0001160864 false If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering.BHK currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.50% of its average weekly managed assets. For purposes of calculating these fees, “managed assets” means the total assets of BHK (including any assets attributable to money borrowed) minus the sum of its accrued liabilities (other than money borrowed for investment purposes).BHK and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of BHK’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BHK pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BHK (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BHK or a majority of the outstanding voting securities of BHK), upon 90 days’ written notice by BHK to the Manager.BHK uses leverage in the form of reverse repurchase agreements representing 39.5% of managed assets at an annual interest expense to BHK of 5.2%, which is based on current market conditions. The actual amount of interest expense borne by BHK will vary over time in accordance with the level of BHK’s use of reverse repurchase agreements and variations in market interest rates. Interest expense is required to be treated as an expense of BHK for accounting purposes.Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BHK. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-10543

Name of Fund: |  | BlackRock Core Bond Trust (BHK)

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

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Core
Bond 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: 12/31/2024
Date of reporting period: 12/31/2024

Item 1 – Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.

December 31, 2024

2024 Annual Report

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.
December 31, 2024

|  | 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 |  | $ 0.565787 | $ — | $ — | $ 0.329413 | $ 0.895200 | 63 % | — % | — % | 37 % | 100 %
HYT |  | 0.708910 | — | — | 0.225890 | 0.934800 | 76 | — | — | 24 | 100
BTZ |  | 0.674191 | — | — | 0.332609 | 1.006800 | 67 | — | — | 33 | 100
BGT |  | 1.035274 | — | — | 0.408086 | 1.443360 | 72 | — | — | 28 | 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 (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.
2
2024
BlackRock Annual Report to Shareholders

Table of Contents
Page

Supplemental Information | 2
Annual Report: |
The Benefits and Risks of Leveraging | 4
Derivative Financial Instruments | 4
Trust Summary | 5
Financial Statements: |
Schedules of Investments | 17
Statements of Assets and Liabilities | 127
Statements of Operations | 129
Statements of Changes in Net Assets | 130
Statements of Cash Flows | 132
Financial Highlights | 134
Notes to Financial Statements | 138
Report of Independent Registered Public Accounting Firm | 153
Important Tax Information | 154
Investment Objectives, Policies and Risks | 155
Shareholder Update | 166
Automatic Dividend Reinvestment Plan | 174
Trustee and Officer Information | 175
Additional Information | 178
Glossary of Terms Used in this Report | 181

3

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.
4
2024
BlackRock Annual Report to Shareholders

Trust Summary
as of December 31, 2024
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 December 31, 2024 ($10.46) (a) | 8.56%
Current Monthly Distribution per Common Share (b) | $0.074600
Current Annualized Distribution per Common Share (b) | $0.895200
Leverage as of December 31, 2024 (c) | 40%

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 10.46 | $ 10.91 | (4.12 ) % | $ 12.06 | $ 10.23
Net Asset Value | 10.30 | 11.02 | (6.53 ) | 11.17 | 10.24

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
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.
Trust Summary
5

Trust Summary
as of December 31, 2024
(continued)
BlackRock Core Bond Trust (BHK)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV (a)(b) | 1.58 % | (0.77 ) % | 2.97 %
Trust at Market Price (a)(b) | 4.19 | 0.52 | 4.34
Bloomberg U.S. Credit Index | 2.03 | 0.23 | 2.29
Reference Benchmark (c) | 1.25 | (0.09 ) | 2.24
Bloomberg U.S. Long Government/Credit Index (d) | (4.15 ) | (3.26 ) | 0.99
Bloomberg Intermediate Credit Index (e) | 4.01 | 1.39 | 2.44
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (f) | 8.19 | 4.20 | 5.16
Bloomberg CMBS, Eligible for U.S. Aggregate Index (g) | 4.68 | 0.99 | 2.14
Bloomberg MBS Index (h) | 1.20 | (0.74 ) | 0.91
Bloomberg ABS Index (i) | 5.02 | 2.01 | 2.12

(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 discount to NAV to a premium 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. 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.
(d) | 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.
(e) | 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.
(f) | 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.
(g) | An unmanaged index that is the CMBS component of the Bloomberg U.S. Aggregate Index.
(h) | 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.
(i) | 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?
The largest contributors to the Trust’s absolute performance over the period included exposure to a range of credit-oriented sectors including high yield and investment grade
corporate bonds, collateralized loan obligations (“CLOs”), capital securities and non-agency residential mortgage-backed securities (“MBS”). Holdings of agency MBS also
contributed to return.
The largest detractor from the Trust’s absolute performance was its use of derivatives.
The Trust utilized derivatives during the period including Treasury futures, currency forwards, currency options, interest rate swaps and credit default swaps. Derivative
securities were employed primarily to adjust duration (sensitivity to interest rate changes) and yield curve exposure, as well as to hedge credit and currency risk. Currency
forwards were used to provide the portfolio with active currency exposure. The Trust’s use of derivatives detracted from performance during the period.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution
policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust continued to favor high yield and investment grade corporate bonds during the period against a strong fundamental backdrop for issuers including high interest
coverage, low leverage and positive ratings momentum, as well as supportive demand from all-in-yield buyers. Elsewhere, the Trust favored securitized assets as an attractive
source of risk-adjusted incremental income, including CLOs and asset-backed securities (“ABS”). The Trust traded agency MBS tactically, adding in periods of low volatility and
trimming as volatility increased.
6
2024
BlackRock Annual Report to Shareholders

Trust Summary
as of December 31, 2024
(continued)
BlackRock Core Bond Trust (BHK)
Describe portfolio positioning at period end.
At period end, the Trust maintained diversified exposure to non-government spread sectors including high yield and investment grade corporate bonds, commercial mortgage-backed
securities and ABS. The Trust also held exposure to government-related sectors such as U.S. Treasury securities, agency debt and agency MBS. The Trust favored an
above-benchmark stance with respect to duration and corresponding interest rate sensitivity.
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 | 41.2 %
U.S. Treasury Obligations | 15.6
U.S. Government Sponsored Agency Securities | 12.8
Non-Agency Mortgage-Backed Securities | 11.6
Asset-Backed Securities | 9.0
Preferred Securities | 3.9
Municipal Bonds | 2.4
Floating Rate Loan Interests | 2.1
Foreign Agency Obligations | 1.1
Fixed Rate Loan Interests | 0.3

CREDIT QUALITY ALLOCATION
Credit Rating (b) | Percent of Total Investments (a)
AAA/Aaa (c) | 38.0 %
AA/Aa | 4.0
A | 12.7
BBB/Baa | 15.9
BB/Ba | 9.6
B | 10.2
CCC/Caa | 2.5
C | 0.2
D | — (d)
N/R (e) | 6.9

(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) | 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%.
(e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.

Trust Summary
7

Trust Summary
as of December 31, 2024
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 December 31, 2024 ($9.81) (a) | 9.53%
Current Monthly Distribution per Common Share (b) | $0.077900
Current Annualized Distribution per Common Share (b) | $0.934800
Leverage as of December 31, 2024 (c) | 22%

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 9.81 | $ 9.43 | 4.03 % | $ 10.11 | $ 9.26
Net Asset Value | 9.67 | 9.73 | (0.62 ) | 9.87 | 9.42

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An unmanaged index comprised of issues 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.
8
2024
BlackRock Annual Report to Shareholders

Trust Summary
as of December 31, 2024
(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV (a)(b) | 9.41 % | 5.05 % | 6.40 %
Trust at Market Price (a)(b) | 14.52 | 6.66 | 7.51
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index | 8.19 | 4.20 | 5.16

(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 discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV.

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 high yield bonds made the largest contributions to absolute performance, followed by leveraged loans. 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 and wireline telecommunications.
At a time of strong returns for the broader high yield market, no aspect of the Trust’s positioning significantly detracted from absolute performance.
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 distribution
policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
While key positioning themes have remained broadly consistent, the investment adviser tactically navigated sector- and issuer-level positioning to take advantage of market
opportunities. It increased the Trust’s allocation to loans and decreased the positions in investment-grade and high yield corporate bonds. The adviser was active in using
derivatives—including total return swaps, high yield exchange-traded funds, and index credit default swaps (“CDX”) to manage portfolio positioning. It also slightly increased
the Trust’s active positions in B and CCC rated bonds, while reducing its allocation to BBs.
Describe portfolio positioning at period end.
The Trust was underweight in BBs and overweight in Bs and select CCCs. The Trust maintained tactical allocations to both loans and investment-grade bonds. Technology,
property and casualty, and wirelines were among the top sector overweights, while retailers, healthcare, and leisure 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.
Trust Summary
9

Trust Summary
as of December 31, 2024
(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments (a)
Corporate Bonds | 80.6 %
Floating Rate Loan Interests | 9.5
Preferred Securities | 5.4
Investment Companies | 2.5
Fixed Rate Loan Interests | 1.5
Other* | 0.5

CREDIT QUALITY ALLOCATION
Credit Rating (b) | Percent of Total Investments (a)
A | 0.1 %
BBB/Baa | 4.0
BB/Ba | 29.3
B | 50.5
CCC/Caa | 10.3
CC | — (c)
N/R | 5.8

(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) | 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 Consolidated Schedule of Investments for details.

10
2024
BlackRock Annual Report to Shareholders

Trust Summary
as of December 31, 2024
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 December 31, 2024 ($10.46) (a) | 9.63%
Current Monthly Distribution per Common Share (b) | $0.083900
Current Annualized Distribution per Common Share (b) | $1.006800
Leverage as of December 31, 2024 (c) | 34%

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c) | Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 10.46 | $ 10.32 | 1.36 % | $ 11.28 | $ 10.01
Net Asset Value | 11.27 | 11.59 | (2.76 ) | 11.77 | 11.03

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An index that measures the investment grade, US 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.
Trust Summary
11

Trust Summary
as of December 31, 2024
(continued)
BlackRock Credit Allocation Income Trust (BTZ)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV (a)(b) | 6.72 % | 2.60 % | 4.71 %
Trust at Market Price (a)(b) | 11.24 | 2.48 | 5.55
Reference Benchmark (c) | 4.53 | 1.74 | 3.46
Bloomberg U.S. Credit Index | 2.03 | 0.23 | 2.29
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (d) | 8.19 | 4.20 | 5.16
Bloomberg USD Capital Securities Index (e) | 5.49 | 1.75 | 3.75

(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 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.
(e) | 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
.
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 broad U.S. credit exposures, in particular to investment grade corporate bonds, high yield corporate
bonds, capital securities and high rated collateralized loan obligations (“CLOs”). Exposure to bank loans, European corporate bonds and Asian corporate bonds contributed
modestly.
Detractors over the period included to-be-announced mortgage-backed securities and equity hedges.
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 distribution
policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
Within the Trust’s allocation to CLOs exposure was shifted up the capital stack with a focus on the AAA-rated cohort. Exposure to bank loans was modestly increased given that
all-in yields remain elevated as reference rates have remained relatively high with the Federal Reserve’s renewed focus on inflation. Exposure was selectively added to Asian
high yield and emerging market bonds while exposure to U.S. high yield and investment grade corporate bonds was trimmed modestly.
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.
Describe portfolio positioning at period end.
At period end, the Trust was focused primarily on the U.S. bonds market, with significant exposure to U.S. high yield and investment grade corporate bonds. The Trust also had
meaningful exposure to floating rate sources of income, most notably bank loans and high-rated CLOs which have become more attractive relative to fixed-rate instruments
with the prospect of a more gradual rate-cutting cycle.
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.
12
2024
BlackRock Annual Report to Shareholders

Trust Summary
as of December 31, 2024
(continued)
BlackRock Credit Allocation Income Trust (BTZ)
Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments (a)
Corporate Bonds | 74.5 %
Asset-Backed Securities | 10.5
Preferred Securities | 7.8
Floating Rate Loan Interests | 5.0
Foreign Agency Obligations | 1.3
Other* | 0.9

CREDIT QUALITY ALLOCATION
Credit Rating (b) | Percent of Total Investments (a)
AAA/Aaa | 6.8 %
AA/Aa | 4.5
A | 12.5
BBB/Baa | 33.5
BB/Ba | 21.0
B | 17.6
CCC/Caa | 3.0
D | — (c)
N/R (d) | 1.1

(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) | Rounds to less than 0.1%.
(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust ’ s total investments. Please refer to the Schedule of Investments for details.

Trust Summary
13

Trust Summary
as of December 31, 2024
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 December 31, 2024 ($12.86) (a) | 11.22%
Current Monthly Distribution per Common Share (b) | $0.120280
Current Annualized Distribution per Common Share (b) | $1.443360
Leverage as of December 31, 2024 (c) | 16%

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 12.86 | $ 12.38 | 3.88 % | $ 13.74 | $ 12.04
Net Asset Value | 12.57 | 12.90 | (2.56 ) | 12.95 | 12.54

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
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%.
14
2024
BlackRock Annual Report to Shareholders

Trust Summary
as of December 31, 2024
(continued)
BlackRock Floating Rate Income Trust (BGT)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV (a)(b) | 9.11 % | 6.39 % | 6.05 %
Trust at Market Price (a)(b) | 16.32 | 8.85 | 7.40
Morningstar LSTA Leveraged Loan Index | 8.95 | 5.86 | 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 moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV.

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, BB, and CCC were the leading contributor, respectively. At the
sector level, the largest contributions came from information technology and healthcare.
At a time of strong returns for the broader market, no aspect of the Trust’s positioning significantly detracted from absolute performance. With this said, allocations to CC and
D rated bonds were very minor detractors.
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 distribution
policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust moved from roughly market-weight in B rated issues to a sizable underweight. It marginally increased its overweights in BBBs and BBs, and it trimmed the position
in CCCs.
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 and BBs. It maintained a small underweight in CCCs, where it was selective in identifying idiosyncratic opportunities. The Trust was
underweight in B1s, B2s, and B3s. The top sector overweights included diversified manufacturing, property and casualty, and brokerage/asset managers/exchanges.
Healthcare, financial other, and technology were among the largest underweights. The Trust’s out-of-benchmark allocations remain limited.
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.
Trust Summary
15

Trust Summary
as of December 31, 2024
(continued)
BlackRock Floating Rate Income Trust (BGT)
Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments (a)
Floating Rate Loan Interests | 90.5 %
Investment Companies | 4.3
Asset-Backed Securities | 2.3
Corporate Bonds | 2.0
Other* | 0.9

CREDIT QUALITY ALLOCATION
Credit Rating (b) | Percent of Total Investments (a)
A | 0.1 %
BBB/Baa | 8.6
BB/Ba | 28.7
B | 51.9
CCC/Caa | 4.8
D | — (c)
N/R (d) | 5.9

(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.
(c) | Rounds to less than 0.1%.
(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust ’ s total investments. Please refer to the Schedule of Investments for details.

16
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
AGL CLO Ltd., Series 2020-3A, Class D, (3-mo. CME Term SOFR + 3.56%), 8.22%, 01/15/33 (a)(b) | USD | 250 | $ 251,370
AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME Term SOFR + 2.40%), 7.05%, 04/16/37 (a)(b) |  | 650 | 659,775
Apidos CLO XVIII-R (a)(b) |  |  |
Series 2018-18A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 5.70%, 01/22/38 |  | 1,295 | 1,306,007
Series 2018-18A, Class BR2, (3-mo. CME Term SOFR + 1.70%), 6.07%, 01/22/38 |  | 777 | 777,000
Apidos CLO XXII, Series 2015-22A, Class CR, (3-mo. CME Term SOFR + 3.21%), 7.83%, 04/20/31 (a)(b) |  | 250 | 251,435
Apidos CLO XXIV, Series 2016-24A, Class A1AL, (3-mo. CME Term SOFR + 1.21%), 5.83%, 10/20/30 (a)(b) |  | 326 | 326,305
Assurant CLO I Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 2.41%), 7.03%, 10/20/34 (a)(b) |  | 500 | 500,855
Assurant CLO IV Ltd. (a)(b) |  |  |
Series 2019-4A, Class CR, (3-mo. CME Term SOFR + 2.66%), 7.28%, 04/20/30 |  | 500 | 500,259
Series 2019-4A, Class DR, (3-mo. CME Term SOFR + 3.91%), 8.53%, 04/20/30 |  | 600 | 603,385
Bain Capital Credit CLO Ltd., Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.00%, 07/24/34 (a)(b) |  | 250 | 251,478
Ballyrock CLO Ltd., Series 2024-28A, Class A2, (3-mo. CME Term SOFR + 1.70%), 6.03%, 01/20/38 (a)(b) |  | 500 | 500,991
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A2R, (3-mo. CME Term SOFR + 1.71%), 6.33%, 01/20/31 (a)(b) |  | 1,500 | 1,501,286
Birch Grove CLO Ltd., Series 2021-3A, Class D1, (3-mo. CME Term SOFR + 3.46%), 8.08%, 01/19/35 (a)(b) |  | 250 | 251,454
BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class D, (3-mo. CME Term SOFR + 3.16%), 7.82%, 04/15/34 (a)(b) |  | 500 | 502,760
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 7.26%, 04/15/37 (a)(b) |  | 1,200 | 1,214,660
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 5.63%, 07/18/34 (a)(b) |  | 2,500 | 2,512,585
Canyon Capital CLO Ltd. (a)(b) |  |  |
Series 2016-1A, Class CR, (3-mo. CME Term SOFR + 2.16%), 6.82%, 07/15/31 |  | 250 | 250,356
Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.61%), 8.27%, 04/15/34 |  | 500 | 502,745
Carlyle Global Market Strategies CLO Ltd. (a)(b) |  |  |
Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.21%), 5.73%, 08/14/30 |  | 23 | 22,960
Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 3.61%), 8.13%, 08/14/30 |  | 1,000 | 1,006,762
CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. CME Term SOFR + 1.02%), 5.38%, 04/20/32 (a)(b) |  | 400 | 400,771
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. CME Term SOFR + 6.70%), 11.32%, 07/20/32 (a)(b) |  | 500 | 502,727
CarVal CLO VC Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.51%), 8.17%, 10/15/34 (a)(b) |  | 250 | 253,444
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 6.35%, 10/15/37 (a)(b) |  | 500 | 502,396

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 6.42%, 04/20/35 (a)(b) | USD | 400 | $ 401,470
CIFC Funding Ltd. (a)(b) |  |  |
Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 3.81%), 8.46%, 07/16/30 |  | 500 | 502,753
Series 2014-3A, Class BR2, (3-mo. CME Term SOFR + 2.06%), 6.69%, 10/22/31 |  | 250 | 250,442
Series 2015-1A, Class ARR, (3-mo. CME Term SOFR + 1.37%), 6.00%, 01/22/31 |  | 554 | 555,094
Series 2015-3A, Class AR, (3-mo. CME Term SOFR + 1.13%), 5.75%, 04/19/29 |  | 54 | 54,054
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 7.07%, 04/21/37 |  | 1,000 | 1,015,454
Series 2017-2A, Class AR, (3-mo. CME Term SOFR + 1.21%), 5.83%, 04/20/30 |  | 293 | 293,094
Series 2017-4A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 5.85%, 10/24/30 |  | 241 | 241,059
Series 2018-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.79%, 01/18/38 |  | 1,036 | 1,039,109
Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 6.17%, 01/18/38 |  | 1,295 | 1,298,394
Series 2019-1A, Class D1R2, (3-mo. CME Term SOFR + 3.05%), 7.67%, 10/20/37 |  | 500 | 509,511
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.02%, 07/15/36 |  | 500 | 502,748
Concord Music Royalties LLC, Series 2024-1A, Class A, 5.64%, 10/20/74 (b) |  | 164 | 160,682
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. Term SOFR + 0.25%), 4.65%, 01/15/37 (a) |  | 804 | 758,636
Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3-mo. CME Term SOFR + 3.11%), 7.77%, 10/15/30 (a)(b) |  | 280 | 281,537
Dryden CLO Ltd. (a)(b) |  |  |
Series 2017-53A, Class B, (3-mo. CME Term SOFR + 1.66%), 6.32%, 01/15/31 |  | 1,320 | 1,321,024
Series 2018-64A, Class D, (3-mo. CME Term SOFR + 2.91%), 7.54%, 04/18/31 |  | 1,250 | 1,253,440
Dryden Senior Loan Fund (a)(b) |  |  |
Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.02%, 01/15/31 |  | 174 | 174,023
Series 2017-50A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.57%, 07/15/30 |  | 250 | 250,705
Eaton Vance CLO Ltd., Series 2015-1A, Class A2R, (3- mo. CME Term SOFR + 1.51%), 6.13%, 01/20/30 (a)(b) |  | 1,000 | 1,012,724
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B, 3.50%, 11/25/50 (b) |  | 110 | 90,051
Elmwood CLO 21 Ltd., Series 2022-8A, Class CR, (3- mo. CME Term SOFR + 2.70%), 7.32%, 10/20/36 (a)(b) |  | 500 | 507,097
Elmwood CLO 26 Ltd, Series 2026-1A, Class C, (3-mo. CME Term SOFR + 2.40%), 7.03%, 04/18/37 (a)(b) |  | 1,300 | 1,319,638
Elmwood CLO VI Ltd., Series 2020-3A, Class BRR, (3- mo. CME Term SOFR + 1.70%), 6.33%, 07/18/37 (a)(b) |  | 250 | 250,956
Fairstone Financial Issuance Trust I, Series 2020-1A, Class C, 5.16%, 10/20/39 (b) | CAD | 170 | 114,486
Flatiron CLO Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.21%), 5.86%, 04/17/31 (a)(b) | USD | 471 | 471,217
Galaxy CLO Ltd., Series 2023-31A, Class E, (3-mo. CME Term SOFR + 8.43%), 13.09%, 04/15/36 (a)(b) |  | 350 | 357,095

Schedule of Investments
17

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Galaxy XX CLO Ltd., Series 2015-20A, Class CR, (3-mo. CME Term SOFR + 2.01%), 6.63%, 04/20/31 (a)(b) | USD | 250 | $ 250,364
Galaxy XXVII CLO Ltd., Series 2018-27A, Class A, (3- mo. CME Term SOFR + 1.28%), 5.77%, 05/16/31 (a)(b) |  | 686 | 686,912
GoldenTree Loan Management U.S. CLO Ltd. (a)(b) |  |  |
Series 2018-3A, Class B1, (3-mo. CME Term SOFR + 1.81%), 6.43%, 04/20/30 |  | 250 | 250,481
Series 2019-5A, Class BR, (3-mo. CME Term SOFR + 1.86%), 6.50%, 04/24/31 |  | 500 | 501,369
Series 2021-11A, Class AR, (3-mo. CME Term SOFR + 1.08%), 5.59%, 10/20/34 |  | 470 | 469,994
Golub Capital Partners CLO Ltd., Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 11.44%, 07/20/34 (a)(b) |  | 250 | 251,995
Gracie Point International Funding LLC, Series 2023-1A, Class D, (90-day Avg SOFR + 4.50%), 9.43%, 09/01/26 (a)(b) |  | 162 | 163,313
GreenSky Home Improvement Issuer Trust, Series 2024-2, Class C, 5.55%, 10/27/59 (b) |  | 100 | 99,770
Highbridge Loan Management, Series 3A-2014, Class CR, (3-mo. CME Term SOFR + 3.86%), 8.49%, 07/18/29 (a)(b) |  | 1,000 | 1,005,575
Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class B1, 5.44%, 10/20/32 (b) |  | 800 | 801,037
Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A4, (1 mo. Term SOFR + 0.59%), 4.93%, 09/25/36 (a) |  | 5,848 | 1,563,736
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 6.13%, 04/18/37 (a)(b) |  | 1,300 | 1,311,414
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.13%, 04/19/33 (a)(b) |  | 500 | 503,000
Madison Park Funding XXIII Ltd. (a)(b) |  |  |
Series 2017-23A, Class AR, (3-mo. CME Term SOFR + 1.23%), 5.85%, 07/27/31 |  | 768 | 769,013
Series 2017-23A, Class CR, (3-mo. CME Term SOFR + 2.26%), 6.88%, 07/27/31 |  | 600 | 601,563
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 6.61%, 04/15/37 (a)(b) |  | 1,000 | 1,003,761
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, (3-mo. CME Term SOFR + 2.16%), 6.81%, 07/17/34 (a)(b) |  | 250 | 250,379
Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3-mo. CME Term SOFR + 3.91%), 8.54%, 01/22/35 (a)(b) |  | 250 | 251,449
Navient Private Education Refi Loan Trust (b) |  |  |
Series 2019-D, Class A2A, 3.01%, 12/15/59 |  | 405 | 389,126
Series 2019-GA, Class A, 2.40%, 10/15/68 |  | 134 | 127,870
Series 2021-CA, Class A, 1.06%, 10/15/69 |  | 661 | 589,536
Series 2021-DA, Class C, 3.48%, 04/15/60 |  | 770 | 702,487
Series 2021-DA, Class D, 4.00%, 04/15/60 |  | 440 | 399,827
Series 2021-EA, Class A, 0.97%, 12/16/69 |  | 794 | 698,893
Series 2023-A, Class A, 5.51%, 10/15/71 |  | 141 | 141,540
Nelnet Student Loan Trust (b) |  |  |
Series 2021-A, Class D, 4.93%, 04/20/62 |  | 460 | 389,604
Series 2021-BA, Class B, 2.68%, 04/20/62 |  | 1,983 | 1,699,314
Series 2021-CA, Class AFL, (1 mo. Term SOFR + 0.85%), 5.22%, 04/20/62 (a) |  | 298 | 296,921
Neuberger Berman Loan Advisers CLO Ltd. (a)(b) |  |  |
Series 2019-34A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.37%, 01/20/35 |  | 400 | 400,805

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Neuberger Berman Loan Advisers CLO Ltd. (a)(b) (continued) |  |  |
Series 2019-35R, Class CR, (3-mo. CME Term SOFR + 2.30%), 6.92%, 01/19/33 | USD | 1,500 | $ 1,507,554
OCP CLO Ltd. (a)(b) |  |  |
Series 16-11R, Class B1R2, (3-mo. CME Term SOFR + 1.95%), 6.57%, 04/26/36 |  | 500 | 504,198
Series 2015-9A, Class BR2, (3-mo. CME Term SOFR + 1.75%), 6.40%, 01/15/33 |  | 250 | 250,724
Series 2017-13A, Class AR2, (3-mo. CME Term SOFR + 1.34%), 5.90%, 11/26/37 |  | 1,000 | 1,004,781
Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.68%, 01/21/38 |  | 1,000 | 1,000,000
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 7.97%, 07/15/34 (a)(b) |  | 250 | 251,374
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 5.85%, 07/19/30 (a)(b) |  | 1,157 | 1,158,147
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 6.29%, 01/25/31 (a)(b) |  | 500 | 500,715
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, (3-mo. CME Term SOFR + 1.26%), 5.78%, 02/14/31 (a)(b) |  | 163 | 163,111
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 7.64%, 01/22/30 (a)(b) |  | 500 | 502,887
OHA Credit Funding Ltd., Series 2019-4A, Class AR2, (3-mo. CME Term SOFR + 1.29%), 6.31%, 01/22/38 (a)(b) |  | 250 | 250,000
OZLM XXI Ltd., Series 2017-21A, Class C, (3-mo. CME Term SOFR + 2.93%), 7.55%, 01/20/31 (a)(b) |  | 1,000 | 1,002,324
Palmer Square CLO Ltd. (a)(b) |  |  |
Series 2013-2A, Class A2R3, (3-mo. CME Term SOFR + 1.76%), 6.41%, 10/17/31 |  | 250 | 249,934
Series 2015-2A, Class CR2, (3-mo. CME Term SOFR + 3.01%), 7.63%, 07/20/30 |  | 250 | 250,241
Series 2020-3ARR, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 6.17%, 11/15/36 |  | 250 | 251,200
Series 2020-3ARR, Class A2R2, (3-mo. CME Term SOFR + 2.30%), 6.82%, 11/15/36 |  | 250 | 252,289
Series 2024-4A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.98%, 01/15/38 |  | 920 | 919,937
Palmer Square Loan Funding Ltd., Series 2021-3A, Class A1, (3-mo. CME Term SOFR + 1.06%), 5.68%, 07/20/29 (a)(b) |  | 81 | 80,586
Park Avenue Institutional Advisers CLO Ltd., Series 2017- 1A, Class DR, (3-mo. CME Term SOFR + 7.07%), 11.59%, 02/14/34 (a)(b) |  | 1,300 | 1,230,206
Prodigy Finance DAC, Series 2021-1A, Class C, (1 mo. Term SOFR + 3.86%), 8.20%, 07/25/51 (a)(b) |  | 57 | 57,507
Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3- mo. CME Term SOFR + 1.65%), 5.96%, 01/25/38 (a)(b) |  | 1,700 | 1,700,000
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 6.37%, 01/15/34 (a)(b) |  | 850 | 854,338
Rockford Tower CLO Ltd., Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.40%), 5.84%, 01/15/38 (a)(b) |  | 1,709 | 1,717,947
Romark CLO Ltd., Series 2017-1A, Class B, (3-mo. CME Term SOFR + 2.41%), 7.04%, 10/23/30 (a)(b) |  | 500 | 500,535
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3-mo. CME Term SOFR + 1.21%), 5.83%, 10/26/34 (a)(b) |  | 700 | 700,201

