,728

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.96%, 01/25/38(a)(b) | USD | 1,700 | $1,703,727
Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.81%, 04/15/38(a)(b) |  | 850 | 850,718
Rockford Tower CLO Ltd., Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.40%), 5.66%, 01/15/38(a)(b) |  | 1,709 | 1,716,595
Romark CLO Ltd., Series 2017-1A, Class B, (3-mo. CME Term SOFR + 2.41%), 6.69%, 10/23/30(a)(b) |  | 500 | 501,120
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3- mo. CME Term SOFR + 1.21%), 5.49%, 10/26/34(a)(b) |  | 500 | 499,996
SMB Private Education Loan Trust(b) |  |  |
Series 2019-A, Class A2A, 3.44%, 07/15/36 |  | 626 | 615,956
Series 2019-B, Class A2A, 2.84%, 06/15/37 |  | 140 | 137,076
Series 2021-A, Class A2B, 1.59%, 01/15/53 |  | 268 | 246,466
Series 2021-A, Class B, 2.31%, 01/15/53 |  | 157 | 152,120
Series 2021-C, Class C, 3.00%, 01/15/53 |  | 108 | 93,761
Series 2021-C, Class D, 3.93%, 01/15/53 |  | 53 | 47,475
Series 2021-D, Class A1A, 1.34%, 03/17/53 |  | 773 | 721,595
Series 2022-C, Class A1A, 4.48%, 05/16/50 |  | 257 | 255,869
Series 2023-B, Class A1B, (30-day Avg SOFR + 1.80%), 6.10%, 10/16/56(a) |  | 172 | 174,925
Series 2023-C, Class A1A, 5.67%, 11/15/52 |  | 1,197 | 1,228,727
Sterling COOFS Trust(b)(c) |  |  |
Series 2004-1, Class A, 2.36%, 04/15/29 |  | 700 | —
Series 2004-2, Class Note, 2.08%, 03/30/30 |  | 286 | —
Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A2, 3.45%, 02/25/32 |  | 11 | 9,557
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54(b) |  | 294 | 298,485
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 6.13%, 04/23/35(a)(b) |  | 600 | 600,787
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 5.45%, 07/15/30(a)(b) |  | 229 | 229,462
Trestles CLO Ltd.(a)(b) |  |  |
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.10%), 6.38%, 07/25/37 |  | 1,750 | 1,758,129
Series 2017-1A, Class D1RR, (3-mo. CME Term SOFR + 3.15%), 7.43%, 07/25/37 |  | 250 | 249,868
Trimaran CAVU Ltd.(a)(b) |  |  |
Series 2019-2A, Class C, (3-mo. CME Term SOFR + 4.98%), 9.25%, 11/26/32 |  | 500 | 500,322
Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 7.79%, 10/25/34 |  | 500 | 505,416
Series 2023-1, Class E, (3-mo. CME Term SOFR + 8.94%), 13.21%, 07/20/36 |  | 500 | 501,153
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32(d) | GBP | 12 | 16,660
Upgrade Master Pass-Thru Trust, Series 2025-ST4, Class A, 5.50%, 08/16/32(b) | USD | 202 | 202,000
Voya CLO Ltd.(a)(b) |  |  |
Series 2014-2A, Class A1RR, (3-mo. CME Term SOFR + 1.28%), 5.56%, 04/17/30 |  | 1 | 1,001

Schedule of Investments
15

Schedule of Investments (unaudited)(continued)
June 30, 2025
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) (continued) |  |  |
Series 2017-2A, Class A2AR, (3-mo. CME Term SOFR + 1.91%), 6.17%, 06/07/30 | USD | 250 | $251,048
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.51%), 5.77%, 07/15/31 |  | 1,000 | 1,000,451
Warwick Capital CLO Ltd., Series 2024-5A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.68%, 01/20/38(a)(b) |  | 750 | 752,186
Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 6.13%, 01/20/35(a)(b) |  | 725 | 726,111
Whitebox CLO I Ltd., Series 2019-1A, Class D1RR, (3-mo. CME Term SOFR + 3.10%), 7.38%, 07/24/36(a)(b) |  | 500 | 499,164
Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, (3-mo. CME Term SOFR + 2.90%), 7.18%, 10/24/37(a)(b) |  | 500 | 500,337
Whitebox CLO III Ltd.(a)(b) |  |  |
Series 2021-3A, Class DR, (3-mo. CME Term SOFR + 2.85%), 7.11%, 10/15/35 |  | 250 | 249,329
Series 2021-3A, Class ER, (3-mo. CME Term SOFR + 5.65%), 9.91%, 10/15/35 |  | 250 | 250,334
Wireless PropCo Funding LLC, Series 2025-1A, Class B, 4.30%, 06/25/55(b)(c) |  | 725 | 680,347
Total Asset-Backed Securities — 8.9% (Cost: $65,539,830) | 64,548,229

|  | Shares |
Common Stocks
Capital Markets — 0.0% |
Wom New Holdco(c)(e) |  | 465 | 13,020
Total Common Stocks — 0.0% (Cost: $13,485) | 13,020

|  | Par (000) |
Corporate Bonds
Advertising Agencies — 0.5%
Clear Channel Outdoor Holdings, Inc.(b) |  |  |
5.13%, 08/15/27 | USD | 245 | 242,213
7.75%, 04/15/28 |  | 237 | 223,965
9.00%, 09/15/28(f) |  | 697 | 730,333
7.50%, 06/01/29 |  | 752 | 695,523
7.88%, 04/01/30(f) |  | 395 | 407,736
CMG Media Corp., 8.88%, 06/18/29(b) |  | 127 | 119,718
Interpublic Group of Cos., Inc., 5.40%, 10/01/48(f) |  | 500 | 464,882
Lamar Media Corp., 4.00%, 02/15/30 |  | 21 | 20,061
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b) |  | 321 | 312,553
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) |  |  |
5.00%, 08/15/27 |  | 46 | 45,770
4.25%, 01/15/29 |  | 264 | 252,562
4.63%, 03/15/30 |  | 66 | 63,037

Security |  | Par (000) | Value
Advertising Agencies (continued)
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) (continued) |  |  |
7.38%, 02/15/31 | USD | 72 | $76,228
Stagwell Global LLC, 5.63%, 08/15/29(b) |  | 69 | 66,000
|  |  | 3,720,581
Aerospace & Defense — 2.7%
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b) |  | 236 | 244,571
Boeing Co. |  |  |
3.20%, 03/01/29 |  | 1,840 | 1,751,488
2.95%, 02/01/30 |  | 800 | 741,646
6.53%, 05/01/34 |  | 550 | 597,591
Bombardier, Inc.(b) |  |  |
6.00%, 02/15/28 |  | 161 | 161,969
7.50%, 02/01/29 |  | 3 | 3,150
8.75%, 11/15/30 |  | 482 | 521,803
7.25%, 07/01/31 |  | 100 | 104,970
7.00%, 06/01/32 |  | 162 | 168,704
6.75%, 06/15/33 |  | 109 | 112,946
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32(b) |  | 701 | 709,767
General Electric Co., 6.15%, 08/07/37 |  | 2,150 | 2,334,010
Goat Holdco LLC, 6.75%, 02/01/32(b) |  | 109 | 110,803
L3Harris Technologies, Inc. |  |  |
2.90%, 12/15/29 |  | 1,200 | 1,126,533
1.80%, 01/15/31 |  | 300 | 259,492
Lockheed Martin Corp., 3.80%, 03/01/45 |  | 800 | 630,344
Northrop Grumman Corp. |  |  |
4.70%, 03/15/33 |  | 400 | 398,773
4.75%, 06/01/43 |  | 850 | 768,770
RTX Corp. |  |  |
2.38%, 03/15/32 |  | 1,000 | 870,114
5.15%, 02/27/33 |  | 900 | 919,960
4.50%, 06/01/42 |  | 300 | 265,537
Spirit AeroSystems, Inc.(b) |  |  |
9.38%, 11/30/29 |  | 363 | 385,147
9.75%, 11/15/30 |  | 342 | 377,175
TransDigm, Inc.(b) |  |  |
6.75%, 08/15/28 |  | 177 | 180,742
6.38%, 03/01/29 |  | 647 | 663,784
7.13%, 12/01/31 |  | 292 | 305,934
6.63%, 03/01/32 |  | 1,733 | 1,794,337
6.00%, 01/15/33 |  | 870 | 874,727
6.38%, 05/31/33 |  | 1,604 | 1,605,454
Triumph Group, Inc., 9.00%, 03/15/28(b) |  | 428 | 447,277
|  |  | 19,437,518
Air Freight & Logistics(b) — 0.0%
Rand Parent LLC, 8.50%, 02/15/30 |  | 127 | 127,528
Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 60 | 63,604
|  |  | 191,132
Automobile Components — 0.5%
Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49 |  | 465 | 398,018
Clarios Global LP/Clarios U.S. Finance Co.(b) |  |  |
8.50%, 05/15/27(f) |  | 1,204 | 1,209,274
6.75%, 05/15/28 |  | 525 | 538,888
6.75%, 02/15/30 |  | 190 | 197,560
4.75%, 06/15/31 | EUR | 105 | 124,160
Dana, Inc. |  |  |
4.25%, 09/01/30 | USD | 46 | 45,338
4.50%, 02/15/32 |  | 70 | 68,426

16
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Automobile Components (continued)
Goodyear Tire & Rubber Co. |  |  |
6.63%, 07/15/30 | USD | 88 | $89,763
5.25%, 04/30/31 |  | 6 | 5,762
5.63%, 04/30/33 |  | 81 | 77,554
IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, 11/15/31(d)(g) | EUR | 100 | 124,298
Schaeffler AG, 4.25%, 04/01/28(d) |  | 100 | 118,530
Tenneco, Inc., 8.00%, 11/17/28(b) | USD | 185 | 182,946
ZF Europe Finance BV, 7.00%, 06/12/30(d) | EUR | 100 | 118,049
|  |  | 3,298,566
Automobiles — 0.9%
Asbury Automotive Group, Inc., 4.50%, 03/01/28 | USD | 10 | 9,863
Carvana Co.(b)(g) |  |  |
(9.00% PIK), 9.00%, 06/01/30 |  | 343 | 360,723
(9.00% PIK), 9.00%, 06/01/31 |  | 903 | 1,022,204
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b) |  | 108 | 115,115
Ford Motor Co., 4.75%, 01/15/43 |  | 2,000 | 1,537,888
General Motors Co., 6.25%, 10/02/43 |  | 2,506 | 2,458,076
LCM Investments Holdings II LLC(b) |  |  |
4.88%, 05/01/29 |  | 55 | 53,485
8.25%, 08/01/31 |  | 299 | 317,892
Nissan Motor Co. Ltd., 4.81%, 09/17/30(b) |  | 200 | 183,484
RCI Banque SA, (5-year EURIBOR ICE Swap + 2.20%), 4.75%, 03/24/37(a)(d) | EUR | 100 | 118,841
|  |  | 6,177,571
Banks — 5.0%
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36(a)(d) |  | 100 | 120,138
Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), 5.00%(a)(h) | USD | 500 | 498,400
Bank of America Corp., (3-mo. CME Term SOFR + 1.57%), 4.27%, 07/23/29(a) |  | 4,000 | 3,986,823
Barclays PLC, (1-year CMT + 1.05%), 2.28%, 11/24/27(a)(f) |  | 3,000 | 2,909,174
Citigroup, Inc., (1-day SOFR + 2.34%), 6.27%, 11/17/33(a)(f) |  | 1,567 | 1,687,302
Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, 01/18/29(a)(f) |  | 850 | 892,902
Goldman Sachs Group, Inc., (3-mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29(a)(f) |  | 4,000 | 3,977,198
HSBC Holdings PLC, 6.10%, 01/14/42 |  | 610 | 645,804
JPMorgan Chase & Co.(a) |  |  |
(1-day SOFR + 1.13%), 5.00%, 07/22/30 |  | 3,000 | 3,054,787
(1-day SOFR + 1.18%), 2.55%, 11/08/32 |  | 1,000 | 880,344
(1-day SOFR + 1.62%), 5.34%, 01/23/35 |  | 540 | 552,760
(1-day SOFR + 2.08%), 4.91%, 07/25/33 |  | 1,381 | 1,388,995
(3-mo. CME Term SOFR + 1.42%), 3.70%, 05/06/30 |  | 1,000 | 973,288
(3-mo. CME Term SOFR + 2.46%), 3.11%, 04/22/41 |  | 800 | 613,151
Morgan Stanley(a) |  |  |
(1-day SOFR + 1.26%), 5.66%, 04/18/30 |  | 3,000 | 3,116,132
(1-day SOFR + 1.73%), 5.12%, 02/01/29(f) |  | 3,000 | 3,052,365
(1-day SOFR + 1.73%), 5.47%, 01/18/35 |  | 600 | 613,830
(1-day SOFR + 1.88%), 5.42%, 07/21/34 |  | 735 | 752,936
NatWest Group PLC, (1-year CMT + 2.27%), 5.52%, 09/30/28(a) |  | 1,000 | 1,021,319
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33(a)(b) |  | 500 | 497,500
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70%(a)(h) |  | 77 | 80,410

Security |  | Par (000) | Value
Banks (continued)
UBS AG/Stamford CT, 5.00%, 07/09/27 | USD | 900 | $913,901
Walker & Dunlop, Inc., 6.63%, 04/01/33(b) |  | 76 | 77,994
Wells Fargo & Co.(a) |  |  |
(1-day SOFR + 1.78%), 5.50%, 01/23/35(f) |  | 1,290 | 1,322,918
(1-day SOFR + 2.02%), 5.39%, 04/24/34 |  | 1,124 | 1,150,130
(1-day SOFR + 2.53%), 3.07%, 04/30/41(f) |  | 2,250 | 1,700,256
|  |  | 36,480,757
Beverages — 0.6%
Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/48 |  | 4,600 | 3,911,721
Keurig Dr. Pepper, Inc., Series 31, 2.25%, 03/15/31 |  | 400 | 353,067
|  |  | 4,264,788
Biotechnology — 0.5%
Amgen, Inc. |  |  |
5.25%, 03/02/30 |  | 800 | 824,305
4.20%, 03/01/33 |  | 1,000 | 959,824
5.25%, 03/02/33 |  | 600 | 614,414
5.60%, 03/02/43 |  | 650 | 644,809
Baxalta, Inc., 5.25%, 06/23/45 |  | 500 | 466,852
|  |  | 3,510,204
Building Materials — 0.6%
Builders FirstSource, Inc.(b) |  |  |
6.38%, 03/01/34 |  | 99 | 100,888
6.75%, 05/15/35 |  | 91 | 93,695
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
6.38%, 12/15/30(b) | EUR | 110 | 136,103
6.38%, 12/15/30(d) |  | 100 | 123,730
6.63%, 12/15/30(b) | USD | 956 | 977,197
6.75%, 07/15/31(b) |  | 122 | 126,269
Jeld-Wen, Inc.(b) |  |  |
4.88%, 12/15/27 |  | 39 | 36,156
7.00%, 09/01/32 |  | 202 | 158,156
JH North America Holdings, Inc.(b) |  |  |
5.88%, 01/31/31 |  | 127 | 128,109
6.13%, 07/31/32 |  | 167 | 169,773
New Enterprise Stone & Lime Co., Inc.(b) |  |  |
5.25%, 07/15/28 |  | 55 | 55,146
9.75%, 07/15/28 |  | 89 | 89,208
Quikrete Holdings, Inc.(b) |  |  |
6.38%, 03/01/32 |  | 857 | 881,270
6.75%, 03/01/33 |  | 167 | 172,315
Smyrna Ready Mix Concrete LLC(b) |  |  |
6.00%, 11/01/28 |  | 191 | 190,534
8.88%, 11/15/31 |  | 126 | 132,106
Standard Building Solutions, Inc., 6.50%, 08/15/32(b) |  | 292 | 299,193
Standard Industries, Inc.(b) |  |  |
4.75%, 01/15/28 |  | 3 | 2,967
4.38%, 07/15/30 |  | 170 | 160,963
3.38%, 01/15/31 |  | 28 | 25,110
Wilsonart LLC, 11.00%, 08/15/32(b) |  | 194 | 176,254
|  |  | 4,235,142
Building Products — 1.0%
Foundation Building Materials, Inc., 6.00%, 03/01/29(b) |  | 9 | 8,255
GYP Holdings III Corp., 4.63%, 05/01/29(b) |  | 138 | 138,321
Home Depot, Inc., 5.88%, 12/16/36 |  | 1,660 | 1,780,175
Lowe’ s Cos., Inc. |  |  |
1.70%, 10/15/30 |  | 1,600 | 1,392,782
5.00%, 04/15/33(f) |  | 1,000 | 1,010,540

Schedule of Investments
17

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Building Products (continued)
Lowe’s Cos., Inc. (continued) |  |  |
3.70%, 04/15/46 | USD | 1,000 | $743,911
QXO Building Products, Inc., 6.75%, 04/30/32(b) |  | 652 | 671,692
White Cap Buyer LLC, 6.88%, 10/15/28(b) |  | 1,194 | 1,192,105
|  |  | 6,937,781
Capital Markets — 0.8%
Apollo Debt Solutions BDC |  |  |
6.70%, 07/29/31 |  | 105 | 109,109
6.55%, 03/15/32(b) |  | 24 | 24,514
Ares Capital Corp., 5.50%, 09/01/30 |  | 130 | 129,596
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 40 | 39,541
Blackstone Private Credit Fund, 6.00%, 11/22/34 |  | 495 | 484,037
Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 311 | 314,165
Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 66 | 68,565
Blue Owl Credit Income Corp., 7.75%, 09/16/27 |  | 155 | 162,584
FMR LLC, 4.95%, 02/01/33(b) |  | 2,300 | 2,301,411
Focus Financial Partners LLC, 6.75%, 09/15/31(b) |  | 167 | 170,468
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34 |  | 109 | 109,007
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27(b) |  | 130 | 135,438
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
5.25%, 05/15/27 |  | 418 | 405,013
9.75%, 01/15/29 |  | 110 | 106,858
4.38%, 02/01/29 |  | 94 | 79,014
10.00%, 11/15/29(b) |  | 165 | 163,354
Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/33(b) |  | 111 | 114,131
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27(i) |  | 191 | 219,841
Raymond James Financial, Inc., 4.95%, 07/15/46 |  | 400 | 359,422
WOM Chile Holdco SpA, (5.00% PIK), 5.00%, 04/01/32(b)(g) |  | 245 | 240,107
|  |  | 5,736,175
Chemicals — 0.7%
Avient Corp., 6.25%, 11/01/31(b) |  | 94 | 94,879
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b) |  | 173 | 182,392
Axalta Coating Systems LLC, 3.38%, 02/15/29(b) |  | 198 | 187,545
Celanese U.S. Holdings LLC |  |  |
6.50%, 04/15/30 |  | 29 | 29,685
6.75%, 04/15/33(f) |  | 95 | 95,987
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 159 | 157,578
5.75%, 11/15/28(b) |  | 354 | 331,806
8.00%, 01/15/33(b) |  | 94 | 88,022
Element Solutions, Inc., 3.88%, 09/01/28(b) |  | 466 | 451,924
HB Fuller Co., 4.25%, 10/15/28 |  | 3 | 2,906
Herens Holdco SARL, 4.75%, 05/15/28(b) |  | 200 | 179,495
Itelyum Regeneration SpA, 5.75%, 04/15/30(d) | EUR | 100 | 118,803
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(g) | USD | 214 | 191,466
LYB International Finance III LLC, 6.15%, 05/15/35 |  | 40 | 41,516
Mativ Holdings, Inc., 8.00%, 10/01/29(b) |  | 80 | 72,486
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b) |  | 117 | 116,660
OCP SA, 7.50%, 05/02/54(b) |  | 200 | 199,294
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28(d) | EUR | 100 | 123,685
9.75%, 11/15/28(b) | USD | 363 | 382,250
7.25%, 06/15/31(b) |  | 320 | 326,400
Orbia Advance Corp. SAB de C.V., 6.80%, 05/13/30(b) |  | 200 | 204,900
Sasol Financing USA LLC, 6.50%, 09/27/28 |  | 200 | 189,800

Security |  | Par (000) | Value
Chemicals (continued)
Sherwin-Williams Co., 3.80%, 08/15/49 | USD | 350 | $257,322
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) |  | 192 | 185,930
WR Grace Holdings LLC(b) |  |  |
4.88%, 06/15/27 |  | 115 | 114,336
5.63%, 08/15/29(f) |  | 945 | 855,401
7.38%, 03/01/31 |  | 152 | 155,651
|  |  | 5,338,119
Commercial Services & Supplies — 2.7%
ADT Security Corp., 4.88%, 07/15/32(b) |  | 39 | 37,412
Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |
5.38%, 05/21/30(d) | EUR | 100 | 120,493
7.00%, 05/21/30(b) | USD | 452 | 461,278
Allied Universal Holdco LLC, 7.88%, 02/15/31(b) |  | 1,750 | 1,828,211
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b) |  |  |
6.00%, 06/01/29(f) |  | 898 | 873,369
6.88%, 06/15/30 |  | 550 | 557,460
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b) |  | 329 | 319,351
Arena Luxembourg Finance SARL, (3-mo. EURIBOR + 2.50%), 4.82%, 05/01/30(a)(d) | EUR | 100 | 118,726
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(d) |  | 100 | 115,640
Belron U.K. Finance PLC, 5.75%, 10/15/29(b) | USD | 218 | 219,819
Block, Inc. |  |  |
2.75%, 06/01/26 |  | 248 | 242,800
3.50%, 06/01/31 |  | 23 | 21,097
6.50%, 05/15/32(f) |  | 536 | 553,004
Boels Topholding BV, 5.75%, 05/15/30(d) | EUR | 100 | 122,194
Boost Newco Borrower LLC, 7.50%, 01/15/31(b) | USD | 200 | 212,303
Brink’ s Co.(b) |  |  |
6.50%, 06/15/29 |  | 85 | 87,618
6.75%, 06/15/32 |  | 56 | 58,318
Clarivate Science Holdings Corp.(b) |  |  |
3.88%, 07/01/28 |  | 585 | 560,737
4.88%, 07/01/29(f) |  | 230 | 216,568
Deluxe Corp., 8.13%, 09/15/29(b) |  | 70 | 72,245
EquipmentShare.com, Inc., 8.00%, 03/15/33(b) |  | 73 | 76,474
Fortress Transportation and Infrastructure Investors LLC(b) |  |  |
5.50%, 05/01/28 |  | 9 | 8,952
7.88%, 12/01/30 |  | 686 | 727,855
7.00%, 05/01/31 |  | 193 | 199,839
7.00%, 06/15/32 |  | 337 | 347,962
5.88%, 04/15/33 |  | 154 | 152,061
Garda World Security Corp.(b) |  |  |
4.63%, 02/15/27 |  | 106 | 105,343
7.75%, 02/15/28 |  | 108 | 111,733
6.00%, 06/01/29 |  | 34 | 33,186
8.25%, 08/01/32 |  | 268 | 275,022
8.38%, 11/15/32 |  | 695 | 713,910
Herc Holdings, Inc.(b) |  |  |
7.00%, 06/15/30 |  | 257 | 268,400
7.25%, 06/15/33 |  | 104 | 108,971
Hertz Corp., 12.63%, 07/15/29(b) |  | 81 | 84,706
ITR Concession Co. LLC, 4.20%, 07/15/25(b) |  | 4,000 | 3,998,472
Moody’s Corp., 2.75%, 08/19/41 |  | 350 | 247,357
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(b)(f) |  | 145 | 145,227
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b) |  | 56 | 56,002
RR Donnelley & Sons Co., 9.50%, 08/01/29(b) |  | 370 | 370,000

18
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Service Corp. International |  |  |
3.38%, 08/15/30 | USD | 5 | $4,596
4.00%, 05/15/31 |  | 20 | 18,714
5.75%, 10/15/32 |  | 428 | 432,365
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(b) |  |  |
6.75%, 08/15/32 |  | 467 | 485,012
5.50%, 05/15/33 | EUR | 145 | 176,680
Shift4 Payments, Inc., 0.00%, 12/15/25(i)(j) | USD | 112 | 141,400
Sotheby’ s, 7.38%, 10/15/27(b)(f) |  | 665 | 657,345
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26(d) | EUR | 88 | 103,565
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(b) | USD | 580 | 578,467
Trustees of Columbia University in the City of New York, Series 2024, 4.36%, 10/01/35 |  | 1,000 | 958,540
Verisure Holding AB, 9.25%, 10/15/27(d) | EUR | 80 | 98,201
Veritiv Operating Co., 10.50%, 11/30/30(b) | USD | 91 | 98,507
Wand NewCo 3, Inc., 7.63%, 01/30/32(b) |  | 333 | 349,959
WEX, Inc., 6.50%, 03/15/33(b) |  | 263 | 265,341
Williams Scotsman, Inc.(b) |  |  |
6.63%, 06/15/29 |  | 19 | 19,504
6.63%, 04/15/30 |  | 163 | 169,316
7.38%, 10/01/31 |  | 235 | 247,361
|  |  | 19,634,988
Communications Equipment(b) — 0.1%
CommScope LLC |  |  |
4.75%, 09/01/29 |  | 510 | 497,904
9.50%, 12/15/31 |  | 45 | 47,125
Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 26 | 24,295
|  |  | 569,324
Construction & Engineering(b) — 0.1%
Arcosa, Inc. |  |  |
4.38%, 04/15/29 |  | 117 | 113,179
6.88%, 08/15/32 |  | 15 | 15,567
Brand Industrial Services, Inc., 10.38%, 08/01/30 |  | 675 | 622,780
|  |  | 751,526
Consumer Finance — 0.3%
Bread Financial Holdings, Inc., (5-year CMT + 4.30%), 8.38%, 06/15/35(a)(b) |  | 22 | 22,151
Capital One Financial Corp., (1-day SOFR + 2.60%), 5.82%, 02/01/34(a) |  | 440 | 453,913
Navient Corp. |  |  |
9.38%, 07/25/30 |  | 100 | 110,301
7.88%, 06/15/32 |  | 189 | 196,560
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 |  | 26 | 26,850
6.63%, 05/15/29 |  | 111 | 114,003
5.38%, 11/15/29 |  | 17 | 16,722
7.88%, 03/15/30 |  | 188 | 199,763
4.00%, 09/15/30 |  | 71 | 65,514
7.50%, 05/15/31 |  | 65 | 67,915
7.13%, 11/15/31 |  | 56 | 58,267
6.75%, 03/15/32 |  | 155 | 157,915
7.13%, 09/15/32 |  | 297 | 307,475
SLM Corp., 6.50%, 01/31/30 |  | 32 | 33,588
|  |  | 1,830,937

Security |  | Par (000) | Value
Consumer Staples Distribution & Retail — 0.0%
B&M European Value Retail SA, 6.50%, 11/27/31(d) | GBP | 100 | $138,160
Walgreens Boots Alliance, Inc. |  |  |
8.13%, 08/15/29 | USD | 79 | 83,786
4.80%, 11/18/44 |  | 140 | 133,700
|  |  | 355,646
Containers & Packaging — 0.8%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(b)(f) |  | 1,066 | 973,127
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26(d) | EUR | 200 | 225,513
4.13%, 08/15/26(b) | USD | 402 | 377,426
Ball Corp., 4.25%, 07/01/32 | EUR | 100 | 119,346
Clydesdale Acquisition Holdings, Inc.(b) |  |  |
6.63%, 04/15/29 | USD | 219 | 222,172
6.88%, 01/15/30 |  | 157 | 160,498
8.75%, 04/15/30(f) |  | 312 | 319,121
6.75%, 04/15/32 |  | 626 | 642,444
Crown Americas LLC, 5.88%, 06/01/33(b) |  | 288 | 289,968
LABL, Inc.(b) |  |  |
5.88%, 11/01/28 |  | 32 | 27,983
9.50%, 11/01/28 |  | 417 | 385,466
8.63%, 10/01/31 |  | 132 | 112,909
Mauser Packaging Solutions Holding Co.(b) |  |  |
7.88%, 04/15/27(f) |  | 1,850 | 1,880,325
9.25%, 04/15/27 |  | 100 | 99,299
OI European Group BV, 6.25%, 05/15/28(b) | EUR | 100 | 121,623
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27(b) | USD | 27 | 27,012
Sealed Air Corp.(b) |  |  |
4.00%, 12/01/27 |  | 38 | 37,087
5.00%, 04/15/29 |  | 38 | 37,586
Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, 02/15/31(b) |  | 11 | 11,577
Trident TPI Holdings, Inc., 12.75%, 12/31/28(b) |  | 23 | 24,398
|  |  | 6,094,880
Diversified REITs — 1.2%
American Tower Corp., 2.90%, 01/15/30(f) |  | 2,500 | 2,329,555
Crown Castle, Inc. |  |  |
4.90%, 09/01/29 |  | 750 | 756,748
2.10%, 04/01/31 |  | 1,000 | 857,966
2.90%, 04/01/41 |  | 350 | 250,311
Digital Realty Trust LP, 1.88%, 11/15/29(b)(i) |  | 45 | 47,313
Equinix, Inc., 2.50%, 05/15/31 |  | 500 | 442,991
ERP Operating LP, 4.50%, 07/01/44 |  | 1,155 | 1,002,381
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) |  | 54 | 51,779
Iron Mountain, Inc.(b) |  |  |
5.25%, 07/15/30 |  | 13 | 12,822
5.63%, 07/15/32 |  | 62 | 61,507
6.25%, 01/15/33 |  | 165 | 169,654
Prologis LP, 4.63%, 01/15/33(f) |  | 1,000 | 994,969
Rithm Capital Corp., 8.00%, 07/15/30(b) |  | 71 | 71,355
SBA Communications Corp., 3.13%, 02/01/29(f) |  | 198 | 187,007
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) |  | 1,146 | 1,214,809
|  |  | 8,451,167

Schedule of Investments
19

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services — 2.9%
Altice Financing SA, 5.75%, 08/15/29(b) | USD | 200 | $146,036
AT&T, Inc. |  |  |
5.40%, 02/15/34 |  | 560 | 575,973
6.00%, 08/15/40 |  | 520 | 540,049
6.38%, 03/01/41 |  | 1,200 | 1,276,935
5.45%, 03/01/47 |  | 1,500 | 1,425,935
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(b) |  | 220 | 221,128
Corning, Inc., 4.38%, 11/15/57 |  | 2,000 | 1,604,804
EchoStar Corp. |  |  |
(6.75% PIK), 6.75%, 11/30/30(g) |  | 1,279 | 1,167,105
10.75%, 11/30/29 |  | 704 | 724,608
eircom Finance DAC, Series JUL, 04/30/31(d)(k) | EUR | 100 | 118,090
Eutelsat SA, 9.75%, 04/13/29(d) |  | 100 | 126,977
Fibercop SpA |  |  |
4.75%, 06/30/30(d) |  | 100 | 118,549
5.13%, 06/30/32(d) |  | 100 | 117,960
6.00%, 09/30/34(b) | USD | 200 | 187,168
Frontier Communications Holdings LLC |  |  |
5.00%, 05/01/28(b) |  | 293 | 292,877
6.75%, 05/01/29(b) |  | 59 | 59,771
5.88%, 11/01/29 |  | 94 | 94,944
6.00%, 01/15/30(b) |  | 130 | 131,677
8.75%, 05/15/30(b) |  | 1,093 | 1,143,137
8.63%, 03/15/31(b) |  | 198 | 210,377
Iliad Holding SASU |  |  |
5.38%, 04/15/30(d) | EUR | 100 | 120,976
8.50%, 04/15/31(b) | USD | 400 | 427,850
7.00%, 04/15/32(b) |  | 322 | 329,915
Intelsat Jackson Holdings SA, 6.50%, 03/15/30(b) |  | 31 | 31,611
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(d) | EUR | 100 | 119,417
Level 3 Financing, Inc.(b) |  |  |
3.63%, 01/15/29 | USD | 33 | 28,215
4.88%, 06/15/29(f) |  | 583 | 543,909
11.00%, 11/15/29 |  | 755 | 866,566
4.50%, 04/01/30 |  | 190 | 171,968
3.88%, 10/15/30 |  | 60 | 52,050
10.75%, 12/15/30 |  | 275 | 312,162
4.00%, 04/15/31 |  | 8 | 6,778
6.88%, 06/30/33 |  | 1,137 | 1,156,924
Lorca Telecom Bondco SA, 5.75%, 04/30/29(d) | EUR | 100 | 122,989
Lumen Technologies, Inc.(b) |  |  |
4.13%, 04/15/30 | USD | 139 | 135,761
10.00%, 10/15/32 |  | 116 | 118,279
Sable International Finance Ltd., 7.13%, 10/15/32(b) |  | 260 | 260,731
SoftBank Group Corp.(d) |  |  |
2.88%, 01/06/27 | EUR | 100 | 115,996
3.88%, 07/06/32 |  | 100 | 106,899
Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 196 | 211,198
Verizon Communications, Inc., 3.85%, 11/01/42 |  | 5,000 | 3,990,089
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(b) |  | 913 | 956,172
Zayo Group Holdings, Inc.(b) |  |  |
4.00%, 03/01/27 |  | 434 | 406,995
6.13%, 03/01/28 |  | 264 | 227,825
|  |  | 21,105,375
Electric Utilities — 3.7%
Alpha Generation LLC, 6.75%, 10/15/32(b) |  | 181 | 186,583
American Electric Power Co., Inc., 5.63%, 03/01/33(f) |  | 3,000 | 3,118,625
Baltimore Gas and Electric Co. |  |  |
3.50%, 08/15/46 |  | 800 | 587,031

Security |  | Par (000) | Value
Electric Utilities (continued)
Baltimore Gas and Electric Co. (continued) |  |  |
3.75%, 08/15/47 | USD | 500 | $378,759
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/32(b) |  | 150 | 150,244
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/32 |  | 750 | 734,292
Cleveland Electric Illuminating Co., 5.95%, 12/15/36 |  | 434 | 452,177
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b) |  | 200 | 206,072
Duke Energy Carolinas LLC, 6.10%, 06/01/37 |  | 640 | 680,898
Duke Energy Florida LLC, 5.65%, 04/01/40 |  | 770 | 789,492
E.ON International Finance BV, 6.65%, 04/30/38(b) |  | 2,000 | 2,206,744
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(h) |  | 3,020 | 2,843,395
Electricite de France SA, 5.60%, 01/27/40(b) |  | 2,800 | 2,742,084
Eversource Energy, 2.55%, 03/15/31 |  | 350 | 311,129
Minejesa Capital BV, 5.63%, 08/10/37(b) |  | 200 | 191,375
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 390 | 380,686
Oncor Electric Delivery Co. LLC |  |  |
4.15%, 06/01/32 |  | 1,000 | 964,959
4.55%, 09/15/32 |  | 1,000 | 987,358
Pampa Energia SA, 7.88%, 12/16/34(b) |  | 24 | 23,943
Pike Corp., 8.63%, 01/31/31(b) |  | 57 | 61,992
San Diego Gas & Electric Co. |  |  |
4.95%, 08/15/28 |  | 1,565 | 1,597,860
Series VVV, 1.70%, 10/01/30 |  | 750 | 652,805
Southern California Edison Co., Series 2005-E, 5.35%, 07/15/35 |  | 1,300 | 1,266,220
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(d) |  | 178 | 181,307
Virginia Electric and Power Co., 6.35%, 11/30/37 |  | 3,920 | 4,217,077
Vistra Operations Co. LLC(b) |  |  |
7.75%, 10/15/31 |  | 144 | 153,049
6.88%, 04/15/32 |  | 220 | 230,006
XPLR Infrastructure Operating Partners LP(b) |  |  |
3.88%, 10/15/26 |  | 41 | 40,057
8.38%, 01/15/31 |  | 494 | 527,643
|  |  | 26,863,862
Electronic Equipment, Instruments & Components(b) — 0.1%
Coherent Corp., 5.00%, 12/15/29(f) |  | 121 | 118,838
Imola Merger Corp., 4.75%, 05/15/29 |  | 40 | 38,620
Sensata Technologies, Inc., 3.75%, 02/15/31 |  | 529 | 482,195
WESCO Distribution, Inc. |  |  |
6.63%, 03/15/32 |  | 111 | 115,348
6.38%, 03/15/33 |  | 137 | 141,601
Xerox Corp., 10.25%, 10/15/30 |  | 62 | 64,910
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 77 | 79,177
|  |  | 1,040,689
Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.(b) |  |  |
6.88%, 04/01/27 |  | 79 | 79,081
6.63%, 09/01/32 |  | 157 | 159,957
Halliburton Co., 4.75%, 08/01/43 |  | 500 | 433,566
Kodiak Gas Services LLC, 7.25%, 02/15/29(b) |  | 385 | 398,248
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 45 | 45,371
Star Holding LLC, 8.75%, 08/01/31(b) |  | 138 | 130,047
Tidewater, Inc., 07/15/30(b)(k) |  | 109 | 112,146
USA Compression Partners LP/USA Compression Finance Corp., 7.13%, 03/15/29(b) |  | 134 | 137,341
Weatherford International Ltd., 8.63%, 04/30/30(b) |  | 329 | 339,109
|  |  | 1,834,866

20
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Entertainment(b) — 0.5%
Boyne USA, Inc., 4.75%, 05/15/29 | USD | 47 | $45,606
Caesars Entertainment, Inc. |  |  |
4.63%, 10/15/29 |  | 2 | 1,909
7.00%, 02/15/30 |  | 481 | 498,115
6.50%, 02/15/32(f) |  | 166 | 170,335
Churchill Downs, Inc. |  |  |
4.75%, 01/15/28 |  | 35 | 34,549
5.75%, 04/01/30 |  | 149 | 149,486
6.75%, 05/01/31 |  | 223 | 229,204
Cinemark USA, Inc., 7.00%, 08/01/32 |  | 41 | 42,565
Flutter Treasury DAC, 5.88%, 06/04/31 |  | 464 | 467,480
Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29 |  | 215 | 210,446
Light & Wonder International, Inc. |  |  |
7.25%, 11/15/29 |  | 96 | 98,905
7.50%, 09/01/31 |  | 63 | 65,924
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 |  | 155 | 134,706
Live Nation Entertainment, Inc., 4.75%, 10/15/27 |  | 42 | 41,543
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 |  | 200 | 178,723
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30 |  | 133 | 137,284
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |
5.63%, 09/01/29 |  | 63 | 36,067
5.88%, 09/01/31 |  | 107 | 58,582
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33 |  | 88 | 88,114
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 |  | 157 | 151,294
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./Canada’s Wonderland Co., 6.63%, 05/01/32 |  | 160 | 165,030
Vail Resorts, Inc., 6.50%, 05/15/32 |  | 193 | 199,417
Voyager Parent LLC, 9.25%, 07/01/32 |  | 229 | 238,258
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
5.13%, 10/01/29 |  | 139 | 137,997
7.13%, 02/15/31(f) |  | 129 | 137,573
6.25%, 03/15/33 |  | 242 | 243,552
|  |  | 3,962,664
Environmental, Maintenance & Security Service — 0.3%
Clean Harbors, Inc., 6.38%, 02/01/31(b) |  | 6 | 6,147
GFL Environmental, Inc.(b) |  |  |
4.00%, 08/01/28 |  | 269 | 260,910
4.75%, 06/15/29 |  | 148 | 146,027
6.75%, 01/15/31 |  | 123 | 128,710
Madison IAQ LLC(b) |  |  |
4.13%, 06/30/28 |  | 172 | 167,093
5.88%, 06/30/29(f) |  | 351 | 345,305
Reworld Holding Corp. |  |  |
4.88%, 12/01/29(b) |  | 92 | 87,524
5.00%, 09/01/30 |  | 48 | 45,367
Waste Management, Inc., 2.95%, 06/01/41 |  | 350 | 259,183
Waste Pro USA, Inc., 7.00%, 02/01/33(b) |  | 631 | 655,052
Wrangler Holdco Corp., 6.63%, 04/01/32(b) |  | 86 | 89,531
|  |  | 2,190,849
Financial Services — 0.8%
Ally Financial, Inc., (1-day SOFR Index + 1.96%), 5.74%, 05/15/29(a) |  | 35 | 35,623
Azorra Finance Ltd.(b) |  |  |
7.75%, 04/15/30 |  | 92 | 95,507

Security |  | Par (000) | Value
Financial Services (continued)
Azorra Finance Ltd.(b) (continued) |  |  |
01/15/31(k) | USD | 145 | $148,034
Freedom Mortgage Holdings LLC(b) |  |  |
9.25%, 02/01/29 |  | 98 | 101,791
9.13%, 05/15/31 |  | 162 | 166,987
8.38%, 04/01/32 |  | 103 | 104,110
GGAM Finance Ltd.(b) |  |  |
7.75%, 05/15/26 |  | 30 | 30,307
8.00%, 02/15/27 |  | 242 | 249,512
8.00%, 06/15/28 |  | 113 | 119,522
6.88%, 04/15/29 |  | 86 | 88,909
5.88%, 03/15/30 |  | 72 | 72,511
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b) |  | 186 | 190,882
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(b) |  | 220 | 212,669
Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/31(b) |  | 95 | 100,540
Midcap Financial Issuer Trust(b) |  |  |
6.50%, 05/01/28 |  | 200 | 198,110
5.63%, 01/15/30 |  | 200 | 184,750
Nationstar Mortgage Holdings, Inc.(b) |  |  |
6.50%, 08/01/29 |  | 174 | 177,733
5.13%, 12/15/30 |  | 87 | 88,051
5.75%, 11/15/31 |  | 71 | 72,107
7.13%, 02/01/32 |  | 472 | 490,264
PennyMac Financial Services, Inc.(b) |  |  |
7.88%, 12/15/29 |  | 139 | 147,602
7.13%, 11/15/30 |  | 149 | 154,421
6.88%, 05/15/32 |  | 263 | 268,910
6.88%, 02/15/33 |  | 104 | 106,600
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(b) |  | 313 | 324,186
Rocket Cos., Inc.(b) |  |  |
6.13%, 08/01/30 |  | 767 | 781,596
6.38%, 08/01/33 |  | 668 | 683,498
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b) |  |  |
2.88%, 10/15/26(f) |  | 200 | 195,054
3.88%, 03/01/31 |  | 29 | 26,883
4.00%, 10/15/33 |  | 64 | 57,259
Stena International SA, 7.25%, 01/15/31(d) |  | 200 | 200,620
UWM Holdings LLC, 6.63%, 02/01/30(b) |  | 159 | 159,164
|  |  | 6,033,712
Food Products — 0.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b) |  |  |
3.25%, 03/15/26 |  | 34 | 33,532
5.88%, 02/15/28 |  | 62 | 61,938
3.50%, 03/15/29 |  | 32 | 30,316
4.88%, 02/15/30 |  | 52 | 51,117
6.25%, 03/15/33 |  | 118 | 121,637
Aramark Services, Inc., 5.00%, 02/01/28(b) |  | 122 | 121,509
B&G Foods, Inc., 8.00%, 09/15/28(b) |  | 48 | 46,214
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(b)(g) |  | 608 | 650,512
Chobani LLC/Chobani Finance Corp., Inc.(b) |  |  |
4.63%, 11/15/28 |  | 345 | 338,614
7.63%, 07/01/29 |  | 934 | 973,286
Darling Global Finance BV |  |  |
4.50%, 07/15/32(d) | EUR | 100 | 119,219
4.50%, 07/15/32(b) |  | 100 | 119,219
Darling Ingredients, Inc., 6.00%, 06/15/30(b) | USD | 27 | 27,357

Schedule of Investments
21

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products (continued)
Fiesta Purchaser, Inc.(b) |  |  |
7.88%, 03/01/31 | USD | 15 | $15,918
9.63%, 09/15/32 |  | 48 | 50,648
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29(b) |  | 86 | 89,066
Kraft Heinz Foods Co. |  |  |
5.00%, 06/04/42 |  | 500 | 450,990
4.38%, 06/01/46 |  | 200 | 161,806
Lamb Weston Holdings, Inc.(b) |  |  |
4.13%, 01/31/30 |  | 90 | 85,824
4.38%, 01/31/32 |  | 110 | 103,015
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 5.56%, 07/01/29(a)(d) | EUR | 100 | 118,330
Market Bidco Finco PLC, 4.75%, 11/04/27(d) |  | 100 | 117,188
Ocado Group PLC, Series ., 11.00%, 06/15/30(d) | GBP | 100 | 133,509
Performance Food Group, Inc.(b) |  |  |
4.25%, 08/01/29 | USD | 34 | 32,784
6.13%, 09/15/32 |  | 223 | 228,114
Post Holdings, Inc.(b) |  |  |
4.63%, 04/15/30 |  | 67 | 64,403
4.50%, 09/15/31 |  | 9 | 8,354
6.25%, 02/15/32 |  | 118 | 121,267
6.38%, 03/01/33 |  | 235 | 237,143
6.25%, 10/15/34 |  | 133 | 133,755
U.S. Foods, Inc., 7.25%, 01/15/32(b) |  | 164 | 172,699
United Natural Foods, Inc., 6.75%, 10/15/28(b) |  | 135 | 133,240
|  |  | 5,152,523
Gas Utilities — 1.0%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, 06/01/30(b) |  | 106 | 109,973
KeySpan Gas East Corp., 5.82%, 04/01/41(b) |  | 1,010 | 973,516
NiSource, Inc., 1.70%, 02/15/31 |  | 400 | 342,473
Piedmont Natural Gas Co., Inc., 5.10%, 02/15/35 |  | 4,450 | 4,469,016
Venture Global Plaque |  |  |
6.50%, 01/15/34 |  | 530 | 530,000
6.75%, 01/15/36 |  | 552 | 552,000
Venture Global Plaquemines LNG LLC(b) |  |  |
7.50%, 05/01/33 |  | 241 | 258,068
7.75%, 05/01/35 |  | 240 | 259,781
|  |  | 7,494,827
Ground Transportation — 0.9%
Burlington Northern Santa Fe LLC, 5.05%, 03/01/41 |  | 1,890 | 1,811,614
Genesee & Wyoming, Inc., 6.25%, 04/15/32(b) |  | 140 | 142,852
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b)(f) |  | 1,988 | 2,016,134
Norfolk Southern Corp., 5.05%, 08/01/30 |  | 1,800 | 1,859,287
Union Pacific Corp. |  |  |
3.38%, 02/14/42 |  | 350 | 271,741
3.55%, 05/20/61 |  | 800 | 536,312
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32(b) |  | 75 | 78,399
|  |  | 6,716,339
Health Care Equipment & Supplies — 0.6%
Avantor Funding, Inc. |  |  |
2.63%, 11/01/25(d) | EUR | 100 | 117,559
4.63%, 07/15/28(b) | USD | 115 | 112,925
3.88%, 11/01/29(b) |  | 17 | 16,096
Bausch & Lomb Corp., 8.38%, 10/01/28(b) |  | 958 | 999,913
Insulet Corp., 6.50%, 04/01/33(b) |  | 125 | 130,323
Medline Borrower LP(b) |  |  |
3.88%, 04/01/29 |  | 67 | 64,269
5.25%, 10/01/29 |  | 828 | 821,546

Security |  | Par (000) | Value
Health Care Equipment & Supplies (continued)
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29(b) | USD | 334 | $343,113
Neogen Food Safety Corp., 8.63%, 07/20/30(b) |  | 128 | 132,395
Sotera Health Holdings LLC, 7.38%, 06/01/31(b) |  | 105 | 109,247
Thermo Fisher Scientific, Inc. |  |  |
5.09%, 08/10/33 |  | 495 | 506,661
2.80%, 10/15/41 |  | 1,000 | 717,630
|  |  | 4,071,677
Health Care Providers & Services — 1.9%
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b) |  | 64 | 65,935
Aetna, Inc., 4.50%, 05/15/42 |  | 575 | 470,431
AHP Health Partners, Inc., 5.75%, 07/15/29(b) |  | 153 | 149,200
CHS/Community Health Systems, Inc.(b) |  |  |
5.63%, 03/15/27(f) |  | 227 | 223,591
6.00%, 01/15/29 |  | 406 | 390,519
5.25%, 05/15/30 |  | 808 | 716,492
4.75%, 02/15/31(f) |  | 235 | 200,897
10.88%, 01/15/32 |  | 420 | 445,144
Concentra Health Services, Inc., 6.88%, 07/15/32(b) |  | 274 | 283,690
DaVita, Inc.(b) |  |  |
6.88%, 09/01/32 |  | 94 | 97,401
6.75%, 07/15/33 |  | 147 | 151,792
Elevance Health, Inc., 4.65%, 08/15/44 |  | 1,500 | 1,303,526
Encompass Health Corp., 4.75%, 02/01/30 |  | 77 | 76,023
Fortrea Holdings, Inc., 7.50%, 07/01/30(b) |  | 63 | 57,026
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b) |  | 116 | 115,004
HCA, Inc., 5.50%, 06/15/47 |  | 1,090 | 1,012,894
HealthEquity, Inc., 4.50%, 10/01/29(b) |  | 170 | 165,288
IQVIA, Inc., 6.25%, 06/01/32(b) |  | 553 | 567,499
LifePoint Health, Inc.(b) |  |  |
9.88%, 08/15/30(f) |  | 113 | 122,233
11.00%, 10/15/30 |  | 441 | 486,509
8.38%, 02/15/32 |  | 142 | 151,307
10.00%, 06/01/32(f) |  | 166 | 171,256
Molina Healthcare, Inc.(b) |  |  |
4.38%, 06/15/28 |  | 6 | 5,864
3.88%, 11/15/30 |  | 62 | 57,604
6.25%, 01/15/33 |  | 32 | 32,573
Northwell Healthcare, Inc., 4.26%, 11/01/47 |  | 725 | 576,325
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b) |  | 63 | 62,527
Star Parent, Inc., 9.00%, 10/01/30(b) |  | 362 | 380,758
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)(f) |  | 448 | 456,517
Sutter Health, Series 2025, 5.54%, 08/15/35 |  | 1,750 | 1,808,522
Tenet Healthcare Corp., 6.75%, 05/15/31 |  | 212 | 219,333
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b) |  | 143 | 147,496
UnitedHealth Group, Inc. |  |  |
5.35%, 02/15/33 |  | 340 | 350,313
5.80%, 03/15/36 |  | 1,750 | 1,839,601
5.70%, 10/15/40 |  | 600 | 612,750
|  |  | 13,973,840
Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc. |  |  |
4.75%, 04/15/35 |  | 140 | 133,933
4.85%, 04/15/49 |  | 550 | 460,609
MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 02/15/32(b) |  | 537 | 562,000
Ventas Realty LP, 3.25%, 10/15/26 |  | 870 | 856,402
|  |  | 2,012,944
Hotel & Resort REITs — 0.3%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b) |  | 121 | 124,441

22
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotel & Resort REITs (continued)
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(b) | USD | 65 | $65,349
RHP Hotel Properties LP/RHP Finance Corp.(b) |  |  |
7.25%, 07/15/28 |  | 72 | 74,521
6.50%, 04/01/32 |  | 188 | 193,348
6.50%, 06/15/33 |  | 214 | 220,152
Service Properties Trust |  |  |
8.63%, 11/15/31(b) |  | 955 | 1,025,261
8.88%, 06/15/32 |  | 253 | 260,149
XHR LP, 6.63%, 05/15/30(b) |  | 64 | 65,208
|  |  | 2,028,429
Hotels, Restaurants & Leisure — 1.3%
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29(b) |  | 53 | 53,749
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) |  |  |
3.88%, 01/15/28 |  | 39 | 37,988
4.38%, 01/15/28 |  | 144 | 141,214
4.00%, 10/15/30 |  | 61 | 56,844
Carnival Corp.(b) |  |  |
6.00%, 05/01/29 |  | 78 | 78,814
5.88%, 06/15/31 |  | 230 | 234,312
6.13%, 02/15/33 |  | 609 | 623,100
Corvias Campus Living - USG LLC, 5.30%, 07/01/50(c) |  | 5,476 | 1,916,431
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/29(b) |  | 162 | 155,166
Hilton Domestic Operating Co., Inc.(b) |  |  |
4.00%, 05/01/31 |  | 79 | 74,278
6.13%, 04/01/32 |  | 60 | 61,448
5.88%, 03/15/33 |  | 197 | 200,719
Las Vegas Sands Corp., 6.00%, 06/14/30 |  | 95 | 98,009
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b) |  | 67 | 69,943
Lindblad Expeditions LLC, 6.75%, 02/15/27(b) |  | 68 | 68,401
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) |  | 162 | 127,257
Melco Resorts Finance Ltd.(b) |  |  |
5.75%, 07/21/28 |  | 200 | 195,676
5.38%, 12/04/29 |  | 600 | 562,902
7.63%, 04/17/32 |  | 400 | 404,800
MGM China Holdings Ltd. |  |  |
5.88%, 05/15/26(d) |  | 450 | 450,045
4.75%, 02/01/27(b) |  | 200 | 198,250
MGM Resorts International, 6.13%, 09/15/29 |  | 146 | 148,503
NCL Corp. Ltd.(b) |  |  |
8.13%, 01/15/29 |  | 77 | 81,172
7.75%, 02/15/29 |  | 84 | 89,316
6.25%, 03/01/30 |  | 38 | 38,324
6.75%, 02/01/32 |  | 307 | 313,640
NCL Finance Ltd., 6.13%, 03/15/28(b) |  | 84 | 85,367
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b) |  | 90 | 94,979
Sabre GLBL, Inc.(b) |  |  |
8.63%, 06/01/27 |  | 103 | 105,446
10.75%, 11/15/29(f) |  | 274 | 281,548
11.13%, 07/15/30 |  | 317 | 331,582
Station Casinos LLC(b) |  |  |
4.50%, 02/15/28 |  | 7 | 6,864
6.63%, 03/15/32 |  | 100 | 102,251
Studio City Co. Ltd., 7.00%, 02/15/27(d) |  | 200 | 200,377
Vail Resorts, Inc., 5.63%, 07/15/30 |  | 122 | 122,000
Viking Cruises Ltd.(b) |  |  |
5.88%, 09/15/27 |  | 95 | 95,053
7.00%, 02/15/29 |  | 34 | 34,298

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Viking Cruises Ltd.(b) (continued) |  |  |
9.13%, 07/15/31 | USD | 257 | $276,789
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) |  | 111 | 110,459
Wynn Macau Ltd.(b) |  |  |
5.63%, 08/26/28 |  | 800 | 784,600
5.13%, 12/15/29 |  | 200 | 191,208
|  |  | 9,303,122
Household Durables — 0.2%
Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 28 | 28,054
Dream Finders Homes, Inc., 8.25%, 08/15/28(b) |  | 58 | 60,467
Empire Communities Corp., 9.75%, 05/01/29(b) |  | 28 | 28,634
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(b) |  | 542 | 587,561
LGI Homes, Inc.(b) |  |  |
8.75%, 12/15/28 |  | 56 | 58,214
7.00%, 11/15/32 |  | 69 | 65,671
Meritage Homes Corp., 1.75%, 05/15/28(i) |  | 206 | 199,454
Newell Brands, Inc., 8.50%, 06/01/28(b) |  | 106 | 111,322
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 13 | 12,555
4.38%, 02/01/32 |  | 22 | 20,202
Somnigroup International, Inc., 3.88%, 10/15/31(b) |  | 45 | 40,912
STL Holding Co. LLC, 8.75%, 02/15/29(b) |  | 76 | 79,399
Whirlpool Corp. |  |  |
6.13%, 06/15/30 |  | 173 | 174,521
6.50%, 06/15/33 |  | 174 | 174,557
|  |  | 1,641,523
Household Products — 0.0%
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(b) |  | 32 | 29,059
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Corp.(b) |  |  |
5.13%, 03/15/28 |  | 92 | 91,897
5.00%, 02/01/31 |  | 30 | 29,677
Clearway Energy Operating LLC, 4.75%, 03/15/28(b) |  | 93 | 91,892
Greenko Dutch BV, 3.85%, 03/29/26(d) |  | 176 | 172,568
India Cleantech Energy, 4.70%, 08/10/26(b) |  | 198 | 194,291
Lightning Power LLC, 7.25%, 08/15/32(b) |  | 49 | 51,570
NRG Energy, Inc.(b) |  |  |
5.75%, 07/15/29 |  | 81 | 81,104
6.00%, 02/01/33 |  | 542 | 547,402
6.25%, 11/01/34 |  | 143 | 145,695
SCC Power PLC(b)(g) |  |  |
(4.00% Cash and 4.00% PIK), 8.00%, 12/31/28 |  | 129 | 82,525
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |  | 140 | 33,657
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(b)(h) |  | 100 | 102,425
|  |  | 1,624,703
Industrial Conglomerates — 0.1%
Amsted Industries, Inc., 6.38%, 03/15/33(b) |  | 66 | 67,087
Axon Enterprise, Inc.(b) |  |  |
6.13%, 03/15/30 |  | 44 | 45,248
6.25%, 03/15/33 |  | 97 | 99,877
Eaton Corp., 4.15%, 11/02/42 |  | 500 | 430,310
Enpro, Inc., 6.13%, 06/01/33(b) |  | 85 | 86,897
Maxam Prill SARL, 07/15/30(d)(k) | EUR | 100 | 117,088
|  |  | 846,507
Insurance — 3.0%
Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32(b) | USD | 108 | 109,531
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(b) |  |  |
4.25%, 10/15/27 |  | 473 | 464,297

Schedule of Investments
23

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance (continued)
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(b) (continued) |  |  |
6.75%, 10/15/27 | USD | 546 | $545,678
6.75%, 04/15/28 |  | 71 | 72,179
5.88%, 11/01/29 |  | 1,093 | 1,077,435
7.00%, 01/15/31 |  | 297 | 307,220
7.38%, 10/01/32 |  | 493 | 508,191
AmWINS Group, Inc., 6.38%, 02/15/29(b) |  | 85 | 86,635
Aon Global Ltd., 4.60%, 06/14/44 |  | 500 | 433,809
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29(b) |  | 121 | 123,772
Ardonagh Finco Ltd. |  |  |
6.88%, 02/15/31(d) | EUR | 200 | 242,079
7.75%, 02/15/31(b) | USD | 893 | 933,604
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(b) |  | 936 | 984,903
AssuredPartners, Inc., 7.50%, 02/15/32(b) |  | 287 | 307,527
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42(f) |  | 500 | 462,462
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC(b) |  |  |
7.25%, 02/15/31 |  | 1,000 | 1,035,517
8.13%, 02/15/32 |  | 586 | 609,451
HUB International Ltd.(b) |  |  |
7.25%, 06/15/30 |  | 1,090 | 1,139,088
7.38%, 01/31/32 |  | 2,427 | 2,539,439
Jones Deslauriers Insurance Management, Inc.(b) |  |  |
8.50%, 03/15/30 |  | 353 | 374,155
10.50%, 12/15/30 |  | 316 | 336,795
Liberty Mutual Group, Inc., 6.50%, 05/01/42(b) |  | 2,000 | 2,009,143
Marsh & McLennan Cos., Inc., 5.88%, 08/01/33(f) |  | 1,500 | 1,600,859
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b) |  | 1,624 | 1,686,932
Progressive Corp., 3.00%, 03/15/32 |  | 750 | 684,027
Prudential Financial, Inc. |  |  |
5.90%, 03/17/36 |  | 500 | 517,705
6.63%, 12/01/37 |  | 1,625 | 1,819,563
Ryan Specialty LLC(b) |  |  |
4.38%, 02/01/30 |  | 60 | 58,032
5.88%, 08/01/32 |  | 113 | 113,889
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(b) |  | 700 | 568,270
USI, Inc., 7.50%, 01/15/32(b)(f) |  | 378 | 398,850
|  |  | 22,151,037
Interactive Media & Services — 0.2%
Alphabet, Inc., 5.30%, 05/15/65 |  | 600 | 587,485
iliad SA, 5.63%, 02/15/30(d) | EUR | 100 | 125,856
Snap, Inc., 6.88%, 03/01/33(b) | USD | 474 | 486,384
|  |  | 1,199,725
Internet Software & Services — 0.3%
Acuris Finance U.S., Inc./Acuris Finance SARL(b) |  |  |
5.00%, 05/01/28 |  | 272 | 259,562
9.00%, 08/01/29 |  | 200 | 204,491
Amazon.com, Inc., 2.50%, 06/03/50 |  | 1,500 | 901,513
Cablevision Lightpath LLC(b) |  |  |
3.88%, 09/15/27 |  | 220 | 212,038
5.63%, 09/15/28 |  | 200 | 193,211
Getty Images, Inc., 11.25%, 02/21/30(b) |  | 95 | 94,287
Match Group Holdings II LLC(b) |  |  |
4.13%, 08/01/30 |  | 20 | 18,704

Security |  | Par (000) | Value
Internet Software & Services (continued)
Match Group Holdings II LLC(b) (continued) |  |  |
3.63%, 10/01/31 | USD | 24 | $21,474
Rakuten Group, Inc.(b) |  |  |
11.25%, 02/15/27 |  | 200 | 217,173
9.75%, 04/15/29 |  | 200 | 219,076
|  |  | 2,341,529
IT Services — 0.4%
Amentum Holdings, Inc., 7.25%, 08/01/32(b) |  | 139 | 143,052
Atos SE(d)(l) |  |  |
5.20%, 12/18/30 | EUR | 23 | 23,023
9.36%, 12/18/29 |  | 18 | 23,762
CA Magnum Holdings, 5.38%, 10/31/26(b) | USD | 278 | 275,560
CACI International, Inc., 6.38%, 06/15/33(b) |  | 180 | 185,751
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b) |  | 363 | 380,285
Insight Enterprises, Inc., 6.63%, 05/15/32(b) |  | 78 | 80,351
International Business Machines Corp. |  |  |
4.40%, 07/27/32 |  | 500 | 492,952
4.75%, 02/06/33(f) |  | 550 | 552,159
3.43%, 02/09/52 |  | 750 | 516,000
McAfee Corp., 7.38%, 02/15/30(b) |  | 431 | 407,029
|  |  | 3,079,924
Machinery — 0.5%
Chart Industries, Inc.(b) |  |  |
7.50%, 01/01/30(f) |  | 139 | 145,523
9.50%, 01/01/31 |  | 61 | 65,112
Esab Corp., 6.25%, 04/15/29(b) |  | 145 | 148,460
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b) |  | 82 | 64,780
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29(b) |  | 537 | 561,459
John Deere Capital Corp., 4.40%, 09/08/31 |  | 445 | 443,976
Manitowoc Co., Inc., 9.25%, 10/01/31(b) |  | 72 | 75,776
Terex Corp.(b) |  |  |
5.00%, 05/15/29 |  | 113 | 110,301
6.25%, 10/15/32 |  | 94 | 94,191
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28(d) | EUR | 91 | 107,343
7.63%, 07/15/28(b) | USD | 400 | 400,415
TK Elevator Midco GmbH, 4.38%, 07/15/27(d) | EUR | 303 | 356,897
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b) | USD | 741 | 740,481
Vertiv Group Corp., 4.13%, 11/15/28(b) |  | 204 | 198,897
|  |  | 3,513,611
Media — 2.5%
Cable One, Inc.(i) |  |  |
0.00%, 03/15/26(j) |  | 62 | 58,658
1.13%, 03/15/28 |  | 394 | 300,426
CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
5.38%, 06/01/29(b) |  | 21 | 20,923
6.38%, 09/01/29(b) |  | 610 | 622,222
4.75%, 03/01/30(b) |  | 62 | 60,066
4.25%, 02/01/31(b) |  | 157 | 146,665
7.38%, 03/01/31(b)(f) |  | 1,204 | 1,256,266
4.75%, 02/01/32(b) |  | 78 | 73,985
4.50%, 05/01/32 |  | 15 | 13,969
4.50%, 06/01/33(b) |  | 80 | 73,122
4.25%, 01/15/34(b) |  | 736 | 655,178

24
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
5.75%, 04/01/48 | USD | 1,100 | $1,000,288
5.13%, 07/01/49 |  | 1,000 | 831,463
Comcast Corp. |  |  |
6.45%, 03/15/37 |  | 790 | 866,605
3.90%, 03/01/38(f) |  | 1,500 | 1,304,608
4.70%, 10/15/48(f) |  | 3,000 | 2,575,295
CSC Holdings LLC(b) |  |  |
5.50%, 04/15/27 |  | 200 | 190,949
5.38%, 02/01/28 |  | 607 | 555,743
11.25%, 05/15/28 |  | 200 | 199,247
11.75%, 01/31/29 |  | 400 | 380,462
3.38%, 02/15/31 |  | 200 | 138,578
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(b) |  | 699 | 696,719
DISH DBS Corp.(b) |  |  |
5.25%, 12/01/26 |  | 717 | 650,677
5.75%, 12/01/28 |  | 373 | 322,878
DISH Network Corp., 11.75%, 11/15/27(b) |  | 755 | 778,274
Gray Media, Inc.(b) |  |  |
7.00%, 05/15/27 |  | 171 | 170,923
10.50%, 07/15/29 |  | 354 | 380,293
Midcontinent Communications, 8.00%, 08/15/32(b) |  | 182 | 192,606
Sinclair Television Group, Inc., 8.13%, 02/15/33(b)(f) |  | 439 | 443,485
Sirius XM Radio LLC(b) |  |  |
3.13%, 09/01/26 |  | 21 | 20,604
5.00%, 08/01/27 |  | 336 | 333,122
TCI Communications, Inc., 7.88%, 02/15/26 |  | 610 | 621,979
Univision Communications, Inc.(b) |  |  |
6.63%, 06/01/27 |  | 265 | 264,277
8.00%, 08/15/28 |  | 454 | 460,710
7.38%, 06/30/30(f) |  | 120 | 117,928
8.50%, 07/31/31 |  | 292 | 292,323
Walt Disney Co. |  |  |
7.63%, 11/30/28 |  | 385 | 425,773
7.75%, 12/01/45 |  | 500 | 627,422
Ziggo BV, 4.88%, 01/15/30(b) |  | 200 | 186,805
|  |  | 18,311,516
Metals & Mining — 0.9%
ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28(d) |  | 200 | 202,050
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b) |  | 153 | 156,482
Arsenal AIC Parent LLC(b) |  |  |
8.00%, 10/01/30 |  | 161 | 171,818
11.50%, 10/01/31 |  | 649 | 727,486
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 97 | 97,085
7.25%, 08/15/30 |  | 255 | 267,215
5.13%, 10/01/31 |  | 110 | 107,507
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) |  | 302 | 304,438
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 151 | 156,253
Cleveland-Cliffs, Inc. |  |  |
5.88%, 06/01/27 |  | 46 | 45,963
6.88%, 11/01/29(b) |  | 272 | 267,795
Constellium SE(b) |  |  |
3.75%, 04/15/29(f) |  | 591 | 555,350
6.38%, 08/15/32 |  | 250 | 254,157
First Quantum Minerals Ltd.(b) |  |  |
9.38%, 03/01/29 |  | 200 | 211,930
8.00%, 03/01/33 |  | 200 | 205,062