18
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
SMB Private Education Loan Trust (b) |  |  |
Series 2019-A, Class A2A, 3.44%, 07/15/36 | USD | 817 | $ 800,967
Series 2019-B, Class A2A, 2.84%, 06/15/37 |  | 174 | 168,808
Series 2021-A, Class A2B, 1.59%, 01/15/53 |  | 297 | 268,022
Series 2021-A, Class B, 2.31%, 01/15/53 |  | 201 | 193,604
Series 2021-C, Class C, 3.00%, 01/15/53 |  | 116 | 99,194
Series 2021-C, Class D, 3.93%, 01/15/53 |  | 65 | 58,090
Series 2021-D, Class A1A, 1.34%, 03/17/53 |  | 889 | 821,021
Series 2022-C, Class A1A, 4.48%, 05/16/50 |  | 287 | 282,187
Series 2023-B, Class A1B, (30-day Avg SOFR + 1.80%), 6.40%, 10/16/56 (a) |  | 190 | 195,300
Series 2023-C, Class A1A, 5.67%, 11/15/52 |  | 1,345 | 1,363,268
Sterling COOFS Trust (c) |  |  |
Series 2004-1, Class A, 2.36%, 04/15/29 |  | 700 | —
Series 2004-2, Class Note, 2.08%, 03/30/30 (b) |  | 360 | —
Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A2, 3.45%, 02/25/32 |  | 14 | 12,314
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54 (b) |  | 295 | 298,592
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 6.48%, 04/23/35 (a)(b) |  | 600 | 602,104
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 5.85%, 07/15/30 (a)(b) |  | 288 | 288,549
Trestles CLO Ltd. (a)(b) |  |  |
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.10%), 6.73%, 07/25/37 |  | 1,750 | 1,754,829
Series 2017-1A, Class D1RR, (3-mo. CME Term SOFR + 3.15%), 7.78%, 07/25/37 |  | 250 | 254,012
Trimaran CAVU Ltd. (a)(b) |  |  |
Series 2019-2A, Class C, (3-mo. CME Term SOFR + 4.98%), 9.61%, 11/26/32 |  | 500 | 502,778
Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 8.14%, 10/25/34 |  | 500 | 502,969
Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 10.74%, 01/20/36 |  | 400 | 402,269
Series 2023-1, Class E, (3-mo. CME Term SOFR + 8.94%), 13.56%, 07/20/36 |  | 500 | 517,978
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32 (d) | GBP | 6 | 7,847
Voya CLO Ltd. (a)(b) |  |  |
Series 2014-2A, Class A1RR, (3-mo. CME Term SOFR + 1.28%), 5.93%, 04/17/30 | USD | 34 | 34,383
Series 2017-2A, Class A2AR, (3-mo. CME Term SOFR + 1.91%), 6.57%, 06/07/30 |  | 250 | 250,448
Series 2017-3A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 5.92%, 04/20/34 |  | 1,900 | 1,903,090
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.51%), 6.17%, 07/15/31 |  | 1,000 | 1,005,114
Warwick Capital CLO Ltd., Series 2024-5A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.68%, 01/20/38 (a)(b) |  | 750 | 750,000
Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 6.48%, 01/20/35 (a)(b) |  | 725 | 727,236
Whitebox CLO I Ltd., Series 2019-1A, Class D1RR, (3- mo. CME Term SOFR + 3.10%), 7.73%, 07/24/36 (a)(b) |  | 500 | 502,216

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, (3- mo. CME Term SOFR + 2.90%), 7.46%, 10/24/37 (a)(b) | USD | 500 | $ 508,199
Whitebox CLO III Ltd. (a)(b) |  |  |
Series 2021-3A, Class DR, (3-mo. CME Term SOFR + 2.85%), 7.51%, 10/15/35 |  | 250 | 251,491
Series 2021-3A, Class ER, (3-mo. CME Term SOFR + 5.65%), 10.31%, 10/15/35 |  | 250 | 251,647
Total Asset-Backed Securities — 14.3% (Cost: $80,080,314) | 79,350,569
Corporate Bonds
Advertising Agencies — 0.6%
Clear Channel Outdoor Holdings, Inc. (b) |  |  |
5.13%, 08/15/27 |  | 171 | 164,599
7.75%, 04/15/28 (e) |  | 237 | 213,847
9.00%, 09/15/28 (e) |  | 472 | 494,291
7.50%, 06/01/29 |  | 618 | 540,718
7.88%, 04/01/30 (e) |  | 395 | 406,531
CMG Media Corp., 8.88%, 06/18/29 (b) |  | 127 | 95,279
Interpublic Group of Cos., Inc., 5.40%, 10/01/48 (e) |  | 500 | 471,501
Lamar Media Corp., 4.00%, 02/15/30 |  | 21 | 19,118
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 (b) |  | 268 | 249,273
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |  |  |
4.25%, 01/15/29 (e) |  | 211 | 196,206
4.63%, 03/15/30 |  | 66 | 60,988
7.38%, 02/15/31 |  | 93 | 97,207
Stagwell Global LLC, 5.63%, 08/15/29 (b) |  | 69 | 65,695
|  |  | 3,075,253
Aerospace & Defense — 2.9%
AAR Escrow Issuer LLC, 6.75%, 03/15/29 (b) |  | 170 | 172,398
Boeing Co. |  |  |
3.20%, 03/01/29 |  | 1,840 | 1,695,490
2.95%, 02/01/30 |  | 800 | 714,498
6.53%, 05/01/34 |  | 550 | 576,185
Bombardier, Inc. (b) |  |  |
6.00%, 02/15/28 (e) |  | 161 | 160,348
7.50%, 02/01/29 |  | 3 | 3,121
8.75%, 11/15/30 (e) |  | 294 | 316,031
7.25%, 07/01/31 |  | 100 | 103,128
7.00%, 06/01/32 (e) |  | 136 | 138,347
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (b)(e) |  | 200 | 200,037
General Electric Co., 6.15%, 08/07/37 (e) |  | 2,150 | 2,246,746
Goat Holdco LLC, 6.75%, 02/01/32 (b) |  | 190 | 188,144
L3Harris Technologies, Inc. |  |  |
2.90%, 12/15/29 |  | 1,200 | 1,085,800
1.80%, 01/15/31 |  | 300 | 247,012
Lockheed Martin Corp., 3.80%, 03/01/45 |  | 800 | 630,536
Northrop Grumman Corp. |  |  |
4.70%, 03/15/33 |  | 400 | 387,728
4.75%, 06/01/43 |  | 850 | 761,704
RTX Corp. |  |  |
2.38%, 03/15/32 |  | 1,000 | 830,074
5.15%, 02/27/33 |  | 900 | 892,436
4.50%, 06/01/42 |  | 300 | 258,929
Spirit AeroSystems, Inc. (b) |  |  |
9.38%, 11/30/29 |  | 296 | 316,865
9.75%, 11/15/30 |  | 279 | 308,744

Schedule of Investments
19

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Aerospace & Defense (continued)
TransDigm, Inc. (b) |  |  |
6.75%, 08/15/28 | USD | 177 | $ 178,544
6.38%, 03/01/29 |  | 813 | 814,806
7.13%, 12/01/31 |  | 444 | 454,640
6.63%, 03/01/32 |  | 1,356 | 1,368,239
6.00%, 01/15/33 |  | 663 | 649,777
Triumph Group, Inc., 9.00%, 03/15/28 (b) |  | 428 | 445,647
|  |  | 16,145,954
Air Freight & Logistics — 0.0%
Rand Parent LLC, 8.50%, 02/15/30 (b) |  | 99 | 99,543
Automobile Components — 0.5%
Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49 |  | 465 | 398,861
Clarios Global LP/Clarios U.S. Finance Co. |  |  |
4.38%, 05/15/26 (d) | EUR | 200 | 207,046
8.50%, 05/15/27 (b)(e) | USD | 1,287 | 1,288,957
6.75%, 05/15/28 (b) |  | 340 | 346,218
Forvia SE, 3.75%, 06/15/28 (d) | EUR | 100 | 100,639
Goodyear Tire & Rubber Co., 5.63%, 04/30/33 | USD | 81 | 71,125
Mahle GmbH, 6.50%, 05/02/31 (d) | EUR | 100 | 101,656
Tenneco, Inc., 8.00%, 11/17/28 (b) | USD | 120 | 111,841
|  |  | 2,626,343
Automobiles — 1.0%
Asbury Automotive Group, Inc., 4.50%, 03/01/28 |  | 10 | 9,585
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29 (d) | GBP | 100 | 123,062
Carvana Co. (b)(f) |  |  |
(13.00% PIK), 13.00%, 06/01/30 | USD | 343 | 376,713
(14.00% PIK), 14.00%, 06/01/31 |  | 597 | 716,258
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (b) |  | 108 | 112,066
Ford Motor Co., 4.75%, 01/15/43 |  | 2,000 | 1,576,679
General Motors Co., 6.25%, 10/02/43 (e) |  | 2,506 | 2,474,895
LCM Investments Holdings II LLC (b) |  |  |
4.88%, 05/01/29 |  | 55 | 51,356
8.25%, 08/01/31 (e) |  | 244 | 253,117
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30 (a)(d) | EUR | 100 | 103,166
|  |  | 5,796,897
Banks — 5.4%
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36 (a)(d) |  | 100 | 103,668
Banca Monte dei Paschi di Siena SpA, (3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29 (a)(d) |  | 100 | 107,937
Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), 5.00% | USD | 500 | 494,000
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26 (d) |  | 252 | 245,070
Bank of America Corp., (3-mo. CME Term SOFR + 1.57%), 4.27%, 07/23/29 (a)(e) |  | 4,000 | 3,897,102
Barclays Bank PLC, 1.00%, 02/16/29 (g) |  | 229 | 229,696
Barclays PLC, (1-year CMT + 1.05%), 2.28%, 11/24/27 (a)(e) |  | 3,000 | 2,853,519
Citigroup, Inc., (1-day SOFR + 2.34%), 6.27%, 11/17/33 (a)(e) |  | 1,567 | 1,643,158
Deutsche Bank AG/New York, (1-day SOFR + 3.18%), 6.72%, 01/18/29 (a)(e) |  | 850 | 882,582
Freedom Mortgage Corp., 12.25%, 10/01/30 (b) |  | 65 | 71,885
Goldman Sachs Group, Inc., (3-mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29 (a)(e) |  | 4,000 | 3,892,048
HSBC Holdings PLC, 6.10%, 01/14/42 |  | 610 | 646,490
JPMorgan Chase & Co. (a) |  |  |
(1-day SOFR + 1.18%), 2.55%, 11/08/32 |  | 1,000 | 843,517
(1-day SOFR + 1.62%), 5.34%, 01/23/35 |  | 540 | 536,571

Security |  | Par (000) | Value
Banks (continued)
JPMorgan Chase & Co. (a) (continued) |  |  |
(1-day SOFR + 2.08%), 4.91%, 07/25/33 | USD | 1,381 | $ 1,350,227
(3-mo. CME Term SOFR + 1.42%), 3.70%, 05/06/30 |  | 1,000 | 946,952
(3-mo. CME Term SOFR + 2.46%), 3.11%, 04/22/41 |  | 800 | 593,053
Morgan Stanley (a) |  |  |
(1-day SOFR + 1.73%), 5.12%, 02/01/29 (e) |  | 3,000 | 3,008,244
(1-day SOFR + 1.73%), 5.47%, 01/18/35 |  | 600 | 596,648
(1-day SOFR + 1.88%), 5.42%, 07/21/34 |  | 735 | 729,873
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35 (a)(d) | EUR | 100 | 112,100
NatWest Group PLC, (1-year CMT + 2.27%), 5.52%, 09/30/28 (a) | USD | 1,000 | 1,012,707
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33 (a)(b) |  | 500 | 487,835
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70% (a)(h) |  | 77 | 78,521
UBS AG/Stamford CT, 5.00%, 07/09/27 |  | 900 | 905,277
Wells Fargo & Co. (a) |  |  |
(1-day SOFR + 1.78%), 5.50%, 01/23/35 (e) |  | 1,290 | 1,284,518
(1-day SOFR + 2.02%), 5.39%, 04/24/34 |  | 1,124 | 1,111,494
(1-day SOFR + 2.53%), 3.07%, 04/30/41 (e) |  | 2,250 | 1,637,004
|  |  | 30,301,696
Beverages — 0.8%
Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/48 (e) |  | 4,600 | 3,883,627
Keurig Dr. Pepper, Inc., Series 31, 2.25%, 03/15/31 |  | 400 | 338,612
|  |  | 4,222,239
Biotechnology — 0.6%
Amgen, Inc. |  |  |
5.25%, 03/02/30 |  | 800 | 807,465
4.20%, 03/01/33 |  | 1,000 | 927,388
5.25%, 03/02/33 |  | 600 | 595,571
5.60%, 03/02/43 |  | 650 | 631,882
Baxalta, Inc., 5.25%, 06/23/45 |  | 500 | 460,246
|  |  | 3,422,552
Broadline Retail — 0.2%
Amazon.com, Inc., 2.50%, 06/03/50 |  | 1,500 | 894,899
Rakuten Group, Inc. (b) |  |  |
11.25%, 02/15/27 |  | 200 | 218,006
9.75%, 04/15/29 |  | 200 | 216,475
|  |  | 1,329,380
Building Materials — 0.6%
Builders FirstSource, Inc., 6.38%, 03/01/34 (b) |  | 115 | 113,498
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (b)(e) |  | 183 | 175,360
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
6.38%, 12/15/30 (b) | EUR | 110 | 120,398
6.38%, 12/15/30 (d) |  | 100 | 109,453
6.63%, 12/15/30 (b) | USD | 785 | 786,047
6.75%, 07/15/31 (b) |  | 122 | 122,833
JELD-WEN, Inc., 7.00%, 09/01/32 (b) |  | 248 | 230,164
New Enterprise Stone & Lime Co., Inc. (b) |  |  |
5.25%, 07/15/28 |  | 55 | 53,132
9.75%, 07/15/28 |  | 89 | 91,015
Smyrna Ready Mix Concrete LLC (b) |  |  |
6.00%, 11/01/28 |  | 251 | 244,817
8.88%, 11/15/31 |  | 479 | 502,210
Standard Building Solutions, Inc., 6.50%, 08/15/32 (b) |  | 212 | 212,339
Standard Industries, Inc. (b) |  |  |
4.75%, 01/15/28 |  | 3 | 2,871
4.38%, 07/15/30 |  | 170 | 155,756
3.38%, 01/15/31 |  | 28 | 24,007

20
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Building Materials (continued)
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 01/15/31 (b)(e) | USD | 295 | $ 313,020
Wilsonart LLC, 11.00%, 08/15/32 (b) |  | 164 | 160,749
|  |  | 3,417,669
Building Products — 1.1%
Beacon Roofing Supply, Inc., 6.50%, 08/01/30 (b) |  | 76 | 77,106
GYP Holdings III Corp., 4.63%, 05/01/29 (b) |  | 138 | 130,156
Home Depot, Inc., 5.88%, 12/16/36 (e) |  | 1,660 | 1,745,576
Lowe ’ s Cos., Inc. |  |  |
1.70%, 10/15/30 |  | 1,600 | 1,338,668
5.00%, 04/15/33 (e) |  | 1,000 | 984,489
3.70%, 04/15/46 |  | 1,000 | 739,886
White Cap Buyer LLC, 6.88%, 10/15/28 (b) |  | 936 | 925,637
|  |  | 5,941,518
Capital Markets — 0.5%
Apollo Debt Solutions BDC (b) |  |  |
6.90%, 04/13/29 |  | 191 | 197,587
6.70%, 07/29/31 |  | 105 | 107,835
Blackstone Private Credit Fund |  |  |
5.95%, 07/16/29 |  | 76 | 76,501
6.25%, 01/25/31 |  | 46 | 46,774
6.00%, 11/22/34 (b) |  | 385 | 375,640
Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 94 | 98,523
Blue Owl Credit Income Corp. |  |  |
7.75%, 09/16/27 |  | 169 | 177,462
6.60%, 09/15/29 (b) |  | 26 | 26,519
6.65%, 03/15/31 |  | 210 | 213,740
Focus Financial Partners LLC, 6.75%, 09/15/31 (b) |  | 136 | 135,460
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34 (b)(e) |  | 151 | 147,050
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27 (b) |  | 130 | 135,450
HPS Corporate Lending Fund, 6.75%, 01/30/29 (b) |  | 140 | 143,767
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
5.25%, 05/15/27 |  | 262 | 248,055
9.75%, 01/15/29 |  | 155 | 155,399
4.38%, 02/01/29 |  | 108 | 90,210
10.00%, 11/15/29 (b) |  | 200 | 200,472
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27 (g) |  | 191 | 200,645
|  |  | 2,777,089
Chemicals — 0.9%
Avient Corp., 6.25%, 11/01/31 (b) |  | 83 | 81,870
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31 (b) |  | 173 | 179,026
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b) |  | 198 | 179,741
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 97 | 93,364
5.75%, 11/15/28 (b) |  | 114 | 105,899
4.63%, 11/15/29 (b)(e) |  | 124 | 107,734
8.00%, 01/15/33 (b) |  | 169 | 165,122
Element Solutions, Inc., 3.88%, 09/01/28 (b) |  | 373 | 353,800
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27 (d) | EUR | 100 | 104,399
HB Fuller Co., 4.25%, 10/15/28 | USD | 3 | 2,822
Herens Holdco SARL, 4.75%, 05/15/28 (b) |  | 200 | 184,540
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b)(e) |  | 159 | 160,994
INEOS Quattro Finance 2 PLC (d) |  |  |
8.50%, 03/15/29 | EUR | 100 | 110,836
6.75%, 04/15/30 |  | 100 | 107,400
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(f) | USD | 204 | 172,671

Security |  | Par (000) | Value
Chemicals (continued)
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (b) | USD | 90 | $ 92,573
Mativ Holdings, Inc., 8.00%, 10/01/29 (b) |  | 80 | 77,056
Methanex U.S. Operations, Inc., 6.25%, 03/15/32 (b) |  | 122 | 120,701
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28 (d) | EUR | 100 | 110,312
9.75%, 11/15/28 (b) | USD | 363 | 385,149
7.25%, 06/15/31 (b) |  | 320 | 325,037
Sasol Financing USA LLC, 6.50%, 09/27/28 |  | 200 | 192,062
Sherwin-Williams Co., 3.80%, 08/15/49 |  | 350 | 256,496
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b) |  | 192 | 178,877
WR Grace Holdings LLC (b) |  |  |
4.88%, 06/15/27 |  | 105 | 101,751
5.63%, 08/15/29 (e) |  | 742 | 682,405
7.38%, 03/01/31 |  | 152 | 155,225
|  |  | 4,787,862
Commercial Services & Supplies — 2.5%
ADT Security Corp., 4.88%, 07/15/32 (b) |  | 39 | 35,794
Allied Universal Holdco LLC, 7.88%, 02/15/31 (b) |  | 1,249 | 1,276,584
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29 (b)(e) |  | 898 | 818,219
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
4.63%, 06/01/28 (b) |  | 329 | 311,068
4.88%, 06/01/28 (d) | GBP | 100 | 115,918
APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), 7.37%, 04/15/31 (a)(d) | EUR | 100 | 103,975
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (d) |  | 100 | 101,524
Belron UK Finance PLC, 5.75%, 10/15/29 (b) | USD | 218 | 215,757
Boels Topholding BV, 5.75%, 05/15/30 (d) | EUR | 100 | 108,104
Boost Newco Borrower LLC, 7.50%, 01/15/31 (b) | USD | 200 | 209,672
Brink ’ s Co. (b) |  |  |
6.50%, 06/15/29 |  | 85 | 86,140
6.75%, 06/15/32 |  | 56 | 56,411
Cimpress PLC, 7.38%, 09/15/32 (b) |  | 150 | 149,017
Deluxe Corp., 8.13%, 09/15/29 (b) |  | 70 | 70,981
EquipmentShare.com, Inc., 8.00%, 03/15/33 (b) |  | 73 | 73,926
Fortress Transportation and Infrastructure Investors LLC (b) |  |  |
5.50%, 05/01/28 |  | 9 | 8,802
7.88%, 12/01/30 |  | 478 | 503,103
7.00%, 05/01/31 |  | 193 | 196,888
7.00%, 06/15/32 (e) |  | 337 | 343,642
5.88%, 04/15/33 |  | 135 | 130,278
Garda World Security Corp. (b) |  |  |
4.63%, 02/15/27 |  | 88 | 85,468
7.75%, 02/15/28 |  | 154 | 158,914
6.00%, 06/01/29 |  | 57 | 54,035
8.25%, 08/01/32 |  | 222 | 225,602
8.38%, 11/15/32 |  | 478 | 486,530
Hertz Corp., 12.63%, 07/15/29 (b) |  | 81 | 86,299
ITR Concession Co. LLC, 4.20%, 07/15/25 (b)(e) |  | 4,000 | 3,933,822
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29 (b) |  | 82 | 78,234
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28 (b)(e) |  | 145 | 144,203
Q-Park Holding I BV, 5.13%, 02/15/30 (d) | EUR | 100 | 106,388
Raven Acquisition Holdings LLC, 6.88%, 11/15/31 (b) | USD | 138 | 136,616
RR Donnelley & Sons Co., 9.50%, 08/01/29 (b) |  | 317 | 321,906
Service Corp. International |  |  |
3.38%, 08/15/30 |  | 5 | 4,375
4.00%, 05/15/31 |  | 20 | 17,822

Schedule of Investments
21

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Service Corp. International (continued) |  |  |
5.75%, 10/15/32 | USD | 317 | $ 307,485
Sotheby ’ s, 7.38%, 10/15/27 (b)(e) |  | 465 | 459,817
Techem Verwaltungsgesellschaft 674 GmbH, 6.00%, 07/30/26 (d) | EUR | 88 | 91,164
Techem Verwaltungsgesellschaft 675 GmbH, 5.38%, 07/15/29 (d) |  | 100 | 106,885
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26 (b) | USD | 580 | 574,600
Trustees of Columbia University in the City of New York, Series 2024, 4.36%, 10/01/35 |  | 1,000 | 943,337
Verisure Holding AB, 9.25%, 10/15/27 (d) | EUR | 80 | 86,908
Veritiv Operating Co., 10.50%, 11/30/30 (b) | USD | 91 | 98,005
Wand NewCo 3, Inc., 7.63%, 01/30/32 (b) |  | 342 | 351,276
Williams Scotsman, Inc. (b) |  |  |
6.63%, 06/15/29 |  | 19 | 19,226
7.38%, 10/01/31 |  | 167 | 171,837
|  |  | 13,966,557
Construction & Engineering — 0.3%
Arcosa, Inc. (b) |  |  |
4.38%, 04/15/29 |  | 117 | 109,018
6.88%, 08/15/32 |  | 15 | 15,242
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) |  | 964 | 981,161
Cellnex Telecom SA, Series CLNX, 2.13%, 08/11/30 (d) | EUR | 100 | 108,728
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27 | USD | 200 | 190,750
|  |  | 1,404,899
Consumer Finance — 1.0%
Block, Inc. |  |  |
2.75%, 06/01/26 |  | 286 | 275,589
3.50%, 06/01/31 |  | 43 | 37,861
6.50%, 05/15/32 (b)(e) |  | 405 | 408,910
Bread Financial Holdings, Inc., 9.75%, 03/15/29 (b) |  | 43 | 46,214
Capital One Financial Corp., (1-day SOFR + 2.60%), 5.82%, 02/01/34 (a) |  | 440 | 441,903
FMR LLC, 4.95%, 02/01/33 (b)(e) |  | 2,300 | 2,242,300
Global Payments, Inc., 1.50%, 03/01/31 (b)(g) |  | 346 | 338,734
Moody ’ s Corp., 2.75%, 08/19/41 |  | 350 | 241,688
Navient Corp., 9.38%, 07/25/30 |  | 148 | 158,122
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 |  | 26 | 26,322
6.63%, 05/15/29 |  | 111 | 112,382
5.38%, 11/15/29 |  | 17 | 16,344
7.88%, 03/15/30 |  | 207 | 215,934
4.00%, 09/15/30 |  | 71 | 63,102
7.50%, 05/15/31 |  | 58 | 59,527
7.13%, 11/15/31 |  | 99 | 100,863
Raymond James Financial, Inc., 4.95%, 07/15/46 |  | 400 | 359,030
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32 (b) |  | 251 | 255,281
Shift4 Payments, Inc., 0.00%, 12/15/25 (g)(i) |  | 112 | 150,416
|  |  | 5,550,522
Consumer Staples Distribution & Retail — 0.0%
B&M European Value Retail SA, 6.50%, 11/27/31 (d) | GBP | 100 | 124,226
Containers & Packaging — 0.8%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (b)(e) | USD | 866 | 743,888
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26 (d) | EUR | 200 | 185,426

Security |  | Par (000) | Value
Containers & Packaging (continued)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (continued) |  |  |
4.13%, 08/15/26 (b) | USD | 202 | $ 181,800
Clydesdale Acquisition Holdings, Inc. (b) |  |  |
6.63%, 04/15/29 |  | 219 | 220,452
6.88%, 01/15/30 |  | 157 | 158,062
8.75%, 04/15/30 (e) |  | 366 | 369,978
Fiber Bidco SpA, 6.13%, 06/15/31 (d) | EUR | 100 | 104,113
LABL, Inc. (b) |  |  |
5.88%, 11/01/28 | USD | 27 | 24,054
9.50%, 11/01/28 |  | 301 | 301,404
8.63%, 10/01/31 |  | 208 | 192,417
Mauser Packaging Solutions Holding Co. (b) |  |  |
7.88%, 04/15/27 (e) |  | 1,474 | 1,503,789
9.25%, 04/15/27 |  | 100 | 101,170
OI European Group BV, 6.25%, 05/15/28 (b) | EUR | 100 | 107,510
Owens-Brockway Glass Container, Inc. (b) |  |  |
6.63%, 05/13/27 | USD | 27 | 26,884
7.25%, 05/15/31 |  | 94 | 91,483
Sealed Air Corp., 5.00%, 04/15/29 (b) |  | 38 | 36,571
Trident TPI Holdings, Inc., 12.75%, 12/31/28 (b) |  | 23 | 25,371
|  |  | 4,374,372
Diversified REITs — 1.5%
American Tower Corp., 2.90%, 01/15/30 (e) |  | 2,500 | 2,251,451
Crown Castle, Inc. |  |  |
4.90%, 09/01/29 |  | 750 | 741,671
2.10%, 04/01/31 |  | 1,000 | 827,661
2.90%, 04/01/41 |  | 350 | 243,445
Digital Realty Trust LP, 1.88%, 11/15/29 (b)(g) |  | 45 | 46,350
Equinix, Inc., 2.50%, 05/15/31 |  | 500 | 427,370
ERP Operating LP, 4.50%, 07/01/44 |  | 1,155 | 996,858
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |  | 54 | 49,700
Iron Mountain, Inc. (b) |  |  |
7.00%, 02/15/29 |  | 194 | 198,223
5.25%, 07/15/30 |  | 13 | 12,409
5.63%, 07/15/32 |  | 62 | 59,226
6.25%, 01/15/33 |  | 165 | 164,341
Prologis LP, 4.63%, 01/15/33 (e) |  | 1,000 | 963,822
SBA Communications Corp., 3.13%, 02/01/29 (e) |  | 198 | 178,722
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28 (b) |  | 1,270 | 1,354,176
|  |  | 8,515,425
Diversified Telecommunication Services — 4.5%
Altice Financing SA, 5.75%, 08/15/29 (b) |  | 200 | 146,409
Altice France SA (b) |  |  |
5.13%, 07/15/29 |  | 400 | 299,545
5.50%, 10/15/29 |  | 200 | 149,805
AT&T, Inc. |  |  |
5.40%, 02/15/34 |  | 560 | 562,242
6.00%, 08/15/40 |  | 520 | 528,411
6.38%, 03/01/41 |  | 1,200 | 1,256,967
5.45%, 03/01/47 |  | 1,500 | 1,416,850
Bell Telephone Co. of Canada or Bell Canada, 4.30%, 07/29/49 |  | 335 | 261,738
CommScope LLC, 4.75%, 09/01/29 (b) |  | 260 | 231,575
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29 (b) |  | 220 | 200,377
Corning, Inc., 4.38%, 11/15/57 |  | 2,000 | 1,533,413

22
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
EchoStar Corp. |  |  |
(6.75% PIK), 6.75%, 11/30/30 (f) | USD | 797 | $ 722,847
10.75%, 11/30/29 |  | 769 | 826,402
Frontier Communications Holdings LLC |  |  |
5.00%, 05/01/28 (b) |  | 293 | 286,441
5.88%, 11/01/29 |  | 24 | 23,618
6.00%, 01/15/30 (b) |  | 95 | 94,788
8.75%, 05/15/30 (b) |  | 1,093 | 1,155,180
8.63%, 03/15/31 (b) |  | 198 | 210,583
Iliad Holding SASU |  |  |
5.38%, 04/15/30 (d) | EUR | 100 | 106,537
8.50%, 04/15/31 (b) | USD | 200 | 212,633
7.00%, 04/15/32 (b) |  | 322 | 323,629
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (d) | EUR | 100 | 105,505
Kenbourne Invest SA, 6.88%, 11/26/24 (b)(j)(k) | USD | 233 | 93,200
Level 3 Financing, Inc. (b) |  |  |
10.50%, 04/15/29 |  | 788 | 877,770
4.88%, 06/15/29 (e) |  | 429 | 373,665
11.00%, 11/15/29 |  | 910 | 1,023,531
4.50%, 04/01/30 |  | 182 | 150,836
10.50%, 05/15/30 (e) |  | 293 | 319,077
10.75%, 12/15/30 |  | 275 | 307,179
Lorca Telecom Bondco SA, 5.75%, 04/30/29 (d) | EUR | 100 | 109,020
Lumen Technologies, Inc. (b) |  |  |
4.13%, 04/15/30 | USD | 139 | 124,037
10.00%, 10/15/32 |  | 116 | 115,123
Network i2i Ltd., (5-year CMT + 4.27%), 5.65% (a)(d)(h) |  | 400 | 399,375
Optics Bidco SpA (b) |  |  |
6.00%, 09/30/34 |  | 200 | 192,008
7.20%, 07/18/36 |  | 200 | 204,144
Rogers Communications, Inc., 7.50%, 08/15/38 (e) |  | 2,325 | 2,637,695
Sable International Finance Ltd., 7.13%, 10/15/32 (b) |  | 260 | 253,692
SoftBank Group Corp. (d) |  |  |
2.88%, 01/06/27 | EUR | 100 | 101,943
3.88%, 07/06/32 |  | 100 | 98,425
T-Mobile U.S., Inc. |  |  |
2.55%, 02/15/31 | USD | 500 | 430,083
3.30%, 02/15/51 |  | 500 | 329,770
Verizon Communications, Inc., 3.85%, 11/01/42 (e) |  | 5,000 | 3,929,054
Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/31 (d) | GBP | 100 | 106,725
Vodafone Group PLC, 4.88%, 06/19/49 | USD | 700 | 602,986
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31 (b) |  | 627 | 647,580
Zayo Group Holdings, Inc. (b) |  |  |
4.00%, 03/01/27 (e) |  | 455 | 419,628
6.13%, 03/01/28 |  | 264 | 224,398
Zegona Finance PLC, 6.75%, 07/15/29 (d) | EUR | 100 | 110,225
|  |  | 24,836,664
Electric Utilities — 4.9%
Alpha Generation LLC, 6.75%, 10/15/32 (b) | USD | 178 | 176,109
American Electric Power Co., Inc., 5.63%, 03/01/33 (e) |  | 3,000 | 3,030,616
Baltimore Gas and Electric Co. |  |  |
3.50%, 08/15/46 |  | 800 | 578,131
3.75%, 08/15/47 |  | 500 | 372,607
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |  |  |
5.63%, 02/15/32 (d) | EUR | 100 | 107,860
6.38%, 02/15/32 (b) | USD | 150 | 149,602
Calpine Corp. (b) |  |  |
5.13%, 03/15/28 |  | 92 | 89,221