Security |  | Par (000) | Value
Metals & Mining (continued)
Glencore Funding LLC, 6.14%, 04/01/55(b) | USD | 600 | $606,512
Kaiser Aluminum Corp.(b) |  |  |
4.63%, 03/01/28 |  | 90 | 88,057
4.50%, 06/01/31 |  | 331 | 309,654
New Gold, Inc., 6.88%, 04/01/32(b) |  | 162 | 166,953
Novelis Corp.(b) |  |  |
4.75%, 01/30/30 |  | 95 | 90,915
6.88%, 01/30/30 |  | 314 | 324,654
3.88%, 08/15/31 |  | 210 | 188,699
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(d) | EUR | 100 | 114,270
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 | USD | 400 | 336,784
Samarco Mineracao SA(g) |  |  |
(9.50% PIK), 9.50%, 06/30/31(d) |  | 25 | 24,271
(9.50% PIK), 9.50%, 06/30/31(b) |  | 8 | 8,386
Vale Overseas Ltd., 6.40%, 06/28/54 |  | 35 | 34,213
Vallourec SACA, 7.50%, 04/15/32(b) |  | 200 | 209,652
Volcan Cia Minera SAA, 8.75%, 01/24/30(b) |  | 43 | 42,597
|  |  | 6,276,208
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1%
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 149 | 144,890
Starwood Property Trust, Inc. |  |  |
7.25%, 04/01/29 |  | 94 | 98,871
6.00%, 04/15/30 |  | 48 | 48,549
6.50%, 07/01/30 |  | 119 | 122,911
6.50%, 10/15/30 |  | 198 | 204,423
|  |  | 619,644
Oil, Gas & Consumable Fuels — 4.8%
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(b) |  | 267 | 280,065
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b) |  |  |
5.38%, 06/15/29 |  | 140 | 138,948
6.63%, 02/01/32 |  | 76 | 78,497
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) |  |  |
9.00%, 11/01/27 |  | 91 | 111,248
5.88%, 06/30/29 |  | 6 | 6,010
6.63%, 07/15/33 |  | 90 | 91,305
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b) |  |  |
7.00%, 07/15/29 |  | 120 | 125,239
7.25%, 07/15/32 |  | 97 | 102,787
BP Capital Markets America, Inc., 2.72%, 01/12/32 |  | 620 | 554,317
Buckeye Partners LP |  |  |
6.88%, 07/01/29(b) |  | 11 | 11,396
6.75%, 02/01/30(b) |  | 46 | 47,750
5.85%, 11/15/43 |  | 94 | 82,848
5.60%, 10/15/44 |  | 59 | 49,755
Burlington Resources LLC, 5.95%, 10/15/36 |  | 685 | 723,349
Chord Energy Corp., 6.75%, 03/15/33(b) |  | 58 | 59,254
CITGO Petroleum Corp., 8.38%, 01/15/29(b) |  | 322 | 334,928
Civitas Resources, Inc.(b) |  |  |
8.38%, 07/01/28 |  | 56 | 57,339
8.75%, 07/01/31 |  | 95 | 96,055
CNX Midstream Partners LP, 4.75%, 04/15/30(b) |  | 66 | 62,342
CNX Resources Corp., 7.25%, 03/01/32(b) |  | 60 | 62,125
Comstock Resources, Inc.(b) |  |  |
6.75%, 03/01/29 |  | 401 | 401,514
5.88%, 01/15/30 |  | 201 | 195,235
ConocoPhillips Co., 3.76%, 03/15/42 |  | 600 | 479,945

Schedule of Investments
25

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) | USD | 500 | $493,948
Crescent Energy Finance LLC(b) |  |  |
7.63%, 04/01/32(f) |  | 210 | 205,044
7.38%, 01/15/33 |  | 356 | 340,267
01/15/34(k) |  | 202 | 202,126
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, 06/30/33(b) |  | 219 | 217,980
Devon Energy Corp. |  |  |
5.85%, 12/15/25 |  | 1,000 | 1,002,676
5.60%, 07/15/41 |  | 300 | 277,509
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30(b) |  | 89 | 92,670
Ecopetrol SA, 8.88%, 01/13/33 |  | 175 | 180,250
eG Global Finance PLC, 12.00%, 11/30/28(b) |  | 209 | 230,710
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31(b) |  | 142 | 156,819
Energy Transfer LP |  |  |
6.25%, 04/15/49 |  | 540 | 532,642
(5-year CMT + 4.02%), 8.00%, 05/15/54(a) |  | 342 | 363,848
Series H, (5-year CMT + 5.69%), 6.50%(a)(h) |  | 4,275 | 4,294,100
Enterprise Products Operating LLC, 6.13%, 10/15/39 |  | 1,400 | 1,490,568
EOG Resources, Inc., 5.10%, 01/15/36 |  | 200 | 199,145
EQT Corp., 4.50%, 01/15/29(b) |  | 13 | 12,842
Excelerate Energy LP, 8.00%, 05/15/30(b) |  | 100 | 105,416
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 118 | 119,746
8.25%, 01/15/29 |  | 315 | 329,392
8.88%, 04/15/30 |  | 82 | 87,066
7.88%, 05/15/32 |  | 155 | 161,161
8.00%, 05/15/33 |  | 75 | 78,414
Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33(b) |  | 66 | 66,925
Greensaif Pipelines Bidco SARL, 5.85%, 02/23/36(b) |  | 200 | 201,750
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b) |  | 99 | 101,460
Harvest Midstream I LP, 7.50%, 05/15/32(b) |  | 58 | 61,258
Hess Corp., 4.30%, 04/01/27 |  | 1,100 | 1,097,420
Hess Midstream Operations LP, 6.50%, 06/01/29(b) |  | 138 | 141,920
Hilcorp Energy I LP/Hilcorp Finance Co.(b) |  |  |
6.25%, 11/01/28 |  | 70 | 70,162
5.75%, 02/01/29 |  | 104 | 102,647
6.00%, 04/15/30 |  | 12 | 11,666
6.25%, 04/15/32 |  | 9 | 8,594
8.38%, 11/01/33 |  | 269 | 279,111
6.88%, 05/15/34 |  | 131 | 125,476
7.25%, 02/15/35 |  | 78 | 76,272
Howard Midstream Energy Partners LLC(b) |  |  |
8.88%, 07/15/28 |  | 80 | 83,987
7.38%, 07/15/32 |  | 27 | 28,396
Impulsora Pipeline LLC, 6.05%, 01/01/43(a) |  | 1,515 | 1,304,599
ITT Holdings LLC, 6.50%, 08/01/29(b)(f) |  | 364 | 346,146
Kimmeridge Texas Gas LLC, 8.50%, 02/15/30(b) |  | 383 | 396,383
Kinder Morgan, Inc., 5.05%, 02/15/46 |  | 1,400 | 1,235,744
Kinetik Holdings LP(b) |  |  |
6.63%, 12/15/28 |  | 36 | 36,820
5.88%, 06/15/30 |  | 11 | 11,093
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(b) |  | 78 | 78,552
Marathon Petroleum Corp., 6.50%, 03/01/41(f) |  | 1,150 | 1,200,528

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Matador Resources Co.(b) |  |  |
6.88%, 04/15/28(f) | USD | 139 | $141,741
6.50%, 04/15/32 |  | 159 | 159,083
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(d) |  | 182 | 144,859
MPLX LP |  |  |
4.25%, 12/01/27 |  | 250 | 249,007
4.80%, 02/15/29 |  | 500 | 504,783
Murphy Oil Corp., 5.88%, 12/01/42 |  | 18 | 14,614
Nabors Industries, Inc., 7.38%, 05/15/27(b) |  | 103 | 101,712
NGL Energy Operating LLC/NGL Energy Finance Corp.(b) |  |  |
8.13%, 02/15/29 |  | 163 | 164,679
8.38%, 02/15/32 |  | 596 | 597,790
Noble Finance II LLC, 8.00%, 04/15/30(b) |  | 105 | 106,913
Northern Oil & Gas, Inc., 8.13%, 03/01/28(b) |  | 478 | 482,248
Northriver Midstream Finance LP, 6.75%, 07/15/32(b) |  | 93 | 96,313
Parkland Corp., 6.63%, 08/15/32(b) |  | 101 | 103,230
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(b) |  | 112 | 100,552
Permian Resources Operating LLC(b) |  |  |
8.00%, 04/15/27 |  | 189 | 193,234
5.88%, 07/01/29 |  | 170 | 170,659
7.00%, 01/15/32 |  | 144 | 149,282
6.25%, 02/01/33 |  | 137 | 138,271
Petroleos Mexicanos |  |  |
8.75%, 06/02/29 |  | 145 | 149,812
5.95%, 01/28/31 |  | 70 | 63,112
10.00%, 02/07/33 |  | 47 | 50,304
Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, 07/03/36(b) |  | 50 | 51,383
Prairie Acquiror LP, 9.00%, 08/01/29(b) |  | 113 | 117,703
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b) |  | 36 | 35,341
Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 |  | 1,750 | 1,760,505
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(b) |  | 313 | 327,733
Sunoco LP, 6.25%, 07/01/33(b) |  | 134 | 136,238
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) |  |  |
5.50%, 01/15/28 |  | 95 | 94,442
7.38%, 02/15/29 |  | 302 | 310,390
6.00%, 12/31/30 |  | 2 | 1,962
6.00%, 09/01/31 |  | 67 | 65,382
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b) |  | 119 | 115,321
TransCanada PipeLines Ltd., 5.60%, 03/31/34 |  | 500 | 507,626
TransMontaigne Partners LLC, 8.50%, 06/15/30(b) |  | 30 | 31,209
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) |  | 50 | 50,546
Transocean, Inc.(b) |  |  |
8.00%, 02/01/27 |  | 309 | 304,402
8.25%, 05/15/29 |  | 75 | 69,341
8.75%, 02/15/30 |  | 19 | 19,744
8.50%, 05/15/31 |  | 110 | 98,191
Valaris Ltd., 8.38%, 04/30/30(b) |  | 300 | 307,792
Venture Global LNG, Inc.(b) |  |  |
9.50%, 02/01/29 |  | 1,385 | 1,508,789
7.00%, 01/15/30 |  | 97 | 98,059
8.38%, 06/01/31(f) |  | 815 | 846,488
9.88%, 02/01/32 |  | 803 | 867,210
Vista Energy Argentina SAU, 8.50%, 06/10/33(b) |  | 25 | 25,181

26
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Vital Energy, Inc. |  |  |
7.75%, 07/31/29(b) | USD | 59 | $52,105
9.75%, 10/15/30 |  | 152 | 137,579
7.88%, 04/15/32(b) |  | 362 | 309,517
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b) |  | 133 | 132,118
|  |  | 34,657,994
Paper & Forest Products — 0.1%
Fiber Bidco SpA, 6.13%, 06/15/31(d) | EUR | 100 | 112,668
International Paper Co., 6.00%, 11/15/41 | USD | 870 | 882,813
Magnera Corp., 7.25%, 11/15/31(b) |  | 75 | 70,717
|  |  | 1,066,198
Passenger Airlines — 0.6%
American Airlines Pass-Through Trust |  |  |
Series 2015-2, Class A, 4.00%, 03/22/29 |  | 861 | 827,925
Series 2015-2, Class AA, 3.60%, 03/22/29 |  | 860 | 837,099
American Airlines, Inc., 8.50%, 05/15/29(b) |  | 260 | 272,619
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31(b) |  | 110 | 107,017
OneSky Flight LLC, 8.88%, 12/15/29(b) |  | 133 | 138,485
United Airlines Pass-Through Trust, Series 2023-1, Class A, 4.30%, 02/15/27 |  | 1,914 | 1,911,512
United Airlines, Inc., 4.63%, 04/15/29(b)(f) |  | 252 | 244,608
|  |  | 4,339,265
Personal Care Products — 0.1%
Opal Bidco SAS |  |  |
5.50%, 03/31/32(d) | EUR | 100 | 120,151
6.50%, 03/31/32(b) | USD | 400 | 408,245
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 127 | 128,218
|  |  | 656,614
Pharmaceuticals — 1.6%
1261229 B.C. Ltd., 10.00%, 04/15/32(b) |  | 1,882 | 1,898,505
AbbVie, Inc. |  |  |
3.20%, 05/14/26 |  | 500 | 495,219
4.30%, 05/14/36 |  | 2,670 | 2,518,024
4.88%, 11/14/48(f) |  | 2,095 | 1,896,808
Bausch Health Cos., Inc., 11.00%, 09/30/28(b) |  | 624 | 617,760
Becton Dickinson & Co. |  |  |
4.30%, 08/22/32 |  | 750 | 727,601
4.69%, 12/15/44 |  | 600 | 522,149
Bristol-Myers Squibb Co. |  |  |
4.50%, 03/01/44 |  | 350 | 305,054
4.35%, 11/15/47 |  | 300 | 249,760
CVS Health Corp., 6.00%, 06/01/44 |  | 700 | 691,881
Dolcetto Holdco SpA, 07/14/32(d)(k) | EUR | 100 | 118,680
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b) | USD | 29 | 30,698
Grifols SA, 2.25%, 11/15/27(d) | EUR | 100 | 114,796
Nidda Healthcare Holding GmbH, 7.00%, 02/21/30(d) |  | 100 | 122,956
Option Care Health, Inc., 4.38%, 10/31/29(b) | USD | 76 | 73,142
Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.86%, 12/31/29(a)(d) | EUR | 42 | 50,461
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 | USD | 500 | 447,800
Teva Pharmaceutical Finance Netherlands III BV |  |  |
3.15%, 10/01/26 |  | 163 | 159,383
6.00%, 12/01/32 |  | 400 | 406,500
|  |  | 11,447,177
Real Estate Management & Development — 0.3%
Adler Financing SARL(g) |  |  |
Series 1.5L, (10.00% PIK), 10.00%, 12/31/29 | EUR | 4 | 4,959
Series 1L, (8.25% PIK), 8.25%, 12/31/28 |  | 26 | 31,879

Security |  | Par (000) | Value
Real Estate Management & Development (continued)
Alpha Star Holding IX Ltd., 7.00%, 08/26/28(d) | USD | 200 | $202,596
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30(b) |  | 135 | 125,755
Series AI, 7.00%, 04/15/30 |  | 157 | 147,236
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30(b) |  | 174 | 176,804
CoreLogic, Inc., 4.50%, 05/01/28(b) |  | 592 | 564,698
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31(b) |  | 213 | 228,727
Fantasia Holdings Group Co. Ltd.(d)(e)(m) |  |  |
11.75%, 04/17/22 |  | 200 | 5,500
10.88%, 01/09/23 |  | 307 | 8,442
11.88%, 06/01/23 |  | 400 | 11,000
9.25%, 07/28/23 |  | 300 | 8,250
i-595 Express LLC, 3.31%, 12/31/31(a) |  | 591 | 563,013
Vivion Investments SARL, (6.50% PIK), 6.50%, 08/31/28(d)(g) | EUR | 101 | 116,602
|  |  | 2,195,461
Retail REITs — 0.3%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b) | USD | 109 | 106,060
Simon Property Group LP, 6.75%, 02/01/40 |  | 1,670 | 1,887,227
|  |  | 1,993,287
Semiconductors & Semiconductor Equipment — 1.1%
Broadcom, Inc. |  |  |
4.75%, 04/15/29 |  | 2,500 | 2,529,866
4.15%, 04/15/32(b) |  | 1,500 | 1,445,013
3.50%, 02/15/41(b) |  | 700 | 554,784
Entegris, Inc., 4.75%, 04/15/29(b) |  | 183 | 180,971
Intel Corp. |  |  |
5.13%, 02/10/30 |  | 750 | 766,901
2.00%, 08/12/31(f) |  | 1,000 | 859,009
KLA Corp., 5.00%, 03/15/49 |  | 500 | 461,436
QUALCOMM, Inc. |  |  |
4.25%, 05/20/32 |  | 445 | 440,058
5.40%, 05/20/33 |  | 250 | 263,573
4.30%, 05/20/47 |  | 700 | 586,626
|  |  | 8,088,237
Software — 2.4%
AthenaHealth Group, Inc., 6.50%, 02/15/30(b) |  | 1,917 | 1,886,837
Camelot Finance SA, 4.50%, 11/01/26(b) |  | 70 | 68,926
Capstone Borrower, Inc., 8.00%, 06/15/30(b) |  | 561 | 584,923
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29(b) |  | 127 | 105,016
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b) |  | 95 | 77,203
Cloud Software Group, Inc.(b) |  |  |
6.50%, 03/31/29(f) |  | 1,727 | 1,743,084
9.00%, 09/30/29(f) |  | 2,090 | 2,166,338
8.25%, 06/30/32 |  | 1,036 | 1,102,541
CoreWeave, Inc., 9.25%, 06/01/30(b) |  | 233 | 238,204
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)(f) |  | 226 | 231,650
Ellucian Holdings, Inc., 6.50%, 12/01/29(b) |  | 172 | 175,903
Fair Isaac Corp.(b) |  |  |
4.00%, 06/15/28 |  | 45 | 43,797
6.00%, 05/15/33 |  | 828 | 835,589
Fidelity National Information Services, Inc., 4.50%, 08/15/46 |  | 1,000 | 822,140
Fiserv, Inc., 4.40%, 07/01/49(f) |  | 500 | 409,343

Schedule of Investments
27

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Microsoft Corp., 2.53%, 06/01/50 | USD | 1,600 | $988,750
Oracle Corp. |  |  |
3.60%, 04/01/40 |  | 3,025 | 2,421,140
3.60%, 04/01/50 |  | 400 | 279,737
3.95%, 03/25/51 |  | 600 | 442,857
6.13%, 08/03/65 |  | 600 | 600,605
Playtika Holding Corp., 4.25%, 03/15/29(b) |  | 7 | 6,353
SS&C Technologies, Inc., 6.50%, 06/01/32(b) |  | 343 | 356,074
TeamSystem SpA, 07/01/32(a)(d)(k) | EUR | 100 | 117,686
Twilio, Inc. |  |  |
3.63%, 03/15/29 | USD | 73 | 69,499
3.88%, 03/15/31 |  | 73 | 68,275
UKG, Inc., 6.88%, 02/01/31(b) |  | 1,444 | 1,498,258
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b) |  | 147 | 138,209
|  |  | 17,478,937
Specialty Retail — 0.0%
Staples, Inc., 10.75%, 09/01/29(b) |  | 103 | 97,482
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc. |  |  |
4.38%, 05/13/45 |  | 1,000 | 883,475
3.75%, 09/12/47 |  | 700 | 552,353
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b) |  | 77 | 81,689
Seagate Data Storage Technology Pte Ltd., 5.88%, 07/15/30(b) |  | 132 | 133,970
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 |  | 174 | 185,310
8.50%, 07/15/31 |  | 111 | 119,123
|  |  | 1,955,920
Textiles, Apparel & Luxury Goods — 0.2%
Beach Acquisition Bidco LLC(b)(k) |  |  |
07/15/32 | EUR | 270 | 320,432
07/15/33 | USD | 653 | 676,844
Hanesbrands, Inc., 9.00%, 02/15/31(b) |  | 8 | 8,470
Levi Strauss & Co., 3.50%, 03/01/31(b) |  | 11 | 10,065
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 6.03%, 07/01/29(a)(d) | EUR | 100 | 118,354
Under Armour, Inc., 7.25%, 07/15/30(b) | USD | 120 | 121,525
|  |  | 1,255,690
Tobacco — 0.7%
Altria Group, Inc. |  |  |
2.45%, 02/04/32 |  | 200 | 172,496
5.38%, 01/31/44(f) |  | 2,000 | 1,888,200
BAT Capital Corp. |  |  |
3.22%, 09/06/26 |  | 394 | 388,528
7.08%, 08/02/43 |  | 500 | 550,687
4.54%, 08/15/47 |  | 1,500 | 1,211,733
Reynolds American, Inc., 7.00%, 08/04/41 |  | 1,000 | 1,044,037
|  |  | 5,255,681
Trading Companies & Distributors(b) — 0.0%
Gates Corp/DE, 6.88%, 07/01/29 |  | 90 | 93,453
Resideo Funding, Inc. |  |  |
4.00%, 09/01/29 |  | 42 | 39,589
6.50%, 07/15/32(f) |  | 105 | 107,572
|  |  | 240,614

Security |  | Par (000) | Value
Transportation Infrastructure — 0.1%
FedEx Corp., 4.10%, 02/01/45 | USD | 1,250 | $955,572
Water Utilities — 0.2%
American Water Capital Corp., 4.45%, 06/01/32 |  | 1,350 | 1,332,689
Wireless Telecommunication Services — 0.8%
Altice France SA(b) |  |  |
5.13%, 07/15/29 |  | 600 | 495,915
5.50%, 10/15/29 |  | 400 | 331,566
Rogers Communications, Inc., 7.50%, 08/15/38 |  | 2,325 | 2,686,197
Telecom Argentina SA, 9.25%, 05/28/33(b) |  | 24 | 24,423
T-Mobile U.S., Inc. |  |  |
2.55%, 02/15/31 |  | 500 | 447,614
3.30%, 02/15/51 |  | 500 | 331,867
Vmed O2 U.K. Financing I PLC |  |  |
4.25%, 01/31/31(b) |  | 600 | 549,672
4.50%, 07/15/31(d) | GBP | 100 | 122,852
Vodafone Group PLC, 4.88%, 06/19/49 | USD | 700 | 602,234
WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31(b)(g) |  | 70 | 68,371
Zegona Finance PLC, 6.75%, 07/15/29(d) | EUR | 100 | 125,157
|  |  | 5,785,868
Total Corporate Bonds — 56.6% (Cost: $411,319,981) | 411,240,192
Fixed Rate Loan Interests
Financial Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/09/27 | USD | 16 | 15,631
Health Care Equipment & Supplies — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 1,666 | 1,672,247
Software — 0.2%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |  | 962 | 969,215
Total Fixed Rate Loan Interests — 0.4% (Cost: $2,643,498) | 2,657,093
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.0%
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 71 | 36,689
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 14 | 7,450
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32 |  | 82 | 82,036
Kaman Corp., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32 |  | 101 | 100,339
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 12/11/31(c) |  | 76 | 76,558
|  |  | 303,072
Automobile Components — 0.1%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 02/23/29 |  | 209 | 194,673

28
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Automobile Components (continued)
Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 01/28/32 | USD | 249 | $249,162
Tenneco, Inc. |  |  |
2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% Floor + 4.85%), 9.17%, 11/17/28 |  | 15 | 14,780
2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28 |  | 66 | 64,271
|  |  | 522,886
Beverages — 0.0%
Sazerac Co., Inc., Term Loan B, 06/25/32(c)(n) |  | 170 | 169,787
Broadline Retail — 0.0%
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30 |  | 283 | 274,445
Building Products — 0.0%
Cornerstone Building Brands, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.81%, 05/15/31 |  | 29 | 24,446
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31 |  | 81 | 79,793
|  |  | 104,239
Capital Markets — 0.0%
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.99%, 02/15/31 |  | 91 | 90,005
Focus Financial Partners LLC, 2025 Incremental Term Loan B, 09/15/31(n) |  | 41 | 40,903
OVG Business Services LLC, 2024 Term Loan B, (1- mo. CME Term SOFR + 3.00%), 7.33%, 06/25/31(c) |  | 7 | 6,632
|  |  | 137,540
Chemicals — 0.1%
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 12.18%, 11/24/28 |  | 64 | 60,214
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29 |  | 254 | 253,546
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.22%, 07/03/28 |  | 216 | 196,168
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28 |  | 74 | 74,386
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, 04/08/31(n) |  | 18 | 16,628
|  |  | 600,942
Commercial Services & Supplies — 0.0%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 05/12/28 |  | 113 | 114,019
Jupiter Buyer Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 11/01/31 |  | 38 | 38,188

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28 | USD | 142 | $127,466
Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), 9.56%, 02/15/29 |  | 44 | 44,028
|  |  | 323,701
Communications Equipment — 0.0%
COMMSCOPE, 2024 Term Loan, 12/17/29(n) |  | 138 | 138,989
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/01/30 |  | 570 | 474,729
Construction Materials — 0.0%
White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 10/19/29 |  | 267 | 265,375
Diversified Consumer Services — 0.0%
Ascend Learning LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.85%), 10.18%, 12/10/29 |  | 39 | 39,017
2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 12/11/28 |  | 21 | 20,946
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/31 |  | 232 | 230,479
|  |  | 290,442
Diversified Telecommunication Services — 0.3%
Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, 02/02/32 |  | 86 | 84,952
Frontier Communications Holdings LLC, 2025 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.79%, 07/01/31 |  | 41 | 40,744
Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32 |  | 530 | 535,411
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29 |  | 143 | 140,796
2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 06/01/28 |  | 43 | 44,009
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 7.69%, 09/25/29 |  | 347 | 299,199
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27 |  | 717 | 680,279
|  |  | 1,825,390
Electrical Equipment — 0.0%
GrafTech Global Enterprises, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.32%, 12/21/29 |  | 59 | 59,557
Energy Equipment & Services — 0.0%
Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32 |  | 15 | 15,236

Schedule of Investments
29

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Entertainment — 0.0%
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30 | USD | 99 | $98,044
Financial Services — 0.1%
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 05/19/31 |  | — (o) | 51
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.05%, 04/09/27 |  | 51 | 49,216
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28 |  | 124 | 118,136
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32 |  | 166 | 166,539
Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32(n) |  | 155 | 154,871
Howden Group Holdings Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 04/18/30 |  | 17 | 17,037
Orion US Finco, 1st Lien Term Loan, 05/20/32(n) |  | 45 | 45,135
Summit Acquisition, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 10/16/31 |  | 61 | 60,771
|  |  | 611,756
Food Products — 0.0%
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27 |  | 7 | 6,981
Health Care Equipment & Supplies — 0.1%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 127 | 126,584
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.57%, 06/26/30 |  | 242 | 242,400
|  |  | 368,984
Health Care Providers & Services — 0.2%
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27 |  | 280 | 269,299
LifePoint Health, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, 05/19/31 |  | 164 | 161,720
2024 Incremental Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, 05/19/31 |  | 83 | 81,386
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28 |  | 174 | 169,716
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.60%, 4.75% PIK), 15.56%, 01/28/28(g) |  | 126 | 90,274
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30 |  | 353 | 349,487
|  |  | 1,121,882

Security |  | Par (000) | Value
Health Care Technology — 0.1%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/15/29 | USD | 428 | $426,782
Hotels, Restaurants & Leisure — 0.0%
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, 11/01/29 |  | 57 | 55,792
Household Durables — 0.0%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 01/20/32 |  | 61 | 60,582
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1- mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, 12/19/29 |  | 27 | 27,343
|  |  | 87,925
Industrial Conglomerates — 0.0%
Beach Acquisition Bidco LLC, USD Term Loan B, 06/25/32(c)(n) |  | 149 | 149,745
LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.57%, 12/02/31 |  | 125 | 125,547
|  |  | 275,292
Insurance — 0.1%
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 02/14/31 |  | 34 | 33,979
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 05/06/32 |  | 410 | 414,299
|  |  | 448,278
Interactive Media & Services — 0.0%
Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 01/31/31 |  | 143 | 143,000
IT Services — 0.1%
Asurion LLC, 2025 Term Loan B13, 09/19/30(n) |  | 89 | 86,008
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29 |  | 55 | 46,045
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 06/27/31(c) |  | 61 | 61,327
Mitchell International, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 06/17/31 |  | 97 | 96,802
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.33%, 04/11/29 |  | 208 | 196,424
Shift4 Payments LLC, 2025 Term Loan, 05/07/32(n) |  | 65 | 65,507
|  |  | 552,113

30
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Machinery — 0.1%
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.73%, 02/15/29 | USD | 477 | $477,721
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28 |  | 78 | 33,883
|  |  | 511,604
Media — 0.2%
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, 08/15/28 |  | 92 | 82,763
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.44%, 08/23/28 |  | 293 | 290,331
CSC Holdings LLC |  |  |
2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 |  | 321 | 312,828
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.81%, 01/18/28 |  | 236 | 232,836
Directv Financing LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.83%, 02/17/31 |  | 399 | 379,230
Gray Television, Inc. |  |  |
2021 Term Loan D, (1-mo. CME Term SOFR + 3.11%), 7.44%, 12/01/28 |  | 138 | 132,907
2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.57%, 06/04/29 |  | 27 | 27,081
|  |  | 1,457,976
Metals & Mining — 0.0%
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 07/31/31 |  | 95 | 90,463
Pharmaceuticals — 0.0%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, 05/04/28 |  | 19 | 19,649
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.33%, 04/23/31 |  | 93 | 92,307
|  |  | 111,956
Professional Services — 0.0%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31 |  | 17 | 16,604
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 06/02/28 |  | 84 | 83,064
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30 |  | 136 | 126,459
|  |  | 226,127
Software — 0.3%
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.80%, 02/23/32 |  | 98 | 99,976
Boxer Parent Co., Inc. |  |  |
2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.08%, 07/30/32 |  | 115 | 111,622
2025 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31 |  | 170 | 168,542

Security |  | Par (000) | Value
Software (continued)
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 03/29/29 | USD | 144 | $143,909
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 03/21/31 |  | 286 | 286,936
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29 |  | 234 | 211,008
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 10/08/28 |  | 54 | 52,151
Delta Topco, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, 11/29/30 |  | 32 | 32,050
Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1- mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.08%, 11/22/32(c) |  | 363 | 370,260
MH Sub I LLC |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 05/03/28 |  | 177 | 165,626
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 12/31/31 |  | 119 | 103,664
Proofpoint, Inc., 2025 Fungible Term Loan, 08/31/28(n) |  | 28 | 28,003
RealPage, Inc. |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.56%, 04/24/28 |  | 212 | 210,120
2024 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 04/24/28 |  | 84 | 83,790
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 19 | 18,644
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 11 | 10,733
2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.35%), 8.68%, 06/30/28 |  | 3 | 3,132
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 79 | 78,551
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 26 | 24,980
|  |  | 2,203,697
Specialty Retail — 0.0%
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28 |  | 142 | 140,004
Trading Companies & Distributors — 0.1%
Foundation Building Materials, Inc. |  |  |
2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.79%, 01/31/28 |  | 78 | 77,069
2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.28%, 01/29/31 |  | 277 | 270,524
2025 Term Loan, 01/29/31(n) |  | 44 | 43,509
|  |  | 391,102

Schedule of Investments
31

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 5.25%, 2.25% PIK), 11.78%, 05/25/27(g) | USD | 500 | $497,553
Windstream Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.85%), 9.18%, 10/01/31(c) |  | 65 | 65,244
|  |  | 562,797
Total Floating Rate Loan Interests — 2.1% (Cost: $15,578,028) | 15,398,885
Foreign Agency Obligations
Barbados — 0.0% |
Barbados Government International Bonds, 8.00%, 06/26/35(b) |  | 35 | 35,210
Benin — 0.0% |
Benin Government International Bonds, 7.96%, 02/13/38(b) |  | 200 | 188,500
Canada — 0.9% |
CDP Financial, Inc., 5.60%, 11/25/39(b) |  | 5,890 | 6,062,465
Chile — 0.0% |
Chile Government International Bonds, 4.34%, 03/07/42 |  | 200 | 173,100
Colombia — 0.0% |
Colombia Government International Bonds, 8.00%, 04/20/33(f) |  | 200 | 206,900
Dominican Republic — 0.1% |
Dominican Republic International Bonds(b) |  |  |
4.50%, 01/30/30 |  | 226 | 214,700
7.05%, 02/03/31 |  | 150 | 157,230
|  |  | 371,930
Egypt — 0.0% |
Egypt Government International Bonds, 7.50%, 02/16/61(b) |  | 219 | 159,158
Guatemala — 0.0% |
Guatemala Government Bonds, 5.38%, 04/24/32(b) |  | 200 | 195,250
Hungary — 0.1% |
Hungary Government International Bonds, Series 10Y, 5.38%, 09/12/33(d) | EUR | 66 | 83,746
Magyar Export-Import Bank Zrt, 6.00%, 05/16/29(d) |  | 100 | 126,925
|  |  | 210,671
Ivory Coast — 0.1% |
Ivory Coast Government International Bonds, 5.88%, 10/17/31(d) |  | 192 | 213,657
Mexico — 0.0% |
Mexico Government International Bonds, 6.35%, 02/09/35 | USD | 200 | 204,500
Morocco — 0.0% |
Morocco Government International Bonds, 2.38%, 12/15/27(b) |  | 200 | 188,250
Nigeria — 0.0% |
Nigeria Government International Bonds, 10.38%, 12/09/34(b) |  | 200 | 210,200

Security |  | Par (000) | Value
Oman — 0.0% |
Oman Government International Bonds, 6.75%, 01/17/48(d) | USD | 200 | $206,100
Panama — 0.1% |
Panama Government International Bonds, 7.50%, 03/01/31 |  | 200 | 212,800
Peru — 0.0% |
Peruvian Government International Bonds |  |  |
2.78%, 01/23/31 |  | 70 | 62,837
1.86%, 12/01/32 |  | 45 | 36,000
|  |  | 98,837
Romania — 0.1% |
Romanian Government International Bonds |  |  |
5.25%, 11/25/27(b) |  | 50 | 49,938
2.12%, 07/16/31(d) | EUR | 83 | 81,333
5.88%, 07/11/32(b) |  | 59 | 70,038
6.25%, 09/10/34(b) |  | 56 | 66,423
|  |  | 267,732
Saudi Arabia — 0.0% |
Saudi Government International Bonds, 4.50%, 04/17/30(d) | USD | 200 | 199,750
Serbia — 0.0% |
Serbia International Bonds, 6.00%, 06/12/34(b) |  | 200 | 201,575
South Africa — 0.0% |
Republic of South Africa Government International Bonds, 5.75%, 09/30/49 |  | 252 | 189,252
Uzbekistan — 0.0% |
Republic of Uzbekistan International Bonds, 5.38%, 05/29/27(b) | EUR | 100 | 120,667
Total Foreign Agency Obligations — 1.4% (Cost: $9,670,657) | 9,916,504
Municipal Bonds
Arizona — 0.1% |
Maricopa County Industrial Development Authority, RB, 7.38%, 10/01/29(b) | USD | 890 | 921,884
California — 1.2% |
City of Los Angeles California, GO, Series A, Sustainability Bonds, 5.00%, 09/01/42 |  | 2,000 | 1,928,332
Golden State Tobacco Securitization Corp., Refunding RB |  |  |
Class B, (SAP), 3.29%, 06/01/42 |  | 2,610 | 1,951,539
Series A-1, 3.71%, 06/01/41 |  | 1,000 | 767,685
Oxnard Union High School District, Refunding GO, (BAM), 3.18%, 08/01/43 |  | 1,600 | 1,192,092
State of California, GO, BAB, 7.55%, 04/01/39 |  | 1,500 | 1,798,193
State of California, Refunding GO, 5.13%, 03/01/38 |  | 1,000 | 998,199
|  |  | 8,636,040
Florida — 0.2% |
State Board of Administration Finance Corp., RB, Series A, 5.53%, 07/01/34 |  | 1,500 | 1,541,478
Georgia — 0.2% |
Municipal Electric Authority of Georgia, Refunding RB, BAB, 6.64%, 04/01/57 |  | 987 | 1,066,705

32
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hawaii — 0.2% |
City & County Honolulu Hawaii Wastewater System Revenue, Refunding RB, Series A, 2.62%, 07/01/45 | USD | 1,000 | $671,100
State of Hawaii, GO, Series GK, 6.15%, 10/01/38 |  | 1,000 | 1,074,621
|  |  | 1,745,721
Illinois — 0.3% |
State of Illinois, GO, 5.10%, 06/01/33 |  | 1,745 | 1,749,130
Massachusetts — 0.6% |
Massachusetts Educational Financing Authority, RB, Series A, 6.17%, 07/01/50 |  | 2,500 | 2,522,978
Massachusetts Educational Financing Authority, Refunding RB, Series A, 6.35%, 07/01/49 |  | 1,355 | 1,407,348
University of Massachusetts Building Authority, Refunding RB, Series 3, 3.43%, 11/01/40 |  | 500 | 411,418
|  |  | 4,341,744
New Jersey — 0.3% |
New Jersey Turnpike Authority, RB, BAB, Series A, 7.10%, 01/01/41 |  | 1,750 | 2,002,216
New York — 0.6% |
City of New York, GO |  |  |
Series H, 6.29%, 02/01/45 |  | 600 | 629,734
Series D-1, Sustainability Bonds, 5.09%, 10/01/49 |  | 1,000 | 945,206
New York City Municipal Water Finance Authority, Refunding RB, BAB, 6.01%, 06/15/42 |  | 1,000 | 1,036,759
New York State Dormitory Authority, RB, BAB, Series F, 5.63%, 03/15/39 |  | 1,100 | 1,126,375
United Nations Development Corp., Refunding RB, Series A, 6.54%, 08/01/55 |  | 850 | 887,601
|  |  | 4,625,675
Texas — 0.4% |
Dallas Fort Worth International Airport, Refunding RB, 2.84%, 11/01/46 |  | 2,000 | 1,440,341
Texas Natural Gas Securitization Finance Corp., RB, Series 2023-1, Class A2, 5.17%, 04/01/41 |  | 1,500 | 1,514,298
|  |  | 2,954,639
Total Municipal Bonds — 4.1% (Cost: $29,378,165) | 29,585,232
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 9.8%
A&D Mortgage Trust, Series 2024-NQM5, Class A1, 5.70%, 11/25/69(b) |  | 1,427 | 1,432,293
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, 10/25/64(b) |  | 467 | 466,838
Alternative Loan Trust |  |  |
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 |  | 315 | 280,488
Series 2006-OA21, Class A1, (1 mo. Term SOFR + 0.30%), 4.62%, 03/20/47(a) |  | 305 | 261,305
Series 2007-OA10, Class 2A1, (1 mo. Term SOFR + 0.61%), 4.93%, 09/25/47(a) |  | 3,580 | 516,831
Angel Oak Mortgage Trust, Series 2024-10, Class A1, 5.35%, 10/25/69(b) |  | 1,595 | 1,591,240
Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37 |  | 183 | 144,215
Bravo Residential Funding Trust(b) |  |  |
Series 2021-NQM1, Class A1, 0.94%, 02/25/49(a) |  | 458 | 428,555
Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |  | 377 | 375,270
Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |  | 1,086 | 1,091,680

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49(a)(b) | USD | 396 | $399,749
CIM Trust(b) |  |  |
Series 2023-I1, Class A1, 6.03%, 04/25/58 |  | 973 | 972,419
Series 2023-I2, Class A1, 6.64%, 12/25/67 |  | 922 | 927,747
COLT Mortgage Loan Trust(b) |  |  |
Series 2020-2, Class M1, 5.25%, 03/25/65(a) |  | 3,050 | 3,058,828
Series 2020-3, Class M1, 3.36%, 04/27/65(a) |  | 3,820 | 3,648,967
Series 2022-1, Class A1, 4.55%, 04/25/67(a) |  | 1,317 | 1,320,206
Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 1,622 | 1,614,248
Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 245 | 245,722
Series 2023-2, Class A1, 6.60%, 07/25/68 |  | 954 | 960,741
Series 2024-6, Class A1, 5.39%, 11/25/69 |  | 1,180 | 1,180,537
Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1,397 | 1,401,075
Series 2024-INV4, Class A1, 5.61%, 05/25/69 |  | 1,172 | 1,176,266
CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67(a)(b) |  | 2,306 | 2,297,038
Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67(a)(b) |  | 219 | 211,863
Ellington Financial Mortgage Trust(a)(b) |  |  |
Series 2020-1, Class M1, 5.24%, 05/25/65 |  | 1,500 | 1,526,130
Series 2021-2, Class A1, 0.93%, 06/25/66 |  | 169 | 140,825
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51(a)(b) |  | 2,233 | 1,821,972
GCAT Trust(a)(b) |  |  |
Series 2022-NQM3, Class A1, 4.35%, 04/25/67 |  | 1,001 | 997,239
Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 921 | 915,538
GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ2, Class A4, 2.50%, 06/25/52(a)(b) |  | 934 | 760,503
GS Mortgage-Backed Securities Trust, Series 2021- PJ2, Class A2, 2.50%, 11/25/51(a)(b) |  | 827 | 673,903
GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 |  | 73 | 46,176
Homes Trust, Series 2024-NQM2, Class A1, 5.72%, 10/25/69(b) |  | 548 | 550,830
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67(b) |  | 1,011 | 1,005,467
JP Morgan Mortgage Trust |  |  |
Series 2006-S3, Class 1A12, 6.50%, 08/25/36 |  | 41 | 12,726
Series 2022-DSC1, Class A1, 4.75%, 01/25/63(a)(b) |  | 385 | 375,931
Series 2022-INV3, Class A3B, 3.00%, 09/25/52(a)(b) |  | 662 | 562,764
Series 2023-DSC1, Class A1, 4.63%, 07/25/63(a)(b) |  | 278 | 270,170
Series 2024-INV1, Class A3, 5.50%, 04/25/55(a)(b) |  | 1,734 | 1,723,251
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52(a)(b) |  | 701 | 594,344
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 5.85%, 05/25/36(a) |  | 109 | 71,228
MFA Trust(b) |  |  |
Series 2021-NQM1, Class M1, 2.31%, 04/25/65(a) |  | 2,750 | 2,302,600
Series 2023-NQM1, Class A1, 5.75%, 11/25/67 |  | 694 | 692,364
Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |  | 1,202 | 1,211,261
Mill City Mortgage Trust, Series 2023-NQM2, Class A1, 6.24%, 12/25/67(b) |  | 1,462 | 1,463,213
OBX Trust(b) |  |  |
Series 2022-INC3, Class A1, 3.00%, 02/25/52(a) |  | 612 | 520,229
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 |  | 407 | 406,739
Series 2023-NQM1, Class A1, 6.12%, 11/25/62(a) |  | 540 | 538,997
Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |  | 1,128 | 1,136,307
Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 914 | 921,200
Series 2024-NQM17, Class A1, 5.61%, 11/25/64(a) |  | 1,148 | 1,151,375
PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/59(a)(b) |  | 1,816 | 1,803,325

Schedule of Investments
33

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
PRKCM Trust(b) |  |  |
Series 2023-AFC2, Class A1, 6.48%, 06/25/58 | USD | 988 | $991,212
Series 2023-AFC3, Class A1, 6.58%, 09/25/58 |  | 1,340 | 1,352,659
Provident Funding Mortgage Trust, Series 2024-1, Class A1, 5.50%, 12/25/54(a)(b) |  | 1,470 | 1,461,370
Radian Mortgage Capital Trust, Series 2024-J2, Class A4, 5.50%, 03/25/55(a)(b) |  | 681 | 675,555
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52(a)(b) |  | 909 | 771,342
Sequoia Mortgage Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/54(a)(b) |  | 970 | 964,309
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62(b) |  | 586 | 584,643
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57(b) |  | 613 | 602,649
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(a)(b) |  | 2,050 | 1,807,810
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(a)(b) |  | 2,000 | 1,771,609
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75%, 06/25/57(a)(b) |  | 48 | 46,662
Verus Securitization Trust(b) |  |  |
Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 2,412 | 2,306,177
Series 2022-7, Class A1, 5.15%, 07/25/67 |  | 1,333 | 1,342,065
Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 379 | 378,399
Series 2023-1, Class A1, 5.85%, 12/25/67 |  | 738 | 736,683
Series 2023-5, Class A1, 6.48%, 06/25/68 |  | 827 | 831,752
Series 2024-8, Class A1, 5.36%, 10/25/69(a) |  | 1,599 | 1,598,323
Series 2024-R1, Class A1, 5.22%, 09/25/69(a) |  | 1,597 | 1,596,085
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58(b) |  | 1,121 | 1,129,723
|  |  | 71,149,755
Commercial Mortgage-Backed Securities — 3.2%
3650R Commercial Mortgage Trust, Series 2021-PF1, Class A5, 2.52%, 11/15/54 |  | 1,250 | 1,094,232
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. Term SOFR + 0.52%), 4.84%, 07/25/37(a)(b) |  | 494 | 455,415
BFLD Commercial Mortgage Trust, Series 2024-UNIV, Class D, (1 mo. Term SOFR + 2.69%), 7.00%, 11/15/41(a)(b) |  | 630 | 630,787
BPR Commercial Mortgage Trust, Series 2024-PARK, Class D, 7.23%, 11/05/39(a)(b) |  | 200 | 203,945
BX Commercial Mortgage Trust(a)(b) |  |  |
Series 2021-CIP, Class A, (1 mo. Term SOFR + 1.04%), 5.35%, 12/15/38 |  | 532 | 531,853
Series 2021-SOAR, Class A, (1 mo. Term SOFR + 0.78%), 5.10%, 06/15/38 |  | 1,482 | 1,481,224
Series 2021-XL2, Class A, (1 mo. Term SOFR + 0.80%), 5.12%, 10/15/38 |  | 149 | 148,698
Series 2022-LP2, Class A, (1 mo. Term SOFR + 1.01%), 5.32%, 02/15/39 |  | 932 | 931,733
Series 2024-MF, Class C, (1 mo. Term SOFR + 1.94%), 6.25%, 02/15/39 |  | 452 | 452,570
Series 2024-XL4, Class C, (1 mo. Term SOFR + 2.19%), 6.50%, 02/15/39 |  | 95 | 94,934
BX Trust(a)(b) |  |  |
Series 2021-LBA, Class AJV, (1 mo. Term SOFR + 0.91%), 5.23%, 02/15/36 |  | 1,690 | 1,688,944

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
BX Trust(a)(b) (continued) |  |  |
Series 2022 VAMF, Class A, (1 mo. Term SOFR + 0.85%), 5.16%, 01/15/39 | USD | 1,300 | $1,299,187
Series 2024-BIO, Class C, (1 mo. Term SOFR + 2.64%), 6.95%, 02/15/41 |  | 240 | 239,100
Series 2024-CNYN, Class C, (1 mo. Term SOFR + 1.94%), 6.25%, 04/15/41 |  | 671 | 672,444
Series 2024-PAT, Class B, (1 mo. Term SOFR + 3.04%), 7.35%, 03/15/41 |  | 170 | 170,000
Cantor Commercial Real Estate Lending, Series 2019- CF2, Class A5, 2.87%, 11/15/52 |  | 550 | 510,767
Century Plaza Towers, Series 2019-CPT, Class C, 3.10%, 11/13/39(a)(b) |  | 250 | 218,513
CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term SOFR + 3.04%), 7.35%, 08/15/41(a)(b) |  | 660 | 658,287
CSMC(a)(b) |  |  |
Series 2020-FACT, Class D, (1 mo. Term SOFR + 4.32%), 8.64%, 10/15/37 |  | 900 | 854,580
Series 2021-BHAR, Class C, (1 mo. Term SOFR + 2.11%), 6.43%, 11/15/38 |  | 300 | 295,923
DC Trust, Series 2024-HLTN, Class C, 7.29%, 04/13/40(a)(b) |  | 220 | 219,832
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. Term SOFR + 2.36%), 6.68%, 07/15/38(a)(b) |  | 1,655 | 1,657,484
GS Mortgage Securities Trust |  |  |
(1 mo. Term SOFR + 3.45%), 7.76%, 11/25/41(a)(b) |  | 400 | 400,075
Series 2019-GC38, Class AAB, 3.84%, 02/10/52 |  | 669 | 663,774
Series 2025-800D, Class A, (1 mo. Term SOFR + 2.65%), 6.96%, 11/25/41(a)(b) |  | 216 | 216,386
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 5.70%, 03/15/39(a)(b) |  | 1,700 | 1,700,000
JW Commercial Mortgage Trust, Series 2024-MRCO, Class C, (1 mo. Term SOFR + 2.39%), 6.70%, 06/15/39(a)(b) |  | 800 | 798,004
MIC Trust, Series 2023-MIC, Class B, 9.86%, 12/05/38(a)(b) |  | 234 | 255,251
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.31%, 04/15/48 |  | 284 | 279,064
SELF Commercial Mortgage Trust, Series 2024-STRG, Class D, (1 mo. Term SOFR + 2.94%), 7.25%, 11/15/34(a)(b) |  | 270 | 272,094
STWD Trust, Series 2021-FLWR, Class A, (1 mo. Term SOFR + 0.69%), 5.00%, 07/15/36(a)(b) |  | 919 | 918,198
UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.04%, 12/15/52 |  | 1,200 | 1,105,241
VEGAS, Series 2024-GCS, Class D, 6.42%, 07/10/36(a)(b) |  | 650 | 613,585
Wells Fargo Commercial Mortgage Trust |  |  |
Series 2016-LC25, Class A4, 3.64%, 12/15/59 |  | 1,700 | 1,672,242
Series 2024-BPRC, Class D, 7.08%, 07/15/43(b) |  | 250 | 250,917
|  |  | 23,655,283
Total Non-Agency Mortgage-Backed Securities — 13.0% (Cost: $97,872,636) | 94,805,038

34
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Preferred Securities
Capital Trusts — 6.2%(a)
Banks(h) — 1.0% |
ING Groep NV, Series NC10, 4.25% | USD | 1,500 | $1,254,897
Krung Thai Bank PCL/Cayman Islands, 4.40%(d) |  | 252 | 248,094
PNC Financial Services Group, Inc., Series W, 6.25%(f) |  | 3,705 | 3,809,582
Rizal Commercial Banking Corp., 6.50%(d) |  | 200 | 199,500
U.S. Bancorp, Series J, 5.30%(f) |  | 1,900 | 1,898,918
|  |  | 7,410,991
Capital Markets — 0.4% |
Bank of New York Mellon Corp., Series F, 4.63%(h) |  | 2,750 | 2,731,726
Electric Utilities — 0.9% |
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 |  | 4,750 | 4,731,815
PG&E Corp., 7.38%, 03/15/55 |  | 1,723 | 1,631,716
|  |  | 6,363,531
Financial Services(h) — 3.6% |
Bank of America Corp. |  |  |
6.63% |  | 7,650 | 7,922,745
Series FF, 5.88%(f) |  | 3,500 | 3,560,085
Barclays PLC |  |  |
4.38% |  | 310 | 288,560
9.63% |  | 640 | 710,853
Citigroup, Inc., Series BB, 7.20% |  | 2,500 | 2,577,705
Goldman Sachs Group, Inc., Series W, 7.50% |  | 2,500 | 2,654,710
HSBC Holdings PLC |  |  |
4.70% |  | 275 | 249,274
6.00%(f) |  | 235 | 234,762
6.50%(f) |  | 1,090 | 1,096,951
Lloyds Banking Group PLC |  |  |
6.75% |  | 595 | 598,154
7.50% |  | 1,750 | 1,754,699
NatWest Group PLC |  |  |
6.00% |  | 1,575 | 1,572,413
8.13% |  | 225 | 242,697
UBS Group AG(b) |  |  |
4.88% |  | 2,000 | 1,945,290
Series NC10, 9.25% |  | 200 | 231,282
Series NC5, 9.25% |  | 400 | 436,590
|  |  | 26,076,770
Independent Power and Renewable Electricity Producers(b)(h) — 0.1% |
NRG Energy, Inc., 10.25% |  | 340 | 377,547
Vistra Corp., 7.00% |  | 141 | 142,696
|  |  | 520,243
Pharmaceuticals — 0.2% |
CVS Health Corp. |  |  |
6.75%, 12/10/54 |  | 320 | 320,697
7.00%, 03/10/55 |  | 1,305 | 1,345,990
|  |  | 1,666,687

Security |  | Par (000) | Value
Utilities — 0.0% |
Electricite de France SA, 3.38%(d)(h) | EUR | 200 | $223,272
| 44,993,220

|  | Shares |
Preferred Stocks — 0.0%(e)
Financial Services — 0.0% |
Federal National Mortgage Association, Series S(a)(h) |  | 10,000 | 150,000
IT Services(c) — 0.0% |
Veritas Kapital Assurance PLC |  |  |
Series G |  | 428 | 9,630
Series G-1 |  | 296 | 6,660
|  |  | 16,290
| 166,290
Trust Preferred — 0.1%
Banks — 0.1% |
Citigroup Capital XIII, 10.91%, 10/30/40(a) |  | 29,583 | 870,332
| 870,332
Total Preferred Securities — 6.3% (Cost: $44,967,136) | 46,029,842

|  | Par (000) |
U.S. Government Sponsored Agency Securities
Agency Obligations — 0.7% |
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30(j) | USD | 6,055 | 4,992,807
Collateralized Mortgage Obligations — 4.0% |
Fannie Mae REMICS |  |  |
Series 2015-47, Class GL, 3.50%, 07/25/45 |  | 1,636 | 1,480,958
Series 2022-25, Class KL, 4.00%, 05/25/52 |  | 14,500 | 13,052,757
Freddie Mac REMICS |  |  |
Series 4350, Class DY, 4.00%, 06/15/44 |  | 1,325 | 1,286,535
Series 4398, Class ZX, 4.00%, 09/15/54(f) |  | 11,789 | 10,622,536
Series 4549, Class TZ, 4.00%, 11/15/45 |  | 2,602 | 2,524,623
|  |  | 28,967,409
Interest Only Collateralized Mortgage Obligations — 0.0% |
Fannie Mae REMICS, Series 2012-47, Class NI, 4.50%, 04/25/42 |  | 629 | 87,963
Ginnie Mae, Series 2009-116, Class KS, (1 mo. Term SOFR + 6.36%), 2.04%, 12/16/39(a) |  | 488 | 46,280
|  |  | 134,243
Mortgage-Backed Securities — 9.8% |
Fannie Mae Mortgage-Backed Securities(f) |  |  |
4.50%, 07/01/55 |  | 2,413 | 2,329,927
4.00%, 02/01/56 - 04/01/56 |  | 2,600 | 2,424,066
Freddie Mac Mortgage-Backed Securities(f) |  |  |
4.00%, 05/01/39 |  | 3,797 | 3,737,237

Schedule of Investments
35

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Mortgage-Backed Securities (continued) |
Freddie Mac Mortgage-Backed Securities(f) (continued) |  |  |
4.50%, 03/01/47 | USD | 458 | $456,578
Ginnie Mae Mortgage-Backed Securities, 5.50%, 08/15/33 |  | 18 | 18,599
Uniform Mortgage-Backed Securities(f) |  |  |
1.50%, 05/01/31 |  | 4,411 | 4,146,250
5.00%, 08/01/34 - 11/01/45 |  | 23,621 | 23,783,343
4.50%, 06/01/37 - 06/01/44 |  | 11,609 | 11,519,705
5.50%, 12/01/37 - 06/01/38 |  | 4,049 | 4,154,993
6.00%, 12/01/38 - 07/15/54(p) |  | 5,666 | 5,762,335
3.50%, 09/01/42 - 04/01/53 |  | 4,119 | 3,751,465
3.00%, 02/01/52 |  | 1,768 | 1,530,505
4.00%, 05/01/52 - 09/01/52 |  | 3,568 | 3,345,398
6.50%, 10/01/53 |  | 3,824 | 3,951,155
|  |  | 70,911,556
Total U.S. Government Sponsored Agency Securities — 14.5% (Cost: $108,675,065) | 105,006,015
U.S. Treasury Obligations
U.S. Treasury Bonds |  |  |
4.38%, 02/15/38(f) |  | 1,600 | 1,598,188
4.13%, 08/15/44 |  | 30,400 | 27,850,437
3.00%, 11/15/45(f) |  | 54,500 | 41,520,059
3.13%, 05/15/48(f) |  | 1,900 | 1,441,551
4.63%, 05/15/54(f) |  | 31,000 | 30,108,750
U.S. Treasury Notes(f) |  |  |
0.63%, 07/31/26 |  | 27,500 | 26,529,980
3.63%, 05/31/28 |  | 1,900 | 1,895,992
4.88%, 10/31/28 |  | 7,800 | 8,080,313
Total U.S. Treasury Obligations — 19.1% (Cost: $142,540,209) | 139,025,270
Total Long-Term Investments — 126.4% (Cost: $928,198,690) | 918,225,320

|  | Shares |
Short-Term Securities
Money Market Funds — 1.1% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(q)(r) |  | 8,232,852 | 8,232,852

Security |  | Par (000) | Value
U.S. Treasury Obligations — 3.6% |
U.S. Treasury Notes, 5.00%, 10/31/25 | USD | 26,000 | $26,053,066
Total Short-Term Securities — 4.7% (Cost: $34,236,891) | 34,285,918
Total Investments — 131.1% (Cost: $962,435,581) | 952,511,238
Liabilities in Excess of Other Assets — (31.1)% | (226,067,325 )
Net Assets — 100.0% | $726,443,913

(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) | Non-income producing security.
(f) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(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) | Perpetual security with no stated maturity date.
(i) | Convertible security.
(j) | Zero-coupon bond.
(k) | When-issued security.
(l) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(m) | Issuer filed for bankruptcy and/or is in default.
(n) | 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.
(o) | Rounds to less than 1,000.
(p) | Represents or includes a TBA transaction.
(q) | Affiliate of the Trust.
(r) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $4,465,196 | $3,767,656 (a) | $— | $— | $— | $8,232,852 | 8,232,852 | $110,563 | $—

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

36
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
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)
U.S. Bancorp Investments, Inc. | 4.31 %(b) | 04/07/25 | Open | $3,105,000 | $3,136,598 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.31 (b) | 04/07/25 | Open | 2,662,500 | 2,689,595 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.31 (b) | 04/07/25 | Open | 551,375 | 556,986 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.31 (b) | 04/07/25 | Open | 1,887,500 | 1,906,708 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.32 (b) | 04/15/25 | Open | 42,435 | 42,827 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.35 (b) | 04/15/25 | Open | 196,182 | 198,008 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 4.40 (b) | 04/15/25 | Open | 545,754 | 550,890 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 04/15/25 | Open | 291,979 | 294,739 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 04/15/25 | Open | 930,000 | 938,792 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 05/01/25 | Open | 220,500 | 222,151 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.35 (b) | 05/12/25 | Open | 821,700 | 826,664 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.37 (b) | 05/12/25 | Open | 97,950 | 98,545 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 413,269 | 415,794 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 131,583 | 132,387 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 603,750 | 607,440 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.42 (b) | 05/12/25 | Open | 2,987,040 | 3,005,377 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 1,164,465 | 1,171,662 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 132,919 | 133,740 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 102,406 | 103,039 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 202,120 | 203,369 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 1,350,552 | 1,358,900 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 05/15/25 | Open | 98,978 | 99,549 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 05/19/25 | Open | 252,715 | 254,028 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 05/19/25 | Open | 109,650 | 110,220 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 05/19/25 | Open | 1,507,500 | 1,515,513 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 05/19/25 | Open | 112,416 | 113,014 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 05/19/25 | Open | 373,125 | 375,108 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/27/25 | Open | 1,578,000 | 1,584,613 | U.S. Treasury Obligations | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/27/25 | Open | 8,043,750 | 8,077,458 | U.S. Treasury Obligations | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/27/25 | Open | 40,193,750 | 40,359,742 | U.S. Treasury Obligations | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/27/25 | Open | 1,396,500 | 1,396,500 | U.S. Treasury Obligations | Open/Demand
Nomura Securities International, Inc. | 4.50 (b) | 05/27/25 | Open | 26,468,750 | 26,578,963 | U.S. Treasury Obligations | Open/Demand
Nomura Securities International, Inc. | 4.50 (b) | 05/27/25 | Open | 1,916,625 | 1,924,606 | U.S. Treasury Obligations | Open/Demand
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,434,809 | 1,438,194 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 3,591,519 | 3,599,992 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,431,754 | 1,435,132 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,306,325 | 1,309,407 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 333,306 | 334,093 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 437,405 | 438,437 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 464,677 | 465,773 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 124,983 | 125,278 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 203,845 | 204,326 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 13,111,874 | 13,142,807 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 3,995,966 | 4,005,393 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 248,387 | 248,973 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,680,956 | 1,684,921 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 543,635 | 544,917 | U.S. Government Sponsored Agency Securities | Up to 30 Days

Schedule of Investments
37

Schedule of Investments (unaudited)(continued)
June 30, 2025
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. | 4.47 % | 06/11/25 | 07/14/25 | $2,231,136 | $2,236,400 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 703,163 | 704,822 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,634,220 | 1,638,075 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 6,897,889 | 6,914,163 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 128,223 | 128,526 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,461,014 | 1,464,461 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,248,108 | 1,251,052 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,378,408 | 1,381,660 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 177,393 | 177,812 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,191,285 | 1,194,096 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 760,329 | 762,123 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,524,513 | 1,528,110 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,250,954 | 1,253,905 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 910,129 | 912,276 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 858,950 | 860,976 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,904,654 | 1,909,147 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,161,015 | 1,163,754 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 2,160,767 | 2,165,865 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 369,311 | 370,182 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 196,257 | 196,720 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 167,505 | 167,900 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 820,103 | 822,038 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 3,819,479 | 3,828,490 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 874,053 | 876,115 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | 502,560 | 503,603 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | 164,738 | 165,079 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | 176,845 | 177,212 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.25 | 06/13/25 | 07/15/25 | 90,448 | 90,640 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 294,140 | 294,780 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 170,669 | 171,040 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 265,219 | 265,802 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 1,265,812 | 1,268,597 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 111,469 | 111,714 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 140,333 | 140,641 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 1,788,606 | 1,792,541 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 114,194 | 114,448 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 81,638 | 81,819 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,235,625 | 1,238,374 | Corporate Bonds | Up to 30 Days

38
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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. | 4.45 % | 06/13/25 | 07/15/25 | $1,589,062 | $1,592,598 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 435,000 | 435,968 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 838,338 | 840,203 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 2,756,940 | 2,763,074 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,624,500 | 1,628,115 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 146,250 | 146,575 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 85,244 | 85,433 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 150,694 | 151,029 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 226,907 | 227,412 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 219,542 | 220,031 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 2,940,000 | 2,946,542 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 575,891 | 577,173 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 3,775,000 | 3,783,399 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 186,675 | 187,090 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 128,858 | 129,144 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 401,256 | 402,149 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 697,990 | 699,543 | Corporate Bonds | Up to 30 Days
HSBC Bank PLC | 4.45 (b) | 06/16/25 | Open | 3,869,257 | 3,876,431 | Corporate Bonds | Open/Demand
Barclays Capital, Inc. | 3.00 | 06/23/25 | 08/01/25 | 81,819 | 81,873 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 803,750 | 804,545 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 2,203,125 | 2,205,304 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 1,109,750 | 1,110,847 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 189,250 | 189,437 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 945,000 | 945,935 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 119,228 | 119,345 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 1,024,720 | 1,025,733 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 218,552 | 218,769 | Capital Trusts | 31 - 90 Days
J.P. Morgan Securities LLC | 4.25 | 06/26/25 | 07/29/25 | 915,040 | 915,580 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.30 | 06/26/25 | 07/29/25 | 260,332 | 260,488 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.40 | 06/26/25 | 07/29/25 | 146,250 | 146,339 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.45 | 06/26/25 | 07/29/25 | 1,606,175 | 1,607,168 | Corporate Bonds | Up to 30 Days
HSBC Securities (USA), Inc. | 4.49 | 06/30/25 | 07/01/25 | 30,186,250 | 30,186,250 | U.S. Treasury Obligations | Up to 30 Days
|  |  |  | $230,089,978 | $230,795,648 |  |

(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 | 412 | 09/19/25 | $47,071 | $1,320,908
U.S. Long Bond | 65 | 09/19/25 | 7,497 | 62,937
Ultra U.S. Treasury Bond | 936 | 09/19/25 | 111,355 | 2,819,718
5-Year U.S. Treasury Note | 302 | 09/30/25 | 32,923 | 185,306
|  |  |  | 4,388,869
Short Contracts |  |  |  |
10-Year U.S. Treasury Note | 527 | 09/19/25 | 59,090 | (965,111 )
2-Year U.S. Treasury Note | 77 | 09/30/25 | 16,020 | (9,727 )
|  |  |  | (974,838 )
|  |  |  | $3,414,031

Schedule of Investments
39

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
EUR | 122,775 | USD | 143,969 | BNP Paribas SA | 07/16/25 | $787
USD | 103,001 | CAD | 139,000 | Morgan Stanley & Co. International PLC | 09/17/25 | 533
|  |  |  |  |  | 1,320
USD | 79,559 | EUR | 69,855 | Deutsche Bank AG | 07/16/25 | (2,803 )
USD | 208,929 | EUR | 183,442 | Deutsche Bank AG | 07/16/25 | (7,357 )
USD | 293,802 | EUR | 257,990 | Deutsche Bank AG | 07/16/25 | (10,378 )
USD | 120,784 | EUR | 103,021 | HSBC Bank PLC | 07/16/25 | (682 )
USD | 127,772 | EUR | 108,982 | HSBC Bank PLC | 07/16/25 | (722 )
USD | 110,384 | EUR | 95,982 | JPMorgan Chase Bank N.A. | 09/17/25 | (3,253 )
USD | 107,362 | EUR | 92,000 | Natwest Markets PLC | 09/17/25 | (1,560 )
USD | 6,286,844 | EUR | 5,387,000 | State Street Bank and Trust Co. | 09/17/25 | (91,051 )
USD | 537,348 | GBP | 397,000 | Morgan Stanley & Co. International PLC | 09/17/25 | (7,861 )
|  |  |  |  |  | (125,667 )
| $(124,347 )

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.IG.41.V1 | 1.00 % | Quarterly | 12/20/28 | USD | 21,650 | $(476,479 ) | $(228,887 ) | $(247,592 )
CDX.NA.HY.44.V1 | 5.00 | Quarterly | 06/20/30 | USD | 8,260 | (634,640 ) | (560,286 ) | (74,354 )
CDX.NA.IG.44.V1 | 1.00 | Quarterly | 06/20/30 | USD | 2,210 | (49,678 ) | (35,318 ) | (14,360 )
|  |  |  |  |  | $(1,160,797 ) | $(824,491 ) | $(336,306 )

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)
Virgin Media Finance PLC | 5.00 % | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B- | EUR | 10 | $244 | $247 | $(3 )
CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | BB+ | EUR | 20 | 1,852 | 2,052 | (200 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC | EUR | 5 | 422 | (591 ) | 1,013
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 3 | 254 | (340 ) | 594
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 9 | 713 | (956 ) | 1,669
Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC | EUR | 3 | 207 | (284 ) | 491
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC | EUR | 6 | 433 | (618 ) | 1,051
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | CCC | EUR | 4 | 314 | (436 ) | 750
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB- | EUR | 13 | 1,032 | 1,394 | (362 )
iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 18 | 2,760 | 2,306 | 454
SES S.A. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | NR | EUR | 4 | (167 ) | (291 ) | 124
SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/29 | NR | EUR | 4 | (166 ) | (263 ) | 97
SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | NR | EUR | 4 | (223 ) | (243 ) | 20
|  |  |  |  |  |  |  | $7,675 | $1,977 | $5,698

(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.

40
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps(a) | $— | $(824,491 ) | $— | $(336,306 )
OTC Swaps | 5,999 | (4,022 ) | 6,263 | (565 )

(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) | $— | $— | $— | $— | $4,388,869 | $— | $4,388,869
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 1,320 | — | — | 1,320
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 12,262 | — | — | — | — | 12,262
| $— | $12,262 | $— | $1,320 | $4,388,869 | $— | $4,402,451
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts(a) | $— | $— | $— | $— | $974,838 | $— | $974,838
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | 125,667 | — | — | 125,667
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps(a) | — | 336,306 | — | — | — | — | 336,306
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 4,587 | — | — | — | — | 4,587
| $— | $340,893 | $— | $125,667 | $974,838 | $— | $1,441,398

(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, 2025, 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 | $— | $— | $— | $— | $(5,483,472 ) | $— | $(5,483,472 )
Forward foreign currency exchange contracts | — | — | — | (496,376 ) | — | — | (496,376 )
Swaps | — | 134,673 | — | — | — | — | 134,673
| $— | $134,673 | $— | $(496,376 ) | $(5,483,472 ) | $— | $(5,845,175 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $— | $— | $— | $— | $4,697,499 | $— | $4,697,499
Forward foreign currency exchange contracts | — | — | — | (274,706 ) | — | — | (274,706 )
Swaps | — | (40,437 ) | — | — | — | — | (40,437 )
| $— | $(40,437 ) | $— | $(274,706 ) | $4,697,499 | $— | $4,382,356

Schedule of Investments
41

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)
Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — long | $168,189,762
Average notional value of contracts — short | 122,566,071
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | 7,264,192
Average amounts sold — in USD | 179,539
Credit default swaps: |
Average notional value — buy protection | 30,035,000
Average notional value — sell protection | 114,189

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 | $1,406,328 | $170,731
Forward foreign currency exchange contracts | 1,320 | 125,667
Swaps — centrally cleared | — | 38,146
Swaps — OTC(a) | 12,262 | 4,587
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 1,419,910 | 339,131
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (1,406,328 ) | (208,877 )
Total derivative assets and liabilities subject to an MNA | $13,582 | $130,254

(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(b) | Cash Collateral Received(b) | Net Amount of Derivative Assets(c)(d)
Bank of America N.A. | $1,137 | $(882 ) | $— | $— | $255
Barclays Bank PLC | 3,774 | (2,164 ) | — | — | 1,610
BNP Paribas SA | 3,547 | — | — | — | 3,547
Citibank N.A. | 491 | (284 ) | — | — | 207
JPMorgan Chase Bank N.A. | 1,298 | (1,298 ) | — | — | —
Morgan Stanley & Co. International PLC | 3,335 | (3,335 ) | — | — | —
| $13,582 | $(7,963 ) | $— | $— | $5,619

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)(e)
Bank of America N.A. | $882 | $(882 ) | $— | $— | $—
Barclays Bank PLC | 2,164 | (2,164 ) | — | — | —
Citibank N.A. | 284 | (284 ) | — | — | —
Deutsche Bank AG | 20,538 | — | — | — | 20,538
HSBC Bank PLC | 1,404 | — | — | — | 1,404
JPMorgan Chase Bank N.A. | 3,874 | (1,298 ) | — | — | 2,576
Morgan Stanley & Co. International PLC | 8,497 | (3,335 ) | — | — | 5,162
Natwest Markets PLC | 1,560 | — | — | — | 1,560
State Street Bank and Trust Co. | 91,051 | — | — | — | 91,051
| $130,254 | $(7,963 ) | $— | $— | $122,291

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

42
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Core Bond Trust (BHK)

(b) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d) | Net amount represents the net amount receivable from the counterparty in the event of default.
(e) | Net amount represents the net amount payable due to 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 at the measurement date. 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 | $— | $63,867,882 | $680,347 | $64,548,229
Common Stocks | — | — | 13,020 | 13,020
Corporate Bonds | — | 409,323,761 | 1,916,431 | 411,240,192
Fixed Rate Loan Interests | — | 2,657,093 | — | 2,657,093
Floating Rate Loan Interests | — | 14,499,332 | 899,553 | 15,398,885
Foreign Agency Obligations | — | 9,916,504 | — | 9,916,504
Municipal Bonds | — | 29,585,232 | — | 29,585,232
Non-Agency Mortgage-Backed Securities | — | 94,805,038 | — | 94,805,038
Preferred Securities |  |  |  |
Capital Trusts | — | 44,993,220 | — | 44,993,220
Preferred Stocks | — | 150,000 | 16,290 | 166,290
Trust Preferred | 870,332 | — | — | 870,332
U.S. Government Sponsored Agency Securities | — | 105,006,015 | — | 105,006,015
U.S. Treasury Obligations | — | 139,025,270 | — | 139,025,270
Short-Term Securities |  |  |  |
Money Market Funds | 8,232,852 | — | — | 8,232,852
U.S. Treasury Obligations | — | 26,053,066 | — | 26,053,066
Unfunded Floating Rate Loan Interests(a) | — | 135 | 40 | 175
Liabilities |  |  |  |
Unfunded Floating Rate Loan Interests(a) | — | (140 ) | — | (140 )
| $9,103,184 | $939,882,408 | $3,525,681 | $952,511,273
Derivative Financial Instruments(b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $— | $6,263 | $— | $6,263
Foreign Currency Exchange Contracts | — | 1,320 | — | 1,320
Interest Rate Contracts | 4,388,869 | — | — | 4,388,869
Liabilities |  |  |  |
Credit Contracts | — | (336,871 ) | — | (336,871 )
Foreign Currency Exchange Contracts | — | (125,667 ) | — | (125,667 )
Interest Rate Contracts | (974,838 ) | — | — | (974,838 )
| $3,414,031 | $(454,955 ) | $— | $2,959,076

(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 $230,795,648 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
Schedule of Investments
43

Consolidated Schedule of Investments (unaudited)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
Arcano Euro CLO II DAC, Series 2X, Class D, 07/25/39(a) | EUR | 100 | $117,795
Arini European CLO, Series 5X, Class D, (3-mo. EURIBOR + 2.80%), 5.17%, 01/15/39(b)(c) |  | 100 | 117,353
Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. EURIBOR + 2.80%), 5.17%, 04/15/38(b)(c) |  | 100 | 117,040
Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo. EURIBOR + 3.05%), 5.71%, 01/15/38(b)(c) |  | 110 | 130,058
CIFC European Funding CLO I DAC, Series 1X, Class DR, (3-mo. EURIBOR + 3.20%), 5.48%, 07/15/32(b)(c) |  | 100 | 117,865
Contego CLO V DAC, Series 5X, Class DR, (3-mo. EURIBOR + 3.10%), 5.41%, 10/15/37(b)(c) |  | 100 | 117,702
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, (3-mo. EURIBOR + 3.15%), 5.13%, 12/15/34(b)(c) |  | 100 | 117,599
Fidelity Grand Harbour CLO DAC, Series 2023-1X, Class DR, (3-mo. EURIBOR + 2.70%), 4.84%, 02/15/38(b)(c) |  | 100 | 117,482
Greene King Finance PLC(c) |  |  |
Series 06, Class B2, (1-day SONIA GBP 2.20%), 6.44%, 03/15/36(b) | GBP | 100 | 123,538
Series B1, (1-day SONIA GBP 1.92%), 6.16%, 12/15/34 |  | 100 | 127,039
Henley CLO XI DAC, Series 11X, Class D, (3-mo. EURIBOR + 2.60%), 4.96%, 04/25/39(b)(c) | EUR | 100 | 117,308
Rockfield Park CLO DAC, Series 1X, Class C, (3-mo. EURIBOR + 3.00%), 5.25%, 07/16/34(b)(c) |  | 100 | 118,066
Rockford Tower Europe CLO DAC, Series 2025-1X, Class D, (3-mo. EURIBOR + 3.00%), 5.21%, 10/25/27(b)(c) |  | 100 | 117,371
Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. EURIBOR + 3.25%), 5.49%, 04/20/37(b)(c) |  | 110 | 130,051
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32(b) | GBP | 106 | 152,716
Total Asset-Backed Securities — 0.1% (Cost: $1,667,687) | 1,838,983

|  | Shares |
Common Stocks
Electrical Equipment — 0.0% |
SunPower Corp.(d)(e) |  | 1,025 | —
Energy Equipment & Services — 0.0% |
Nine Energy Service, Inc.(e) |  | 2,390 | 1,843
Health Care Providers & Services — 0.0% |
Quorum Restructuring Equity(e) |  | 19,441 | 17,011
Hotels, Restaurants & Leisure — 0.1% |
Churchill Downs, Inc. |  | 11,153 | 1,126,453
Life Sciences Tools & Services — 0.1% |
Avantor, Inc.(e)(f) |  | 82,810 | 1,114,622
Metals & Mining — 0.1% |
Constellium SE, Class A(e) |  | 159,448 | 2,120,658
Oil, Gas & Consumable Fuels — 0.6% |
Energy Transfer LP |  | 177,657 | 3,220,922

Security |  | Shares | Value
Oil, Gas & Consumable Fuels (continued) |
Enterprise Products Partners LP |  | 93,254 | $2,891,807
MPLX LP |  | 28,832 | 1,485,136
ONEOK, Inc. |  | 17,426 | 1,422,484
Western Midstream Partners LP |  | 6,903 | 267,146
|  |  | 9,287,495
Real Estate Management & Development — 0.0% |
ADLER Group SA(d)(e) |  | 83,768 | 1
Semiconductors & Semiconductor Equipment — 0.0% |
Maxeon Solar Technologies Ltd.(e) |  | 1 | 3
Specialized REITs — 0.2% |
VICI Properties, Inc. |  | 83,941 | 2,736,476
Total Common Stocks — 1.1% (Cost: $16,714,090) | 16,404,562

|  | Par (000) |
Corporate Bonds
Advertising Agencies(g) — 1.9%
Clear Channel Outdoor Holdings, Inc. |  |  |
5.13%, 08/15/27 | USD | 1,253 | 1,238,746
9.00%, 09/15/28 |  | 2,715 | 2,844,839
7.50%, 06/01/29 |  | 9,968 | 9,219,379
7.88%, 04/01/30 |  | 6,963 | 7,187,515
CMG Media Corp., 8.88%, 06/18/29 |  | 887 | 836,142
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 |  | 3,835 | 3,734,082
Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
5.00%, 08/15/27 |  | 500 | 497,502
4.25%, 01/15/29 |  | 1,152 | 1,102,088
4.63%, 03/15/30 |  | 1,550 | 1,480,424
7.38%, 02/15/31 |  | 1,309 | 1,385,857
Stagwell Global LLC, 5.63%, 08/15/29 |  | 553 | 528,958
|  |  | 30,055,532
Aerospace & Defense — 3.5%
Bombardier, Inc.(g) |  |  |
7.88%, 04/15/27 |  | 123 | 123,710
6.00%, 02/15/28 |  | 2,891 | 2,908,405
8.75%, 11/15/30 |  | 3,045 | 3,296,453
7.25%, 07/01/31 |  | 978 | 1,026,607
7.00%, 06/01/32 |  | 1,497 | 1,558,953
6.75%, 06/15/33 |  | 1,126 | 1,166,762
Czechoslovak Group A/S, 01/10/31(a)(b) | EUR | 125 | 149,499
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32(g) | USD | 6,646 | 6,729,116
Goat Holdco LLC, 6.75%, 02/01/32(g) |  | 1,177 | 1,196,468
Spirit AeroSystems, Inc.(g) |  |  |
9.38%, 11/30/29 |  | 2,617 | 2,776,666
9.75%, 11/15/30 |  | 2,077 | 2,290,622
TransDigm, Inc.(g) |  |  |
7.13%, 12/01/31 |  | 2,277 | 2,385,654
6.63%, 03/01/32 |  | 10,856 | 11,240,232
6.00%, 01/15/33 |  | 275 | 276,494

44
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Aerospace & Defense (continued)
TransDigm, Inc.(g) (continued) |  |  |
6.38%, 05/31/33 | USD | 13,343 | $13,355,095
Triumph Group, Inc., 9.00%, 03/15/28(g) |  | 3,661 | 3,825,891
|  |  | 54,306,627
Air Freight & Logistics(g) — 0.1%
Rand Parent LLC, 8.50%, 02/15/30 |  | 1,223 | 1,228,087
Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 423 | 448,404
|  |  | 1,676,491
Automobile Components — 2.0%
Clarios Global LP/Clarios U.S. Finance Co. |  |  |
8.50%, 05/15/27(g) |  | 13,312 | 13,370,307
6.75%, 05/15/28(g) |  | 7,384 | 7,579,329
6.75%, 02/15/30(g) |  | 1,960 | 2,037,983
4.75%, 06/15/31(g) | EUR | 1,055 | 1,247,510
4.75%, 06/15/31(b) |  | 110 | 130,072
Dana, Inc. |  |  |
4.25%, 09/01/30 | USD | 481 | 474,077
4.50%, 02/15/32 |  | 733 | 716,514
Forvia SE, 5.50%, 06/15/31(b) | EUR | 115 | 133,633
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32(g) | USD | 766 | 797,506
Goodyear Tire & Rubber Co. |  |  |
6.63%, 07/15/30 |  | 897 | 914,972
5.25%, 04/30/31 |  | 75 | 72,028
5.63%, 04/30/33 |  | 311 | 297,769
IHO Verwaltungs GmbH(b)(h) |  |  |
(7.00% PIK), 7.00%, 11/15/31 | EUR | 100 | 124,298
(8.75% Cash or 9.50% PIK), 8.75%, 05/15/28 |  | 116 | 143,037
Mahle GmbH, 6.50%, 05/02/31(b) |  | 206 | 246,309
Schaeffler AG(b) |  |  |
4.25%, 04/01/28 |  | 100 | 118,530
5.38%, 04/01/31 |  | 100 | 120,311
Tenneco, Inc., 8.00%, 11/17/28(g) | USD | 2,138 | 2,114,263
ZF Europe Finance BV, 7.00%, 06/12/30(b) | EUR | 100 | 118,049
ZF Finance GmbH(b) |  |  |
5.75%, 08/03/26 |  | 200 | 237,475
2.00%, 05/06/27 |  | 200 | 222,927
2.75%, 05/25/27 |  | 100 | 112,453
|  |  | 31,329,352
Automobiles — 1.4%
Asbury Automotive Group, Inc., 5.00%, 02/15/32(g) | USD | 306 | 291,149
Aston Martin Capital Holdings Ltd. |  |  |
10.00%, 03/31/29(g) |  | 767 | 726,264
10.38%, 03/31/29(b) | GBP | 104 | 133,005
Carvana Co.(g)(h) |  |  |
(9.00% PIK), 9.00%, 06/01/30 | USD | 3,846 | 4,043,697
(9.00% PIK), 9.00%, 06/01/31 |  | 6,874 | 7,779,534
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(g) |  | 1,059 | 1,128,764
Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, 08/15/29(g) |  | 639 | 625,235
Group 1 Automotive, Inc., 6.38%, 01/15/30(g) |  | 775 | 795,819
Ken Garff Automotive LLC, 4.88%, 09/15/28(g) |  | 381 | 376,157
LCM Investments Holdings II LLC(g) |  |  |
4.88%, 05/01/29 |  | 968 | 941,332
8.25%, 08/01/31 |  | 1,631 | 1,734,051
Nissan Motor Co. Ltd., 4.81%, 09/17/30(g) |  | 1,400 | 1,284,389
RCI Banque SA(b)(c) |  |  |
(5-year EURIBOR ICE Swap + 2.20%), 4.75%, 03/24/37 | EUR | 100 | 118,841

Security |  | Par (000) | Value
Automobiles (continued)
RCI Banque SA(b)(c) (continued) |  |  |
(5-year EURIBOR ICE Swap + 2.75%), 5.50%, 10/09/34 | EUR | 100 | $123,892
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/31(g) | USD | 1,269 | 1,246,821
Wabash National Corp., 4.50%, 10/15/28(g) |  | 844 | 763,516
|  |  | 22,112,466
Banks — 0.6%
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36(b)(c) | EUR | 100 | 120,138
Banca Monte dei Paschi di Siena SpA, 10/02/35(a)(b)(c) |  | 200 | 235,630
Banco Bilbao Vizcaya Argentaria SA, (5-year EUR Swap + 4.27%), 6.88%(b)(c)(i) |  | 200 | 249,431
Banco Espirito Santo SA(e)(j) |  |  |
4.75%, 01/15/22(c) |  | 1,900 | 492,383
4.00%, 01/21/22 |  | 1,100 | 285,064
CaixaBank SA, (5-year EURIBOR ICE Swap + 3.94%), 6.25%(b)(c)(i) |  | 200 | 240,302
Commerzbank AG, (5-year EURIBOR ICE Swap + 5.13%), 7.88%(b)(c)(i) |  | 200 | 261,626
Deutsche Bank AG, (5-year EURIBOR ICE Swap + 5.26%), 8.13%(b)(c)(i) |  | 200 | 251,527
Eurobank Ergasias Services and Holdings SA, (5-year EURIBOR ICE Swap + 2.00%), 4.25%, 04/30/35(b)(c) |  | 100 | 116,851
First-Citizens Bank & Trust Co., 6.00%, 04/01/36 | USD | 3,261 | 3,202,283
Intesa Sanpaolo SpA, 5.15%, 06/10/30(b) | GBP | 125 | 170,106
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35(b)(c) | EUR | 175 | 219,833
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70%(c)(i) | USD | 627 | 654,771
Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, 07/31/84(c) |  | 2,046 | 2,099,716
Walker & Dunlop, Inc., 6.63%, 04/01/33(g) |  | 1,235 | 1,267,398
|  |  | 9,867,059
Building Materials — 3.4%
Builders FirstSource, Inc.(g) |  |  |
6.38%, 03/01/34 |  | 819 | 834,621
6.75%, 05/15/35 |  | 2,262 | 2,328,989
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
6.38%, 12/15/30(g) | EUR | 840 | 1,039,333
6.38%, 12/15/30(b) |  | 200 | 247,460
6.63%, 12/15/30(g) | USD | 15,582 | 15,927,484
6.75%, 07/15/31(g) |  | 1,027 | 1,062,940
HT Troplast GmbH, 9.38%, 07/15/28(b) | EUR | 124 | 153,726
Jeld-Wen, Inc.(g) |  |  |
4.88%, 12/15/27 | USD | 1,513 | 1,402,672
7.00%, 09/01/32 |  | 1,882 | 1,473,512
JH North America Holdings, Inc.(g) |  |  |
5.88%, 01/31/31 |  | 1,303 | 1,314,378
6.13%, 07/31/32 |  | 1,719 | 1,747,542
New Enterprise Stone & Lime Co., Inc.(g) |  |  |
5.25%, 07/15/28 |  | 435 | 436,153
9.75%, 07/15/28 |  | 1,074 | 1,076,507
PCF GmbH, 4.75%, 04/15/29(b) | EUR | 118 | 114,638
Quikrete Holdings, Inc.(g) |  |  |
6.38%, 03/01/32 | USD | 7,039 | 7,238,344
6.75%, 03/01/33 |  | 1,920 | 1,981,106
Smyrna Ready Mix Concrete LLC(g) |  |  |
6.00%, 11/01/28 |  | 3,490 | 3,481,487
8.88%, 11/15/31 |  | 1,138 | 1,193,144

Consolidated Schedule of Investments
45

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Building Materials (continued)
Standard Building Solutions, Inc., 6.50%, 08/15/32(g) | USD | 3,246 | $3,325,962
Standard Industries, Inc. |  |  |
2.25%, 11/21/26(b) | EUR | 511 | 594,534
3.38%, 01/15/31(g) | USD | 4,044 | 3,626,643
Wilsonart LLC, 11.00%, 08/15/32(g) |  | 1,810 | 1,644,432
|  |  | 52,245,607
Building Products(g) — 1.1%
Foundation Building Materials, Inc., 6.00%, 03/01/29 |  | 89 | 81,632
GYP Holdings III Corp., 4.63%, 05/01/29 |  | 2,104 | 2,108,895
QXO Building Products, Inc., 6.75%, 04/30/32 |  | 6,087 | 6,270,839
White Cap Buyer LLC, 6.88%, 10/15/28 |  | 8,805 | 8,791,027
|  |  | 17,252,393
Capital Markets — 1.6%
Apollo Debt Solutions BDC |  |  |
6.70%, 07/29/31 |  | 745 | 774,156
6.55%, 03/15/32(g) |  | 207 | 211,428
Ares Capital Corp., 5.50%, 09/01/30 |  | 1,120 | 1,116,523
Ares Strategic Income Fund, 5.80%, 09/09/30(g) |  | 1,005 | 1,008,511
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 315 | 311,386
Blackstone Private Credit Fund, 6.00%, 11/22/34 |  | 3,590 | 3,510,489
Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 2,275 | 2,298,153
Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 545 | 566,183
Blue Owl Credit Income Corp., 7.75%, 09/16/27 |  | 1,395 | 1,463,254
Blue Owl Technology Finance Corp., 6.75%, 04/04/29 |  | 300 | 305,950
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(g) |  | 1,129 | 1,013,395
Focus Financial Partners LLC, 6.75%, 09/15/31(g) |  | 1,667 | 1,701,614
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34 |  | 962 | 962,060
HAT Holdings I LLC/HAT Holdings II LLC(g) |  |  |
3.38%, 06/15/26 |  | 219 | 209,440
8.00%, 06/15/27 |  | 286 | 296,177
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
5.25%, 05/15/27 |  | 4,444 | 4,305,930
9.75%, 01/15/29 |  | 876 | 850,975
4.38%, 02/01/29 |  | 1,179 | 991,041
10.00%, 11/15/29(g) |  | 1,076 | 1,065,266
Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/33(g) |  | 1,132 | 1,163,929
Lehman Brothers Holdings, Inc.(e)(j) |  |  |
5.38%, 10/17/17 | EUR | 350 | 1,237
4.75%, 01/16/18 |  | 1,890 | 6,679
0.00%, 02/05/18(k) |  | 3,950 | 13,959
1.00%, 09/22/18 | USD | 430 | 172
0.00%, 12/31/49(k) |  | 1,535 | 614
|  |  | 24,148,521
Chemicals — 2.6%
Avient Corp., 6.25%, 11/01/31(g) |  | 927 | 935,666
Celanese U.S. Holdings LLC |  |  |
6.50%, 04/15/30 |  | 390 | 399,215
6.75%, 04/15/33 |  | 990 | 1,000,282
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 1,878 | 1,861,204
5.75%, 11/15/28(g) |  | 2,326 | 2,180,172
8.00%, 01/15/33(g) |  | 861 | 806,247
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(b) | EUR | 100 | 118,800
Herens Holdco SARL, 4.75%, 05/15/28(g) | USD | 2,679 | 2,404,335
INEOS Finance PLC(b) |  |  |
6.38%, 04/15/29 | EUR | 128 | 152,823
5.63%, 08/15/30 |  | 100 | 114,469
Ingevity Corp., 3.88%, 11/01/28(g) | USD | 494 | 471,120

Security |  | Par (000) | Value
Chemicals (continued)
Itelyum Regeneration SpA, 5.75%, 04/15/30(b) | EUR | 100 | $118,803
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(g)(h) | USD | 1,638 | 1,466,458
Kronos International, Inc., 9.50%, 03/15/29(b) | EUR | 170 | 215,658
Lune Holdings SARL, 5.63%, 11/15/28(b) |  | 125 | 59,183
LYB International Finance III LLC, 6.15%, 05/15/35 | USD | 360 | 373,648
Mativ Holdings, Inc., 8.00%, 10/01/29(g) |  | 823 | 745,701
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(g) |  | 775 | 772,747
Nobian Finance BV, Class B, 3.63%, 07/15/26(b) | EUR | 106 | 124,403
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28(b) |  | 179 | 221,396
9.75%, 11/15/28(g) | USD | 4,174 | 4,395,347
5.38%, 10/01/29(b) | EUR | 100 | 107,782
6.25%, 10/01/29(g) | USD | 652 | 622,117
7.25%, 06/15/31(g) |  | 4,149 | 4,231,980
SCIL IV LLC/SCIL USA Holdings LLC(b) |  |  |
9.50%, 07/15/28 | EUR | 100 | 123,825
(3-mo. EURIBOR + 4.38%), 6.55%, 11/01/26(c) |  | 100 | 118,065
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(g) | USD | 3,950 | 3,825,114
Synthomer PLC, 7.38%, 05/02/29(b) | EUR | 112 | 130,634
WR Grace Holdings LLC(g) |  |  |
4.88%, 06/15/27 | USD | 246 | 244,579
5.63%, 08/15/29 |  | 8,156 | 7,382,698
7.38%, 03/01/31 |  | 4,435 | 4,541,520
|  |  | 40,265,991
Commercial Services & Supplies — 7.4%
ADT Security Corp., 4.88%, 07/15/32(g) |  | 790 | 757,834
Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |
5.38%, 05/21/30(b) | EUR | 100 | 120,493
7.00%, 05/21/30(g) | USD | 2,596 | 2,649,289
Allied Universal Holdco LLC, 7.88%, 02/15/31(g) |  | 10,066 | 10,515,870
Allied Universal Holdco LLC/Allied Universal Finance Corp.(g) |  |  |
6.00%, 06/01/29 |  | 6,537 | 6,357,695
6.88%, 06/15/30 |  | 3,805 | 3,856,611
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
4.63%, 06/01/28(g) |  | 5,240 | 5,085,119
4.88%, 06/01/28(b) | GBP | 300 | 394,761
Amber Finco PLC, 6.63%, 07/15/29(b) | EUR | 165 | 203,361
APCOA Group GmbH, 04/15/31(a)(b) |  | 150 | 177,797
APi Group DE, Inc., 4.75%, 10/15/29(g) | USD | 1,283 | 1,259,096
Arena Luxembourg Finance SARL, (3-mo. EURIBOR + 2.50%), 4.82%, 05/01/30(b)(c) | EUR | 100 | 118,726
BCP V Modular Services Finance II PLC(b) |  |  |
4.75%, 11/30/28 |  | 200 | 231,280
6.13%, 11/30/28 | GBP | 100 | 132,624
Boels Topholding BV(b) |  |  |
6.25%, 02/15/29 | EUR | 107 | 130,483
5.75%, 05/15/30 |  | 100 | 122,194
Boost Newco Borrower LLC, 7.50%, 01/15/31(g) | USD | 5,245 | 5,567,646
Brink’s Co., 6.75%, 06/15/32(g) |  | 1,208 | 1,258,008
Clarivate Science Holdings Corp., 4.88%, 07/01/29(g) |  | 4,464 | 4,203,311
Currenta Group Holdings SARL, (3-mo. EURIBOR + 4.00%), 6.14%, 05/15/32(b)(c) | EUR | 100 | 118,073
Deluxe Corp., 8.13%, 09/15/29(g) | USD | 639 | 659,491
EC Finance PLC, 3.25%, 10/15/26(b) | EUR | 109 | 125,329
EquipmentShare.com, Inc., 8.00%, 03/15/33(g) | USD | 677 | 709,222
Fortress Transportation and Infrastructure Investors LLC(g) |  |  |
5.50%, 05/01/28 |  | 4,130 | 4,107,772
7.88%, 12/01/30 |  | 3,628 | 3,849,355

46
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Fortress Transportation and Infrastructure Investors LLC(g) (continued) |  |  |
7.00%, 05/01/31 | USD | 5,374 | $5,564,428
7.00%, 06/15/32 |  | 2,920 | 3,014,982
5.88%, 04/15/33 |  | 2,249 | 2,220,684
Garda World Security Corp.(g) |  |  |
4.63%, 02/15/27 |  | 1,132 | 1,124,982
7.75%, 02/15/28 |  | 2,366 | 2,447,776
6.00%, 06/01/29 |  | 302 | 294,768
8.25%, 08/01/32 |  | 2,749 | 2,821,032
8.38%, 11/15/32 |  | 6,398 | 6,572,083
Herc Holdings, Inc.(g) |  |  |
6.63%, 06/15/29 |  | 792 | 812,591
7.00%, 06/15/30 |  | 2,120 | 2,214,038
7.25%, 06/15/33 |  | 1,076 | 1,127,434
Hertz Corp., 12.63%, 07/15/29(g) |  | 760 | 794,776
Kapla Holding SAS(b) |  |  |
5.00%, 04/30/31 | EUR | 100 | 119,118
(3-mo. EURIBOR + 3.50%), 5.48%, 07/31/30(c) |  | 100 | 118,383
La Financiere Atalian, (3.50% Cash and 5.00% PIK), 8.50%, 06/30/28(h) |  | 155 | 64,650
Loxam SAS(b) |  |  |
6.38%, 05/15/28 |  | 115 | 139,807
6.38%, 05/31/29 |  | 101 | 123,939
OT Midco Ltd., 10.00%, 02/15/30(g) | USD | 267 | 206,058
Pachelbel Bidco SpA(b) |  |  |
7.13%, 05/17/31 | EUR | 100 | 126,854
(3-mo. EURIBOR + 4.25%), 6.44%, 05/17/31(c) |  | 100 | 118,408
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(g) | USD | 3,405 | 3,410,332
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(g) |  | 2,198 | 2,198,092
RR Donnelley & Sons Co., 9.50%, 08/01/29(g) |  | 3,259 | 3,259,000
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
6.75%, 08/15/32(g) |  | 4,762 | 4,945,666
5.50%, 05/15/33(g) | EUR | 1,445 | 1,760,709
5.50%, 05/15/33(b) |  | 100 | 121,848
Sotheby’s, 7.38%, 10/15/27(g) | USD | 5,001 | 4,943,429
Sotheby’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29(g) |  | 978 | 880,710
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26(b) | EUR | 88 | 103,565
Verisure Holding AB(b) |  |  |
3.88%, 07/15/26 |  | 140 | 164,414
9.25%, 10/15/27 |  | 80 | 98,201
7.13%, 02/01/28 |  | 100 | 122,365
Veritiv Operating Co., 10.50%, 11/30/30(g) | USD | 819 | 886,563
Wand NewCo 3, Inc., 7.63%, 01/30/32(g) |  | 2,092 | 2,198,543
WEX, Inc., 6.50%, 03/15/33(g) |  | 2,219 | 2,238,754
Williams Scotsman, Inc.(g) |  |  |
6.63%, 06/15/29 |  | 200 | 205,305
6.63%, 04/15/30 |  | 1,691 | 1,756,528
7.38%, 10/01/31 |  | 3,156 | 3,322,002
Worldline SA, 5.50%, 06/10/30(b) | EUR | 100 | 102,266
|  |  | 115,456,523
Communications Equipment(g) — 0.4%
CommScope LLC |  |  |
4.75%, 09/01/29 | USD | 4,757 | 4,644,180
9.50%, 12/15/31 |  | 561 | 587,486
Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 528 | 493,369
|  |  | 5,725,035

Security |  | Par (000) | Value
Construction & Engineering — 0.3%
Arcosa, Inc., 6.88%, 08/15/32(g) | USD | 144 | $149,446
Brand Industrial Services, Inc., 10.38%, 08/01/30(g) |  | 4,619 | 4,261,657
Heathrow Finance PLC, 6.63%, 03/01/31(b) | GBP | 100 | 136,440
|  |  | 4,547,543
Consumer Finance — 1.0%
Bread Financial Holdings, Inc., (5-year CMT + 4.30%), 8.38%, 06/15/35(c)(g) | USD | 224 | 225,540
Navient Corp. |  |  |
9.38%, 07/25/30 |  | 626 | 690,485
7.88%, 06/15/32 |  | 1,274 | 1,324,958
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 |  | 3,098 | 3,199,240
6.63%, 05/15/29 |  | 1,650 | 1,694,634
5.38%, 11/15/29 |  | 408 | 401,327
7.88%, 03/15/30 |  | 1,538 | 1,634,232
4.00%, 09/15/30 |  | 451 | 416,153
7.50%, 05/15/31 |  | 575 | 600,790
7.13%, 11/15/31 |  | 527 | 548,330
6.75%, 03/15/32 |  | 1,588 | 1,617,867
7.13%, 09/15/32 |  | 2,031 | 2,102,631
SLM Corp., 6.50%, 01/31/30 |  | 330 | 346,380
|  |  | 14,802,567
Consumer Staples Distribution & Retail — 0.2%
B&M European Value Retail SA, 6.50%, 11/27/31(b) | GBP | 100 | 138,161
Walgreens Boots Alliance, Inc. |  |  |
8.13%, 08/15/29 | USD | 842 | 893,005
4.80%, 11/18/44 |  | 1,874 | 1,789,670
|  |  | 2,820,836
Containers & Packaging — 3.9%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
6.00%, 06/15/27(g) |  | 2,341 | 2,348,192
3.25%, 09/01/28(g) |  | 1,508 | 1,425,110
3.00%, 09/01/29(b) | EUR | 464 | 489,524
4.00%, 09/01/29(g) | USD | 6,715 | 6,129,969
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26(b) | EUR | 1,370 | 1,544,767
4.13%, 08/15/26(g) | USD | 3,278 | 3,077,616
Ball Corp., 4.25%, 07/01/32 | EUR | 875 | 1,044,274
Clydesdale Acquisition Holdings, Inc.(g) |  |  |
6.63%, 04/15/29 | USD | 2,900 | 2,942,006
6.88%, 01/15/30 |  | 2,288 | 2,338,971
8.75%, 04/15/30 |  | 2,153 | 2,202,140
6.75%, 04/15/32 |  | 5,084 | 5,217,551
Crown Americas LLC, 5.88%, 06/01/33(g) |  | 2,925 | 2,944,992
Fiber Midco SpA, (10.75% PIK), 10.75%, 06/15/29(b)(h) | EUR | 100 | 107,369
Graphic Packaging International LLC, 2.63%, 02/01/29(b) |  | 456 | 513,577
Kleopatra Finco SARL, 4.25%, 03/01/26(b) |  | 100 | 110,448
LABL, Inc.(g) |  |  |
5.88%, 11/01/28 | USD | 376 | 328,797
9.50%, 11/01/28 |  | 2,653 | 2,452,375
8.63%, 10/01/31 |  | 1,593 | 1,362,602
Mauser Packaging Solutions Holding Co.(g) |  |  |
7.88%, 04/15/27 |  | 17,673 | 17,962,696
9.25%, 04/15/27 |  | 778 | 772,545
OI European Group BV |  |  |
6.25%, 05/15/28 | EUR | 394 | 479,196
6.25%, 05/15/28(b) |  | 100 | 121,623

Consolidated Schedule of Investments
47

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Containers & Packaging (continued)
OI European Group BV (continued) |  |  |
5.25%, 06/01/29(b) | EUR | 100 | $121,270
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27(g) | USD | 211 | 211,096
Sealed Air Corp.(g) |  |  |
4.00%, 12/01/27 |  | 404 | 394,294
6.50%, 07/15/32 |  | 952 | 986,522
Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, 02/15/31(g) |  | 87 | 91,566
Trident TPI Holdings, Inc., 12.75%, 12/31/28(g) |  | 621 | 658,745
Trivium Packaging Finance BV(g) |  |  |
6.63%, 07/15/30 | EUR | 445 | 541,762
8.25%, 07/15/30 | USD | 995 | 1,052,200
12.25%, 01/15/31 |  | 553 | 592,780
|  |  | 60,566,575
Diversified REITs(g) — 1.1%
Digital Realty Trust LP, 1.88%, 11/15/29(l) |  | 422 | 443,691
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 |  | 590 | 563,465
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 |  | 776 | 744,082
Iron Mountain, Inc. |  |  |
5.25%, 07/15/30 |  | 122 | 120,331
5.63%, 07/15/32 |  | 3,252 | 3,226,152
6.25%, 01/15/33 |  | 2,516 | 2,586,966
Rithm Capital Corp., 8.00%, 07/15/30 |  | 728 | 731,640
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28 |  | 7,828 | 8,298,013
|  |  | 16,714,340
Diversified Telecommunication Services — 6.7%
Altice Financing SA(g) |  |  |
5.00%, 01/15/28 |  | 3,474 | 2,613,469
5.75%, 08/15/29 |  | 600 | 438,108
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(g) |  | 800 | 804,102
EchoStar Corp. |  |  |
(6.75% PIK), 6.75%, 11/30/30(h) |  | 11,397 | 10,401,524
10.75%, 11/30/29 |  | 4,613 | 4,751,888
eircom Finance DAC, Series JUL, 04/30/31(a)(b) | EUR | 160 | 188,943
Eutelsat SA(b) |  |  |
1.50%, 10/13/28 |  | 100 | 107,110
9.75%, 04/13/29 |  | 100 | 126,977
Fibercop SpA |  |  |
4.75%, 06/30/30(b) |  | 102 | 120,920
5.13%, 06/30/32(b) |  | 100 | 117,960
6.00%, 09/30/34(g) | USD | 2,917 | 2,729,848
7.20%, 07/18/36(g) |  | 1,468 | 1,430,688
Series 2033, 6.38%, 11/15/33(g) |  | 803 | 779,785
Frontier Communications Holdings LLC |  |  |
5.88%, 10/15/27(g) |  | 251 | 251,095
5.00%, 05/01/28(g) |  | 345 | 344,855
6.75%, 05/01/29(g) |  | 611 | 618,989
5.88%, 11/01/29 |  | 910 | 918,620
6.00%, 01/15/30(g) |  | 1,055 | 1,068,607
8.75%, 05/15/30(g) |  | 13,691 | 14,319,023
8.63%, 03/15/31(g) |  | 1,334 | 1,417,385
Global Switch Finance BV, 1.38%, 10/07/30(b) | EUR | 106 | 116,924
Iliad Holding SASU |  |  |
7.00%, 10/15/28(g) | USD | 828 | 843,130
5.38%, 04/15/30(b) | EUR | 169 | 204,449
6.88%, 04/15/31(b) |  | 101 | 126,855
8.50%, 04/15/31(g) | USD | 3,025 | 3,235,616

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Iliad Holding SASU (continued) |  |  |
7.00%, 04/15/32(g) | USD | 3,781 | $3,873,941
Intelsat Jackson Holdings SA, 6.50%, 03/15/30(g) |  | 248 | 252,885
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(b) | EUR | 100 | 119,417
Level 3 Financing, Inc.(g) |  |  |
3.63%, 01/15/29 | USD | 343 | 293,265
4.88%, 06/15/29 |  | 4,257 | 3,974,974
11.00%, 11/15/29 |  | 6,721 | 7,709,364
4.50%, 04/01/30 |  | 1,772 | 1,603,919
3.88%, 10/15/30 |  | 715 | 620,263
10.75%, 12/15/30 |  | 2,684 | 3,043,254
4.00%, 04/15/31 |  | 84 | 71,472
10.00%, 10/15/32 |  | 958 | 967,573
6.88%, 06/30/33 |  | 11,738 | 11,943,685
Lorca Telecom Bondco SA(b) |  |  |
4.00%, 09/18/27 | EUR | 174 | 204,795
5.75%, 04/30/29 |  | 196 | 241,059
Lumen Technologies, Inc.(g) |  |  |
4.13%, 04/15/30 | USD | 841 | 819,926
10.00%, 10/15/32 |  | 1,155 | 1,179,058
Sable International Finance Ltd., 7.13%, 10/15/32(g) |  | 2,418 | 2,424,801
SES SA, 4.88%, 06/24/33(b) | EUR | 100 | 118,937
SoftBank Group Corp.(b) |  |  |
3.13%, 09/19/25 |  | 226 | 265,666
5.38%, 01/08/29 |  | 148 | 177,084
3.88%, 07/06/32 |  | 190 | 203,108
Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 2,006 | 2,161,546
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(g) |  | 8,739 | 9,152,232
Zayo Group Holdings, Inc.(g) |  |  |
4.00%, 03/01/27 |  | 3,582 | 3,359,115
6.13%, 03/01/28 |  | 1,718 | 1,482,589
|  |  | 104,340,798
Electric Utilities — 1.3%
A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), 5.00%(b)(c)(i) | EUR | 150 | 182,909
Alpha Generation LLC, 6.75%, 10/15/32(g) | USD | 1,671 | 1,722,542
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |  |  |
5.63%, 02/15/32(b) | EUR | 106 | 128,428
6.38%, 02/15/32(g) | USD | 988 | 989,611
ContourGlobal Power Holdings SA |  |  |
5.00%, 02/28/30(b) | EUR | 100 | 118,677
6.75%, 02/28/30(g) | USD | 2,613 | 2,692,331
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(c)(i) |  | 3,338 | 3,142,799
EDP SA, (5-year EUR Swap + 2.38%), 1.88%, 08/02/81(b)(c) | EUR | 200 | 232,242
NextEra Energy Capital Holdings, Inc., (5-year CMT + 2.46%), 6.75%, 06/15/54(c) | USD | 938 | 973,147
Pike Corp., 8.63%, 01/31/31(g) |  | 461 | 501,374
Public Power Corp. SA, 4.63%, 10/31/31(b) | EUR | 100 | 120,145
Vistra Operations Co. LLC(g) |  |  |
7.75%, 10/15/31 | USD | 1,921 | 2,041,722
6.88%, 04/15/32 |  | 1,756 | 1,835,866
XPLR Infrastructure Operating Partners LP, 8.38%, 01/15/31(g) |  | 5,639 | 6,023,039
|  |  | 20,704,832
Electronic Equipment, Instruments & Components(g) — 0.5%
Sensata Technologies, Inc., 6.63%, 07/15/32 |  | 1,981 | 2,038,746
WESCO Distribution, Inc. |  |  |
6.63%, 03/15/32 |  | 955 | 992,407

48
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Electronic Equipment, Instruments & Components (continued)
WESCO Distribution, Inc. (continued) |  |  |
6.38%, 03/15/33 | USD | 2,876 | $2,972,582
Xerox Corp., 10.25%, 10/15/30 |  | 1,439 | 1,506,553
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 591 | 607,712
|  |  | 8,118,000
Energy Equipment & Services — 1.0%
Archrock Partners LP/Archrock Partners Finance Corp.(g) |  |  |
6.88%, 04/01/27 |  | 1,223 | 1,224,249
6.25%, 04/01/28 |  | 560 | 561,854
6.63%, 09/01/32 |  | 2,256 | 2,298,497
Enerflex Ltd., 9.00%, 10/15/27(g) |  | 475 | 489,801
Kodiak Gas Services LLC, 7.25%, 02/15/29(g) |  | 2,606 | 2,695,675
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 369 | 372,042
OEG Finance PLC, 7.25%, 09/27/29(b) | EUR | 100 | 123,051
Star Holding LLC, 8.75%, 08/01/31(g) | USD | 1,289 | 1,214,711
Tidewater, Inc., 07/15/30(a)(g) |  | 1,127 | 1,159,525
USA Compression Partners LP/USA Compression Finance Corp. |  |  |
6.88%, 09/01/27 |  | 1,112 | 1,114,237
7.13%, 03/15/29(g) |  | 1,817 | 1,862,301
Weatherford International Ltd., 8.63%, 04/30/30(g) |  | 2,603 | 2,682,983
|  |  | 15,798,926
Entertainment — 3.3%
Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30(b) | EUR | 100 | 125,157
Banijay Entertainment SAS |  |  |
7.00%, 05/01/29(b) |  | 113 | 139,112
8.13%, 05/01/29(g) | USD | 480 | 497,981
Boyne USA, Inc., 4.75%, 05/15/29(g) |  | 1,869 | 1,813,571
Caesars Entertainment, Inc.(g) |  |  |
4.63%, 10/15/29 |  | 456 | 435,268
7.00%, 02/15/30 |  | 7,376 | 7,638,453
6.50%, 02/15/32 |  | 3,143 | 3,225,082
Churchill Downs, Inc.(g) |  |  |
5.75%, 04/01/30 |  | 1,065 | 1,068,471
6.75%, 05/01/31 |  | 10,273 | 10,558,815
Cinemark USA, Inc., 7.00%, 08/01/32(g) |  | 383 | 397,617
Cirsa Finance International SARL(b) |  |  |
6.50%, 03/15/29 | EUR | 100 | 123,198
(3-mo. EURIBOR + 4.50%), 6.69%, 07/31/28(c) |  | 54 | 64,266
Flutter Treasury DAC |  |  |
4.00%, 06/04/31(b) |  | 101 | 119,159
5.88%, 06/04/31(g) | USD | 2,708 | 2,728,310
Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29(g) |  | 1,987 | 1,944,914
Light & Wonder International, Inc.(g) |  |  |
7.00%, 05/15/28 |  | 706 | 708,057
7.25%, 11/15/29 |  | 241 | 248,292
7.50%, 09/01/31 |  | 474 | 495,999
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29(g) |  | 1,076 | 935,119
Live Nation Entertainment, Inc., 4.75%, 10/15/27(g) |  | 335 | 331,358
Lottomatica Group SpA(b) |  |  |
4.88%, 01/31/31 | EUR | 100 | 120,780
(3-mo. EURIBOR + 3.25%), 5.25%, 06/01/31(c) |  | 100 | 118,313
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31(g) | USD | 1,535 | 1,371,698
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(g) |  | 578 | 556,768
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30(g) |  | 1,384 | 1,428,576
Motion Finco SARL, 7.38%, 06/15/30(b) | EUR | 100 | 110,462
Odeon Finco PLC, 12.75%, 11/01/27(g) | USD | 1,503 | 1,570,464

Security |  | Par (000) | Value
Entertainment (continued)
Pinewood Finco PLC(b) |  |  |
3.63%, 11/15/27 | GBP | 100 | $130,809
6.00%, 03/27/30 |  | 181 | 245,345
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(g) |  |  |
5.63%, 09/01/29 | USD | 1,188 | 680,130
5.88%, 09/01/31 |  | 262 | 143,445
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33(g) |  | 903 | 904,167
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30(g) |  | 1,917 | 1,847,333
Six Flags Entertainment Corp., 7.25%, 05/15/31(g) |  | 1,221 | 1,254,804
Voyager Parent LLC, 9.25%, 07/01/32(g) |  | 1,652 | 1,718,785
Warnermedia Holdings, Inc., 03/15/42(a) |  | 2,055 | 1,384,556
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(g) |  |  |
5.13%, 10/01/29 |  | 1,884 | 1,870,402
7.13%, 02/15/31 |  | 2,228 | 2,376,075
6.25%, 03/15/33 |  | 252 | 253,616
|  |  | 51,684,727
Environmental, Maintenance & Security Service — 0.9%
GFL Environmental, Inc., 6.75%, 01/15/31(g) |  | 192 | 200,913
Madison IAQ LLC, 5.88%, 06/30/29(g) |  | 3,815 | 3,753,098
Reworld Holding Corp. |  |  |
4.88%, 12/01/29(g) |  | 2,689 | 2,558,164
5.00%, 09/01/30 |  | 335 | 316,622
Waste Pro USA, Inc., 7.00%, 02/01/33(g) |  | 5,773 | 5,993,055
Wrangler Holdco Corp., 6.63%, 04/01/32(g) |  | 816 | 849,506
|  |  | 13,671,358
Financial Services — 3.3%
Ally Financial, Inc., (1-day SOFR Index + 1.96%), 5.74%, 05/15/29(c) |  | 300 | 305,341
Azorra Finance Ltd.(g) |  |  |
7.75%, 04/15/30 |  | 2,259 | 2,345,124
01/15/31(a) |  | 621 | 633,993
Bracken MidCo1 PLC, (6.75% PIK), 6.75%, 11/01/27(b)(h) | GBP | 100 | 135,778
Freedom Mortgage Holdings LLC(g) |  |  |
9.25%, 02/01/29 | USD | 862 | 895,342
9.13%, 05/15/31 |  | 1,491 | 1,536,896
8.38%, 04/01/32 |  | 1,008 | 1,018,863
Garfunkelux Holdco SA, 9.00%, 09/01/28 | EUR | 85 | 99,988
GGAM Finance Ltd.(g) |  |  |
8.00%, 02/15/27 | USD | 2,605 | 2,685,862
8.00%, 06/15/28 |  | 442 | 467,512
6.88%, 04/15/29 |  | 1,248 | 1,290,217
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(g) |  | 1,913 | 1,963,216
Jefferies Finance LLC/JFIN Co-Issuer Corp.(g) |  |  |
5.00%, 08/15/28 |  | 1,479 | 1,429,714
6.63%, 10/15/31 |  | 409 | 407,526
Midcap Financial Issuer Trust(g) |  |  |
6.50%, 05/01/28 |  | 1,978 | 1,959,305
5.63%, 01/15/30 |  | 1,600 | 1,478,000
Nationstar Mortgage Holdings, Inc.(g) |  |  |
6.00%, 01/15/27 |  | 2 | 2,002
6.50%, 08/01/29 |  | 2,646 | 2,702,767
5.13%, 12/15/30 |  | 433 | 438,230
5.75%, 11/15/31 |  | 1,505 | 1,528,466
7.13%, 02/01/32 |  | 3,608 | 3,747,612
PennyMac Financial Services, Inc.(g) |  |  |
7.88%, 12/15/29 |  | 981 | 1,041,707
7.13%, 11/15/30 |  | 1,404 | 1,455,085
6.88%, 05/15/32 |  | 1,909 | 1,951,895
6.88%, 02/15/33 |  | 877 | 898,925

Consolidated Schedule of Investments
49

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(g) | USD | 2,368 | $2,452,626
ProGroup AG, 5.13%, 04/15/29(b) | EUR | 100 | 119,120
Rocket Cos., Inc.(g) |  |  |
6.13%, 08/01/30 | USD | 6,528 | 6,652,228
6.38%, 08/01/33 |  | 5,438 | 5,564,165
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(g) |  |  |
3.88%, 03/01/31 |  | 398 | 368,954
4.00%, 10/15/33 |  | 497 | 444,650
Stena International SA, 7.25%, 01/15/31(g) |  | 200 | 200,620
Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, 01/14/31(h) | EUR | 548 | 188,659
UWM Holdings LLC, 6.63%, 02/01/30(g) | USD | 2,357 | 2,359,436
|  |  | 50,769,824
Food Products — 1.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 6.25%, 03/15/33(g) |  | 983 | 1,013,302
B&G Foods, Inc., 8.00%, 09/15/28(g) |  | 452 | 435,180
Bellis Acquisition Co. PLC(b) |  |  |
8.13%, 05/14/30 | GBP | 128 | 165,377
07/01/31(a) | EUR | 100 | 118,054
Bellis Finco PLC, 4.00%, 02/16/27(b) | GBP | 100 | 137,186
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(g)(h) | USD | 7,053 | 7,552,869
Chobani LLC/Chobani Finance Corp., Inc., 7.63%, 07/01/29(g) |  | 5,914 | 6,162,755
Darling Global Finance BV |  |  |
4.50%, 07/15/32(g) | EUR | 990 | 1,180,267
4.50%, 07/15/32(b) |  | 100 | 119,219
ELO SACA(b) |  |  |
3.25%, 07/23/27 |  | 200 | 226,862
5.88%, 04/17/28 |  | 100 | 112,515
Fiesta Purchaser, Inc.(g) |  |  |
7.88%, 03/01/31 | USD | 104 | 110,365
9.63%, 09/15/32 |  | 450 | 474,826
Irca SpA, (3-mo. EURIBOR + 3.75%), 5.73%, 12/15/29(b)(c) | EUR | 104 | 122,672
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29(g) | USD | 850 | 880,305
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 5.56%, 07/01/29(b)(c) | EUR | 200 | 236,661
Market Bidco Finco PLC, 5.50%, 11/04/27(b) | GBP | 156 | 209,857
Ocado Group PLC, Series ., 11.00%, 06/15/30(b) |  | 100 | 133,509
Performance Food Group, Inc., 4.25%, 08/01/29(g) | USD | 81 | 78,104
Post Holdings, Inc.(g) |  |  |
4.50%, 09/15/31 |  | 215 | 199,565
6.38%, 03/01/33 |  | 1,550 | 1,564,131
6.25%, 10/15/34 |  | 183 | 184,039
Premier Foods Finance PLC, 3.50%, 10/15/26(b) | GBP | 100 | 135,957
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(g) | USD | 393 | 371,060
Tereos Finance Groupe I SA, 7.25%, 04/15/28(b) | EUR | 100 | 121,413
United Natural Foods, Inc., 6.75%, 10/15/28(g) | USD | 1,122 | 1,107,371
|  |  | 23,153,421
Gas Utilities — 1.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, 06/01/30(g) |  | 672 | 697,185
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(g) |  | 418 | 395,469

Security |  | Par (000) | Value
Gas Utilities (continued)
Venture Global Plaque |  |  |
6.50%, 01/15/34 | USD | 4,883 | $4,883,000
6.75%, 01/15/36 |  | 5,096 | 5,096,000
Venture Global Plaquemines LNG LLC(g) |  |  |
7.50%, 05/01/33 |  | 2,097 | 2,245,516
7.75%, 05/01/35 |  | 2,871 | 3,107,633
|  |  | 16,424,803
Ground Transportation — 0.1%
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32(g) |  | 693 | 724,404
Health Care Equipment & Supplies — 1.2%
Avantor Funding, Inc.(b) |  |  |
2.63%, 11/01/25 | EUR | 527 | 619,539
3.88%, 07/15/28 |  | 100 | 117,353
Bausch & Lomb Corp., 8.38%, 10/01/28(g) | USD | 6,265 | 6,539,094
Insulet Corp., 6.50%, 04/01/33(g) |  | 1,316 | 1,372,043
Medline Borrower LP, 5.25%, 10/01/29(g) |  | 7,075 | 7,019,849
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29(g) |  | 363 | 372,904
Neogen Food Safety Corp., 8.63%, 07/20/30(g) |  | 899 | 929,869
Sotera Health Holdings LLC, 7.38%, 06/01/31(g) |  | 996 | 1,036,281
|  |  | 18,006,932
Health Care Providers & Services — 3.5%
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(g) |  | 1,017 | 1,047,746
AHP Health Partners, Inc., 5.75%, 07/15/29(g) |  | 2,104 | 2,051,749
CHS/Community Health Systems, Inc.(g) |  |  |
5.63%, 03/15/27 |  | 2,509 | 2,471,316
6.00%, 01/15/29 |  | 3,050 | 2,933,698
5.25%, 05/15/30 |  | 5,152 | 4,568,523
4.75%, 02/15/31 |  | 2,223 | 1,900,404
10.88%, 01/15/32 |  | 3,613 | 3,829,299
Clariane SE, 7.88%, 06/27/30(b) | EUR | 100 | 118,682
Concentra Health Services, Inc., 6.88%, 07/15/32(g) | USD | 2,252 | 2,331,639
DaVita, Inc.(g) |  |  |
6.88%, 09/01/32 |  | 681 | 705,639
6.75%, 07/15/33 |  | 918 | 947,924
Ephios Subco 3 SARL, 7.88%, 01/31/31(b) | EUR | 218 | 276,182
Fortrea Holdings, Inc., 7.50%, 07/01/30(g) | USD | 500 | 452,588
HAH Group Holding Co. LLC, 9.75%, 10/01/31(g) |  | 2,268 | 2,248,525
IQVIA, Inc. |  |  |
1.75%, 03/15/26(b) | EUR | 330 | 384,852
2.25%, 03/15/29(b) |  | 100 | 112,730
6.25%, 06/01/32(g) | USD | 4,888 | 5,016,155
LifePoint Health, Inc.(g) |  |  |
9.88%, 08/15/30 |  | 640 | 692,292
11.00%, 10/15/30 |  | 2,861 | 3,156,244
8.38%, 02/15/32 |  | 3,798 | 4,046,936
10.00%, 06/01/32 |  | 1,578 | 1,627,967
Mehilainen Yhtiot OYJ, 5.13%, 06/30/32(b) | EUR | 100 | 118,295
Molina Healthcare, Inc., 6.25%, 01/15/33(g) | USD | 1,285 | 1,308,000
Prime Healthcare Services, Inc., 9.38%, 09/01/29(g) |  | 390 | 387,075
Star Parent, Inc., 9.00%, 10/01/30(g) |  | 4,238 | 4,457,608
Surgery Center Holdings, Inc., 7.25%, 04/15/32(g) |  | 5,247 | 5,346,756
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(g) |  | 2,104 | 2,170,146
|  |  | 54,708,970
Health Care REITs — 0.4%
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
7.00%, 02/15/32(g) | EUR | 1,425 | 1,719,705

50
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care REITs (continued)
MPT Operating Partnership LP/MPT Finance Corp. (continued) |  |  |
7.00%, 02/15/32(b) | EUR | 152 | $183,435
8.50%, 02/15/32(g) | USD | 4,784 | 5,006,724
|  |  | 6,909,864
Hotel & Resort REITs — 1.3%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(g) |  | 1,878 | 1,931,408
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(g) |  | 606 | 609,256
Pebblebrook Hotel Trust, 1.75%, 12/15/26(l) |  | 68 | 64,266
RHP Hotel Properties LP/RHP Finance Corp.(g) |  |  |
6.50%, 04/01/32 |  | 5,475 | 5,630,747
6.50%, 06/15/33 |  | 1,478 | 1,520,487
RLJ Lodging Trust LP, 4.00%, 09/15/29(g) |  | 749 | 698,926
Service Properties Trust |  |  |
8.63%, 11/15/31(g) |  | 6,051 | 6,496,184
8.88%, 06/15/32 |  | 3,191 | 3,281,171
XHR LP, 6.63%, 05/15/30(g) |  | 592 | 603,169
|  |  | 20,835,614
Hotels, Restaurants & Leisure — 3.9%
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29(g) |  | 960 | 973,558
Bertrand Franchise Finance SAS, (3-mo. EURIBOR + 3.75%), 5.99%, 07/18/30(b)(c) | EUR | 120 | 138,527
Carnival Corp.(g) |  |  |
6.00%, 05/01/29 | USD | 3,963 | 4,004,382
5.88%, 06/15/31 |  | 2,362 | 2,406,288
6.13%, 02/15/33 |  | 5,018 | 5,134,177
Deuce Finco PLC, 5.50%, 06/15/27(b) | GBP | 100 | 136,057
Essendi SA, (3-mo. EURIBOR + 3.75%), 5.81%, 05/15/32(b)(c) | EUR | 100 | 118,824
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(g) |  |  |
4.63%, 01/15/29 | USD | 4,391 | 4,205,773
6.75%, 01/15/30 |  | 671 | 619,200
Las Vegas Sands Corp., 6.00%, 06/14/30 |  | 845 | 871,764
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(g) |  | 576 | 601,299
Lindblad Expeditions LLC, 6.75%, 02/15/27(g) |  | 1,331 | 1,338,845
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(g) |  | 1,447 | 1,136,675
Melco Resorts Finance Ltd.(g) |  |  |
5.63%, 07/17/27 |  | 200 | 199,500
5.75%, 07/21/28 |  | 600 | 587,028
5.38%, 12/04/29 |  | 2,283 | 2,141,842
7.63%, 04/17/32 |  | 1,534 | 1,552,408
MGM China Holdings Ltd.(g) |  |  |
4.75%, 02/01/27 |  | 440 | 436,150
7.13%, 06/26/31 |  | 474 | 490,590
MGM Resorts International, 6.13%, 09/15/29 |  | 2,148 | 2,184,829
NCL Corp. Ltd.(g) |  |  |
8.13%, 01/15/29 |  | 631 | 665,188
7.75%, 02/15/29 |  | 1,782 | 1,894,770
6.25%, 03/01/30 |  | 751 | 757,409
6.75%, 02/01/32 |  | 2,931 | 2,994,393
NCL Finance Ltd., 6.13%, 03/15/28(g) |  | 849 | 862,812
Pinnacle Bidco PLC(b) |  |  |
8.25%, 10/11/28 | EUR | 100 | 123,538
10.00%, 10/11/28 | GBP | 100 | 145,089
Sabre GLBL, Inc.(g) |  |  |
8.63%, 06/01/27 | USD | 715 | 731,981
10.75%, 11/15/29 |  | 2,092 | 2,149,626

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Sabre GLBL, Inc.(g) (continued) |  |  |
11.13%, 07/15/30 | USD | 2,112 | $2,209,152
Station Casinos LLC(g) |  |  |
4.63%, 12/01/31 |  | 2,431 | 2,277,199
6.63%, 03/15/32 |  | 889 | 909,013
Stonegate Pub Co. Financing PLC(b) |  |  |
10.75%, 07/31/29 | GBP | 123 | 175,032
(3-mo. EURIBOR + 6.63%), 8.77%, 07/31/29(c) | EUR | 100 | 119,562
TUI AG, 5.88%, 03/15/29(b) |  | 120 | 146,655
TUI Cruises GmbH, 5.00%, 05/15/30(b) |  | 106 | 125,571
Vail Resorts, Inc., 5.63%, 07/15/30 | USD | 1,122 | 1,122,000
Viking Cruises Ltd.(g) |  |  |
5.88%, 09/15/27 |  | 1,436 | 1,436,803
7.00%, 02/15/29 |  | 269 | 271,359
9.13%, 07/15/31 |  | 3,780 | 4,071,064
Wynn Macau Ltd.(g) |  |  |
5.50%, 01/15/26 |  | 962 | 959,775
5.50%, 10/01/27 |  | 200 | 198,500
5.63%, 08/26/28 |  | 5,107 | 5,008,690
4.50%, 03/07/29(l) |  | 200 | 198,600
5.13%, 12/15/29 |  | 1,358 | 1,298,302
|  |  | 60,129,799
Household Durables — 1.2%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30(g) |  | 636 | 604,801
Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 306 | 306,595
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29(g) |  | 1,154 | 1,050,231
Dream Finders Homes, Inc., 8.25%, 08/15/28(g) |  | 607 | 632,814
Empire Communities Corp., 9.75%, 05/01/29(g) |  | 257 | 262,820
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(g) |  | 3,601 | 3,903,700
LGI Homes, Inc.(g) |  |  |
8.75%, 12/15/28 |  | 453 | 470,911
7.00%, 11/15/32 |  | 1,305 | 1,242,034
Meritage Homes Corp., 1.75%, 05/15/28(l) |  | 2,135 | 2,067,160
New Home Co., Inc., 9.25%, 10/01/29(g) |  | 1,145 | 1,187,051
Newell Brands, Inc., 8.50%, 06/01/28(g) |  | 1,485 | 1,559,563
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 229 | 221,164
4.38%, 02/01/32 |  | 1,696 | 1,557,372
Somnigroup International, Inc., 3.88%, 10/15/31(g) |  | 1,434 | 1,303,741
STL Holding Co. LLC, 8.75%, 02/15/29(g) |  | 618 | 645,641
Whirlpool Corp. |  |  |
6.13%, 06/15/30 |  | 1,097 | 1,106,641
6.50%, 06/15/33 |  | 1,164 | 1,167,728
|  |  | 19,289,967
Household Products — 0.0%
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(g) |  | 296 | 268,792
Independent Power and Renewable Electricity Producers(g) — 1.2%
Calpine Corp., 4.63%, 02/01/29 |  | 2,297 | 2,268,582
Clearway Energy Operating LLC, 3.75%, 01/15/32 |  | 104 | 93,330
Lightning Power LLC, 7.25%, 08/15/32 |  | 609 | 640,942
NRG Energy, Inc. |  |  |
5.75%, 07/15/29 |  | 1,231 | 1,232,582
6.00%, 02/01/33 |  | 3,898 | 3,936,847
6.25%, 11/01/34 |  | 3,957 | 4,031,582
Vistra Corp., (5-year CMT + 6.93%), 8.00%(c)(i) |  | 994 | 1,018,103
XPLR Infrastructure LP(l) |  |  |
0.00%, 11/15/25(k) |  | 2,591 | 2,519,748
2.50%, 06/15/26 |  | 3,214 | 3,069,365
|  |  | 18,811,081