Security |  | Par (000) | Value
Electric Utilities (continued)
Calpine Corp. (b) (continued) |  |  |
5.00%, 02/01/31 | USD | 30 | $ 28,212
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/32 |  | 750 | 713,857
Clearway Energy Operating LLC, 4.75%, 03/15/28 (b) |  | 93 | 88,939
Cleveland Electric Illuminating Co., 5.95%, 12/15/36 |  | 434 | 439,038
Duke Energy Carolinas LLC, 6.10%, 06/01/37 |  | 640 | 666,323
Duke Energy Florida LLC, 5.65%, 04/01/40 |  | 770 | 774,857
E.ON International Finance BV, 6.65%, 04/30/38 (b) |  | 2,000 | 2,118,166
Edison International, Series A, (5-year CMT + 4.70%), 5.38% (a)(h) |  | 3,021 | 2,978,942
Electricite de France SA, 5.60%, 01/27/40 (b) |  | 2,800 | 2,695,057
Eversource Energy, 2.55%, 03/15/31 |  | 350 | 299,367
Lightning Power LLC, 7.25%, 08/15/32 (b) |  | 49 | 50,379
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 439 | 421,104
NextEra Energy Operating Partners LP (b) |  |  |
3.88%, 10/15/26 |  | 41 | 39,203
7.25%, 01/15/29 |  | 162 | 165,701
NRG Energy, Inc. (b) |  |  |
5.75%, 07/15/29 |  | 112 | 108,877
6.00%, 02/01/33 |  | 425 | 412,771
6.25%, 11/01/34 |  | 143 | 140,261
Oncor Electric Delivery Co. LLC |  |  |
4.15%, 06/01/32 |  | 1,000 | 935,067
4.55%, 09/15/32 (e) |  | 1,000 | 960,892
Pike Corp., 8.63%, 01/31/31 (b) |  | 57 | 60,132
Public Power Corp. SA, 4.63%, 10/31/31 (d) | EUR | 100 | 105,440
San Diego Gas & Electric Co. |  |  |
4.95%, 08/15/28 | USD | 1,565 | 1,571,851
Series VVV, 1.70%, 10/01/30 |  | 750 | 628,917
Southern California Edison Co., Series 05-E, 5.35%, 07/15/35 |  | 1,300 | 1,295,309
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (d) |  | 194 | 195,455
Virginia Electric and Power Co., 6.35%, 11/30/37 (e) |  | 3,920 | 4,171,276
Vistra Corp., (5-year CMT + 6.93%), 8.00% (a)(b)(h) |  | 100 | 102,056
Vistra Operations Co. LLC (b) |  |  |
7.75%, 10/15/31 |  | 144 | 151,065
6.88%, 04/15/32 |  | 203 | 207,855
|  |  | 27,030,515
Electronic Equipment, Instruments & Components — 0.1%
Coherent Corp., 5.00%, 12/15/29 (b)(e) |  | 146 | 139,327
Imola Merger Corp., 4.75%, 05/15/29 (b) |  | 40 | 37,932
Nexans SA, 4.25%, 03/11/30 (d) | EUR | 100 | 105,918
WESCO Distribution, Inc., 6.63%, 03/15/32 (b) | USD | 111 | 112,817
Zebra Technologies Corp., 6.50%, 06/01/32 (b) |  | 63 | 63,908
|  |  | 459,902
Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp. (b) |  |  |
6.88%, 04/01/27 |  | 79 | 79,408
6.63%, 09/01/32 |  | 157 | 156,805
Halliburton Co., 4.75%, 08/01/43 |  | 500 | 435,610
Kodiak Gas Services LLC, 7.25%, 02/15/29 (b) |  | 330 | 336,615
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 45 | 44,387
Star Holding LLC, 8.75%, 08/01/31 (b) |  | 138 | 136,733
USA Compression Partners LP/USA Compression Finance Corp., 7.13%, 03/15/29 (b) |  | 151 | 153,665
Weatherford International Ltd., 8.63%, 04/30/30 (b) |  | 148 | 152,786
|  |  | 1,496,009

Schedule of Investments
23

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Entertainment — 0.6%
Boyne USA, Inc., 4.75%, 05/15/29 (b) | USD | 47 | $ 44,554
Caesars Entertainment, Inc. (b) |  |  |
4.63%, 10/15/29 |  | 2 | 1,873
7.00%, 02/15/30 |  | 370 | 376,863
6.50%, 02/15/32 (e) |  | 170 | 170,767
6.00%, 10/15/32 |  | 66 | 63,635
Churchill Downs, Inc. (b) |  |  |
4.75%, 01/15/28 |  | 35 | 33,762
5.75%, 04/01/30 |  | 149 | 146,236
6.75%, 05/01/31 |  | 180 | 181,947
Cinemark USA, Inc., 7.00%, 08/01/32 (b) |  | 60 | 61,160
Great Canadian Gaming Corp., 8.75%, 11/15/29 (b) |  | 215 | 220,061
Light & Wonder International, Inc. (b) |  |  |
7.25%, 11/15/29 |  | 96 | 97,933
7.50%, 09/01/31 |  | 132 | 135,910
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 (b) |  | 155 | 138,338
Lottomatica Group SpA, (3-mo. EURIBOR + 4.00%), 6.94%, 12/15/30 (a)(d) | EUR | 100 | 105,139
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (b) | USD | 200 | 193,085
Pinewood Finco PLC, 6.00%, 03/27/30 (d) | GBP | 100 | 124,298
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |  |  |
5.63%, 09/01/29 | USD | 63 | 49,455
5.88%, 09/01/31 |  | 107 | 77,843
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 (b) |  | 171 | 163,636
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/32 (b) |  | 160 | 162,162
Vail Resorts, Inc., 6.50%, 05/15/32 (b) |  | 193 | 195,165
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b) |  |  |
5.13%, 10/01/29 |  | 139 | 133,130
7.13%, 02/15/31 (e) |  | 129 | 134,342
6.25%, 03/15/33 |  | 100 | 98,249
|  |  | 3,109,543
Environmental, Maintenance & Security Service — 0.4%
Clean Harbors, Inc., 6.38%, 02/01/31 (b) |  | 6 | 6,041
GFL Environmental, Inc. (b) |  |  |
4.00%, 08/01/28 |  | 174 | 164,760
3.50%, 09/01/28 |  | 43 | 40,526
4.75%, 06/15/29 (e) |  | 148 | 142,131
6.75%, 01/15/31 |  | 123 | 126,303
Madison IAQ LLC (b) |  |  |
4.13%, 06/30/28 |  | 172 | 162,824
5.88%, 06/30/29 (e) |  | 269 | 253,999
Reworld Holding Corp. |  |  |
4.88%, 12/01/29 (b) |  | 92 | 85,083
5.00%, 09/01/30 |  | 48 | 44,265
Waste Management, Inc., 2.95%, 06/01/41 |  | 350 | 253,981
Waste Pro USA, Inc., 5.50%, 02/15/26 (b) |  | 721 | 720,598
Wrangler Holdco Corp., 6.63%, 04/01/32 (b) |  | 86 | 87,548
|  |  | 2,088,059
Financial Services — 0.6%
Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, 01/17/40 (a) |  | 25 | 24,221
Azorra Finance Ltd., 7.75%, 04/15/30 (b) |  | 92 | 90,649
Enact Holdings, Inc., 6.25%, 05/28/29 |  | 47 | 47,893
Freedom Mortgage Holdings LLC (b) |  |  |
9.25%, 02/01/29 |  | 226 | 233,219

Security |  | Par (000) | Value
Financial Services (continued)
Freedom Mortgage Holdings LLC (b) (continued) |  |  |
9.13%, 05/15/31 | USD | 150 | $ 154,661
GGAM Finance Ltd. (b) |  |  |
7.75%, 05/15/26 |  | 30 | 30,416
8.00%, 02/15/27 |  | 120 | 123,775
8.00%, 06/15/28 |  | 113 | 118,651
6.88%, 04/15/29 |  | 86 | 87,083
5.88%, 03/15/30 |  | 72 | 70,380
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27 (b) |  | 103 | 104,344
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (b) |  | 220 | 206,368
Macquarie Airfinance Holdings Ltd. (b) |  |  |
8.13%, 03/30/29 |  | 176 | 186,139
6.50%, 03/26/31 |  | 95 | 98,143
Nationstar Mortgage Holdings, Inc. (b) |  |  |
6.50%, 08/01/29 |  | 174 | 173,705
5.13%, 12/15/30 |  | 87 | 81,174
5.75%, 11/15/31 |  | 71 | 67,863
7.13%, 02/01/32 (e) |  | 356 | 360,435
PennyMac Financial Services, Inc. (b) |  |  |
7.88%, 12/15/29 |  | 177 | 185,443
7.13%, 11/15/30 |  | 149 | 150,894
PHH Escrow Issuer LLC, 9.88%, 11/01/29 (b) |  | 77 | 77,347
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |  |  |
2.88%, 10/15/26 (e) |  | 200 | 189,763
3.88%, 03/01/31 |  | 34 | 29,624
4.00%, 10/15/33 |  | 56 | 46,640
Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, 01/14/31 (f) | EUR | 109 | 37,893
UWM Holdings LLC, 6.63%, 02/01/30 (b) | USD | 159 | 158,018
|  |  | 3,134,741
Food Products — 0.8%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (b) |  |  |
3.25%, 03/15/26 |  | 34 | 33,170
5.88%, 02/15/28 |  | 62 | 61,744
6.50%, 02/15/28 |  | 80 | 81,053
3.50%, 03/15/29 |  | 91 | 82,825
4.88%, 02/15/30 |  | 55 | 52,406
Aramark International Finance SARL, 3.13%, 04/01/25 (d) | EUR | 100 | 103,326
Aramark Services, Inc., 5.00%, 02/01/28 (b) | USD | 122 | 118,555
B&G Foods, Inc., 8.00%, 09/15/28 (b) |  | 48 | 49,343
Bellis Acquisition Co. PLC, 8.13%, 05/14/30 (d) | GBP | 100 | 121,086
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29 (b)(f) | USD | 583 | 616,533
Chobani LLC/Chobani Finance Corp., Inc. (b) |  |  |
4.63%, 11/15/28 |  | 279 | 268,574
7.63%, 07/01/29 |  | 736 | 761,086
Darling Global Finance BV, 3.63%, 05/15/26 (d) | EUR | 100 | 103,455
Fiesta Purchaser, Inc. (b) |  |  |
7.88%, 03/01/31 | USD | 69 | 72,018
9.63%, 09/15/32 |  | 71 | 74,378
Irca SpA, (3-mo. EURIBOR + 3.75%), 6.63%, 12/15/29 (a)(d) | EUR | 100 | 104,673
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29 (b) | USD | 48 | 49,799
Kraft Heinz Foods Co. |  |  |
5.00%, 06/04/42 |  | 500 | 449,092
4.38%, 06/01/46 |  | 200 | 161,931

24
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products (continued)
Lamb Weston Holdings, Inc. (b) |  |  |
4.13%, 01/31/30 | USD | 90 | $ 82,290
4.38%, 01/31/32 |  | 94 | 85,055
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 6.30%, 07/01/29 (a)(d) | EUR | 100 | 103,948
Performance Food Group, Inc. (b) |  |  |
4.25%, 08/01/29 | USD | 34 | 31,546
6.13%, 09/15/32 |  | 169 | 168,992
Post Holdings, Inc. (b) |  |  |
4.63%, 04/15/30 |  | 67 | 61,791
4.50%, 09/15/31 |  | 9 | 8,063
6.25%, 02/15/32 |  | 169 | 167,730
6.38%, 03/01/33 |  | 172 | 168,364
6.25%, 10/15/34 |  | 110 | 107,155
U.S. Foods, Inc. (b) |  |  |
4.63%, 06/01/30 |  | 13 | 12,226
7.25%, 01/15/32 |  | 148 | 153,167
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |  | 97 | 95,561
|  |  | 4,610,935
Gas Utilities — 1.0%
KeySpan Gas East Corp., 5.82%, 04/01/41 (b) |  | 1,010 | 973,873
NiSource, Inc., 1.70%, 02/15/31 |  | 400 | 327,071
Piedmont Natural Gas Co., Inc., 5.10%, 02/15/35 (e) |  | 4,450 | 4,313,447
|  |  | 5,614,391
Ground Transportation — 1.2%
Burlington Northern Santa Fe LLC, 5.05%, 03/01/41 (e) |  | 1,890 | 1,787,356
Genesee & Wyoming, Inc., 6.25%, 04/15/32 (b) |  | 140 | 140,844
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34 (b) |  | 2,068 | 2,055,280
Norfolk Southern Corp., 5.05%, 08/01/30 |  | 1,800 | 1,818,389
Union Pacific Corp. |  |  |
3.38%, 02/14/42 |  | 350 | 266,225
3.55%, 05/20/61 |  | 800 | 533,484
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32 (b) |  | 75 | 77,306
|  |  | 6,678,884
Health Care Equipment & Supplies — 0.6%
Avantor Funding, Inc. |  |  |
2.63%, 11/01/25 (d) | EUR | 100 | 102,803
4.63%, 07/15/28 (b) | USD | 89 | 84,951
3.88%, 11/01/29 (b) |  | 17 | 15,541
Bausch & Lomb Corp., 8.38%, 10/01/28 (b) |  | 760 | 786,600
Medline Borrower LP (b) |  |  |
3.88%, 04/01/29 |  | 67 | 62,041
5.25%, 10/01/29 |  | 607 | 585,794
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 (b) |  | 221 | 223,330
Neogen Food Safety Corp., 8.63%, 07/20/30 (b) |  | 136 | 145,866
Sotera Health Holdings LLC, 7.38%, 06/01/31 (b) |  | 105 | 106,376
Thermo Fisher Scientific, Inc. |  |  |
5.09%, 08/10/33 |  | 495 | 492,297
2.80%, 10/15/41 |  | 1,000 | 703,186
|  |  | 3,308,785
Health Care Providers & Services — 1.9%
Aetna, Inc., 4.50%, 05/15/42 |  | 575 | 466,663
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |  | 143 | 138,141
CHS/Community Health Systems, Inc. (b)(e) |  |  |
5.63%, 03/15/27 |  | 227 | 217,856
6.00%, 01/15/29 |  | 406 | 363,535
5.25%, 05/15/30 |  | 591 | 485,405
4.75%, 02/15/31 |  | 235 | 182,350

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc. (b)(e) (continued) |  |  |
10.88%, 01/15/32 | USD | 437 | $ 450,865
Concentra Escrow Issuer Corp., 6.88%, 07/15/32 (b) |  | 187 | 190,920
DaVita, Inc., 6.88%, 09/01/32 (b) |  | 94 | 94,720
Elevance Health, Inc., 4.65%, 08/15/44 |  | 1,500 | 1,286,394
Encompass Health Corp., 4.75%, 02/01/30 |  | 134 | 127,035
Fortrea Holdings, Inc., 7.50%, 07/01/30 (b) |  | 76 | 76,126
HAH Group Holding Co. LLC, 9.75%, 10/01/31 (b) |  | 116 | 116,092
HCA, Inc., 5.50%, 06/15/47 |  | 1,090 | 989,712
HealthEquity, Inc., 4.50%, 10/01/29 (b) |  | 159 | 149,039
LifePoint Health, Inc. (b)(e) |  |  |
9.88%, 08/15/30 |  | 215 | 231,976
11.00%, 10/15/30 |  | 313 | 343,569
10.00%, 06/01/32 |  | 168 | 170,813
Molina Healthcare, Inc. (b) |  |  |
4.38%, 06/15/28 |  | 6 | 5,686
3.88%, 11/15/30 |  | 122 | 108,608
6.25%, 01/15/33 |  | 51 | 50,405
Northwell Healthcare, Inc., 4.26%, 11/01/47 |  | 725 | 579,614
Prime Healthcare Services, Inc., 9.38%, 09/01/29 (b) |  | 63 | 61,281
Star Parent, Inc., 9.00%, 10/01/30 (b) |  | 305 | 316,773
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (b)(e) |  | 361 | 368,254
Tenet Healthcare Corp., 6.75%, 05/15/31 |  | 212 | 214,171
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (b) |  | 133 | 135,542
UnitedHealth Group, Inc. |  |  |
5.35%, 02/15/33 |  | 340 | 342,140
5.80%, 03/15/36 (e) |  | 1,750 | 1,805,427
5.70%, 10/15/40 |  | 600 | 599,919
|  |  | 10,669,031
Health Care REITs — 0.4%
Alexandria Real Estate Equities, Inc. |  |  |
4.75%, 04/15/35 |  | 140 | 131,244
4.85%, 04/15/49 |  | 550 | 472,123
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
2.50%, 03/24/26 | GBP | 300 | 332,793
5.25%, 08/01/26 | USD | 26 | 23,937
5.00%, 10/15/27 |  | 28 | 23,606
4.63%, 08/01/29 |  | 238 | 170,539
3.50%, 03/15/31 (e) |  | 387 | 243,851
Ventas Realty LP, 3.25%, 10/15/26 |  | 870 | 846,216
|  |  | 2,244,309
Hotel & Resort REITs — 0.3%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (b) |  | 121 | 122,767
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29 (b) |  | 65 | 64,073
RHP Hotel Properties LP/RHP Finance Corp. (b) |  |  |
7.25%, 07/15/28 |  | 72 | 73,928
6.50%, 04/01/32 |  | 185 | 185,931
Service Properties Trust |  |  |
8.63%, 11/15/31 (b) |  | 752 | 782,522
8.88%, 06/15/32 |  | 253 | 234,154
XHR LP, 6.63%, 05/15/30 (b) |  | 64 | 64,210
|  |  | 1,527,585
Hotels, Restaurants & Leisure — 1.5%
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29 (b) |  | 53 | 52,206
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. (b) |  |  |
3.88%, 01/15/28 |  | 39 | 36,881
4.38%, 01/15/28 |  | 122 | 116,536

Schedule of Investments
25

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. (b) (continued) |  |  |
4.00%, 10/15/30 | USD | 61 | $ 54,555
Carnival Corp., 6.00%, 05/01/29 (b) |  | 98 | 97,768
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (b) |  | 254 | 270,608
Corvias Campus Living - USG LLC, 5.30%, 07/01/50 (c) |  | 5,506 | 1,957,476
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/29 (b) |  | 162 | 150,122
Hilton Domestic Operating Co., Inc. |  |  |
4.88%, 01/15/30 |  | 19 | 18,225
4.00%, 05/01/31 (b) |  | 79 | 71,048
3.63%, 02/15/32 (b) |  | 65 | 56,464
6.13%, 04/01/32 (b) |  | 60 | 59,836
5.88%, 03/15/33 (b) |  | 162 | 159,403
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 (b) |  | 96 | 100,067
Lindblad Expeditions LLC, 6.75%, 02/15/27 (b) |  | 57 | 57,021
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) |  | 162 | 141,208
Melco Resorts Finance Ltd. (b) |  |  |
4.88%, 06/06/25 |  | 200 | 198,250
5.75%, 07/21/28 |  | 200 | 190,000
5.38%, 12/04/29 |  | 400 | 365,004
7.63%, 04/17/32 |  | 200 | 200,842
MGM China Holdings Ltd. |  |  |
5.88%, 05/15/26 (d) |  | 450 | 447,750
4.75%, 02/01/27 (b) |  | 200 | 193,688
MGM Resorts International, 6.13%, 09/15/29 |  | 155 | 154,805
NCL Corp. Ltd. (b) |  |  |
8.13%, 01/15/29 |  | 77 | 81,137
7.75%, 02/15/29 |  | 84 | 88,202
6.25%, 03/01/30 |  | 76 | 75,095
NCL Finance Ltd., 6.13%, 03/15/28 (b) |  | 84 | 84,270
Raising Cane ’ s Restaurants LLC, 9.38%, 05/01/29 (b) |  | 90 | 96,414
Royal Caribbean Cruises Ltd. (b) |  |  |
5.63%, 09/30/31 |  | 529 | 520,356
6.25%, 03/15/32 |  | 88 | 89,054
6.00%, 02/01/33 |  | 278 | 277,340
Sabre GLBL, Inc. (b) |  |  |
8.63%, 06/01/27 |  | 229 | 225,848
10.75%, 11/15/29 (e) |  | 121 | 124,829
Station Casinos LLC (b) |  |  |
4.50%, 02/15/28 |  | 7 | 6,642
6.63%, 03/15/32 |  | 113 | 112,293
Studio City Co. Ltd., 7.00%, 02/15/27 (d) |  | 200 | 200,812
Viking Cruises Ltd. (b) |  |  |
5.88%, 09/15/27 |  | 95 | 94,287
7.00%, 02/15/29 |  | 34 | 34,187
9.13%, 07/15/31 |  | 198 | 212,901
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |  | 111 | 109,239
Wynn Macau Ltd. (b) |  |  |
5.63%, 08/26/28 |  | 600 | 576,000
5.13%, 12/15/29 |  | 200 | 185,000
|  |  | 8,343,669
Household Durables — 0.2%
Beazer Homes USA, Inc., 7.50%, 03/15/31 (b) |  | 49 | 49,763
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/29 (b) |  | 200 | 196,582
Dream Finders Homes, Inc., 8.25%, 08/15/28 (b) |  | 58 | 60,430
Empire Communities Corp., 9.75%, 05/01/29 (b) |  | 42 | 44,186
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29 (b) |  | 425 | 462,734
LGI Homes, Inc. (b) |  |  |
8.75%, 12/15/28 |  | 56 | 58,741

Security |  | Par (000) | Value
Household Durables (continued)
LGI Homes, Inc. (b) (continued) |  |  |
7.00%, 11/15/32 | USD | 69 | $ 68,320
Meritage Homes Corp., 1.75%, 05/15/28 (b)(g) |  | 147 | 144,060
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 13 | 11,977
4.38%, 02/01/32 |  | 22 | 19,208
STL Holding Co. LLC, 8.75%, 02/15/29 (b) |  | 76 | 80,350
Tempur Sealy International, Inc., 3.88%, 10/15/31 (b) |  | 45 | 39,260
|  |  | 1,235,611
Household Products — 0.0%
Central Garden & Pet Co., 5.13%, 02/01/28 |  | 35 | 34,001
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31 (b) |  | 32 | 30,481
Spectrum Brands, Inc., 3.38%, 06/01/29 (b)(g) |  | 103 | 100,559
|  |  | 165,041
Independent Power and Renewable Electricity Producers — 0.1%
Greenko Dutch BV, 3.85%, 03/29/26 (d) |  | 179 | 173,854
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26 (d) |  | 200 | 202,376
India Cleantech Energy, 4.70%, 08/10/26 (b) |  | 205 | 199,862
SCC Power PLC (b)(f) |  |  |
(4.00% Cash and 4.00% PIK), 8.00%, 12/31/28 |  | 259 | 158,578
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |  | 140 | 27,346
|  |  | 762,016
Industrial Conglomerates — 0.1%
Eaton Corp., 4.15%, 11/02/42 |  | 500 | 421,568
Insurance — 3.4%
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer (b) |  |  |
4.25%, 10/15/27 |  | 324 | 309,264
6.75%, 10/15/27 (e) |  | 665 | 659,500
6.75%, 04/15/28 |  | 71 | 71,167
5.88%, 11/01/29 (e) |  | 852 | 818,500
7.00%, 01/15/31 |  | 271 | 272,058
7.38%, 10/01/32 |  | 493 | 497,537
AmWINS Group, Inc., 6.38%, 02/15/29 (b) |  | 85 | 85,521
Aon Global Ltd., 4.60%, 06/14/44 |  | 500 | 422,940
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29 (b) |  | 121 | 122,636
Ardonagh Finco Ltd. |  |  |
6.88%, 02/15/31 (d) | EUR | 200 | 213,650
7.75%, 02/15/31 (b) | USD | 430 | 442,814
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (b) |  | 385 | 400,010
AssuredPartners, Inc., 7.50%, 02/15/32 (b) |  | 237 | 255,079
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42 (e) |  | 500 | 454,297
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (b) |  |  |
7.25%, 02/15/31 |  | 859 | 872,915
8.13%, 02/15/32 |  | 586 | 598,472
HUB International Ltd. (b) |  |  |
7.25%, 06/15/30 |  | 957 | 980,686
7.38%, 01/31/32 |  | 2,066 | 2,098,339
Jones Deslauriers Insurance Management, Inc. (b) |  |  |
8.50%, 03/15/30 |  | 288 | 302,919
10.50%, 12/15/30 |  | 277 | 299,472
Liberty Mutual Group, Inc., 6.50%, 05/01/42 (b) |  | 2,000 | 1,954,055
Marsh & McLennan Cos., Inc., 5.88%, 08/01/33 (e) |  | 1,500 | 1,565,021
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (b) |  | 1,384 | 1,397,832
Progressive Corp., 3.00%, 03/15/32 |  | 750 | 658,789

26
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance (continued)
Prudential Financial, Inc. |  |  |
5.90%, 03/17/36 | USD | 500 | $ 509,173
6.63%, 12/01/37 |  | 1,625 | 1,784,633
Ryan Specialty LLC (b) |  |  |
4.38%, 02/01/30 |  | 60 | 56,328
5.88%, 08/01/32 |  | 114 | 112,797
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47 (b) |  | 700 | 560,240
USI, Inc./New York, 7.50%, 01/15/32 (b)(e) |  | 295 | 305,091
|  |  | 19,081,735
Interactive Media & Services (d) — 0.0%
iliad SA |  |  |
5.38%, 06/14/27 | EUR | 100 | 108,342
5.63%, 02/15/30 |  | 100 | 111,446
|  |  | 219,788
Internet Software & Services — 0.2%
Acuris Finance U.S., Inc./Acuris Finance SARL (b) |  |  |
5.00%, 05/01/28 | USD | 272 | 245,966
9.00%, 08/01/29 |  | 200 | 191,279
Cablevision Lightpath LLC (b) |  |  |
3.88%, 09/15/27 |  | 220 | 208,269
5.63%, 09/15/28 |  | 200 | 185,530
Match Group Holdings II LLC (b) |  |  |
5.63%, 02/15/29 |  | 6 | 5,826
4.13%, 08/01/30 |  | 20 | 17,715
Uber Technologies, Inc. (g) |  |  |
0.00%, 12/15/25 (i) |  | 99 | 99,792
Series 2028, 0.88%, 12/01/28 |  | 316 | 347,600
|  |  | 1,301,977
IT Services — 0.5%
Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30 (d) | EUR | 100 | 105,398
Amentum Holdings, Inc., 7.25%, 08/01/32 (b) | USD | 139 | 140,052
CA Magnum Holdings, 5.38%, 10/31/26 (b) |  | 258 | 251,872
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (b) |  | 313 | 319,157
Insight Enterprises, Inc., 6.63%, 05/15/32 (b) |  | 85 | 85,479
International Business Machines Corp. |  |  |
4.40%, 07/27/32 |  | 500 | 477,651
4.75%, 02/06/33 (e) |  | 550 | 538,812
3.43%, 02/09/52 |  | 750 | 511,425
McAfee Corp., 7.38%, 02/15/30 (b)(e) |  | 410 | 398,203
|  |  | 2,828,049
Machinery — 0.6%
Chart Industries, Inc. (b) |  |  |
7.50%, 01/01/30 (e) |  | 159 | 165,309
9.50%, 01/01/31 |  | 61 | 65,371
Esab Corp., 6.25%, 04/15/29 (b) |  | 145 | 146,804
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29 (b) |  | 82 | 77,490
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 (b) |  | 510 | 532,443
John Deere Capital Corp., 4.40%, 09/08/31 |  | 445 | 431,769
Manitowoc Co., Inc., 9.25%, 10/01/31 (b) |  | 72 | 73,802
Terex Corp. (b) |  |  |
5.00%, 05/15/29 |  | 87 | 82,847
6.25%, 10/15/32 |  | 94 | 92,120
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28 (d) | EUR | 91 | 94,266
7.63%, 07/15/28 (b) | USD | 400 | 399,708

Security |  | Par (000) | Value
Machinery (continued)
TK Elevator Midco GmbH, 4.38%, 07/15/27 (d) | EUR | 303 | $ 313,078
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b) | USD | 541 | 529,593
Vertiv Group Corp., 4.13%, 11/15/28 (b) |  | 204 | 192,540
|  |  | 3,197,140
Marine Transportation — 0.0%
Danaos Corp., 8.50%, 03/01/28 (b) |  | 100 | 102,510
Media — 3.1%
Cable One, Inc. |  |  |
0.00%, 03/15/26 (g)(i) |  | 62 | 57,536
1.13%, 03/15/28 (g) |  | 394 | 324,065
4.00%, 11/15/30 (b) |  | 28 | 23,396
CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
5.38%, 06/01/29 (b) |  | 21 | 20,064
6.38%, 09/01/29 (b) |  | 610 | 604,785
4.75%, 03/01/30 (b) |  | 22 | 20,090
4.25%, 02/01/31 (b) |  | 157 | 136,830
7.38%, 03/01/31 (b)(e) |  | 913 | 930,788
4.75%, 02/01/32 (b) |  | 78 | 68,459
4.50%, 05/01/32 |  | 15 | 12,902
4.50%, 06/01/33 (b) |  | 70 | 58,897
4.25%, 01/15/34 (b) |  | 571 | 463,247
Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
5.75%, 04/01/48 |  | 1,100 | 940,323
5.13%, 07/01/49 |  | 1,000 | 782,766
Comcast Corp. |  |  |
6.45%, 03/15/37 |  | 790 | 846,505
3.90%, 03/01/38 (e) |  | 1,500 | 1,261,100
4.70%, 10/15/48 (e) |  | 3,000 | 2,572,937
CSC Holdings LLC (b) |  |  |
5.38%, 02/01/28 |  | 400 | 345,083
11.75%, 01/31/29 |  | 800 | 790,061
3.38%, 02/15/31 |  | 200 | 140,282
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27 (b) |  | 731 | 712,212
Discovery Communications LLC, 3.45%, 03/15/25 |  | 210 | 209,237
DISH DBS Corp. (b) |  |  |
5.25%, 12/01/26 |  | 717 | 651,718
5.75%, 12/01/28 |  | 285 | 243,673
DISH Network Corp., 11.75%, 11/15/27 (b) |  | 878 | 929,971
Gray Television, Inc., 10.50%, 07/15/29 (b) |  | 402 | 401,972
Midcontinent Communications, 8.00%, 08/15/32 (b) |  | 197 | 202,344
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26 (b) |  | 189 | 164,994
Sirius XM Radio, Inc. (b) |  |  |
3.13%, 09/01/26 |  | 24 | 23,053
5.00%, 08/01/27 |  | 272 | 264,527
TCI Communications, Inc., 7.88%, 02/15/26 |  | 610 | 631,501
Univision Communications, Inc. (b) |  |  |
6.63%, 06/01/27 |  | 265 | 263,933
8.00%, 08/15/28 |  | 454 | 462,227
7.38%, 06/30/30 (e) |  | 120 | 114,798
8.50%, 07/31/31 |  | 212 | 207,866
VZ Secured Financing BV, 3.50%, 01/15/32 (d) | EUR | 100 | 95,847
Walt Disney Co. |  |  |
7.63%, 11/30/28 | USD | 385 | 424,108