Consolidated Schedule of Investments
51

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Industrial Conglomerates — 0.2%
Amsted Industries, Inc., 6.38%, 03/15/33(g) | USD | 1,134 | $1,152,673
Axon Enterprise, Inc.(g) |  |  |
6.13%, 03/15/30 |  | 458 | 470,989
6.25%, 03/15/33 |  | 1,053 | 1,084,234
Enpro, Inc., 6.13%, 06/01/33(g) |  | 876 | 895,554
Maxam Prill SARL, 07/15/30(a)(b) | EUR | 154 | 180,316
|  |  | 3,783,766
Insurance — 7.8%
Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32(g) | USD | 652 | 661,241
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(g) |  |  |
6.75%, 10/15/27 |  | 6,867 | 6,862,949
6.75%, 04/15/28 |  | 1,904 | 1,935,616
5.88%, 11/01/29 |  | 4,674 | 4,607,438
7.00%, 01/15/31 |  | 4,898 | 5,066,540
7.38%, 10/01/32 |  | 7,319 | 7,544,528
AmWINS Group, Inc., 4.88%, 06/30/29(g) |  | 878 | 853,253
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29(g) |  | 1,110 | 1,135,430
Ardonagh Finco Ltd. |  |  |
6.88%, 02/15/31(b) | EUR | 1,289 | 1,560,200
7.75%, 02/15/31(g) | USD | 7,009 | 7,327,692
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(g) |  | 6,836 | 7,193,161
AssuredPartners, Inc., 7.50%, 02/15/32(g) |  | 1,975 | 2,116,258
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC(g) |  |  |
7.25%, 02/15/31 |  | 8,235 | 8,527,482
8.13%, 02/15/32 |  | 4,075 | 4,238,077
HUB International Ltd.(g) |  |  |
7.25%, 06/15/30 |  | 17,624 | 18,417,697
7.38%, 01/31/32 |  | 20,576 | 21,529,254
Jones Deslauriers Insurance Management, Inc.(g) |  |  |
8.50%, 03/15/30 |  | 2,854 | 3,025,035
10.50%, 12/15/30 |  | 2,104 | 2,242,460
Panther Escrow Issuer LLC, 7.13%, 06/01/31(g) |  | 13,625 | 14,152,982
Unipol Assicurazioni SpA, 4.90%, 05/23/34(b) | EUR | 100 | 123,611
USI, Inc., 7.50%, 01/15/32(g) | USD | 2,420 | 2,553,485
|  |  | 121,674,389
Interactive Media & Services — 0.3%
iliad SA(b) |  |  |
5.38%, 02/15/29 | EUR | 100 | 123,627
5.63%, 02/15/30 |  | 100 | 125,856
Snap, Inc., 6.88%, 03/01/33(g) | USD | 4,839 | 4,965,424
United Group BV, 4.00%, 11/15/27(b) | EUR | 32 | 37,223
|  |  | 5,252,130
Internet Software & Services — 1.0%
Acuris Finance U.S., Inc./Acuris Finance SARL(g) |  |  |
5.00%, 05/01/28 | USD | 2,232 | 2,129,934
9.00%, 08/01/29 |  | 776 | 793,426
ANGI Group LLC, 3.88%, 08/15/28(g) |  | 869 | 810,200
Cablevision Lightpath LLC(g) |  |  |
3.88%, 09/15/27 |  | 600 | 578,287
5.63%, 09/15/28 |  | 1,201 | 1,160,233
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28(b) | EUR | 122 | 151,815
Getty Images, Inc., 11.25%, 02/21/30(g) | USD | 931 | 924,018
ION Trading Technologies SARL, 9.50%, 05/30/29(g) |  | 757 | 777,440
Match Group Holdings II LLC(g) |  |  |
4.63%, 06/01/28 |  | 2,149 | 2,097,047
4.13%, 08/01/30 |  | 872 | 815,482
3.63%, 10/01/31 |  | 723 | 646,897

Security |  | Par (000) | Value
Internet Software & Services (continued)
Rakuten Group, Inc.(g) |  |  |
11.25%, 02/15/27 | USD | 1,108 | $1,203,137
9.75%, 04/15/29 |  | 2,442 | 2,674,915
|  |  | 14,762,831
IT Services — 0.9%
Almaviva-The Italian Innovation Co. SpA, 10/30/30(a)(b) | EUR | 162 | 190,828
Amentum Holdings, Inc., 7.25%, 08/01/32(g) | USD | 1,301 | 1,338,928
Atos SE(b)(m) |  |  |
5.20%, 12/18/30 | EUR | 237 | 237,313
1.04%, 12/18/32 |  | 152 | 75,707
9.36%, 12/18/29 |  | 169 | 222,618
CA Magnum Holdings, 5.38%, 10/31/26(g) | USD | 3,306 | 3,276,990
CACI International, Inc., 6.38%, 06/15/33(g) |  | 1,847 | 1,906,008
Cedacri Mergeco SpA, (3-mo. EURIBOR + 5.50%), 7.64%, 05/15/28(b)(c) | EUR | 100 | 118,531
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(g) | USD | 2,815 | 2,949,042
KBR, Inc., 4.75%, 09/30/28(g) |  | 1,213 | 1,161,452
McAfee Corp., 7.38%, 02/15/30(g) |  | 3,366 | 3,178,796
|  |  | 14,656,213
Machinery — 1.7%
Chart Industries, Inc.(g) |  |  |
7.50%, 01/01/30 |  | 3,377 | 3,535,469
9.50%, 01/01/31 |  | 537 | 573,199
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(g) |  | 646 | 510,340
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29(g) |  | 4,449 | 4,651,643
IMA Industria Macchine Automatiche SpA(b) |  |  |
3.75%, 01/15/28 | EUR | 100 | 116,828
(3-mo. EURIBOR + 3.75%), 6.03%, 04/15/29(c) |  | 200 | 236,815
Manitowoc Co., Inc., 9.25%, 10/01/31(g) | USD | 668 | 703,032
Nova Alexandre III SAS, (3-mo. EURIBOR + 5.25%), 7.53%, 07/15/29(b)(c) | EUR | 100 | 119,271
Terex Corp.(g) |  |  |
5.00%, 05/15/29 | USD | 207 | 202,056
6.25%, 10/15/32 |  | 936 | 937,896
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28(b) | EUR | 900 | 1,062,806
7.63%, 07/15/28(g) | USD | 3,445 | 3,448,576
TK Elevator Midco GmbH, 4.38%, 07/15/27(b) | EUR | 992 | 1,168,455
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(g) | USD | 8,479 | 8,473,055
|  |  | 25,739,441
Media — 6.5%
Cable One, Inc.(l) |  |  |
0.00%, 03/15/26(k) |  | 475 | 449,398
1.13%, 03/15/28 |  | 1,577 | 1,202,467
CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
5.38%, 06/01/29(g) |  | 91 | 90,667
4.75%, 03/01/30(g) |  | 553 | 535,748
4.25%, 02/01/31(g) |  | 451 | 421,312
7.38%, 03/01/31(g) |  | 21,539 | 22,474,007
4.75%, 02/01/32(g) |  | 2,067 | 1,960,605
4.50%, 05/01/32 |  | 167 | 155,518
4.50%, 06/01/33(g) |  | 363 | 331,793
4.25%, 01/15/34(g) |  | 1,938 | 1,725,182
CSC Holdings LLC(g) |  |  |
5.50%, 04/15/27 |  | 1,956 | 1,867,484
5.38%, 02/01/28 |  | 2,028 | 1,856,748
11.25%, 05/15/28 |  | 5,143 | 5,123,644
11.75%, 01/31/29 |  | 4,414 | 4,198,402
4.13%, 12/01/30 |  | 400 | 282,205
3.38%, 02/15/31 |  | 936 | 648,544
4.50%, 11/15/31 |  | 400 | 281,474

52
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(g) | USD | 4,325 | $4,310,884
DISH DBS Corp.(g) |  |  |
5.25%, 12/01/26 |  | 3,230 | 2,931,225
5.75%, 12/01/28 |  | 5,745 | 4,973,016
DISH Network Corp., 11.75%, 11/15/27(g) |  | 6,281 | 6,474,618
Gray Media, Inc.(g) |  |  |
7.00%, 05/15/27 |  | 1,782 | 1,781,202
10.50%, 07/15/29 |  | 4,224 | 4,537,738
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(g) |  | 4,783 | 3,221,781
Midcontinent Communications, 8.00%, 08/15/32(g) |  | 1,713 | 1,812,823
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26(g) |  | 676 | 577,980
Sinclair Television Group, Inc., 8.13%, 02/15/33(g) |  | 3,592 | 3,628,697
Sirius XM Radio LLC(g) |  |  |
5.00%, 08/01/27 |  | 6,942 | 6,882,533
4.00%, 07/15/28 |  | 381 | 365,921
Sunrise FinCo I BV, 4.88%, 07/15/31(g) |  | 1,470 | 1,390,253
Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29(b)(h) | EUR | 214 | 172,591
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(g) | USD | 2,200 | 2,176,445
Univision Communications, Inc.(g) |  |  |
6.63%, 06/01/27 |  | 3,640 | 3,630,070
8.00%, 08/15/28 |  | 3,668 | 3,722,209
8.50%, 07/31/31 |  | 1,877 | 1,879,079
Virgin Media Secured Finance PLC(b) |  |  |
4.25%, 01/15/30 | GBP | 100 | 125,429
4.13%, 08/15/30 |  | 100 | 123,820
VZ Secured Financing BV, 3.50%, 01/15/32(b) | EUR | 170 | 183,711
Ziggo Bond Co. BV, 5.13%, 02/28/30(g) | USD | 650 | 567,487
Ziggo BV, 4.88%, 01/15/30(g) |  | 1,165 | 1,088,138
|  |  | 100,162,848
Metals & Mining — 3.8%
Aris Mining Corp., 8.00%, 10/31/29(g) |  | 362 | 368,100
Arsenal AIC Parent LLC(g) |  |  |
8.00%, 10/01/30 |  | 1,197 | 1,277,426
11.50%, 10/01/31 |  | 4,744 | 5,317,706
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 886 | 886,773
7.25%, 08/15/30 |  | 2,612 | 2,737,123
5.13%, 10/01/31 |  | 1,063 | 1,038,913
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 1,314 | 1,359,715
Cleveland-Cliffs, Inc. |  |  |
5.88%, 06/01/27 |  | 481 | 480,612
6.88%, 11/01/29(g) |  | 2,230 | 2,195,522
Constellium SE(g) |  |  |
5.63%, 06/15/28 |  | 4,620 | 4,592,974
3.75%, 04/15/29 |  | 2,133 | 2,004,334
6.38%, 08/15/32 |  | 1,591 | 1,617,458
ERO Copper Corp., 6.50%, 02/15/30(g) |  | 1,752 | 1,743,240
First Quantum Minerals Ltd.(g) |  |  |
9.38%, 03/01/29 |  | 4,417 | 4,680,474
8.00%, 03/01/33 |  | 865 | 886,893
Kaiser Aluminum Corp.(g) |  |  |
4.63%, 03/01/28 |  | 5,712 | 5,588,681
4.50%, 06/01/31 |  | 4,136 | 3,869,272
New Gold, Inc., 6.88%, 04/01/32(g) |  | 2,700 | 2,782,558
Novelis Corp.(g) |  |  |
4.75%, 01/30/30 |  | 5,807 | 5,557,299
6.88%, 01/30/30 |  | 2,446 | 2,528,995

Security |  | Par (000) | Value
Metals & Mining (continued)
Novelis Corp.(g) (continued) |  |  |
3.88%, 08/15/31 | USD | 5,256 | $4,722,859
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(b) | EUR | 1,029 | 1,175,834
Vallourec SACA, 7.50%, 04/15/32(g) | USD | 1,599 | 1,676,168
|  |  | 59,088,929
Mortgage Real Estate Investment Trusts (REITs)(g) — 0.4%
Blackstone Mortgage Trust, Inc. |  |  |
3.75%, 01/15/27 |  | 1,284 | 1,248,580
7.75%, 12/01/29 |  | 281 | 298,904
Starwood Property Trust, Inc. |  |  |
7.25%, 04/01/29 |  | 879 | 924,550
6.00%, 04/15/30 |  | 442 | 447,058
6.50%, 07/01/30 |  | 1,079 | 1,114,456
6.50%, 10/15/30 |  | 1,964 | 2,027,712
|  |  | 6,061,260
Oil, Gas & Consumable Fuels — 8.7%
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(g) |  | 1,728 | 1,812,558
Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, 02/01/32(g) |  | 1,514 | 1,563,735
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(g) |  |  |
9.00%, 11/01/27 |  | 963 | 1,177,267
5.88%, 06/30/29 |  | 1,254 | 1,256,132
6.63%, 07/15/33 |  | 930 | 943,483
Blue Racer Midstream LLC/Blue Racer Finance Corp.(g) |  |  |
7.00%, 07/15/29 |  | 1,140 | 1,189,771
7.25%, 07/15/32 |  | 918 | 972,765
Buckeye Partners LP |  |  |
6.88%, 07/01/29(g) |  | 103 | 106,710
6.75%, 02/01/30(g) |  | 386 | 400,682
5.85%, 11/15/43 |  | 816 | 719,187
5.60%, 10/15/44 |  | 553 | 466,344
CD&R Firefly Bidco PLC, 8.63%, 04/30/29(b) | GBP | 224 | 316,087
Chord Energy Corp., 6.75%, 03/15/33(g) | USD | 601 | 613,995
CITGO Petroleum Corp., 8.38%, 01/15/29(g) |  | 2,678 | 2,785,519
Civitas Resources, Inc.(g) |  |  |
8.38%, 07/01/28 |  | 1,478 | 1,513,340
8.75%, 07/01/31 |  | 649 | 656,210
CNX Midstream Partners LP, 4.75%, 04/15/30(g) |  | 520 | 491,178
CNX Resources Corp., 7.25%, 03/01/32(g) |  | 479 | 495,962
Comstock Resources, Inc.(g) |  |  |
6.75%, 03/01/29 |  | 4,687 | 4,693,774
5.88%, 01/15/30 |  | 59 | 57,308
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(g) |  | 6,898 | 6,814,508
Crescent Energy Finance LLC(g) |  |  |
7.63%, 04/01/32 |  | 2,683 | 2,619,682
7.38%, 01/15/33 |  | 2,182 | 2,085,568
01/15/34(a) |  | 2,084 | 2,085,301
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, 06/30/33(g) |  | 1,599 | 1,591,549
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30(g) |  | 772 | 803,835
eG Global Finance PLC, 12.00%, 11/30/28(g) |  | 1,943 | 2,144,827
Enbridge, Inc.(c) |  |  |
(5-year CMT + 2.97%), 7.20%, 06/27/54 |  | 810 | 832,148
(5-year CMT + 3.12%), 7.38%, 03/15/55 |  | 1,104 | 1,147,043
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31(g) |  | 1,457 | 1,609,047

Consolidated Schedule of Investments
53

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Energy Transfer LP(c) |  |  |
(5-year CMT + 2.83%), 7.13%, 10/01/54 | USD | 1,564 | $1,603,832
(5-year CMT + 4.02%), 8.00%, 05/15/54 |  | 2,594 | 2,759,715
Series H, (5-year CMT + 5.69%), 6.50%(i) |  | 2,085 | 2,094,316
Excelerate Energy LP, 8.00%, 05/15/30(g) |  | 1,054 | 1,111,083
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 559 | 567,270
8.25%, 01/15/29 |  | 1,276 | 1,334,300
8.88%, 04/15/30 |  | 57 | 60,522
7.88%, 05/15/32 |  | 1,778 | 1,848,668
8.00%, 05/15/33 |  | 868 | 907,513
Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33(g) |  | 685 | 694,599
Gulfport Energy Operating Corp., 6.75%, 09/01/29(g) |  | 773 | 792,211
Harvest Midstream I LP, 7.50%, 05/15/32(g) |  | 502 | 530,197
Hilcorp Energy I LP/Hilcorp Finance Co.(g) |  |  |
6.25%, 11/01/28 |  | 427 | 427,989
5.75%, 02/01/29 |  | 1,061 | 1,047,193
6.00%, 04/15/30 |  | 130 | 126,379
6.25%, 04/15/32 |  | 95 | 90,713
8.38%, 11/01/33 |  | 1,756 | 1,822,003
6.88%, 05/15/34 |  | 1,863 | 1,784,440
7.25%, 02/15/35 |  | 712 | 696,230
Howard Midstream Energy Partners LLC(g) |  |  |
8.88%, 07/15/28 |  | 422 | 443,033
7.38%, 07/15/32 |  | 673 | 707,793
ITT Holdings LLC, 6.50%, 08/01/29(g) |  | 2,381 | 2,264,215
Kimmeridge Texas Gas LLC, 8.50%, 02/15/30(g) |  | 3,430 | 3,549,851
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(g) |  | 740 | 745,233
Matador Resources Co., 6.50%, 04/15/32(g) |  | 1,546 | 1,546,805
Murphy Oil Corp., 5.88%, 12/01/42 |  | 141 | 114,473
Nabors Industries, Inc., 7.38%, 05/15/27(g) |  | 678 | 669,523
NGL Energy Operating LLC/NGL Energy Finance Corp.(g) |  |  |
8.13%, 02/15/29 |  | 1,200 | 1,212,361
8.38%, 02/15/32 |  | 4,751 | 4,765,267
Noble Finance II LLC, 8.00%, 04/15/30(g) |  | 1,019 | 1,037,569
Northern Oil & Gas, Inc., 8.13%, 03/01/28(g) |  | 5,973 | 6,026,076
Northriver Midstream Finance LP, 6.75%, 07/15/32(g) |  | 873 | 904,103
Parkland Corp., 6.63%, 08/15/32(g) |  | 987 | 1,008,794
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(g) |  | 809 | 726,309
Permian Resources Operating LLC, 6.25%, 02/01/33(g) |  | 2,436 | 2,458,606
Prairie Acquiror LP, 9.00%, 08/01/29(g) |  | 984 | 1,024,950
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(g) |  | 1,774 | 1,857,501
Sunoco LP, 6.25%, 07/01/33(g) |  | 1,313 | 1,334,926
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(g) |  |  |
5.50%, 01/15/28 |  | 1,497 | 1,488,208
7.38%, 02/15/29 |  | 2,434 | 2,501,619
6.00%, 12/31/30 |  | 66 | 64,760
6.00%, 09/01/31 |  | 522 | 509,392
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(g) |  | 1,102 | 1,067,932
TransMontaigne Partners LLC, 8.50%, 06/15/30(g) |  | 305 | 317,290
Transocean Titan Financing Ltd., 8.38%, 02/01/28(g) |  | 142 | 144,287
Transocean, Inc.(g) |  |  |
8.00%, 02/01/27 |  | 2,149 | 2,117,020
8.25%, 05/15/29 |  | 803 | 742,407
8.75%, 02/15/30 |  | 399 | 410,515
8.50%, 05/15/31 |  | 861 | 768,570

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Valaris Ltd., 8.38%, 04/30/30(g) | USD | 2,525 | $2,590,584
Vantage Drilling International Ltd., 9.50%, 02/15/28(g) |  | 159 | 158,205
Venture Global LNG, Inc.(g) |  |  |
9.50%, 02/01/29 |  | 9,631 | 10,491,800
8.38%, 06/01/31 |  | 4,772 | 4,956,369
9.88%, 02/01/32 |  | 3,892 | 4,203,216
Vital Energy, Inc. |  |  |
7.75%, 07/31/29(g) |  | 386 | 340,890
9.75%, 10/15/30 |  | 1,152 | 1,042,708
7.88%, 04/15/32(g) |  | 2,423 | 2,071,715
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(g) |  | 1,366 | 1,356,946
Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE Swap + 3.94%), 6.12%(b)(c)(i) | EUR | 176 | 211,725
|  |  | 134,218,234
Paper & Forest Products — 0.1%
Ahlstrom Holding 3 OY, 3.63%, 02/04/28(b) |  | 109 | 126,089
Fiber Bidco SpA(b) |  |  |
6.13%, 06/15/31 |  | 100 | 112,668
(3-mo. EURIBOR + 4.00%), 5.98%, 01/15/30(c) |  | 100 | 114,561
Magnera Corp., 7.25%, 11/15/31(g) | USD | 688 | 648,715
Sappi Papier Holding GmbH, 4.50%, 03/15/32(b) | EUR | 115 | 133,069
|  |  | 1,135,102
Passenger Airlines — 0.7%
American Airlines, Inc., 8.50%, 05/15/29(g) | USD | 2,096 | 2,197,727
Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap + 2.86%), 5.25%, 01/15/55(b)(c) | EUR | 200 | 233,835
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31(g) | USD | 1,502 | 1,461,268
OneSky Flight LLC, 8.88%, 12/15/29(g) |  | 1,239 | 1,290,097
United Airlines, Inc., 4.63%, 04/15/29(g) |  | 5,099 | 4,949,422
|  |  | 10,132,349
Personal Care Products — 0.1%
Opal Bidco SAS |  |  |
5.50%, 03/31/32(b) | EUR | 100 | 120,151
6.50%, 03/31/32(g) | USD | 1,724 | 1,759,537
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 128 | 129,228
|  |  | 2,008,916
Pharmaceuticals — 2.0%
1261229 B.C. Ltd., 10.00%, 04/15/32(g) |  | 17,395 | 17,547,554
Bausch Health Cos., Inc., 11.00%, 09/30/28(g) |  | 6,226 | 6,163,740
Dolcetto Holdco SpA, 07/14/32(a)(b) | EUR | 100 | 118,680
Endo Finance Holdings, Inc., 8.50%, 04/15/31(g) | USD | 204 | 215,946
Grifols SA |  |  |
2.25%, 11/15/27(b) | EUR | 1,374 | 1,577,298
4.75%, 10/15/28(g) | USD | 200 | 192,265
7.13%, 05/01/30(b) | EUR | 141 | 172,338
Gruenenthal GmbH, 4.63%, 11/15/31(b) |  | 136 | 161,206
Nidda Healthcare Holding GmbH(b) |  |  |
7.00%, 02/21/30 |  | 215 | 264,355
(3-mo. EURIBOR + 3.75%), 5.89%, 10/23/30(c) |  | 100 | 118,130
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28(g) | USD | 846 | 813,659
Rossini SARL(b) |  |  |
6.75%, 12/31/29 | EUR | 121 | 150,461
(3-mo. EURIBOR + 3.88%), 5.86%, 12/31/29(c) |  | 73 | 86,792
Teva Pharmaceutical Finance Netherlands II BV, 7.88%, 09/15/31 |  | 100 | 140,471
Teva Pharmaceutical Finance Netherlands III BV |  |  |
3.15%, 10/01/26 | USD | 674 | 659,044

54
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III BV (continued) |  |  |
6.75%, 03/01/28 | USD | 800 | $829,000
8.13%, 09/15/31 |  | 912 | 1,026,283
6.00%, 12/01/32 |  | 1,150 | 1,168,687
|  |  | 31,405,909
Real Estate Management & Development — 0.6%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30(g) |  | 988 | 922,634
Series AI, 7.00%, 04/15/30 |  | 1,009 | 942,463
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30(g) |  | 642 | 652,345
Aroundtown Finance SARL, (5-year UK Government Bond + 4.49%), 8.63%(c)(i) | GBP | 215 | 297,909
CoreLogic, Inc., 4.50%, 05/01/28(g) | USD | 2,658 | 2,535,419
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31(g) |  | 1,566 | 1,681,625
DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, 12/31/27(b)(m) | EUR | 90 | 99,638
Howard Hughes Corp., 4.38%, 02/01/31(g) | USD | 2,347 | 2,165,912
Vivion Investments SARL, (6.50% PIK), 6.50%, 08/31/28(b)(h) | EUR | 182 | 211,050
|  |  | 9,508,995
Retail REITs — 0.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(g) | USD | 1,801 | 1,752,422
Semiconductors & Semiconductor Equipment(l) — 0.2%
MKS, Inc., 1.25%, 06/01/30 |  | 2,480 | 2,444,040
ON Semiconductor Corp., 0.50%, 03/01/29 |  | 1,259 | 1,163,568
|  |  | 3,607,608
Software — 6.7%
AthenaHealth Group, Inc., 6.50%, 02/15/30(g) |  | 15,753 | 15,505,134
Camelot Finance SA, 4.50%, 11/01/26(g) |  | 174 | 171,330
Capstone Borrower, Inc., 8.00%, 06/15/30(g) |  | 4,225 | 4,404,057
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29(g) |  | 274 | 226,570
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(g) |  | 2,127 | 1,728,528
Cloud Software Group, Inc.(g) |  |  |
6.50%, 03/31/29 |  | 12,631 | 12,748,632
9.00%, 09/30/29 |  | 14,426 | 14,952,915
8.25%, 06/30/32 |  | 10,911 | 11,611,803
CoreWeave, Inc., 9.25%, 06/01/30(g) |  | 1,553 | 1,587,684
Dun & Bradstreet Corp., 5.00%, 12/15/29(g) |  | 4,746 | 4,864,650
Ellucian Holdings, Inc., 6.50%, 12/01/29(g) |  | 2,529 | 2,586,393
Fair Isaac Corp., 6.00%, 05/15/33(g) |  | 6,575 | 6,635,265
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |  |
4.63%, 05/01/28(g) |  | 400 | 378,367
7.88%, 05/01/29(b) | EUR | 237 | 288,806
8.75%, 05/01/29(g) | USD | 782 | 804,400
IPD 3 BV, 5.50%, 06/15/31(b) | EUR | 100 | 119,415
Playtika Holding Corp., 4.25%, 03/15/29(g) | USD | 421 | 382,062
SS&C Technologies, Inc., 6.50%, 06/01/32(g) |  | 3,595 | 3,732,027
TeamSystem SpA(b)(c) |  |  |
07/01/32(a) | EUR | 114 | 134,162
(3-mo. EURIBOR + 3.50%), 5.78%, 07/31/31 |  | 113 | 133,313

Security |  | Par (000) | Value
Software (continued)
UKG, Inc., 6.88%, 02/01/31(g) | USD | 15,912 | $16,509,893
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(g) |  | 5,203 | 4,891,840
|  |  | 104,397,246
Specialty Retail — 0.1%
Afflelou SAS, 6.00%, 07/25/29(b) | EUR | 152 | 186,142
Bubbles Bidco SpA(b) |  |  |
6.50%, 09/30/31 |  | 123 | 146,867
(3-mo. EURIBOR + 4.25%), 6.23%, 09/30/31(c) |  | 120 | 141,795
Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.40%, 07/15/31(b)(c) |  | 156 | 184,679
Goldstory SAS, 6.75%, 02/01/30(b) |  | 100 | 122,332
Staples, Inc., 10.75%, 09/01/29(g) | USD | 915 | 865,979
|  |  | 1,647,794
Technology Hardware, Storage & Peripherals(g) — 0.1%
Diebold Nixdorf, Inc., 7.75%, 03/31/30 |  | 739 | 784,001
Seagate Data Storage Technology Pte Ltd., 5.88%, 07/15/30 |  | 1,355 | 1,375,229
|  |  | 2,159,230
Textiles, Apparel & Luxury Goods — 0.6%
Beach Acquisition Bidco LLC(a) |  |  |
07/15/32(g) | EUR | 2,056 | 2,440,030
07/15/32(b) |  | 100 | 118,679
07/15/33(g) | USD | 4,782 | 4,956,615
Crocs, Inc.(g) |  |  |
4.25%, 03/15/29 |  | 217 | 207,016
4.13%, 08/15/31 |  | 282 | 253,944
European TopSoho SARL, 4.00%, 09/21/21(b)(e)(j) | EUR | 200 | 123,576
Hanesbrands, Inc., 9.00%, 02/15/31(g) | USD | 80 | 84,698
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 6.03%, 07/01/29(b)(c) | EUR | 200 | 236,709
Under Armour, Inc., 7.25%, 07/15/30(g) | USD | 662 | 670,411
|  |  | 9,091,678
Trading Companies & Distributors(g) — 0.3%
Gates Corp/DE, 6.88%, 07/01/29 |  | 1,519 | 1,577,279
Resideo Funding, Inc. |  |  |
4.00%, 09/01/29 |  | 290 | 273,354
6.50%, 07/15/32 |  | 1,918 | 1,964,976
|  |  | 3,815,609
Transportation Infrastructure — 0.1%
Edge Finco PLC, 8.13%, 08/15/31(b) | GBP | 206 | 294,523
Mobico Group PLC(b) |  |  |
4.88%, 09/26/31 | EUR | 110 | 104,907
(5-year UK Government Bond + 4.14%), 4.25%(c)(i) | GBP | 154 | 127,150
SGL Group ApS, (3-mo. EURIBOR + 4.75%), 7.01%, 04/22/30(c) | EUR | 200 | 236,019
|  |  | 762,599
Water Utilities — 0.0%
Thames Water Utilities Ltd., 0.00%, 03/22/27(g)(k) | GBP | 1 | 722
Wireless Telecommunication Services — 1.0%
Altice France SA |  |  |
3.38%, 01/15/28(b) | EUR | 200 | 197,425
5.13%, 01/15/29(g) | USD | 1,981 | 1,636,801
5.13%, 07/15/29(g) |  | 6,849 | 5,660,870
5.50%, 10/15/29(g) |  | 1,800 | 1,492,047
Vmed O2 U.K. Financing I PLC |  |  |
4.00%, 01/31/29(b) | GBP | 200 | 254,651

Consolidated Schedule of Investments
55

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Wireless Telecommunication Services (continued)
Vmed O2 U.K. Financing I PLC (continued) |  |  |
4.25%, 01/31/31(g) | USD | 4,972 | $4,554,945
4.50%, 07/15/31(b) | GBP | 201 | 246,933
5.63%, 04/15/32(b) | EUR | 100 | 120,710
7.75%, 04/15/32(g) | USD | 400 | 415,659
Zegona Finance PLC, 6.75%, 07/15/29(b) | EUR | 266 | 332,918
|  |  | 14,912,959
Total Corporate Bonds — 108.9% (Cost: $1,642,794,241) | 1,689,984,749
Fixed Rate Loan Interests
Financial Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/09/27 | USD | 14 | 13,646
Health Care Equipment & Supplies — 0.9%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 13,479 | 13,530,048
Household Durables — 0.1%
K Hovnanian Enterprises, Inc., Term Loan, 10.00%, 01/31/28(d) |  | 1,865 | 1,809,050
IT Services — 0.2%
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 3,043 | 2,956,792
Software — 0.6%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |  | 8,992 | 9,059,440
Total Fixed Rate Loan Interests — 1.8% (Cost: $27,343,186) | 27,368,976
Floating Rate Loan Interests(c)
Aerospace & Defense — 0.3%
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 622 | 322,092
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 126 | 65,408
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32 |  | 887 | 887,683
Kaman Corp., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32 |  | 2,237 | 2,233,447
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 12/11/31(d) |  | 715 | 717,252
|  |  | 4,225,882
Automobile Components — 0.3%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 02/23/29 |  | 1,755 | 1,635,806
Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 01/28/32 |  | 2,693 | 2,694,964
Tenneco, Inc. |  |  |
2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% Floor + 4.85%), 9.17%, 11/17/28 |  | 164 | 159,077
2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28 |  | 710 | 691,764
|  |  | 5,181,611

Security |  | Par (000) | Value
Beverages — 0.1%
Sazerac Co., Inc., Term Loan B, 06/25/32(d)(n) | USD | 1,744 | $1,741,820
Broadline Retail — 0.2%
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30 |  | 2,832 | 2,742,566
Building Products — 0.1%
Cornerstone Building Brands, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.81%, 05/15/31 |  | 265 | 223,510
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31 |  | 814 | 800,610
|  |  | 1,024,120
Capital Markets — 0.1%
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.99%, 02/15/31 |  | 1,089 | 1,079,305
Focus Financial Partners LLC, 2025 Incremental Term Loan B, 09/15/31(n) |  | 413 | 412,021
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 06/25/31(d) |  | 62 | 61,285
|  |  | 1,552,611
Chemicals — 0.3%
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 12.18%, 11/24/28 |  | 443 | 414,299
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29 |  | 2,203 | 2,198,305
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.22%, 07/03/28 |  | 1,493 | 1,351,517
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28 |  | 566 | 566,885
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3- mo. CME Term SOFR at 0.00% Floor + 3.06%), 7.35%, 04/08/31 |  | 693 | 649,885
|  |  | 5,180,891
Commercial Services & Supplies — 0.4%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 05/12/28 |  | 1,381 | 1,386,898
Garda World Security Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/01/29 |  | 803 | 803,072
Jupiter Buyer Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 11/01/31 |  | 350 | 352,660
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28 |  | 2,786 | 2,502,925
Summer BC Holdco B SARL, 2024 USD Term Loan B, 02/15/29(n) |  | 451 | 452,631
|  |  | 5,498,186
Communications Equipment — 0.1%
COMMSCOPE, 2024 Term Loan, 12/17/29(n) |  | 1,553 | 1,570,121
Construction & Engineering — 0.2%
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/01/30 |  | 4,538 | 3,779,908

56
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Construction Materials — 0.2%
White Cap Supply Holdings LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 10/19/29 | USD | 2,683 | $2,664,570
Diversified Consumer Services — 0.2%
Ascend Learning LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.85%), 10.18%, 12/10/29 |  | 309 | 308,843
2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 12/11/28 |  | 193 | 192,690
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/31 |  | 2,423 | 2,410,685
|  |  | 2,912,218
Diversified Telecommunication Services — 1.1%
Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, 02/02/32 |  | 893 | 882,115
Frontier Communications Holdings LLC, 2025 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.79%, 07/01/31 |  | 376 | 375,642
Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32 |  | 5,509 | 5,565,247
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29 |  | 1,667 | 1,644,807
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30 |  | 1,346 | 1,328,002
2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 06/01/28 |  | 419 | 429,427
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 7.69%, 09/25/29 |  | 1,382 | 1,200,027
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 7.68%, 01/31/29 |  | 200 | 198,046
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27 |  | 6,092 | 5,782,366
|  |  | 17,405,679
Electrical Equipment — 0.0%
GrafTech Global Enterprises, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.32%, 12/21/29 |  | 468 | 469,190
Energy Equipment & Services — 0.0%
Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32 |  | 157 | 157,139
Entertainment — 0.1%
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30 |  | 905 | 899,301
Financial Services — 0.4%
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 05/19/31 |  | — | 8,158
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.05%, 04/09/27 |  | 531 | 515,326
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28 |  | 1,031 | 982,562
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32 |  | 1,787 | 1,787,202

Security |  | Par (000) | Value
Financial Services (continued)
Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32(n) | USD | 1,600 | $1,598,672
Howden Group Holdings Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 04/18/30 |  | 168 | 168,362
Orion US Finco, 1st Lien Term Loan, 05/20/32(n) |  | 454 | 455,362
Summit Acquisition, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 10/16/31 |  | 568 | 566,868
|  |  | 6,082,512
Food Products — 0.0%
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27 |  | 73 | 72,801
Health Care Equipment & Supplies — 0.2%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 1,053 | 1,051,923
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.57%, 06/26/30 |  | 2,365 | 2,361,839
|  |  | 3,413,762
Health Care Providers & Services — 0.6%
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27 |  | 1,778 | 1,709,605
LifePoint Health, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, 05/19/31 |  | 1,723 | 1,703,061
2024 Incremental Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, 05/19/31 |  | 756 | 743,220
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28 |  | 1,196 | 1,163,770
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.60%, 4.75% PIK), 15.56%, 01/28/28(h) |  | 1,583 | 1,134,772
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30 |  | 2,942 | 2,911,911
|  |  | 9,366,339
Health Care Technology — 0.3%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/15/29 |  | 4,098 | 4,091,374
Hotels, Restaurants & Leisure — 0.0%
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, 11/01/29 |  | 532 | 518,585
Household Durables — 0.0%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 01/20/32 |  | 470 | 467,755
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, 12/19/29 |  | 201 | 200,421
|  |  | 668,176

Consolidated Schedule of Investments
57

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Industrial Conglomerates — 0.2%
Beach Acquisition Bidco LLC, USD Term Loan B, 06/25/32(d)(n) | USD | 1,364 | $1,370,820
LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.57%, 12/02/31 |  | 1,161 | 1,166,085
|  |  | 2,536,905
Insurance — 0.2%
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 02/14/31 |  | 301 | 301,449
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 05/06/32 |  | 3,326 | 3,361,977
|  |  | 3,663,426
Interactive Media & Services — 0.1%
Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 01/31/31 |  | 1,464 | 1,464,000
IT Services — 0.3%
Asurion LLC, 2025 Term Loan B13, 09/19/30(n) |  | 922 | 894,819
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29 |  | 369 | 307,662
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 06/27/31(d) |  | 577 | 577,509
Mitchell International, Inc., 2024 1st Lien Term Loan, (1- mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 06/17/31 |  | 899 | 897,501
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.33%, 04/11/29 |  | 1,705 | 1,608,085
Shift4 Payments LLC, 2025 Term Loan, 05/07/32(n) |  | 667 | 672,209
|  |  | 4,957,785
Machinery — 0.4%
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.73%, 02/15/29 |  | 6,191 | 6,203,494
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28 |  | 1,071 | 464,841
|  |  | 6,668,335
Media — 0.9%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.44%, 08/23/28 |  | 4,263 | 4,219,016
CSC Holdings LLC |  |  |
2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 |  | 2,246 | 2,185,951
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.81%, 01/18/28 |  | 2,896 | 2,852,652
Directv Financing LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.83%, 02/17/31 |  | 3,514 | 3,343,305
Gray Television, Inc. |  |  |
2021 Term Loan D, (1-mo. CME Term SOFR + 3.11%), 7.44%, 12/01/28 |  | 1,379 | 1,331,619
2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.57%, 06/04/29 |  | 238 | 237,403
|  |  | 14,169,946

Security |  | Par (000) | Value
Metals & Mining — 0.0%
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 07/31/31 | USD | 832 | $791,783
Pharmaceuticals — 0.1%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, 05/04/28 |  | 160 | 162,280
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.33%, 04/23/31 |  | 1,039 | 1,037,042
|  |  | 1,199,322
Professional Services — 0.3%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31 |  | 246 | 245,056
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.61%), 10.94%, 06/04/29 |  | 1,107 | 1,072,899
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 06/02/28 |  | 2,448 | 2,419,483
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30 |  | 473 | 438,080
|  |  | 4,175,518
Software — 1.3%
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.80%, 02/23/32 |  | 787 | 805,538
Boxer Parent Co., Inc. |  |  |
2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.08%, 07/30/32 |  | 1,053 | 1,022,073
2025 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31 |  | 1,814 | 1,801,671
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 03/29/29 |  | 2,716 | 2,718,196
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 03/21/31 |  | 3,119 | 3,123,651
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29 |  | 1,896 | 1,711,865
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 10/08/28 |  | 499 | 477,893
Delta Topco, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, 11/29/30 |  | 299 | 299,466
Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.08%, 11/22/32(d) |  | 3,414 | 3,482,280
MH Sub I LLC |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 05/03/28 |  | 1,759 | 1,648,267
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 12/31/31 |  | 1,190 | 1,031,632
Proofpoint, Inc., 2025 Fungible Term Loan, 08/31/28(n) |  | 288 | 288,032
RealPage, Inc., 2024 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 04/24/28 |  | 787 | 787,028
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 120 | 117,884

58
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Sabre GLBL, Inc. (continued) |  |  |
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 | USD | 69 | $67,810
2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.35%), 8.68%, 06/30/28 |  | 31 | 30,393
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 559 | 556,201
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 168 | 157,953
|  |  | 20,127,833
Specialty Retail — 0.1%
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28 |  | 967 | 954,869
Trading Companies & Distributors — 0.2%
Foundation Building Materials, Inc. |  |  |
2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.79%, 01/31/28 |  | 763 | 752,337
2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.28%, 01/29/31 |  | 2,447 | 2,391,278
2025 Term Loan, 01/29/31(n) |  | 355 | 349,750
|  |  | 3,493,365
Wireless Telecommunication Services — 0.3%
Digicel International Finance Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 5.25%, 2.25% PIK), 11.78%, 05/25/27(h) |  | 3,782 | 3,766,367
Windstream Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.85%), 9.18%, 10/01/31(d) |  | 597 | 599,239
|  |  | 4,365,606
Total Floating Rate Loan Interests — 9.6% (Cost: $151,157,417) | 149,788,055

|  | Shares |
Investment Companies
Fixed Income Funds — 1.2% |
iShares Broad USD High Yield Corporate Bond ETF(o) |  | 488,154 | 18,310,657
Total Investment Companies — 1.2% (Cost: $17,754,161) | 18,310,657

|  | Par (000) |
Preferred Securities
Capital Trusts — 5.4%(c)
Automobile Components — 0.2% |
Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54 | USD | 2,433 | 2,457,184
Automobiles(b)(i) — 0.0% |
Volkswagen International Finance NV |  |  |
5.49% | EUR | 100 | 118,722
5.99% |  | 100 | 118,918
|  |  | 237,640
Banks(i) — 0.2% |
BPER Banca SpA, 6.50%(b) |  | 200 | 241,489
CaixaBank SA, 7.50%(b) |  | 200 | 258,560

Security |  | Par (000) | Value
Banks (continued) |
KBC Group NV, 8.00%(b) | EUR | 200 | $260,940
PNC Financial Services Group, Inc., Series W, 6.25% | USD | 1,572 | 1,616,373
Wells Fargo & Co., 6.85% |  | 876 | 920,510
|  |  | 3,297,872
Building Products — 0.0% |
Nationwide Building Society, 7.50%(b)(i) | GBP | 235 | 325,573
Capital Markets — 0.3% |
Apollo Global Management, Inc., 6.00%, 12/15/54 | USD | 1,767 | 1,723,064
Brookfield Finance, Inc., 6.30%, 01/15/55 |  | 2,930 | 2,803,862
|  |  | 4,526,926
Diversified Telecommunication Services(b)(i) — 0.0% |
Telefonica Europe BV |  |  |
6.14% | EUR | 200 | 252,317
6.75% |  | 100 | 129,427
|  |  | 381,744
Electric Utilities — 0.3% |
AES Corp., 7.60%, 01/15/55 | USD | 1,441 | 1,483,653
CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55 |  | 693 | 716,952
Dominion Energy, Inc., 6.63%, 05/15/55 |  | 335 | 339,982
Duke Energy Corp., 6.45%, 09/01/54 |  | 1,127 | 1,158,345
EDP SA, 4.75%, 05/29/54(b) | EUR | 100 | 120,657
NextEra Energy Capital Holdings, Inc., 6.38%, 08/15/55 | USD | 1,275 | 1,301,974
|  |  | 5,121,563
Financial Services(i) — 2.5% |
Bank of America Corp., 6.63% |  | 6,140 | 6,358,909
Barclays PLC |  |  |
4.38% |  | 2,490 | 2,317,791
7.63% |  | 1,000 | 1,004,293
8.00% |  | 400 | 419,571
9.63% |  | 3,745 | 4,159,602
Citigroup, Inc. |  |  |
Series CC, 7.13% |  | 3,685 | 3,798,166
Series DD, 7.00% |  | 860 | 904,003
Series EE, 6.75% |  | 2,126 | 2,141,656
Series FF, 6.95% |  | 856 | 874,249
Credit Agricole SA, 5.88%(b) | EUR | 100 | 116,766
Deutsche Bank AG(b) |  |  |
7.13% |  | 200 | 239,976
7.38% |  | 200 | 245,229
Goldman Sachs Group, Inc., 6.85% | USD | 1,950 | 2,012,377
NatWest Group PLC |  |  |
7.50% | GBP | 200 | 272,444
8.13% | USD | 1,115 | 1,202,699
Societe Generale SA, 8.13%(g) |  | 682 | 695,905
UBS Group AG(g) |  |  |
6.85% |  | 975 | 979,279
7.00% |  | 1,415 | 1,407,616
7.13% |  | 1,615 | 1,608,361
7.75% |  | 2,535 | 2,668,754
Series NC10, 9.25% |  | 2,519 | 2,912,999
Series NC5, 9.25% |  | 2,275 | 2,483,103
|  |  | 38,823,748
Independent Power and Renewable Electricity Producers(g)(i) — 0.5% |
NRG Energy, Inc., 10.25% |  | 2,614 | 2,902,669
Vistra Corp., 7.00% |  | 4,073 | 4,122,010
|  |  | 7,024,679

Consolidated Schedule of Investments
59

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance — 0.1% |
Corebridge Financial, Inc., 6.38%, 09/15/54 | USD | 1,221 | $1,216,947
NN Group NV, 5.75%(b)(i) | EUR | 200 | 233,425
|  |  | 1,450,372
Internet Software & Services — 0.0% |
Rakuten Group, Inc., 8.13%(g)(i) | USD | 505 | 494,053
Metals & Mining — 0.0% |
Prysmian SpA, Series ., 5.25%(b)(i) | EUR | 150 | 181,336
Multi-Utilities — 0.1% |
AltaGas Ltd., 7.20%, 10/15/54(g) | USD | 1,135 | 1,135,251
Centrica PLC, 6.50%, 05/21/55(b) | GBP | 100 | 138,809
|  |  | 1,274,060
Oil, Gas & Consumable Fuels — 1.1% |
Energy Transfer LP, Series G, 7.13%(i) | USD | 1,280 | 1,303,890
Eni SpA, 4.50%(b)(i) | EUR | 100 | 118,679
Var Energi ASA, 7.86%, 11/15/83(b) |  | 100 | 129,280
Venture Global LNG, Inc., 9.00%(g)(i) | USD | 15,887 | 15,445,322
|  |  | 16,997,171
Passenger Airlines — 0.0% |
Air France-KLM, Series ., 5.75%(b)(i) | EUR | 100 | 116,981
Pharmaceuticals(b) — 0.0% |
Bayer AG |  |  |
7.00%, 09/25/83 |  | 100 | 126,659
Series NC5, 6.63%, 09/25/83 |  | 100 | 124,821
|  |  | 251,480
Real Estate Management & Development — 0.0% |
Heimstaden Bostad AB, 2.63%(b)(i) |  | 375 | 419,645
Transportation Infrastructure — 0.0% |
Poste Italiane SpA, 2.63%(b)(i) |  | 100 | 111,758
Utilities(b) — 0.1% |
Electricite de France SA(i) |  |  |
3.00% |  | 200 | 230,923
3.38% |  | 200 | 223,272
5.13% |  | 200 | 241,495
6.00% | GBP | 100 | 137,109
Enel SpA, 4.25%(i) | EUR | 125 | 148,627
Orsted A/S, 2.50% | GBP | 100 | 101,655
|  |  | 1,083,081
| 84,576,866

|  | Shares |
Preferred Stocks — 1.7%
Aerospace & Defense — 0.3% |
Boeing Co. |  | 59,370 | 4,037,160
Financial Services — 0.1% |
Shift4 Payments, Inc.(e) |  | 6,896 | 794,419

Security |  | Shares | Value
Insurance — 0.4% |
Alliant Cali, Inc., (Acquired 09/25/24, Cost: $5,947,430), 12/31/79(d)(p) |  | 6,038 | $6,324,986
Interactive Media & Services — 0.8% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $6,176,587)(d)(e)(p) |  | 56,369 | 13,079,863
IT Services(d)(e) — 0.0% |
Veritas Kapital Assurance PLC |  |  |
Series G |  | 374 | 8,415
Series G-1 |  | 258 | 5,805
|  |  | 14,220
Semiconductors & Semiconductor Equipment — 0.1% |
Microchip Technology, Inc. |  | 32,100 | 2,139,144
Wireless Telecommunication Services — 0.0% |
CF-B L2 (D) LLC, (Acquired 06/04/25, Cost: $9,170)(e)(p) |  | 9,170 | —
| 26,389,792
Total Preferred Securities — 7.1% (Cost: $99,959,058) | 110,966,658
Total Investments — 129.8% (Cost: $1,957,389,840) | 2,014,662,640
Liabilities in Excess of Other Assets — (29.8)% | (462,632,148 )
Net Assets — 100.0% | $1,552,030,492

(a) | When-issued security.
(b) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(c) | 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.
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e) | Non-income producing security.
(f) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(g) | 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.
(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) | Perpetual security with no stated maturity date.
(j) | Issuer filed for bankruptcy and/or is in default.
(k) | Zero-coupon bond.
(l) | Convertible security.
(m) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(n) | 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.
(o) | Affiliate of the Trust.
(p) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $19,404,849, representing 1.3% of its net assets as of period end, and an original cost of $12,133,187.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
60
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares(a) | $— | $80,303,338 | $(80,303,338 ) | $— | $— | $— | — | $25,953 | $—
iShares Broad USD High Yield Corporate Bond ETF | 32,859,136 | — | (14,863,087 ) | (58,113 ) | 372,721 | 18,310,657 | 488,154 | 683,167 | —
|  |  |  | $(58,113 ) | $372,721 | $18,310,657 |  | $709,120 | $—

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

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

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
CHF | 204,000 | USD | 252,402 | State Street Bank and Trust Co. | 09/17/25 | $7,183
USD | 251,920 | CHF | 204,000 | Morgan Stanley & Co. International PLC | 09/17/25 | (7,665 )
USD | 50,202,560 | EUR | 43,017,000 | State Street Bank and Trust Co. | 09/17/25 | (727,075 )
USD | 5,964,879 | GBP | 4,407,000 | Morgan Stanley & Co. International PLC | 09/17/25 | (87,351 )
|  |  |  |  |  | (822,091 )
| $(814,908 )

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.44.V1 | 5.00 % | Quarterly | 06/20/30 | B | USD | 35,371 | $2,717,631 | $1,997,498 | $720,133

(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 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)
Virgin Media Finance PLC | 5.00 % | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B- | EUR | 70 | $1,707 | $1,723 | $(16 )
CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | BB+ | EUR | 125 | 11,574 | 12,827 | (1,253 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC | EUR | 35 | 2,748 | (3,850 ) | 6,598
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 21 | 1,652 | (2,213 ) | 3,865
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 60 | 4,643 | (6,221 ) | 10,864
Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC | EUR | 17 | 1,347 | (1,850 ) | 3,197
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC | EUR | 36 | 2,819 | (4,023 ) | 6,842
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | CCC | EUR | 26 | 2,044 | (2,836 ) | 4,880
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB- | EUR | 80 | 5,939 | 8,580 | (2,641 )
Faurecia SE | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | BB- | EUR | 59 | 4,683 | 5,574 | (891 )
Altice France SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | D | EUR | 92 | (17,168 ) | (15,829 ) | (1,339 )
iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 109 | 16,717 | 13,126 | 3,591
iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 140 | 21,471 | 17,938 | 3,533
SES S.A. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | NR | EUR | 33 | (1,373 ) | (2,398 ) | 1,025
SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/29 | NR | EUR | 34 | (1,415 ) | (2,235 ) | 820

Consolidated Schedule of Investments
61

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
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)
SES S.A. | 1.00 % | Quarterly | Barclays Bank PLC | 06/20/30 | NR | EUR | 32 | $(1,783 ) | $(1,947 ) | $164
Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 32 | 4,854 | 4,406 | 448
|  |  |  |  |  |  |  | $60,459 | $20,772 | $39,687

(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 |  |  |  |  |  |  |  |
Rate/Reference | Frequency | Rate/Reference | Frequency | Counterparty | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 3,272 | $145,743 | $(32,636 ) | $178,379
1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 1,636 | 70,985 | (16,531 ) | 87,516
1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 1,636 | 66,754 | (16,955 ) | 83,709
1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 3,856 | 167,308 | (41,953 ) | 209,261
1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 19,659 | 434,630 | (216,442 ) | 651,072
1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/25 | USD | 693 | 24,643 | (3,598 ) | 28,241
1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | JPMorgan Chase Bank N.A. | N/A | 03/20/26 | USD | 631 | 10,191 | (5,939 ) | 16,130
1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | JPMorgan Chase Bank N.A. | N/A | 03/20/26 | USD | 904 | 16,187 | (9,378 ) | 25,565
1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 03/20/26 | USD | 693 | 25,799 | (3,514 ) | 29,313
1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 03/20/26 | USD | 693 | 22,453 | (3,684 ) | 26,137
1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 03/20/26 | USD | 1,875 | 15,191 | (17,649 ) | 32,840
1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 03/20/26 | USD | 3,750 | 26,966 | (35,747 ) | 62,713
|  |  |  |  |  |  |  |  | $1,026,850 | $(404,026 ) | $1,430,876

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps(a) | $1,997,498 | $— | $720,133 | $—
OTC Swaps | 64,174 | (447,428 ) | 1,476,703 | (6,140 )

(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 Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

62
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
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 | $— | $— | $— | $7,183 | $— | $— | $7,183
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps(a) | — | 720,133 | — | — | — | — | 720,133
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 110,001 | — | — | 1,430,876 | — | 1,540,877
| $— | $830,134 | $— | $7,183 | $1,430,876 | $— | $2,268,193
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | $— | $— | $— | $822,091 | $— | $— | $822,091
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 49,542 | — | — | 404,026 | — | 453,568
| $— | $49,542 | $— | $822,091 | $404,026 | $— | $1,275,659

(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated 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, 2025, 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 | $— | $— | $— | $— | $22,893 | $— | $22,893
Forward foreign currency exchange contracts | — | — | — | (4,163,005 ) | — | — | (4,163,005 )
Swaps | — | 312,485 | — | — | (338,097 ) | — | (25,612 )
| $— | $312,485 | $— | $(4,163,005 ) | $(315,204 ) | $— | $(4,165,724 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $— | $— | $— | $— | $(31,915 ) | $— | $(31,915 )
Forward foreign currency exchange contracts | — | — | — | (1,505,644 ) | — | — | (1,505,644 )
Swaps | — | 321,956 | — | — | 804,472 | — | 1,126,428
| $— | $321,956 | $— | $(1,505,644 ) | $772,557 | $— | $(411,131 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $54,415,029
Average amounts sold — in USD | 126,201
Credit default swaps: |
Average notional value — buy protection | — (a)
Average notional value — sell protection | 43,167,390
Total return swaps: |
Average notional value | 39,298,000

(a) | Derivative financial instrument 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.
Consolidated Schedule of Investments
63

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
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 | $7,183 | $822,091
Swaps — centrally cleared | 127,286 | —
Swaps — OTC(a) | 1,540,877 | 453,568
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 1,675,346 | 1,275,659
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (127,286 ) | —
Total derivative assets and liabilities subject to an MNA | $1,548,060 | $1,275,659

(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(b) | Cash Collateral Received(b) | Net Amount of Derivative Assets(c)(d)
Bank of America N.A. | $7,623 | $(6,248 ) | $— | $— | $1,375
Barclays Bank PLC | 24,293 | (15,257 ) | — | — | 9,036
BNP Paribas SA | 38,188 | — | — | — | 38,188
Citibank N.A. | 3,197 | (1,850 ) | — | — | 1,347
Deutsche Bank AG | 4,854 | (4,854 ) | — | — | —
Goldman Sachs International | 5,574 | (891 ) | — | — | 4,683
JPMorgan Chase Bank N.A. | 50,260 | (19,356 ) | — | — | 30,904
Morgan Stanley & Co. International PLC | 1,406,888 | (487,814 ) | — | (880,000 ) | 39,074
State Street Bank and Trust Co. | 7,183 | (7,183 ) | — | — | —
| $1,548,060 | $(543,453 ) | $— | $(880,000 ) | $124,607

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)(e)
Bank of America N.A. | $6,248 | $(6,248 ) | $— | $— | $—
Barclays Bank PLC | 15,257 | (15,257 ) | — | — | —
Citibank N.A. | 1,850 | (1,850 ) | — | — | —
Deutsche Bank AG | 17,168 | (4,854 ) | — | — | 12,314
Goldman Sachs International | 891 | (891 ) | — | — | —
JPMorgan Chase Bank N.A. | 19,356 | (19,356 ) | — | — | —
Morgan Stanley & Co. International PLC | 487,814 | (487,814 ) | — | — | —
State Street Bank and Trust Co. | 727,075 | (7,183 ) | — | — | 719,892
| $1,275,659 | $(543,453 ) | $— | $— | $732,206

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d) | Net amount represents the net amount receivable from the counterparty in the event of default.
(e) | Net amount represents the net amount payable due to the counterparty in the event of default.

64
2025 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 Consolidated Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $— | $1,838,983 | $— | $1,838,983
Common Stocks |  |  |  |
Electrical Equipment | — | — | — | —
Energy Equipment & Services | 1,843 | — | — | 1,843
Health Care Providers & Services | — | 17,011 | — | 17,011
Hotels, Restaurants & Leisure | 1,126,453 | — | — | 1,126,453
Life Sciences Tools & Services | 1,114,622 | — | — | 1,114,622
Metals & Mining | 2,120,658 | — | — | 2,120,658
Oil, Gas & Consumable Fuels | 9,287,495 | — | — | 9,287,495
Real Estate Management & Development | — | — | 1 | 1
Semiconductors & Semiconductor Equipment | 3 | — | — | 3
Specialized REITs | 2,736,476 | — | — | 2,736,476
Corporate Bonds | — | 1,689,984,749 | — | 1,689,984,749
Fixed Rate Loan Interests | — | 25,559,926 | 1,809,050 | 27,368,976
Floating Rate Loan Interests | — | 141,237,850 | 8,550,205 | 149,788,055
Investment Companies | 18,310,657 | — | — | 18,310,657
Preferred Securities |  |  |  |
Capital Trusts | — | 84,576,866 | — | 84,576,866
Preferred Stocks | 6,970,723 | — | 19,419,069 | 26,389,792
Unfunded Floating Rate Loan Interests(a) | — | 1,135 | 373 | 1,508
Liabilities |  |  |  |
Unfunded Floating Rate Loan Interests(a) | — | (1,071 ) | — | (1,071 )
| $41,668,930 | $1,943,215,449 | $29,778,698 | $2,014,663,077
Derivative Financial Instruments(b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $— | $765,960 | $— | $765,960
Foreign Currency Exchange Contracts | — | 7,183 | — | 7,183
Interest Rate Contracts | — | 1,430,876 | — | 1,430,876
Liabilities |  |  |  |
Credit Contracts | — | (6,140 ) | — | (6,140 )
Foreign Currency Exchange Contracts | — | (822,091 ) | — | (822,091 )
| $— | $1,375,788 | $— | $1,375,788

(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 $458,000,000 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 | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Preferred Stocks | Unfunded Floating Rate Loan Interests | Warrants
Assets |  |  |  |  |  |  |
Opening balance, as of December 31, 2024 | $1 | $56,972 | $14,380,073 | $7,404,381 | $16,440,550 | $— | $30
Transfers into Level 3 | — | — | — | 8,266,193 | — | 80 | —
Transfers out of Level 3 | — | (56,972 ) | (12,882 ) | (10,978,498 ) | — | — | —
Other(a) | — | — | (8,992,000 ) | 8,992,000 | — | — | —
Accrued discounts/premiums | — | — | 10,794 | 11,840 | — | — | —

Consolidated Schedule of Investments
65

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)

| Common Stocks | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Preferred Stocks | Unfunded Floating Rate Loan Interests | Warrants
Net realized gain (loss) | — | — | 39,137 | (130,987 ) | (4,758,159 ) | — | —
Net change in unrealized appreciation (depreciation)(b)(c) | $— | $— | $54,547 | $(117,786 ) | $7,988,324 | $293 | $(30 )
Purchases | — | — | 2,270,313 | 3,096,270 | — | — | —
Sales | — | — | (5,940,932 ) | (7,993,208 ) | (251,646 ) | — | —
Closing balance, as of June 30, 2025 | $1 | $— | $1,809,050 | $8,550,205 | $19,419,069 | $373 | $—
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(c) | $— | $— | $2,888 | $7,433 | $3,148,883 | $293 | $—

| Total
Assets |
Opening balance, as of December 31, 2024 | $38,282,007
Transfers into Level 3 | 8,266,273
Transfers out of Level 3 | (11,048,352 )
Other(a) | —
Accrued discounts/premiums | 22,634
Net realized gain (loss) | (4,850,009 )
Net change in unrealized appreciation (depreciation)(b)(c) | 7,925,348
Purchases | 5,366,583
Sales | (14,185,786 )
Closing balance, as of June 30, 2025 | $29,778,698
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(c) | $3,159,497

(a) | Certain Level 3 investments were re-classified between Fixed Rate Loan Interests and Floating Rate Loan Interests.
(b) | Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.
(c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $10,373,849.

| Value | Valuation Approach | Unobservable Inputs | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs
Assets |  |  |  |  |
Preferred Stocks | $19,404,849 | Income | Discount Rate | 10% | —
|  | Market | Revenue Multiple | 1.50x | —
| $19,404,849 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.