Schedule of Investments
27

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Walt Disney Co. (continued) |  |  |
7.75%, 12/01/45 | USD | 500 | $ 635,260
Ziggo BV, 4.88%, 01/15/30 (b) |  | 200 | 183,769
|  |  | 17,223,126
Metals & Mining — 0.8%
ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28 (d) |  | 200 | 201,300
Advanced Drainage Systems, Inc., 6.38%, 06/15/30 (b) |  | 153 | 153,013
Arsenal AIC Parent LLC (b) |  |  |
8.00%, 10/01/30 |  | 161 | 166,602
11.50%, 10/01/31 |  | 556 | 622,042
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 97 | 96,137
7.25%, 08/15/30 |  | 208 | 213,887
5.13%, 10/01/31 |  | 110 | 103,425
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b) |  | 302 | 301,690
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 151 | 154,643
Cleveland-Cliffs, Inc. (b) |  |  |
6.88%, 11/01/29 |  | 121 | 119,705
7.38%, 05/01/33 |  | 99 | 97,238
Constellium SE (b) |  |  |
3.75%, 04/15/29 (e) |  | 341 | 308,656
6.38%, 08/15/32 |  | 250 | 241,973
Kaiser Aluminum Corp. (b) |  |  |
4.63%, 03/01/28 |  | 90 | 84,621
4.50%, 06/01/31 |  | 248 | 218,612
Novelis Corp. (b) |  |  |
3.25%, 11/15/26 |  | 514 | 489,588
4.75%, 01/30/30 (e) |  | 194 | 178,237
3.88%, 08/15/31 |  | 200 | 172,199
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (d) | EUR | 100 | 99,413
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 | USD | 400 | 334,654
Samarco Mineracao SA (f) |  |  |
(9.00% PIK), 9.00%, 06/30/31 (d) |  | 47 | 45,684
(9.00% PIK), 9.00%, 06/30/31 (b) |  | 17 | 15,787
Vale Overseas Ltd., 6.40%, 06/28/54 |  | 35 | 34,213
Volcan Cia Minera SAA, 8.75%, 01/24/30 (b) |  | 55 | 52,354
|  |  | 4,505,673
Mortgage Real Estate Investment Trusts (REITs) (b) — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
4.75%, 06/15/29 |  | 46 | 43,374
7.00%, 07/15/31 |  | 125 | 128,084
Starwood Property Trust, Inc. |  |  |
7.25%, 04/01/29 |  | 94 | 96,426
6.00%, 04/15/30 |  | 48 | 47,113
6.50%, 07/01/30 |  | 93 | 93,117
|  |  | 408,114
Oil, Gas & Consumable Fuels — 6.8%
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29 (b) |  | 207 | 211,692
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |  |  |
5.38%, 06/15/29 |  | 140 | 136,335
6.63%, 02/01/32 |  | 76 | 76,554
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |  |  |
9.00%, 11/01/27 |  | 91 | 110,009
8.25%, 12/31/28 |  | 139 | 141,895
5.88%, 06/30/29 |  | 6 | 5,843

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Baytex Energy Corp., 8.50%, 04/30/30 (b) | USD | 38 | $ 38,825
Blue Racer Midstream LLC/Blue Racer Finance Corp. (b) |  |  |
7.00%, 07/15/29 |  | 120 | 122,562
7.25%, 07/15/32 |  | 97 | 99,651
Borr IHC Ltd./Borr Finance LLC, 10.38%, 11/15/30 (b) |  | 190 | 189,252
BP Capital Markets America, Inc., 2.72%, 01/12/32 |  | 620 | 530,532
Buckeye Partners LP |  |  |
6.88%, 07/01/29 (b) |  | 52 | 52,630
5.85%, 11/15/43 |  | 94 | 81,418
5.60%, 10/15/44 |  | 59 | 48,358
Burlington Resources LLC, 5.95%, 10/15/36 |  | 685 | 713,709
CITGO Petroleum Corp., 8.38%, 01/15/29 (b) |  | 322 | 331,752
Civitas Resources, Inc. (b) |  |  |
8.38%, 07/01/28 |  | 56 | 58,160
8.63%, 11/01/30 |  | 144 | 150,803
8.75%, 07/01/31 |  | 225 | 234,570
CNX Midstream Partners LP, 4.75%, 04/15/30 (b) |  | 66 | 60,189
Comstock Resources, Inc. (b) |  |  |
6.75%, 03/01/29 (e) |  | 223 | 217,388
6.75%, 03/01/29 |  | 72 | 69,992
5.88%, 01/15/30 |  | 447 | 416,881
ConocoPhillips Co., 3.76%, 03/15/42 |  | 600 | 472,854
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b) |  | 500 | 477,564
Crescent Energy Finance LLC (b) |  |  |
7.63%, 04/01/32 (e) |  | 322 | 320,343
7.38%, 01/15/33 |  | 324 | 314,649
Devon Energy Corp. |  |  |
5.85%, 12/15/25 |  | 1,000 | 1,006,700
5.60%, 07/15/41 |  | 300 | 277,275
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (b) |  | 89 | 92,358
DT Midstream, Inc., 4.38%, 06/15/31 (b) |  | 209 | 190,696
Ecopetrol SA, 8.88%, 01/13/33 |  | 175 | 177,662
eG Global Finance PLC, 12.00%, 11/30/28 (b) |  | 209 | 233,724
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31 (b) |  | 113 | 119,215
Energy Transfer LP |  |  |
6.25%, 04/15/49 |  | 540 | 540,452
(5-year CMT + 4.02%), 8.00%, 05/15/54 (a) |  | 342 | 358,398
Series H, (5-year CMT + 5.69%), 6.50% (a)(e)(h) |  | 4,275 | 4,276,761
Enterprise Products Operating LLC, 6.13%, 10/15/39 |  | 1,400 | 1,451,358
EOG Resources, Inc., 5.10%, 01/15/36 |  | 200 | 195,071
EQM Midstream Partners LP (b) |  |  |
4.50%, 01/15/29 |  | 13 | 12,375
6.38%, 04/01/29 |  | 118 | 118,397
7.50%, 06/01/30 |  | 57 | 60,636
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 118 | 118,141
8.25%, 01/15/29 |  | 209 | 211,065
8.88%, 04/15/30 |  | 163 | 165,853
7.88%, 05/15/32 |  | 232 | 227,205
8.00%, 05/15/33 |  | 209 | 204,534
Gulfport Energy Operating Corp., 6.75%, 09/01/29 (b) |  | 99 | 99,690
Harvest Midstream I LP, 7.50%, 05/15/32 (b) |  | 58 | 59,057
Hess Corp., 4.30%, 04/01/27 |  | 1,100 | 1,088,776
Hess Midstream Operations LP, 6.50%, 06/01/29 (b) |  | 138 | 139,364
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |  |  |
6.25%, 11/01/28 |  | 70 | 67,788
5.75%, 02/01/29 |  | 127 | 121,164
6.00%, 04/15/30 |  | 12 | 11,278
8.38%, 11/01/33 |  | 229 | 233,762

28
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Hilcorp Energy I LP/Hilcorp Finance Co. (b) (continued) |  |  |
6.88%, 05/15/34 | USD | 117 | $ 109,054
7.25%, 02/15/35 |  | 78 | 73,330
Howard Midstream Energy Partners LLC (b) |  |  |
8.88%, 07/15/28 |  | 179 | 187,996
7.38%, 07/15/32 |  | 122 | 123,936
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26 (d) |  | 200 | 198,312
Impulsora Pipeline LLC, 6.05%, 01/01/43 (c) |  | 1,542 | 1,301,802
ITT Holdings LLC, 6.50%, 08/01/29 (b)(e) |  | 262 | 239,845
Kinder Morgan, Inc., 5.05%, 02/15/46 |  | 1,400 | 1,215,435
Kinetik Holdings LP (b) |  |  |
6.63%, 12/15/28 |  | 36 | 36,828
5.88%, 06/15/30 |  | 11 | 10,827
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32 (b) |  | 78 | 77,218
Marathon Petroleum Corp., 6.50%, 03/01/41 (e) |  | 1,150 | 1,191,497
Matador Resources Co. (b) |  |  |
6.88%, 04/15/28 (e) |  | 139 | 140,923
6.50%, 04/15/32 |  | 159 | 157,200
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26 (d) |  | 288 | 292,441
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/31 (b) |  | 52 | 50,847
MPLX LP |  |  |
4.25%, 12/01/27 |  | 250 | 246,074
4.80%, 02/15/29 |  | 500 | 495,632
Murphy Oil Corp., 5.88%, 12/01/42 |  | 18 | 15,533
Nabors Industries Ltd., 7.50%, 01/15/28 (b)(e) |  | 140 | 129,635
Nabors Industries, Inc. (b) |  |  |
7.38%, 05/15/27 |  | 75 | 74,913
9.13%, 01/31/30 |  | 76 | 77,289
8.88%, 08/15/31 |  | 31 | 28,786
NFE Financing LLC, 12.00%, 11/15/29 (b) |  | 200 | 209,804
NGL Energy Operating LLC/NGL Energy Finance Corp. (b) |  |  |
8.13%, 02/15/29 |  | 325 | 329,272
8.38%, 02/15/32 (e) |  | 682 | 687,222
Noble Finance II LLC, 8.00%, 04/15/30 (b) |  | 267 | 269,661
Northern Oil & Gas, Inc. |  |  |
8.13%, 03/01/28 (b) |  | 445 | 451,820
3.63%, 04/15/29 (g) |  | 96 | 112,368
8.75%, 06/15/31 (b) |  | 165 | 170,313
Northriver Midstream Finance LP, 6.75%, 07/15/32 (b) |  | 93 | 93,552
Parkland Corp., 6.63%, 08/15/32 (b) |  | 131 | 129,638
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |  | 158 | 155,045
Permian Resources Operating LLC (b) |  |  |
8.00%, 04/15/27 |  | 189 | 192,994
5.88%, 07/01/29 |  | 170 | 166,804
7.00%, 01/15/32 (e) |  | 208 | 211,143
6.25%, 02/01/33 |  | 95 | 93,771
Petroleos Mexicanos |  |  |
4.25%, 01/15/25 |  | 55 | 54,873
6.50%, 03/13/27 (e) |  | 142 | 136,831
8.75%, 06/02/29 |  | 204 | 204,290
5.95%, 01/28/31 (e) |  | 245 | 206,087
6.70%, 02/16/32 |  | 117 | 102,156
10.00%, 02/07/33 |  | 47 | 48,880
6.38%, 01/23/45 |  | 48 | 32,070
Prairie Acquiror LP, 9.00%, 08/01/29 (b) |  | 113 | 116,416
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (b) |  | 36 | 34,179
Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 |  | 1,750 | 1,753,633

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (b) | USD | 247 | $ 253,935
SM Energy Co. |  |  |
6.50%, 07/15/28 |  | 28 | 27,824
7.00%, 08/01/32 (b) |  | 71 | 70,003
Summit Midstream Holdings LLC, 8.63%, 10/31/29 (b) |  | 75 | 77,785
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |  |  |
5.50%, 01/15/28 |  | 95 | 91,364
7.38%, 02/15/29 |  | 234 | 234,741
6.00%, 12/31/30 |  | 2 | 1,894
6.00%, 09/01/31 |  | 88 | 83,057
Talos Production, Inc. (b) |  |  |
9.00%, 02/01/29 |  | 42 | 43,090
9.38%, 02/01/31 |  | 98 | 99,900
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29 (b) |  | 111 | 103,648
TransCanada PipeLines Ltd., 5.60%, 03/31/34 |  | 500 | 497,469
Transocean Aquila Ltd., 8.00%, 09/30/28 (b) |  | 74 | 76,099
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b) |  | 109 | 111,221
Transocean, Inc. (b) |  |  |
8.00%, 02/01/27 |  | 118 | 117,777
8.25%, 05/15/29 |  | 307 | 300,728
8.75%, 02/15/30 (e) |  | 271 | 279,644
8.50%, 05/15/31 |  | 315 | 308,819
Valaris Ltd., 8.38%, 04/30/30 (b) |  | 484 | 489,096
Venture Global Calcasieu Pass LLC (b) |  |  |
3.88%, 08/15/29 |  | 113 | 103,815
4.13%, 08/15/31 |  | 3 | 2,687
3.88%, 11/01/33 |  | 79 | 67,871
Venture Global LNG, Inc. (b) |  |  |
9.50%, 02/01/29 (e) |  | 1,429 | 1,579,425
7.00%, 01/15/30 |  | 97 | 98,453
8.38%, 06/01/31 (e) |  | 892 | 930,290
9.88%, 02/01/32 |  | 975 | 1,069,847
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |  | 108 | 107,161
Vista Energy Argentina SAU, 7.63%, 12/10/35 (b) |  | 25 | 24,838
Vital Energy, Inc. |  |  |
9.75%, 10/15/30 |  | 152 | 160,257
7.88%, 04/15/32 (b) |  | 351 | 337,731
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (b) |  | 106 | 101,996
|  |  | 37,833,805
Paper & Forest Products — 0.2%
International Paper Co., 6.00%, 11/15/41 |  | 870 | 889,848
Magnera Corp., 7.25%, 11/15/31 (b) |  | 75 | 73,219
|  |  | 963,067
Passenger Airlines — 0.8%
American Airlines Pass-Through Trust |  |  |
Series 2015-2, Class A, 4.00%, 03/22/29 |  | 896 | 861,290
Series 2015-2, Class AA, 3.60%, 03/22/29 |  | 896 | 865,400
American Airlines, Inc., 8.50%, 05/15/29 (b)(e) |  | 282 | 296,081
OneSky Flight LLC, 8.88%, 12/15/29 (b) |  | 153 | 153,107
United Airlines Pass-Through Trust, Series 2023-1, Class A, 4.30%, 02/15/27 |  | 2,014 | 2,002,468
United Airlines, Inc., 4.63%, 04/15/29 (b)(e) |  | 252 | 239,598
|  |  | 4,417,944
Personal Care Products — 0.0%
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 101 | 98,761
Pharmaceuticals — 1.8%
1375209 BC Ltd., 9.00%, 01/30/28 (b) |  | 189 | 188,849
AbbVie, Inc. |  |  |
3.20%, 05/14/26 |  | 500 | 491,105

Schedule of Investments
29

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Pharmaceuticals (continued)
AbbVie, Inc. (continued) |  |  |
4.30%, 05/14/36 (e) | USD | 2,670 | $ 2,438,088
4.88%, 11/14/48 (e) |  | 2,095 | 1,881,175
Bausch Health Cos., Inc. (b) |  |  |
6.13%, 02/01/27 |  | 385 | 349,388
5.75%, 08/15/27 |  | 46 | 40,020
11.00%, 09/30/28 |  | 484 | 459,800
Becton Dickinson & Co. |  |  |
4.30%, 08/22/32 |  | 750 | 706,189
4.69%, 12/15/44 (e) |  | 600 | 518,733
Bristol-Myers Squibb Co. |  |  |
4.50%, 03/01/44 |  | 350 | 302,874
4.35%, 11/15/47 |  | 300 | 247,713
CVS Health Corp., 6.00%, 06/01/44 |  | 700 | 661,963
Endo Finance Holdings, Inc., 8.50%, 04/15/31 (b)(e) |  | 164 | 173,763
Grifols SA, 2.25%, 11/15/27 (d) | EUR | 100 | 98,817
Gruenenthal GmbH, 4.63%, 11/15/31 (d) |  | 100 | 104,725
Nidda Healthcare Holding GmbH, 7.00%, 02/21/30 (d) |  | 100 | 109,077
Option Care Health, Inc., 4.38%, 10/31/29 (b) | USD | 76 | 70,088
Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/34 (b) |  | 200 | 204,472
Rossini SARL, (3-mo. EURIBOR + 3.88%), 6.56%, 12/31/29 (a)(d) | EUR | 100 | 104,781
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 | USD | 500 | 430,822
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29 | EUR | 100 | 118,993
Teva Pharmaceutical Finance Netherlands III BV |  |  |
3.15%, 10/01/26 | USD | 185 | 177,310
4.75%, 05/09/27 |  | 200 | 195,012
7.88%, 09/15/29 |  | 200 | 215,552
|  |  | 10,289,309
Real Estate Management & Development — 0.3%
Adler Financing SARL (f) |  |  |
Series 1.5L, (14.00% PIK), 14.00%, 12/31/29 | EUR | 7 | 7,745
Series 1L, (12.50% PIK), 12.50%, 12/31/28 |  | 21 | 22,460
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30 (b) | USD | 150 | 132,811
Series AI, 7.00%, 04/15/30 |  | 158 | 139,814
CoreLogic, Inc., 4.50%, 05/01/28 (b) |  | 375 | 348,944
Cushman & Wakefield U.S. Borrower, LLC, 8.88%, 09/01/31 (b) |  | 203 | 218,546
Fantasia Holdings Group Co. Ltd. (d)(j)(k) |  |  |
11.75%, 04/17/22 |  | 200 | 4,500
10.88%, 01/09/23 |  | 307 | 6,907
11.88%, 06/01/23 |  | 400 | 9,000
9.25%, 07/28/23 |  | 300 | 6,750
i-595 Express LLC, 3.31%, 12/31/31 (c) |  | 624 | 579,681
Vivion Investments SARL, Series DEC, (6.50% PIK), 6.50%, 08/31/28 (d)(f) | EUR | 100 | 101,223
|  |  | 1,578,381
Retail REITs — 0.3%
Simon Property Group LP, 6.75%, 02/01/40 (e) | USD | 1,670 | 1,849,029
Semiconductors & Semiconductor Equipment — 1.3%
Broadcom, Inc. |  |  |
4.75%, 04/15/29 |  | 2,500 | 2,483,202
4.15%, 04/15/32 (b) |  | 1,500 | 1,406,594
Entegris, Inc., 4.75%, 04/15/29 (b) |  | 183 | 175,224
Foundry JV Holdco LLC, 6.40%, 01/25/38 (b) |  | 200 | 202,082
Intel Corp. |  |  |
5.13%, 02/10/30 |  | 750 | 743,400

Security |  | Par (000) | Value
Semiconductors & Semiconductor Equipment (continued)
Intel Corp. (continued) |  |  |
2.00%, 08/12/31 (e) | USD | 1,000 | $ 805,153
KLA Corp., 5.00%, 03/15/49 |  | 500 | 459,932
QUALCOMM, Inc. |  |  |
4.25%, 05/20/32 |  | 445 | 428,093
5.40%, 05/20/33 |  | 250 | 257,886
|  |  | 6,961,566
Software — 2.7%
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b) |  | 1,708 | 1,623,191
Camelot Finance SA, 4.50%, 11/01/26 (b) |  | 163 | 158,395
Capstone Borrower, Inc., 8.00%, 06/15/30 (b) |  | 304 | 314,673
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b) |  | 282 | 286,065
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b) |  | 217 | 214,437
Clarivate Science Holdings Corp. (b)(e) |  |  |
3.88%, 07/01/28 |  | 458 | 426,651
4.88%, 07/01/29 |  | 242 | 225,595
Cloud Software Group, Inc. (b) |  |  |
6.50%, 03/31/29 (e) |  | 1,759 | 1,726,534
9.00%, 09/30/29 (e) |  | 1,586 | 1,610,256
8.25%, 06/30/32 |  | 797 | 821,349
Dun & Bradstreet Corp., 5.00%, 12/15/29 (b)(e) |  | 226 | 215,217
Ellucian Holdings, Inc., 6.50%, 12/01/29 (b) |  | 172 | 172,073
Fair Isaac Corp., 4.00%, 06/15/28 (b) |  | 45 | 42,463
Fidelity National Information Services, Inc., 4.50%, 08/15/46 |  | 1,000 | 812,848
Fiserv, Inc., 4.40%, 07/01/49 (e) |  | 500 | 408,213
Microsoft Corp., 2.53%, 06/01/50 (e) |  | 1,600 | 984,636
Oracle Corp. |  |  |
3.60%, 04/01/40 (e) |  | 3,025 | 2,365,107
3.60%, 04/01/50 |  | 400 | 280,244
3.95%, 03/25/51 |  | 600 | 444,423
Playtika Holding Corp., 4.25%, 03/15/29 (b) |  | 7 | 6,346
SS&C Technologies, Inc. (b) |  |  |
5.50%, 09/30/27 |  | 99 | 98,051
6.50%, 06/01/32 |  | 255 | 257,227
Twilio, Inc. |  |  |
3.63%, 03/15/29 |  | 73 | 67,135
3.88%, 03/15/31 |  | 73 | 65,470
UKG, Inc., 6.88%, 02/01/31 (b) |  | 1,154 | 1,170,771
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b) |  | 147 | 133,590
|  |  | 14,930,960
Specialty Retail — 0.1%
Afflelou SAS, 6.00%, 07/25/29 (d) | EUR | 100 | 107,981
Bubbles Bidco SpA, (3-mo. EURIBOR + 4.25%), 6.93%, 09/30/31 (a)(d) |  | 100 | 103,378
Fressnapf Holding SE, 5.25%, 10/31/31 (d) |  | 100 | 106,693
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (b) | USD | 250 | 241,665
Staples, Inc., 10.75%, 09/01/29 (b) |  | 122 | 120,022
|  |  | 679,739
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc., 4.38%, 05/13/45 |  | 1,000 | 882,736
Diebold Nixdorf, Inc., 7.75%, 03/31/30 (b) |  | 89 | 91,363
NCR Atleos Corp., 9.50%, 04/01/29 (b) |  | 74 | 80,164
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 |  | 174 | 185,396
8.50%, 07/15/31 |  | 111 | 118,699
|  |  | 1,358,358

30
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Textiles, Apparel & Luxury Goods (b) — 0.0%
Hanesbrands, Inc., 9.00%, 02/15/31 | USD | 8 | $ 8,527
Levi Strauss & Co., 3.50%, 03/01/31 |  | 11 | 9,621
S&S Holdings LLC, 8.38%, 10/01/31 |  | 44 | 44,311
|  |  | 62,459
Tobacco — 0.8%
Altria Group, Inc. |  |  |
2.45%, 02/04/32 |  | 200 | 164,577
5.38%, 01/31/44 (e) |  | 2,000 | 1,867,615
BAT Capital Corp. |  |  |
3.22%, 09/06/26 |  | 394 | 384,032
4.54%, 08/15/47 |  | 1,500 | 1,182,942
Reynolds American, Inc., 7.00%, 08/04/41 |  | 1,000 | 1,049,889
|  |  | 4,649,055
Trading Companies & Distributors (b) — 0.1%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |  | 222 | 221,198
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 |  | 111 | 109,005
Gates Corp., 6.88%, 07/01/29 |  | 90 | 91,550
Resideo Funding, Inc. |  |  |
4.00%, 09/01/29 |  | 42 | 38,044
6.50%, 07/15/32 (e) |  | 121 | 121,151
|  |  | 580,948
Transportation Infrastructure — 0.2%
Edge Finco PLC, 8.13%, 08/15/31 (d) | GBP | 100 | 127,850
FedEx Corp., 4.10%, 02/01/45 | USD | 1,250 | 978,297
GN Bondco LLC, 9.50%, 10/15/31 (b)(e) |  | 129 | 135,836
|  |  | 1,241,983
Water Utilities — 0.2%
American Water Capital Corp., 4.45%, 06/01/32 |  | 1,350 | 1,286,632
Total Corporate Bonds — 65.2% (Cost: $370,081,220) | 363,267,362
Fixed Rate Loan Interests
Advertising Agencies — 0.1%
Clear Channel International BV, 2024 CCIBV Fixed Term Loan, 7.50%, 04/01/27 (c) |  | 636 | 624,870
Diversified Consumer Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/18/27 (c) |  | 15 | 14,755
IT Services — 0.2%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 11/01/31 (c) |  | 962 | 962,000
Software — 0.3%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 1,666 | 1,675,380
Total Fixed Rate Loan Interests — 0.6% (Cost: $3,272,680) | 3,277,005

Security |  | Par (000) | Value
Floating Rate Loan Interests (a)
Advertising Agencies — 0.1%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.47%, 08/23/28 | USD | 294 | $ 294,714
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3- mo. CME Term SOFR + 5.10%), 9.76%, 04/11/29 |  | 209 | 187,337
|  |  | 482,051
Aerospace & Defense — 0.1%
Azorra Soar TLB Finance Ltd, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 10/18/29 |  | 57 | 57,213
Barnes Group, Inc., 2024 Term Loan B, 12/10/31 (l) |  | 102 | 101,949
Dynasty Acquisition Co., Inc. |  |  |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 |  | 109 | 109,375
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 |  | 42 | 42,090
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 11/21/31 |  | 162 | 162,469
|  |  | 473,096
Building Materials — 0.1%
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.71%, 11/03/28 |  | 39 | 39,043
Cornerstone Building Brands, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.90%, 05/15/31 |  | 42 | 40,246
EMRLD Borrower LP, 2024 Term Loan B, 08/04/31 (l) |  | 47 | 47,137
Hobbs & Associates LLC |  |  |
Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.65%, 07/23/31 |  | 3 | 2,644
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 07/23/31 |  | 26 | 26,509
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 08/05/31 |  | 166 | 166,771
|  |  | 322,350
Building Products — 0.1%
Foundation Building Materials, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.92%, 01/29/31 |  | 243 | 239,087
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 06/17/31 |  | 29 | 29,410
White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 10/19/29 |  | 258 | 257,546
|  |  | 526,043
Capital Markets — 0.1%
CPI Holdco B LLC, 2024 Incremental Term Loan B, 05/17/31 (l) |  | 82 | 81,897

Schedule of Investments
31

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Capital Markets (continued)
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.34%, 04/07/28 | USD | 124 | $ 117,981
Summit Acquisition, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 10/16/31 (c) |  | 61 | 61,305
|  |  | 261,183
Chemicals — 0.1%
Advancion Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 12.21%, 11/24/28 |  | 65 | 62,763
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 8.96%, 10/04/29 |  | 371 | 372,430
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.35%, 07/03/28 |  | 91 | 89,409
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.36%, 03/29/28 (c) |  | 102 | 103,153
|  |  | 627,755
Commercial Services & Supplies — 0.3%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 05/12/28 |  | 181 | 181,351
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.27%, 02/23/29 |  | 211 | 198,836
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 4.75%), 9.34%, 04/29/29 |  | 137 | 121,422
Jupiter Buyer, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.30%, 10/10/31 |  | 38 | 38,238
Neon Maple US Debt Mergersub, Inc., 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.44%, 11/15/31 |  | 188 | 188,177
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/26/31 |  | 91 | 91,957
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 11/19/31 |  | 147 | 147,174
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 11/30/30 |  | 71 | 70,984
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.69%, 12/17/28 |  | 78 | 49,118
Wand NewCo 3, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 01/30/31 |  | 450 | 451,401
|  |  | 1,538,658
Construction & Engineering — 0.2%
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.07%, 08/01/30 |  | 604 | 586,533
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.00%, 07/01/31 |  | 41 | 40,886

Security |  | Par (000) | Value
Construction & Engineering (continued)
Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.35%, 03/27/31 | USD | 171 | $ 171,171
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.84%, 11/03/31 |  | 82 | 82,257
Cube A&D Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.13%, 10/17/31 |  | 36 | 36,180
|  |  | 917,027
Consumer Finance — 0.0%
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.36%, 05/19/31 |  | 99 | 98,803
Containers & Packaging — 0.0%
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.46%, 10/29/28 |  | 34 | 32,433
Diversified Consumer Services — 0.0%
Veritas U.S., Inc., 2024 Priority Term Loan, (Prime at 1.00% Floor + 11.50%), 19.25%, 12/09/29 (c) |  | 33 | 32,557
Diversified Telecommunication Services — 0.3%
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.15%, 08/15/28 |  | 92 | 73,624
Delta Topco, Inc., 2024 2nd Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.95%, 11/29/30 |  | 32 | 32,416
Digicel International Finance Ltd., 2024 Term Loan, (3- mo. CME Term SOFR + 6.85%), 11.34%, 05/25/27 |  | 390 | 376,696
Frontier Communications Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.76%, 07/01/31 |  | 41 | 41,340
Level 3 Financing, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/29 |  | 38 | 38,552
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/30 |  | 38 | 38,825
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/29 |  | 143 | 134,544
2024 Term Loan A, (1-mo. CME Term SOFR + 6.00%), 10.36%, 06/01/28 |  | 44 | 44,120
Windstream Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.85%), 9.21%, 10/01/31 (c) |  | 65 | 65,813
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.47%, 03/09/27 |  | 717 | 669,896
|  |  | 1,515,826
Electric Utilities — 0.0%
Talen Energy Supply LLC, 2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.02%, 12/11/31 |  | 28 | 28,070

32
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Electronic Equipment, Instruments & Components — 0.0%
LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.80%, 12/02/31 | USD | 125 | $ 124,454
Energy Equipment & Services — 0.0%
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/31/31 |  | 193 | 192,789
Entertainment — 0.0%
Entain PLC, 2024 USD Term Loan B3, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 10/31/29 |  | 15 | 14,968
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 11/12/29 |  | 56 | 55,547
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 06/25/31 |  | 7 | 6,724
UFC Holdings, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.77%, 11/21/31 |  | 73 | 73,315
|  |  | 150,554
Environmental, Maintenance & Security Service — 0.0%
Tidal Waste & Recycling Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 10/24/31 |  | 77 | 77,434
Financial Services — 0.0%
Clue Opco LLC, Term Loan B, (3-mo. CME Term SOFR + 4.50%), 9.09%, 12/19/30 |  | 121 | 121,101
Ground Transportation — 0.0%
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/10/31 |  | 121 | 120,482
Health Care Equipment & Supplies — 0.1%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 127 | 127,865
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.69%, 05/10/27 |  | 314 | 315,383
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.61%, 10/23/28 |  | 55 | 54,633
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.84%, 05/30/31 |  | 103 | 102,808
|  |  | 600,689
Health Care Providers & Services — 0.1%
LifePoint Health, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.41%, 05/17/31 |  | 175 | 175,696
2024 Incremental Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.96%, 05/17/31 |  | 83 | 83,309
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.35%), 13.03%, 04/29/25 |  | 120 | 94,448
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/27/30 |  | 410 | 399,572
|  |  | 753,025

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure — 0.1%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 09/20/30 | USD | 81 | $ 79,872
City Football Group Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.47%, 07/22/30 |  | 99 | 98,747
Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.09%, 11/01/29 |  | 78 | 77,761
Life Time, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.03%, 11/05/31 |  | 137 | 137,377
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 |  | 19 | 18,388
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 |  | 11 | 10,679
2022 Term Loan B, 06/30/28 (l) |  | 3 | 3,610
2024 Term Loan B1, (1-mo. CME Term SOFR at 1.50% Floor + 6.10%), 10.46%, 11/15/29 |  | 79 | 78,890
2024 Term Loan B2, (3-mo. CME Term SOFR + 6.00%), 10.46%, 11/15/29 (c) |  | 27 | 25,974
|  |  | 531,298
Household Durables — 0.1%
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.02%, 02/26/29 |  | 144 | 143,333
Springs Windows Fashions, LLC (c) |  |  |
2024 First Lien Second Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.47%, 10/06/28 |  | 264 | 236,263
2024 FLFO Delayed Draw Term Loan, 12/19/29 (l) |  | 37 | 36,595
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, 12/19/29 (c)(l) |  | 27 | 27,515
Tempur Sealy International, Inc., 2024 Term Loan B, (1-mo. SOFR + 2.50%), 6.81%, 10/24/31 |  | 94 | 94,147
|  |  | 537,853
Insurance — 0.1%
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 09/19/31 |  | 21 | 20,848
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 02/14/31 |  | 34 | 34,117
TIH Insurance Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 05/06/31 |  | 136 | 136,277
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 05/06/32 |  | 410 | 418,738
|  |  | 609,980
Interactive Media & Services — 0.1%
MH Sub I LLC |  |  |
2023 Term Loan, 05/03/28 (l) |  | 120 | 119,046
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.61%, 05/03/28 |  | 178 | 178,741
|  |  | 297,787
Internet Software & Services — 0.1%
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.11%, 03/15/30 |  | 378 | 378,693

Schedule of Investments
33

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
IT Services — 0.1%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/29/31 | USD | 80 | $ 79,806
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.43%, 11/01/31 (c) |  | 124 | 125,240
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 06/27/31 |  | 347 | 347,783
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.37%, 03/01/29 |  | 62 | 61,274
|  |  | 614,103
Machinery — 0.1%
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3- mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 11/11/29 |  | 59 | 56,585
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 02/15/29 |  | 573 | 576,730
|  |  | 633,315
Media — 0.1%
CSC Holdings LLC |  |  |
2019 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.19%, 04/15/27 |  | 212 | 195,550
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.90%, 01/18/28 |  | 199 | 194,787
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.80%, 06/04/29 |  | 12 | 10,961
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 09/25/26 |  | 159 | 138,536
Speedster Bidco GmbH, 2024 USD Term Loan B, 10/17/31 (l) |  | 68 | 68,113
|  |  | 607,947
Oil, Gas & Consumable Fuels — 0.0%
EPIC Crude Services LP, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.66%, 10/15/31 |  | 56 | 56,440
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.60%), 8.96%, 09/19/29 |  | 77 | 76,830
|  |  | 133,270
Passenger Airlines — 0.0%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 9.63%, 04/20/28 |  | 68 | 69,714
Pharmaceuticals — 0.2%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.86%, 05/04/28 |  | 20 | 20,124
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 5.35%), 9.71%, 02/01/27 |  | 288 | 280,364

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.36%, 04/23/31 | USD | 235 | $ 236,822
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.43%, 10/01/27 |  | 281 | 272,015
|  |  | 809,325
Real Estate Management & Development — 0.0%
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 06/02/28 |  | 84 | 83,295
Semiconductors & Semiconductor Equipment — 0.0%
Icon Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.52%, 11/13/31 |  | 73 | 73,205
Software — 0.7%
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.58%, 02/23/32 |  | 98 | 100,391
Ascend Learning LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.85%), 10.21%, 12/10/29 |  | 83 | 82,170
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.96%, 12/11/28 |  | 69 | 69,287
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 02/15/29 |  | 801 | 802,053
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 04/30/31 |  | 40 | 39,975
Boxer Parent Co., Inc. |  |  |
2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.34%, 07/30/32 |  | 115 | 113,180
2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.34%, 07/30/31 |  | 221 | 222,803
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 07/06/29 |  | 123 | 121,726
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 03/30/29 |  | 137 | 137,631
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 03/21/31 |  | 375 | 376,387
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.46%, 10/08/29 |  | 234 | 228,676
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 10/08/28 |  | 55 | 54,497
Ellucian Holdings, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 10/09/29 |  | 34 | 34,380
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.11%, 11/15/32 |  | 363 | 369,051
Mitchell International, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 06/17/31 |  | 151 | 150,499
Modena Buyer LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/01/31 |  | 189 | 182,519
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 8.85%, 06/02/28 |  | 175 | 175,426

34
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Project Alpha Intermediate Holding, Inc., 2024 Add-on Term Loan B, 10/28/30 (l) | USD | 45 | $ 45,260
Project Boost Purchaser LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.15%, 07/16/31 |  | 15 | 15,030
RealPage, Inc. |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.59%, 04/24/28 |  | 213 | 212,222
2024 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 04/24/28 |  | 84 | 84,210
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.62%, 02/10/31 |  | 61 | 61,155
|  |  | 3,678,528
Specialty Retail — 0.0%
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/11/28 |  | 187 | 186,257
Technology Hardware, Storage & Peripherals — 0.0%
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 |  | 71 | 47,572
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 |  | 15 | 9,675
|  |  | 57,247
Total Floating Rate Loan Interests — 3.3% (Cost: $18,229,323) | 18,298,197
Foreign Agency Obligations
Bahrain — 0.0% |
Bahrain Government International Bond, 5.45%, 09/16/32 (d) |  | 200 | 183,058
Canada — 1.1% |
CDP Financial, Inc., 5.60%, 11/25/39 (b)(e) |  | 5,890 | 6,011,909
Colombia — 0.1% |
Colombia Government International Bond |  |  |
4.50%, 01/28/26 |  | 300 | 296,100
8.00%, 04/20/33 (e) |  | 200 | 204,004
|  |  | 500,104
Dominican Republic — 0.1% |
Dominican Republic International Bond |  |  |
6.88%, 01/29/26 (d) |  | 115 | 115,862
5.95%, 01/25/27 (d) |  | 228 | 226,518
4.50%, 01/30/30 (b) |  | 226 | 206,903
7.05%, 02/03/31 (b) |  | 150 | 153,498
|  |  | 702,781
Egypt — 0.0% |
Egypt Government International Bond, 7.50%, 02/16/61 (b) |  | 219 | 149,579
Guatemala — 0.1% |
Guatemala Government Bond (b) |  |  |
5.25%, 08/10/29 |  | 200 | 192,063
5.38%, 04/24/32 |  | 200 | 188,500
|  |  | 380,563

Security |  | Par (000) | Value
Hungary — 0.0% |
Hungary Government International Bond, Series 10Y, 5.38%, 09/12/33 (d) | EUR | 66 | $ 73,899
Ivory Coast — 0.1% |
Ivory Coast Government International Bond (d) |  |  |
6.38%, 03/03/28 | USD | 200 | 198,194
5.88%, 10/17/31 | EUR | 192 | 186,204
|  |  | 384,398
Morocco — 0.0% |
Morocco Government International Bond, 2.38%, 12/15/27 (b) | USD | 200 | 182,232
Oman — 0.1% |
Oman Government International Bond, 6.75%, 01/17/48 (d) |  | 200 | 202,876
Romania — 0.1% |
Romanian Government International Bond |  |  |
5.25%, 11/25/27 (b) |  | 102 | 99,672
2.50%, 02/08/30 (d) | EUR | 222 | 206,676
2.12%, 07/16/31 (d) |  | 226 | 192,668
|  |  | 499,016
Senegal — 0.0% |
Senegal Government International Bond, 6.25%, 05/23/33 (d) | USD | 200 | 159,250
South Africa — 0.0% |
Republic of South Africa Government International Bond, 5.88%, 04/20/32 (e) |  | 200 | 187,758
Total Foreign Agency Obligations — 1.7% (Cost: $9,478,251) | 9,617,423
Municipal Bonds
Arizona — 0.2% |
Maricopa County Industrial Development Authority, RB, 7.38%, 10/01/29 (b) |  | 890 | 905,936
California — 1.1% |
City of Los Angeles California, GO, Series A, Sustainability Bonds, 5.00%, 09/01/42 |  | 2,000 | 1,931,798
Oxnard Union High School District, Refunding GO, (BAM), 3.18%, 08/01/43 |  | 1,600 | 1,197,008
State of California, GO, BAB, 7.55%, 04/01/39 |  | 1,500 | 1,770,322
State of California, Refunding GO, 5.13%, 03/01/38 |  | 1,000 | 982,719
|  |  | 5,881,847
Florida — 0.3% |
State Board of Administration Finance Corp., RB, Series A, 5.53%, 07/01/34 |  | 1,500 | 1,514,843
Georgia — 0.2% |
Municipal Electric Authority of Georgia, Refunding RB, BAB, 6.64%, 04/01/57 |  | 1,000 | 1,069,946
Hawaii — 0.3% |
City & County Honolulu Hawaii Wastewater System Revenue, Refunding RB, Series A, 2.62%, 07/01/45 |  | 1,000 | 671,417
State of Hawaii, GO, Series GK, 6.15%, 10/01/38 |  | 1,000 | 1,056,596
|  |  | 1,728,013

Schedule of Investments
35

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Illinois — 0.3% |
State of Illinois, GO, 5.10%, 06/01/33 | USD | 1,882 | $ 1,854,564
Massachusetts — 0.3% |
Massachusetts Educational Financing Authority, Refunding RB, Series A, 6.35%, 07/01/49 |  | 1,355 | 1,388,167
University of Massachusetts Building Authority, Refunding RB, Series 3, 3.43%, 11/01/40 |  | 500 | 399,806
|  |  | 1,787,973
New Jersey — 0.3% |
New Jersey Turnpike Authority, RB, BAB, Series A, 7.10%, 01/01/41 |  | 1,750 | 1,958,011
New York — 0.5% |
City of New York, GO, Series D-1, Sustainability Bonds, 5.09%, 10/01/49 |  | 1,000 | 954,151
New York City Municipal Water Finance Authority, Refunding RB, BAB, 6.01%, 06/15/42 |  | 1,000 | 1,021,258
New York State Dormitory Authority, RB, BAB, Series F, 5.63%, 03/15/39 |  | 1,100 | 1,105,362
|  |  | 3,080,771
Texas — 0.3% |
Texas Natural Gas Securitization Finance Corp., RB, Series 2023-1, 5.17%, 04/01/41 |  | 1,500 | 1,487,530
Total Municipal Bonds — 3.8% (Cost: $21,571,311) | 21,269,434
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 13.2%
A&D Mortgage Trust, Series 2024-NQM5, Class A1, 5.70%, 11/25/69 (b) |  | 1,537 | 1,538,232
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, 10/25/64 (b) |  | 498 | 497,009
Alternative Loan Trust |  |  |
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 |  | 327 | 284,285
Series 2006-OA21, Class A1, (1 mo. Term SOFR + 0.30%), 4.67%, 03/20/47 (a) |  | 319 | 266,285
Series 2007-OA10, Class 2A1, (1 mo. Term SOFR + 0.61%), 4.95%, 09/25/47 (a) |  | 3,675 | 533,732
Angel Oak Mortgage Trust, Series 2024-10, Class A1, 5.35%, 10/25/69 (b) |  | 1,762 | 1,750,336
Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37 |  | 187 | 142,464
Bravo Residential Funding Trust (b) |  |  |
Series 2021-NQM1, Class A1, 0.94%, 02/25/49 (a) |  | 526 | 486,392
Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |  | 413 | 406,399
Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |  | 1,239 | 1,247,056
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49 (a)(b) |  | 417 | 410,535
CIM Trust (b) |  |  |
Series 2023-I1, Class A1, 6.03%, 04/25/58 |  | 1,059 | 1,060,438
Series 2023-I2, Class A1, 6.64%, 12/25/67 |  | 1,031 | 1,041,266
COLT Mortgage Loan Trust (b) |  |  |
Series 2020-2, Class M1, 5.25%, 03/25/65 (a) |  | 3,050 | 3,004,364
Series 2020-3, Class M1, 3.36%, 04/27/65 (a) |  | 3,820 | 3,558,565
Series 2022-1, Class A1, 4.55%, 04/25/67 (a) |  | 1,377 | 1,342,777
Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 1,753 | 1,745,952
Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 275 | 276,682
Series 2023-2, Class A1, 6.60%, 07/25/68 |  | 1,083 | 1,091,964
Series 2024-6, Class A1, 5.39%, 11/25/69 |  | 1,288 | 1,280,713
Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1,499 | 1,494,786

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
COLT Mortgage Loan Trust (b) (continued) |  |  |
Series 2024-INV4, Class A1, 5.61%, 05/25/69 | USD | 1,280 | $ 1,279,268
CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67 (a)(b) |  | 2,456 | 2,445,322
Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67 (a)(b) |  | 231 | 219,467
Ellington Financial Mortgage Trust (a)(b) |  |  |
Series 2020-1, Class M1, 5.24%, 05/25/65 |  | 1,500 | 1,465,787
Series 2021-2, Class A1, 0.93%, 06/25/66 |  | 180 | 146,536
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51 (a)(b) |  | 2,297 | 1,831,950
GCAT Trust (a)(b) |  |  |
Series 2022-NQM3, Class A1, 4.35%, 04/25/67 |  | 1,050 | 1,010,484
Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 1,005 | 985,442
GS Mortgage-Backed Securities Corp. Trust, Series 2022- PJ2, Class A4, 2.50%, 06/25/52 (a)(b) |  | 973 | 775,916
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A2, 2.50%, 11/25/51 (a)(b) |  | 851 | 684,228
GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 |  | 76 | 48,404
Homes Trust, Series 2024-NQM2, Class A1, 5.72%, 10/25/69 (b) |  | 629 | 629,513
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67 (b) |  | 1,081 | 1,069,448
JP Morgan Mortgage Trust |  |  |
Series 2006-S3, Class 1A12, 6.50%, 08/25/36 |  | 42 | 13,087
Series 2022-DSC1, Class A1, 4.75%, 01/25/63 (a)(b) |  | 409 | 391,838
Series 2022-INV3, Class A3B, 3.00%, 09/25/52 (a)(b) |  | 685 | 567,417
Series 2023-DSC1, Class A1, 4.63%, 07/25/63 (a)(b) |  | 295 | 286,143
Series 2024-INV1, Class A3, 5.50%, 04/25/55 (a)(b) |  | 1,953 | 1,915,642
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52 (a)(b) |  | 724 | 604,268
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 5.55%, 05/25/36 (a) |  | 111 | 72,779
MFA Trust (b) |  |  |
Series 2021-NQM1, Class M1, 2.31%, 04/25/65 (a) |  | 2,750 | 2,163,121
Series 2023-NQM1, Class A1, 5.75%, 11/25/67 |  | 742 | 738,848
Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |  | 1,359 | 1,370,299
Mill City Mortgage Trust, Series 2023-NQM2, Class A1, 6.24%, 12/25/67 (b) |  | 1,588 | 1,593,928
OBX Trust (b) |  |  |
Series 2022-INC3, Class A1, 3.00%, 02/25/52 (a) |  | 638 | 529,511
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 |  | 454 | 455,794
Series 2023-NQM1, Class A1, 6.12%, 11/25/62 (a) |  | 584 | 585,218
Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |  | 1,277 | 1,290,818
Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 1,035 | 1,045,326
Series 2024-NQM17, Class A1, 5.61%, 11/25/64 |  | 1,248 | 1,246,549
PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/59 (a)(b) |  | 1,898 | 1,861,167
PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, 06/25/58 (b) |  | 1,228 | 1,235,096
Provident Funding Mortgage Trust, Series 2024-1, Class A1, 5.50%, 12/25/54 (a)(b) |  | 1,586 | 1,555,810
Radian Mortgage Capital Trust, Series 2024-J2, Class A4, 5.50%, 03/25/55 (a)(b) |  | 838 | 814,808
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52 (a)(b) |  | 946 | 788,233
Sequoia Mortgage Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/54 (a)(b) |  | 1,084 | 1,063,727
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62 (b) |  | 607 | 604,502

36
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57 (b) | USD | 637 | $ 597,680
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65 (a)(b) |  | 2,050 | 1,635,283
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65 (a)(b) |  | 2,000 | 1,717,191
Verus Securitization Trust (b) |  |  |
Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 2,529 | 2,380,404
Series 2022-7, Class A1, 5.15%, 07/25/67 |  | 1,442 | 1,432,663
Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 412 | 414,735
Series 2023-1, Class A1, 5.85%, 12/25/67 |  | 811 | 811,542
Series 2023-5, Class A1, 6.48%, 06/25/68 |  | 1,044 | 1,052,206
Series 2024-8, Class A1, 5.36%, 10/25/69 (a) |  | 1,758 | 1,748,941
Series 2024-R1, Class A1, 5.22%, 09/25/69 |  | 1,770 | 1,755,994
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58 (b) |  | 1,231 | 1,243,261
|  |  | 73,635,826
Commercial Mortgage-Backed Securities — 5.1%
3650R Commercial Mortgage Trust, Series 2021-PF1, Class A5, 2.52%, 11/15/54 |  | 1,250 | 1,051,815
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.60%, 04/14/33 (a)(b) |  | 4,170 | 4,126,570
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. Term SOFR + 0.52%), 4.86%, 07/25/37 (a)(b) |  | 530 | 490,018
BFLD Commercial Mortgage Trust, Series 2024-UNIV, Class D, (1 mo. Term SOFR + 2.69%), 7.09%, 11/15/41 (a)(b) |  | 630 | 630,000
BPR Commercial Mortgage Trust, Series 2024-PARK, Class D, 7.00%, 11/05/39 (a)(b) |  | 200 | 199,628
BX Commercial Mortgage Trust (a)(b) |  |  |
Series 2021-CIP, Class A, (1 mo. Term SOFR + 1.04%), 5.43%, 12/15/38 |  | 575 | 574,754
Series 2021-SOAR, Class A, (1 mo. Term SOFR + 0.78%), 5.18%, 06/15/38 |  | 1,482 | 1,479,835
Series 2021-XL2, Class A, (1 mo. Term SOFR + 0.80%), 5.20%, 10/15/38 |  | 220 | 219,833
Series 2022-LP2, Class A, (1 mo. Term SOFR + 1.01%), 5.41%, 02/15/39 |  | 1,214 | 1,214,399
Series 2024-MF, Class C, (1 mo. Term SOFR + 1.94%), 6.34%, 02/15/39 |  | 452 | 453,558
Series 2024-XL4, Class C, (1 mo. Term SOFR + 2.19%), 6.59%, 02/15/39 |  | 97 | 97,171
BX Trust (a)(b) |  |  |
Series 2021-LBA, Class AJV, (1 mo. Term SOFR + 0.91%), 5.31%, 02/15/36 |  | 1,690 | 1,690,000
Series 2022 VAMF, Class A, (1 mo. Term SOFR + 0.85%), 5.25%, 01/15/39 |  | 1,300 | 1,296,750
Series 2024-BIO, Class C, (1 mo. Term SOFR + 2.64%), 7.04%, 02/15/41 |  | 240 | 237,312
Series 2024-CNYN, Class C, (1 mo. Term SOFR + 1.94%), 6.34%, 04/15/41 |  | 695 | 696,683
Series 2024-PAT, Class B, (1 mo. Term SOFR + 3.04%), 7.44%, 03/15/41 |  | 170 | 170,367
Cantor Commercial Real Estate Lending, Series 2019- CF2, Class A5, 2.87%, 11/15/52 |  | 550 | 491,269
Century Plaza Towers, Series 2019-CPT, Class C, 3.00%, 11/13/39 (a)(b) |  | 250 | 207,843
CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term SOFR + 3.04%), 7.44%, 08/15/41 (a)(b) |  | 660 | 660,000

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
CSMC (a)(b) |  |  |
Series 2020-FACT, Class D, (1 mo. Term SOFR + 4.32%), 8.72%, 10/15/37 | USD | 900 | $ 850,500
Series 2021-BHAR, Class C, (1 mo. Term SOFR + 2.11%), 6.51%, 11/15/38 |  | 300 | 295,993
DC Trust, Series 2024-HLTN, Class C, 7.04%, 04/13/40 (a)(b) |  | 220 | 222,622
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. Term SOFR + 2.36%), 6.76%, 07/15/38 (a)(b) |  | 1,700 | 1,704,176
GS Mortgage Securities Trust, Series 2019-GC38, Class AAB, 3.84%, 02/10/52 |  | 761 | 747,535
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.00%, 03/15/39 (a)(b) |  | 1,700 | 1,704,250
JW Commercial Mortgage Trust, Series 2024-MRCO, Class C, (1 mo. Term SOFR + 2.39%), 6.79%, 06/15/39 (a)(b) |  | 800 | 800,000
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.31%, 04/15/48 |  | 1,200 | 1,193,216
SELF Commercial Mortgage Trust, Series 2024-STRG, Class D, (1 mo. Term SOFR + 2.94%), 7.34%, 11/15/34 (a)(b) |  | 270 | 269,888
STWD Trust, Series 2021-FLWR, Class A, (1 mo. Term SOFR + 0.69%), 5.09%, 07/15/36 (a)(b) |  | 1,207 | 1,205,491
UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.04%, 12/15/52 |  | 1,200 | 1,078,274
VEGAS, Series 2024-GCS, Class D, 6.22%, 07/10/36 (a)(b) |  | 650 | 592,671
Wells Fargo Commercial Mortgage Trust |  |  |
Series 2016-LC25, Class A4, 3.64%, 12/15/59 |  | 1,700 | 1,656,732
Series 2024-BPRC, Class D, 7.08%, 07/15/43 (b) |  | 250 | 247,989
|  |  | 28,557,142
Total Non-Agency Mortgage-Backed Securities — 18.3% (Cost: $106,506,120) | 102,192,968
Preferred Securities
Capital Trusts — 5.9%
Banks (a)(h) — 3.4% |
Bank of America Corp., Series FF, 5.88% (e) |  | 3,500 | 3,508,514
Barclays PLC |  |  |
4.38% |  | 310 | 278,794
9.63% |  | 640 | 704,237
Citigroup, Inc., Series AA, 7.63% |  | 186 | 193,781
HSBC Holdings PLC |  |  |
4.70% |  | 275 | 242,316
6.50% (e) |  | 1,090 | 1,083,515
6.00% (e) |  | 235 | 229,766
6.38% |  | 1,000 | 1,000,079
ING Groep NV, Series NC10, 4.25% |  | 1,500 | 1,217,968
Krung Thai Bank PCL/Cayman Islands, 4.40% (d) |  | 252 | 244,755
Lloyds Banking Group PLC |  |  |
6.75% |  | 595 | 596,586
7.50% |  | 1,750 | 1,763,767
NatWest Group PLC |  |  |
8.13% |  | 225 | 239,631
6.00% |  | 1,575 | 1,566,495
PNC Financial Services Group, Inc. |  |  |
Series V, 6.20% |  | 80 | 80,345

Schedule of Investments
37

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Banks (continued) |
PNC Financial Services Group, Inc. (continued) |  |  |
Series W, 6.25% (e) | USD | 3,705 | $ 3,739,879
Rizal Commercial Banking Corp., 6.50% (d) |  | 200 | 199,250
U.S. Bancorp, Series J, 5.30% (e) |  | 1,900 | 1,873,434
|  |  | 18,763,112
Capital Markets (a)(h) — 0.9% |
Bank of New York Mellon Corp., Series F, 4.63% |  | 2,750 | 2,684,935
UBS Group AG (b) |  |  |
4.88% |  | 2,000 | 1,904,829
Series NC10, 9.25% |  | 200 | 229,186
Series NC5, 9.25% |  | 400 | 432,428
|  |  | 5,251,378
Diversified Telecommunication Services — 0.0% |
Telefonica Europe BV, 6.14% (a)(d)(h) | EUR | 200 | 223,655
Electric Utilities — 1.3% |
Edison International, Series B, 5.00% (a)(h) | USD | 95 | 92,599
Electricite de France SA, 3.38% (a)(d)(h) | EUR | 200 | 193,153
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 (e) | USD | 4,750 | 4,629,952
NRG Energy, Inc., 10.25% (a)(b)(h) |  | 340 | 375,371
PG&E Corp., 7.38%, 03/15/55 (a) |  | 1,723 | 1,768,198
|  |  | 7,059,273
Health Care Providers & Services (a) — 0.3% |
CVS Health Corp. |  |  |
6.75%, 12/10/54 |  | 320 | 313,772
7.00%, 03/10/55 |  | 1,305 | 1,309,379
|  |  | 1,623,151
Independent Power and Renewable Electricity Producers — 0.0% |
Vistra Corp., 7.00% (a)(b)(h) |  | 141 | 141,804
Wireless Telecommunication Services — 0.0% |
Vodafone Group PLC, 6.50%, 08/30/84 (a)(d) | EUR | 100 | 113,840
| 33,176,213

|  | Shares |
Preferred Stocks — 0.0%
Financial Services — 0.0% |
Federal National Mortgage Association, Series S, 8.25% (a)(h) |  | 10,000 | 119,300
IT Services — 0.0% |
Veritas Kapital Assurance PLC, Series G (c)(k) |  | 294 | 5,880
Software — 0.0% |
Veritas Kapital Assurance PLC, Series G (c)(k) |  | 427 | 8,540
| 133,720

Security |  | Shares | Value
Trust Preferred — 0.2%
Banks — 0.2% |
Citigroup Capital XIII, 11.22%, 10/30/40 (a) |  | 29,583 | $ 886,603
| 886,603
Total Preferred Securities — 6.1% (Cost: $33,985,836) | 34,196,536

|  | Par (000) |
U.S. Government Sponsored Agency Securities
Agency Obligations — 0.9% |
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30 (i) | USD | 6,055 | 4,740,377
Collateralized Mortgage Obligations — 5.0% |
Fannie Mae REMICS |  |  |
Series 2015-47, Class GL, 3.50%, 07/25/45 |  | 1,636 | 1,425,425
Series 2022-25, Class KL, 4.00%, 05/25/52 (e) |  | 14,500 | 12,504,755
Freddie Mac REMICS |  |  |
Series 4350, Class DY, 4.00%, 06/15/44 |  | 1,420 | 1,338,952
Series 4398, Class ZX, 4.00%, 09/15/54 |  | 11,556 | 9,950,727
Series 4549, Class TZ, 4.00%, 11/15/45 |  | 2,761 | 2,604,961
|  |  | 27,824,820
Interest Only Collateralized Mortgage Obligations — 0.0% |
Fannie Mae REMICS, Series 2012-47, Class NI, 4.50%, 04/25/42 |  | 660 | 100,163
Ginnie Mae, Series 2009-116, Class KS, (1 mo. Term SOFR + 6.36%), 1.96%, 12/16/39 (a) |  | 523 | 42,662
|  |  | 142,825
Mortgage-Backed Securities — 14.3% |
Fannie Mae Mortgage-Backed Securities (e) |  |  |
4.50%, 07/01/55 |  | 2,485 | 2,359,600
4.00%, 02/01/56 - 04/01/56 |  | 2,689 | 2,482,918
Freddie Mac Mortgage-Backed Securities (e) |  |  |
4.00%, 05/01/39 |  | 4,278 | 4,089,665
4.50%, 03/01/47 |  | 496 | 481,320
Ginnie Mae Mortgage-Backed Securities, 5.50%, 08/15/33 |  | 20 | 19,665
Uniform Mortgage-Backed Securities (e) |  |  |
1.50%, 05/01/31 |  | 4,994 | 4,610,371
5.00%, 08/01/34 - 11/01/45 |  | 25,486 | 25,156,819
4.50%, 06/01/37 - 06/01/44 |  | 12,454 | 12,086,094
5.50%, 12/01/37 - 06/01/38 |  | 4,545 | 4,613,213
6.00%, 12/01/38 |  | 176 | 182,450
3.50%, 09/01/42 - 04/01/53 |  | 4,291 | 3,838,333
3.00%, 02/01/52 |  | 1,815 | 1,543,002
4.00%, 05/01/52 - 01/14/55 (m) |  | 15,301 | 14,017,260
6.50%, 10/01/53 |  | 4,333 | 4,426,327
|  |  | 79,907,037
Total U.S. Government Sponsored Agency Securities — 20.2% (Cost: $119,007,983) | 112,615,059

38
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
U.S. Treasury Obligations
U.S. Treasury Bonds (e) |  |  |
4.38%, 02/15/38 | USD | 1,600 | $ 1,556,082
4.13%, 08/15/44 |  | 30,400 | 27,511,081
3.00%, 11/15/45 |  | 54,500 | 40,982,047
3.13%, 05/15/48 |  | 1,900 | 1,423,224
4.63%, 05/15/54 |  | 31,000 | 30,119,530
U.S. Treasury Notes (e) |  |  |
0.63%, 07/31/26 |  | 27,500 | 25,988,780
3.63%, 05/31/28 |  | 1,900 | 1,858,383
4.88%, 10/31/28 |  | 7,800 | 7,940,276
Total U.S. Treasury Obligations — 24.7% (Cost: $141,894,273) | 137,379,403
Total Long-Term Investments — 158.2% (Cost: $904,107,311) | 881,463,956

|  | Shares |
Short-Term Securities
Money Market Funds — 0.8% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36% (n)(o) |  | 4,465,196 | 4,465,196

|  | Par (000) |
U.S. Treasury Obligations — 4.7% |
U.S. Treasury Notes, 5.00%, 10/31/25 (e) | USD | 26,000 | 26,150,050
Total Short-Term Securities — 5.5% (Cost: $30,475,195) | 30,615,246
Total Investments Before TBA Sale Commitments — 163.7% (Cost: $934,582,506) | 912,079,202

Security |  | Par (000) | Value
TBA Sale Commitments
Mortgage-Backed Securities — (1.0)% |
Uniform Mortgage-Backed Securities, 4.00%, 01/14/55 (m) | USD | (5,790 ) | $ (5,294,251 )
Total TBA Sale Commitments — (1.0)% (Proceeds: $(5,430,387)) | (5,294,251 )
Total Investments, Net of TBA Sale Commitments — 162.7% (Cost: $929,152,119) | 906,784,951
Liabilities in Excess of Other Assets — (62.7)% | (349,492,071 )
Net Assets — 100.0% | $ 557,292,880

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(e) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(f) | 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.
(g) | Convertible security.
(h) | Perpetual security with no stated maturity date.
(i) | Zero-coupon bond.
(j) | Issuer filed for bankruptcy and/or is in default.
(k) | Non-income producing security.
(l) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(m) | Represents or includes a TBA transaction.
(n) | Affiliate of the Trust.
(o) | 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 year ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 11,900,896 | $ — | $ (7,435,700 ) (a) | $ — | $ — | $ 4,465,196 | 4,465,196 | $ 353,235 | $ —