See notes to financial statements.
66
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
1988 CLO Ltd., Series 2023-2A, Class A1R, (3-mo. CME Term SOFR + 1.20%), 5.49%, 04/15/38(a)(b) | USD | 2,000 | $1,999,313
522 Funding CLO Ltd., Series 2019-5A, Class AR, (3- mo. CME Term SOFR + 1.33%), 5.59%, 04/15/35(a)(b) |  | 2,500 | 2,506,066
720 East CLO IV Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.60%), 5.86%, 04/15/37(a)(b) |  | 2,000 | 2,007,393
AB BSL CLO Ltd., Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.25%), 5.52%, 04/20/38(a)(b) |  | 1,500 | 1,502,131
AGL CLO Ltd.(a)(b) |  |  |
Series 2021-12A, Class B, (3-mo. CME Term SOFR + 1.86%), 6.13%, 07/20/34 |  | 890 | 891,443
Series 2022-20A, Class A1R, (3-mo. CME Term SOFR + 1.37%), 5.64%, 10/20/37 |  | 1,000 | 1,004,000
Series 2024-34A, Class A1, (3-mo. CME Term SOFR + 1.34%), 5.61%, 01/22/38 |  | 1,000 | 1,003,946
AIMCO CLO Ltd., Series 2021-14A, Class A, (3-mo. CME Term SOFR + 1.25%), 5.52%, 04/20/34(a)(b) |  | 3,000 | 3,007,483
Anchorage Capital CLO Ltd., Series 2025-32A, Class D, (3-mo. CME Term SOFR + 3.95%), 8.23%, 07/15/37(a)(b) |  | 1,000 | 999,911
Apidos CLO XV, Series 2013-15A, Class DRR, (3-mo. CME Term SOFR + 2.96%), 7.23%, 04/20/31(a)(b) |  | 1,000 | 1,002,031
Apidos CLO XX, Series 2015-20A, Class BRR, (3-mo. CME Term SOFR + 2.21%), 6.47%, 07/16/31(a)(b) |  | 1,000 | 1,002,264
Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. CME Term SOFR + 1.39%), 5.66%, 10/22/34(a)(b) |  | 3,000 | 3,003,012
Ares Loan Funding V Ltd., Series 2024-ALF5A, Class A1, (3-mo. CME Term SOFR + 1.50%), 5.78%, 07/27/37(a)(b) |  | 1,000 | 1,004,202
Ares LXVII CLO Ltd., Series 2022-67A, Class A1R, (3- mo. CME Term SOFR + 1.19%), 5.47%, 01/25/38(a)(b) |  | 1,000 | 998,000
Ares XLVII CLO Ltd., Series 2018-47A, Class D, (3-mo. CME Term SOFR + 2.96%), 7.22%, 04/15/30(a)(b) |  | 1,500 | 1,504,118
Ares XLVIII CLO Ltd., Series 2018-48A, Class C, (3-mo. CME Term SOFR + 2.06%), 6.33%, 07/20/30(a)(b) |  | 500 | 501,104
Ares XXXIX CLO Ltd., Series 2016-39A, Class AR3, (3-mo. CME Term SOFR + 1.42%), 5.69%, 07/18/37(a)(b) |  | 1,000 | 1,003,252
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3-mo. CME Term SOFR + 1.44%), 5.72%, 10/24/31(a)(b) |  | 132 | 132,109
Ballyrock CLO Ltd.(a)(b) |  |  |
Series 2019-2A, Class BRR, (3-mo. CME Term SOFR + 2.40%), 6.72%, 02/20/36 |  | 1,000 | 1,002,831
Series 2022-19A, Class A1, (3-mo. CME Term SOFR + 1.33%), 5.60%, 04/20/35 |  | 2,000 | 2,006,594
Series 2024-22A, Class A2, (3-mo. CME Term SOFR + 1.95%), 6.21%, 04/15/37 |  | 1,000 | 1,004,282
Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class A1R2, (3-mo. CME Term SOFR + 1.32%), 5.60%, 01/17/38(a)(b) |  | 1,000 | 1,002,828
Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class A1R, (3-mo. CME Term SOFR + 1.43%), 5.69%, 10/15/34(a)(b) |  | 2,300 | 2,303,742
Benefit Street Partners CLO XXIX Ltd., Series 2022- 29A, Class AR, (3-mo. CME Term SOFR + 1.18%), 5.46%, 01/25/38(a)(b) |  | 1,000 | 999,000
Birch Grove CLO Ltd.(a)(b) |  |  |
Series 19A, Class A1RR, (3-mo. CME Term SOFR + 1.59%), 5.87%, 07/17/37 |  | 1,000 | 1,004,402

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Birch Grove CLO Ltd.(a)(b) (continued) |  |  |
Series 2021-3A, Class BR, (3-mo. CME Term SOFR + 1.60%), 5.87%, 01/19/38 | USD | 1,000 | $999,304
Series 2025-12A, Class A1, (3-mo. CME Term SOFR + 1.17%), 5.51%, 04/22/38 |  | 1,250 | 1,248,172
Bryant Park Funding Ltd.(a)(b) |  |  |
Series 2023-21A, Class A1, (3-mo. CME Term SOFR + 2.05%), 6.32%, 10/18/36 |  | 1,000 | 1,005,806
Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 6.86%, 04/15/37 |  | 1,500 | 1,509,819
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 5.34%, 07/18/34(a)(b) |  | 1,000 | 1,000,077
Canyon CLO Ltd.(a)(b) |  |  |
Series 2021-3A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.22%, 07/15/34 |  | 1,800 | 1,807,234
Series 2021-4, Class A, (3-mo. CME Term SOFR + 1.43%), 5.69%, 10/15/34 |  | 1,500 | 1,502,917
Carlyle CLO Ltd., Series C17A, Class BR, (3-mo. CME Term SOFR + 2.11%), 6.39%, 04/30/31(a)(b) |  | 1,000 | 1,002,244
Carlyle U.S. CLO Ltd.(a)(b) |  |  |
Series 2017-3A, Class A1R2, (3-mo. CME Term SOFR + 1.40%), 5.67%, 10/21/37 |  | 1,500 | 1,506,000
Series 2019-2A, Class AR2, (3-mo. CME Term SOFR + 1.36%), 5.62%, 10/15/37 |  | 2,000 | 2,007,214
Series 2021-11A, Class A1R, (3-mo. CME Term SOFR + 1.41%), 5.69%, 07/25/37 |  | 2,000 | 2,006,914
CarVal CLO I Ltd., Series 2018-1A, Class D, (3-mo. CME Term SOFR + 3.15%), 7.41%, 07/16/31(a)(b) |  | 500 | 496,583
CIFC Funding Ltd.(a)(b) |  |  |
Series 2013-2A, Class A3LR, (3-mo. CME Term SOFR + 2.21%), 6.48%, 10/18/30 |  | 1,000 | 1,002,243
Series 2014-2RA, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.64%, 10/24/37 |  | 1,000 | 1,003,999
Series 2015-4A, Class A1A2, (3-mo. CME Term SOFR + 1.33%), 5.60%, 04/20/34 |  | 1,000 | 1,002,131
Series 2019-2A, Class BR, (3-mo. CME Term SOFR + 1.76%), 6.04%, 04/17/34 |  | 900 | 901,361
Series 2019-5A, Class A2RS, (3-mo. CME Term SOFR + 2.01%), 6.27%, 01/15/35 |  | 1,000 | 1,004,041
Series 2020-2A, Class AR, (3-mo. CME Term SOFR + 1.43%), 5.70%, 10/20/34 |  | 1,200 | 1,202,614
Series 2020-3A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.66%, 10/20/34 |  | 1,000 | 1,001,000
Series 2021-7A, Class A1, (3-mo. CME Term SOFR + 1.39%), 5.67%, 01/23/35 |  | 2,000 | 2,004,489
Series 2024-1A, Class A, (3-mo. CME Term SOFR + 1.50%), 5.77%, 04/18/37 |  | 1,500 | 1,505,053
Clover CLO LLC, Series 2018-1A, Class A1RR, (3-mo. CME Term SOFR + 1.53%), 5.80%, 04/20/37(a)(b) |  | 3,500 | 3,512,312
Diameter Capital CLO Ltd.(a)(b) |  |  |
Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.65%, 10/15/37 |  | 2,800 | 2,813,218
Series 2025-10A, Class A, (3-mo. CME Term SOFR + 1.31%), 5.60%, 04/20/38 |  | 1,500 | 1,501,337
Dryden CLO Ltd., Series 2020-77A, Class AR, (3-mo. CME Term SOFR + 1.38%), 5.70%, 05/20/34(a)(b) |  | 3,500 | 3,505,581
Elmwood CLO 15 Ltd., Series 2022-2A, Class A1, (3- mo. CME Term SOFR + 1.34%), 5.61%, 04/22/35(a)(b) |  | 1,200 | 1,204,531
Elmwood CLO 26 Ltd., Series 2026-1A, Class C, (3-mo. CME Term SOFR + 2.40%), 6.67%, 04/18/37(a)(b) |  | 1,000 | 1,006,228

Schedule of Investments
67

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Elmwood CLO 29 Ltd., Series 2024-5A, Class AR1, (3-mo. CME Term SOFR + 1.52%), 5.79%, 04/20/37(a)(b) | USD | 1,000 | $1,003,535
Elmwood CLO 37 Ltd.(a)(b) |  |  |
Series 2024-13A, Class C, (3-mo. CME Term SOFR + 1.70%), 5.99%, 01/17/38 |  | 1,000 | 1,000,148
Series 2024-13A, Class D1, (3-mo. CME Term SOFR + 2.60%), 6.89%, 01/17/38 |  | 1,000 | 997,370
Elmwood CLO II Ltd., Series 2019-2A, Class A1RR, (3-mo. CME Term SOFR + 1.35%), 5.62%, 10/20/37(a)(b) |  | 2,000 | 2,006,500
Elmwood CLO Ltd., Series 2025-1A, Class A, (3-mo. CME Term SOFR + 1.15%), 5.43%, 04/22/38(a)(b) |  | 1,000 | 999,076
Elmwood CLO VII Ltd., Series 2020-4A, Class A1RR, (3-mo. CME Term SOFR + 1.36%), 5.64%, 10/17/37(a)(b) |  | 2,000 | 2,007,268
Elmwood CLO XI Ltd., Series 2021-4A, Class BR, (3- mo. CME Term SOFR + 1.55%), 5.84%, 01/20/38(a)(b) |  | 1,250 | 1,251,238
Elmwood CLO XII Ltd., Series 2021-5A, Class BR, (3- mo. CME Term SOFR + 1.70%), 5.96%, 10/15/37(a)(b) |  | 2,000 | 2,005,007
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3- mo. CME Term SOFR + 2.86%), 7.13%, 04/20/31(a)(b) |  | 1,000 | 1,006,163
Generate CLO Ltd.(a)(b) |  |  |
Series 2024-17A, Class A1, (3-mo. CME Term SOFR + 1.40%), 5.67%, 10/22/37 |  | 3,000 | 3,011,663
Series 7A, Class BR, (3-mo. CME Term SOFR + 2.20%), 6.47%, 04/22/37 |  | 1,000 | 1,008,048
Series 8A, Class A1R2, (3-mo. CME Term SOFR + 1.38%), 5.65%, 01/20/38 |  | 2,750 | 2,762,163
Series 9A, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.62%, 01/20/38 |  | 1,000 | 1,002,997
GoldenTree Loan Management U.S. CLO Ltd., Series 2025-24A, Class A, (3-mo. CME Term SOFR + 1.15%), 5.43%, 10/20/38(a)(b) |  | 1,000 | 998,649
Golub Capital Partners CLO Ltd.(a)(b) |  |  |
Series 2019-41A, Class AR, (3-mo. CME Term SOFR + 1.58%), 5.85%, 01/20/34 |  | 1,000 | 1,003,349
Series 2019-43A, Class A1R, (3-mo. CME Term SOFR + 1.34%), 5.61%, 10/20/37 |  | 1,500 | 1,504,903
Series 2020-48A, Class A1R, (3-mo. CME Term SOFR + 1.31%), 5.59%, 04/17/38 |  | 1,500 | 1,502,466
Series 2021-58A, Class A1, (3-mo. CME Term SOFR + 1.44%), 5.72%, 01/25/35 |  | 1,450 | 1,452,830
Series 2024-76A, Class A1, (3-mo. CME Term SOFR + 1.37%), 5.65%, 10/25/37 |  | 1,500 | 1,505,871
HalseyPoint CLO Ltd.(a)(b) |  |  |
Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.48%), 5.75%, 04/20/34 |  | 2,000 | 2,002,600
Series 2021-5A, Class A1A, (3-mo. CME Term SOFR + 1.47%), 5.75%, 01/30/35 |  | 1,000 | 1,001,300
Long Point Park CLO Ltd., Series 2017-1A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.24%, 01/17/30(a)(b) |  | 1,000 | 1,002,675
Madison Park Funding L Ltd., Series 2021-50A, Class A, (3-mo. CME Term SOFR + 1.40%), 5.67%, 04/19/34(a)(b) |  | 2,520 | 2,525,640

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 5.77%, 04/18/37(a)(b) | USD | 1,000 | $1,004,022
Madison Park Funding LVIII Ltd., Series 2024-58A, Class B, (3-mo. CME Term SOFR + 1.95%), 6.23%, 04/25/37(a)(b) |  | 1,000 | 1,003,841
Madison Park Funding LXXI Ltd., Series 2025-71A, Class A1, (3-mo. CME Term SOFR + 1.14%), 5.41%, 04/23/38(a)(b) |  | 2,500 | 2,496,314
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, (3-mo. CME Term SOFR + 1.41%), 5.68%, 04/19/33(a)(b) |  | 908 | 909,786
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, (3-mo. CME Term SOFR + 1.38%), 5.66%, 07/17/34(a)(b) |  | 1,070 | 1,071,768
Marathon CLO Ltd., Series 2020-15ARRR, Class C1R3, (3-mo. CME Term SOFR + 3.20%), 7.53%, 08/15/37(a)(b) |  | 1,500 | 1,504,402
MP CLO III Ltd., Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 2.26%), 6.53%, 10/20/30(a)(b) |  | 1,000 | 1,002,205
Neuberger Berman Loan Advisers CLO Ltd.(a)(b) |  |  |
Series 2021-46A, Class BR, (3-mo. CME Term SOFR + 1.50%), 5.77%, 01/20/37 |  | 1,450 | 1,448,470
Series 2022-47A, Class A, (3-mo. CME Term SOFR + 1.30%), 5.54%, 04/14/35 |  | 1,000 | 1,002,952
New Mountain CLO Ltd. |  |  |
Series 2024-5A, Class A, (3-mo. CME Term SOFR + 1.57%), 5.84%, 04/20/36(a)(b) |  | 2,500 | 2,508,950
Series 2025-1A, Class B, 07/20/36(c) |  | 2,500 | 2,500,000
Series CLO-3A, Class A, (3-mo. CME Term SOFR + 1.44%), 5.71%, 10/20/34(a)(b) |  | 1,500 | 1,501,927
Series CLO-7A, Class A1, (3-mo. CME Term SOFR + 1.20%), 5.48%, 03/31/38(a)(b) |  | 1,500 | 1,498,961
OCP CLO Ltd.(a)(b) |  |  |
Series 2015-10A, Class AR3, (3-mo. CME Term SOFR + 1.31%), 5.59%, 01/26/38 |  | 1,000 | 1,002,892
Series 2020-19A, Class A1R2, (3-mo. CME Term SOFR + 1.18%), 5.45%, 04/20/38 |  | 2,000 | 1,998,498
Series 2026-11R, Class CR2, (3-mo. CME Term SOFR + 2.35%), 6.63%, 04/26/36 |  | 1,500 | 1,504,226
Octagon Investment Partners 26 Ltd., Series 2016-1A, Class DR, (3-mo. CME Term SOFR + 3.11%), 7.37%, 07/15/30(a)(b) |  | 500 | 504,802
Octagon Investment Partners 34 Ltd., Series 2017-1A, Class B1, (3-mo. CME Term SOFR + 1.66%), 5.93%, 01/20/30(a)(b) |  | 1,000 | 1,002,541
Octagon Investment Partners XVII Ltd.(a)(b) |  |  |
Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 5.94%, 01/25/31 |  | 1,000 | 1,000,132
Series 2013-1A, Class CR2, (3-mo. CME Term SOFR + 1.96%), 6.24%, 01/25/31 |  | 1,000 | 1,002,646
OHA Credit Funding Ltd.(a)(b) |  |  |
Series 2019-3A, Class AR2, (3-mo. CME Term SOFR + 1.32%), 5.59%, 01/20/38 |  | 1,750 | 1,754,387
Series 2020-5AR, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.62%, 10/18/37 |  | 1,000 | 1,003,528
Series 2020-7A, Class AR, (3-mo. CME Term SOFR + 1.30%), 5.57%, 02/24/37 |  | 1,250 | 1,253,654
Series 2021-10A, Class A, (3-mo. CME Term SOFR + 1.39%), 5.66%, 01/18/36 |  | 1,500 | 1,503,419

68
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
OHA Credit Partners XII Ltd., Series 2015-12AR, Class D1R2, (3-mo. CME Term SOFR + 3.50%), 7.78%, 04/23/37(a)(b) | USD | 600 | $606,989
OHA Credit Partners XVI, Series 2021-16A, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.62%, 10/18/37(a)(b) |  | 750 | 752,643
Palmer Square CLO Ltd.(a)(b) |  |  |
Series 2019-1A, Class CR, (3-mo. CME Term SOFR + 3.31%), 7.62%, 11/14/34 |  | 1,000 | 1,003,751
Series 2020-3ARR, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 5.98%, 11/15/36 |  | 1,500 | 1,506,153
Series 2021-4A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.17%, 10/15/34 |  | 2,500 | 2,500,000
Series 2021-4A, Class BR, 07/15/38(c) |  | 2,500 | 2,500,000
Post CLO Ltd., Series 2024-1, Class A1, (3-mo. CME Term SOFR + 1.60%), 5.87%, 04/20/37(a)(b) |  | 2,000 | 2,007,464
Rad CLO Ltd., Series 2024-25A, Class A1, (3-mo. CME Term SOFR + 1.46%), 5.73%, 07/20/37(a)(b) |  | 1,500 | 1,506,589
Regatta VI Funding Ltd., Series 2016-1A, Class AR2, (3-mo. CME Term SOFR + 1.42%), 5.69%, 04/20/34(a)(b) |  | 2,000 | 2,005,411
Regatta VII Funding Ltd., Series 2016-1A, Class DR2, (3-mo. CME Term SOFR + 3.31%), 7.63%, 06/20/34(a)(b) |  | 500 | 502,756
Regatta XI Funding Ltd., Series 2018-1A, Class AR, (3-mo. CME Term SOFR + 1.40%), 5.68%, 07/17/37(a)(b) |  | 3,000 | 3,009,934
Regatta XII Funding Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.39%), 5.65%, 10/15/37(a)(b) |  | 1,500 | 1,505,785
Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.81%, 04/15/38(a)(b) |  | 1,000 | 1,000,845
Regatta XXIV Funding Ltd., Series 2021-5A, Class AR, (3-mo. CME Term SOFR + 1.32%), 5.59%, 01/20/38(a)(b) |  | 2,000 | 2,006,738
Regatta XXVII Funding Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.53%), 5.81%, 04/26/37(a)(b) |  | 2,000 | 2,007,362
Regatta XXVIII Funding Ltd., Series 2024-2A, Class A1, (3-mo. CME Term SOFR + 1.55%), 5.83%, 04/25/37(a)(b) |  | 1,500 | 1,505,787
Rockford Tower CLO Ltd., Series 2017-3A, Class A, (3-mo. CME Term SOFR + 1.45%), 5.72%, 10/20/30(a)(b) |  | 526 | 526,183
RR Ltd.(a)(b) |  |  |
Series 2018-5A, Class CR, (3-mo. CME Term SOFR + 3.60%), 7.86%, 07/15/39 |  | 650 | 649,469
Series 2022-21A, Class A1AR, (3-mo. CME Term SOFR + 1.40%), 5.66%, 07/15/39 |  | 1,000 | 1,003,289
Series 2024-29RA, Class A2R, (3-mo. CME Term SOFR + 1.70%), 5.96%, 07/15/39 |  | 2,000 | 2,002,848
Signal Peak CLO 14 Ltd., Series 2024-14A, Class A, (3-mo. CME Term SOFR + 1.30%), 5.59%, 01/22/38(a)(b) |  | 2,000 | 2,005,640
Signal Peak CLO Ltd., Series 2020-8A, Class A1R, (3- mo. CME Term SOFR + 1.39%), 5.66%, 10/20/37(a)(b) |  | 6,000 | 6,027,428
Silver Point CLO 9 Ltd., Series 2025-9A, Class A1, (3- mo. CME Term SOFR + 1.52%), 5.81%, 03/31/38(a)(b) |  | 1,500 | 1,505,876

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Silver Point CLO Ltd., Series 2024-4A, Class A1, (3-mo. CME Term SOFR + 1.63%), 5.89%, 04/15/37(a)(b) | USD | 1,000 | $1,003,957
Sixth Street CLO XIV Ltd., Series 2019-14A, Class BR2, (3-mo. CME Term SOFR + 1.50%), 5.82%, 01/20/38(a)(b) |  | 1,750 | 1,747,448
Sixth Street CLO XX Ltd., Series 2021-20A, Class A1, (3-mo. CME Term SOFR + 1.42%), 5.69%, 10/20/34(a)(b) |  | 1,325 | 1,327,318
Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3- mo. CME Term SOFR + 2.86%), 7.12%, 01/15/30(a)(b) |  | 1,500 | 1,503,862
Symphony CLO XXIV Ltd., Series 2020-24AR, Class AR, (3-mo. CME Term SOFR + 1.20%), 5.48%, 01/23/32(a)(b) |  | 798 | 799,256
Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, (3-mo. CME Term SOFR + 1.40%), 5.68%, 10/23/34(a)(b) |  | 1,900 | 1,902,224
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, (3- mo. CME Term SOFR + 1.10%), 5.38%, 01/17/32(a)(b) |  | 92 | 91,523
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3-mo. CME Term SOFR + 1.41%), 5.67%, 01/16/31(a)(b) |  | 480 | 480,664
TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo. CME Term SOFR + 1.38%), 5.64%, 01/15/34(a)(b) |  | 2,000 | 2,003,600
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3-mo. CME Term SOFR + 1.91%), 6.17%, 07/15/34(a)(b) |  | 1,000 | 1,001,283
Trestles CLO IV Ltd., Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.43%), 5.70%, 07/21/34(a)(b) |  | 2,000 | 2,003,552
Trestles CLO VII Ltd., Series 2024-7A, Class A1, (3-mo. CME Term SOFR + 1.38%), 5.66%, 10/25/37(a)(b) |  | 1,388 | 1,390,520
Trimaran CAVU Ltd.(a)(b) |  |  |
Series 2021-2A, Class B1, (3-mo. CME Term SOFR + 2.01%), 6.29%, 10/25/34 |  | 1,500 | 1,504,948
Series 2022-2A, Class AR, (3-mo. CME Term SOFR + 1.24%), 5.52%, 03/27/38 |  | 1,000 | 1,000,627
Warwick Capital CLO Ltd., Series 2024-4A, Class A1, (3-mo. CME Term SOFR + 1.40%), 5.67%, 07/20/37(a)(b) |  | 1,000 | 1,003,790
Whitebox CLO I Ltd., Series 2019-1AR, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 5.60%, 07/24/36(a)(b) |  | 2,000 | 2,001,872
Whitebox CLO II Ltd., Series 2020-2A, Class A1R2, (3-mo. CME Term SOFR + 1.38%), 5.66%, 10/24/37(a)(b) |  | 1,500 | 1,505,811
Total Asset-Backed Securities — 19.3% (Cost: $202,429,999) | 204,124,856

|  | Shares |
Common Stocks
Entertainment — 0.0% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $8,979)(d)(e)(f) |  | 715 | 63,635
Financial Services — 0.0% |
Aimbridge Acquisition Co., Inc.(d)(e) |  | 2,307 | 136,125
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc.(e) |  | 99 | 99

Schedule of Investments
69

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Health Care Providers & Services — 0.0% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $72,548)(e)(f) |  | 2,336 | $37,084
IT Services — 0.0% |
Travelport Finance Luxembourg SARL(d)(e) |  | 25 | 67,176
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp.(d)(e) |  | 934 | 9,346
Total Common Stocks — 0.0% (Cost: $343,694) | 313,465

|  | Par (000) |
Corporate Bonds
Advertising Agencies — 1.2%
Clear Channel Outdoor Holdings, Inc.(b) |  |  |
5.13%, 08/15/27 | USD | 2,287 | 2,260,983
7.75%, 04/15/28 |  | 1,309 | 1,237,005
9.00%, 09/15/28(g) |  | 3,573 | 3,743,871
7.50%, 06/01/29 |  | 608 | 562,338
7.88%, 04/01/30(g) |  | 954 | 984,761
Interpublic Group of Cos., Inc., 5.40%, 10/01/48(g) |  | 2,215 | 2,059,425
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b) |  | 613 | 596,869
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) |  |  |
5.00%, 08/15/27 |  | 119 | 118,405
4.25%, 01/15/29(g) |  | 373 | 356,839
4.63%, 03/15/30 |  | 176 | 168,100
7.38%, 02/15/31 |  | 359 | 380,078
Stagwell Global LLC, 5.63%, 08/15/29(b) |  | 209 | 199,914
|  |  | 12,668,588
Aerospace & Defense — 3.9%
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b) |  | 385 | 398,983
Boeing Co.(g) |  |  |
5.15%, 05/01/30 |  | 6,775 | 6,897,624
7.01%, 05/01/64 |  | 2,285 | 2,509,723
Bombardier, Inc.(b) |  |  |
7.88%, 04/15/27 |  | 61 | 61,352
7.50%, 02/01/29(g) |  | 138 | 144,894
8.75%, 11/15/30 |  | 647 | 700,429
7.25%, 07/01/31 |  | 189 | 198,393
7.00%, 06/01/32(g) |  | 362 | 376,981
6.75%, 06/15/33 |  | 268 | 277,702
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32(b) |  | 1,270 | 1,285,883
General Dynamics Corp., 4.25%, 04/01/50(g) |  | 1,260 | 1,059,983
Goat Holdco LLC, 6.75%, 02/01/32(b) |  | 452 | 459,476
Moog, Inc., 4.25%, 12/15/27(b) |  | 320 | 312,420
Northrop Grumman Corp.(g) |  |  |
4.03%, 10/15/47 |  | 2,400 | 1,913,619
5.25%, 05/01/50 |  | 3,050 | 2,858,248
RTX Corp.(g) |  |  |
4.63%, 11/16/48 |  | 2,805 | 2,410,790
3.13%, 07/01/50 |  | 3,545 | 2,350,114
6.40%, 03/15/54 |  | 1,100 | 1,205,746
Spirit AeroSystems, Inc.(b) |  |  |
9.38%, 11/30/29 |  | 712 | 755,440
9.75%, 11/15/30 |  | 717 | 790,744
TransDigm, Inc.(b) |  |  |
6.75%, 08/15/28 |  | 1,812 | 1,850,306

Security |  | Par (000) | Value
Aerospace & Defense (continued)
TransDigm, Inc.(b) (continued) |  |  |
6.38%, 03/01/29(g) | USD | 2,462 | $2,525,868
7.13%, 12/01/31 |  | 647 | 677,874
6.63%, 03/01/32 |  | 2,939 | 3,043,022
6.00%, 01/15/33 |  | 1,612 | 1,620,759
6.38%, 05/31/33 |  | 3,171 | 3,173,874
Triumph Group, Inc., 9.00%, 03/15/28(b) |  | 1,185 | 1,238,373
|  |  | 41,098,620
Air Freight & Logistics(b) — 0.0%
Rand Parent LLC, 8.50%, 02/15/30 |  | 311 | 312,294
Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 152 | 161,128
|  |  | 473,422
Automobile Components — 1.0%
Clarios Global LP/Clarios U.S. Finance Co.(b) |  |  |
8.50%, 05/15/27(g) |  | 6,839 | 6,868,955
6.75%, 05/15/28 |  | 1,071 | 1,099,331
6.75%, 02/15/30 |  | 475 | 493,899
4.75%, 06/15/31 | EUR | 250 | 295,618
Dana, Inc. |  |  |
4.25%, 09/01/30 | USD | 117 | 115,316
4.50%, 02/15/32 |  | 178 | 173,996
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32(b) |  | 109 | 113,483
Goodyear Tire & Rubber Co. |  |  |
5.00%, 07/15/29(g) |  | 207 | 202,323
6.63%, 07/15/30 |  | 213 | 217,268
5.25%, 04/30/31 |  | 18 | 17,287
5.63%, 04/30/33 |  | 53 | 50,745
Motherson Global Investments BV, 5.63%, 07/11/29(h) |  | 275 | 278,718
SK On Co. Ltd., 5.38%, 05/11/26(h) |  | 200 | 201,072
Tenneco, Inc., 8.00%, 11/17/28(b) |  | 643 | 635,861
|  |  | 10,763,872
Automobiles — 1.7%
Asbury Automotive Group, Inc. |  |  |
4.50%, 03/01/28 |  | 221 | 217,978
5.00%, 02/15/32(b) |  | 100 | 95,147
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29(b) |  | 218 | 206,422
Carvana Co.(b)(i) |  |  |
(9.00% PIK), 9.00%, 06/01/30 |  | 1,066 | 1,121,194
(9.00% PIK), 9.00%, 06/01/31 |  | 1,812 | 2,050,503
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b) |  | 264 | 281,391
Ford Motor Co. |  |  |
3.25%, 02/12/32 |  | 171 | 144,170
6.10%, 08/19/32(g) |  | 3,129 | 3,124,605
General Motors Co.(g) |  |  |
6.25%, 10/02/43 |  | 940 | 922,024
5.95%, 04/01/49 |  | 3,455 | 3,229,604
Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, 08/15/29(b) |  | 200 | 195,692
Group 1 Automotive, Inc., 6.38%, 01/15/30(b) |  | 90 | 92,418
Hyundai Capital America(h) |  |  |
5.50%, 03/30/26 |  | 200 | 201,237
2.38%, 10/15/27 |  | 200 | 190,173
(1-day SOFR + 1.32%), 5.68%, 11/03/25(a) |  | 200 | 200,598
Hyundai Capital Services, Inc., 5.13%, 02/05/29(h) |  | 225 | 227,223
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 |  | 500 | 490,960
LCM Investments Holdings II LLC(b)(g) |  |  |
4.88%, 05/01/29 |  | 535 | 520,261
8.25%, 08/01/31 |  | 453 | 481,622
Nissan Motor Acceptance Co. LLC |  |  |
6.95%, 09/15/26(b)(g) |  | 3,265 | 3,297,072

70
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Automobiles (continued)
Nissan Motor Acceptance Co. LLC (continued) |  |  |
6.95%, 09/15/26(h) | USD | 75 | $75,737
7.05%, 09/15/28 |  | 150 | 153,227
Nissan Motor Co. Ltd., 4.81%, 09/17/30 |  | 200 | 183,484
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/31(b) |  | 301 | 295,739
TML Holdings Pte. Ltd., 4.35%, 06/09/26(h) |  | 200 | 198,280
|  |  | 18,196,761
Banks — 10.4%
ABQ Finance Ltd., 4.95%, 03/25/30(h) |  | 250 | 251,688
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27(h) |  | 212 | 208,063
Agricultural Bank of China Ltd., 1.25%, 01/19/26(h) |  | 200 | 196,436
Australia & New Zealand Banking Group Ltd.(a) |  |  |
(1-day SOFR + 0.68%), 5.03%, 07/16/27(h) |  | 200 | 200,880
(5-year CMT + 1.70%), 2.57%, 11/25/35(b)(g) |  | 5,445 | 4,776,302
Bangkok Bank PCL/Hong Kong |  |  |
4.45%, 09/19/28(h) |  | 200 | 199,278
(5-year CMT + 1.90%), 3.73%, 09/25/34(a)(h) |  | 200 | 185,624
(5-year CMT + 4.73%), 5.00%(a)(j) |  | 922 | 919,050
Bank Mandiri Persero Tbk PT, 5.50%, 04/04/26(h) |  | 200 | 201,249
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26(h) |  | 200 | 197,450
Bank of America Corp.(a)(g) |  |  |
(1-day SOFR + 1.83%), 4.57%, 04/27/33 |  | 9,380 | 9,230,586
(1-day SOFR + 1.99%), 6.20%, 11/10/28 |  | 3,090 | 3,215,695
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26(h) |  | 200 | 195,360
Bank of East Asia Ltd.(a)(h) |  |  |
(1-year CMT + 2.30%), 6.63%, 03/13/27 |  | 250 | 252,738
(5-year CMT + 2.30%), 4.88%, 04/22/32 |  | 750 | 739,920
BPCE SA, (1-day SOFR + 2.61%), 6.92%, 01/14/46(a)(b) |  | 3,095 | 3,227,830
China CITIC Bank International Ltd., (5-year CMT + 1.65%), 6.00%, 12/05/33(a)(h) |  | 250 | 260,560
Citigroup, Inc.(g) |  |  |
6.68%, 09/13/43 |  | 4,125 | 4,499,838
(1-day SOFR + 2.66%), 6.17%, 05/25/34(a) |  | 2,740 | 2,868,311
Deutsche Bank AG(a)(g) |  |  |
(1-day SOFR + 1.87%), 2.13%, 11/24/26 |  | 3,260 | 3,227,026
(1-day SOFR + 2.51%), 6.82%, 11/20/29 |  | 3,975 | 4,239,820
First Abu Dhabi Bank PJSC, 5.00%, 02/28/29(h) |  | 200 | 203,500
Goldman Sachs Group, Inc., (1-day SOFR + 1.85%), 3.62%, 03/15/28(a)(g) |  | 1,830 | 1,804,448
HSBC Holdings PLC, (1-day SOFR + 1.57%), 5.93%, 05/13/31(a) |  | 400 | 402,184
Intesa Sanpaolo SpA, 5.71%, 01/15/26(b) |  | 9,840 | 9,861,796
JPMorgan Chase & Co., (1-day SOFR + 2.58%), 5.72%, 09/14/33(a)(g) |  | 11,000 | 11,465,273
Kasikornbank PCL/Hong Kong, (5-year CMT + 1.70%), 3.34%, 10/02/31(a)(h) |  | 468 | 455,256
KeyCorp., (1-day SOFR Index + 2.42%), 6.40%, 03/06/35(a)(g) |  | 1,995 | 2,128,075
KODIT Global Co. Ltd., Series 2023-1, 4.95%, 05/25/26(h) |  | 200 | 200,516
Kookmin Bank, 5.25%, 05/08/29(h) |  | 200 | 206,722
Macquarie Bank Ltd., 6.80%, 01/18/33(b)(g) |  | 5,110 | 5,505,578
Metropolitan Bank & Trust Co.(h) |  |  |
5.38%, 03/06/29 |  | 320 | 327,968
5.50%, 03/06/34 |  | 275 | 280,500
Mitsubishi UFJ Financial Group, Inc., (1-day SOFR + 1.48%), 5.83%, 04/24/31(a) |  | 400 | 406,707
Mizuho Financial Group, Inc., 07/08/31(a)(c) |  | 275 | 275,960

Security |  | Par (000) | Value
Banks (continued)
Nanyang Commercial Bank Ltd., (5-year CMT + 2.10%), 6.00%, 08/06/34(a)(h) | USD | 250 | $254,250
NongHyup Bank, 4.00%, 01/06/26(h) |  | 200 | 199,150
Philippine National Bank, 4.85%, 10/23/29(h) |  | 200 | 200,140
Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26(h) |  | 200 | 196,739
Standard Chartered PLC(a)(h) |  |  |
(1-day SOFR + 1.68%), 6.05%, 05/13/31 |  | 400 | 401,808
(1-year CMT + 2.10%), 6.10%, 01/11/35 |  | 200 | 210,000
State Street Corp., (1-day SOFR + 1.72%), 5.82%, 11/04/28(a)(g) |  | 2,925 | 3,030,399
Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, 07/31/84(a)(g) |  | 8,570 | 8,794,997
Truist Financial Corp., (1-day SOFR + 2.05%), 6.05%, 06/08/27(a)(g) |  | 9,310 | 9,435,078
UniCredit SpA, (5-year CMT + 4.75%), 5.46%, 06/30/35(a)(b) |  | 6,135 | 6,099,527
United Overseas Bank Ltd., 1.25%, 04/14/26(h) |  | 200 | 195,466
Walker & Dunlop, Inc., 6.63%, 04/01/33(b) |  | 192 | 197,037
Wells Fargo & Co.(g) |  |  |
5.61%, 01/15/44 |  | 4,119 | 3,992,292
(1-day SOFR + 1.51%), 3.53%, 03/24/28(a) |  | 4,075 | 4,018,456
Westpac Banking Corp., (1-day SOFR + 0.81%), 5.16%, 04/16/29(a) |  | 200 | 201,506
|  |  | 110,245,032
Beverages — 1.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 |  | 5,712 | 5,235,849
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49(g) |  | 5,000 | 4,962,075
|  |  | 10,197,924
Biotechnology — 0.5%
Baxalta, Inc., 5.25%, 06/23/45(g) |  | 6,000 | 5,602,221
Building Materials — 1.2%
Builders FirstSource, Inc.(b) |  |  |
6.38%, 03/01/34 |  | 209 | 212,986
6.75%, 05/15/35 |  | 224 | 230,634
EMRLD Borrower LP/Emerald Co-Issuer, Inc.(b) |  |  |
6.38%, 12/15/30 | EUR | 240 | 296,952
6.63%, 12/15/30 | USD | 4,324 | 4,419,872
6.75%, 07/15/31 |  | 321 | 332,234
Jeld-Wen, Inc.(b) |  |  |
4.88%, 12/15/27 |  | 105 | 97,344
7.00%, 09/01/32 |  | 522 | 408,700
New Enterprise Stone & Lime Co., Inc.(b) |  |  |
5.25%, 07/15/28(g) |  | 163 | 163,432
9.75%, 07/15/28 |  | 93 | 93,217
Quikrete Holdings, Inc.(b) |  |  |
6.38%, 03/01/32 |  | 1,724 | 1,772,824
6.75%, 03/01/33 |  | 395 | 407,571
Smyrna Ready Mix Concrete LLC(b) |  |  |
6.00%, 11/01/28 |  | 665 | 663,378
8.88%, 11/15/31 |  | 171 | 179,286
Standard Building Solutions, Inc., 6.50%, 08/15/32(b) |  | 861 | 882,210
Standard Industries, Inc. |  |  |
2.25%, 11/21/26(h) | EUR | 156 | 181,501
5.00%, 02/15/27(b) | USD | 412 | 411,068
4.38%, 07/15/30(b) |  | 1,443 | 1,366,292
3.38%, 01/15/31(b) |  | 393 | 352,441
Wilsonart LLC, 11.00%, 08/15/32(b) |  | 426 | 387,032
|  |  | 12,858,974

Schedule of Investments
71

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Building Products(b) — 0.4%
Foundation Building Materials, Inc., 6.00%, 03/01/29 | USD | 20 | $18,344
GYP Holdings III Corp., 4.63%, 05/01/29 |  | 350 | 350,814
QXO Building Products, Inc., 6.75%, 04/30/32(g) |  | 1,285 | 1,323,810
White Cap Buyer LLC, 6.88%, 10/15/28 |  | 2,514 | 2,510,011
|  |  | 4,202,979
Capital Markets — 1.3%
Ares Strategic Income Fund, 5.45%, 09/09/28(b)(g) |  | 4,275 | 4,277,098
Blue Owl Capital Corp., 6.20%, 07/15/30(g) |  | 4,670 | 4,717,526
CFAMC II Co. Ltd., 4.63%, 06/03/26(h) |  | 200 | 199,800
China Ping An Insurance Overseas Holdings Ltd., 6.13%, 05/16/34(h) |  | 200 | 210,914
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b)(g) |  | 447 | 401,229
Focus Financial Partners LLC, 6.75%, 09/15/31(b) |  | 336 | 342,977
Gaci First Investment Co., 5.25%, 10/13/32(h) |  | 200 | 203,688
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27(b) |  | 79 | 81,102
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
5.25%, 05/15/27 |  | 2,783 | 2,696,535
9.75%, 01/15/29 |  | 274 | 266,172
4.38%, 02/01/29(g) |  | 252 | 211,826
10.00%, 11/15/29(b) |  | 244 | 241,566
Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/33(b) |  | 272 | 279,672
|  |  | 14,130,105
Chemicals — 2.7%
Avient Corp., 6.25%, 11/01/31(b) |  | 204 | 205,907
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b) |  | 534 | 562,989
Axalta Coating Systems LLC, 3.38%, 02/15/29(b) |  | 940 | 890,367
Celanese U.S. Holdings LLC |  |  |
6.50%, 04/15/30 |  | 37 | 37,874
6.75%, 04/15/33(g) |  | 241 | 243,503
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 484 | 479,671
5.75%, 11/15/28(b) |  | 751 | 703,916
8.00%, 01/15/33(b) |  | 222 | 207,883
CNAC HK Finbridge Co. Ltd., 2.00%, 09/22/25(h) |  | 300 | 298,209
DuPont de Nemours, Inc., 5.42%, 11/15/48(g) |  | 7,500 | 7,552,765
Element Solutions, Inc., 3.88%, 09/01/28(b) |  | 3,039 | 2,947,207
GC Treasury Center Co. Ltd., 2.98%, 03/18/31(h) |  | 200 | 174,340
Herens Holdco SARL, 4.75%, 05/15/28(b) |  | 200 | 179,495
Ingevity Corp., 3.88%, 11/01/28(b) |  | 100 | 95,368
Kraton Corp., 5.00%, 07/15/27 |  | 200 | 202,622
LG Chem Ltd., 2.38%, 07/07/31(h) |  | 200 | 171,572
LYB Finance Co. BV, 8.10%, 03/15/27(b) |  | 6,000 | 6,331,280
Mativ Holdings, Inc., 8.00%, 10/01/29(b) |  | 126 | 114,166
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b) |  | 274 | 273,203
Olympus Water U.S. Holding Corp.(b) |  |  |
9.75%, 11/15/28 |  | 1,149 | 1,209,931
6.25%, 10/01/29 |  | 200 | 190,834
7.25%, 06/15/31 |  | 1,170 | 1,193,400
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) |  | 1,061 | 1,027,455
WR Grace Holdings LLC(b) |  |  |
4.88%, 06/15/27 |  | 300 | 298,267
5.63%, 08/15/29(g) |  | 2,729 | 2,470,253
7.38%, 03/01/31 |  | 373 | 381,959
|  |  | 28,444,436
Commercial Services & Supplies — 4.1%
ADT Security Corp., 4.88%, 07/15/32(b) |  | 518 | 496,909

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, 05/21/30(b) | USD | 617 | $629,665
Allied Universal Holdco LLC, 7.88%, 02/15/31(b) |  | 2,847 | 2,974,238
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b) |  |  |
6.00%, 06/01/29(g) |  | 800 | 778,057
6.88%, 06/15/30 |  | 1,058 | 1,072,351
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL(b) |  |  |
4.63%, 06/01/28 |  | 1,460 | 1,415,819
4.63%, 06/01/28(g) |  | 1,212 | 1,176,455
Belron U.K. Finance PLC, 5.75%, 10/15/29(b) |  | 1,030 | 1,038,594
Block, Inc. |  |  |
2.75%, 06/01/26 |  | 694 | 679,449
3.50%, 06/01/31 |  | 101 | 92,644
6.50%, 05/15/32(g) |  | 3,079 | 3,176,675
Boost Newco Borrower LLC, 7.50%, 01/15/31(b) |  | 1,170 | 1,241,973
Brink’ s Co.(b) |  |  |
6.50%, 06/15/29 |  | 225 | 231,929
6.75%, 06/15/32 |  | 340 | 354,075
Clarivate Science Holdings Corp.(b)(g) |  |  |
3.88%, 07/01/28 |  | 1,831 | 1,755,058
4.88%, 07/01/29 |  | 1,060 | 998,098
CMHI Finance BVI Co. Ltd., (5-year CMT + 6.62%), 3.88%(a)(h)(j) |  | 200 | 199,330
Deluxe Corp., 8.13%, 09/15/29(b) |  | 164 | 169,259
EquipmentShare.com, Inc., 8.00%, 03/15/33(b) |  | 180 | 188,567
Fortress Transportation and Infrastructure Investors LLC(b) |  |  |
5.50%, 05/01/28 |  | 1,350 | 1,342,734
7.88%, 12/01/30 |  | 909 | 964,461
7.00%, 05/01/31 |  | 1,515 | 1,568,684
7.00%, 06/15/32(g) |  | 799 | 824,990
5.88%, 04/15/33 |  | 585 | 577,635
Garda World Security Corp.(b) |  |  |
4.63%, 02/15/27 |  | 240 | 238,512
7.75%, 02/15/28 |  | 606 | 626,945
6.00%, 06/01/29 |  | 89 | 86,869
8.25%, 08/01/32 |  | 765 | 785,045
8.38%, 11/15/32 |  | 1,138 | 1,168,964
Global Payments, Inc., 5.95%, 08/15/52(g) |  | 4,547 | 4,371,068
Herc Holdings, Inc.(b) |  |  |
6.63%, 06/15/29(g) |  | 199 | 204,174
7.00%, 06/15/30 |  | 503 | 525,312
7.25%, 06/15/33 |  | 255 | 267,189
Hertz Corp., 12.63%, 07/15/29(b) |  | 191 | 199,740
Prime Security Services Borrower LLC/Prime Finance, Inc.(b) |  |  |
5.75%, 04/15/26 |  | 12 | 12,062
6.25%, 01/15/28(g) |  | 879 | 880,377
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b) |  | 310 | 310,013
RR Donnelley & Sons Co., 9.50%, 08/01/29(b) |  | 788 | 788,000
Service Corp. International |  |  |
5.13%, 06/01/29 |  | 468 | 465,996
3.38%, 08/15/30 |  | 1,331 | 1,223,357
4.00%, 05/15/31 |  | 364 | 340,587
5.75%, 10/15/32 |  | 1,280 | 1,293,053
Shanghai Port Group BVI Development 2 Co. Ltd., 1.50%, 07/13/25(h) |  | 200 | 199,780
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(b) |  |  |
6.75%, 08/15/32 |  | 1,389 | 1,442,572
5.50%, 05/15/33 | EUR | 350 | 426,469

72
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Sotheby’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b) | USD | 682 | $614,156
United Rentals North America, Inc., 6.13%, 03/15/34(b) |  | 102 | 105,062
Veritiv Operating Co., 10.50%, 11/30/30(b) |  | 216 | 233,819
Wand NewCo 3, Inc., 7.63%, 01/30/32(b) |  | 720 | 756,669
WEX, Inc., 6.50%, 03/15/33(b) |  | 452 | 456,024
Williams Scotsman, Inc.(b) |  |  |
4.63%, 08/15/28 |  | 269 | 264,372
6.63%, 06/15/29 |  | 35 | 35,928
6.63%, 04/15/30 |  | 409 | 424,849
7.38%, 10/01/31 |  | 485 | 510,511
|  |  | 43,205,123
Communications Equipment(b) — 0.1%
CommScope LLC |  |  |
4.75%, 09/01/29 |  | 983 | 959,687
9.50%, 12/15/31 |  | 401 | 419,932
Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 227 | 212,111
|  |  | 1,591,730
Construction & Engineering — 0.3%
Arcosa, Inc., 6.88%, 08/15/32(b) |  | 76 | 78,874
Brand Industrial Services, Inc., 10.38%, 08/01/30(b) |  | 1,967 | 1,814,826
Dycom Industries, Inc., 4.50%, 04/15/29(b) |  | 26 | 25,306
IRB Infrastructure Developers Ltd., 7.11%, 03/11/32(h) |  | 200 | 200,563
Signature Aviation U.S. Holdings, Inc., 4.00%, 03/01/28(b) |  | 541 | 472,022
Summit Digitel Infrastructure Ltd., 2.88%, 08/12/31(h) |  | 200 | 176,458
|  |  | 2,768,049
Consumer Finance — 0.5%
Bread Financial Holdings, Inc., (5-year CMT + 4.30%), 8.38%, 06/15/35(a)(b) |  | 54 | 54,371
Hyundai Card Co. Ltd., 5.75%, 04/24/29(h) |  | 345 | 356,333
Muthoot Finance Ltd., 7.13%, 02/14/28(h) |  | 475 | 483,963
Navient Corp. |  |  |
9.38%, 07/25/30 |  | 244 | 269,135
7.88%, 06/15/32 |  | 329 | 342,160
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 |  | 170 | 175,555
6.63%, 05/15/29 |  | 429 | 440,605
5.38%, 11/15/29 |  | 1,027 | 1,010,204
7.88%, 03/15/30 |  | 388 | 412,277
4.00%, 09/15/30 |  | 109 | 100,578
7.50%, 05/15/31 |  | 115 | 120,158
7.13%, 11/15/31 |  | 139 | 144,626
6.75%, 03/15/32 |  | 391 | 398,354
7.13%, 09/15/32 |  | 506 | 523,846
Shinhan Card Co. Ltd., 1.38%, 10/19/25(h) |  | 200 | 197,960
SLM Corp., 6.50%, 01/31/30 |  | 81 | 85,020
|  |  | 5,115,145
Consumer Staples Distribution & Retail — 0.7%
CK Hutchison International 21 Ltd., 2.50%, 04/15/31(h) |  | 200 | 178,566
CK Hutchison International 23 Ltd.(h) |  |  |
4.75%, 04/21/28 |  | 400 | 403,240
4.88%, 04/21/33 |  | 400 | 396,772
CK Hutchison International 24 Ltd., 5.50%, 04/26/34(h) |  | 200 | 205,798
Walgreens Boots Alliance, Inc. |  |  |
8.13%, 08/15/29 |  | 201 | 213,176

Security |  | Par (000) | Value
Consumer Staples Distribution & Retail (continued)
Walgreens Boots Alliance, Inc. (continued) |  |  |
4.80%, 11/18/44 | USD | 374 | $357,170
Walmart, Inc., 5.25%, 09/01/35(g) |  | 5,150 | 5,409,748
|  |  | 7,164,470
Containers & Packaging — 1.6%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b) |  |  |
6.00%, 06/15/27 |  | 509 | 510,564
3.25%, 09/01/28 |  | 200 | 189,007
4.00%, 09/01/29(g) |  | 2,600 | 2,373,480
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26(h) | EUR | 304 | 342,780
4.13%, 08/15/26(b) | USD | 900 | 844,983
Ball Corp. |  |  |
3.13%, 09/15/31(g) |  | 234 | 209,935
4.25%, 07/01/32 | EUR | 185 | 220,789
Clydesdale Acquisition Holdings, Inc.(b) |  |  |
6.63%, 04/15/29 | USD | 287 | 291,157
6.88%, 01/15/30 |  | 666 | 680,837
8.75%, 04/15/30(g) |  | 416 | 425,495
6.75%, 04/15/32 |  | 1,178 | 1,208,945
Crown Americas LLC, 5.88%, 06/01/33(b) |  | 753 | 758,147
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |  | 224 | 222,743
LABL, Inc.(b) |  |  |
5.88%, 11/01/28 |  | 428 | 374,269
9.50%, 11/01/28 |  | 771 | 712,696
8.63%, 10/01/31 |  | 433 | 370,374
Mauser Packaging Solutions Holding Co.(b) |  |  |
7.88%, 04/15/27 |  | 5,124 | 5,207,993
9.25%, 04/15/27 |  | 102 | 101,285
OI European Group BV, 6.25%, 05/15/28(b) | EUR | 175 | 212,841
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27(b) | USD | 59 | 59,027
Sealed Air Corp.(b) |  |  |
4.00%, 12/01/27 |  | 205 | 200,075
5.00%, 04/15/29 |  | 86 | 85,063
6.50%, 07/15/32 |  | 268 | 277,718
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28(b) |  | 121 | 122,774
Trivium Packaging Finance BV(b) |  |  |
6.63%, 07/15/30 | EUR | 110 | 133,918
8.25%, 07/15/30 | USD | 200 | 211,497
12.25%, 01/15/31 |  | 200 | 214,387
|  |  | 16,562,779
Diversified REITs — 2.3%
American Tower Corp., 3.60%, 01/15/28(g) |  | 4,000 | 3,927,139
Crown Castle, Inc.(g) |  |  |
3.65%, 09/01/27 |  | 8,000 | 7,862,254
4.15%, 07/01/50 |  | 820 | 626,690
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(b) |  | 197 | 188,140
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |  | 725 | 638,083
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) |  | 534 | 512,036
Iron Mountain, Inc.(b) |  |  |
4.88%, 09/15/27(g) |  | 606 | 602,552

Schedule of Investments
73

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified REITs (continued)
Iron Mountain, Inc.(b) (continued) |  |  |
5.25%, 07/15/30 | USD | 32 | $31,562
5.63%, 07/15/32 |  | 493 | 489,081
6.25%, 01/15/33 |  | 633 | 650,854
Rithm Capital Corp., 8.00%, 07/15/30(b) |  | 172 | 172,860
SBA Communications Corp., 3.13%, 02/01/29(g) |  | 3,003 | 2,836,267
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) |  | 2,570 | 2,724,309
VICI Properties LP, 5.13%, 05/15/32(g) |  | 3,155 | 3,143,386
|  |  | 24,405,213
Diversified Telecommunication Services — 7.8%
Altice Financing SA(b) |  |  |
5.00%, 01/15/28 |  | 200 | 150,459
5.75%, 08/15/29 |  | 715 | 522,079
AT&T, Inc. |  |  |
4.65%, 06/01/44 |  | 28 | 24,152
4.35%, 06/15/45 |  | 95 | 78,758
3.50%, 09/15/53(g) |  | 15,960 | 10,802,643
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(b) |  | 317 | 318,626
EchoStar Corp. |  |  |
(6.75% PIK), 6.75%, 11/30/30(i) |  | 2,631 | 2,400,942
10.75%, 11/30/29 |  | 1,571 | 1,617,851
Fibercop SpA, 6.00%, 09/30/34(b) |  | 600 | 561,505
Frontier Communications Holdings LLC |  |  |
5.88%, 10/15/27(b) |  | 68 | 68,026
5.00%, 05/01/28(b) |  | 640 | 639,731
6.75%, 05/01/29(b) |  | 146 | 147,909
5.88%, 11/01/29 |  | 268 | 270,450
6.00%, 01/15/30(b) |  | 358 | 362,617
8.75%, 05/15/30(b) |  | 3,395 | 3,550,733
8.63%, 03/15/31(b) |  | 395 | 419,691
Globe Telecom, Inc., (5-year CMT + 5.53%), 4.20%(a)(h)(j) |  | 700 | 688,975
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(h) |  | 200 | 196,872
Iliad Holding SASU(b) |  |  |
7.00%, 10/15/28(g) |  | 735 | 748,431
8.50%, 04/15/31 |  | 1,185 | 1,267,506
7.00%, 04/15/32 |  | 364 | 372,947
Level 3 Financing, Inc.(b) |  |  |
3.63%, 01/15/29 |  | 80 | 68,400
4.88%, 06/15/29(g) |  | 1,256 | 1,173,257
11.00%, 11/15/29 |  | 2,281 | 2,616,339
4.50%, 04/01/30 |  | 382 | 346,110
3.88%, 10/15/30 |  | 148 | 128,390
10.75%, 12/15/30 |  | 973 | 1,103,331
4.00%, 04/15/31 |  | 19 | 16,560
6.88%, 06/30/33 |  | 2,774 | 2,822,609
Lumen Technologies, Inc.(b) |  |  |
4.13%, 04/15/29 |  | 368 | 357,996
4.13%, 04/15/30 |  | 369 | 359,414
10.00%, 10/15/32 |  | 283 | 288,645
Sable International Finance Ltd., 7.13%, 10/15/32(b) |  | 639 | 640,797
Sprint Capital Corp.(g) |  |  |
6.88%, 11/15/28 |  | 3,063 | 3,288,244
8.75%, 03/15/32 |  | 2,041 | 2,475,917
Telecom Italia Capital SA, 7.72%, 06/04/38 |  | 478 | 515,064
Telefonica Emisiones SA, 5.21%, 03/08/47(g) |  | 5,000 | 4,423,682
Verizon Communications, Inc.(g) |  |  |
6.40%, 09/15/33 |  | 9,475 | 10,352,174
6.55%, 09/15/43 |  | 13,225 | 14,490,036

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.(g) (continued) |  |  |
5.01%, 04/15/49 | USD | 6,998 | $6,418,502
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(b) |  | 1,643 | 1,720,691
Zayo Group Holdings, Inc.(b) |  |  |
4.00%, 03/01/27 |  | 4,004 | 3,754,857
6.13%, 03/01/28 |  | 519 | 447,883
|  |  | 83,019,801
Electric Utilities — 4.1%
Alpha Generation LLC, 6.75%, 10/15/32(b) |  | 336 | 346,364
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/32(b) |  | 286 | 286,466
China Huaneng Group Hong Kong Treasury Management Holding Ltd., 1.60%, 01/20/26(h) |  | 200 | 196,804
Chugoku Electric Power Co., Inc., 5.74%, 01/14/35(h) |  | 200 | 204,996
Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27(h) |  | 200 | 205,750
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b) |  | 600 | 618,216
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(j) |  | 217 | 204,310
Emera, Inc., Series 16-A, (3-mo. SOFR US + 5.70%), 6.75%, 06/15/76(a) |  | 7,500 | 7,547,050
FirstEnergy Corp., 2.65%, 03/01/30 |  | 73 | 67,027
Hanwha Futureproof Corp., 4.75%, 04/30/28(h) |  | 375 | 379,335
Minejesa Capital BV, 4.63%, 08/10/30(h) |  | 158 | 154,328
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 410 | 399,853
NextEra Energy Capital Holdings, Inc., (3-mo. SOFR US + 2.67%), 4.80%, 12/01/77(a)(g) |  | 5,000 | 4,788,225
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42(g) |  | 2,750 | 2,628,197
Pacific Gas and Electric Co.(g) |  |  |
6.95%, 03/15/34 |  | 1,020 | 1,098,022
4.20%, 06/01/41 |  | 2,310 | 1,776,484
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b) |  | 150 | 145,329
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara(h) |  |  |
3.00%, 06/30/30 |  | 350 | 322,350
1.88%, 11/05/31 | EUR | 200 | 204,596
PG&E Corp., 5.25%, 07/01/30 | USD | 226 | 215,297
Pike Corp., 8.63%, 01/31/31(b) |  | 126 | 137,035
Progress Energy, Inc., 7.00%, 10/30/31(g) |  | 12,000 | 13,552,131
Sempra, (5-year CMT + 4.55%), 4.88%(a)(j) |  | 4,375 | 4,356,963
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(h) |  | 200 | 188,000
State Grid Overseas Investment BVI Ltd.(h) |  |  |
1.00%, 08/05/25 |  | 200 | 199,320
3.50%, 05/04/27 |  | 200 | 197,792
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26(h) |  | 200 | 197,778
Vistra Operations Co. LLC(b) |  |  |
5.50%, 09/01/26 |  | 23 | 23,022
5.63%, 02/15/27 |  | 812 | 812,555
5.00%, 07/31/27 |  | 23 | 22,972
7.75%, 10/15/31 |  | 718 | 763,122
6.88%, 04/15/32 |  | 420 | 439,102
XPLR Infrastructure Operating Partners LP, 8.38%, 01/15/31(b) |  | 942 | 1,006,154
|  |  | 43,684,945
Electronic Equipment, Instruments & Components(b) — 0.6%
Coherent Corp., 5.00%, 12/15/29(g) |  | 487 | 478,298
Imola Merger Corp., 4.75%, 05/15/29 |  | 573 | 553,227
Sensata Technologies BV, 4.00%, 04/15/29 |  | 207 | 196,874

74
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Electronic Equipment, Instruments & Components (continued)
Sensata Technologies, Inc. |  |  |
4.38%, 02/15/30 | USD | 2,150 | $2,052,614
3.75%, 02/15/31(g) |  | 416 | 379,193
6.63%, 07/15/32 |  | 612 | 629,840
WESCO Distribution, Inc. |  |  |
7.25%, 06/15/28 |  | 1,043 | 1,055,950
6.63%, 03/15/32 |  | 264 | 274,341
6.38%, 03/15/33 |  | 346 | 357,619
Xerox Corp., 10.25%, 10/15/30 |  | 156 | 163,323
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 166 | 170,694
|  |  | 6,311,973
Energy Equipment & Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp.(b) |  |  |
6.88%, 04/01/27 |  | 415 | 415,424
6.25%, 04/01/28 |  | 21 | 21,069
6.63%, 09/01/32 |  | 672 | 684,659
Kodiak Gas Services LLC, 7.25%, 02/15/29(b) |  | 757 | 783,049
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 101 | 101,833
Star Holding LLC, 8.75%, 08/01/31(b) |  | 366 | 344,906
Tidewater, Inc., 07/15/30(b)(c) |  | 266 | 273,677
USA Compression Partners LP/USA Compression Finance Corp. |  |  |
6.88%, 09/01/27 |  | 473 | 473,951
7.13%, 03/15/29(b) |  | 526 | 539,114
Weatherford International Ltd., 8.63%, 04/30/30(b) |  | 916 | 944,146
|  |  | 4,581,828
Entertainment — 1.7%
Banijay Entertainment SAS, 8.13%, 05/01/29(b) |  | 200 | 207,492
Boyne USA, Inc., 4.75%, 05/15/29(b) |  | 611 | 592,879
Caesars Entertainment, Inc.(b)(g) |  |  |
4.63%, 10/15/29 |  | 110 | 104,999
7.00%, 02/15/30 |  | 2,677 | 2,772,253
6.50%, 02/15/32 |  | 812 | 833,206
Champion Path Holdings Ltd.(h) |  |  |
4.50%, 01/27/26 |  | 500 | 497,250
4.85%, 01/27/28 |  | 500 | 480,000
Churchill Downs, Inc.(b) |  |  |
4.75%, 01/15/28 |  | 730 | 720,590
5.75%, 04/01/30 |  | 1,506 | 1,510,908
6.75%, 05/01/31 |  | 560 | 575,580
Cinemark USA, Inc., 7.00%, 08/01/32(b) |  | 109 | 113,160
Flutter Treasury DAC(b) |  |  |
6.38%, 04/29/29 |  | 224 | 230,730
5.88%, 06/04/31 |  | 644 | 648,830
Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29(b) |  | 512 | 501,155
Light & Wonder International, Inc.(b) |  |  |
7.00%, 05/15/28 |  | 451 | 452,314
7.25%, 11/15/29 |  | 218 | 224,596
7.50%, 09/01/31 |  | 309 | 323,341
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29(b) |  | 388 | 337,199
Live Nation Entertainment, Inc.(b) |  |  |
4.75%, 10/15/27(g) |  | 425 | 420,380
3.75%, 01/15/28 |  | 155 | 149,985
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31(b) |  | 423 | 377,999
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b) |  | 313 | 301,502
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30(b) |  | 333 | 343,725

Security |  | Par (000) | Value
Entertainment (continued)
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b) |  |  |
5.63%, 09/01/29 | USD | 242 | $138,545
5.88%, 09/01/31 |  | 310 | 169,725
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33(b) |  | 221 | 221,286
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30(b) |  | 336 | 323,789
Six Flags Entertainment Corp.(b) |  |  |
7.00%, 07/01/25 |  | 224 | 224,000
7.25%, 05/15/31(g) |  | 268 | 275,420
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./Canada’s Wonderland Co., 6.63%, 05/01/32(b) |  | 1,139 | 1,174,804
Vail Resorts, Inc., 6.50%, 05/15/32(b) |  | 518 | 535,223
Voyager Parent LLC, 9.25%, 07/01/32(b) |  | 396 | 412,009
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b) |  |  |
5.13%, 10/01/29 |  | 1,337 | 1,327,350
7.13%, 02/15/31(g) |  | 700 | 746,523
6.25%, 03/15/33 |  | 248 | 249,590
|  |  | 18,518,337
Environmental, Maintenance & Security Service — 0.6%
Clean Harbors, Inc.(b) |  |  |
5.13%, 07/15/29 |  | 1,142 | 1,128,185
6.38%, 02/01/31 |  | 100 | 102,452
GFL Environmental, Inc.(b) |  |  |
4.00%, 08/01/28 |  | 36 | 34,917
4.75%, 06/15/29(g) |  | 558 | 550,562
4.38%, 08/15/29 |  | 629 | 610,783
6.75%, 01/15/31 |  | 653 | 683,314
Madison IAQ LLC, 5.88%, 06/30/29(b)(g) |  | 939 | 923,764
Reworld Holding Corp. |  |  |
4.88%, 12/01/29(b) |  | 142 | 135,091
5.00%, 09/01/30 |  | 282 | 266,530
Waste Pro USA, Inc., 7.00%, 02/01/33(b) |  | 1,318 | 1,368,239
Wrangler Holdco Corp., 6.63%, 04/01/32(b) |  | 211 | 219,664
|  |  | 6,023,501
Financial Services — 1.6%
Ally Financial, Inc., (1-day SOFR Index + 1.96%), 5.74%, 05/15/29(a)(g) |  | 1,820 | 1,852,401
Azorra Finance Ltd.(b) |  |  |
7.75%, 04/15/30 |  | 223 | 231,502
01/15/31(c) |  | 147 | 150,076
BOC Aviation Ltd., 1.75%, 01/21/26(h) |  | 200 | 197,167
BOC Aviation USA Corp., 5.25%, 01/14/30(h) |  | 200 | 206,286
China Cinda 2020 I Management Ltd.(h) |  |  |
3.25%, 01/28/27 |  | 200 | 195,688
3.00%, 03/18/27 |  | 200 | 194,346
CITIC Ltd., 3.70%, 06/14/26(h) |  | 200 | 198,638
CMB International Leasing Management Ltd.(h) |  |  |
1.88%, 08/12/25 |  | 200 | 199,346
(1-day SOFR + 0.76%), 5.15%, 06/04/27(a) |  | 200 | 199,982
Far East Horizon Ltd.(h) |  |  |
6.63%, 04/16/27 |  | 290 | 293,335
5.88%, 03/05/28 |  | 200 | 198,854
Freedom Mortgage Holdings LLC(b) |  |  |
9.25%, 02/01/29 |  | 235 | 244,090
9.13%, 05/15/31 |  | 407 | 419,528
8.38%, 04/01/32 |  | 245 | 247,640
GGAM Finance Ltd.(b) |  |  |
7.75%, 05/15/26 |  | 66 | 66,676

Schedule of Investments
75

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
GGAM Finance Ltd.(b) (continued) |  |  |
8.00%, 02/15/27 | USD | 307 | $316,530
8.00%, 06/15/28 |  | 202 | 213,659
6.88%, 04/15/29 |  | 462 | 477,629
5.88%, 03/15/30 |  | 286 | 288,031
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b) |  | 542 | 556,227
ICBCIL Finance Co. Ltd., 1.75%, 08/25/25(h) |  | 200 | 199,110
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(b) |  | 475 | 459,171
JIC Zhixin Ltd., 3.50%, 11/24/27(h) |  | 200 | 196,754
Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/31(b) |  | 230 | 243,412
Manappuram Finance Ltd., 7.38%, 05/12/28(h) |  | 200 | 202,354
Midcap Financial Issuer Trust(b) |  |  |
6.50%, 05/01/28 |  | 200 | 198,110
5.63%, 01/15/30 |  | 600 | 554,250
Nationstar Mortgage Holdings, Inc.(b) |  |  |
6.00%, 01/15/27 |  | 244 | 244,263
6.50%, 08/01/29 |  | 682 | 696,632
5.13%, 12/15/30 |  | 113 | 114,365
5.75%, 11/15/31 |  | 436 | 442,798
PennyMac Financial Services, Inc.(b) |  |  |
7.88%, 12/15/29 |  | 301 | 319,627
7.13%, 11/15/30 |  | 396 | 410,408
6.88%, 05/15/32 |  | 461 | 471,359
6.88%, 02/15/33 |  | 263 | 269,575
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(b) |  | 559 | 578,977
Piramal Finance Ltd., 7.80%, 01/29/28(h) |  | 200 | 201,560
Power Finance Corp. Ltd., 3.75%, 12/06/27(h) |  | 200 | 195,592
Rocket Cos., Inc.(b) |  |  |
6.13%, 08/01/30 |  | 1,724 | 1,756,808
6.38%, 08/01/33 |  | 1,292 | 1,321,975
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b) |  |  |
2.88%, 10/15/26(g) |  | 121 | 118,008
3.88%, 03/01/31 |  | 277 | 256,784
4.00%, 10/15/33 |  | 157 | 140,463
UWM Holdings LLC, 6.63%, 02/01/30(b) |  | 613 | 613,633
|  |  | 17,153,619
Food Products — 2.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b) |  |  |
3.25%, 03/15/26 |  | 1,147 | 1,131,204
4.63%, 01/15/27 |  | 1,325 | 1,316,670
5.88%, 02/15/28 |  | 898 | 897,099
3.50%, 03/15/29 |  | 54 | 51,158
4.88%, 02/15/30(g) |  | 171 | 168,096
6.25%, 03/15/33 |  | 240 | 247,398
Aramark Services, Inc., 5.00%, 02/01/28(b)(g) |  | 225 | 224,095
B&G Foods, Inc., 8.00%, 09/15/28(b) |  | 127 | 122,274
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(b)(i) |  | 1,897 | 2,031,877
Chobani LLC/Chobani Finance Corp., Inc.(b) |  |  |
4.63%, 11/15/28 |  | 640 | 628,154
7.63%, 07/01/29 |  | 1,660 | 1,729,823
Darling Global Finance BV, 4.50%, 07/15/32(b) | EUR | 235 | 280,164
Darling Ingredients, Inc., 6.00%, 06/15/30(b)(g) | USD | 581 | 588,671
Fiesta Purchaser, Inc.(b) |  |  |
7.88%, 03/01/31 |  | 28 | 29,714
9.63%, 09/15/32 |  | 119 | 125,565
General Mills, Inc., 4.20%, 04/17/28(g) |  | 620 | 619,216