(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. | 4.42 % (b) | 06/07/24 | Open | $ 309,400 | $ 318,689 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 06/12/24 | Open | 102,290 | 105,283 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.37 (b) | 07/17/24 | Open | 97,800 | 100,110 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 07/17/24 | Open | 367,931 | 376,502 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 07/17/24 | Open | 882,656 | 903,627 | Corporate Bonds | Open/Demand

Schedule of Investments
39

Schedule of Investments
(continued)
December 31, 2024
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)
BNP Paribas SA | 4.45 % (b) | 07/17/24 | Open | $ 172,935 | $ 177,084 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.46 (b) | 07/17/24 | Open | 187,263 | 191,764 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 07/22/24 | Open | 203,285 | 208,066 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 07/22/24 | Open | 133,960 | 137,111 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 07/26/24 | Open | 131,765 | 134,679 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.35 (b) | 07/30/24 | Open | 812,570 | 830,238 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.40 (b) | 07/30/24 | Open | 542,823 | 554,661 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 07/30/24 | Open | 217,360 | 222,165 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 07/30/24 | Open | 313,528 | 320,459 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 07/30/24 | Open | 199,996 | 204,418 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 07/30/24 | Open | 376,688 | 385,031 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 07/30/24 | Open | 628,800 | 642,728 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 07/30/24 | Open | 280,238 | 286,445 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 07/30/24 | Open | 134,680 | 137,663 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 07/30/24 | Open | 333,500 | 340,887 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.25 (b) | 08/05/24 | Open | 163,206 | 166,518 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 08/05/24 | Open | 115,023 | 117,451 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.44 (b) | 08/07/24 | Open | 129,983 | 132,702 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 08/09/24 | Open | 158,603 | 161,898 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 09/16/24 | Open | 793,425 | 805,323 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.67 (b) | 10/03/24 | Open | 8,326,500 | 8,427,572 | U.S. Treasury Obligations | Open/Demand
BNP Paribas SA | 4.67 (b) | 10/03/24 | Open | 26,845,000 | 27,170,861 | U.S. Treasury Obligations | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 10/03/24 | Open | 1,923,750 | 1,947,197 | U.S. Treasury Obligations | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 10/03/24 | Open | 34,022,500 | 34,437,168 | U.S. Treasury Obligations | Open/Demand
BNP Paribas SA | 4.45 (b) | 10/28/24 | Open | 1,166,182 | 1,176,605 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.67 (b) | 10/30/24 | Open | 1,522,375 | 1,535,349 | U.S. Treasury Obligations | Open/Demand
BNP Paribas SA | 4.67 (b) | 10/30/24 | Open | 43,600,000 | 43,971,581 | U.S. Treasury Obligations | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.65 (b) | 10/30/24 | Open | 28,918,000 | 28,923,061 | U.S. Treasury Obligations | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 10/30/24 | Open | 105,090 | 106,006 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 10/30/24 | Open | 25,918,750 | 26,139,643 | U.S. Treasury Obligations | Open/Demand
Nomura Securities International, Inc. | 4.50 (b) | 10/31/24 | Open | 409,760 | 413,288 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 11/05/24 | Open | 3,827,660 | 3,857,962 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 11/05/24 | Open | 3,837,500 | 3,867,880 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 11/05/24 | Open | 4,183,000 | 4,216,115 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 11/05/24 | Open | 2,405,760 | 2,424,806 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 11/08/24 | Open | 2,621,437 | 2,641,098 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 11/18/24 | Open | 155,365 | 156,263 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 11/22/24 | Open | 2,209,125 | 2,220,784 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.32 (b) | 11/25/24 | Open | 44,045 | 44,252 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.84 | 12/03/24 | 01/08/25 | 12,587,814 | 12,633,508 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Goldman Sachs & Co. LLC | 4.45 (b) | 12/09/24 | Open | 1,563,750 | 1,568,446 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 12/09/24 | Open | 420,625 | 421,888 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.35 (b) | 12/09/24 | Open | 201,329 | 201,921 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 4.35 (b) | 12/09/24 | Open | 207,434 | 208,043 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.35 (b) | 12/09/24 | Open | 134,045 | 134,439 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 12/09/24 | Open | 321,563 | 322,522 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 12/09/24 | Open | 963,750 | 966,625 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 945,000 | 947,856 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 1,798,125 | 1,803,559 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.31 (b) | 12/09/24 | Open | 2,020,000 | 2,025,885 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.31 (b) | 12/09/24 | Open | 562,375 | 564,013 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.31 (b) | 12/09/24 | Open | 2,771,250 | 2,779,324 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 4.70 | 12/11/24 | 01/14/25 | 13,934,051 | 13,970,434 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Barclays Bank PLC | 4.70 | 12/11/24 | 01/14/25 | 7,352,023 | 7,371,220 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Barclays Bank PLC | 4.70 | 12/11/24 | 01/14/25 | 4,323,097 | 4,334,385 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 3,952,520 | 3,962,841 | U.S. Government Sponsored Agency Securities | Up to 30 Days

40
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
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)
Deutsche Bank Securities, Inc. | 4.70 % | 12/11/24 | 01/14/25 | $ 1,520,403 | $ 1,524,373 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,545,009 | 1,549,043 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,387,572 | 1,391,196 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 359,897 | 360,837 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 505,215 | 506,534 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 131,848 | 132,192 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 4,485,062 | 4,496,773 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 226,538 | 227,129 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 582,385 | 583,906 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 2,342,335 | 2,348,451 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,785,170 | 1,789,832 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,727,799 | 1,732,310 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 742,097 | 744,035 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 137,458 | 137,817 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,538,315 | 1,542,332 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 222,104 | 222,684 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,395,285 | 1,398,928 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,581,959 | 1,586,089 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,322,060 | 1,325,512 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,643,076 | 1,647,367 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 846,081 | 848,291 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 991,148 | 993,736 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 946,392 | 948,863 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 2,130,778 | 2,136,342 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,373,446 | 1,377,033 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 2,375,664 | 2,381,867 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 404,266 | 405,322 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 208,358 | 208,902 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 178,718 | 179,185 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 861,749 | 863,999 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 923,277 | 925,687 | U.S. Government Sponsored Agency Securities | Up to 30 Days

Schedule of Investments
41

Schedule of Investments
(continued)
December 31, 2024
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)
Deutsche Bank Securities, Inc. | 4.70 % | 12/11/24 | 01/14/25 | $ 288,675 | $ 289,429 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 1,514,428 | 1,518,382 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Deutsche Bank Securities, Inc. | 4.70 | 12/11/24 | 01/14/25 | 477,496 | 478,743 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Barclays Bank PLC | 4.49 (b) | 12/11/24 | Open | 1,740,925 | 1,745,739 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 12/11/24 | Open | 2,216,625 | 2,222,767 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 12/11/24 | Open | 4,091,500 | 4,102,837 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 12/13/24 | Open | 1,824,475 | 1,829,049 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 12/13/24 | Open | 2,317,906 | 2,323,717 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 12/13/24 | Open | 3,790,000 | 3,799,501 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 12/17/24 | Open | 1,391,087 | 1,393,812 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 12/17/24 | Open | 111,424 | 111,637 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 12/18/24 | Open | 152,044 | 152,322 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 12/18/24 | Open | 224,615 | 225,026 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 12/18/24 | Open | 251,624 | 252,074 | Corporate Bonds | Open/Demand
J.P. Morgan Securities LLC | 4.25 | 12/20/24 | 01/09/25 | 978,120 | 979,506 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.30 | 12/20/24 | 01/09/25 | 259,911 | 260,283 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.35 | 12/20/24 | 01/09/25 | 160,864 | 161,097 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.40 | 12/20/24 | 01/09/25 | 140,750 | 140,956 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.45 | 12/20/24 | 01/09/25 | 215,873 | 216,193 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.45 | 12/20/24 | 01/09/25 | 1,574,835 | 1,577,171 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.45 | 12/20/24 | 01/09/25 | 249,169 | 249,538 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.45 | 12/20/24 | 01/09/25 | 137,940 | 138,145 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 12/20/24 | 01/09/25 | 162,760 | 163,004 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 12/20/24 | 01/09/25 | 165,299 | 165,547 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 12/20/24 | 01/09/25 | 238,508 | 238,866 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 12/20/24 | 01/14/25 | 611,762 | 612,609 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 12/20/24 | 01/14/25 | 172,425 | 172,663 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 12/20/24 | 01/14/25 | 161,590 | 161,814 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.25 | 12/20/24 | 01/14/25 | 104,573 | 104,721 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.30 | 12/20/24 | 01/14/25 | 132,225 | 132,414 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 938,000 | 939,360 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 168,025 | 168,269 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 494,250 | 494,967 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 298,915 | 299,348 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 135,800 | 135,999 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 135,135 | 135,333 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 110,925 | 111,088 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 1,249,687 | 1,251,520 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 433,125 | 433,767 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 2,910,000 | 2,914,316 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 1,605,500 | 1,607,881 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 1,216,875 | 1,218,680 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 113,816 | 113,985 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 224,449 | 224,782 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 416,718 | 417,336 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 83,806 | 83,931 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 240,626 | 240,983 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 2,714,850 | 2,718,877 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 834,088 | 835,325 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 172,265 | 172,520 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 692,415 | 693,442 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 220,228 | 220,554 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 130,475 | 130,669 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 1,572,187 | 1,574,520 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 142,750 | 142,962 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 138,944 | 139,150 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 326,325 | 326,809 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 93,624 | 93,763 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 135,649 | 135,850 | Corporate Bonds | Up to 30 Days

42
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
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 % | 12/20/24 | 01/14/25 | $ 3,720,000 | $ 3,722,944 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 12/20/24 | 01/14/25 | 185,760 | 186,039 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 4.32 | 12/20/24 | 01/14/25 | 163,712 | 163,948 | Foreign Agency Obligations | Up to 30 Days
Barclays Bank PLC | 4.49 | 12/20/24 | 01/31/25 | 2,282,850 | 2,286,267 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 4.49 | 12/20/24 | 01/31/25 | 4,837,500 | 4,844,740 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 3.00 | 12/20/24 | 01/31/25 | 115,573 | 115,689 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.15 | 12/20/24 | 01/31/25 | 116,745 | 116,906 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 12/20/24 | 01/31/25 | 1,017,090 | 1,018,599 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 12/20/24 | 01/31/25 | 2,143,750 | 2,146,930 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 12/20/24 | 01/31/25 | 1,122,687 | 1,124,353 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 12/20/24 | 01/31/25 | 216,386 | 216,707 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 12/20/24 | 01/31/25 | 927,500 | 928,876 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 12/20/24 | 01/31/25 | 118,125 | 118,300 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 12/20/24 | 01/31/25 | 187,500 | 187,778 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 12/20/24 | 01/31/25 | 763,750 | 764,883 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 12/20/24 | 01/31/25 | 1,672,650 | 1,675,153 | Corporate Bonds | 31 - 90 Days
Nomura Securities International, Inc. | 4.65 (b) | 12/23/24 | Open | 638,522 | 639,265 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 12/23/24 | Open | 1,793,844 | 1,795,862 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 12/23/24 | Open | 139,486 | 139,648 | Corporate Bonds | Open/Demand
Barclays Capital, Inc. | 3.75 | 12/24/24 | 01/31/25 | 361,156 | 361,457 | Corporate Bonds | 31 - 90 Days
BNP Paribas SA | 4.67 (b) | 12/24/24 | Open | 1,061,205 | 1,062,278 | U.S. Treasury Obligations | Open/Demand
J.P. Morgan Securities LLC | 4.50 | 12/26/24 | 01/09/25 | 1,317,051 | 1,318,039 | Corporate Bonds | Up to 30 Days
U.S. Bancorp Investments, Inc. | 4.31 (b) | 12/26/24 | Open | 3,071,250 | 3,073,824 | Corporate Bonds | Open/Demand
|  |  |  | $ 362,094,694 | $ 364,276,502 |  |

(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 | 389 | 03/20/25 | $ 43,301 | $ (915,589 )
Ultra U.S. Treasury Bond | 619 | 03/20/25 | 73,603 | (2,374,658 )
5-Year U.S. Treasury Note | 23 | 03/31/25 | 2,445 | (2,366 )
|  |  |  | (3,292,613 )
Short Contracts |  |  |  |
10-Year U.S. Treasury Note | 979 | 03/20/25 | 106,466 | 1,243,411
U.S. Long Bond | 267 | 03/20/25 | 30,396 | 774,060
2-Year U.S. Treasury Note | 205 | 03/31/25 | 42,150 | (8,326 )
|  |  |  | 2,009,145
|  |  |  | $ (1,283,468 )

Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 76,522 | EUR | 69,855 | The Bank of New York Mellon | 01/16/25 | $ 4,125
USD | 200,969 | EUR | 183,443 | The Bank of New York Mellon | 01/16/25 | 10,852
USD | 374,931 | EUR | 342,242 | The Bank of New York Mellon | 01/16/25 | 20,235
USD | 101,544 | CAD | 144,000 | Natwest Markets PLC | 03/19/25 | 1,082
USD | 2,110 | EUR | 2,000 | Barclays Bank PLC | 03/19/25 | 32
USD | 67,951 | EUR | 64,410 | Standard Chartered Bank | 03/19/25 | 1,010

Schedule of Investments
43

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 471,507 | EUR | 446,933 | Toronto-Dominion Bank | 03/19/25 | $ 7,011
USD | 6,526,750 | EUR | 6,191,657 | UBS AG | 03/19/25 | 91,782
USD | 1,207,860 | GBP | 954,000 | Barclays Bank PLC | 03/19/25 | 14,230
|  |  |  |  |  | $ 150,359

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 | $ (493,480 ) | $ (258,736 ) | $ (234,744 )
CDX.NA.HY.43.V1 | 5.00 | Quarterly | 12/20/29 | USD | 11,725 | (923,507 ) | (863,757 ) | (59,750 )
CDX.NA.IG.43.V1 | 1.00 | Quarterly | 12/20/29 | USD | 6,040 | (137,099 ) | (137,354 ) | 255
|  |  |  |  |  | $ (1,554,086 ) | $ (1,259,847 ) | $ (294,239 )

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)
iTraxx.XO.42.V1 | 5.00 % | Quarterly | 12/20/29 | B+ | EUR | 52 | $ 4,324 | $ 4,824 | $ (500 )

(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 | 10 | $ 407 | $ 366 | $ 41
CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | BB+ | EUR | 20 | 2,015 | 2,563 | (548 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC+ | EUR | 5 | 283 | (733 ) | 1,016
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC+ | EUR | 3 | 170 | (426 ) | 596
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC+ | EUR | 9 | 478 | (1,198 ) | 1,676
Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC+ | EUR | 3 | 138 | (357 ) | 495
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC+ | EUR | 6 | 290 | (762 ) | 1,052
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | CCC+ | EUR | 4 | 211 | (540 ) | 751
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB | EUR | 13 | 879 | 1,555 | (676 )
Virgin Media Finance PLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | B- | EUR | 3 | 160 | 96 | 64
Virgin Media Finance PLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | B- | EUR | 4 | 237 | 136 | 101
|  |  |  |  |  |  |  | $ 5,268 | $ 700 | $ 4,568

(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.

44
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
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) | $ 4,824 | $ (1,259,847 ) | $ 255 | $ (294,994 )
OTC Swaps | 4,716 | (4,016 ) | 5,792 | (1,224 )

(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) | $ — | $ — | $ — | $ — | $ 2,017,471 | $ — | $ 2,017,471
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 150,359 | — | — | 150,359
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps (a) | — | 255 | — | — | — | — | 255
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 10,508 | — | — | — | — | 10,508
| $ — | $ 10,763 | $ — | $ 150,359 | $ 2,017,471 | $ — | $ 2,178,593
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 3,300,939 | $ — | $ 3,300,939
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) | — | 294,994 | — | — | — | — | 294,994
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 5,240 | — | — | — | — | 5,240
| $ — | $ 300,234 | $ — | $ — | $ 3,300,939 | $ — | $ 3,601,173

(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 December 31, 2024, 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 | $ — | $ — | $ — | $ — | $ (911,271 ) | $ — | $ (911,271 )
Forward foreign currency exchange contracts | — | — | — | 452,221 | — | — | 452,221
Options purchased (a) | — | — | — | — | (541 ) | — | (541 )
Options written | — | — | — | — | 131 | — | 131
Swaps | — | (708,084 ) | — | — | 36,292 | — | (671,792 )
| $ — | $ (708,084 ) | $ — | $ 452,221 | $ (875,389 ) | $ — | $ (1,131,252 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ (6,271,380 ) | $ — | $ (6,271,380 )
Forward foreign currency exchange contracts | — | — | — | 219,593 | — | — | 219,593
Swaps | — | 153,314 | — | — | — | — | 153,314
| $ — | $ 153,314 | $ — | $ 219,593 | $ (6,271,380 ) | $ — | $ (5,898,473 )

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

Schedule of Investments
45

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — long | $ 122,204,702
Average notional value of contracts — short | 146,139,617
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | 8,561,968
Options: |
Average value of option contracts purchased | 35
Average value of option contracts written | 4
Credit default swaps: |
Average notional value — buy protection | 34,166,525
Average notional value — sell protection | 2,454,507
Interest rate swaps: |
Average notional value — pays fixed rate | 9,595,799

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 | $ 286,751 | $ 370,807
Forward foreign currency exchange contracts | 150,359 | —
Swaps — centrally cleared | — | 16,307
Swaps — OTC (a) | 10,508 | 5,240
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 447,618 | 392,354
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (286,751 ) | (387,114 )
Total derivative assets and liabilities subject to an MNA | $ 160,867 | $ 5,240

(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. | $ 1,016 | $ (733 ) | $ — | $ — | $ 283
Barclays Bank PLC | 18,089 | (2,300 ) | — | — | 15,789
Citibank N.A. | 495 | (357 ) | — | — | 138
JPMorgan Chase Bank N.A. | 1,856 | (762 ) | — | — | 1,094
Morgan Stanley & Co. International PLC | 3,314 | (1,088 ) | — | — | 2,226
Natwest Markets PLC | 1,082 | — | — | — | 1,082
Standard Chartered Bank | 1,010 | — | — | — | 1,010
The Bank of New York Mellon | 35,212 | — | — | — | 35,212
Toronto-Dominion Bank | 7,011 | — | — | — | 7,011
UBS AG | 91,782 | — | — | — | 91,782
| $ 160,867 | $ (5,240 ) | $ — | $ — | $ 155,627

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 (e)
Bank of America N.A. | $ 733 | $ (733 ) | $ — | $ — | $ —
Barclays Bank PLC | 2,300 | (2,300 ) | — | — | —
Citibank N.A. | 357 | (357 ) | — | — | —

46
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)

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 (e)
JPMorgan Chase Bank N.A. | $ 762 | $ (762 ) | $ — | $ — | $ —
Morgan Stanley & Co. International PLC | 1,088 | (1,088 ) | — | — | —
| $ 5,240 | $ (5,240 ) | $ — | $ — | $ —

(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 | $ — | $ 79,350,569 | $ — | $ 79,350,569
Corporate Bonds | — | 359,428,403 | 3,838,959 | 363,267,362
Fixed Rate Loan Interests | — | 1,675,380 | 1,601,625 | 3,277,005
Floating Rate Loan Interests | — | 17,583,782 | 714,415 | 18,298,197
Foreign Agency Obligations | — | 9,617,423 | — | 9,617,423
Municipal Bonds | — | 21,269,434 | — | 21,269,434
Non-Agency Mortgage-Backed Securities | — | 102,192,968 | — | 102,192,968
Preferred Securities |  |  |  |
Capital Trusts | — | 33,176,213 | — | 33,176,213
Preferred Stocks | — | 119,300 | 14,420 | 133,720
Trust Preferred | 886,603 | — | — | 886,603
U.S. Government Sponsored Agency Securities | — | 112,615,059 | — | 112,615,059
U.S. Treasury Obligations | — | 137,379,403 | — | 137,379,403
Short-Term Securities |  |  |  |
Money Market Funds | 4,465,196 | — | — | 4,465,196
U.S. Treasury Obligations | — | 26,150,050 | — | 26,150,050
Unfunded Floating Rate Loan Interests (a) | — | 126 | — | 126
Liabilities |  |  |  |
Investments |  |  |  |
TBA Sale Commitments | — | (5,294,251 ) | — | (5,294,251 )
Unfunded Floating Rate Loan Interests (a) | — | (678 ) | — | (678 )
| $ 5,351,799 | $ 895,263,181 | $ 6,169,419 | $ 906,784,399
Derivative Financial Instruments (b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $ — | $ 6,047 | $ — | $ 6,047
Foreign Currency Exchange Contracts | — | 150,359 | — | 150,359
Interest Rate Contracts | 2,017,471 | — | — | 2,017,471
Liabilities |  |  |  |
Credit Contracts | — | (296,218 ) | — | (296,218 )
Interest Rate Contracts | (3,300,939 ) | — | — | (3,300,939 )
| $ (1,283,468 ) | $ (139,812 ) | $ — | $ (1,423,280 )

(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.

Schedule of Investments
47

Schedule of Investments
(continued)
December 31, 2024
BlackRock Core Bond Trust (BHK)
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 $364,276,502 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 year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in
determining fair value:

| Asset-Backed Securities | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Preferred Stocks | Total
Assets |  |  |  |  |  |
Opening balance, as of December 31, 2023 | $ 961,517 | $ 4,014,607 | $ — | $ 311,432 | $ — | $ 5,287,556
Transfers into Level 3 | — | — | — | 142,615 | — | 142,615
Transfers out of Level 3 | (500,050 ) | — | — | (113,652 ) | — | (613,702 )
Accrued discounts/premiums | (22,403 ) | — | 751 | 1,265 | — | (20,387 )
Net realized gain (loss) | 3,908 | — | — | (1,113 ) | — | 2,795
Net change in unrealized appreciation (depreciation) (a)(b) | 16,868 | (19,346 ) | (4,682 ) | 14,060 | — | 6,900
Purchases | — | — | 1,605,556 | 686,214 | 14,420 | 2,306,190
Sales | (459,840 ) | (156,302 ) | — | (326,406 ) | — | (942,548 )
Closing balance, as of December 31, 2024 | $ — | $ 3,838,959 | $ 1,601,625 | $ 714,415 | $ 14,420 | $ 6,169,419
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024 (b) | $ 11,510 | $ (19,346 ) | $ (4,682 ) | $ 11,489 | $ — | $ (1,028 )

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024 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.
48
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
Arini European CLO I DAC, Series 1X, Class D, (3- mo. EURIBOR + 6.04%), 9.22%, 07/15/36 (a)(b) | EUR | 100 | $ 105,859
Avoca CLO XVIII DAC, Series 18X, Class DR, 01/15/38 (a)(b)(c) |  | 110 | 113,943
Cairn CLO XVI DAC, Series 2023-16X, Class D, (3- mo. EURIBOR + 5.20%), 8.38%, 01/15/37 (a)(b) |  | 100 | 106,241
CIFC European Funding CLO I DAC, Series 1X, Class DR, (3-mo. EURIBOR + 3.20%), 6.38%, 07/15/32 (a)(b) |  | 100 | 104,342
Contego CLO VII DAC (a)(b) |  |  |
Series 7X, Class D, (3-mo. EURIBOR + 3.95%), 7.09%, 05/14/32 |  | 100 | 103,674
Series 7X, Class DR, 01/23/38 (c) |  | 100 | 103,585
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, (3-mo. EURIBOR + 3.15%), 6.04%, 12/15/34 (a)(b) |  | 100 | 103,963
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class C, (3-mo. CME Term SOFR + 2.21%), 6.87%, 07/15/31 (b)(d) | USD | 250 | 250,250
Greene King Finance PLC (b) |  |  |
Series 06, Class B2, (1-day SONIA GBP + 2.20%), 6.93%, 03/15/36 (a) | GBP | 100 | 98,474
Series B1, (1-day SONIA GBP + 1.92%), 6.65%, 12/15/34 |  | 100 | 108,859
Rockfield Park CLO DAC, Series 1X, Class C, (3-mo. EURIBOR + 3.00%), 6.18%, 07/16/34 (a)(b) | EUR | 100 | 104,724
Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. EURIBOR + 3.25%), 6.41%, 04/20/37 (a)(b) |  | 110 | 114,974
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32 (a) | GBP | 100 | 130,777
Total Asset-Backed Securities — 0.1% (Cost: $1,585,730) | 1,549,665

|  | Shares |
Common Stocks
Aerospace & Defense — 0.1% |
Boeing Co. (e) |  | 8,136 | 1,440,072
Building Products — 0.0% |
JELD-WEN Holding, Inc. (e) |  | 69,618 | 570,171
Electrical Equipment — 0.0% |
SunPower Corp. (e)(f) |  | 1,025 | —
Energy Equipment & Services — 0.0% |
Nine Energy Service, Inc. (e) |  | 2,390 | 2,677
IT Services — 0.0% |
Atos SE (e) |  | 16,205,469 | 43,645
Life Sciences Tools & Services — 0.1% |
Avantor, Inc. (e)(g) |  | 69,632 | 1,467,146
Metals & Mining — 0.1% |
Constellium SE, Class A (e) |  | 159,448 | 1,637,531
Real Estate Management & Development — 0.0% |
Adler Group SA (e)(f) |  | 83,768 | 1

Security |  | Shares | Value
Semiconductors & Semiconductor Equipment — 0.0% |
Maxeon Solar Technologies Ltd. (e) |  | 1 | $ 8
Specialized REITs — 0.2% |
VICI Properties, Inc. |  | 90,764 | 2,651,216
Total Common Stocks — 0.5% (Cost: $8,642,296) | 7,812,467

|  | Par (000) |
Corporate Bonds
Advertising Agencies (d) — 1.6%
Clear Channel Outdoor Holdings, Inc. |  |  |
5.13%, 08/15/27 | USD | 440 | 423,530
9.00%, 09/15/28 |  | 2,715 | 2,843,219
7.50%, 06/01/29 |  | 9,968 | 8,721,490
7.88%, 04/01/30 |  | 4,082 | 4,201,166
CMG Media Corp., 8.88%, 06/18/29 |  | 887 | 665,454
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 |  | 3,144 | 2,924,309
Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
4.25%, 01/15/29 |  | 1,152 | 1,071,226
4.63%, 03/15/30 |  | 1,550 | 1,432,290
7.38%, 02/15/31 |  | 1,528 | 1,597,128
Stagwell Global LLC, 5.63%, 08/15/29 |  | 553 | 526,508
|  |  | 24,406,320
Aerospace & Defense — 2.6%
Boeing Co., 6.86%, 05/01/54 |  | 1,441 | 1,531,562
Bombardier, Inc. (d) |  |  |
7.88%, 04/15/27 |  | 459 | 459,695
6.00%, 02/15/28 |  | 3,089 | 3,076,484
8.75%, 11/15/30 |  | 2,381 | 2,559,419
7.25%, 07/01/31 |  | 978 | 1,008,588
7.00%, 06/01/32 |  | 1,290 | 1,312,267
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (d) |  | 3,695 | 3,695,685
Goat Holdco LLC, 6.75%, 02/01/32 (d) |  | 1,707 | 1,690,322
Spirit AeroSystems, Inc. (d) |  |  |
9.38%, 11/30/29 |  | 2,657 | 2,844,296
9.75%, 11/15/30 |  | 2,077 | 2,298,425
TransDigm, Inc. (d) |  |  |
6.88%, 12/15/30 |  | 697 | 707,368
7.13%, 12/01/31 |  | 3,475 | 3,558,272
6.63%, 03/01/32 |  | 10,407 | 10,500,930
6.00%, 01/15/33 |  | 103 | 100,946
Triumph Group, Inc., 9.00%, 03/15/28 (d) |  | 3,661 | 3,811,952
|  |  | 39,156,211
Air Freight & Logistics — 0.1%
Rand Parent LLC, 8.50%, 02/15/30 (d) |  | 918 | 923,033
Automobile Components — 1.8%
Clarios Global LP/Clarios U.S. Finance Co. |  |  |
4.38%, 05/15/26 (a) | EUR | 1,576 | 1,631,520
8.50%, 05/15/27 (d) | USD | 14,182 | 14,203,571
6.75%, 05/15/28 (d) |  | 7,384 | 7,519,046
Forvia SE (a) |  |  |
2.75%, 02/15/27 | EUR | 167 | 166,322
5.50%, 06/15/31 |  | 215 | 221,898

Consolidated Schedule of Investments
49

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Automobile Components (continued)
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (d) | USD | 766 | $ 777,134
Goodyear Europe BV, 2.75%, 08/15/28 (a) | EUR | 100 | 97,888
Goodyear Tire & Rubber Co., 5.63%, 04/30/33 | USD | 311 | 273,084
IHO Verwaltungs GmbH, (8.75% Cash or 9.50% PIK), 8.75%, 05/15/28 (a)(h) | EUR | 116 | 126,767
Mahle GmbH, 6.50%, 05/02/31 (a) |  | 206 | 209,411
Tenneco, Inc., 8.00%, 11/17/28 (d) | USD | 1,483 | 1,382,170
ZF Finance GmbH (a) |  |  |
5.75%, 08/03/26 | EUR | 200 | 210,795
2.00%, 05/06/27 |  | 200 | 194,714
2.75%, 05/25/27 |  | 100 | 98,691
|  |  | 27,113,011
Automobiles — 1.3%
Asbury Automotive Group, Inc., 5.00%, 02/15/32 (d) | USD | 306 | 279,138
Aston Martin Capital Holdings Ltd. |  |  |
10.00%, 03/31/29 (d) |  | 767 | 748,751
10.38%, 03/31/29 (a) | GBP | 104 | 127,984
Carvana Co. (d)(h) |  |  |
(13.00% PIK), 13.00%, 06/01/30 | USD | 3,846 | 4,222,946
(14.00% PIK), 14.00%, 06/01/31 |  | 5,674 | 6,803,171
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (d) |  | 1,059 | 1,098,867
Global Auto Holdings Ltd/AAG FH UK Ltd., 11.50%, 08/15/29 (d) |  | 639 | 650,284
Group 1 Automotive, Inc., 6.38%, 01/15/30 (d) |  | 775 | 776,548
Ken Garff Automotive LLC, 4.88%, 09/15/28 (d) |  | 381 | 365,867
LCM Investments Holdings II LLC (d) |  |  |
4.88%, 05/01/29 |  | 968 | 903,873
8.25%, 08/01/31 |  | 1,631 | 1,691,942
RCI Banque SA (a)(b) |  |  |
(5-year EUR Swap + 2.85%), 2.63%, 02/18/30 | EUR | 600 | 618,996
(5-year EURIBOR ICE Swap + 2.75%), 5.50%, 10/09/34 |  | 200 | 211,812
Wabash National Corp., 4.50%, 10/15/28 (d) | USD | 1,072 | 978,883
|  |  | 19,479,062
Banks — 0.8%
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36 (a)(b) | EUR | 100 | 103,668
Alpha Bank SA, (1-year EUR Swap + 2.43%), 5.00%, 05/12/30 (a)(b) |  | 125 | 137,201
Banca Monte dei Paschi di Siena SpA (a) |  |  |
10.50%, 07/23/29 |  | 141 | 183,888
(3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29 (b) |  | 100 | 107,937
Banco Bilbao Vizcaya Argentaria SA, (5-year EUR Swap + 4.27%), 6.88% (a)(b)(i) |  | 200 | 217,451
Banco de Sabadell SA (a)(b) |  |  |
(5-year EUR Swap + 2.95%), 2.50%, 04/15/31 |  | 100 | 102,549
(5-year EUR Swap + 3.15%), 6.00%, 08/16/33 |  | 100 | 110,297
Banco Espirito Santo SA (a)(b)(e)(j) |  |  |
0.00%, 01/15/18 |  | 1,900 | 551,072
4.00%, 01/21/22 |  | 1,100 | 319,042
Commerzbank AG (a)(b)(i) |  |  |
(5-year EUR Swap + 6.36%), 6.13% |  | 200 | 208,983
(5-year EURIBOR ICE Swap + 5.13%), 7.88% |  | 200 | 227,172
Deutsche Bank AG (a)(b)(i) |  |  |
(5-year EURIBOR ICE Swap + 4.55%), 4.50% |  | 200 | 196,811
(5-year EURIBOR ICE Swap + 5.26%), 8.13% |  | 200 | 217,451
Eurobank SA (a)(b) |  |  |
(1-year EUR Swap + 1.80%), 4.00%, 09/24/30 |  | 100 | 105,790
(5-year EURIBOR ICE Swap + 2.17%), 4.88%, 04/30/31 |  | 100 | 110,053