Security |  | Par (000) | Value
Food Products (continued)
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29(b) | USD | 214 | $221,630
Kraft Heinz Foods Co. |  |  |
4.25%, 03/01/31 |  | 68 | 66,908
5.00%, 07/15/35 |  | 214 | 211,384
7.13%, 08/01/39(b)(g) |  | 4,415 | 4,972,630
4.63%, 10/01/39 |  | 100 | 89,700
5.00%, 06/04/42 |  | 12 | 10,824
4.38%, 06/01/46 |  | 158 | 127,826
5.50%, 06/01/50(g) |  | 2,825 | 2,643,224
Lamb Weston Holdings, Inc.(b) |  |  |
4.88%, 05/15/28 |  | 460 | 457,158
4.13%, 01/31/30(g) |  | 515 | 491,102
4.38%, 01/31/32(g) |  | 643 | 602,169
Performance Food Group, Inc.(b) |  |  |
4.25%, 08/01/29 |  | 851 | 820,576
6.13%, 09/15/32 |  | 712 | 728,329
Post Holdings, Inc.(b) |  |  |
4.63%, 04/15/30(g) |  | 434 | 417,176
4.50%, 09/15/31 |  | 72 | 66,831
6.25%, 02/15/32 |  | 273 | 280,558
6.38%, 03/01/33 |  | 490 | 494,467
6.25%, 10/15/34 |  | 269 | 270,528
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(b) |  | 275 | 259,648
U.S. Foods, Inc.(b) |  |  |
6.88%, 09/15/28 |  | 132 | 136,484
4.75%, 02/15/29 |  | 595 | 584,561
7.25%, 01/15/32 |  | 338 | 355,929
United Natural Foods, Inc., 6.75%, 10/15/28(b) |  | 336 | 331,619
|  |  | 24,832,439
Gas Utilities — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, 06/01/30(b) |  | 161 | 167,034
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(b) |  | 237 | 224,225
Venture Global Plaque |  |  |
6.50%, 01/15/34 |  | 1,155 | 1,155,000
6.75%, 01/15/36 |  | 1,205 | 1,205,000
Venture Global Plaquemines LNG LLC(b) |  |  |
7.50%, 05/01/33 |  | 384 | 411,196
7.75%, 05/01/35 |  | 293 | 317,150
|  |  | 3,479,605
Ground Transportation — 1.8%
BNSF Funding Trust I, (3-mo. SOFR US + 2.61%), 6.61%, 12/15/55(a)(g) |  | 6,125 | 6,145,274
CSX Corp., 3.80%, 04/15/50(g) |  | 770 | 582,907
Genesee & Wyoming, Inc., 6.25%, 04/15/32(b) |  | 625 | 637,733
Norfolk Southern Corp., 6.00%, 03/15/2105(g) |  | 12,700 | 12,044,035
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32(b) |  | 185 | 193,383
|  |  | 19,603,332
Health Care Equipment & Supplies — 1.1%
Avantor Funding, Inc. |  |  |
2.63%, 11/01/25(h) | EUR | 300 | 352,678
4.63%, 07/15/28(b)(g) | USD | 2,191 | 2,151,472
3.88%, 11/01/29(b) |  | 395 | 373,987
Bausch & Lomb Corp., 8.38%, 10/01/28(b) |  | 1,975 | 2,061,406
Insulet Corp., 6.50%, 04/01/33(b) |  | 314 | 327,372

76
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Equipment & Supplies (continued)
Medline Borrower LP(b) |  |  |
3.88%, 04/01/29 | USD | 362 | $347,245
5.25%, 10/01/29 |  | 3,037 | 3,013,326
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29(b) |  | 915 | 939,965
Medtronic, Inc., 4.63%, 03/15/45(g) |  | 647 | 582,048
Neogen Food Safety Corp., 8.63%, 07/20/30(b) |  | 288 | 297,889
Sotera Health Holdings LLC, 7.38%, 06/01/31(b) |  | 279 | 290,284
Teleflex, Inc., 4.25%, 06/01/28(b)(g) |  | 637 | 622,344
|  |  | 11,360,016
Health Care Providers & Services — 3.9%
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b) |  | 117 | 120,537
Aetna, Inc., 3.88%, 08/15/47(g) |  | 3,500 | 2,547,685
AHP Health Partners, Inc., 5.75%, 07/15/29(b) |  | 609 | 593,876
Charles River Laboratories International, Inc., 4.00%, 03/15/31(b) |  | 68 | 62,308
CHS/Community Health Systems, Inc.(b) |  |  |
5.63%, 03/15/27(g) |  | 690 | 679,637
6.00%, 01/15/29(g) |  | 1,469 | 1,412,985
5.25%, 05/15/30(g) |  | 1,043 | 924,878
4.75%, 02/15/31(g) |  | 348 | 297,499
10.88%, 01/15/32 |  | 1,006 | 1,066,226
Concentra Health Services, Inc., 6.88%, 07/15/32(b) |  | 433 | 448,312
DaVita, Inc.(b) |  |  |
6.88%, 09/01/32 |  | 249 | 258,009
6.75%, 07/15/33 |  | 219 | 226,139
Elevance Health, Inc., 4.55%, 03/01/48(g) |  | 5,000 | 4,166,802
Encompass Health Corp. |  |  |
4.75%, 02/01/30(g) |  | 450 | 444,288
4.63%, 04/01/31 |  | 409 | 395,801
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)(g) |  | 104 | 94,138
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b) |  | 280 | 277,596
HCA, Inc. |  |  |
5.38%, 09/01/26 |  | 359 | 360,814
5.63%, 09/01/28(g) |  | 833 | 857,621
5.25%, 06/15/49(g) |  | 3,500 | 3,109,258
HealthEquity, Inc., 4.50%, 10/01/29(b) |  | 1,134 | 1,102,569
IQVIA, Inc.(b) |  |  |
5.00%, 10/15/26 |  | 354 | 353,637
5.00%, 05/15/27 |  | 200 | 199,325
6.50%, 05/15/30 |  | 314 | 323,729
6.25%, 06/01/32 |  | 1,163 | 1,193,492
LifePoint Health, Inc.(b) |  |  |
9.88%, 08/15/30(g) |  | 228 | 246,629
11.00%, 10/15/30(g) |  | 741 | 817,468
8.38%, 02/15/32 |  | 116 | 123,603
10.00%, 06/01/32(g) |  | 446 | 460,123
Molina Healthcare, Inc.(b) |  |  |
4.38%, 06/15/28 |  | 182 | 177,891
3.88%, 11/15/30 |  | 187 | 173,742
3.88%, 05/15/32(g) |  | 198 | 180,221
6.25%, 01/15/33 |  | 268 | 272,797
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b) |  | 150 | 148,875
Star Parent, Inc., 9.00%, 10/01/30(b) |  | 585 | 615,314
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)(g) |  | 956 | 974,176
Tenet Healthcare Corp. |  |  |
6.13%, 06/15/30 |  | 243 | 247,224
6.75%, 05/15/31 |  | 3,342 | 3,457,596

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b)(g) | USD | 357 | $368,223
UnitedHealth Group, Inc., 6.88%, 02/15/38(g) |  | 10,000 | 11,367,794
|  |  | 41,148,837
Health Care REITs — 0.1%
MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 02/15/32(b) |  | 1,071 | 1,120,861
Hotel & Resort REITs — 0.6%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b) |  | 315 | 323,958
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(b) |  | 159 | 159,854
RHP Hotel Properties LP/RHP Finance Corp.(b) |  |  |
4.50%, 02/15/29(g) |  | 1,704 | 1,665,469
6.50%, 04/01/32(g) |  | 1,044 | 1,073,699
6.50%, 06/15/33 |  | 352 | 362,119
RLJ Lodging Trust LP, 4.00%, 09/15/29(b) |  | 199 | 185,696
Service Properties Trust |  |  |
8.63%, 11/15/31(b) |  | 1,619 | 1,738,113
8.88%, 06/15/32(g) |  | 625 | 642,661
XHR LP, 6.63%, 05/15/30(b) |  | 154 | 156,906
|  |  | 6,308,475
Hotels, Restaurants & Leisure — 2.4%
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29(b) |  | 253 | 256,573
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) |  |  |
3.88%, 01/15/28 |  | 1,128 | 1,098,738
4.38%, 01/15/28 |  | 2,509 | 2,460,452
4.00%, 10/15/30 |  | 176 | 164,009
Carnival Corp.(b) |  |  |
6.00%, 05/01/29 |  | 1,391 | 1,405,525
5.88%, 06/15/31 |  | 564 | 574,575
6.13%, 02/15/33 |  | 1,113 | 1,138,768
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b) |  |  |
4.63%, 01/15/29 |  | 821 | 786,367
6.75%, 01/15/30(g) |  | 228 | 210,399
Fortune Star BVI Ltd.(h) |  |  |
5.00%, 05/18/26 |  | 344 | 337,550
3.95%, 10/02/26 | EUR | 200 | 226,840
Haidilao International Holding Ltd., 2.15%, 01/14/26(h) | USD | 200 | 196,250
Hilton Domestic Operating Co., Inc.(b) |  |  |
4.00%, 05/01/31 |  | 248 | 233,176
6.13%, 04/01/32 |  | 324 | 331,820
5.88%, 03/15/33 |  | 882 | 898,650
Las Vegas Sands Corp. |  |  |
3.50%, 08/18/26 |  | 96 | 94,701
3.90%, 08/08/29 |  | 88 | 83,786
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b) |  | 7 | 7,307
Lindblad Expeditions LLC, 6.75%, 02/15/27(b) |  | 272 | 273,603
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) |  | 401 | 315,001
McDonald’s Corp., 4.20%, 04/01/50 |  | 480 | 381,088
Melco Resorts Finance Ltd. |  |  |
5.75%, 07/21/28(h) |  | 300 | 293,514
5.38%, 12/04/29(b) |  | 586 | 549,768
7.63%, 04/17/32(b) |  | 576 | 582,912
7.63%, 04/17/32(h) |  | 200 | 202,400
MGM China Holdings Ltd. |  |  |
5.88%, 05/15/26(h) |  | 200 | 200,020

Schedule of Investments
77

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
MGM China Holdings Ltd. (continued) |  |  |
4.75%, 02/01/27(b) | USD | 200 | $198,250
7.13%, 06/26/31(b) |  | 200 | 207,000
MGM Resorts International, 6.13%, 09/15/29 |  | 591 | 601,133
NCL Corp. Ltd.(b) |  |  |
8.13%, 01/15/29 |  | 171 | 180,265
7.75%, 02/15/29(g) |  | 294 | 312,605
6.25%, 03/01/30 |  | 198 | 199,690
6.75%, 02/01/32 |  | 736 | 751,919
NCL Finance Ltd., 6.13%, 03/15/28(b)(g) |  | 530 | 538,622
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b) |  | 195 | 205,787
Sabre GLBL, Inc.(b) |  |  |
8.63%, 06/01/27 |  | 144 | 147,420
10.75%, 11/15/29(g) |  | 589 | 605,225
11.13%, 07/15/30 |  | 503 | 526,138
Station Casinos LLC(b) |  |  |
4.63%, 12/01/31 |  | 976 | 914,252
6.63%, 03/15/32 |  | 204 | 208,592
Studio City Co. Ltd., 7.00%, 02/15/27(h) |  | 200 | 200,377
Studio City Finance Ltd.(h) |  |  |
6.50%, 01/15/28 |  | 300 | 295,125
5.00%, 01/15/29 |  | 530 | 484,579
Sunny Express Enterprises Corp., 2.95%, 03/01/27(h) |  | 200 | 195,936
Vail Resorts, Inc., 5.63%, 07/15/30 |  | 265 | 265,000
Viking Cruises Ltd.(b) |  |  |
5.88%, 09/15/27 |  | 350 | 350,196
7.00%, 02/15/29 |  | 74 | 74,649
9.13%, 07/15/31 |  | 1,253 | 1,349,482
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) |  | 283 | 281,620
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(b) |  | 3 | 3,002
Wynn Macau Ltd. |  |  |
5.50%, 01/15/26(h) |  | 230 | 229,468
5.50%, 01/15/26(b) |  | 200 | 199,538
5.63%, 08/26/28(b) |  | 1,701 | 1,668,256
5.13%, 12/15/29(b) |  | 614 | 587,009
|  |  | 25,084,927
Household Durables — 0.7%
Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 72 | 72,140
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30(b) |  | 699 | 623,922
Dream Finders Homes, Inc., 8.25%, 08/15/28(b) |  | 168 | 175,145
Empire Communities Corp., 9.75%, 05/01/29(b) |  | 73 | 74,653
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(b) |  | 1,094 | 1,185,962
Lennar Corp., 5.25%, 06/01/26(g) |  | 890 | 891,812
LGI Homes, Inc.(b) |  |  |
8.75%, 12/15/28 |  | 183 | 190,236
7.00%, 11/15/32 |  | 334 | 317,885
Mattamy Group Corp., 4.63%, 03/01/30(b) |  | 427 | 410,407
Meritage Homes Corp., 1.75%, 05/15/28 |  | 545 | 527,683
New Home Co., Inc., 9.25%, 10/01/29(b) |  | 324 | 335,899
Newell Brands, Inc., 8.50%, 06/01/28(b) |  | 260 | 273,055
PulteGroup, Inc. |  |  |
5.00%, 01/15/27 |  | 55 | 55,398
7.88%, 06/15/32 |  | 56 | 64,954
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 45 | 43,460
4.00%, 04/01/31 |  | 250 | 229,626
4.38%, 02/01/32 |  | 187 | 171,715
Sekisui House Ltd., 5.10%, 10/23/34(h) |  | 200 | 197,488

Security |  | Par (000) | Value
Household Durables (continued)
Somnigroup International, Inc.(b) |  |  |
4.00%, 04/15/29 | USD | 563 | $538,271
3.88%, 10/15/31 |  | 9 | 8,182
STL Holding Co. LLC, 8.75%, 02/15/29(b) |  | 171 | 178,648
Toll Brothers Finance Corp., 4.35%, 02/15/28 |  | 35 | 34,813
Whirlpool Corp. |  |  |
6.13%, 06/15/30 |  | 259 | 261,276
6.50%, 06/15/33 |  | 275 | 275,881
|  |  | 7,138,511
Household Products — 0.0%
Central Garden & Pet Co., 4.13%, 10/15/30(g) |  | 159 | 150,095
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(b) |  | 83 | 75,371
|  |  | 225,466
Independent Power and Renewable Electricity Producers — 1.1%
Alexander Funding Trust II, 7.47%, 07/31/28(b) |  | 520 | 556,081
Calpine Corp.(b) |  |  |
5.13%, 03/15/28(g) |  | 2,807 | 2,803,855
5.00%, 02/01/31 |  | 100 | 98,924
Clearway Energy Operating LLC(b) |  |  |
4.75%, 03/15/28 |  | 592 | 584,947
3.75%, 01/15/32 |  | 307 | 275,502
Greenko Dutch BV, 3.85%, 03/29/26(h) |  | 709 | 695,449
India Green Power Holdings, 4.00%, 02/22/27(h) |  | 607 | 587,663
JERA Co., Inc., 3.67%, 04/14/27(h) |  | 200 | 197,251
Lightning Power LLC, 7.25%, 08/15/32(b) |  | 13 | 13,682
NRG Energy, Inc.(b) |  |  |
5.75%, 07/15/29 |  | 555 | 555,713
6.00%, 02/01/33 |  | 1,028 | 1,038,245
6.25%, 11/01/34 |  | 1,193 | 1,215,486
ReNew Pvt Ltd., 5.88%, 03/05/27(h) |  | 200 | 198,370
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28(h) |  | 550 | 521,812
San Miguel Global Power Holdings Corp.(a)(h)(j) |  |  |
(1-year CMT + 6.40%), 8.13% |  | 200 | 196,500
(5-year CMT + 7.73%), 8.75% |  | 200 | 199,740
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(b)(j) |  | 247 | 252,989
XPLR Infrastructure LP(b) |  |  |
0.00%, 11/15/25(k) |  | 605 | 588,363
2.50%, 06/15/26 |  | 840 | 802,199
|  |  | 11,382,771
Industrial Conglomerates(b) — 0.1%
Amsted Industries, Inc., 6.38%, 03/15/33 |  | 165 | 167,717
Axon Enterprise, Inc. |  |  |
6.13%, 03/15/30 |  | 111 | 114,148
6.25%, 03/15/33 |  | 201 | 206,962
Enpro, Inc., 6.13%, 06/01/33 |  | 208 | 212,643
|  |  | 701,470
Insurance — 6.5%
Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32(b) |  | 155 | 157,197
AIA Group Ltd., (5-year CMT + 1.76%), 2.70%(a)(h)(j) |  | 200 | 196,300
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(b) |  |  |
4.25%, 10/15/27 |  | 26 | 25,522
6.75%, 10/15/27(g) |  | 1,576 | 1,575,070
6.75%, 04/15/28 |  | 356 | 361,911
5.88%, 11/01/29 |  | 2 | 1,972
7.00%, 01/15/31 |  | 1,283 | 1,327,148
7.38%, 10/01/32 |  | 1,221 | 1,258,624

78
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance (continued)
Allstate Corp., Series B, (3-mo. CME Term SOFR + 3.20%), 7.53%, 08/15/53(a)(g) | USD | 5,000 | $4,998,153
AmWINS Group, Inc.(b) |  |  |
6.38%, 02/15/29 |  | 330 | 336,348
4.88%, 06/30/29 |  | 380 | 369,289
Aon Global Ltd., 4.25%, 12/12/42(g) |  | 6,500 | 5,308,044
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29(b) |  | 291 | 297,667
Ardonagh Finco Ltd., 7.75%, 02/15/31(b) |  | 2,052 | 2,145,302
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(b) |  | 1,767 | 1,859,321
AssuredPartners, Inc., 7.50%, 02/15/32(b) |  | 544 | 582,908
Farmers Exchange Capital II, (3-mo. CME Term SOFR + 4.01%), 6.15%, 11/01/53(a)(b)(g) |  | 4,890 | 4,665,676
FWD Group Holdings Ltd., 7.64%, 07/02/31(h) |  | 400 | 438,500
Guoren Property & Casualty Insurance Co. Ltd., 3.35%, 06/01/26(h) |  | 200 | 195,482
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC(b) |  |  |
7.25%, 02/15/31 |  | 2,166 | 2,242,930
8.13%, 02/15/32 |  | 1,360 | 1,414,426
HUB International Ltd.(b) |  |  |
7.25%, 06/15/30 |  | 4,769 | 4,983,772
7.38%, 01/31/32 |  | 5,400 | 5,650,174
Jones Deslauriers Insurance Management, Inc.(b) |  |  |
8.50%, 03/15/30 |  | 816 | 864,901
10.50%, 12/15/30 |  | 540 | 575,536
Meiji Yasuda Life Insurance Co.(a)(h) |  |  |
(5-year CMT + 2.91%), 6.10%, 06/11/55 |  | 600 | 598,837
(5-year CMT + 3.03%), 5.80%, 09/11/54 |  | 350 | 344,592
Nanshan Life Pte Ltd., 5.45%, 09/11/34(h) |  | 200 | 187,884
Nippon Life Insurance Co., (5-year CMT + 3.19%), 6.50%, 04/30/55(a)(b)(g) |  | 7,195 | 7,448,163
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40(b)(g) |  | 12,000 | 12,616,052
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b) |  | 3,541 | 3,678,217
RLGH Finance Bermuda Ltd., 07/02/35(c)(h) |  | 275 | 277,344
Ryan Specialty LLC(b) |  |  |
4.38%, 02/01/30 |  | 226 | 218,588
5.88%, 08/01/32 |  | 373 | 375,934
Tongyang Life Insurance Co. Ltd., (5-year CMT + 2.40%), 6.25%, 05/07/35(a)(h) |  | 400 | 410,460
USI, Inc., 7.50%, 01/15/32(b)(g) |  | 670 | 706,957
|  |  | 68,695,201
Interactive Media & Services — 0.5%
Baidu, Inc., 1.63%, 02/23/27 |  | 200 | 191,854
Netflix, Inc. |  |  |
5.88%, 11/15/28(g) |  | 1,698 | 1,789,915
5.38%, 11/15/29(b)(g) |  | 2,007 | 2,096,676
4.88%, 06/15/30(b) |  | 461 | 471,682
Snap, Inc., 6.88%, 03/01/33(b) |  | 881 | 904,017
Tencent Holdings Ltd.(h) |  |  |
3.60%, 01/19/28 |  | 200 | 197,058
3.68%, 04/22/41(g) |  | 200 | 158,310
|  |  | 5,809,512
Internet Software & Services — 0.7%
Acuris Finance U.S., Inc./Acuris Finance SARL(b) |  |  |
5.00%, 05/01/28 |  | 724 | 690,892
9.00%, 08/01/29 |  | 200 | 204,491
Alibaba Group Holding Ltd., 2.70%, 02/09/41 |  | 200 | 138,930
ANGI Group LLC, 3.88%, 08/15/28(b) |  | 432 | 402,769

Security |  | Par (000) | Value
Internet Software & Services (continued)
Booking Holdings, Inc., 3.55%, 03/15/28(g) | USD | 3,375 | $3,321,392
Cablevision Lightpath LLC(b) |  |  |
3.88%, 09/15/27 |  | 368 | 354,683
5.63%, 09/15/28 |  | 540 | 521,670
Getty Images, Inc., 11.25%, 02/21/30(b) |  | 57 | 56,573
ION Trading Technologies SARL, 9.50%, 05/30/29(b) |  | 400 | 410,800
Match Group Holdings II LLC(b) |  |  |
4.13%, 08/01/30 |  | 383 | 358,176
3.63%, 10/01/31(g) |  | 279 | 249,633
Rakuten Group, Inc. |  |  |
9.75%, 04/15/29(b) |  | 522 | 571,788
9.75%, 04/15/29(h) |  | 200 | 219,076
|  |  | 7,500,873
IT Services — 0.4%
Amentum Holdings, Inc., 7.25%, 08/01/32(b) |  | 364 | 374,612
CA Magnum Holdings |  |  |
5.38%, 10/31/26(b) |  | 964 | 955,541
5.38%, 10/31/26(h) |  | 700 | 693,857
CACI International, Inc., 6.38%, 06/15/33(b) |  | 440 | 454,057
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b) |  | 739 | 774,189
Insight Enterprises, Inc., 6.63%, 05/15/32(b) |  | 196 | 201,907
KBR, Inc., 4.75%, 09/30/28(b) |  | 93 | 89,048
McAfee Corp., 7.38%, 02/15/30(b)(g) |  | 613 | 578,907
Wipro IT Services LLC, 1.50%, 06/23/26(h) |  | 200 | 194,060
|  |  | 4,316,178
Leisure Products — 0.0%
Mattel, Inc., 3.75%, 04/01/29(b) |  | 122 | 116,898
Machinery — 0.9%
BWX Technologies, Inc.(b) |  |  |
4.13%, 06/30/28 |  | 70 | 68,290
4.13%, 04/15/29 |  | 248 | 239,094
Chart Industries, Inc.(b) |  |  |
7.50%, 01/01/30(g) |  | 849 | 888,840
9.50%, 01/01/31 |  | 93 | 99,269
Esab Corp., 6.25%, 04/15/29(b) |  | 405 | 414,664
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b) |  | 200 | 158,000
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29(b) |  | 736 | 769,523
Manitowoc Co., Inc., 9.25%, 10/01/31(b) |  | 177 | 186,283
Regal Rexnord Corp., 6.40%, 04/15/33(g) |  | 510 | 538,460
Terex Corp.(b) |  |  |
5.00%, 05/15/29 |  | 634 | 618,856
6.25%, 10/15/32 |  | 232 | 232,470
TK Elevator Holdco GmbH, 7.63%, 07/15/28(b) |  | 796 | 796,826
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b) |  | 3,002 | 2,999,895
Vertiv Group Corp., 4.13%, 11/15/28(b) |  | 1,191 | 1,161,208
|  |  | 9,171,678
Media — 6.0%
Cable One, Inc., 0.00%, 03/15/26(k) |  | 136 | 128,670
CCO Holdings LLC/CCO Holdings Capital Corp.(b) |  |  |
5.38%, 06/01/29 |  | 131 | 130,521
6.38%, 09/01/29 |  | 7,991 | 8,151,110
4.75%, 03/01/30 |  | 160 | 155,008
4.50%, 08/15/30 |  | 113 | 107,732
4.25%, 02/01/31 |  | 1,041 | 972,474
7.38%, 03/01/31(g) |  | 2,701 | 2,818,250
4.75%, 02/01/32 |  | 40 | 37,941
4.25%, 01/15/34(g) |  | 1,252 | 1,114,514
Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
6.38%, 10/23/35 |  | 479 | 503,098

Schedule of Investments
79

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital (continued) |  |  |
6.48%, 10/23/45 | USD | 9,584 | $9,496,219
5.38%, 05/01/47 |  | 1,500 | 1,301,866
6.83%, 10/23/55 |  | 3,540 | 3,622,713
Cox Communications, Inc., 8.38%, 03/01/39(b)(g) |  | 5,000 | 5,952,368
CSC Holdings LLC(b) |  |  |
5.50%, 04/15/27 |  | 402 | 383,808
5.38%, 02/01/28 |  | 877 | 802,943
11.25%, 05/15/28 |  | 1,240 | 1,235,333
11.75%, 01/31/29 |  | 1,483 | 1,410,564
Directv Financing LLC/Directv Financing Co-Obligor, Inc.(b) |  |  |
5.88%, 08/15/27 |  | 1,062 | 1,058,534
10.00%, 02/15/31 |  | 1,042 | 1,011,598
Discovery Communications LLC |  |  |
4.88%, 04/01/43 |  | 4,000 | 2,376,200
6.87% |  | 4,000 | 2,376,200
DISH DBS Corp.(b) |  |  |
5.25%, 12/01/26 |  | 1,214 | 1,101,705
5.75%, 12/01/28 |  | 907 | 785,122
DISH Network Corp., 11.75%, 11/15/27(b) |  | 1,876 | 1,933,829
Gray Media, Inc.(b) |  |  |
7.00%, 05/15/27 |  | 427 | 426,809
10.50%, 07/15/29(g) |  | 1,019 | 1,094,686
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b) |  | 860 | 579,287
Midcontinent Communications, 8.00%, 08/15/32(b) |  | 481 | 509,030
Paramount Global, 5.85%, 09/01/43(g) |  | 1,300 | 1,131,414
Sinclair Television Group, Inc., 8.13%, 02/15/33(b) |  | 875 | 883,939
Sirius XM Radio LLC(b) |  |  |
3.13%, 09/01/26 |  | 53 | 52,000
5.00%, 08/01/27 |  | 684 | 678,141
Sunrise FinCo I BV, 4.88%, 07/15/31(b) |  | 768 | 726,336
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(b) |  | 1,000 | 989,293
Time Warner Cable LLC, 6.55%, 05/01/37 |  | 3,519 | 3,634,491
Univision Communications, Inc.(b) |  |  |
6.63%, 06/01/27 |  | 604 | 602,352
8.00%, 08/15/28 |  | 1,110 | 1,126,405
8.50%, 07/31/31 |  | 521 | 521,577
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(b) |  | 1,452 | 1,421,487
Ziggo BV, 4.88%, 01/15/30(b) |  | 200 | 186,805
|  |  | 63,532,372
Metals & Mining — 2.3%
ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28(h) |  | 306 | 309,136
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b) |  | 724 | 740,476
Arsenal AIC Parent LLC(b) |  |  |
8.00%, 10/01/30 |  | 268 | 286,007
11.50%, 10/01/31 |  | 1,244 | 1,394,441
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 253 | 253,221
7.25%, 08/15/30 |  | 657 | 688,472
5.13%, 10/01/31 |  | 656 | 641,136
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) |  | 2,424 | 2,443,567
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 108 | 111,757
Chinalco Capital Holdings Ltd., 2.13%, 06/03/26(h) |  | 200 | 196,054
Cleveland-Cliffs, Inc. |  |  |
5.88%, 06/01/27 |  | 114 | 113,908

Security |  | Par (000) | Value
Metals & Mining (continued)
Cleveland-Cliffs, Inc. (continued) |  |  |
6.88%, 11/01/29(b) | USD | 486 | $478,486
Constellium SE(b) |  |  |
3.75%, 04/15/29(g) |  | 1,731 | 1,626,583
6.38%, 08/15/32 |  | 446 | 453,417
First Quantum Minerals Ltd.(b) |  |  |
9.38%, 03/01/29 |  | 1,226 | 1,299,131
8.00%, 03/01/33 |  | 259 | 265,555
JSW Steel Ltd., 3.95%, 04/05/27(h) |  | 500 | 481,525
Kaiser Aluminum Corp.(b)(g) |  |  |
4.63%, 03/01/28 |  | 1,058 | 1,035,158
4.50%, 06/01/31 |  | 1,099 | 1,028,126
New Gold, Inc., 6.88%, 04/01/32(b) |  | 409 | 421,506
Novelis Corp.(b) |  |  |
4.75%, 01/30/30(g) |  | 2,401 | 2,297,757
6.88%, 01/30/30 |  | 597 | 617,257
3.88%, 08/15/31 |  | 1,265 | 1,136,685
Periama Holdings LLC, 5.95%, 04/19/26(h) |  | 200 | 199,882
Southern Copper Corp., 5.88%, 04/23/45(g) |  | 3,870 | 3,806,184
Steel Dynamics, Inc., 3.25%, 10/15/50(g) |  | 1,145 | 754,842
Vallourec SACA, 7.50%, 04/15/32(b) |  | 449 | 470,669
Vedanta Resources Finance II PLC(h) |  |  |
10.88%, 09/17/29 |  | 300 | 310,875
11.25%, 12/03/31 |  | 200 | 209,500
|  |  | 24,071,313
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1%
Blackstone Mortgage Trust, Inc. |  |  |
3.75%, 01/15/27 |  | 368 | 357,849
7.75%, 12/01/29 |  | 72 | 76,587
Starwood Property Trust, Inc. |  |  |
7.25%, 04/01/29 |  | 250 | 262,955
6.00%, 04/15/30 |  | 116 | 117,327
6.50%, 07/01/30 |  | 217 | 224,131
6.50%, 10/15/30 |  | 314 | 324,186
|  |  | 1,363,035
Oil, Gas & Consumable Fuels — 10.9%
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(b) |  | 508 | 532,858
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b) |  |  |
5.75%, 01/15/28 |  | 127 | 126,785
5.38%, 06/15/29 |  | 1,095 | 1,086,772
6.63%, 02/01/32 |  | 417 | 430,698
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) |  |  |
9.00%, 11/01/27 |  | 161 | 196,823
6.63%, 07/15/33 |  | 221 | 224,204
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b) |  |  |
7.00%, 07/15/29 |  | 321 | 335,015
7.25%, 07/15/32 |  | 258 | 273,392
Buckeye Partners LP |  |  |
6.88%, 07/01/29(b) |  | 29 | 30,045
6.75%, 02/01/30(b) |  | 116 | 120,412
5.85%, 11/15/43 |  | 383 | 337,559
5.60%, 10/15/44 |  | 191 | 161,070
Chord Energy Corp., 6.75%, 03/15/33(b) |  | 147 | 150,179
CITGO Petroleum Corp., 8.38%, 01/15/29(b) |  | 733 | 762,429
Civitas Resources, Inc.(b) |  |  |
8.38%, 07/01/28 |  | 187 | 191,471
8.75%, 07/01/31 |  | 487 | 492,410

80
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
CNOOC Finance 2014 ULC, Series 2014, 4.88%, 04/30/44 | USD | 250 | $240,377
CNX Resources Corp., 7.25%, 03/01/32(b) |  | 152 | 157,383
Comstock Resources, Inc.(b) |  |  |
6.75%, 03/01/29 |  | 649 | 649,401
5.88%, 01/15/30 |  | 783 | 760,543
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) |  | 2,468 | 2,438,128
Crescent Energy Finance LLC(b) |  |  |
7.63%, 04/01/32(g) |  | 383 | 373,961
7.38%, 01/15/33 |  | 838 | 800,965
01/15/34(c) |  | 492 | 492,307
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, 06/30/33(b) |  | 378 | 376,239
Devon Energy Corp. |  |  |
5.25%, 10/15/27 |  | 130 | 130,281
5.88%, 06/15/28 |  | 204 | 204,092
4.50%, 01/15/30 |  | 117 | 115,798
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30(b) |  | 73 | 76,010
Diamondback Energy, Inc.(g) |  |  |
3.50%, 12/01/29 |  | 692 | 661,980
6.25%, 03/15/33 |  | 2,880 | 3,067,241
eG Global Finance PLC, 12.00%, 11/30/28(b) |  | 418 | 461,419
Enbridge, Inc. |  |  |
6.70%, 11/15/53(g) |  | 5,595 | 6,051,021
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78(a) |  | 5,000 | 5,019,805
Series 16-A, (3-mo. CME Term SOFR + 4.15%), 6.00%, 01/15/77(a) |  | 5,880 | 5,876,387
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31(b) |  | 364 | 401,986
Energy Transfer LP |  |  |
5.50%, 06/01/27 |  | 406 | 413,256
7.38%, 02/01/31(b) |  | 417 | 436,950
6.13%, 12/15/45(g) |  | 3,579 | 3,515,207
Series B, (3-mo. SOFR US + 4.42%), 6.63%(a)(j) |  | 5,000 | 4,976,718
Series H, (5-year CMT + 5.69%), 6.50%(a)(j) |  | 121 | 121,541
Enterprise Products Operating LLC(g) |  |  |
4.90%, 05/15/46 |  | 5,375 | 4,832,291
Series E, (3-mo. CME Term SOFR + 3.29%), 5.25%, 08/16/77(a) |  | 4,800 | 4,749,200
EQT Corp.(b) |  |  |
6.38%, 04/01/29 |  | 481 | 496,149
7.50%, 06/01/30 |  | 141 | 154,961
4.75%, 01/15/31 |  | 802 | 789,388
Excelerate Energy LP, 8.00%, 05/15/30(b) |  | 244 | 257,215
Exxon Mobil Corp., 3.45%, 04/15/51(g) |  | 3,890 | 2,757,567
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 393 | 398,814
8.25%, 01/15/29 |  | 67 | 70,061
8.88%, 04/15/30 |  | 110 | 116,796
7.88%, 05/15/32 |  | 425 | 441,892
8.00%, 05/15/33 |  | 127 | 132,781
Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33(b) |  | 162 | 164,270
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b) |  | 243 | 249,039
Harvest Midstream I LP, 7.50%, 05/15/32(b) |  | 158 | 166,875
Hess Midstream Operations LP, 6.50%, 06/01/29(b) |  | 368 | 378,455
Hilcorp Energy I LP/Hilcorp Finance Co.(b) |  |  |
6.25%, 11/01/28 |  | 238 | 238,551
5.75%, 02/01/29 |  | 221 | 218,124
6.00%, 04/15/30 |  | 32 | 31,109

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Hilcorp Energy I LP/Hilcorp Finance Co.(b) (continued) |  |  |
6.25%, 04/15/32 | USD | 20 | $19,097
8.38%, 11/01/33 |  | 319 | 330,990
6.88%, 05/15/34 |  | 515 | 493,283
7.25%, 02/15/35 |  | 191 | 186,770
Howard Midstream Energy Partners LLC(b) |  |  |
8.88%, 07/15/28 |  | 26 | 27,296
7.38%, 07/15/32 |  | 37 | 38,913
ITT Holdings LLC, 6.50%, 08/01/29(b)(g) |  | 935 | 889,139
Kimmeridge Texas Gas LLC, 8.50%, 02/15/30(b) |  | 837 | 866,246
Kinder Morgan, Inc. |  |  |
7.80%, 08/01/31 |  | 197 | 226,891
7.75%, 01/15/32(g) |  | 4,586 | 5,293,710
Kinetik Holdings LP(b) |  |  |
6.63%, 12/15/28 |  | 83 | 84,892
5.88%, 06/15/30 |  | 18 | 18,153
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(b) |  | 187 | 188,322
Marathon Petroleum Corp., 5.13%, 12/15/26(g) |  | 937 | 945,116
Matador Resources Co.(b) |  |  |
6.88%, 04/15/28 |  | 274 | 279,404
6.50%, 04/15/32 |  | 437 | 437,228
Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28(h) |  | 400 | 395,836
MPLX LP |  |  |
5.20%, 03/01/47(g) |  | 3,500 | 3,053,189
4.70%, 04/15/48(g) |  | 5,000 | 4,056,390
5.50%, 02/15/49(g) |  | 2,640 | 2,383,706
5.65%, 03/01/53 |  | 885 | 812,038
Murphy Oil Corp., 5.88%, 12/01/42 |  | 47 | 38,158
Nabors Industries, Inc., 7.38%, 05/15/27(b) |  | 94 | 92,825
NGL Energy Operating LLC/NGL Energy Finance Corp.(b) |  |  |
8.13%, 02/15/29(g) |  | 489 | 494,037
8.38%, 02/15/32 |  | 1,206 | 1,209,622
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(g) |  | 1,117 | 1,275,534
Noble Finance II LLC, 8.00%, 04/15/30(b) |  | 108 | 109,968
Northern Oil & Gas, Inc., 8.13%, 03/01/28(b) |  | 907 | 915,060
Northriver Midstream Finance LP, 6.75%, 07/15/32(b) |  | 244 | 252,693
NuStar Logistics LP, 6.00%, 06/01/26 |  | 163 | 163,618
Occidental Petroleum Corp., 6.20%, 03/15/40 |  | 568 | 555,771
ONEOK, Inc., 4.85%, 07/15/26 |  | 35 | 35,065
Parkland Corp., 6.63%, 08/15/32(b) |  | 297 | 303,558
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(b) |  | 211 | 189,433
Permian Resources Operating LLC(b) |  |  |
8.00%, 04/15/27 |  | 444 | 453,946
5.88%, 07/01/29 |  | 1,002 | 1,005,883
7.00%, 01/15/32 |  | 321 | 332,775
6.25%, 02/01/33 |  | 781 | 788,248
Pertamina Hulu Energi PT, 5.25%, 05/21/30(h) |  | 300 | 302,466
Pertamina Persero PT(h) |  |  |
1.40%, 02/09/26 |  | 250 | 245,301
2.30%, 02/09/31 |  | 200 | 173,750
Petroleos Mexicanos, 6.70%, 02/16/32 |  | 695 | 645,238
Petronas Capital Ltd.(h) |  |  |
2.48%, 01/28/32 |  | 200 | 174,400
4.50%, 03/18/45 |  | 200 | 172,824
Plains All American Pipeline LP, Series B, (3-mo. CME Term SOFR + 4.37%), 8.70%(a)(j) |  | 2,215 | 2,219,683
Prairie Acquiror LP, 9.00%, 08/01/29(b) |  | 269 | 280,195
Reliance Industries Ltd., 3.67%, 11/30/27(h) |  | 300 | 294,279
Rockies Express Pipeline LLC, 6.88%, 04/15/40(b) |  | 580 | 581,011
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26(g) |  | 1,481 | 1,489,060

Schedule of Investments
81

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Sinopec Group Overseas Development 2018 Ltd., 2.30%, 01/08/31(h) | USD | 500 | $458,065
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(b) |  | 574 | 601,018
Sunoco LP, 6.25%, 07/01/33(b) |  | 337 | 342,628
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 |  | 317 | 317,848
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) |  |  |
5.50%, 01/15/28 |  | 255 | 253,502
7.38%, 02/15/29 |  | 672 | 690,669
6.00%, 12/31/30 |  | 70 | 68,685
6.00%, 09/01/31 |  | 182 | 177,604
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b) |  | 398 | 385,696
TransMontaigne Partners LLC, 8.50%, 06/15/30(b) |  | 75 | 78,022
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) |  | 105 | 106,607
Transocean, Inc.(b) |  |  |
8.00%, 02/01/27 |  | 440 | 433,452
8.25%, 05/15/29 |  | 181 | 167,342
8.75%, 02/15/30 |  | 192 | 197,442
8.50%, 05/15/31 |  | 203 | 181,208
Valaris Ltd., 8.38%, 04/30/30(b) |  | 558 | 572,493
Venture Global LNG, Inc.(b) |  |  |
9.50%, 02/01/29 |  | 2,670 | 2,908,639
8.38%, 06/01/31(g) |  | 1,218 | 1,265,058
9.88%, 02/01/32 |  | 1,226 | 1,324,035
Vital Energy, Inc. |  |  |
7.75%, 07/31/29(b) |  | 154 | 136,003
9.75%, 10/15/30(g) |  | 296 | 267,918
7.88%, 04/15/32(b) |  | 763 | 652,381
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b) |  | 363 | 360,594
Williams Cos., Inc.(g) |  |  |
8.75%, 03/15/32 |  | 2,478 | 2,981,834
5.10%, 09/15/45 |  | 5,075 | 4,596,632
Woodside Finance Ltd., 3.70%, 09/15/26(h) |  | 200 | 197,910
|  |  | 115,458,951
Paper & Forest Products — 1.6%
International Paper Co.(g) |  |  |
8.70%, 06/15/38 |  | 4,000 | 4,926,071
7.30%, 11/15/39 |  | 10,000 | 11,469,548
Magnera Corp., 7.25%, 11/15/31(b) |  | 183 | 172,550
|  |  | 16,568,169
Passenger Airlines — 0.6%
American Airlines, Inc., 8.50%, 05/15/29(b)(g) |  | 430 | 450,869
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31(b) |  | 295 | 287,000
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b)(g) |  | 500 | 500,284
OneSky Flight LLC, 8.88%, 12/15/29(b) |  | 264 | 274,888
Singapore Airlines Ltd., 3.00%, 07/20/26(h) |  | 200 | 197,268
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 09/15/28(b) |  | 839 | 812,398
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 04/15/29(g) |  | 2,699 | 2,753,647
United Airlines, Inc., 4.63%, 04/15/29(b)(g) |  | 1,362 | 1,322,046
|  |  | 6,598,400
Personal Care Products — 0.1%
Opal Bidco SAS, 6.50%, 03/31/32(b) |  | 417 | 425,596

Security |  | Par (000) | Value
Personal Care Products (continued)
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 | USD | 425 | $429,076
Prestige Brands, Inc., 3.75%, 04/01/31(b) |  | 233 | 214,706
|  |  | 1,069,378
Pharmaceuticals — 4.1%
1261229 B.C. Ltd., 10.00%, 04/15/32(b) |  | 3,681 | 3,713,282
AbbVie, Inc.(g) |  |  |
4.75%, 03/15/45 |  | 5,485 | 4,942,749
4.70%, 05/14/45 |  | 3,255 | 2,918,200
Bausch Health Cos., Inc., 11.00%, 09/30/28(b) |  | 2,071 | 2,050,290
Bayer U.S. Finance LLC, 6.88%, 11/21/53(b) |  | 715 | 759,310
CVS Health Corp.(g) |  |  |
5.13%, 07/20/45 |  | 3,879 | 3,435,298
5.05%, 03/25/48 |  | 8,205 | 7,084,590
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b)(g) |  | 181 | 191,599
Merck & Co., Inc., 6.50%, 12/01/33(g) |  | 6,420 | 7,271,499
Option Care Health, Inc., 4.38%, 10/31/29(b) |  | 461 | 443,665
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28(b) |  | 1,000 | 961,772
PRA Health Sciences, Inc., 2.88%, 07/15/26(b) |  | 707 | 689,912
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30(g) |  | 8,270 | 7,406,607
Teva Pharmaceutical Finance Netherlands III BV |  |  |
3.15%, 10/01/26 |  | 679 | 663,933
8.13%, 09/15/31 |  | 200 | 225,062
6.00%, 12/01/32 |  | 274 | 278,452
|  |  | 43,036,220
Real Estate Management & Development — 0.8%
Aldar Properties PJSC, (5-year CMT + 2.04%), 6.62%, 04/15/55(a)(h) |  | 250 | 254,188
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30(b) |  | 327 | 305,496
Series AI, 7.00%, 04/15/30 |  | 320 | 298,957
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30(b) |  | 152 | 154,449
AYC Finance Ltd., 3.90%(h)(j) |  | 300 | 191,316
China Overseas Finance Cayman VII Ltd., 4.75%, 04/26/28(h) |  | 200 | 199,846
CoreLogic, Inc., 4.50%, 05/01/28(b) |  | 1,488 | 1,419,377
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31(b) |  | 216 | 231,948
Fantasia Holdings Group Co. Ltd., 7.95%, 07/05/22(e)(h)(l) |  | 1,050 | 28,875
Howard Hughes Corp., 4.13%, 02/01/29(b) |  | 176 | 167,604
New Metro Global Ltd., 4.50%, 05/02/26(h) |  | 349 | 324,570
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29(b)(g) |  | 4,485 | 4,307,173
Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26(h) |  | 200 | 192,870
Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30(h) |  | 200 | 184,326
Yango Justice International Ltd.(e)(h)(l) |  |  |
8.25%, 11/25/23 |  | 200 | 250
7.50%, 04/15/24 |  | 200 | 250
|  |  | 8,261,495
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b) |  | 505 | 491,379
Semiconductors & Semiconductor Equipment — 2.2%
Broadcom, Inc., 5.00%, 04/15/30(g) |  | 10,970 | 11,215,973
Entegris, Inc., 4.75%, 04/15/29(b) |  | 2 | 1,978
Lam Research Corp., 4.88%, 03/15/49(g) |  | 875 | 796,960

82
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.(g) |  |  |
3.50%, 04/01/50 | USD | 2,785 | $2,080,469
3.70%, 04/01/60 |  | 1,760 | 1,294,175
NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
4.40%, 06/01/27 |  | 750 | 751,223
3.40%, 05/01/30(g) |  | 1,755 | 1,661,002
QUALCOMM, Inc.(g) |  |  |
4.30%, 05/20/47 |  | 3,500 | 2,933,128
6.00%, 05/20/53 |  | 1,993 | 2,100,313
TSMC Global Ltd., 2.25%, 04/23/31(h) |  | 250 | 222,393
|  |  | 23,057,614
Software — 3.0%
AthenaHealth Group, Inc., 6.50%, 02/15/30(b) |  | 3,919 | 3,857,336
Camelot Finance SA, 4.50%, 11/01/26(b) |  | 377 | 371,215
Capstone Borrower, Inc., 8.00%, 06/15/30(b) |  | 1,073 | 1,118,548
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29(b)(g) |  | 101 | 83,517
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b) |  | 302 | 245,423
Cloud Software Group, Inc.(b) |  |  |
6.50%, 03/31/29(g) |  | 2,895 | 2,921,961
9.00%, 09/30/29(g) |  | 4,041 | 4,188,599
8.25%, 06/30/32 |  | 2,974 | 3,165,017
CoreWeave, Inc., 9.25%, 06/01/30(b) |  | 370 | 378,263
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)(g) |  | 592 | 606,800
Elastic NV, 4.13%, 07/15/29(b) |  | 718 | 686,064
Ellucian Holdings, Inc., 6.50%, 12/01/29(b) |  | 661 | 676,001
Fair Isaac Corp.(b) |  |  |
4.00%, 06/15/28 |  | 393 | 382,495
6.00%, 05/15/33 |  | 1,569 | 1,583,381
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL(b) |  |  |
4.63%, 05/01/28 |  | 205 | 193,913
8.75%, 05/01/29 |  | 219 | 225,273
Oracle Corp.(g) |  |  |
3.95%, 03/25/51 |  | 4,425 | 3,266,069
5.55%, 02/06/53 |  | 1,280 | 1,203,677
Playtika Holding Corp., 4.25%, 03/15/29(b) |  | 114 | 103,456
PTC, Inc., 4.00%, 02/15/28(b) |  | 365 | 354,758
SS&C Technologies, Inc., 6.50%, 06/01/32(b) |  | 1,008 | 1,046,421
Twilio, Inc. |  |  |
3.63%, 03/15/29 |  | 259 | 246,579
3.88%, 03/15/31 |  | 558 | 521,881
UKG, Inc., 6.88%, 02/01/31(b) |  | 3,650 | 3,787,149
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b) |  | 345 | 324,368
|  |  | 31,538,164
Specialty Retail — 0.0%
Staples, Inc., 10.75%, 09/01/29(b) |  | 210 | 198,749
Technology Hardware, Storage & Peripherals — 0.3%
Dell International LLC/EMC Corp., 8.35%, 07/15/46(g) |  | 1,005 | 1,281,892
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b) |  | 162 | 171,865
Seagate Data Storage Technology Pte Ltd., 5.88%, 07/15/30(b) |  | 324 | 328,837
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 |  | 589 | 627,284
8.50%, 07/15/31 |  | 701 | 752,300
|  |  | 3,162,178

Security |  | Par (000) | Value
Textiles, Apparel & Luxury Goods(b) — 0.3%
Beach Acquisition Bidco LLC(c) |  |  |
07/15/32 | EUR | 592 | $702,577
07/15/33 | USD | 1,271 | 1,317,411
Crocs, Inc., 4.13%, 08/15/31 |  | 244 | 219,725
Hanesbrands, Inc., 9.00%, 02/15/31 |  | 21 | 22,233
Levi Strauss & Co., 3.50%, 03/01/31 |  | 462 | 422,718
Under Armour, Inc., 7.25%, 07/15/30 |  | 156 | 157,982
|  |  | 2,842,646
Tobacco(g) — 2.1%
Altria Group, Inc., 10.20%, 02/06/39 |  | 13,392 | 18,459,154
BAT Capital Corp., 4.54%, 08/15/47 |  | 1,999 | 1,614,836
Reynolds American, Inc., 5.85%, 08/15/45 |  | 2,335 | 2,252,808
|  |  | 22,326,798
Trading Companies & Distributors(b) — 0.1%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29 |  | 24 | 22,702
Gates Corp/DE, 6.88%, 07/01/29 |  | 419 | 435,076
Resideo Funding, Inc. |  |  |
4.00%, 09/01/29 |  | 97 | 91,432
6.50%, 07/15/32(g) |  | 497 | 509,173
|  |  | 1,058,383
Transportation Infrastructure — 0.5%
FedEx Corp., 5.25%, 05/15/50(g) |  | 6,000 | 5,299,095
SF Holding Investment 2021 Ltd., 2.38%, 11/17/26(h) |  | 200 | 194,654
|  |  | 5,493,749
Wireless Telecommunication Services — 0.9%
Altice France SA(b) |  |  |
5.13%, 01/15/29 |  | 1,746 | 1,442,632
5.13%, 07/15/29 |  | 800 | 661,220
5.50%, 10/15/29 |  | 200 | 165,783
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., (9.00% Cash and 3.00% PIK), 12.00%, 05/25/27(i) |  | 677 | 683,287
Sprint LLC, 7.63%, 03/01/26(g) |  | 1,096 | 1,106,514
T-Mobile U.S., Inc. |  |  |
4.75%, 02/01/28(g) |  | 1,013 | 1,012,807
2.63%, 02/15/29 |  | 438 | 410,912
3.38%, 04/15/29 |  | 676 | 650,412
2.88%, 02/15/31 |  | 235 | 213,843
3.50%, 04/15/31(g) |  | 990 | 929,526
5.05%, 07/15/33(g) |  | 2,000 | 2,013,554
Vmed O2 U.K. Financing I PLC(b) |  |  |
4.25%, 01/31/31 |  | 400 | 366,448
4.75%, 07/15/31 |  | 200 | 185,005
|  |  | 9,841,943
Total Corporate Bonds — 111.0% (Cost: $1,180,388,917) | 1,176,957,433
Fixed Rate Loan Interests
Distributors — 0.0%
TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, 12/15/31(d) |  | 2 | —
Health Care Equipment & Supplies — 0.0%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 145 | 145,544
IT Services — 0.0%
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 23 | 22,348

Schedule of Investments
83

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software — 0.0%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 | USD | 257 | $258,928
Total Fixed Rate Loan Interests — 0.0% (Cost: $426,909) | 426,820
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.3%
Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.58%, 06/24/30 |  | 130 | 130,511
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 10/31/30 |  | 140 | 140,272
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6- mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29 |  | 158 | 158,417
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 500 | 259,080
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 77 | 39,887
Dynasty Acquisition Co., Inc. |  |  |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 325 | 324,677
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 124 | 123,849
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32 |  | 72 | 71,892
Kaman Corp., 2025 Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32 |  | 88 | 87,810
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 12.18%, 02/01/29 |  | 57 | 39,889
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/01/28 |  | 242 | 212,961
Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/14/29 |  | 29 | 28,686
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, 11/05/28 |  | 75 | 75,348
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 12/11/31(d) |  | 45 | 45,174
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 02/28/31 |  | 685 | 686,176
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 01/19/32 |  | 253 | 253,427
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 03/22/30 |  | 41 | 40,615
|  |  | 2,718,671
Automobile Components — 0.1%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 02/23/29 |  | 61 | 56,570
Clarios Global LP |  |  |
2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.83%, 05/06/30 |  | 464 | 462,184

Security |  | Par (000) | Value
Automobile Components (continued)
Clarios Global LP (continued) |  |  |
2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 01/28/32 | USD | 223 | $223,140
Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/02/31(d) |  | 180 | 179,505
Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.53%, 01/30/32(d) |  | 14 | 14,017
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.08%, 06/04/31 |  | 325 | 324,659
RealTruck Group, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 5.11%), 9.44%, 01/31/28 |  | 59 | 53,243
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28 |  | 166 | 161,684
|  |  | 1,475,002
Beverages — 0.1%
Naked Juice LLC |  |  |
2025 FLFO Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.80%, 01/24/29 |  | 252 | 249,482
2025 FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.65%, 01/24/29 |  | 116 | 92,182
2025 FLTO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.40%, 01/24/30 |  | 84 | 38,377
Sazerac Co., Inc., Term Loan B, 06/25/32(d)(m) |  | 151 | 150,811
|  |  | 530,852
Biotechnology — 0.0%
Parexel International Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 11/15/28 |  | 347 | 346,809
Broadline Retail — 0.1%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%, 11/24/28(d) |  | 64 | 64,135
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30 |  | 547 | 529,701
|  |  | 593,836
Building Products — 0.1%
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31 |  | 117 | 117,263
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.83%, 05/13/29 |  | 16 | 15,775
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.68%, 11/03/28 |  | 445 | 445,406
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.83%, 10/02/28 |  | 176 | 175,294
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31 |  | 371 | 365,048
|  |  | 1,118,786
Capital Markets — 0.2%
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 08/02/28 |  | 261 | 260,812
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.99%, 02/15/31 |  | 292 | 289,710
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/09/30 |  | 82 | 81,910

84
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Capital Markets (continued)
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.05%, 12/20/29 | USD | 217 | $217,417
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/30/31 |  | 89 | 89,337
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/25/31 |  | 173 | 172,740
Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 189 | 189,745
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 04/07/28 |  | 192 | 191,847
Focus Financial Partners LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 09/15/31 |  | 199 | 198,424
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 12/15/31 |  | 306 | 305,793
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, 10/21/31 |  | 101 | 101,617
Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/17/28 |  | 159 | 159,230
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 06/25/31(d) |  | 45 | 45,015
|  |  | 2,303,597
Chemicals — 0.3%
Aruba Investments Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.43%, 11/24/27(d) |  | 72 | 67,664
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 08/18/28 |  | 90 | 90,210
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.31%, 11/01/30 |  | 215 | 213,655
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29 |  | 18 | 17,871
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.08%, 12/18/30 |  | 197 | 197,287
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32 |  | 79 | 78,877
H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30 |  | 120 | 120,482
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 02/18/30 |  | 71 | 67,859
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 10/07/31 |  | 75 | 68,079
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28 |  | 175 | 158,944
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 11/26/31 |  | 173 | 172,914
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28 |  | 268 | 268,434

Security |  | Par (000) | Value
Chemicals (continued)
Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, 04/03/28 | USD | 158 | $158,487
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.06%), 7.35%, 04/08/31 |  | 207 | 194,305
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 10/09/31 |  | 70 | 69,127
Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 06/20/31 |  | 306 | 302,174
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.32%, 08/02/30 |  | 229 | 226,207
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/22/28 |  | 195 | 195,701
|  |  | 2,668,277
Commercial Services & Supplies — 0.5%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.05%, 10/24/30(d) |  | 110 | 110,375
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 05/12/28 |  | 605 | 607,245
Anticimex International AB, 2024 Term Loan B6, (3-mo. SOFR + 3.40%), 7.66%, 11/16/28 |  | 85 | 85,019
Aramark Services, Inc. |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR + 2.00%), 6.33%, 04/06/28 |  | 113 | 113,061
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 06/22/30 |  | 261 | 261,632
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.18%, 09/07/27 |  | 281 | 281,345
Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, 04/01/32 |  | 106 | 106,000
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/09/28 |  | 159 | 160,167
Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.24%, 09/30/31 |  | 605 | 597,340
Garda World Security Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/01/29 |  | 221 | 221,404
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32 |  | 333 | 332,724
Grant Thornton Advisors LLC, 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 06/02/31 |  | 61 | 61,017
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.07%, 10/17/30 |  | 86 | 85,936
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28 |  | 203 | 182,178
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 03/11/32 |  | 351 | 351,559

Schedule of Investments
85

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Prime Security Services Borrower LLC |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 10/13/30 | USD | 109 | $108,903
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32 |  | 240 | 237,329
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 06/28/30 |  | 262 | 262,600
Reworld Holding Corp , Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28 |  | 81 | 81,328
Reworld Holding Corp., Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28 |  | 6 | 6,280
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 11/14/30 |  | 11 | 10,873
Summer BC Holdco B SARL, 2024 USD Term Loan B, 02/15/29(d) |  | 37 | 36,999
Tempo Acquisition LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 08/31/28 |  | 262 | 260,907
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.43%, 11/02/27 |  | 78 | 74,211
Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), 6.58%, 02/22/31 |  | 108 | 103,275
|  |  | 4,739,707
Communications Equipment — 0.0%
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 10/24/30 |  | 201 | 201,568
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.93%, 05/30/30 |  | 38 | 36,036
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.94%, 03/02/29 |  | 27 | 26,318
|  |  | 263,922
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/01/30 |  | 515 | 429,103
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 11/03/31 |  | 43 | 42,892
Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 7.58%, 12/18/28 |  | 61 | 60,785
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 7.44%, 01/21/28 |  | 125 | 125,458
|  |  | 658,238
Construction Materials — 0.1%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31 |  | 204 | 204,481
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 10.33%, 03/08/29 |  | 95 | 85,820
Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.55%, 04/29/29 |  | 103 | 94,246
Potters Borrower LP, 2025 Repriced Term Loan B, (3- mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, 12/14/27 |  | 62 | 62,370

Security |  | Par (000) | Value
Construction Materials (continued)
Quikrete Holdings, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.58%, 03/19/29 | USD | 178 | $177,960
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 02/10/32 |  | 96 | 95,592
2025 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 04/14/31 |  | 197 | 196,828
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.07%, 09/22/28 |  | 24 | 24,075
White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 10/19/29 |  | 453 | 450,399
|  |  | 1,391,771
Consumer Staples Distribution & Retail — 0.0%
EG America LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28 |  | 47 | 46,797
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/03/31 |  | 164 | 165,425
|  |  | 212,222
Containers & Packaging — 0.1%
Charter Next Generation, Inc., 2024 Term Loan B1, (1- mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.06%, 11/29/30 |  | 478 | 479,018
Clydesdale Acquisition Holdings, Inc. |  |  |
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32 |  | 1 | 1,363
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32 |  | 237 | 236,233
Colossus Acquireco LLC, Term Loan B, 06/11/32(m) |  | 176 | 174,724
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%, 04/15/27 |  | 162 | 161,872
Pregis TopCo Corp., 2025 Refinancing Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 02/01/29 |  | 123 | 122,958
Reynolds Consumer Products LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/04/32 |  | 37 | 37,030
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 09/15/28 |  | 148 | 144,967
|  |  | 1,358,165
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/24/28 |  | 197 | 197,340
KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30 |  | 103 | 102,830
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 8.29%, 08/11/28 |  | 26 | 26,470
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.78%, 07/25/30 |  | 85 | 84,698
PG Polaris BidCo SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 03/26/31 |  | 96 | 96,708
Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.33%, 02/07/31 |  | 63 | 62,858

86
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Consumer Services (continued)
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 10/04/30 | USD | 191 | $191,879
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30 |  | 74 | 73,832
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/31 |  | 321 | 319,821
|  |  | 1,156,436
Diversified REITs — 0.0%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/20/30 |  | 79 | 78,412
Diversified Telecommunication Services — 0.3%
Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime + 1.75%), 9.25%, 01/31/26(d) |  | 244 | 225,493
Connect Finco SARL, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.83%, 09/27/29 |  | 93 | 88,502
Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32 |  | 410 | 414,186
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29 |  | 135 | 132,894
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30 |  | 102 | 100,634
2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 06/01/28 |  | 11 | 11,497
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.76%, 09/01/28 |  | 75 | 67,583
Radiate Holdco LLC, 2025 FLFO Term Loan, 09/25/29(m) |  | 942 | 822,514
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1- mo. CME Term SOFR + 3.36%), 7.68%, 01/31/29 |  | 225 | 222,802
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27 |  | 649 | 616,523
|  |  | 2,702,628
Electric Utilities — 0.0%
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31 |  | 196 | 195,899
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1- mo. CME Term SOFR + 1.75%), 6.08%, 12/20/30 |  | 172 | 172,906
|  |  | 368,805
Electrical Equipment — 0.0%
GrafTech Global Enterprises, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.32%, 12/21/29 |  | 145 | 145,260
Electronic Equipment, Instruments & Components — 0.0%
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31(d) |  | 56 | 55,440
Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/02/29 |  | 246 | 246,219
|  |  | 301,659

Security |  | Par (000) | Value
Energy Equipment & Services — 0.0%
Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32 | USD | 56 | $56,093
Entertainment — 0.2%
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30 |  | 176 | 174,453
Creative Artists Agency LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 10/01/31 |  | 466 | 466,845
Delta 2 Lux SARL |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 09/30/31 |  | 228 | 227,894
2024 Term Loan B2, 09/30/31(m) |  | 114 | 113,703
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, 10/19/26 |  | 214 | 213,926
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 11/12/29 |  | 174 | 165,525
NEP Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.51%, 1.76% PIK), 9.34%, 08/19/26(i)(n) |  | 70 | 64,135
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME Term SOFR + 2.86%), 7.19%, 03/13/28 |  | 107 | 105,483
UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 11/21/31 |  | 369 | 370,456
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/24/31 |  | 438 | 438,412
|  |  | 2,340,832
Financial Services — 0.4%
ABG Intermediate Holdings 2 LLC |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 12/21/28 |  | 186 | 185,741
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 02/13/32 |  | 150 | 149,188
Apex Group Treasury LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, 02/27/32 |  | 214 | 212,622
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29 |  | 317 | 317,453
Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, 10/16/31 |  | 485 | 487,025
Boost Newco Borrower LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 01/31/31 |  | 554 | 555,371
CPI Holdco B LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31 |  | 108 | 107,865
2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 05/19/31 |  | 270 | 269,311
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.05%, 04/09/27 |  | 363 | 351,970
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28 |  | 135 | 128,632
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32 |  | 475 | 475,147

Schedule of Investments
87

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 06/27/29 | USD | 20 | $19,951
Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32(m) |  | 105 | 104,913
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 01/31/30 |  | 45 | 44,537
Howden Group Holdings Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 04/18/30 |  | 25 | 25,054
Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 02/15/31 |  | 282 | 283,050
Orion US Finco, 1st Lien Term Loan, 05/20/32(m) |  | 134 | 134,402
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 05/30/31 |  | 288 | 288,726
WEX, Inc. |  |  |
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/31/28 |  | 45 | 44,749
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32 |  | 80 | 79,551
|  |  | 4,265,258
Food Products — 0.1%
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27 |  | 679 | 681,075
H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.50%), 10.83%, 03/29/30 |  | 18 | 17,767
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, 11/12/29 |  | 73 | 73,415
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.55%, 03/31/28 |  | 120 | 120,199
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/29/32 |  | 266 | 265,627
|  |  | 1,158,083
Ground Transportation — 0.1%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 6.19%, 08/06/27 |  | 69 | 68,566
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, 04/10/31 |  | 604 | 600,963
Hertz Corp. |  |  |
2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%), 8.04%, 06/30/28 |  | 153 | 126,752
2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%), 8.04%, 06/30/28 |  | 30 | 24,884
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 12.32%, 08/20/29 |  | 53 | 20,501
|  |  | 841,666