Security |  | Par (000) | Value
Banks (continued)
First-Citizens Bank & Trust Co., 6.00%, 04/01/36 | USD | 3,261 | $ 3,128,212
Freedom Mortgage Corp., 12.25%, 10/01/30 (d) |  | 537 | 593,880
Intesa Sanpaolo SpA |  |  |
5.15%, 06/10/30 (a) | GBP | 125 | 149,742
(1-year CMT + 2.60%), 4.20%, 06/01/32 (b)(d) | USD | 855 | 743,442
(1-year CMT + 2.75%), 4.95%, 06/01/42 (b)(d) |  | 630 | 484,009
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35 (a)(b) | EUR | 175 | 196,174
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70% (b)(i) | USD | 627 | 639,387
Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, 07/31/84 (b) |  | 2,046 | 2,081,652
UniCredit SpA, (5-year EUR Swap + 2.80%), 2.73%, 01/15/32 (a)(b) | EUR | 200 | 203,312
|  |  | 11,119,175
Biotechnology — 0.0%
Cidron Aida Finco SARL, 6.25%, 04/01/28 (a) | GBP | 233 | 277,913
Broadline Retail (d) — 0.3%
Rakuten Group, Inc. |  |  |
11.25%, 02/15/27 | USD | 1,108 | 1,207,752
9.75%, 04/15/29 |  | 2,442 | 2,643,160
|  |  | 3,850,912
Building Materials — 2.9%
Builders FirstSource, Inc., 6.38%, 03/01/34 (d) |  | 1,003 | 989,897
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (d) |  | 1,092 | 1,046,413
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
6.38%, 12/15/30 (d) | EUR | 840 | 919,406
6.38%, 12/15/30 (a) |  | 200 | 218,906
6.63%, 12/15/30 (d) | USD | 15,582 | 15,602,779
6.75%, 07/15/31 (d) |  | 1,146 | 1,153,825
HT Troplast GmbH, 9.38%, 07/15/28 (a) | EUR | 124 | 135,799
JELD-WEN, Inc., 7.00%, 09/01/32 (d) | USD | 2,317 | 2,150,361
New Enterprise Stone & Lime Co., Inc. (d) |  |  |
5.25%, 07/15/28 |  | 435 | 420,224
9.75%, 07/15/28 |  | 1,074 | 1,098,313
PCF GmbH, 4.75%, 04/15/29 (a) | EUR | 218 | 186,657
Smyrna Ready Mix Concrete LLC (d) |  |  |
6.00%, 11/01/28 | USD | 4,416 | 4,307,215
8.88%, 11/15/31 |  | 3,579 | 3,752,420
Standard Building Solutions, Inc., 6.50%, 08/15/32 (d) |  | 3,246 | 3,251,198
Standard Industries, Inc. |  |  |
2.25%, 11/21/26 (a) | EUR | 511 | 517,198
3.38%, 01/15/31 (d) | USD | 4,044 | 3,467,366
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 01/15/31 (d) |  | 2,402 | 2,548,728
Wilsonart LLC, 11.00%, 08/15/32 (d) |  | 1,540 | 1,509,472
|  |  | 43,276,177
Building Products (d) — 0.7%
GYP Holdings III Corp., 4.63%, 05/01/29 |  | 2,104 | 1,984,402
White Cap Buyer LLC, 6.88%, 10/15/28 |  | 7,955 | 7,866,925
|  |  | 9,851,327
Capital Markets — 1.9%
Antares Holdings LP, 6.35%, 10/23/29 (d) |  | 575 | 570,454
Apollo Debt Solutions BDC (d) |  |  |
6.90%, 04/13/29 |  | 1,576 | 1,630,351
6.70%, 07/29/31 |  | 745 | 765,114
Ares Strategic Income Fund, 5.70%, 03/15/28 (d) |  | 869 | 868,879
Blackstone Private Credit Fund |  |  |
5.95%, 07/16/29 |  | 697 | 701,592
6.25%, 01/25/31 |  | 397 | 403,676

50
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Capital Markets (continued)
Blackstone Private Credit Fund (continued) |  |  |
6.00%, 11/22/34 (d) | USD | 3,590 | $ 3,502,717
Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 767 | 803,903
Blue Owl Credit Income Corp. |  |  |
7.75%, 09/16/27 |  | 1,519 | 1,595,060
6.60%, 09/15/29 (d) |  | 186 | 189,715
6.65%, 03/15/31 |  | 1,410 | 1,435,112
Blue Owl Technology Finance Corp. II, 6.75%, 04/04/29 (d) |  | 522 | 525,200
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (d) |  | 1,129 | 1,083,670
Focus Financial Partners LLC, 6.75%, 09/15/31 (d) |  | 1,266 | 1,260,969
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34 (d) |  | 1,296 | 1,262,095
HAT Holdings I LLC/HAT Holdings II LLC (d) |  |  |
3.38%, 06/15/26 |  | 1,021 | 989,323
8.00%, 06/15/27 |  | 1,059 | 1,103,393
HPS Corporate Lending Fund, 6.75%, 01/30/29 (d) |  | 935 | 960,160
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
5.25%, 05/15/27 |  | 4,444 | 4,207,471
9.75%, 01/15/29 |  | 1,265 | 1,268,255
4.38%, 02/01/29 |  | 1,443 | 1,205,311
10.00%, 11/15/29 (d) |  | 1,401 | 1,404,308
Lehman Brothers Holdings, Inc. (e)(j) |  |  |
5.38%, 10/17/17 | EUR | 350 | 1,088
4.75%, 01/16/18 |  | 1,890 | 5,873
0.00%, 02/05/18 (b) |  | 3,950 | 12,275
1.00%, 09/22/18 (i) | USD | 430 | 301
0.00%, 12/31/49 (b) |  | 1,535 | 1,075
Oaktree Strategic Credit Fund |  |  |
8.40%, 11/14/28 |  | 342 | 366,394
6.50%, 07/23/29 |  | 667 | 674,012
|  |  | 28,797,746
Chemicals — 2.4%
Avient Corp., 6.25%, 11/01/31 (d) |  | 769 | 758,533
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 1,239 | 1,192,552
5.75%, 11/15/28 (d) |  | 1,278 | 1,187,179
4.63%, 11/15/29 (d) |  | 558 | 484,804
8.00%, 01/15/33 (d) |  | 1,566 | 1,530,071
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27 (a) | EUR | 100 | 104,399
Herens Holdco SARL, 4.75%, 05/15/28 (d) | USD | 3,000 | 2,768,095
Herens Midco SARL, 5.25%, 05/15/29 (a) | EUR | 102 | 87,748
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (d) | USD | 1,013 | 1,025,704
INEOS Finance PLC, 6.38%, 04/15/29 (a) | EUR | 128 | 138,950
INEOS Quattro Finance 2 PLC (a) |  |  |
8.50%, 03/15/29 |  | 186 | 206,155
6.75%, 04/15/30 |  | 100 | 107,400
Ingevity Corp., 3.88%, 11/01/28 (d) | USD | 494 | 451,641
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (d)(h) |  | 1,561 | 1,322,505
Kronos International, Inc., 9.50%, 03/15/29 (a) | EUR | 170 | 193,506
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (d) | USD | 725 | 745,724
Lune Holdings SARL, 5.63%, 11/15/28 (a) | EUR | 125 | 98,147
Mativ Holdings, Inc., 8.00%, 10/01/29 (d) | USD | 823 | 792,712
Methanex U.S. Operations, Inc., 6.25%, 03/15/32 (d) |  | 1,117 | 1,105,105
Monitchem HoldCo 3 SA, 8.75%, 05/01/28 (a) | EUR | 100 | 106,998
Nobian Finance BV, 3.63%, 07/15/26 (a) |  | 106 | 108,702
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28 (a) |  | 179 | 197,459

Security |  | Par (000) | Value
Chemicals (continued)
Olympus Water U.S. Holding Corp. (continued) |  |  |
9.75%, 11/15/28 (d) | USD | 4,842 | $ 5,137,441
5.38%, 10/01/29 (a) | EUR | 100 | 98,955
6.25%, 10/01/29 (d) | USD | 852 | 809,352
7.25%, 06/15/31 (d) |  | 3,268 | 3,319,438
SCIL IV LLC/SCIL USA Holdings LLC (a) |  |  |
9.50%, 07/15/28 | EUR | 100 | 110,903
(3-mo. EURIBOR + 4.38%), 7.43%, 11/01/26 (b) |  | 100 | 104,124
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (d) | USD | 3,950 | 3,680,022
Synthomer PLC, 7.38%, 05/02/29 (a) | EUR | 112 | 121,124
WR Grace Holdings LLC (d) |  |  |
5.63%, 08/15/29 | USD | 7,279 | 6,694,372
7.38%, 03/01/31 |  | 1,174 | 1,198,910
|  |  | 35,988,730
Commercial Services & Supplies — 5.9%
ADT Security Corp., 4.88%, 07/15/32 (d) |  | 790 | 725,052
Allied Universal Holdco LLC, 7.88%, 02/15/31 (d) |  | 9,457 | 9,665,860
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29 (d) |  | 7,185 | 6,546,661
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
4.63%, 06/01/28 (d) |  | 3,440 | 3,247,691
4.88%, 06/01/28 (a) | GBP | 300 | 347,755
Amber Finco PLC, 6.63%, 07/15/29 (a) | EUR | 165 | 180,572
APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), 7.37%, 04/15/31 (a)(b) |  | 100 | 103,975
APi Group DE, Inc., 4.75%, 10/15/29 (d) | USD | 1,283 | 1,206,561
BCP V Modular Services Finance II PLC (a) |  |  |
4.75%, 11/30/28 | EUR | 200 | 203,047
6.13%, 11/30/28 | GBP | 100 | 120,810
Belron UK Finance PLC, 4.63%, 10/15/29 (a) | EUR | 140 | 148,499
Boels Topholding BV (a) |  |  |
6.25%, 02/15/29 |  | 107 | 116,031
5.75%, 05/15/30 |  | 100 | 108,104
Boost Newco Borrower LLC, 7.50%, 01/15/31 (d) | USD | 5,245 | 5,498,646
Brink ’ s Co., 6.75%, 06/15/32 (d) |  | 1,208 | 1,216,872
Cimpress PLC, 7.38%, 09/15/32 (d) |  | 1,384 | 1,374,933
Deluxe Corp., 8.13%, 09/15/29 (d) |  | 639 | 647,959
EC Finance PLC, 3.00%, 10/15/26 (a) | EUR | 109 | 107,545
EquipmentShare.com, Inc., 8.00%, 03/15/33 (d) | USD | 677 | 685,584
Fortress Transportation and Infrastructure Investors LLC (d) |  |  |
5.50%, 05/01/28 |  | 4,130 | 4,039,323
7.88%, 12/01/30 |  | 3,628 | 3,818,532
7.00%, 05/01/31 |  | 5,374 | 5,482,248
7.00%, 06/15/32 |  | 2,920 | 2,977,554
5.88%, 04/15/33 |  | 2,045 | 1,973,472
Garda World Security Corp. (d) |  |  |
4.63%, 02/15/27 |  | 936 | 909,064
7.75%, 02/15/28 |  | 3,360 | 3,467,208
6.00%, 06/01/29 |  | 500 | 473,995
8.25%, 08/01/32 |  | 2,055 | 2,088,340
8.38%, 11/15/32 |  | 4,471 | 4,550,785
Herc Holdings, Inc., 6.63%, 06/15/29 (d) |  | 1,258 | 1,273,938
Hertz Corp., 12.63%, 07/15/29 (d) |  | 760 | 809,716
La Financiere Atalian, (3.50% Cash and 5.00% PIK), 8.50%, 06/30/28 (h) | EUR | 148 | 70,732
Loxam SAS (a) |  |  |
6.38%, 05/15/28 |  | 115 | 123,896
6.38%, 05/31/29 |  | 101 | 110,280
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29 (d) | USD | 763 | 727,956

Consolidated Schedule of Investments
51

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Pachelbel Bidco SpA (a) |  |  |
7.13%, 05/17/31 | EUR | 100 | $ 110,771
(3-mo. EURIBOR + 4.25%), 7.30%, 05/17/31 (b) |  | 100 | 104,287
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28 (d) | USD | 3,405 | 3,386,285
Q-Park Holding I BV (a) |  |  |
5.13%, 03/01/29 | EUR | 100 | 106,849
5.13%, 02/15/30 |  | 124 | 131,921
Raven Acquisition Holdings LLC, 6.88%, 11/15/31 (d) | USD | 2,043 | 2,022,506
RR Donnelley & Sons Co., 9.50%, 08/01/29 (d) |  | 3,259 | 3,309,437
Sotheby ’ s, 7.38%, 10/15/27 (d) |  | 5,001 | 4,945,263
Sotheby ’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (d) |  | 1,191 | 1,056,167
Techem Verwaltungsgesellschaft 674 GmbH, 6.00%, 07/30/26 (a) | EUR | 88 | 91,164
Techem Verwaltungsgesellschaft 675 GmbH, 5.38%, 07/15/29 (a) |  | 200 | 214,082
Verisure Holding AB (a) |  |  |
3.88%, 07/15/26 |  | 140 | 144,475
9.25%, 10/15/27 |  | 80 | 86,908
7.13%, 02/01/28 |  | 100 | 107,455
Veritiv Operating Co., 10.50%, 11/30/30 (d) | USD | 868 | 934,819
Wand NewCo 3, Inc., 7.63%, 01/30/32 (d) |  | 3,226 | 3,313,503
Williams Scotsman, Inc. (d) |  |  |
6.63%, 06/15/29 |  | 200 | 202,380
7.38%, 10/01/31 |  | 1,665 | 1,713,227
|  |  | 87,130,695
Construction & Engineering — 0.6%
Arcosa, Inc., 6.88%, 08/15/32 (d) |  | 144 | 146,318
Brand Industrial Services, Inc., 10.38%, 08/01/30 (d) |  | 7,611 | 7,746,493
Cellnex Telecom SA (a)(k) |  |  |
Series CLNX, 2.13%, 08/11/30 | EUR | 300 | 326,185
Series CLNX, 0.75%, 11/20/31 |  | 100 | 91,055
Heathrow Finance PLC, 6.63%, 03/01/31 (a) | GBP | 100 | 125,816
Infrastrutture Wireless Italiane SpA, 1.63%, 10/21/28 (a) | EUR | 200 | 195,740
|  |  | 8,631,607
Consumer Finance — 1.2%
Bread Financial Holdings, Inc., 9.75%, 03/15/29 (d) | USD | 350 | 376,159
Global Payments, Inc., 1.50%, 03/01/31 (d)(k) |  | 2,786 | 2,727,494
Navient Corp., 9.38%, 07/25/30 |  | 959 | 1,024,587
Nexi SpA, 0.00%, 02/24/28 (a)(k)(l) | EUR | 200 | 183,089
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 | USD | 3,098 | 3,136,353
6.63%, 05/15/29 |  | 1,650 | 1,670,542
5.38%, 11/15/29 |  | 408 | 392,266
7.88%, 03/15/30 |  | 1,737 | 1,811,964
4.00%, 09/15/30 |  | 451 | 400,832
7.50%, 05/15/31 |  | 546 | 560,377
7.13%, 11/15/31 |  | 920 | 937,317
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32 (d) |  | 3,556 | 3,616,655
Worldline SA/France, 0.00%, 07/30/26 (a)(k)(l) | EUR | 233 | 231,898
|  |  | 17,069,533
Consumer Staples Distribution & Retail — 0.0%
B&M European Value Retail SA, 6.50%, 11/27/31 (a) | GBP | 100 | 124,226
Containers & Packaging — 3.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
6.00%, 06/15/27 (d) | USD | 2,341 | 2,322,696
3.25%, 09/01/28 (d) |  | 1,708 | 1,528,106

Security |  | Par (000) | Value
Containers & Packaging (continued)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (continued) |  |  |
3.00%, 09/01/29 (a) | EUR | 464 | $ 409,698
4.00%, 09/01/29 (d) | USD | 6,715 | 5,768,138
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26 (a) | EUR | 1,370 | 1,270,166
4.13%, 08/15/26 (d) | USD | 3,078 | 2,770,200
Clydesdale Acquisition Holdings, Inc. (d) |  |  |
6.63%, 04/15/29 |  | 2,900 | 2,919,223
6.88%, 01/15/30 |  | 2,367 | 2,383,017
8.75%, 04/15/30 |  | 3,213 | 3,247,922
Fiber Bidco SpA (a) |  |  |
6.13%, 06/15/31 | EUR | 100 | 104,113
(3-mo. EURIBOR + 4.00%), 6.68%, 01/15/30 (b) |  | 100 | 104,353
Fiber Midco SpA, (10.00% PIK), 10.00%, 06/15/29 (a)(h) |  | 100 | 107,288
Graphic Packaging International LLC, 2.63%, 02/01/29 (a) |  | 456 | 449,935
Kleopatra Finco SARL, 4.25%, 03/01/26 (a) |  | 100 | 95,149
LABL, Inc. (d) |  |  |
5.88%, 11/01/28 | USD | 472 | 420,505
9.50%, 11/01/28 |  | 2,391 | 2,394,206
8.63%, 10/01/31 |  | 1,940 | 1,794,657
Mauser Packaging Solutions Holding Co. (d) |  |  |
7.88%, 04/15/27 |  | 17,773 | 18,132,192
9.25%, 04/15/27 |  | 778 | 787,103
OI European Group BV |  |  |
6.25%, 05/15/28 (d) | EUR | 620 | 666,564
6.25%, 05/15/28 (a) |  | 100 | 107,510
5.25%, 06/01/29 (a) |  | 100 | 105,657
Owens-Brockway Glass Container, Inc. (d) |  |  |
6.63%, 05/13/27 | USD | 211 | 210,094
7.25%, 05/15/31 |  | 837 | 814,585
Sealed Air Corp., 6.50%, 07/15/32 (d) |  | 952 | 953,460
Trident TPI Holdings, Inc., 12.75%, 12/31/28 (d) |  | 621 | 685,020
|  |  | 50,551,557
Diversified REITs — 1.5%
Digital Realty Trust LP, 1.88%, 11/15/29 (d)(k) |  | 422 | 434,660
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (d) |  | 590 | 538,450
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (d) |  | 776 | 714,208
Iron Mountain U.K. PLC, 3.88%, 11/15/25 (a) | GBP | 100 | 122,877
Iron Mountain, Inc. (d) |  |  |
7.00%, 02/15/29 | USD | 3,761 | 3,842,865
5.25%, 07/15/30 |  | 122 | 116,456
5.63%, 07/15/32 |  | 3,252 | 3,106,520
6.25%, 01/15/33 |  | 2,516 | 2,505,952
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28 (d) |  | 10,131 | 10,802,487
|  |  | 22,184,475
Diversified Telecommunication Services — 7.4%
Altice Financing SA |  |  |
5.00%, 01/15/28 (d) |  | 3,978 | 3,113,692
4.25%, 08/15/29 (a) | EUR | 101 | 79,512
5.75%, 08/15/29 (d) | USD | 2,216 | 1,622,206
Altice France SA |  |  |
3.38%, 01/15/28 (a) | EUR | 200 | 156,413
5.13%, 01/15/29 (d) | USD | 1,781 | 1,340,847
5.13%, 07/15/29 (d) |  | 3,200 | 2,396,362

52
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Altice France SA (continued) |  |  |
5.50%, 10/15/29 (d) | USD | 1,400 | $ 1,048,638
CommScope LLC, 4.75%, 09/01/29 (d) |  | 2,135 | 1,901,584
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29 (d) |  | 2,000 | 1,821,609
EchoStar Corp. |  |  |
(6.75% PIK), 6.75%, 11/30/30 (h) |  | 7,462 | 6,767,946
10.75%, 11/30/29 |  | 7,242 | 7,787,121
Eutelsat SA (a) |  |  |
2.25%, 07/13/27 | EUR | 100 | 87,011
1.50%, 10/13/28 |  | 100 | 76,912
Frontier Communications Holdings LLC |  |  |
5.88%, 10/15/27 (d) | USD | 251 | 250,204
5.00%, 05/01/28 (d) |  | 345 | 337,277
5.88%, 11/01/29 |  | 172 | 170,548
6.00%, 01/15/30 (d) |  | 686 | 684,468
8.75%, 05/15/30 (d) |  | 13,691 | 14,469,873
8.63%, 03/15/31 (d) |  | 1,334 | 1,418,777
Global Switch Finance BV, 1.38%, 10/07/30 (a) | EUR | 106 | 103,102
Iliad Holding SASU |  |  |
7.00%, 10/15/28 (d) | USD | 828 | 839,071
5.38%, 04/15/30 (a) | EUR | 169 | 180,048
6.88%, 04/15/31 (a) |  | 101 | 112,203
8.50%, 04/15/31 (d) | USD | 3,025 | 3,216,072
7.00%, 04/15/32 (d) |  | 3,195 | 3,211,165
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (a) | EUR | 100 | 105,505
Level 3 Financing, Inc. (d) |  |  |
10.50%, 04/15/29 | USD | 7,561 | 8,426,361
4.88%, 06/15/29 |  | 3,816 | 3,319,920
11.00%, 11/15/29 |  | 8,032 | 9,035,666
4.50%, 04/01/30 |  | 1,666 | 1,381,118
10.50%, 05/15/30 |  | 4,913 | 5,350,257
10.75%, 12/15/30 |  | 2,684 | 2,994,674
Lorca Telecom Bondco SA (a) |  |  |
4.00%, 09/18/27 | EUR | 174 | 180,238
5.75%, 04/30/29 |  | 196 | 213,680
Lumen Technologies, Inc. (d) |  |  |
4.13%, 04/15/30 | USD | 841 | 749,122
10.00%, 10/15/32 |  | 1,155 | 1,147,593
Odido Group Holding BV, 5.50%, 01/15/30 (a) | EUR | 116 | 119,257
Optics Bidco SpA (d) |  |  |
6.00%, 09/30/34 | USD | 2,917 | 2,800,434
7.20%, 07/18/36 |  | 1,668 | 1,702,563
Series 2033, 6.38%, 11/15/33 |  | 803 | 804,646
Sable International Finance Ltd., 7.13%, 10/15/32 (d) |  | 2,418 | 2,359,339
SoftBank Group Corp. (a) |  |  |
3.13%, 09/19/25 | EUR | 226 | 232,325
5.38%, 01/08/29 |  | 254 | 272,781
3.88%, 07/06/32 |  | 300 | 295,274
Telecom Italia SpA/Milano, 2.75%, 04/15/25 (a) |  | 139 | 143,263
Viavi Solutions, Inc., 3.75%, 10/01/29 (d) | USD | 528 | 476,118
Vmed O2 U.K. Financing I PLC |  |  |
4.00%, 01/31/29 (a) | GBP | 200 | 222,838
4.25%, 01/31/31 (d) | USD | 3,172 | 2,706,971
4.50%, 07/15/31 (a) | GBP | 201 | 214,516
5.63%, 04/15/32 (a) | EUR | 100 | 105,533
7.75%, 04/15/32 (d) | USD | 400 | 403,147
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31 (d) |  | 5,934 | 6,128,771

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Zayo Group Holdings, Inc. (d) |  |  |
4.00%, 03/01/27 | USD | 3,746 | $ 3,454,782
6.13%, 03/01/28 |  | 1,718 | 1,460,285
Zegona Finance PLC, 6.75%, 07/15/29 (a) | EUR | 266 | 293,198
|  |  | 110,292,836
Electric Utilities — 2.0%
A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), 5.00% (a)(b)(i) |  | 150 | 160,526
Alpha Generation LLC, 6.75%, 10/15/32 (d) | USD | 1,650 | 1,632,468
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |  |  |
5.63%, 02/15/32 (a) | EUR | 106 | 114,332
6.38%, 02/15/32 (d) | USD | 1,138 | 1,134,980
Calpine Corp., 4.63%, 02/01/29 (d) |  | 2,297 | 2,168,263
Clearway Energy Operating LLC, 3.75%, 01/15/32 (d) |  | 104 | 88,773
Edison International, Series A, (5-year CMT + 4.70%), 5.38% (b)(i) |  | 2,412 | 2,378,420
EDP SA (a)(b) |  |  |
(5-year EUR Swap + 1.84%), 1.70%, 07/20/80 | EUR | 100 | 102,071
(5-year EUR Swap + 2.38%), 1.88%, 08/02/81 |  | 200 | 202,019
(5-year EURIBOR ICE Swap + 2.40%), 4.63%, 09/16/54 |  | 200 | 210,893
FirstEnergy Corp., 4.00%, 05/01/26 (k) | USD | 3,044 | 3,054,654
Lightning Power LLC, 7.25%, 08/15/32 (d) |  | 609 | 626,133
NextEra Energy Capital Holdings, Inc., (5-year CMT + 2.46%), 6.75%, 06/15/54 (b) |  | 1,435 | 1,470,131
NRG Energy, Inc. (d) |  |  |
5.75%, 07/15/29 |  | 1,478 | 1,436,793
6.00%, 02/01/33 |  | 3,898 | 3,785,837
6.25%, 11/01/34 |  | 3,957 | 3,881,204
PG&E Corp., 4.25%, 12/01/27 (k) |  | 1,004 | 1,088,838
Pike Corp., 8.63%, 01/31/31 (d) |  | 461 | 486,334
Public Power Corp. SA, 4.63%, 10/31/31 (a) | EUR | 100 | 105,440
Vistra Corp., (5-year CMT + 6.93%), 8.00% (b)(d)(i) | USD | 994 | 1,014,440
Vistra Operations Co. LLC (d) |  |  |
7.75%, 10/15/31 |  | 1,921 | 2,015,255
6.88%, 04/15/32 |  | 1,970 | 2,017,116
|  |  | 29,174,920
Electronic Equipment, Instruments & Components (d) — 0.2%
Sensata Technologies, Inc., 6.63%, 07/15/32 |  | 1,781 | 1,779,079
WESCO Distribution, Inc., 6.63%, 03/15/32 |  | 955 | 970,637
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 591 | 599,514
|  |  | 3,349,230
Energy Equipment & Services — 1.0%
Archrock Partners LP/Archrock Partners Finance Corp. (d) |  |  |
6.88%, 04/01/27 |  | 1,223 | 1,229,323
6.25%, 04/01/28 |  | 801 | 796,730
6.63%, 09/01/32 |  | 2,375 | 2,372,045
Enerflex Ltd., 9.00%, 10/15/27 (d) |  | 475 | 493,240
Kodiak Gas Services LLC, 7.25%, 02/15/29 (d) |  | 2,606 | 2,658,242
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 369 | 363,970
OEG Finance PLC, 7.25%, 09/27/29 (a) | EUR | 100 | 108,149
Star Holding LLC, 8.75%, 08/01/31 (d) | USD | 1,289 | 1,277,167
TGS ASA, 8.50%, 01/15/30 (d) |  | 706 | 721,790
USA Compression Partners LP/USA Compression Finance Corp. |  |  |
6.88%, 09/01/27 |  | 1,112 | 1,115,630