Security |  | Par (000) | Value
Health Care Equipment & Supplies — 0.0%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 | USD | 110 | $109,902
2025 Term Loan B, 06/26/30(m) |  | 301 | 300,159
|  |  | 410,061
Health Care Providers & Services — 0.4%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.10%), 6.43%, 11/08/27 |  | 22 | 21,749
CHG Healthcare Services, Inc., 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 09/29/28 |  | 180 | 181,033
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.78%, 11/08/32 |  | 175 | 175,298
Concentra Health Services, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 07/26/31 |  | 85 | 84,875
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 7.07%, 05/01/31 |  | 416 | 413,324
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.28%, 08/01/29 |  | 214 | 214,809
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 11/01/28 |  | 307 | 308,236
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.10%, 3.71% PIK), 8.84%, 11/30/28(i)(n) |  | 77 | 60,240
2024 Superpriority New Money 1st Out Term Loan A, (6-mo. CME Term SOFR at 0.00% Floor + 5.75%), 9.88%, 08/31/28 |  | 57 | 57,508
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.08%, 07/01/30 |  | 21 | 19,150
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27 |  | 185 | 177,866
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 07/03/28 |  | 56 | 56,570
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, 05/19/31 |  | 115 | 113,466
Medical Solutions Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.88%, 11/01/28 |  | 100 | 51,832
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.58%, 10/23/28 |  | 1,074 | 1,074,248
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 10/27/28 |  | 125 | 125,822
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28 |  | 347 | 338,205
PRA Health Sciences, Inc., 2024 US Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 07/03/28 |  | 14 | 14,095

88
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/19/31 | USD | 75 | $74,686
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30 |  | 132 | 130,615
Surgery Center Holdings, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 12/19/30 |  | 219 | 220,054
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 08/01/31 |  | 60 | 59,896
|  |  | 3,973,577
Health Care Technology — 0.1%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/15/29 |  | 762 | 760,748
PointClickCare Technologies, Inc., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.42%, 11/03/31 |  | 130 | 130,255
Waystar Technologies, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 10/22/29 |  | 83 | 83,826
|  |  | 974,829
Hotels, Restaurants & Leisure — 0.5%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 09/20/30 |  | 294 | 291,999
Aimbridge Acquisition Co., Inc. |  |  |
2025 1st Lien Second Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.50%), 11.93%, 03/11/30 |  | 27 | 26,397
2025 First Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.93%, 03/11/30 |  | 30 | 29,482
Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 05/31/30 |  | 148 | 148,726
Bally’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28 |  | 207 | 182,324
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.58%, 02/06/31 |  | 537 | 535,696
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 02/06/30 |  | 114 | 114,221
Carnival Corp. |  |  |
2025 Term Loan (2027), (1-mo. CME Term SOFR at 0.75% Floor + 2.00%), 6.31%, 08/08/27 |  | 31 | 30,807
2025 Term Loan (2028), (1-mo. CME Term SOFR at 0.75% Floor + 2.00%), 6.31%, 10/18/28 |  | 85 | 84,920
Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, 12/02/31 |  | 104 | 104,394
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/04/32 |  | 263 | 262,352
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 01/27/29 |  | 627 | 626,165
Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.05%, 11/30/30 |  | 456 | 454,345

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Flutter Financing BV, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 06/04/32(d) | USD | 78 | $77,903
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/30/29 |  | 433 | 435,198
Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, 11/01/29 |  | 117 | 113,731
Herschend Entertainment Co. LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 05/27/32 |  | 123 | 123,743
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30 |  | 330 | 331,292
IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.83%, 12/15/27 |  | 234 | 233,547
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 04/14/29 |  | 197 | 197,283
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.55%, 08/01/30 |  | 25 | 24,664
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 7.68%, 03/09/28 |  | 124 | 66,110
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/03/29 |  | 190 | 190,405
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.28%, 04/04/29 |  | 73 | 73,349
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 12/04/31 |  | 55 | 54,552
Six Flags Entertainment Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/01/31 |  | 99 | 99,000
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 03/14/31 |  | 341 | 341,100
Voyager Parent LLC, Term Loan B, 05/09/32(m) |  | 160 | 158,178
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 08/03/28 |  | 152 | 151,649
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 05/24/30 |  | 157 | 157,754
|  |  | 5,721,286
Household Durables — 0.1%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 01/20/32 |  | 353 | 351,366
Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 09/26/31 |  | 86 | 86,543
Somnigroup International, Inc., 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 10/24/31 |  | 86 | 86,093

Schedule of Investments
89

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Household Durables (continued)
Springs Windows Fashions, LLC, 2024 First Lien Second Out Term Loan A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.44%, 10/06/28 | USD | 99 | $75,494
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1- mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, 12/19/29 |  | 31 | 30,459
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.69%, 10/30/27 |  | 126 | 125,168
|  |  | 755,123
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 07/31/30 |  | 230 | 230,117
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31 |  | 104 | 103,522
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, 12/15/27 |  | 123 | 123,595
Talen Energy Supply LLC, 2024-1 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.81%, 12/15/31 |  | 87 | 86,741
|  |  | 543,975
Industrial Conglomerates — 0.1%
Beach Acquisition Bidco LLC, USD Term Loan B, 06/25/32(d)(m) |  | 46 | 46,230
Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.52%, 10/17/31 |  | 38 | 38,154
EMRLD Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 08/04/31 |  | 231 | 230,718
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 05/31/30 |  | 292 | 291,307
|  |  | 606,409
Insurance — 0.4%
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.07%, 09/19/31 |  | 1,032 | 1,031,754
AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.58%, 01/30/32 |  | 452 | 451,811
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 12/29/31 |  | 305 | 305,008
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 02/14/31 |  | 432 | 433,442
Baldwin Insurance Group Holdings LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 05/26/31 |  | 235 | 234,850
HUB International Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.77%, 06/20/30 |  | 549 | 550,213
Jones Deslauriers Insurance Management, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.03%, 03/15/30 |  | 142 | 140,690

Security |  | Par (000) | Value
Insurance (continued)
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/15/31 | USD | 305 | $304,708
Truist Insurance Holdings LLC |  |  |
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 05/06/31 |  | 406 | 405,818
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 05/06/32 |  | 56 | 56,914
USI, Inc. |  |  |
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 09/29/30 |  | 259 | 258,161
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 11/21/29 |  | 426 | 425,227
|  |  | 4,598,596
Interactive Media & Services — 0.0%
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1- mo. CME Term SOFR + 2.75%), 7.08%, 01/31/31 |  | 195 | 192,317
IT Services — 0.4%
Asurion LLC |  |  |
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 9.69%, 01/31/28 |  | 175 | 166,906
2021 2nd Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 9.69%, 01/20/29 |  | 44 | 40,734
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.68%, 08/19/28 |  | 133 | 131,739
2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 09/19/30 |  | 45 | 43,723
2025 Term Loan B13, 09/19/30(m) |  | 418 | 405,941
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29 |  | 448 | 373,215
Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.53%, 04/21/32(d) |  | 131 | 130,836
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 06/12/31 |  | 177 | 175,320
Epicor Software Corp., 2024 Term Loan E, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.08%, 05/30/31 |  | 430 | 430,947
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 06/27/31(d) |  | 79 | 79,512
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), 6.08%, 05/30/31 |  | 207 | 207,187
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/09/29 |  | 213 | 212,947
Magenta Security Holdings LLC |  |  |
2024 First Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.29%, 07/27/28 |  | 49 | 41,154
2024 Second Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.00%), 11.54%, 07/27/28 |  | 55 | 25,124
2024 Third Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, 07/27/28(e)(i)(l)(n) |  | 122 | 28,312
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 06/17/31 |  | 323 | 322,121

90
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
IT Services (continued)
Mitchell International, Inc. (continued) |  |  |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.25%), 9.58%, 06/17/32 | USD | 46 | $45,068
Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 07/01/31 |  | 75 | 71,649
Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 11/17/31 |  | 216 | 215,714
Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 10/26/30 |  | 120 | 120,202
Project Boost Purchaser LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 07/16/31 |  | 217 | 217,352
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/31/31 |  | 505 | 506,967
Shift4 Payments LLC, 2025 Term Loan, 05/07/32(m) |  | 102 | 102,797
X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.60%), 10.93%, 10/26/29 |  | 359 | 350,490
X.AI LLC, 1st Lien Term Loan , 06/28/30(m) |  | 88 | 83,783
|  |  | 4,529,740
Machinery — 0.4%
Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 08/16/29 |  | 244 | 244,071
AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 07/31/28 |  | 316 | 315,440
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 6.79%, 03/15/30 |  | 67 | 67,589
Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.80%, 05/14/28(d) |  | 54 | 54,327
Filtration Group Corp., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/21/28 |  | 422 | 423,221
Generac Power Systems, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 07/03/31 |  | 40 | 39,683
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.73%, 02/15/29 |  | 549 | 549,914
Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, 11/22/29 |  | 105 | 104,277
Madison IAQ LLC |  |  |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.56%, 05/06/32 |  | 217 | 217,458
Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.76%, 06/21/28 |  | 442 | 442,502
SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 04/05/29 |  | 267 | 267,712
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.24%, 04/30/30 |  | 344 | 344,881
Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/02/27 |  | 360 | 360,185

Security |  | Par (000) | Value
Machinery (continued)
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28 | USD | 110 | $47,682
WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/27/31 |  | 229 | 229,444
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 6.44%, 10/04/28 |  | 97 | 96,988
|  |  | 3,805,374
Media — 0.2%
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, 08/15/28 |  | 285 | 257,518
Charter Communications Operating LLC |  |  |
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 12/07/30 |  | 154 | 154,124
2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 12/15/31 |  | 149 | 149,607
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.44%, 08/23/28 |  | 84 | 82,651
CSC Holdings LLC |  |  |
2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 |  | 319 | 310,626
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.81%, 01/18/28 |  | 58 | 57,005
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27 |  | 45 | 44,852
ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 09/03/30 |  | 93 | 92,637
Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6- mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.06%, 02/21/31(d) |  | 51 | 50,681
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.57%, 06/04/29 |  | 44 | 44,254
Learfield Communications LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 06/30/28 |  | 122 | 123,156
Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 12/10/31 |  | 323 | 324,606
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, 04/30/28 |  | 126 | 122,994
|  |  | 1,814,711
Oil, Gas & Consumable Fuels — 0.1%
Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/22/30 |  | 45 | 44,906
Freeport LNG Investments LLLP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.52%, 12/21/28 |  | 286 | 286,140
GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 10/04/30 |  | 33 | 33,225
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.31%, 02/11/30 |  | 113 | 112,718

Schedule of Investments
91

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
M6 ETX Holdings II Midco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 04/01/32 | USD | 84 | $84,300
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.07%, 04/07/32 |  | 44 | 44,306
New Fortress Energy, Inc., 2025 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.81%, 10/30/28 |  | 38 | 20,312
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.08%, 02/03/31 |  | 32 | 32,000
Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, 10/05/28 |  | 358 | 357,194
Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 06/16/32 |  | 36 | 35,947
|  |  | 1,051,048
Passenger Airlines — 0.1%
AAdvantage Loyalty IP Ltd., 2025 Term Loan B, 05/28/32(m) |  | 92 | 92,506
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 03/21/31 |  | 212 | 211,514
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 1.85%), 5.98%, 01/29/27 |  | 106 | 104,691
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.51%, 06/04/29 |  | 166 | 164,657
2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.50%, 02/15/28 |  | 159 | 157,229
2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.52%, 04/20/28 |  | 155 | 153,965
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.07%, 08/27/29 |  | 116 | 108,602
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 02/22/31 |  | 147 | 147,572
|  |  | 1,140,736
Pharmaceuticals — 0.1%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, 05/04/28 |  | 119 | 120,899
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.85%), 6.17%, 08/01/27 |  | 177 | 177,109
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28 |  | 277 | 278,181
Opal U.S. LLC, USD Term Loan B, 04/28/32(m) |  | 250 | 250,860
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, 05/19/31 |  | 75 | 72,993
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29 |  | 81 | 80,839
|  |  | 980,881
Professional Services — 0.3%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.94%, 02/04/28 |  | 241 | 242,126
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31 |  | 211 | 210,023

Security |  | Par (000) | Value
Professional Services (continued)
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.61%), 10.94%, 06/04/29 | USD | 90 | $87,210
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 06/02/28 |  | 266 | 262,782
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/28/28 |  | 416 | 415,518
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31(d) |  | 339 | 338,703
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/18/29 |  | 648 | 647,392
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 07/06/29 |  | 83 | 83,176
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30 |  | 84 | 78,276
Skopima Consilio Parent LLC, 2024 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 05/12/28 |  | 124 | 122,696
Trans Union LLC |  |  |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31 |  | 204 | 203,712
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31 |  | 312 | 312,238
Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/26/31 |  | 300 | 298,570
|  |  | 3,302,422
Real Estate Management & Development — 0.0%
Cushman & Wakefield U.S. Borrower LLC, 2024 Tranche 2 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 01/31/30 |  | 70 | 70,378
Semiconductors & Semiconductor Equipment — 0.0%
Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.06%, 07/06/29 |  | 88 | 88,373
MKS Instruments, Inc., 2025 USD Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.32%, 08/17/29 |  | 331 | 331,735
|  |  | 420,108
Software — 0.8%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 02/24/31 |  | 486 | 487,888
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/15/29 |  | 166 | 137,404
Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31 |  | 453 | 449,722
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 06/17/30 |  | 183 | 183,208
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 01/23/32 |  | 439 | 438,583
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 03/29/29 |  | 625 | 625,830
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 03/21/31 |  | 368 | 368,762

92
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29 | USD | 88 | $79,475
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 10/08/28 |  | 224 | 214,231
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31 |  | 595 | 595,184
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 8.55%, 06/26/31(d) |  | 100 | 99,738
Ellucian Holdings, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/09/29 |  | 386 | 387,227
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.08%, 11/22/32(d) |  | 71 | 72,420
Gen Digital, Inc. |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.08%, 09/12/29 |  | 442 | 440,800
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 04/16/32 |  | 72 | 71,838
Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/32 |  | 646 | 645,125
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28 |  | 174 | 174,827
Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 03/20/32 |  | 404 | 405,377
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 03/01/29 |  | 349 | 338,277
MH Sub I LLC |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 05/03/28 |  | 93 | 87,140
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 12/31/31 |  | 79 | 68,268
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 12/17/27 |  | 46 | 44,304
Proofpoint, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 08/31/28 |  | 430 | 429,791
2025 Fungible Term Loan, 08/31/28(m) |  | 48 | 48,005
QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 04/30/32 |  | 62 | 62,705
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.56%, 04/24/28 |  | 258 | 256,407
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 28 | 27,470
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 16 | 15,723
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 06/30/28 |  | 7 | 6,736
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 128 | 126,977
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 39 | 36,808

Security |  | Par (000) | Value
Software (continued)
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/09/31 | USD | 471 | $473,535
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/10/31 |  | 603 | 605,354
VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.02%, 04/12/31 |  | 391 | 392,543
|  |  | 8,897,682
Specialty Retail — 0.1%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), 8.43%, 12/01/28 |  | 18 | 16,310
LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 04/23/31 |  | 129 | 129,107
Mavis Tire Express Services Topco Corp., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, 05/04/28 |  | 440 | 439,015
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28 |  | 113 | 111,342
Restoration Hardware, Inc. |  |  |
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.68%, 10/20/28 |  | 38 | 36,933
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.94%, 10/20/28 |  | 89 | 86,401
|  |  | 819,108
Trading Companies & Distributors — 0.1%
Core & Main LP |  |  |
2024 Term Loan D, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.27%, 07/27/28 |  | 469 | 468,921
2024 Term Loan E, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.27%, 02/09/31 |  | 92 | 91,879
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.28%, 01/29/31 |  | 323 | 315,586
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31 |  | 66 | 66,244
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/12/30 |  | 85 | 84,686
Herc Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32 |  | 40 | 40,117
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.29%, 10/28/27 |  | 109 | 83,529
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 2.00%, 3.25% PIK), 9.58%, 06/30/29(d)(i)(n) |  | 72 | 43,378
|  |  | 1,194,340
Transportation Infrastructure — 0.1%
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 09/23/31 |  | 442 | 440,514
Brown Group Holding LLC |  |  |
2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31 |  | 184 | 183,698
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 07/01/31 |  | 265 | 265,407

Schedule of Investments
93

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Transportation Infrastructure (continued)
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.68%, 12/15/26 | USD | 119 | $118,478
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30 |  | 43 | 42,422
|  |  | 1,050,519
Wireless Telecommunication Services — 0.0%
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 8.19%, 04/30/28 |  | 62 | 61,266
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/25/31 |  | 259 | 258,960
|  |  | 320,226
Total Floating Rate Loan Interests — 7.6% (Cost: $81,656,853) | 80,968,433
Foreign Agency Obligations
Brazil — 0.5% |
Brazilian Government International Bonds, 5.00%, 01/27/45 |  | 6,525 | 4,959,000
China — 0.0% |
China Development Bank/Hong Kong, 2.00%, 02/16/27(h) |  | 200 | 193,814
Export-Import Bank of China, 3.38%, 03/14/27(h) |  | 200 | 198,078
|  |  | 391,892
Colombia — 0.3% |
Colombia Government International Bonds, 5.63%, 02/26/44(g) |  | 4,000 | 2,949,000
Hong Kong — 0.0% |
Airport Authority, 3.25%, 01/12/52 |  | 200 | 142,458
India — 0.0% |
Export-Import Bank of India, 3.88%, 02/01/28(h) |  | 200 | 196,402
Indonesia — 0.2% |
Indonesia Government International Bonds |  |  |
4.65%, 09/20/32 |  | 250 | 248,698
4.85%, 01/11/33 |  | 200 | 200,760
5.25%, 01/17/42(h) |  | 200 | 196,800
4.75%, 07/18/47(g)(h) |  | 200 | 179,800
3.70%, 10/30/49 |  | 200 | 149,294
3.50%, 02/14/50(g) |  | 200 | 143,250
Perusahaan Penerbit SBSN Indonesia III(h) |  |  |
1.50%, 06/09/26 |  | 200 | 195,802
4.40%, 06/06/27 |  | 200 | 201,075
|  |  | 1,515,479
Mexico — 0.4% |
Mexico Government International Bonds, 4.75%, 03/08/44 |  | 5,800 | 4,571,850
Pakistan — 0.1% |
Pakistan Government International Bonds(h) |  |  |
6.00%, 04/08/26 |  | 450 | 443,025
7.38%, 04/08/31 |  | 200 | 178,050
|  |  | 621,075

Security |  | Par (000) | Value
Philippines — 0.0% |
Philippines Government International Bonds |  |  |
3.70%, 03/01/41 | USD | 300 | $243,225
2.65%, 12/10/45 |  | 200 | 129,575
|  |  | 372,800
Republic of Korea — 0.0% |
Korea National Oil Corp., 4.88%, 04/03/29 |  | 200 | 203,720
Saudi Arabia — 0.0% |
Saudi Government International Bonds, 4.50%, 10/26/46(h) |  | 200 | 164,376
South Korea — 0.1% |
Export-Import Bank of Korea, 1.63%, 01/18/27 |  | 200 | 192,438
Korea Development Bank, 4.38%, 02/15/33 |  | 200 | 196,520
Korea Expressway Corp., 1.13%, 05/17/26 |  | 200 | 194,102
|  |  | 583,060
United Arab Emirates — 0.0% |
Sharjah Sukuk Program Ltd., 6.09%, 03/19/34(h) |  | 250 | 260,781
Uruguay — 0.3% |
Uruguay Government International Bonds, 5.10%, 06/18/50(g) |  | 3,500 | 3,227,000
Total Foreign Agency Obligations — 1.9% (Cost: $23,869,558) | 20,158,893

|  | Shares |
Investment Companies
Equity Funds — 0.0% |
Hearthside Equity |  | 1,014 | 19,368
Fixed Income Funds — 0.3% |
Invesco Senior Loan ETF |  | 170,000 | 3,556,400
Total Investment Companies — 0.3% (Cost: $3,575,663) | 3,575,768

|  | Par (000) |
Municipal Bonds
New York — 1.0% |
Metropolitan Transportation Authority, RB, BAB, 6.55%, 11/15/31 | USD | 9,980 | 10,568,586
Total Municipal Bonds — 1.0% (Cost: $9,814,232) | 10,568,586
Preferred Securities
Capital Trusts — 11.0%
Automobiles — 0.2% |
General Motors Financial Co., Inc., Series C, 5.70%(a)(j) |  | 2,565 | 2,540,753
Banks(a)(j) — 1.6% |
HDFC Bank Ltd., 3.70%(h) |  | 200 | 193,530
Industrial & Commercial Bank of China Ltd., 3.20%(h) |  | 300 | 294,444
Kasikornbank PCL/Hong Kong, 4.00%(h) |  | 300 | 289,050
Macquarie Bank Ltd., 6.13%(b) |  | 1,885 | 1,893,795

94
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Banks (continued) |
Nordea Bank Abp, 6.63%(b) | USD | 5,540 | $5,571,855
PNC Financial Services Group, Inc. |  |  |
Series V, 6.20%(g) |  | 5,529 | 5,633,435
Series W, 6.25% |  | 1,250 | 1,285,284
Rizal Commercial Banking Corp., 6.50%(h) |  | 700 | 698,250
Standard Chartered PLC(h) |  |  |
7.63% |  | 200 | 202,010
7.88% |  | 400 | 416,236
|  |  | 16,477,889
Capital Markets — 0.0% |
Nomura Holdings, Inc., (a)(c)(j) |  | 375 | 379,782
Electric Utilities(a) — 1.0% |
Dominion Energy, Inc., Series B, 7.00%, 06/01/54 |  | 1,810 | 1,942,007
PPL Capital Funding, Inc., Series A, 7.22%, 03/30/67(g) |  | 8,300 | 8,256,979
|  |  | 10,198,986
Financial Services — 5.1% |
Barclays PLC(a)(j) |  |  |
4.38% |  | 1,630 | 1,517,269
9.63% |  | 3,340 | 3,709,765
Citigroup, Inc.(a)(j) |  |  |
Series BB, 7.20% |  | 6,750 | 6,959,803
Series EE, 6.75% |  | 3,200 | 3,223,565
Goldman Sachs Group, Inc., 6.85%(a)(j) |  | 9,240 | 9,535,572
HSBC Holdings PLC, 7.05%(a)(j) |  | 400 | 404,622
JPMorgan Chase & Co., 8.75%, 09/01/30(g) |  | 2,000 | 2,365,695
Lloyds Banking Group PLC, 7.50%(a)(j) |  | 8,285 | 8,307,245
Mitsubishi UFJ Financial Group, Inc., 8.20%(a)(j) |  | 425 | 459,293
NatWest Group PLC(a)(j) |  |  |
8.00% |  | 970 | 972,991
8.13% |  | 5,275 | 5,689,900
Royal Capital BV, 5.00%(a)(h)(j) |  | 200 | 199,000
Sumitomo Mitsui Financial Group, Inc., 6.45%(a)(j) |  | 300 | 293,942
UBS Group AG(a)(b)(j) |  |  |
7.75% |  | 4,845 | 5,100,637
Series NC10, 9.25% |  | 4,807 | 5,558,868
|  |  | 54,298,167
Independent Power and Renewable Electricity Producers — 0.1% |
Vistra Corp., 7.00%(a)(b)(j) |  | 1,349 | 1,365,233
Insurance — 1.8% |
ACE Capital Trust II, 9.70%, 04/01/30(g) |  | 7,000 | 8,344,129
Dai-ichi Life Insurance Co. Ltd., 6.20%(a)(h)(j) |  | 200 | 202,500
Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, 04/01/27 |  | 5,000 | 4,819,225
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52(a)(h) |  | 200 | 201,730
MetLife, Inc., 6.40%, 12/15/66(g) |  | 5,000 | 5,235,846
|  |  | 18,803,430
Oil, Gas & Consumable Fuels(a) — 0.6% |
Enterprise Products Operating LLC, 7.37%, 06/01/67 |  | 2,500 | 2,474,112
Venture Global LNG, Inc., 9.00%(b)(j) |  | 3,836 | 3,729,355
|  |  | 6,203,467
Passenger Airlines(a)(h)(j) — 0.0% |
Airport Authority |  |  |
2.10% |  | 200 | 195,870
2.40% |  | 200 | 188,880
|  |  | 384,750
Real Estate Management & Development — 0.0% |
NWD Finance BVI Ltd., 4.13%(e)(h)(j)(l) |  | 209 | 55,490

Security |  | Par (000) | Value
Transportation Infrastructure — 0.1% |
MTR Corp. CI Ltd., 5.63%(a)(h)(j) | USD | 600 | $604,320
Wireless Telecommunication Services — 0.5% |
Vodafone Group PLC, 7.00%, 04/04/79(a) |  | 4,745 | 4,950,672
| 116,262,939

|  | Shares |
Preferred Stocks — 0.6%(e)
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc., 07/21/30 |  | 22 | 3,965
Interactive Media & Services — 0.6% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $3,111,907)(d)(f) |  | 28,400 | 6,589,936
IT Services(d) — 0.0% |
Veritas Kapital Assurance PLC |  |  |
Series G |  | 311 | 6,983
Series G-1 |  | 214 | 4,822
|  |  | 11,805
| 6,605,706
Total Preferred Securities — 11.6% (Cost: $115,727,180) | 122,868,645

|  | Par (000) |
U.S. Government Sponsored Agency Securities
Mortgage-Backed Securities — 15.0% |
Uniform Mortgage-Backed Securities, 6.00%, 07/15/54(o) | USD | 156,425 | 158,947,015
Total U.S. Government Sponsored Agency Securities — 15.0% (Cost: $157,385,011) | 158,947,015

|  | Shares |
Warrants
Financial Services — 0.0% |
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00)(e) |  | 321 | —
Total Warrants — 0.0% (Cost: $ — ) | —
Total Long-Term Investments — 167.7% (Cost: $1,775,618,016) | 1,778,909,914

Schedule of Investments
95

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 0.6% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(p)(q) |  | 6,120,572 | $6,120,572
Total Short-Term Securities — 0.6% (Cost: $6,120,572) | 6,120,572
Total Investments — 168.3% (Cost: $1,781,738,588) | 1,785,030,486
Liabilities in Excess of Other Assets — (68.3)% | (724,484,397 )
Net Assets — 100.0% | $1,060,546,089

(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) | When-issued security.
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e) | Non-income producing security.
(f) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $6,690,655, representing 0.6% of its net assets as of period end, and an original cost of $3,193,434.

(g) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(h) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(i) | 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.
(j) | Perpetual security with no stated maturity date.
(k) | Zero-coupon bond.
(l) | Issuer filed for bankruptcy and/or is in default.
(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) | Convertible security.
(o) | Represents or includes a TBA transaction.
(p) | Affiliate of the Trust.
(q) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $6,317,936 | $— | $(197,364 )(a) | $— | $— | $6,120,572 | 6,120,572 | $129,362 | $—

(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)
Nomura Securities International, Inc. | 4.32 %(b) | 04/15/25 | Open | $63,653 | $64,241 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.35 (b) | 04/15/25 | Open | 2,949,441 | 2,976,883 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 4.40 (b) | 04/15/25 | Open | 670,310 | 676,618 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 04/15/25 | Open | 1,293,049 | 1,305,273 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 04/15/25 | Open | 251,970 | 254,352 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 04/15/25 | Open | 1,084,875 | 1,095,131 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 04/15/25 | Open | 1,192,400 | 1,203,673 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.45 (b) | 04/15/25 | Open | 1,475,530 | 1,489,574 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 478,125 | 482,696 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 778,148 | 785,587 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 210,325 | 212,336 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 417,375 | 421,365 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 163,500 | 165,063 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 172,995 | 174,649 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 288,621 | 291,380 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 707,753 | 714,519 | Corporate Bonds | Open/Demand

96
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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)
Nomura Securities International, Inc. | 4.47 %(b) | 04/15/25 | Open | $150,164 | $151,599 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 694,031 | 700,667 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 426,238 | 430,322 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 136,740 | 138,050 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 514,058 | 518,983 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 134,378 | 135,665 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 87,100 | 87,935 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 506,491 | 511,345 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 1,108,250 | 1,118,870 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 189,248 | 191,061 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 167,558 | 169,163 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 175,499 | 177,180 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 407,500 | 411,405 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 455,131 | 459,492 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 531,587 | 536,681 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 351,140 | 354,505 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 499,180 | 503,963 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 563,751 | 569,358 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 05/01/25 | Open | 374,400 | 377,204 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 05/05/25 | Open | 5,316,410 | 5,354,121 | Capital Trusts | Open/Demand
TD Securities (USA) LLC | 4.48 (b) | 05/05/25 | Open | 5,941,250 | 5,983,393 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 1,445,826 | 1,456,105 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 1,343,775 | 1,353,328 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 1,764,000 | 1,776,791 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 1,726,954 | 1,739,232 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 3,662,500 | 3,688,537 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,817,500 | 2,837,530 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 7,936,250 | 7,992,670 | Capital Trusts | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 4,627,969 | 4,660,870 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 540,245 | 544,086 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 4,125,000 | 4,154,325 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 4,555,312 | 4,587,697 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 583,225 | 587,371 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 1,491,754 | 1,502,359 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 4,419,337 | 4,450,755 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 4,998,740 | 5,034,277 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 594,210 | 598,434 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 4,498,931 | 4,530,915 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,252,500 | 2,268,513 | Capital Trusts | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 540,925 | 544,771 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 866,637 | 872,799 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 9,193,625 | 9,258,984 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 3,052,400 | 3,074,100 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,393,125 | 2,410,138 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,092,744 | 2,107,621 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 3,810,125 | 3,837,212 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,187,900 | 2,203,454 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 871,200 | 877,394 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,516,250 | 2,534,138 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 6,973,725 | 7,023,302 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 627,125 | 631,583 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 5,719,275 | 5,759,934 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 4,186,875 | 4,216,640 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 10,558,625 | 10,633,688 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,712,600 | 2,731,884 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 5,280,000 | 5,317,536 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,331,842 | 2,348,420 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,926,875 | 2,947,683 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 13,555,625 | 13,651,994 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 3,238,995 | 3,262,022 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 515,690 | 519,356 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 913,575 | 920,070 | Corporate Bonds | Open/Demand

Schedule of Investments
97

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | 4.49 %(b) | 05/05/25 | Open | $4,768,200 | $4,802,098 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 3,717,397 | 3,743,825 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 735,000 | 740,225 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 3,076,625 | 3,098,497 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 3,155,625 | 3,178,059 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,870,156 | 2,890,561 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 2,806,335 | 2,826,286 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 1,703,625 | 1,715,736 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 1,044,875 | 1,052,303 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 3,745,000 | 3,771,624 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 6,957,137 | 7,006,597 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 3,219,570 | 3,242,459 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 1,174,594 | 1,182,944 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 10,962,500 | 11,040,434 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 815,299 | 821,095 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 585,900 | 590,065 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.60 (b) | 05/05/25 | Open | 1,191,837 | 1,200,518 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.35 (b) | 05/12/25 | Open | 2,430,900 | 2,445,587 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 90,750 | 91,305 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 351,488 | 353,636 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 974,750 | 980,707 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.43 (b) | 05/12/25 | Open | 1,406,889 | 1,415,545 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 546,840 | 550,220 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 206,625 | 207,902 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 382,500 | 384,864 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 4,584,375 | 4,612,709 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 765,285 | 770,015 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.46 (b) | 05/12/25 | Open | 459,431 | 462,277 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.46 (b) | 05/12/25 | Open | 317,983 | 319,952 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.47 (b) | 05/12/25 | Open | 976,500 | 982,562 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.47 (b) | 05/12/25 | Open | 902,216 | 907,818 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 276,210 | 277,933 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 360,763 | 363,012 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 1,448,080 | 1,457,110 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 543,885 | 547,277 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 962,404 | 968,405 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 348,983 | 351,159 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 560,560 | 564,056 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 183,080 | 184,222 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 329,779 | 331,835 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 1,457,680 | 1,466,770 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 3,984,187 | 4,009,033 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 201,838 | 203,096 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 999,894 | 1,006,129 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 8,547,525 | 8,600,828 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/12/25 | Open | 1,983,035 | 1,995,429 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/12/25 | Open | 4,662,500 | 4,691,641 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/12/25 | Open | 2,288,125 | 2,302,426 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 05/15/25 | Open | 318,409 | 320,246 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.15 (b) | 05/16/25 | Open | 247,565 | 248,878 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.25 (b) | 05/16/25 | Open | 175,000 | 175,950 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.45 (b) | 05/16/25 | Open | 4,578,031 | 4,604,062 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 17,610,480 | 17,709,215 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 2,926,262 | 2,943,089 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 12,585,000 | 12,657,364 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 10,662,500 | 10,723,809 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 2,549,562 | 2,564,223 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 4,756,250 | 4,783,598 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 2,233,481 | 2,246,324 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 2,887,200 | 2,903,801 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 05/19/25 | Open | 1,282,844 | 1,289,510 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 05/19/25 | Open | 475,150 | 477,619 | Corporate Bonds | Open/Demand

98
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | 4.45 %(b) | 05/19/25 | Open | $780,000 | $784,146 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 05/19/25 | Open | 1,912,500 | 1,922,666 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/21/25 | Open | 927,855 | 932,600 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/27/25 | Open | 1,995,000 | 2,003,728 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 06/04/25 | Open | 159,885 | 160,422 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 06/04/25 | Open | 423,563 | 424,986 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 06/09/25 | Open | 79,664 | 79,882 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 06/09/25 | Open | 543,346 | 544,840 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | 463,240 | 464,201 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | 759,225 | 760,800 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.20 | 06/13/25 | 07/15/25 | 237,308 | 237,806 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.25 | 06/13/25 | 07/15/25 | 364,033 | 364,806 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.25 | 06/13/25 | 07/15/25 | 152,663 | 152,987 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.30 | 06/13/25 | 07/15/25 | 143,443 | 143,751 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 3,057,675 | 3,064,325 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 2,310,000 | 2,315,024 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 734,580 | 736,178 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 346,875 | 347,629 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 989,152 | 991,304 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 861,900 | 863,775 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 4,046,830 | 4,055,632 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 848,242 | 850,087 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 566,612 | 567,858 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 1,240,562 | 1,243,292 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 615,000 | 616,353 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 1,632,295 | 1,635,886 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 1,673,359 | 1,677,040 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 158,445 | 158,794 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 186,865 | 187,276 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 1,431,306 | 1,434,455 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 1,458,191 | 1,461,399 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 1,158,400 | 1,160,949 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 187,550 | 187,967 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 386,418 | 387,277 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 2,354,572 | 2,359,811 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,932,500 | 1,936,800 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 614,625 | 615,993 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 2,754,544 | 2,760,673 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 7,125,000 | 7,140,853 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 4,995,000 | 5,006,114 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,574,265 | 1,577,768 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 4,980,495 | 4,991,577 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 88,481 | 88,678 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 260,179 | 260,758 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 451,001 | 452,005 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 223,155 | 223,652 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 515,185 | 516,331 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,438,244 | 1,441,444 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,274,875 | 1,277,712 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 78,881 | 79,057 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 297,814 | 298,476 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 537,938 | 539,134 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 630,315 | 631,717 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,643,250 | 1,646,906 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 3,962,500 | 3,971,317 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 6,123,250 | 6,136,874 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.48 | 06/13/25 | 07/15/25 | 10,890,000 | 10,914,394 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.48 | 06/13/25 | 07/15/25 | 5,037,500 | 5,048,784 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 4.48 | 06/13/25 | 07/15/25 | 2,820,000 | 2,826,317 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.49 | 06/13/25 | 07/15/25 | 5,298,075 | 5,309,969 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 9,877,687 | 9,899,912 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 5,314,604 | 5,326,562 | Corporate Bonds | Up to 30 Days

Schedule of Investments
99

Schedule of Investments (unaudited)(continued)
June 30, 2025
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. | 4.50 % | 06/13/25 | 07/15/25 | $4,755,000 | $4,765,699 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 4,805,300 | 4,816,112 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 5,713,894 | 5,726,750 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 4,215,250 | 4,224,734 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 4,016,737 | 4,025,775 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 6,707,587 | 6,722,680 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 2,709,552 | 2,715,649 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 4,572,000 | 4,582,287 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 1,096,875 | 1,099,398 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.62 | 06/13/25 | 07/15/25 | 170,156 | 170,549 | Corporate Bonds | Up to 30 Days
TD Securities (USA) LLC | 4.50 (b) | 06/13/25 | Open | 2,158,406 | 2,163,263 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 2,387,500 | 2,391,977 | Capital Trusts | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 1,722,487 | 1,725,717 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 1,181,227 | 1,183,442 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 2,820,271 | 2,825,559 | Foreign Agency Obligations | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 1,075,450 | 1,077,467 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 4,131,806 | 4,139,553 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 978,811 | 980,647 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 1,045,500 | 1,047,460 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 709,900 | 711,231 | Corporate Bonds | Open/Demand
Barclays Capital, Inc. | 3.00 | 06/23/25 | 08/01/25 | 207,561 | 207,700 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 3.00 | 06/23/25 | 08/01/25 | 140,862 | 140,956 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 3.75 | 06/23/25 | 08/01/25 | 125,071 | 125,175 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 4.00 | 06/23/25 | 08/01/25 | 159,843 | 159,985 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 4.37 | 06/23/25 | 08/01/25 | 3,348,610 | 3,351,861 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 4,393,750 | 4,398,095 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 7,670,000 | 7,677,653 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 4,436,500 | 4,440,927 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 11,850,000 | 11,861,824 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 3,047,512 | 3,050,553 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 1,554,403 | 1,555,954 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 11,303,000 | 11,314,278 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 1,950,000 | 1,951,946 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 1,875,000 | 1,876,871 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 2,322,131 | 2,324,448 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 3,122,156 | 3,125,272 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 1,740,375 | 1,742,112 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 1,959,334 | 1,961,289 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 4.25 | 06/26/25 | 07/29/25 | 3,420,000 | 3,422,019 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.30 | 06/26/25 | 07/29/25 | 692,933 | 693,346 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.40 | 06/26/25 | 07/29/25 | 182,813 | 182,924 | Corporate Bonds | Up to 30 Days
TD Securities (USA) LLC | 4.49 (b) | 06/30/25 | Open | 2,794,382 | 2,794,382 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.45 | 06/30/25 | 07/15/25 | 2,221,912 | 2,221,913 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/30/25 | 07/15/25 | 3,956,080 | 3,956,080 | Corporate Bonds | Up to 30 Days
|  |  |  | $578,104,283 | $580,832,515 |  |

(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 | 946 | 09/19/25 | $106,070 | $2,096,700

100
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | 226 | 09/30/25 | $47,019 | $127,489
5-Year U.S. Treasury Note | 506 | 09/30/25 | 55,162 | 742,250
|  |  |  | 2,966,439
Short Contracts |  |  |  |
10-Year U.S. Ultra Long Treasury Note | 810 | 09/19/25 | 92,543 | (2,127,352 )
U.S. Long Bond | 880 | 09/19/25 | 101,503 | (3,836,379 )
Ultra U.S. Treasury Bond | 164 | 09/19/25 | 19,511 | (674,833 )
|  |  |  | (6,638,564 )
|  |  |  | $(3,672,125 )

Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
EUR | 113,000 | USD | 133,050 | HSBC Bank PLC | 09/17/25 | $735
USD | 3,296,021 | EUR | 2,853,000 | Toronto-Dominion Bank | 09/17/25 | (81,766 )
| $(81,031 )

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.44.V1 | 5.00 % | Quarterly | 06/20/30 | B | USD | 74,250 | $5,704,847 | $2,084,617 | $3,620,230

(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 | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps(a) | $2,084,617 | $— | $3,620,230 | $—

(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) | $— | $— | $— | $— | $2,966,439 | $— | $2,966,439

Schedule of Investments
101

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Derivative Financial Instruments Categorized by Risk Exposure (continued)

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | $— | $— | $— | $735 | $— | $— | $735
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps(a) | — | 3,620,230 | — | — | — | — | 3,620,230
| $— | $3,620,230 | $— | $735 | $2,966,439 | $— | $6,587,404
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts(a) | $— | $— | $— | $— | $6,638,564 | $— | $6,638,564
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | 81,766 | — | — | 81,766
| $— | $— | $— | $81,766 | $6,638,564 | $— | $6,720,330

(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, 2025, 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 | $— | $— | $(54,647 ) | $— | $6,716,033 | $— | $6,661,386
Forward foreign currency exchange contracts | — | — | — | (220,905 ) | — | — | (220,905 )
Options purchased(a) | — | — | (215,583 ) | — | (1,690,073 ) | — | (1,905,656 )
Options written | — | — | 75,377 | — | 829,772 | — | 905,149
Swaps | — | (2,757,120 ) | — | — | — | — | (2,757,120 )
| $— | $(2,757,120 ) | $(194,853 ) | $(220,905 ) | $5,855,732 | $— | $2,682,854
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $— | $— | $— | $— | $(6,702,372 ) | $— | $(6,702,372 )
Forward foreign currency exchange contracts | — | — | — | (115,681 ) | — | — | (115,681 )
Options purchased(b) | — | — | — | — | 926,790 | — | 926,790
Options written | — | — | — | — | (478,459 ) | — | (478,459 )
Swaps | — | 7,692,094 | — | — | — | — | 7,692,094
| $— | $7,692,094 | $— | $(115,681 ) | $(6,254,041 ) | $— | $1,322,372

(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 | $230,363,719
Average notional value of contracts — short | 204,513,813
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | 2,738,308
Average amounts sold — in USD | 66,525
Options: |
Average value of option contracts purchased | 122,959
Average value of option contracts written | 70,263
Credit default swaps: |
Average notional value — buy protection | 27,225,000
Average notional value — sell protection | 62,025,000

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
102
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
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 | $— | $962,689
Forward foreign currency exchange contracts | 735 | 81,766
Swaps — centrally cleared | 270,829 | —
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 271,564 | 1,044,455
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (270,829 ) | (962,689 )
Total derivative assets and liabilities subject to an MNA | $735 | $81,766

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(b) | Cash Collateral Received(b) | Net Amount of Derivative Assets(c)(d)
HSBC Bank PLC | $735 | $— | $— | $— | $735

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)(e)
Toronto-Dominion Bank | $81,766 | $— | $— | $— | $81,766

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d) | Net amount represents the net amount receivable from the counterparty in the event of default.
(e) | Net amount represents the net amount payable due to 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 at the measurement date. 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 | $— | $204,124,856 | $— | $204,124,856
Common Stocks | — | 37,183 | 276,282 | 313,465
Corporate Bonds | — | 1,176,957,433 | — | 1,176,957,433
Fixed Rate Loan Interests | — | 426,820 | — | 426,820
Floating Rate Loan Interests | — | 78,980,077 | 1,988,356 | 80,968,433
Foreign Agency Obligations | — | 20,158,893 | — | 20,158,893
Investment Companies |  |  |  |
Equity Funds | — | 19,368 | — | 19,368
Fixed Income Funds | 3,556,400 | — | — | 3,556,400
Municipal Bonds | — | 10,568,586 | — | 10,568,586
Preferred Securities |  |  |  |
Capital Trusts | — | 116,262,939 | — | 116,262,939
Preferred Stocks | — | 3,965 | 6,601,741 | 6,605,706
U.S. Government Sponsored Agency Securities | — | 158,947,015 | — | 158,947,015
Warrants | — | — | — | —

Schedule of Investments
103

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Short-Term Securities |  |  |  |
Money Market Funds | $6,120,572 | $— | $— | $6,120,572
Unfunded Floating Rate Loan Interests(a) | — | 252 | 24 | 276
Liabilities |  |  |  |
Unfunded Floating Rate Loan Interests(a) | — | (169 ) | — | (169 )
| $9,676,972 | $1,766,487,218 | $8,866,403 | $1,785,030,593
Derivative Financial Instruments(b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $— | $3,620,230 | $— | $3,620,230
Foreign Currency Exchange Contracts | — | 735 | — | 735
Interest Rate Contracts | 2,966,439 | — | — | 2,966,439
Liabilities |  |  |  |
Foreign Currency Exchange Contracts | — | (81,766 ) | — | (81,766 )
Interest Rate Contracts | (6,638,564 ) | — | — | (6,638,564 )
| $(3,672,125 ) | $3,539,199 | $— | $(132,926 )

(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 $580,832,515 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
104
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
Bryant Park Funding Ltd., Series 2024-23A, Class D1, (3- mo. CME Term SOFR + 3.85%), 8.18%, 05/15/37(a)(b) | $ | 1,000 | $993,803
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3- mo. CME Term SOFR + 4.25%), 8.52%, 04/20/37(a)(b) |  | 1,880 | 1,862,490
Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-mo. CME Term SOFR + 2.65%), 6.89%, 01/05/38(a)(b) |  | 1,000 | 997,307
Total Asset-Backed Securities — 1.2% (Cost: $3,880,000) | 3,853,600

|  | Shares |
Common Stocks
Automobile Components — 0.0% |
Lear Corp. |  | 178 | 16,907
Construction & Engineering — 0.0% |
Mcdermott International Ltd.(c) |  | 613 | 6,743
Entertainment — 0.1% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $46,647)(c)(d)(e) |  | 3,712 | 330,368
Financial Services — 0.2% |
Aimbridge Acquisition Co., Inc.(c)(d) |  | 10,658 | 628,823
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc.(c) |  | 902 | 902
Health Care Providers & Services — 0.0% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $259,435)(c)(e) |  | 8,353 | 132,604
Household Products — 0.0% |
Berkline Benchcraft Equity LLC(c)(d) |  | 6,155 | —
Industrial Conglomerates(c) — 0.0% |
Ameriforge Group, Inc.(d) |  | 832 | —
SVP Singer |  | 10,903 | 51,789
|  |  | 51,789
IT Services — 0.1% |
Travelport Finance Luxembourg SARL(c)(d) |  | 165 | 443,358
Trading Companies & Distributors — 0.1% |
TMK Hawk Parent Corp.(c)(d) |  | 14,592 | 145,916
Transportation Infrastructure — 0.1% |
Incora Top Holdco LLC(c)(d) |  | 13,201 | 304,679
Total Common Stocks — 0.6% (Cost: $3,258,332) | 2,062,089

|  | Par (000) |
Corporate Bonds
Chemicals(b) — 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 | $ | 32 | 32,157
WR Grace Holdings LLC, 5.63%, 08/15/29 |  | 409 | 370,221
|  |  | 402,378

Security |  | Par (000) | Value
Construction & Engineering — 0.0%
Brand Industrial Services, Inc., 10.38%, 08/01/30(b) | $ | 154 | $142,086
Diversified Telecommunication Services(b) — 0.1%
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(c)(f)(g) |  | 226 | 75,569
Zayo Group Holdings, Inc., 6.13%, 03/01/28 |  | 155 | 133,761
|  |  | 209,330
Electric Utilities — 0.0%
Texas Competitive Electric Holdings, Series M, 8.50%, 11/10/21(c)(d)(f) |  | 1,050 | —
Entertainment(b) — 0.2%
Caesars Entertainment, Inc., 4.63%, 10/15/29 |  | 240 | 229,089
Odeon Finco PLC, 12.75%, 11/01/27 |  | 374 | 390,787
|  |  | 619,876
Environmental, Maintenance & Security Service — 0.2%
Madison IAQ LLC, 5.88%, 06/30/29(b) |  | 742 | 729,960
Food Products — 0.1%
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(b)(g) |  | 304 | 325,814
Hotels, Restaurants & Leisure(b) — 0.3%
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30 |  | 395 | 364,507
Sabre GLBL, Inc., 11.13%, 07/15/30 |  | 480 | 502,080
|  |  | 866,587
Household Durables — 0.0%
SWF Holdings I Corp., 6.50%, 10/06/29(b) |  | 193 | 91,594
Household Products — 0.0%
Berkline Benchcraft LLC, 4.50%, 06/01/22(c)(d)(f) |  | 400 | —
Insurance — 0.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27(b) |  | 220 | 219,870
Internet Software & Services(b) — 0.2%
Getty Images, Inc., 11.25%, 02/21/30 |  | 283 | 280,878
Uber Technologies, Inc. |  |  |
6.25%, 01/15/28 |  | 137 | 137,635
4.50%, 08/15/29 |  | 235 | 233,341
|  |  | 651,854
Machinery(b) — 0.2%
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 |  | 216 | 225,838
Vertiv Group Corp., 4.13%, 11/15/28 |  | 556 | 542,092
|  |  | 767,930
Oil, Gas & Consumable Fuels — 0.1%
eG Global Finance PLC, 12.00%, 11/30/28(b) |  | 285 | 314,604
Pharmaceuticals — 0.2%
1261229 B.C. Ltd., 10.00%, 04/15/32(b) |  | 530 | 534,647
Software(b) — 0.3%
AthenaHealth Group, Inc., 6.50%, 02/15/30 |  | 490 | 482,290
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 |  | 118 | 97,574
Cloud Software Group, Inc., 9.00%, 09/30/29 |  | 379 | 392,843
Ellucian Holdings, Inc., 6.50%, 12/01/29 |  | 219 | 223,970
|  |  | 1,196,677

Schedule of Investments
105

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Transportation Infrastructure — 0.1%
Incora Top Holdco LLC, 6.00%, 01/31/33(d) | $ | 277 | $256,079
Total Corporate Bonds — 2.2% (Cost: $7,169,889) | 7,329,286
Fixed Rate Loan Interests
Distributors — 0.0%
TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, 12/15/31(d) |  | 37 | —
Health Care Equipment & Supplies — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 715 | 717,825
IT Services — 0.0%
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 123 | 119,515
Software — 0.4%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |  | 1,140 | 1,148,550
Total Fixed Rate Loan Interests — 0.6% (Cost: $2,012,871) | 1,985,890
Floating Rate Loan Interests(a)
Aerospace & Defense — 3.6%
Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.58%, 06/24/30 |  | 559 | 561,197
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 10/31/30 |  | 758 | 759,376
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29 |  | 778 | 778,455
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 2,153 | 1,115,065
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 438 | 226,462
Dynasty Acquisition Co., Inc. |  |  |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 1,668 | 1,668,467
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 632 | 632,356
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32 |  | 379 | 379,429
Kaman Corp., 2025 Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32 |  | 416 | 415,635
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 12.18%, 02/01/29 |  | 299 | 207,570
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/01/28 |  | 1,188 | 1,046,202
Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/14/29 |  | 134 | 134,528
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, 11/05/28 |  | 413 | 414,916
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 12/11/31(d) |  | 215 | 215,447

Security |  | Par (000) | Value
Aerospace & Defense (continued)
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 02/28/31 | $ | 2,838 | $2,842,280
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 01/19/32 |  | 580 | 580,397
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 03/22/30 |  | 72 | 72,314
|  |  | 12,050,096
Automobile Components — 1.9%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 02/23/29 |  | 391 | 363,993
Clarios Global LP |  |  |
2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.83%, 05/06/30 |  | 1,985 | 1,978,102
2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 01/28/32 |  | 1,023 | 1,023,644
Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/02/31(d) |  | 810 | 805,051
Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.53%, 01/30/32(d) |  | 71 | 71,088
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.08%, 06/04/31 |  | 1,214 | 1,212,714
RealTruck Group, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 5.11%), 9.44%, 01/31/28 |  | 286 | 259,900
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28 |  | 771 | 750,954
|  |  | 6,465,446
Beverages — 0.6%
Naked Juice LLC |  |  |
2025 FLFO Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.80%, 01/24/29 |  | 957 | 946,747
2025 FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.65%, 01/24/29 |  | 604 | 479,139
2025 FLTO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.40%, 01/24/30 |  | 404 | 186,657
Sazerac Co., Inc., Term Loan B, 06/25/32(d)(h) |  | 539 | 538,326
|  |  | 2,150,869
Biotechnology — 0.5%
Parexel International Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 11/15/28 |  | 1,774 | 1,773,548
Broadline Retail — 0.8%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%, 11/24/28(d) |  | 318 | 317,305
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30 |  | 2,569 | 2,487,167
|  |  | 2,804,472
Building Products — 1.5%
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31 |  | 559 | 558,491
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.83%, 05/13/29 |  | 79 | 79,369
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.68%, 11/03/28 |  | 1,930 | 1,931,415

106
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Building Products (continued)
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.83%, 10/02/28 | $ | 859 | $857,237
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31 |  | 1,739 | 1,710,065
|  |  | 5,136,577
Capital Markets — 3.1%
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 08/02/28 |  | 1,315 | 1,316,456
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.04%, 02/15/31 |  | 1,276 | 1,264,639
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/09/30 |  | 371 | 370,993
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.05%, 12/20/29 |  | 767 | 768,437
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/30/31 |  | 427 | 428,003
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/25/31 |  | 836 | 836,741
Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 925 | 928,745
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 04/07/28 |  | 898 | 898,134
Focus Financial Partners LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 09/15/31 |  | 915 | 912,761
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 12/15/31 |  | 1,383 | 1,381,229
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, 10/21/31 |  | 450 | 450,302
Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/17/28 |  | 714 | 715,591
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 06/25/31(d) |  | 164 | 163,143
|  |  | 10,435,174
Chemicals — 3.6%
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 08/18/28 |  | 443 | 441,560
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.31%, 11/01/30 |  | 1,154 | 1,148,729
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29 |  | 104 | 103,254
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.08%, 12/18/30 |  | 966 | 968,383
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32 |  | 352 | 351,451
H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30 |  | 176 | 176,976
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 02/18/30 |  | 410 | 392,077
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 10/07/31 |  | 356 | 324,058
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28 |  | 844 | 767,782

Security |  | Par (000) | Value
Chemicals (continued)
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 11/26/31 | $ | 598 | $597,248
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28 |  | 1,334 | 1,336,933
Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, 04/03/28 |  | 756 | 758,424
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.06%), 7.35%, 04/08/31 |  | 995 | 932,897
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 10/09/31 |  | 345 | 341,684
Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 06/20/31 |  | 1,525 | 1,505,076
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.32%, 08/02/30 |  | 1,010 | 998,374
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/22/28 |  | 841 | 841,437
|  |  | 11,986,343
Commercial Services & Supplies — 6.4%
Action Environmental Group, Inc., 2023 Term Loan B, (3- mo. CME Term SOFR + 3.75%), 8.05%, 10/24/30(d) |  | 563 | 562,756
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 05/12/28 |  | 2,595 | 2,606,830
Anticimex International AB, 2024 Term Loan B6, (3-mo. SOFR + 3.40%), 7.66%, 11/16/28 |  | 429 | 430,097
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 06/22/30 |  | 719 | 719,959
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.18%, 09/07/27 |  | 1,253 | 1,255,482
Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, 04/01/32 |  | 506 | 505,268
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/09/28 |  | 624 | 628,927
Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.24%, 09/30/31 |  | 2,733 | 2,700,644
Garda World Security Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/01/29 |  | 1,061 | 1,061,914
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32 |  | 1,488 | 1,486,765
Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 06/02/31 |  | 391 | 390,745
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.07%, 10/17/30 |  | 429 | 429,641
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28 |  | 1,110 | 996,840
NEP Group, Inc., 2018 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.51%), 7.84%, 08/19/26 |  | 100 | 90,434
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 03/11/32 |  | 1,555 | 1,557,046
Prime Security Services Borrower LLC |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 10/13/30 |  | 441 | 440,564
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32 |  | 1,038 | 1,028,145
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 06/28/30 |  | 1,303 | 1,306,258
Reworld Holding Corp , Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28 |  | 684 | 684,655

Schedule of Investments
107

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Reworld Holding Corp., Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28 | $ | 53 | $52,864
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 11/14/30 |  | 50 | 50,410
Summer BC Holdco B SARL, 2024 USD Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 5.26%), 9.56%, 02/15/29 |  | 173 | 172,996
Tempo Acquisition LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 08/31/28 |  | 1,568 | 1,560,561
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.43%, 11/02/27 |  | 436 | 413,220
Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), 6.58%, 02/22/31 |  | 552 | 527,898
|  |  | 21,660,919
Communications Equipment — 0.4%
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 10/24/30 |  | 848 | 851,642
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.93%, 05/30/30 |  | 214 | 203,545
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.94%, 03/02/29 |  | 141 | 135,220
|  |  | 1,190,407
Construction & Engineering — 0.9%
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/01/30 |  | 2,313 | 1,926,465
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 11/03/31 |  | 197 | 197,503
Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 7.58%, 12/18/28 |  | 257 | 257,113
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 7.44%, 01/21/28 |  | 643 | 646,548
|  |  | 3,027,629
Construction Materials — 2.0%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31 |  | 988 | 990,692
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 10.33%, 03/08/29 |  | 509 | 460,443
Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.55%, 04/29/29 |  | 524 | 481,579
Potters Borrower LP, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, 12/14/27 |  | 318 | 318,782
Quikrete Holdings, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.58%, 03/19/29 |  | 726 | 725,455
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 02/10/32 |  | 1,537 | 1,534,458

Security |  | Par (000) | Value
Construction Materials (continued)
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.07%, 09/22/28 | $ | 324 | $324,100
White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 10/19/29 |  | 2,033 | 2,018,424
|  |  | 6,853,933
Consumer Staples Distribution & Retail — 0.2%
EG America LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28 |  | 224 | 225,025
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/03/31 |  | 579 | 583,497
|  |  | 808,522
Containers & Packaging — 2.2%
Charter Next Generation, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.06%, 11/29/30 |  | 2,361 | 2,368,258
Clydesdale Acquisition Holdings, Inc. |  |  |
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32 |  | 5 | 4,681
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32 |  | 1,055 | 1,050,807
Colossus Acquireco LLC, Term Loan B, 06/11/32(h) |  | 727 | 721,729
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%, 04/15/27 |  | 815 | 814,428
Pregis TopCo Corp., 2025 Refinancing Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 02/01/29 |  | 1,040 | 1,042,518
Reynolds Consumer Products LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/04/32 |  | 720 | 722,207
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 09/15/28 |  | 777 | 761,920
|  |  | 7,486,548
Diversified Consumer Services — 1.7%
Bright Horizons Family Solutions LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/24/28 |  | 889 | 890,728
Hoya Midco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.53%, 02/03/29 |  | 570 | 492,969
KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30 |  | 531 | 531,391
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 8.29%, 08/11/28 |  | 134 | 133,328
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.78%, 07/25/30 |  | 408 | 408,546
PG Polaris BidCo SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 03/26/31 |  | 371 | 371,877
Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.33%, 02/07/31 |  | 288 | 289,365
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 10/04/30 |  | 947 | 949,801

108
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Consumer Services (continued)
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30 | $ | 340 | $341,221
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/31 |  | 1,306 | 1,299,731
|  |  | 5,708,957
Diversified REITs — 0.1%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/20/30 |  | 299 | 297,966
Diversified Telecommunication Services — 3.2%
Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime + 1.75%), 9.25%, 01/31/26(d) |  | 925 | 855,883
Connect Finco SARL, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.83%, 09/27/29 |  | 465 | 440,417
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.58%, 09/20/30 |  | 395 | 394,825
Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32 |  | 1,999 | 2,019,410
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29 |  | 766 | 756,013
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30 |  | 461 | 455,107
2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 06/01/28 |  | 74 | 76,116
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.76%, 09/01/28 |  | 355 | 319,416
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 7.69%, 09/25/29 |  | 1,936 | 1,683,710
Virgin Media Bristol LLC |  |  |
2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 7.68%, 01/31/29 |  | 278 | 275,284
USD Term Loan N, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, 01/31/28 |  | 609 | 600,696
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27 |  | 3,114 | 2,955,346
|  |  | 10,832,223
Electric Utilities — 0.6%
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31 |  | 947 | 948,147
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo. CME Term SOFR + 1.75%), 6.08%, 12/20/30 |  | 889 | 890,695
|  |  | 1,838,842
Electronic Equipment, Instruments & Components — 0.4%
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31(d) |  | 273 | 273,240
Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/02/29 |  | 1,068 | 1,068,349
|  |  | 1,341,589
Energy Equipment & Services — 0.1%
Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32 |  | 208 | 208,347
Entertainment — 3.3%
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30 |  | 866 | 860,488

Security |  | Par (000) | Value
Entertainment (continued)
Creative Artists Agency LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 10/01/31 | $ | 2,069 | $2,074,225
Delta 2 Lux SARL |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 09/30/31 |  | 1,185 | 1,185,209
2024 Term Loan B2, 09/30/31(h) |  | 592 | 592,506
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, 10/19/26 |  | 1,141 | 1,139,989
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 11/12/29 |  | 846 | 802,803
NEP Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.51%, 1.76% PIK), 9.34%, 08/19/26(g) |  | 474 | 435,484
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME Term SOFR + 2.86%), 7.19%, 03/13/28 |  | 588 | 577,360
UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 11/21/31 |  | 1,613 | 1,618,611
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/24/31 |  | 1,829 | 1,830,189
|  |  | 11,116,864
Financial Services — 5.9%
ABG Intermediate Holdings 2 LLC |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 12/21/28 |  | 866 | 864,635
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 02/13/32 |  | 618 | 616,644
Apex Group Treasury LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, 02/27/32 |  | 1,030 | 1,025,499
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29 |  | 1,317 | 1,317,489
Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, 10/16/31 |  | 2,187 | 2,194,164
Boost Newco Borrower LLC, 2025 USD Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 01/31/31 |  | 2,375 | 2,379,735
CPI Holdco B LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31 |  | 522 | 521,348
2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 05/19/31 |  | 1,246 | 1,241,407
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.05%, 04/09/27 |  | 1,796 | 1,742,800
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28 |  | 650 | 618,885
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32 |  | 2,164 | 2,164,671
FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 06/27/29 |  | 374 | 375,626
Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32(h) |  | 531 | 530,559
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 01/31/30 |  | 209 | 207,758
Howden Group Holdings Ltd., 2024 USD Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 04/18/30 |  | 124 | 124,268
Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 02/15/31 |  | 1,219 | 1,222,588
Orion US Finco, 1st Lien Term Loan, 05/20/32(h) |  | 658 | 659,974

Schedule of Investments
109

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 05/30/31 | $ | 1,362 | $1,365,972
WEX, Inc. |  |  |
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/31/28 |  | 224 | 223,747
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32 |  | 294 | 293,344
|  |  | 19,691,113
Food Products — 1.5%
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27 |  | 2,489 | 2,494,545
H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.50%), 10.83%, 03/29/30 |  | 99 | 100,141
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, 11/12/29 |  | 611 | 610,540
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.55%, 03/31/28 |  | 568 | 570,198
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/29/32 |  | 982 | 981,163
Wellness Pet LLC |  |  |
2025 First Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.95%), 8.28%, 12/31/29 |  | 159 | 133,322
2025 Second Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.08%, 12/31/29 |  | 89 | 48,836
|  |  | 4,938,745
Ground Transportation — 1.1%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 6.19%, 08/06/27 |  | 396 | 391,704
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, 04/10/31 |  | 2,210 | 2,197,168
Hertz Corp. |  |  |
2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%), 8.04%, 06/30/28 |  | 699 | 579,019
2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%), 8.04%, 06/30/28 |  | 137 | 113,670
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 12.32%, 08/20/29 |  | 654 | 255,200
|  |  | 3,536,761
Health Care Equipment & Supplies — 0.6%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 570 | 569,138
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.67%, 06/26/30 |  | 1,311 | 1,307,968
|  |  | 1,877,106
Health Care Providers & Services — 5.5%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.10%), 6.43%, 11/08/27 |  | 71 | 71,561
CHG Healthcare Services, Inc., 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 09/29/28 |  | 615 | 617,064
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.78%, 11/08/32 |  | 917 | 919,123
Concentra Health Services, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 07/26/31 |  | 428 | 429,410

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 7.07%, 05/01/31 | $ | 1,428 | $1,420,216
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.28%, 08/01/29 |  | 965 | 967,957
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 11/01/28 |  | 1,384 | 1,387,232
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.10%, 3.71% PIK), 8.84%, 11/30/28(g) |  | 343 | 268,818
2024 Superpriority New Money 1st Out Term Loan A, (6-mo. CME Term SOFR at 0.00% Floor + 5.75%), 9.88%, 08/31/28 |  | 389 | 394,419
2024 Third Out Term Loan C, (3-mo. CME Term SOFR + 6.85%, 10.98% PIK), 10.98%, 11/30/28(c)(f)(g) |  | 29 | 7,354
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.08%, 07/01/30 |  | 69 | 61,118
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27 |  | 937 | 900,959
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 07/03/28 |  | 347 | 348,795
Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.36%), 8.70%, 03/06/28 |  | 471 | 186,064
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, 05/19/31 |  | 589 | 582,132
Medical Solutions Holdings, Inc. |  |  |
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.88%, 11/01/28 |  | 550 | 284,972
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.10%), 11.38%, 11/01/29 |  | 377 | 158,970
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.58%, 10/23/28 |  | 5,073 | 5,075,466
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 10/27/28 |  | 490 | 491,994
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28 |  | 1,715 | 1,669,533
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 07/03/28 |  | 86 | 86,903
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/19/31 |  | 347 | 346,541
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30 |  | 631 | 624,495
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 12/19/30 |  | 950 | 952,841
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 08/01/31 |  | 230 | 230,077
|  |  | 18,484,014
Health Care Technology — 1.0%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/15/29 |  | 2,731 | 2,726,941

110
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Technology (continued)
PointClickCare Technologies, Inc., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.42%, 11/03/31 | $ | 486 | $487,328
Waystar Technologies, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 10/22/29 |  | 296 | 296,287
|  |  | 3,510,556
Hotels, Restaurants & Leisure — 7.1%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 09/20/30 |  | 1,304 | 1,296,803
Aimbridge Acquisition Co., Inc. |  |  |
2025 1st Lien Second Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.50%), 11.93%, 03/11/30 |  | 124 | 121,939
2025 First Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.93%, 03/11/30 |  | 137 | 136,192
Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 05/31/30 |  | 564 | 565,093
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28 |  | 1,068 | 941,552
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.58%, 02/06/31 |  | 2,004 | 1,999,819
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 02/06/30 |  | 627 | 625,768
Carnival Corp., 2025 Term Loan (2027), (1-mo. CME Term SOFR at 0.75% Floor + 2.00%), 6.31%, 08/08/27 |  | 138 | 137,326
Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, 12/02/31 |  | 488 | 487,102
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/04/32 |  | 1,259 | 1,254,373
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 01/27/29 |  | 2,482 | 2,477,851
Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.05%, 11/30/30 |  | 2,412 | 2,402,604
Flutter Financing BV, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 06/04/32(d) |  | 384 | 383,520
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/30/29 |  | 1,924 | 1,933,588
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, 11/01/29 |  | 508 | 495,695
Herschend Entertainment Co. LLC, 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 05/27/32 |  | 598 | 601,612
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30 |  | 485 | 486,440
IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.83%, 12/15/27 |  | 1,161 | 1,160,507
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 04/14/29 |  | 688 | 687,359
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.55%, 08/01/30 |  | 135 | 133,185
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 7.68%, 03/09/28 |  | 546 | 292,070

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/03/29 | $ | 892 | $892,578
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.28%, 04/04/29 |  | 256 | 255,729
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 12/04/31 |  | 332 | 331,208
Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/01/31 |  | 206 | 206,440
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 03/14/31 |  | 1,234 | 1,235,869
Voyager Parent LLC, Term Loan B, 05/09/32(h) |  | 749 | 740,469
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 08/03/28 |  | 793 | 793,322
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 05/24/30 |  | 832 | 834,470
|  |  | 23,910,483
Household Durables — 1.1%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 01/20/32 |  | 1,757 | 1,748,834
Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 09/26/31 |  | 410 | 410,676
Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.61%), 11.91%, 06/29/28 |  | 305 | 277,396
Somnigroup International, Inc., 1st Lien Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 10/24/31 |  | 307 | 307,192
Springs Windows Fashions, LLC, 2024 First Lien Second Out Term Loan A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.44%, 10/06/28 |  | 481 | 366,295
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, 12/19/29 |  | 105 | 104,166
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.69%, 10/30/27 |  | 584 | 579,474
|  |  | 3,794,033
Independent Power and Renewable Electricity Producers — 0.8%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 07/31/30 |  | 1,130 | 1,129,486
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31 |  | 487 | 486,820
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, 12/15/27 |  | 666 | 667,576
Talen Energy Supply LLC, 2024-1 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.81%, 12/15/31 |  | 420 | 420,742
|  |  | 2,704,624
Industrial Conglomerates — 0.8%
Beach Acquisition Bidco LLC, USD Term Loan B, 06/25/32(d)(h) |  | 220 | 221,100
Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.52%, 10/17/31 |  | 132 | 132,536

Schedule of Investments
111

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Industrial Conglomerates (continued)
EMRLD Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 08/04/31 | $ | 1,047 | $1,044,669
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 05/31/30 |  | 1,324 | 1,322,278
Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. CME Term SOFR + 7.50%), 12.06%, 12/31/29 |  | 144 | 119,192
|  |  | 2,839,775
Insurance — 6.5%
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.07%, 09/19/31 |  | 4,801 | 4,801,617
AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.58%, 01/30/32 |  | 1,792 | 1,792,317
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 12/29/31 |  | 1,649 | 1,647,857
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 02/14/31 |  | 1,630 | 1,633,586
Baldwin Insurance Group Holdings LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 05/26/31 |  | 1,203 | 1,201,953
HUB International Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.77%, 06/20/30 |  | 2,885 | 2,893,347
Jones Deslauriers Insurance Management, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.03%, 03/15/30 |  | 756 | 751,155
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/15/31 |  | 1,302 | 1,300,237
Truist Insurance Holdings LLC |  |  |
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 05/06/31 |  | 1,803 | 1,802,218
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 05/06/32 |  | 325 | 328,721
USI, Inc. |  |  |
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 09/29/30 |  | 1,221 | 1,217,106
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 11/21/29 |  | 2,462 | 2,456,735
|  |  | 21,826,849
Interactive Media & Services — 0.3%
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.08%, 01/31/31 |  | 1,047 | 1,034,692
IT Services — 6.5%
Asurion LLC |  |  |
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 9.69%, 01/31/28 |  | 689 | 656,849
2021 2nd Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 9.69%, 01/20/29 |  | 654 | 605,460
2021 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.69%, 07/31/27 |  | 148 | 147,851
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.68%, 08/19/28 |  | 983 | 971,882
2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 09/19/30 |  | 234 | 228,329
2025 Term Loan B13, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 09/19/30 |  | 1,150 | 1,115,872
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29 |  | 2,055 | 1,711,154

Security |  | Par (000) | Value
IT Services (continued)
Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.53%, 04/21/32(d) | $ | 693 | $692,134
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 06/12/31 |  | 988 | 980,046
Epicor Software Corp., 2024 Term Loan E, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.08%, 05/30/31 |  | 1,806 | 1,809,532
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 06/27/31(d) |  | 385 | 385,646
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), 6.08%, 05/30/31 |  | 883 | 883,864
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/09/29 |  | 1,030 | 1,030,622
Magenta Security Holdings LLC |  |  |
2024 First Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.29%, 07/27/28 |  | 287 | 239,709
2024 Second Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.00%, % PIK), 11.54%, 07/27/28(g) |  | 334 | 153,595
2024 Third Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, 07/27/28(c)(f)(g) |  | 665 | 153,988
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 06/17/31 |  | 1,395 | 1,392,231
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.25%), 9.58%, 06/17/32 |  | 329 | 322,338
Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 07/01/31 |  | 416 | 399,542
Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 11/17/31 |  | 1,103 | 1,104,537
Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 10/26/30 |  | 595 | 597,981
Project Boost Purchaser LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 07/16/31 |  | 1,179 | 1,180,411
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/31/31 |  | 2,627 | 2,635,151
Shift4 Payments LLC, 2025 Term Loan, 05/07/32(h) |  | 486 | 489,796
X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.60%), 10.93%, 10/26/29 |  | 1,696 | 1,655,354
X.AI LLC, 1st Lien Term Loan, 06/28/30(h) |  | 438 | 417,011
|  |  | 21,960,885
Machinery — 5.3%
Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 08/16/29 |  | 1,217 | 1,217,894
AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 07/31/28 |  | 1,423 | 1,420,014
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 6.79%, 03/15/30 |  | 362 | 362,340
Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.80%, 05/14/28(d) |  | 188 | 187,745
Filtration Group Corp., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/21/28 |  | 2,137 | 2,143,975

112
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Machinery (continued)
Generac Power Systems, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 07/03/31 | $ | 198 | $198,417
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.73%, 02/15/29 |  | 2,661 | 2,666,670
Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, 11/22/29 |  | 577 | 575,044
Madison IAQ LLC |  |  |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.56%, 05/06/32 |  | 1,014 | 1,016,140
Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.76%, 06/21/28 |  | 2,236 | 2,236,090
SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 04/05/29 |  | 1,318 | 1,322,192
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.24%, 04/30/30 |  | 1,711 | 1,714,408
Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/02/27 |  | 1,525 | 1,526,268
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28 |  | 413 | 179,247
WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/27/31 |  | 1,037 | 1,036,927
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 6.44%, 10/04/28 |  | 68 | 68,430
|  |  | 17,871,801
Media — 2.6%
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, 08/15/28 |  | 1,389 | 1,255,316
Charter Communications Operating LLC |  |  |
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 12/07/30 |  | 846 | 845,226
2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 12/15/31 |  | 589 | 589,958
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.44%, 08/23/28 |  | 439 | 434,326
CSC Holdings LLC |  |  |
2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 |  | 1,372 | 1,335,107
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.81%, 01/18/28 |  | 272 | 267,485
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27 |  | 185 | 185,154
ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 09/03/30 |  | 648 | 647,170
Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.06%, 02/21/31(d) |  | 244 | 244,460
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.57%, 06/04/29 |  | 148 | 147,512
Learfield Communications LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 06/30/28 |  | 386 | 388,429

Security |  | Par (000) | Value
Media (continued)
Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 12/10/31 | $ | 1,498 | $1,504,807
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, 04/30/28 |  | 733 | 715,511
|  |  | 8,560,461
Oil, Gas & Consumable Fuels — 1.5%
Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/22/30 |  | 244 | 243,767
Freeport LNG Investments LLLP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.52%, 12/21/28 |  | 1,397 | 1,396,551
GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 10/04/30 |  | 167 | 167,023
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.31%, 02/11/30 |  | 479 | 478,800
M6 ETX Holdings II Midco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 04/01/32 |  | 378 | 379,349
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.07%, 04/07/32 |  | 216 | 217,503
New Fortress Energy, Inc., 2025 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.81%, 10/30/28 |  | 142 | 75,590
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.08%, 02/03/31 |  | 192 | 189,763
Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, 10/05/28 |  | 1,861 | 1,859,118
Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 06/16/32 |  | 178 | 177,740
|  |  | 5,185,204
Passenger Airlines — 1.3%
AAdvantage Loyalty IP Ltd., 2025 Term Loan B, 05/28/32(h) |  | 455 | 457,503
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 03/21/31 |  | 1,055 | 1,054,413
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 1.85%), 5.98%, 01/29/27 |  | 164 | 162,133
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.51%, 06/04/29 |  | 913 | 903,939
2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.52%, 04/20/28 |  | 564 | 559,730
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.07%, 08/27/29 |  | 569 | 532,179
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 02/22/31 |  | 727 | 727,080
|  |  | 4,396,977
Pharmaceuticals — 1.3%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, 05/04/28 |  | 714 | 724,662
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.85%), 6.17%, 08/01/27 |  | 554 | 553,674

Schedule of Investments
113

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28 | $ | 1,100 | $1,104,449
Opal U.S. LLC, USD Term Loan B, 04/28/32(h) |  | 1,240 | 1,244,266
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, 05/19/31 |  | 334 | 327,730
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29 |  | 518 | 517,524
|  |  | 4,472,305
Professional Services — 4.6%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.94%, 02/04/28 |  | 1,199 | 1,203,101
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31 |  | 1,018 | 1,015,267
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.61%), 10.94%, 06/04/29 |  | 333 | 323,065
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 06/02/28 |  | 1,179 | 1,164,831
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/28/28 |  | 1,792 | 1,791,897
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31(d) |  | 1,142 | 1,141,499
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/18/29 |  | 3,395 | 3,391,804
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 07/06/29 |  | 309 | 309,611
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30 |  | 295 | 273,008
Skopima Consilio Parent LLC, 2024 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 05/12/28 |  | 590 | 582,009
Trans Union LLC |  |  |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31 |  | 1,223 | 1,224,389
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31 |  | 1,122 | 1,122,810
Zelis Payments Buyer, Inc. |  |  |
5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/26/31 |  | 1,192 | 1,184,396
Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.08%, 09/28/29 |  | 579 | 574,511
|  |  | 15,302,198
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 2024 Tranche 2 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 01/31/30 |  | 379 | 380,421
Semiconductors & Semiconductor Equipment — 0.4%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.06%, 07/06/29 |  | 451 | 453,702
MKS Instruments, Inc., 2025 USD Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.32%, 08/17/29 |  | 762 | 762,422
|  |  | 1,216,124
Software — 11.8%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 02/24/31 |  | 2,224 | 2,232,230

Security |  | Par (000) | Value
Software (continued)
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/15/29 | $ | 772 | $638,577
Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31 |  | 2,101 | 2,087,332
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 06/17/30 |  | 819 | 817,865
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 01/23/32 |  | 1,595 | 1,594,966
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 03/29/29 |  | 2,455 | 2,456,827
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 03/21/31 |  | 1,865 | 1,867,717
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29 |  | 427 | 385,637
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 10/08/28 |  | 1,155 | 1,106,897
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31 |  | 2,296 | 2,296,712
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 8.55%, 06/26/31(d) |  | 450 | 447,338
Ellucian Holdings, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/09/29 |  | 1,703 | 1,705,700
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.08%, 11/22/32(d) |  | 352 | 359,040
Gen Digital, Inc. |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.08%, 09/12/29 |  | 1,882 | 1,878,159
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 04/16/32 |  | 202 | 201,546
Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/32 |  | 3,098 | 3,095,996
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28 |  | 985 | 988,680
Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 03/20/32 |  | 1,833 | 1,839,712
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 03/01/29 |  | 1,615 | 1,566,125
MH Sub I LLC |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 05/03/28 |  | 443 | 415,139
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 12/31/31 |  | 368 | 318,800
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 12/17/27 |  | 217 | 211,087
Proofpoint, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 08/31/28 |  | 2,127 | 2,127,698
2025 Fungible Term Loan, 08/31/28(h) |  | 230 | 230,025
QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 04/30/32 |  | 302 | 303,643
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.56%, 04/24/28 |  | 1,287 | 1,276,780
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 117 | 114,442

114
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Sabre GLBL, Inc. (continued) |  |  |
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 | $ | 66 | $65,160
2022 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 06/30/28 |  | 33 | 32,933
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 557 | 554,404
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 163 | 153,340
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/09/31 |  | 1,947 | 1,956,026
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/10/31 |  | 2,626 | 2,635,682
Voyage Australia Pty. Ltd., USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.03%, 07/20/28 |  | 143 | 142,747
VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.02%, 04/12/31 |  | 1,628 | 1,634,150
|  |  | 39,739,112
Specialty Retail — 1.1%
Fender Musical Instruments Corp., 2021 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 4.10%), 8.43%, 12/01/28 |  | 69 | 61,644
LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 04/23/31 |  | 548 | 546,836
Mavis Tire Express Services Topco Corp., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, 05/04/28 |  | 2,149 | 2,146,653
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28 |  | 578 | 570,865
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.68%, 10/20/28 |  | 203 | 197,420
|  |  | 3,523,418
Trading Companies & Distributors — 1.8%
Core & Main LP |  |  |
2024 Term Loan D, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.27%, 07/27/28 |  | 2,123 | 2,121,640
2024 Term Loan E, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.27%, 02/09/31 |  | 482 | 482,121
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.28%, 01/29/31 |  | 1,483 | 1,449,202
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31 |  | 327 | 327,489
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/12/30 |  | 408 | 408,486
Herc Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32 |  | 200 | 200,584
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.29%, 10/28/27 |  | 534 | 408,575
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 2.00%, 3.25% PIK), 9.58%, 06/30/29(d)(g) |  | 1,129 | 677,243
|  |  | 6,075,340
Transportation Infrastructure — 1.5%
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 09/23/31 |  | 2,158 | 2,151,962

Security |  | Par (000) | Value
Transportation Infrastructure (continued)
Brown Group Holding LLC |  |  |
2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31 | $ | 871 | $872,126
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 07/01/31 |  | 1,204 | 1,204,476
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.68%, 12/15/26 |  | 509 | 505,629
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30 |  | 148 | 146,427
|  |  | 4,880,620
Wireless Telecommunication Services — 0.4%
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 8.19%, 04/30/28 |  | 567 | 556,075
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/25/31 |  | 932 | 932,533
|  |  | 1,488,608
Total Floating Rate Loan Interests — 109.5% (Cost: $372,571,194) | 368,377,496

|  | Shares |
Investment Companies
Equity Funds — 3.0% |
Hearthside Equity |  | 5,718 | 109,214
Janus Henderson AAA CLO ETF |  | 100,000 | 5,075,000
SPDR Blackstone Senior Loan ETF |  | 120,000 | 4,990,800
|  |  | 10,175,014
Fixed Income Funds — 7.0% |
Invesco Senior Loan ETF |  | 540,400 | 11,305,168
iShares 0-5 Year High Yield Corporate Bond ETF(i) |  | 5,000 | 215,700
iShares Broad USD High Yield Corporate Bond ETF(i) |  | 195,000 | 7,314,450
iShares iBoxx $ High Yield Corporate Bond ETF(i) |  | 58,000 | 4,677,700
|  |  | 23,513,018
Total Investment Companies — 10.0% (Cost: $33,399,365) | 33,688,032

|  | Benefical Interest (000) |
Other Interests
Capital Markets — 0.0% |
Millennium Lender Claim Trust(d)(j) | $ | 991 | —
Industrial Conglomerates — 0.0% |
Millennium Corp.(d)(j) |  | 930 | —
Total Other Interests — 0.0% (Cost: $ — ) | —

Schedule of Investments
115

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Preferred Securities
Preferred Stocks — 0.0%(c)
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc., 07/21/30 |  | 207 | $36,167
IT Services(d) — 0.0% |
Veritas Kapital Assurance PLC |  |  |
Series G |  | 1,121 | 25,225
Series G-1 |  | 774 | 17,418
|  |  | 42,643
| 78,810
Total Preferred Securities — 0.0% (Cost: $184,682) | 78,810
Warrants
Financial Services — 0.0% |
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00)(c) |  | 1,675 | —
Total Warrants — 0.0% (Cost: $ — ) | —
Total Investments — 124.1% (Cost: $422,476,333) | 417,375,203
Liabilities in Excess of Other Assets — (24.1)% | (80,947,616 )
Net Assets — 100.0% | $336,427,587

(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 $462,972, representing 0.1% of its net assets as of period end, and an original cost of $306,082.
(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) | Affiliate of the Trust.
(j) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares(a) | $— | $31,044,294 | $(31,044,294 ) | $— | $— | $— | — | $10,656 | $—
iShares 0-5 Year High Yield Corporate Bond ETF | 213,050 | — | — | — | 2,650 | 215,700 | 5,000 | 6,411 | —
iShares Broad USD High Yield Corporate Bond ETF | — | 7,193,559 | — | — | 120,891 | 7,314,450 | 195,000 | 173,302 | —
iShares iBoxx $ High Yield Corporate Bond ETF | 2,202,200 | 6,688,650 | (4,285,672 ) | (42,278 ) | 114,800 | 4,677,700 | 58,000 | 171,268 | —
|  |  |  | $(42,278 ) | $238,341 | $12,207,850 |  | $361,637 | $—

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

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

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 24,363 | GBP | 18,000 | Morgan Stanley & Co. International PLC | 09/17/25 | $(357 )

116
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
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.43.V1 | 5.00 % | Quarterly | 12/20/29 | B | USD | 4,000 | $299,867 | $304,092 | $(4,225 )
CDX.NA.HY.44.V1 | 5.00 | Quarterly | 06/20/30 | B | USD | 300 | 23,050 | 16,229 | 6,821
|  |  |  |  |  |  | $322,917 | $320,321 | $2,596

(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 |  |  |  |  |  |  |  |
Rate/Reference | Frequency | Rate/Reference | Frequency | Counterparty | Effective Date | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Barclays Bank PLC | N/A | 09/20/25 | USD | 5,000 | $68,074 | $(21,765 ) | $89,839

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps(a) | $320,321 | $— | $6,821 | $(4,225 )
OTC Swaps | — | (21,765 ) | 89,839 | —

(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 |  |  |  |  |  |  |
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps(a) | $— | $6,821 | $— | $— | $— | $— | $6,821
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | — | — | — | 89,839 | — | 89,839
| $— | $6,821 | $— | $— | $89,839 | $— | $96,660
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | $— | $— | $— | $357 | $— | $— | $357
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps(a) | — | 4,225 | — | — | — | — | 4,225
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | — | — | — | 21,765 | — | 21,765
| $— | $4,225 | $— | $357 | $21,765 | $— | $26,347

(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).

Schedule of Investments
117

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
For the period ended June 30, 2025, 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 | $— | $— | $— | $(1,564 ) | $— | $— | $(1,564 )
Swaps | — | 71,795 | — | — | 46,259 | — | 118,054
| $— | $71,795 | $— | $(1,564 ) | $46,259 | $— | $116,490
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $— | $— | $— | $(623 ) | $— | $— | $(623 )
Swaps | — | 21,888 | — | — | (139,450 ) | — | (117,562 )
| $— | $21,888 | $— | $(623 ) | $(139,450 ) | $— | $(118,185 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $23,813
Average amounts sold — in USD | — (a)
Credit default swaps: |
Average notional value — sell protection | 4,150,000
Total return swaps: |
Average notional value | 5,000,000

(a) | Derivative financial instrument 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 |  |
Forward foreign currency exchange contracts | $— | $357
Swaps — centrally cleared | 14,510 | —
Swaps — OTC(a) | 89,839 | 21,765
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 104,349 | 22,122
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (14,510 ) | —
Total derivative assets and liabilities subject to an MNA | $89,839 | $22,122

(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(b) | Cash Collateral Received(b) | Net Amount of Derivative Assets(c)
Barclays Bank PLC | $89,839 | $(21,765 ) | $— | $— | $68,074

118
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(d)(e)
Barclays Bank PLC | $21,765 | $(21,765 ) | $— | $— | $—
Morgan Stanley & Co. International PLC | 357 | — | — | — | 357
| $22,122 | $(21,765 ) | $— | $— | $357

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c) | Net amount represents the net amount receivable from the counterparty in the event of default.
(d) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(e) | Net amount represents the net amount payable due to 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 at the measurement date. 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 | $— | $3,853,600 | $— | $3,853,600
Common Stocks |  |  |  |
Automobile Components | 16,907 | — | — | 16,907
Construction & Engineering | 6,743 | — | — | 6,743
Entertainment | — | — | 330,368 | 330,368
Financial Services | — | — | 628,823 | 628,823
Ground Transportation | — | 902 | — | 902
Health Care Providers & Services | — | 132,604 | — | 132,604
Household Products | — | — | — | —
Industrial Conglomerates | — | 51,789 | — | 51,789
IT Services | — | — | 443,358 | 443,358
Trading Companies & Distributors | — | — | 145,916 | 145,916
Transportation Infrastructure | — | — | 304,679 | 304,679
Corporate Bonds | — | 7,073,207 | 256,079 | 7,329,286
Fixed Rate Loan Interests | — | 1,985,890 | — | 1,985,890
Floating Rate Loan Interests | — | 359,835,532 | 8,541,964 | 368,377,496
Investment Companies |  |  |  |
Equity Funds | 10,065,800 | 109,214 | — | 10,175,014
Fixed Income Funds | 23,513,018 | — | — | 23,513,018
Other Interests | — | — | — | —
Preferred Securities |  |  |  |
Preferred Stocks | — | 36,167 | 42,643 | 78,810
Warrants | — | — | — | —
Unfunded Floating Rate Loan Interests(a) | — | 202 | 112 | 314
Liabilities |  |  |  |
Unfunded Floating Rate Loan Interests(a) | — | (598 ) | — | (598 )
| $33,602,468 | $373,078,509 | $10,693,942 | $417,374,919
Derivative Financial Instruments(b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $— | $6,821 | $— | $6,821
Interest Rate Contracts | — | 89,839 | — | 89,839

Schedule of Investments
119

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Trust (BGT)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Liabilities |  |  |  |
Credit Contracts | $— | $(4,225 ) | $— | $(4,225 )
Foreign Currency Exchange Contracts | — | (357 ) | — | (357 )
| $— | $92,078 | $— | $92,078

(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 $74,000,000 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 | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Other Interests | Preferred Stocks | Unfunded Floating Rate Loan Interests | Total
Assets |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2024 | $994,251 | $138,839 | $1,620,655 | $15,206,471 | $— (a) | $37,905 | $— | 17,998,121
Transfers into Level 3(b) | — | — | 18,456 | 2,084,013 | — | — | 11 | 2,102,480
Transfers out of Level 3(c) | — | — | (1,168,705 ) | (8,740,065 ) | — | — | — | (9,908,770 )
Accrued discounts/premiums | — | 3,048 | 357 | 2,396 | — | — | — | 5,801
Net realized gain (loss) | 34,468 | 69 | 3,224 | 3,163 | — | — | — | 40,924
Net change in unrealized appreciation (depreciation)(d)(e) | (599,370 ) | 128,657 | (15,950 ) | 39,584 | — | 4,738 | 101 | (442,240 )
Purchases | 1,464,295 | 139,455 | 1,963 | 4,615,765 | — | — | — | 6,221,478
Sales | (40,500 ) | (153,989 ) | (460,000 ) | (4,669,363 ) | — | — | — | (5,323,852 )
Closing balance, as of June 30, 2025 | $1,853,144 | $256,079 | $— | $8,541,964 | $— (a) | $42,643 | $112 | 10,693,942
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(e) | $(599,370 ) | $114,027 | $(20,420 ) | $72,958 | $— | $4,738 | $101 | (427,966 )

(a) | Rounds to less than $1.
(b) | As of December 31, 2024, the Trust used observable inputs in determining the value of certain investments. As of June 30, 2025, 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, 2024, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 2025, 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, 2025 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.
120
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Assets and Liabilities (unaudited)
June 30, 2025

| BHK | HYT(a) | BTZ | BGT
ASSETS |  |  |  |
Investments, at value — unaffiliated(b) | $ 944,278,386 | $ 1,996,351,983 | $ 1,778,909,914 | $ 405,167,353
Investments, at value — affiliated(c) | 8,232,852 | 18,310,657 | 6,120,572 | 12,207,850
Cash | — | 388,150 | — | —
Cash pledged: |  |  |  |
Collateral — reverse repurchase agreements | 2,072,046 | — | — | —
Collateral — exchange-traded options written | — | — | 1,478,000 | —
Futures contracts | 6,509,000 | — | 4,679,000 | —
Centrally cleared swaps | 678,000 | 2,893,000 | 6,072,000 | 328,000
Foreign currency, at value(d) | 846,094 | 1,391,667 | 1,218 | 2,676
Receivables: |  |  |  |
Investments sold | 989,733 | 7,763,801 | 7,591,130 | 4,473,712
Capital shares sold | — | — | — | 522,598
Dividends — unaffiliated | — | 193,205 | — | —
Dividends — affiliated | 20,565 | 5,216 | 19,272 | 1,222
Interest — unaffiliated | 13,176,388 | 32,568,348 | 23,676,996 | 3,780,101
Variation margin on futures contracts | 1,406,328 | — | — | —
Variation margin on centrally cleared swaps | — | 127,286 | 270,829 | 14,510
Swap premiums paid | 5,999 | 64,174 | — | —
Unrealized appreciation on: |  |  |  |
Forward foreign currency exchange contracts | 1,320 | 7,183 | 735 | —
OTC swaps | 6,263 | 1,476,703 | — | 89,839
Unfunded floating rate loan interests | 175 | 1,508 | 276 | 314
Deferred offering costs | 147,962 | 187,510 | — | 122,504
Prepaid expenses | 12,095 | 52,339 | 21,188 | 10,749
Total assets | 978,383,206 | 2,061,782,730 | 1,828,841,130 | 426,721,428
LIABILITIES |  |  |  |
Bank overdraft | 103,318 | — | 110,228 | 485,727
Cash received: |  |  |  |
Collateral — reverse repurchase agreements | 1,945,079 | — | 1,667,527 | —
Collateral — OTC derivatives | — | 880,000 | — | —
Collateral — TBA commitments | — | — | 1,589,046 | —
Reverse repurchase agreements, at value | 230,795,648 | — | 580,832,515 | —
Payables: |  |  |  |
Investments purchased | 14,826,351 | 45,570,064 | 174,998,977 | 14,856,451
Reverse repurchase agreements | 163,505 | — | 5,733,758 | —
Accounting services fees | 82,181 | 130,984 | 122,844 | 43,555
Bank borrowings | — | 458,000,000 | — | 74,000,000
Custodian fees | 31,215 | 34,236 | 50,987 | 10,990
Income dividend distributions | 126,549 | — | 377,909 | —
Interest expense | — | 1,977,562 | — | 345,060
Investment advisory fees | 387,981 | 968,076 | 824,833 | 243,850
Offering costs | 127,976 | 37,769 | — | —
Trustees’ and Officer’s fees | 238,362 | 635,396 | 748,835 | 173,760
Other accrued expenses | 15,621 | 69,747 | 15,172 | 20,881
Principal payups | 2,655,004 | — | — | —
Professional fees | 55,051 | 75,708 | 45,351 | 68,593
Proxy fees | — | — | 67,446 | —
Transfer agent fees | 46,181 | 95,966 | 64,989 | 22,254
Variation margin on futures contracts | 170,731 | — | 962,689 | —
Variation margin on centrally cleared swaps | 38,146 | — | — | —
Swap premiums received | 4,022 | 447,428 | — | 21,765

Financial Statements
121

Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025

| BHK | HYT(a) | BTZ | BGT
Unrealized depreciation on: |  |  |  |
Forward foreign currency exchange contracts | $ 125,667 | $ 822,091 | $ 81,766 | $ 357
OTC swaps | 565 | 6,140 | — | —
Unfunded floating rate loan interests | 140 | 1,071 | 169 | 598
Total liabilities | 251,939,293 | 509,752,238 | 768,295,041 | 90,293,841
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 726,443,913 | $ 1,552,030,492 | $ 1,060,546,089 | $ 336,427,587
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(e)(f)(g) | $ 886,689,639 | $ 1,798,208,695 | $ 1,164,140,752 | $ 387,299,829
Accumulated loss | (160,245,726) | (246,178,203) | (103,594,663) | (50,872,242)
NET ASSETS | $ 726,443,913 | $ 1,552,030,492 | $ 1,060,546,089 | $ 336,427,587
Net asset value | $ 10.06 | $ 9.69 | $ 11.36 | $ 12.17
(a) Consolidated Statement of Assets and Liabilities.
(b) Investments, at cost—unaffiliated | $954,202,729 | $1,939,635,679 | $1,775,618,016 | $410,610,782
(c) Investments, at cost—affiliated | $8,232,852 | $17,754,161 | $6,120,572 | $11,865,551
(d) Foreign currency, at cost | $838,389 | $1,382,750 | $1,156 | $2,590
(e) Shares outstanding | 72,224,224 | 160,169,592 | 93,324,457 | 27,639,266
(f) Shares authorized | Unlimited | 250 million | Unlimited | Unlimited
(g) Par value | $0.001 | $0.10 | $0.001 | $0.001

See notes to financial statements.
122
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Operations (unaudited)
Six Months Ended June 30, 2025

| BHK | HYT(a) | BTZ | BGT
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $42,845 | $1,256,079 | $127,328 | $534,677
Dividends — affiliated | 110,563 | 709,120 | 129,362 | 361,637
Interest — unaffiliated | 26,052,371 | 70,072,571 | 50,067,895 | 14,091,658
Payment-in-kind interest — unaffiliated | 124,753 | 1,270,909 | 297,769 | 169,963
Other income — unaffiliated | 862 | 18,428 | 23,306 | 84,024
Total investment income | 26,331,394 | 73,327,107 | 50,645,660 | 15,241,959
EXPENSES |  |  |  |
Investment advisory | 2,272,633 | 5,733,415 | 4,892,377 | 1,485,071
Offering | 76,501 | — | — | —
Professional | 69,068 | 129,363 | 64,734 | 56,654
Accounting services | 64,324 | 98,055 | 93,237 | 32,926
Transfer agent | 40,496 | 83,471 | 52,359 | 21,601
Trustees and Officer | 33,283 | 89,671 | 80,327 | 23,610
Custodian | 21,400 | 26,855 | 37,585 | 6,406
Registration | 9,478 | 30,540 | 16,275 | 5,658
Printing and postage | 6,502 | 7,113 | 15,266 | 6,033
Miscellaneous | 15,927 | 29,113 | 19,817 | 6,561
Total expenses excluding interest expense | 2,609,612 | 6,227,596 | 5,271,977 | 1,644,520
Interest expense and fees — unaffiliated | 7,968,904 | 11,129,949 | 12,430,591 | 1,936,351
Total expenses | 10,578,516 | 17,357,545 | 17,702,568 | 3,580,871
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (2,062 ) | (76,465 ) | (2,407 ) | (48,083 )
Total expenses after fees waived and/or reimbursed | 10,576,454 | 17,281,080 | 17,700,161 | 3,532,788
Net investment income | 15,754,940 | 56,046,027 | 32,945,499 | 11,709,171
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | (327,646 ) | (5,994,922 ) | (2,914,198 ) | (2,605,921 )
Investments — affiliated | — | (58,113 ) | — | (42,278 )
Forward foreign currency exchange contracts | (496,376 ) | (4,163,005 ) | (220,905 ) | (1,564 )
Foreign currency transactions | (22,975 ) | (460,020 ) | 17,765 | 50
Futures contracts | (5,483,472 ) | 22,893 | 6,661,386 | —
Options written | — | — | 905,149 | —
Swaps | 134,673 | (25,612 ) | (2,757,120 ) | 118,054
| (6,195,796 ) | (10,678,779 ) | 1,692,077 | (2,531,659 )
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | 12,442,825 | 31,046,321 | 21,005,583 | (747,756 )
Investments — affiliated | — | 372,721 | — | 238,341
Forward foreign currency exchange contracts | (274,706 ) | (1,505,644 ) | (115,681 ) | (623 )
Foreign currency translations | 30,282 | 31,496 | (3,015 ) | 202
Futures contracts | 4,697,499 | (31,915 ) | (6,702,372 ) | —
Options written | — | — | (478,459 ) | —
Swaps | (40,437 ) | 1,126,428 | 7,692,094 | (117,562 )
Unfunded floating rate loan interests | 587 | 4,635 | (721 ) | (1,205 )
| 16,856,050 | 31,044,042 | 21,397,429 | (628,603 )
Net realized and unrealized gain (loss) | 10,660,254 | 20,365,263 | 23,089,506 | (3,160,262 )
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $26,415,194 | $76,411,290 | $56,035,005 | $8,548,909
(a) Consolidated Statement of Operations.

See notes to financial statements.
Financial Statements
123

Statements of Changes in Net Assets

| BHK | HYT(a)
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $15,754,940 | $30,991,491 | $56,046,027 | $108,305,520
Net realized loss | (6,195,796 ) | (31,564,588 ) | (10,678,779 ) | (7,309,115 )
Net change in unrealized appreciation (depreciation) | 16,856,050 | 10,094,872 | 31,044,042 | 26,090,798
Net increase in net assets resulting from operations | 26,415,194 | 9,521,775 | 76,411,290 | 127,087,203
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |
From net investment income | (24,236,707 )(c) | (31,728,469 ) | (73,460,971 )(c) | (113,650,697 )
Return of capital | — | (16,662,102 ) | — | (22,803,870 )
Decrease in net assets resulting from distributions to shareholders | (24,236,707 ) | (48,390,571 ) | (73,460,971 ) | (136,454,567 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | — | — | 57,509,420 | 95,831,907
Proceeds from rights offering (Note 11) | 166,476,836 | — | — | —
Reinvestment of distributions | 495,710 | 1,179,065 | 5,977,750 | 10,528,206
Net increase in net assets derived from capital share transactions | 166,972,546 | 1,179,065 | 63,487,170 | 106,360,113
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | 169,151,033 | (37,689,731 ) | 66,437,489 | 96,992,749
Beginning of period | 557,292,880 | 594,982,611 | 1,485,593,003 | 1,388,600,254
End of period | $726,443,913 | $557,292,880 | $1,552,030,492 | $1,485,593,003

(a) | Consolidated Statements 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.
124
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Changes in Net Assets(continued)

| BTZ | BGT
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $32,945,499 | $64,589,850 | $11,709,171 | $25,830,434
Net realized gain (loss) | 1,692,077 | (4,234,815 ) | (2,531,659 ) | (3,367,523 )
Net change in unrealized appreciation (depreciation) | 21,397,429 | 3,002,423 | (628,603 ) | 2,583,268
Net increase in net assets resulting from operations | 56,035,005 | 63,357,458 | 8,548,909 | 25,046,179
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income | (46,979,532 )(b) | (62,856,630 ) | (19,204,822 )(b) | (26,212,029 )
Return of capital | — | (31,102,433 ) | — | (7,131,653 )
Decrease in net assets resulting from distributions to shareholders | (46,979,532 ) | (93,959,063 ) | (19,204,822 ) | (33,343,682 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | — | — | 26,289,795 | 40,437,940
Reinvestment of distributions | — | — | — | 832,604
Net increase in net assets derived from capital share transactions | — | — | 26,289,795 | 41,270,544
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | 9,055,473 | (30,601,605 ) | 15,633,882 | 32,973,041
Beginning of period | 1,051,490,616 | 1,082,092,221 | 320,793,705 | 287,820,664
End of period | $1,060,546,089 | $1,051,490,616 | $336,427,587 | $320,793,705

(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.
Financial Statements
125

Statements of Cash Flows (unaudited)
Six Months Ended June 30, 2025

| BHK | HYT(a) | BTZ | BGT
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase in net assets resulting from operations | $26,415,194 | $76,411,290 | $56,035,005 | $8,548,909
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |  |
Proceeds from sales of long-term investments and principal paydowns/payups | 130,707,713 | 502,418,882 | 503,845,338 | 73,223,863
Purchases of long-term investments | (146,563,363 ) | (585,531,854 ) | (543,943,879 ) | (103,872,743 )
Net purchases of short-term securities | (3,766,600 ) | (2,263,769 ) | (390,700 ) | (61,979 )
Amortization of premium and accretion of discount on investments and other fees | (1,892,172 ) | (4,708,165 ) | (888,212 ) | (200,773 )
Paid-in-kind income | (124,753 ) | (1,270,909 ) | (295,218 ) | (169,963 )
Premiums paid on closing options written | — | — | (44,228 ) | —
Premiums received from options written | — | — | 119,605 | —
Net realized loss on investments and options written | 332,326 | 6,935,204 | 2,206,215 | 2,671,021
Net unrealized (appreciation) depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests | (12,198,060 ) | (30,746,951 ) | (20,410,809 ) | 650,491
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | (16,684 ) | 1,298 | (7,912 ) | 632
Dividends — unaffiliated | — | (117,958 ) | — | —
Interest — unaffiliated | (3,202,739 ) | (1,405,308 ) | (929,092 ) | (963,102 )
Variation margin on futures contracts | (1,119,577 ) | 2,964 | 468,938 | —
Variation margin on centrally cleared swaps | — | (84,611 ) | (270,829 ) | (10,984 )
Swap premiums paid | (1,283 ) | (15,019 ) | — | —
Prepaid expenses | (7,064 ) | (39,963 ) | (11,506 ) | (8,248 )
Deferred offering costs. | (147,962 ) | (37,859 ) | — | 19,866
Increase (Decrease) in Liabilities |  |  |  |
Cash received |  |  |  |
Collateral — reverse repurchase agreements | 1,931,079 | — | 1,667,527 | —
Collateral — OTC derivatives | — | 880,000 | — | —
Collateral — TBA commitments | — | — | 1,589,046 | —
Payables |  |  |  |
Accounting services fees | 32,837 | 48,568 | 46,987 | 16,621
Custodian fees | 7,904 | 12,763 | 18,816 | (730 )
Interest expense | (1,484,501 ) | (24,621 ) | 1,031,077 | 14,357
Investment advisory fees | (6,090 ) | 20,785 | (14,330 ) | 3,438
Trustees’ and Officer’s fees | 15,128 | 8,911 | (13,470 ) | (4,765 )
Other accrued expenses | 6,289 | 5,553 | 12,441 | 10,938
Professional fees | (45,902 ) | (26,089 ) | (38,039 ) | (38,721 )
Transfer agent fees | 29,793 | 69,617 | 42,745 | 12,795
Variation margin on futures contracts | (200,076 ) | — | 708,054 | —
Variation margin on centrally cleared swaps | 21,839 | — | (31,545 ) | —
Swap premiums received | 6 | (130,867 ) | — | (51,240 )
Other liabilities | (627,077 ) | — | — | —
Net cash provided by (used for) operating activities | (11,903,795 ) | (39,588,108 ) | 502,025 | (20,210,317 )
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (23,614,448 ) | (67,483,221 ) | (46,601,623 ) | (19,204,822 )
Payments for offering costs | 127,976 | 37,769 | — | —
Payments for bank borrowings | — | (289,000,000 ) | — | (53,000,000 )
Proceeds from bank borrowings | — | 340,000,000 | — | 65,000,000
Increase (decrease) in bank overdraft | (28,791 ) | (920,425 ) | 110,228 | 485,727
Proceeds from issuance of capital shares | — | 57,509,420 | — | 26,404,051
Proceeds from rights offering | 166,476,836 | — | — | —
Net borrowing of reverse repurchase agreements | (131,841,211 ) | — | 49,486,887 | —
Net cash provided by financing activities | 11,120,362 | 40,143,543 | 2,995,492 | 19,684,956
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | 28,224 | 8,245 | 87 | 202

126
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2025

| BHK | HYT(a) | BTZ | BGT
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | $(755,209 ) | $563,680 | $3,497,604 | $(525,159 )
Restricted and unrestricted cash and foreign currency at beginning of period | 10,860,349 | 4,109,137 | 8,732,614 | 855,835
Restricted and unrestricted cash and foreign currency at end of period | $10,105,140 | $4,672,817 | $12,230,218 | $330,676
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense | $9,453,405 | $11,154,570 | $11,399,514 | $1,921,994
NON-CASH FINANCING ACTIVITIES |  |  |  |
Reinvestment of distributions | $495,710 | $5,977,750 | $— | $—
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $— | $388,150 | $— | $—
Cash pledged |  |  |  |
Collateral — reverse repurchase agreements | 2,072,046 | — | — | —
Collateral — exchange-traded options written | — | — | 1,478,000 | —
Futures contracts | 6,509,000 | — | 4,679,000 | —
Centrally cleared swaps | 678,000 | 2,893,000 | 6,072,000 | 328,000
Foreign currency at value | 846,094 | 1,391,667 | 1,218 | 2,676
| $10,105,140 | $4,672,817 | $12,230,218 | $330,676

(a) | Consolidated Statement of Cash Flows.

See notes to financial statements.
Financial Statements
127

Financial Highlights
(For a share outstanding throughout each period)

| BHK
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $10.30 | $11.02 | $10.89 | $15.47 | $16.45 | $15.32
Net investment income(a) | 0.29 | 0.57 | 0.56 | 0.64 | 0.72 | 0.72
Net realized and unrealized gain (loss) | 0.06 | (0.39 ) | 0.47 | (4.40 ) | (0.65 ) | 1.24
Net increase (decrease) from investment operations | 0.35 | 0.18 | 1.03 | (3.76 ) | 0.07 | 1.96
Distributions(b) |  |  |  |  |  |
From net investment income | (0.45 )(c) | (0.59 ) | (0.54 ) | (0.69 ) | (0.80 ) | (0.64 )
From net realized gain | — | — | — | (0.11 ) | (0.25 ) | (0.19 )
Return of capital | — | (0.31 ) | (0.36 ) | (0.02 ) | — | —
Total distributions | (0.45 ) | (0.90 ) | (0.90 ) | (0.82 ) | (1.05 ) | (0.83 )
Dilutive effect of rights offer (Note 11) | (0.14 ) | — | — | — | — | —
Net asset value, end of period | $10.06 | $10.30 | $11.02 | $10.89 | $15.47 | $16.45
Market price, end of period | $9.72 | $10.46 | $10.91 | $10.38 | $16.51 | $16.30
Total Return(d) |  |  |  |  |  |
Based on net asset value | 2.03 %(e) | 1.58 % | 10.12 % | (24.44 )% | 0.50 %(f) | 13.24 %
Based on market price | (2.92 )%(e) | 4.19 % | 14.38 % | (32.52 )% | 8.25 % | 17.90 %
Ratios to Average Net Assets(g) |  |  |  |  |  |
Total expenses | 3.79 %(h)(i) | 3.67 %(j) | 3.69 % | 1.95 % | 0.85 % | 0.91 %
Total expenses after fees waived and/or reimbursed | 3.79 %(h)(i) | 3.67 %(j) | 3.69 % | 1.95 % | 0.85 % | 0.90 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.93 %(h)(i) | 0.88 %(j) | 0.88 % | 0.90 % | 0.81 % | 0.75 %
Net investment income | 5.65 %(i) | 5.37 % | 5.23 % | 5.13 % | 4.50 % | 4.52 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $726,444 | $557,293 | $594,983 | $588,071 | $835,314 | $886,970
Borrowings outstanding, end of period (000) | $230,796 | $364,277 | $292,808 | $387,219 | $405,522 | $296,921
Portfolio turnover rate(k) | 14 % | 132 % | 133 % | 104 % | 54 % | 69 %

(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 Trust’s total return.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) | Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 3.77%, 3.77% and 0.91%, respectively.
(i) | Annualized.
(j) | Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 3.64%, 3.64% and 0.86%, respectively.
(k) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Portfolio turnover rate (excluding MDRs) | 13 % | 96 % | 81 % | 76 % | 34 % | 55 %

See notes to financial statements.
128
2025 BlackRock Semi-Annual Report to Shareholders

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

| HYT(a)
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $9.67 | $9.73 | $9.25 | $11.99 | $11.95 | $11.91
Net investment income(b) | 0.36 | 0.74 | 0.69 | 0.67 | 0.76 | 0.79
Net realized and unrealized gain (loss) | 0.13 | 0.13 | 0.72 | (2.42 ) | 0.21 | 0.18
Net increase (decrease) from investment operations | 0.49 | 0.87 | 1.41 | (1.75 ) | 0.97 | 0.97
Distributions(c) |  |  |  |  |  |
From net investment income | (0.47 )(d) | (0.77 ) | (0.68 ) | (0.60 ) | (0.80 ) | (0.82 )
Return of capital | — | (0.16 ) | (0.25 ) | (0.26 ) | (0.13 ) | (0.11 )
Total distributions | (0.47 ) | (0.93 ) | (0.93 ) | (0.86 ) | (0.93 ) | (0.93 )
Dilutive effect of rights offer (Note 11) | — | — | — | (0.13 ) | — | —
Net asset value, end of period | $9.69 | $9.67 | $9.73 | $9.25 | $11.99 | $11.95
Market price, end of period | $9.75 | $9.81 | $9.43 | $8.74 | $12.34 | $11.43
Total Return(e) |  |  |  |  |  |
Based on net asset value | 5.19 %(f) | 9.41 % | 16.80 % | (15.71 )% | 8.42 % | 9.57 %
Based on market price | 4.32 %(f) | 14.52 % | 19.80 % | (22.62 )% | 16.66 % | 11.45 %
Ratios to Average Net Assets(g) |  |  |  |  |  |
Total expenses | 2.33 %(h) | 2.82 % | 3.35 % | 1.89 % | 1.35 % | 1.50 %
Total expenses after fees waived and/or reimbursed | 2.32 %(h) | 2.82 % | 3.35 % | 1.89 % | 1.34 % | 1.49 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.82 %(h) | 0.85 % | 0.91 % | 0.91 % | 0.93 % | 0.94 %
Net investment income | 7.52 %(h) | 7.66 % | 7.34 % | 6.61 % | 6.30 % | 7.06 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $1,552,030 | $1,485,593 | $1,388,600 | $1,319,444 | $1,465,171 | $1,456,907
Borrowings outstanding, end of period (000) | $458,000 | $407,000 | $596,000 | $529,000 | $647,000 | $685,000
Asset coverage, end of period per $1,000 of bank borrowings(i) | $4,389 | $4,650 | $3,330 | $3,494 | $3,265 | $3,127
Portfolio turnover rate | 26 % | 73 % | 62 % | 45 % | 54 % | 82 %

(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) | 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.
Financial Highlights
129

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

| BTZ
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $11.27 | $11.59 | $11.19 | $15.10 | $15.71 | $14.97
Net investment income(a) | 0.35 | 0.69 | 0.67 | 0.77 | 0.85 | 0.84
Net realized and unrealized gain (loss) | 0.24 | 0.00 (b) | 0.74 | (3.76 ) | (0.45 ) | 0.91
Net increase (decrease) from investment operations | 0.59 | 0.69 | 1.41 | (2.99 ) | 0.40 | 1.75
Distributions(c) |  |  |  |  |  |
From net investment income | (0.50 )(d) | (0.68 ) | (0.63 ) | (0.70 ) | (0.86 ) | (0.85 )
Return of capital | — | (0.33 ) | (0.38 ) | (0.22 ) | (0.15 ) | (0.16 )
Total distributions | (0.50 ) | (1.01 ) | (1.01 ) | (0.92 ) | (1.01 ) | (1.01 )
Net asset value, end of period | $11.36 | $11.27 | $11.59 | $11.19 | $15.10 | $15.71
Market price, end of period | $10.92 | $10.46 | $10.32 | $10.10 | $15.05 | $14.71
Total Return(e) |  |  |  |  |  |
Based on net asset value | 5.59 %(f) | 6.72 % | 14.24 % | (19.50 )% | 2.73 % | 12.78 %
Based on market price | 9.36 %(f) | 11.24 % | 12.70 % | (27.10 )% | 9.36 % | 13.07 %
Ratios to Average Net Assets(g) |  |  |  |  |  |
Total expenses | 3.42 %(h) | 3.99 % | 3.98 % | 1.79 % | 1.12 % | 1.35 %
Total expenses after fees waived and/or reimbursed | 3.42 %(h) | 3.98 % | 3.97 % | 1.79 % | 1.12 % | 1.35 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.02 %(h) | 1.03 % | 1.03 % | 0.94 % | 0.94 % | 0.94 %
Net investment income | 6.36 %(h) | 6.06 % | 5.99 % | 6.22 % | 5.49 % | 5.69 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $1,060,546 | $1,051,491 | $1,082,092 | $1,045,886 | $1,412,147 | $1,468,153
Borrowings outstanding, end of period (000) | $580,833 | $536,048 | $590,829 | $589,324 | $587,017 | $614,172
Portfolio turnover rate(i) | 31 % | 102 % | 155 % | 42 % | 20 % | 34 %

(a) | Based on average shares outstanding.
(b) | Amount is less than $0.005 per share.
(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) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Portfolio turnover rate (excluding MDRs) | 22 % | 73 % | 93 % | 42 % | 20 % | 34 %

See notes to financial statements.
130
2025 BlackRock Semi-Annual Report to Shareholders

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

| BGT
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $12.57 | $12.90 | $12.43 | $13.44 | $13.40 | $14.10
Net investment income(a) | 0.44 | 1.12 | 1.22 | 0.82 | 0.65 | 0.66
Net realized and unrealized gain (loss) | (0.12 ) | (0.01 ) | 0.53 | (1.08 ) | 0.17 | (0.47 )
Net increase (decrease) from investment operations | 0.32 | 1.11 | 1.75 | (0.26 ) | 0.82 | 0.19
Distributions(b) |  |  |  |  |  |
From net investment income | (0.72 )(c) | (1.13 ) | (1.22 ) | (0.75 ) | (0.66 ) | (0.69 )
Return of capital | — | (0.31 ) | (0.06 ) | — | (0.12 ) | (0.20 )
Total distributions | (0.72 ) | (1.44 ) | (1.28 ) | (0.75 ) | (0.78 ) | (0.89 )
Net asset value, end of period | $12.17 | $12.57 | $12.90 | $12.43 | $13.44 | $13.40
Market price, end of period | $12.52 | $12.86 | $12.38 | $10.94 | $13.99 | $11.79
Total Return(d) |  |  |  |  |  |
Based on net asset value | 2.66 %(e) | 9.11 % | 15.69 % | (1.32 )% | 6.43 % | 2.83 %
Based on market price | 3.23 %(e) | 16.32 % | 26.14 % | (16.56 )% | 25.91 % | (0.88 )%
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 2.21 %(g) | 2.87 % | 3.04 % | 2.20 % | 1.61 % | 1.72 %
Total expenses after fees waived and/or reimbursed | 2.18 %(g) | 2.86 % | 3.03 % | 2.20 % | 1.60 % | 1.70 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.98 %(g) | 1.09 % | 1.09 % | 1.17 % | 1.19 % | 1.17 %
Net investment income | 7.24 %(g) | 8.77 % | 9.57 % | 6.40 % | 4.82 % | 5.13 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $336,428 | $320,794 | $287,821 | $277,978 | $300,712 | $300,126
Borrowings outstanding, end of period (000) | $74,000 | $62,000 | $97,000 | $91,000 | $143,000 | $129,000
Asset coverage, end of period per $1,000 of bank borrowings(h) | $5,546 | $6,174 | $3,967 | $4,055 | $3,103 | $3,327
Portfolio turnover rate | 18 % | 38 % | 25 % | 16 % | 50 % | 65 %

(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) | 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.
Financial Highlights
131

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 tax requirements. Income earned and gains realized on the investment 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, 2025, 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 $24,126, which is less than 0.1% 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 effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments 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. Each Trust reports realized currency gains (losses) on foreign currency related transactions 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, 2025, if any, are disclosed in the Statements of Assets and Liabilities.
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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.
Cash: The Trusts may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Trusts may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Trusts are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
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 from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
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.
Segment Reporting: The Chief Financial Officer acts as the Trusts’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Trust. The CODM has concluded that each Trust operates as a single operating segment since each Trust has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trusts’ financial statements.
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 trade or 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 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 of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. 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.
Notes to Financial Statements
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Notes to Financial Statements (unaudited) (continued)
•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 trade or 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 NAV.
•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.
•Interest rate, credit default, inflation and currency 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 market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value 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 occurs after 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 as of the measurement date.
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:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine 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 involves 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.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Certain information made available 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 at the measurement date. 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 that each Trust has the ability to access for identical assets or liabilities;
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Notes to Financial Statements (unaudited) (continued)
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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.
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.
Notes to Financial Statements
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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 | GrafTech Finance, Inc. | $33,947 | $33,947 | $34,032 | $85
| Jupiter Buyer, Inc. | 4,389 | 4,367 | 4,417 | 50
| Kaman Corp. | 9,481 | 9,469 | 9,466 | (3)
| Signia Aerospace LLC | 6,372 | 6,357 | 6,397 | 40
| Springs Windows Fashions, LLC | 36,595 | 36,595 | 36,458 | (137)
|  |  |  |  | $35
HYT | GrafTech Finance, Inc. | $267,440 | $267,440 | $268,109 | 669

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Notes to Financial Statements (unaudited) (continued)

Trust Name | Borrower | Par | Commitment Amount | Value | Unrealized Appreciation (Depreciation)
HYT(continued) | Jupiter Buyer, Inc. | $40,530 | $40,328 | $40,794 | $466
| Kaman Corp. | 211,032 | 210,768 | 210,703 | (65)
| Signia Aerospace LLC | 59,697 | 59,547 | 59,920 | 373
| Springs Windows Fashions, LLC | 268,234 | 268,234 | 267,228 | (1,006)
|  |  |  |  | $437
BTZ | Citrin Cooperman Advisors LLC | $6,850 | $6,816 | $6,839 | 23
| Clydesdale Acquisition Holdings, Inc. | 2,779 | 2,780 | 2,767 | (13)
| GrafTech Finance, Inc. | 82,799 | 82,799 | 83,006 | 207
| Kaman Corp. | 8,297 | 8,287 | 8,284 | (3)
| Raven Acquisition Holdings LLC | 5,926 | 5,896 | 5,918 | 22
| Signia Aerospace LLC | 3,760 | 3,750 | 3,774 | 24
| Springs Windows Fashions, LLC | 40,765 | 40,765 | 40,612 | (153)
|  |  |  |  | $107
BGT | Citrin Cooperman Advisors LLC | $32,652 | $32,489 | $32,598 | 109
| Clydesdale Acquisition Holdings, Inc. | 13,751 | 13,755 | 13,690 | (65)
| Kaman Corp. | 39,272 | 39,221 | 39,211 | (10)
| Raven Acquisition Holdings LLC | 24,691 | 24,568 | 24,661 | 93
| Signia Aerospace LLC | 17,932 | 17,887 | 17,999 | 112
| Springs Windows Fashions, LLC | 139,410 | 139,410 | 138,887 | (523)
|  |  |  |  | $(284)

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. These types of securities may be considered unfunded and may obligate the Trusts to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.
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
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Notes to Financial Statements (unaudited) (continued)
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, 2025, 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 | $353,893,463 | 4.54 %
BTZ | 546,069,562 | 4.58

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 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 to the extent that the aggregate market value of the cash collateral and the purchased securities it holds is less than the repurchase price. As such, the receipt of any shortfall or any closeout amount owed to a fund upon termination of the MRA could be delayed or not received at all.
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(b)
BHK |  |  |  |
Barclays Capital, Inc. | $(6,701,788 ) | $6,701,788 | $— | $—
BNP Paribas SA | (59,475,230 ) | 59,475,230 | — | —
BofA Securities, Inc. | (23,231,768 ) | 23,231,768 | — | —
Goldman Sachs & Co. LLC | (2,367,883 ) | 2,367,883 | — | —
HSBC Bank PLC | (3,876,431 ) | 2,044,039 | 1,832,392 | —
HSBC Securities (USA), Inc. | (93,072,561 ) | 93,072,561 | — | —
J.P. Morgan Securities LLC | (2,929,575 ) | 2,929,575 | — | —
Nomura Securities International, Inc. | (30,850,525 ) | 30,850,525 | — | —
U.S. Bancorp Investments, Inc. | (8,289,887 ) | 8,275,612 | — | (14,275 )
| $(230,795,648 ) | $228,948,981 | $1,832,392 | $(14,275 )

(a) | Net collateral, including accrued interest, if any, with a value of $238,976,786 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.
(b) | Net amount represents the net amount payable due to the counterparty in the event of default.

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. | $(61,266,899 ) | $61,266,899 | $— | $—
BNP Paribas SA | (44,817,942 ) | 44,817,942 | — | —
BofA Securities, Inc. | (154,374,065 ) | 154,374,065 | — | —
Goldman Sachs & Co. LLC | (4,473,941 ) | 4,473,941 | — | —
HSBC Securities (USA), Inc. | (16,083,053 ) | 16,083,053 | — | —
J.P. Morgan Securities LLC | (4,298,289 ) | 4,298,289 | — | —
Nomura Securities International, Inc. | (26,116,563 ) | 26,116,563 | — | —
RBC Capital Markets, LLC | (63,564,041 ) | 63,564,041 | — | —
TD Securities (USA) LLC | (205,837,722 ) | 205,837,722 | — | —
| $(580,832,515 ) | $580,832,515 | $— | $—

(a) | Collateral, if any, with a value of $631,370,775 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.

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Notes to Financial Statements (unaudited) (continued)
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 over-the-counter (“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) 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. The 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
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Notes to Financial Statements (unaudited) (continued)
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 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 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 instruments 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 derivative contract 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
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Notes to Financial Statements (unaudited) (continued)
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 %

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.
For purposes of calculating this fee, “net assets” means the total assets of the Trust minus the sum of its accrued liabilities.
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, 2025 amounted to $0, $116,473 and $52,086 for each of BHK, HYT and BGT, respectively.
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, 2027. 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, 2025, the amounts waived were as follows:

Trust Name | Fees Waived and/or Reimbursed by the Manager
BHK | $2,062
HYT | 459
BTZ | 2,407
BGT | 173

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, 2027. 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, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Trust Name | Fees Waived and/or Reimbursed by the Manager
HYT | $76,006
BGT | 47,910

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Notes to Financial Statements (unaudited) (continued)
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, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:

| U.S. Government Securities | Other Securities
Trust Name | Purchases | Sales | Purchases | Sales
BHK | $40,603,880 | $45,656,414 | $112,286,044 | $79,276,494
HYT | — | — | 623,880,128 | 493,639,044
BTZ | 473,027,441 | 315,221,502 | 241,389,372 | 194,883,952
BGT | — | — | 105,250,868 | 73,978,976

For the six months ended June 30, 2025, purchases and sales related to mortgage dollar rolls were as follows:

Trust Name | Purchases | Sales
BHK | $11,008,971 | $11,016,740
BTZ | 157,385,011 | 157,562,211

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, 2025, 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. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Trusts’ NAV.
As of December 31, 2024, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Trust Name | Non-Expiring Capital Loss Carryforwards
BHK | $(138,824,173 )
HYT | (272,585,405 )
BTZ | (89,911,261 )
BGT | (35,253,439 )

As of June 30, 2025, 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 | $963,033,863 | $21,316,454 | $(28,880,003 ) | $(7,563,549 )
HYT | 1,958,878,196 | 78,773,820 | (21,613,588 ) | 57,160,232
BTZ | 1,782,983,876 | 52,257,329 | (50,343,645 ) | 1,913,684
BGT | 422,643,281 | 3,405,295 | (8,581,295 ) | (5,176,000 )

9.
BANK BORROWINGS
HYT and BGT 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 have granted a security interest in substantially all of their assets to SSB.
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Notes to Financial Statements (unaudited) (continued)
The SSB Agreement allows for the following maximum commitment amounts:

Trust Name | Commitment Amounts
HYT | $758,000,000
BGT | 157,000,000

Advances will be made by SSB to HYT and BGT 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, HYT and BGT paid a commitment fee (based on the daily unused portion of the commitments). Advances to HYT and BGT 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.
HYT and BGT 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, 2025, 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 | $483,000,000 | $424,878,453 | 5.16 %
BGT | 80,000,000 | 73,060,773 | 5.16

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, tariffs 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.
Illiquidity Risk: 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.
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. 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.
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
Notes to Financial Statements
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Notes to Financial Statements (unaudited) (continued)
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.
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.
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 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.
The 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 during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, 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.
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 250 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.
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Notes to Financial Statements (unaudited) (continued)
Common Shares
As of the close of business on May 27, 2025, BHK issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for shares of BHK’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 three rights held (1-for-3). The Offer expired on June 18, 2025. BHK received from the Offer gross proceeds of $166,476,836 for the issuance of 18,056,056 Common Shares. The rights offering resulted in $(0.14) or (1.41)% NAV dilution since the Common Shares were issued below BHK’s NAV. BHK 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.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

| Six Months Ended | Year Ended
Trust Name | 06/30/25 | 12/31/24
BHK | 47,771 | 109,695
HYT | 622,491 | 1,085,559
BGT | 43,040 | 65,437

For the six months ended June 30, 2025, and the year ended December 31, 2024, shares issued and outstanding remained constant for BTZ.
BHK, HYT and BGT have filed a prospectus with the SEC allowing them to issue an additional 15,000,000, 45,000,000 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). As of period end June 30, 2025, 15,000,000, 29,238,378 and 5,784,848 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the period ended June 30, 2025, BHK, HYT and BGT issued 0, 5,963,899 and 2,074,747 shares, respectively, under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.
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.
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 | 07/01/25 | 07/15/25 | 07/31/25 |  | $0.074600
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.074600
HYT | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.077900
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.077900
BTZ | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.083900
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.083900
BGT | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.120280
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.120280

Notes to Financial Statements
145

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 8, 2025 (the “May Meeting”) and June 5-6, 2025 (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 advisor. 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 (“BSL” 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, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May 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’ investment performance analyses, and 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 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, and such responses were reviewed by the Board Members.
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 evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements(continued)
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 each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; 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 also 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
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2024, as compared to its Performance Peers. 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.
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 also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge’s defined peer selection criteria and methodology. 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 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, 2024 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 the limitations of calculating and comparing profitability at the individual fund level.
The Board received and reviewed statements relating to BlackRock’s financial condition. 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 BlackRock’s technology business, BlackRock’s expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.
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 second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile 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 each ranked in the first quartile relative to the Expense Peers.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. 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
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements(continued)
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 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 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-advised funds; and efforts to reduce fund discounts, including 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, 2026, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BSL and each of BHK and BTZ for a one-year term ending June 30, 2026. 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.
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
149

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
BTZ does not make available copies of its Statements of Additional Information because BTZ’s shares are not continuously offered, which means that the Statement of Additional Information of BTZ has not been updated after completion of BTZ’s offerings and the information contained in BTZ’s Statement of Additional Information may have become outdated.
BHK’s, HYT’s and BGT’s Statement of Additional Information includes additional information about its 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, 2024. 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, shareholder 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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2025 BlackRock Semi-Annual Report to Shareholders

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
The Board of Trustees of the Trusts has delegated the voting of proxies for the Trusts’ securities to BlackRock Advisors, LLC (the “Adviser”) pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”) with respect to certain funds, including the Trusts. The BAIS Guidelines are available at www.blackrock.com.
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 net asset value (“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 May 15, 2025, January 31, 2025 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.
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
(a) For BHK and BTZ.
Additional Information
151

Additional Information(continued)
Trust and Service Providers (continued)
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809
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2025 BlackRock Semi-Annual Report to Shareholders

Glossary of Terms Used in this Report

Currency Abbreviation
CAD | Canadian Dollar
CHF | Swiss Franc
EUR | Euro
GBP | British Pound
USD | United States Dollar

Portfolio Abbreviation
BAB | Build America Bond
BAM | Build America Mutual Assurance Co.
CLO | Collateralized Loan Obligation
CMT | Constant Maturity Treasury
DAC | Designated Activity Company
ETF | Exchange-Traded Fund
EURIBOR | Euro Interbank Offered Rate
GO | General Obligation Bonds
PIK | Payment-in-Kind
PJSC | Public Joint Stock Company
RB | Revenue Bonds
REIT | Real Estate Investment Trust
SAB | Special Assessment Bonds
SAP | Subject to Appropriations
SG | Syncora Guarantee
SOFR | Secured Overnight Financing Rate
SONIA | Sterling Overnight Interbank Average Rate
SPDR | Standard & Poor’s Depository Receipt

Glossary of Terms Used in this Report
153

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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-06/25-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 Registrant – 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 – | Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable

Item 8 – | Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable

Item 9 – | Proxy Disclosures for Open-End Management Investment Companies – Not Applicable

Item 10 – | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable

Item 11 – | Statement Regarding Basis for Approval of Investment Advisory Contract – The registrant’s statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 13 – | Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 14 – | 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 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – | 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 date 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) or 15d-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 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 18 – | Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – | Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

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 Credit Allocation Income Trust

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock Credit Allocation Income Trust

Date: August 22, 2025

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 Credit Allocation Income Trust

Date: August 22, 2025

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Credit Allocation Income Trust

Date: August 22, 2025