Consolidated Schedule of Investments
53

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Energy Equipment & Services (continued)
USA Compression Partners LP/USA Compression Finance Corp. (continued) |  |  |
7.13%, 03/15/29 (d) | USD | 2,153 | $ 2,190,995
Weatherford International Ltd., 8.63%, 04/30/30 (d) |  | 1,604 | 1,655,873
|  |  | 14,983,154
Entertainment — 3.1%
Allwyn Entertainment Financing U.K. PLC |  |  |
7.88%, 04/30/29 (d) |  | 800 | 819,528
7.25%, 04/30/30 (a) | EUR | 100 | 110,513
Banijay Entertainment SAS |  |  |
7.00%, 05/01/29 (a) |  | 113 | 123,198
8.13%, 05/01/29 (d) | USD | 480 | 496,950
Boyne USA, Inc., 4.75%, 05/15/29 (d) |  | 1,869 | 1,771,741
Caesars Entertainment, Inc. (d) |  |  |
4.63%, 10/15/29 |  | 456 | 426,934
7.00%, 02/15/30 |  | 8,047 | 8,196,269
6.50%, 02/15/32 |  | 3,491 | 3,506,757
6.00%, 10/15/32 |  | 974 | 939,100
Churchill Downs, Inc. (d) |  |  |
5.75%, 04/01/30 |  | 1,065 | 1,045,247
6.75%, 05/01/31 |  | 10,372 | 10,484,183
Cinemark USA, Inc., 7.00%, 08/01/32 (d) |  | 563 | 573,883
Cirsa Finance International SARL (a) |  |  |
6.50%, 03/15/29 | EUR | 100 | 109,397
(3-mo. EURIBOR + 4.50%), 7.56%, 07/31/28 (b) |  | 100 | 104,849
CPUK Finance Ltd., 4.50%, 08/28/27 (a) | GBP | 100 | 119,016
Great Canadian Gaming Corp., 8.75%, 11/15/29 (d) | USD | 1,987 | 2,033,773
Inter Media and Communication SpA, 6.75%, 02/09/27 (a) | EUR | 98 | 103,564
Light & Wonder International, Inc. (d) |  |  |
7.00%, 05/15/28 | USD | 706 | 707,394
7.25%, 11/15/29 |  | 241 | 245,853
7.50%, 09/01/31 |  | 1,096 | 1,128,466
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 (d) |  | 1,076 | 960,330
Lottomatica Group SpA (a)(b) |  |  |
(3-mo. EURIBOR + 3.25%), 6.19%, 06/01/31 | EUR | 100 | 104,750
(3-mo. EURIBOR + 4.00%), 6.94%, 12/15/30 |  | 100 | 105,139
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (d) | USD | 1,535 | 1,481,924
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (d) |  | 578 | 544,942
Motion Finco SARL, 7.38%, 06/15/30 (a) | EUR | 100 | 105,361
Odeon Finco PLC, 12.75%, 11/01/27 (d) | USD | 1,503 | 1,578,146
Pinewood Finco PLC (a) |  |  |
3.63%, 11/15/27 | GBP | 100 | 118,361
6.00%, 03/27/30 |  | 181 | 224,980
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (d) |  |  |
5.63%, 09/01/29 | USD | 1,188 | 932,580
5.88%, 09/01/31 |  | 262 | 190,605
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 (d) |  | 1,028 | 983,727
Six Flags Entertainment Corp., 7.25%, 05/15/31 (d) |  | 1,933 | 1,974,227
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (d) |  |  |
5.13%, 10/01/29 |  | 1,884 | 1,804,443
7.13%, 02/15/31 |  | 2,228 | 2,320,261
|  |  | 46,476,391
Environmental, Maintenance & Security Service — 1.0%
GFL Environmental, Inc., 6.75%, 01/15/31 (d) |  | 192 | 197,157

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service (continued)
Madison IAQ LLC, 5.88%, 06/30/29 (d) | USD | 3,138 | $ 2,963,008
Paprec Holding SA, 7.25%, 11/17/29 (a) | EUR | 100 | 109,800
Reworld Holding Corp. |  |  |
4.88%, 12/01/29 (d) | USD | 2,689 | 2,486,839
5.00%, 09/01/30 |  | 454 | 418,678
Waste Pro USA, Inc., 5.50%, 02/15/26 (d) |  | 7,766 | 7,761,668
Wrangler Holdco Corp., 6.63%, 04/01/32 (d) |  | 816 | 830,687
|  |  | 14,767,837
Financial Services — 1.9%
Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, 01/17/40 (b) |  | 185 | 179,234
Azorra Finance Ltd., 7.75%, 04/15/30 (d) |  | 842 | 829,639
Bracken MidCo1 PLC, (6.75% Cash or 7.50% PIK), 6.75%, 11/01/27 (a)(h) | GBP | 100 | 122,595
Freedom Mortgage Holdings LLC (d) |  |  |
9.25%, 02/01/29 | USD | 2,001 | 2,064,916
9.13%, 05/15/31 |  | 1,382 | 1,424,939
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (a) | EUR | 100 | 68,269
GGAM Finance Ltd. (d) |  |  |
8.00%, 06/15/28 | USD | 640 | 672,003
6.88%, 04/15/29 |  | 1,248 | 1,263,717
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27 (d) |  | 1,108 | 1,122,459
Intrum AB (a)(e)(j) |  |  |
3.00%, 09/15/27 | EUR | 117 | 87,442
9.25%, 03/15/28 |  | 226 | 169,607
Jefferies Finance LLC/JFIN Co-Issuer Corp. (d) |  |  |
5.00%, 08/15/28 | USD | 1,479 | 1,387,357
6.63%, 10/15/31 |  | 409 | 408,352
Jerrold Finco PLC, 5.25%, 01/15/27 (a) | GBP | 111 | 136,946
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29 (d) | USD | 1,523 | 1,610,737
Midcap Financial Issuer Trust, 6.50%, 05/01/28 (d) |  | 1,073 | 1,049,351
Nationstar Mortgage Holdings, Inc. (d) |  |  |
6.00%, 01/15/27 |  | 2 | 1,989
6.50%, 08/01/29 |  | 2,646 | 2,641,518
5.13%, 12/15/30 |  | 433 | 404,003
5.75%, 11/15/31 |  | 1,505 | 1,438,505
7.13%, 02/01/32 |  | 3,694 | 3,740,024
Opus-Chartered Issuances SA, 2.50%, 07/04/25 (b) | EUR | 66 | 68,640
PennyMac Financial Services, Inc. (d) |  |  |
7.88%, 12/15/29 | USD | 1,449 | 1,518,121
7.13%, 11/15/30 |  | 1,404 | 1,421,842
PHH Escrow Issuer LLC, 9.88%, 11/01/29 (d) |  | 702 | 705,159
ProGroup AG, 5.13%, 04/15/29 (a) | EUR | 100 | 101,811
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (d) |  |  |
3.88%, 03/01/31 | USD | 784 | 683,097
4.00%, 10/15/33 |  | 431 | 358,965
Stena International SA, 7.25%, 01/15/31 (d) |  | 200 | 204,071
Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, 01/14/31 (h) | EUR | 548 | 190,265
UWM Holdings LLC, 6.63%, 02/01/30 (d) | USD | 2,436 | 2,420,950
|  |  | 28,496,523
Food Products — 1.4%
Aramark International Finance SARL, 3.13%, 04/01/25 (a) | EUR | 582 | 601,357
B&G Foods, Inc., 8.00%, 09/15/28 (d) | USD | 452 | 464,642
Bellis Acquisition Co. PLC, 8.13%, 05/14/30 (a) | GBP | 258 | 312,403
Bellis Finco PLC, 4.00%, 02/16/27 (a) |  | 200 | 235,983
Boparan Finance PLC, 9.38%, 11/07/29 (a) |  | 100 | 121,034

54
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products (continued)
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29 (d)(h) | USD | 6,769 | $ 7,158,343
Chobani LLC/Chobani Finance Corp., Inc., 7.63%, 07/01/29 (d) |  | 6,033 | 6,238,634
Darling Global Finance BV, 3.63%, 05/15/26 (a) | EUR | 457 | 472,792
Fiesta Purchaser, Inc. (d) |  |  |
7.88%, 03/01/31 | USD | 500 | 521,871
9.63%, 09/15/32 |  | 661 | 692,452
Irca SpA, (3-mo. EURIBOR + 3.75%), 6.63%, 12/15/29 (a)(b) | EUR | 104 | 108,860
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29 (d) | USD | 442 | 458,565
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 6.30%, 07/01/29 (a)(b) | EUR | 200 | 207,895
Market Bidco Finco PLC, 5.50%, 11/04/27 (a) | GBP | 156 | 186,508
Performance Food Group, Inc., 4.25%, 08/01/29 (d) | USD | 81 | 75,154
Picard Groupe SAS, 6.38%, 07/01/29 (a) | EUR | 100 | 107,719
Post Holdings, Inc. (d) |  |  |
4.50%, 09/15/31 | USD | 215 | 192,606
6.38%, 03/01/33 |  | 1,550 | 1,517,237
Premier Foods Finance PLC, 3.50%, 10/15/26 (a) | GBP | 100 | 122,217
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (d) | USD | 512 | 473,135
Tereos Finance Groupe I SA, 7.25%, 04/15/28 (a) | EUR | 100 | 107,858
United Natural Foods, Inc., 6.75%, 10/15/28 (d) | USD | 928 | 914,230
|  |  | 21,291,495
Gas Utilities — 0.0%
UGI International LLC, 2.50%, 12/01/29 (a) | EUR | 100 | 96,399
Ground Transportation (d) — 0.1%
Brightline East LLC, 11.00%, 01/31/30 | USD | 1,110 | 1,059,362
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32 |  | 693 | 714,309
|  |  | 1,773,671
Health Care Equipment & Supplies — 1.0%
Avantor Funding, Inc. (a) |  |  |
2.63%, 11/01/25 | EUR | 527 | 541,770
3.88%, 07/15/28 |  | 100 | 103,209
Bausch & Lomb Corp., 8.38%, 10/01/28 (d) | USD | 6,265 | 6,484,275
Medline Borrower LP, 5.25%, 10/01/29 (d) |  | 5,797 | 5,594,476
Neogen Food Safety Corp., 8.63%, 07/20/30 (d) |  | 963 | 1,032,862
Sotera Health Holdings LLC, 7.38%, 06/01/31 (d) |  | 996 | 1,009,049
|  |  | 14,765,641
Health Care Providers & Services — 2.7%
AHP Health Partners, Inc., 5.75%, 07/15/29 (d) |  | 2,061 | 2,015,823
CHS/Community Health Systems, Inc. (d) |  |  |
5.63%, 03/15/27 |  | 2,509 | 2,407,931
6.00%, 01/15/29 |  | 3,050 | 2,730,990
5.25%, 05/15/30 |  | 5,152 | 4,231,481
4.75%, 02/15/31 |  | 2,421 | 1,878,590
10.88%, 01/15/32 |  | 4,160 | 4,291,989
Concentra Escrow Issuer Corp., 6.88%, 07/15/32 (d) |  | 1,808 | 1,845,896
DaVita, Inc., 6.88%, 09/01/32 (d) |  | 879 | 885,737
Ephios Subco 3 SARL, 7.88%, 01/31/31 (a) | EUR | 218 | 245,831
Fortrea Holdings, Inc., 7.50%, 07/01/30 (d) | USD | 598 | 598,992
HAH Group Holding Co. LLC, 9.75%, 10/01/31 (d) |  | 1,090 | 1,090,867
IQVIA, Inc. (a) |  |  |
1.75%, 03/15/26 | EUR | 330 | 336,051

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
IQVIA, Inc. (a) (continued) |  |  |
2.25%, 03/15/29 | EUR | 100 | $ 98,794
LifePoint Health, Inc. (d) |  |  |
9.88%, 08/15/30 | USD | 1,337 | 1,442,565
11.00%, 10/15/30 |  | 3,059 | 3,357,751
10.00%, 06/01/32 |  | 1,615 | 1,642,046
Molina Healthcare, Inc., 6.25%, 01/15/33 (d) |  | 1,450 | 1,433,096
Prime Healthcare Services, Inc., 9.38%, 09/01/29 (d) |  | 588 | 571,954
Star Parent, Inc., 9.00%, 10/01/30 (d) |  | 2,918 | 3,030,635
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (d) |  | 4,179 | 4,262,973
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (d) |  | 1,279 | 1,303,441
|  |  | 39,703,433
Health Care REITs — 0.3%
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
2.50%, 03/24/26 | GBP | 1,373 | 1,523,080
5.25%, 08/01/26 | USD | 286 | 263,304
5.00%, 10/15/27 |  | 260 | 219,201
4.63%, 08/01/29 |  | 3,842 | 2,752,983
3.50%, 03/15/31 |  | 25 | 15,753
3.33%, 03/24/25 | EUR | 171 | 170,820
|  |  | 4,945,141
Hotel & Resort REITs — 1.0%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (d) | USD | 1,145 | 1,161,721
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29 (d) |  | 606 | 597,358
Pebblebrook Hotel Trust, 1.75%, 12/15/26 (k) |  | 68 | 63,145
RHP Hotel Properties LP/RHP Finance Corp., 6.50%, 04/01/32 (d) |  | 4,003 | 4,023,147
RLJ Lodging Trust LP, 4.00%, 09/15/29 (d) |  | 749 | 678,755
Service Properties Trust |  |  |
8.63%, 11/15/31 (d) |  | 5,772 | 6,006,274
8.88%, 06/15/32 |  | 2,430 | 2,248,986
XHR LP, 6.63%, 05/15/30 (d) |  | 592 | 593,943
|  |  | 15,373,329
Hotels, Restaurants & Leisure — 3.8%
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29 (d) |  | 960 | 945,621
Bertrand Franchise Finance SAS, (3-mo. EURIBOR + 3.75%), 6.96%, 07/18/30 (a)(b) | EUR | 120 | 124,986
Carnival Corp., 6.00%, 05/01/29 (d) | USD | 4,112 | 4,102,272
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (d) |  | 2,501 | 2,664,532
Carnival PLC, 1.00%, 10/28/29 | EUR | 100 | 91,611
Deuce Finco PLC, 5.50%, 06/15/27 (a) | GBP | 100 | 122,323
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (d) |  |  |
4.63%, 01/15/29 | USD | 4,391 | 4,069,051
6.75%, 01/15/30 |  | 671 | 619,013
Life Time, Inc., 8.00%, 04/15/26 (d) |  | 1,262 | 1,263,376
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 (d) |  | 811 | 845,360
Lindblad Expeditions LLC, 6.75%, 02/15/27 (d) |  | 1,214 | 1,214,457
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (d) |  | 1,447 | 1,261,282
Melco Resorts Finance Ltd. (d) |  |  |
4.88%, 06/06/25 |  | 1,071 | 1,061,629
5.63%, 07/17/27 |  | 200 | 192,750
5.75%, 07/21/28 |  | 600 | 570,000
5.38%, 12/04/29 |  | 2,283 | 2,083,260
7.63%, 04/17/32 |  | 1,534 | 1,540,458

Consolidated Schedule of Investments
55

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
MGM China Holdings Ltd. (d) |  |  |
5.25%, 06/18/25 | USD | 600 | $ 597,300
4.75%, 02/01/27 |  | 440 | 426,114
7.13%, 06/26/31 |  | 474 | 478,740
MGM Resorts International, 6.13%, 09/15/29 |  | 2,320 | 2,317,086
NCL Corp. Ltd. (d) |  |  |
8.38%, 02/01/28 |  | 719 | 751,766
8.13%, 01/15/29 |  | 631 | 664,906
7.75%, 02/15/29 |  | 1,782 | 1,871,143
6.25%, 03/01/30 |  | 1,528 | 1,509,799
NCL Finance Ltd., 6.13%, 03/15/28 (d) |  | 849 | 851,724
Pinnacle Bidco PLC (a) |  |  |
8.25%, 10/11/28 | EUR | 100 | 109,839
10.00%, 10/11/28 | GBP | 100 | 132,851
Royal Caribbean Cruises Ltd., 6.00%, 02/01/33 (d) | USD | 4,664 | 4,652,924
Sabre GLBL, Inc. (d) |  |  |
8.63%, 06/01/27 |  | 1,591 | 1,569,103
10.75%, 11/15/29 |  | 826 | 852,136
Station Casinos LLC (d) |  |  |
4.63%, 12/01/31 |  | 2,431 | 2,177,669
6.63%, 03/15/32 |  | 988 | 981,816
Stonegate Pub Co. Financing PLC (a) |  |  |
10.75%, 07/31/29 | GBP | 123 | 160,389
(3-mo. EURIBOR + 6.63%), 9.65%, 07/31/29 (b) | EUR | 100 | 107,210
TUI AG, 5.88%, 03/15/29 (a) |  | 120 | 130,077
TUI Cruises GmbH (a) |  |  |
6.50%, 05/15/26 |  | 19 | 19,658
5.00%, 05/15/30 |  | 106 | 111,451
Viking Cruises Ltd. (d) |  |  |
5.88%, 09/15/27 | USD | 1,436 | 1,425,215
7.00%, 02/15/29 |  | 269 | 270,476
9.13%, 07/15/31 |  | 3,780 | 4,064,482
Wynn Macau Ltd. (d) |  |  |
5.50%, 01/15/26 |  | 962 | 952,678
5.50%, 10/01/27 |  | 200 | 193,760
5.63%, 08/26/28 |  | 5,107 | 4,902,720
4.50%, 03/07/29 (k) |  | 200 | 199,698
5.13%, 12/15/29 |  | 1,358 | 1,256,150
|  |  | 56,510,861
Household Durables — 1.1%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (d) |  | 636 | 577,091
Beazer Homes USA, Inc., 7.50%, 03/15/31 (d) |  | 451 | 458,025
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29 (d) |  | 1,154 | 1,072,749
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/29 (d) |  | 1,959 | 1,925,522
Dream Finders Homes, Inc., 8.25%, 08/15/28 (d) |  | 607 | 632,430
Empire Communities Corp., 9.75%, 05/01/29 (d) |  | 394 | 414,504
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29 (d) |  | 2,734 | 2,976,739
LGI Homes, Inc. (d) |  |  |
8.75%, 12/15/28 |  | 453 | 475,173
7.00%, 11/15/32 |  | 1,305 | 1,292,133
Meritage Homes Corp., 1.75%, 05/15/28 (d)(k) |  | 1,344 | 1,317,120
New Home Co., Inc., 9.25%, 10/01/29 (d) |  | 1,145 | 1,205,037
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 229 | 210,983
4.38%, 02/01/32 |  | 1,696 | 1,480,782

Security |  | Par (000) | Value
Household Durables (continued)
STL Holding Co. LLC, 8.75%, 02/15/29 (d) | USD | 618 | $ 653,377
Tempur Sealy International, Inc., 3.88%, 10/15/31 (d) |  | 1,434 | 1,251,073
|  |  | 15,942,738
Household Products (d) — 0.1%
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31 |  | 296 | 281,948
Spectrum Brands, Inc. |  |  |
3.38%, 06/01/29 (k) |  | 964 | 941,153
3.88%, 03/15/31 |  | 176 | 151,456
|  |  | 1,374,557
Independent Power and Renewable Electricity Producers (d)(k) — 0.4%
NextEra Energy Partners LP |  |  |
0.00%, 11/15/25 (l) |  | 4,528 | 4,256,320
2.50%, 06/15/26 |  | 1,063 | 999,284
|  |  | 5,255,604
Insurance — 7.4%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (d) |  |  |
6.75%, 10/15/27 |  | 8,420 | 8,350,367
6.75%, 04/15/28 |  | 1,904 | 1,908,476
5.88%, 11/01/29 |  | 4,999 | 4,802,446
7.00%, 01/15/31 |  | 4,776 | 4,794,654
7.38%, 10/01/32 |  | 2,256 | 2,276,760
AmWINS Group, Inc., 4.88%, 06/30/29 (d) |  | 878 | 824,440
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29 (d) |  | 1,110 | 1,125,004
Ardonagh Finco Ltd. |  |  |
6.88%, 02/15/31 (a) | EUR | 436 | 465,758
7.75%, 02/15/31 (d) | USD | 3,909 | 4,025,492
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (d) |  | 3,214 | 3,339,308
AssuredPartners, Inc., 7.50%, 02/15/32 (d) |  | 1,975 | 2,125,661
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (d) |  |  |
7.25%, 02/15/31 |  | 8,841 | 8,984,215
8.13%, 02/15/32 |  | 4,366 | 4,458,922
HUB International Ltd. (d) |  |  |
7.25%, 06/15/30 |  | 18,052 | 18,498,791
7.38%, 01/31/32 |  | 20,648 | 20,971,200
Jones Deslauriers Insurance Management, Inc. (d) |  |  |
8.50%, 03/15/30 |  | 2,894 | 3,043,915
10.50%, 12/15/30 |  | 2,272 | 2,456,316
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (d) |  | 13,904 | 14,042,961
UnipolSai Assicurazioni SpA, 4.90%, 05/23/34 (a) | EUR | 100 | 107,755
USI, Inc./New York, 7.50%, 01/15/32 (d) | USD | 2,420 | 2,502,781
|  |  | 109,105,222
Interactive Media & Services (a) — 0.1%
iliad SA |  |  |
5.38%, 06/14/27 | EUR | 100 | 108,342
5.38%, 02/15/29 |  | 200 | 219,144
5.63%, 02/15/30 |  | 100 | 111,446
United Group BV |  |  |
4.00%, 11/15/27 |  | 100 | 102,333
6.75%, 02/15/31 |  | 193 | 206,508
6.50%, 10/31/31 |  | 100 | 105,488
|  |  | 853,261

56
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Internet Software & Services — 0.9%
Acuris Finance U.S., Inc./Acuris Finance SARL (d) |  |  |
5.00%, 05/01/28 | USD | 2,232 | $ 2,018,365
9.00%, 08/01/29 |  | 576 | 550,885
ANGI Group LLC, 3.88%, 08/15/28 (d) |  | 869 | 775,990
Cablevision Lightpath LLC (d) |  |  |
3.88%, 09/15/27 |  | 600 | 568,005
5.63%, 09/15/28 |  | 1,201 | 1,114,109
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28 (a) | EUR | 122 | 133,166
ION Trading Technologies SARL, 9.50%, 05/30/29 (d) | USD | 513 | 537,879
Match Group Holdings II LLC (d) |  |  |
4.63%, 06/01/28 |  | 2,149 | 2,046,459
5.63%, 02/15/29 |  | 2,261 | 2,195,548
4.13%, 08/01/30 |  | 872 | 772,384
3.63%, 10/01/31 |  | 464 | 395,957
Uber Technologies, Inc. (k) |  |  |
0.00%, 12/15/25 (l) |  | 419 | 422,352
Series 2028, 0.88%, 12/01/28 |  | 2,083 | 2,291,300
|  |  | 13,822,399
IT Services — 0.8%
Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30 (a) | EUR | 100 | 105,398
Amentum Holdings, Inc., 7.25%, 08/01/32 (d) | USD | 1,301 | 1,310,846
Atos SE (a)(m) |  |  |
5.20%, 12/18/30 | EUR | 174 | 100,304
9.36%, 12/18/29 |  | 170 | 156,477
CA Magnum Holdings, 5.38%, 10/31/26 (d) | USD | 2,652 | 2,589,015
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (d) |  | 2,971 | 3,029,442
KBR, Inc., 4.75%, 09/30/28 (d) |  | 1,213 | 1,163,049
McAfee Corp., 7.38%, 02/15/30 (d) |  | 3,901 | 3,788,754
|  |  | 12,243,285
Machinery — 1.7%
Chart Industries, Inc. (d) |  |  |
7.50%, 01/01/30 |  | 3,648 | 3,792,743
9.50%, 01/01/31 |  | 537 | 575,476
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29 (d) |  | 646 | 610,470
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29 (d) |  | 4,181 | 4,364,989
IMA Industria Macchine Automatiche SpA (a) |  |  |
3.75%, 01/15/28 | EUR | 100 | 101,787
(3-mo. EURIBOR + 3.75%), 6.93%, 04/15/29 (b) |  | 200 | 208,210
Manitowoc Co., Inc., 9.25%, 10/01/31 (d) | USD | 668 | 684,715
Nova Alexandre III SAS, (3-mo. EURIBOR + 5.25%), 8.43%, 07/15/29 (a)(b) | EUR | 100 | 100,270
Terex Corp., 6.25%, 10/15/32 (d) | USD | 936 | 917,276
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28 (a) | EUR | 900 | 933,332
7.63%, 07/15/28 (d) | USD | 3,445 | 3,442,483
TK Elevator Midco GmbH, 4.38%, 07/15/27 (a) | EUR | 992 | 1,024,994
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (d) | USD | 8,235 | 8,061,368
|  |  | 24,818,113
Media — 6.6%
Cable One, Inc. |  |  |
0.00%, 03/15/26 (k)(l) |  | 475 | 440,800
1.13%, 03/15/28 (k) |  | 1,577 | 1,297,082
4.00%, 11/15/30 (d) |  | 1,849 | 1,544,983
CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
5.38%, 06/01/29 (d) |  | 91 | 86,944
4.75%, 03/01/30 (d) |  | 135 | 123,277
4.25%, 02/01/31 (d) |  | 512 | 446,221
7.38%, 03/01/31 (d) |  | 21,539 | 21,958,653

Security |  | Par (000) | Value
Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. (continued) |  |  |
4.75%, 02/01/32 (d) | USD | 845 | $ 741,638
4.50%, 05/01/32 |  | 167 | 143,647
4.50%, 06/01/33 (d) |  | 280 | 235,589
4.25%, 01/15/34 (d) |  | 1,727 | 1,401,098
CSC Holdings LLC (d) |  |  |
5.50%, 04/15/27 |  | 600 | 537,000
5.38%, 02/01/28 |  | 1,200 | 1,035,249
11.25%, 05/15/28 |  | 2,935 | 2,896,589
11.75%, 01/31/29 |  | 6,770 | 6,685,890
4.13%, 12/01/30 |  | 1,010 | 725,547
3.38%, 02/15/31 |  | 1,609 | 1,128,573
4.50%, 11/15/31 |  | 1,200 | 864,037
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27 (d) |  | 5,795 | 5,646,061
DISH DBS Corp. (d) |  |  |
5.25%, 12/01/26 |  | 3,230 | 2,935,912
5.75%, 12/01/28 |  | 4,807 | 4,109,959
DISH Network Corp., 11.75%, 11/15/27 (d) |  | 8,272 | 8,761,636
GCI LLC, 4.75%, 10/15/28 (d) |  | 426 | 397,854
Gray Television, Inc., 10.50%, 07/15/29 (d) |  | 3,527 | 3,526,758
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (d) |  | 4,783 | 4,327,656
Midcontinent Communications, 8.00%, 08/15/32 (d) |  | 1,838 | 1,887,863
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26 (d) |  | 676 | 590,136
Sirius XM Radio, Inc. (d) |  |  |
5.00%, 08/01/27 |  | 6,942 | 6,751,283
4.00%, 07/15/28 |  | 381 | 351,037
Sunrise FinCo I BV, 4.88%, 07/15/31 (d) |  | 3,270 | 2,966,086
Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29 (a)(h) | EUR | 303 | 260,389
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (d) | USD | 2,000 | 1,942,000
Univision Communications, Inc. (d) |  |  |
6.63%, 06/01/27 |  | 3,632 | 3,617,371
8.00%, 08/15/28 |  | 3,363 | 3,423,941
8.50%, 07/31/31 |  | 2,003 | 1,963,941
Virgin Media O2 Vendor Financing Notes V DAC, 7.88%, 03/15/32 (a) | GBP | 112 | 140,069
Virgin Media Secured Finance PLC (a) |  |  |
4.25%, 01/15/30 |  | 100 | 109,854
4.13%, 08/15/30 |  | 100 | 107,084
VZ Secured Financing BV, 3.50%, 01/15/32 (a) | EUR | 170 | 162,939
Ziggo Bond Co. BV |  |  |
5.13%, 02/28/30 (d) | USD | 868 | 782,074
6.13%, 11/15/32 (a) | EUR | 161 | 167,606
Ziggo BV, 4.88%, 01/15/30 (d) | USD | 1,165 | 1,070,453
|  |  | 98,292,779
Metals & Mining — 3.3%
Aris Mining Corp., 8.00%, 10/31/29 (d) |  | 362 | 357,587
Arsenal AIC Parent LLC (d) |  |  |
8.00%, 10/01/30 |  | 1,197 | 1,238,652
11.50%, 10/01/31 |  | 4,744 | 5,307,497
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 886 | 878,115
7.25%, 08/15/30 |  | 2,612 | 2,685,930
5.13%, 10/01/31 |  | 1,063 | 999,459
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 1,314 | 1,345,699
Cleveland-Cliffs, Inc. (d) |  |  |
6.88%, 11/01/29 |  | 1,114 | 1,102,081

Consolidated Schedule of Investments
57

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Metals & Mining (continued)
Cleveland-Cliffs, Inc. (d) (continued) |  |  |
7.38%, 05/01/33 | USD | 952 | $ 935,056
Constellium SE |  |  |
5.63%, 06/15/28 (d) |  | 4,620 | 4,517,953
5.38%, 08/15/32 (a) | EUR | 117 | 123,026
6.38%, 08/15/32 (d) | USD | 1,591 | 1,539,913
ERO Copper Corp., 6.50%, 02/15/30 (d) |  | 1,752 | 1,688,490
First Quantum Minerals Ltd., 9.38%, 03/01/29 (d) |  | 3,582 | 3,790,222
Kaiser Aluminum Corp. (d) |  |  |
4.63%, 03/01/28 |  | 5,712 | 5,370,589
4.50%, 06/01/31 |  | 4,136 | 3,645,889
Mineral Resources Ltd., 9.25%, 10/01/28 (d) |  | 155 | 162,621
Novelis Corp. (d) |  |  |
4.75%, 01/30/30 |  | 7,404 | 6,802,425
3.88%, 08/15/31 |  | 5,237 | 4,509,021
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (a) | EUR | 1,029 | 1,022,955
Vallourec SACA, 7.50%, 04/15/32 (d) | USD | 1,599 | 1,657,093
|  |  | 49,680,273
Mortgage Real Estate Investment Trusts (REITs) (d) — 0.3%
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29 |  | 521 | 535,595
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
4.75%, 06/15/29 |  | 826 | 778,855
7.00%, 07/15/31 |  | 1,139 | 1,167,101
Starwood Property Trust, Inc. |  |  |
7.25%, 04/01/29 |  | 879 | 901,682
6.00%, 04/15/30 |  | 442 | 433,834
6.50%, 07/01/30 |  | 872 | 873,094
|  |  | 4,690,161
Oil, Gas & Consumable Fuels — 10.9%
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29 (d) |  | 1,926 | 1,969,659
Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, 02/01/32 (d) |  | 1,514 | 1,525,026
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (d) |  |  |
9.00%, 11/01/27 |  | 963 | 1,164,156
8.25%, 12/31/28 |  | 1,341 | 1,368,933
5.88%, 06/30/29 |  | 1,321 | 1,286,483
Baytex Energy Corp., 8.50%, 04/30/30 (d) |  | 176 | 179,822
Blue Racer Midstream LLC/Blue Racer Finance Corp. (d) |  |  |
7.00%, 07/15/29 |  | 1,140 | 1,164,336
7.25%, 07/15/32 |  | 918 | 943,093
Borr IHC Ltd./Borr Finance LLC (d) |  |  |
10.00%, 11/15/28 |  | 1,005 | 1,001,227
10.38%, 11/15/30 |  | 276 | 274,416
Buckeye Partners LP |  |  |
6.88%, 07/01/29 (d) |  | 495 | 500,997
5.85%, 11/15/43 |  | 816 | 706,781
5.60%, 10/15/44 |  | 553 | 453,249
CD&R Firefly Bidco PLC (a) |  |  |
8.63%, 04/30/29 | GBP | 104 | 135,731
Series JAN, 04/30/29 (c) |  | 120 | 156,613
CITGO Petroleum Corp., 8.38%, 01/15/29 (d) | USD | 2,678 | 2,759,105
Civitas Resources, Inc. (d) |  |  |
8.38%, 07/01/28 |  | 1,478 | 1,535,004
8.63%, 11/01/30 |  | 1,299 | 1,360,372
8.75%, 07/01/31 |  | 2,813 | 2,932,647
CNX Midstream Partners LP, 4.75%, 04/15/30 (d) |  | 520 | 474,216

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Comstock Resources, Inc. (d) |  |  |
6.75%, 03/01/29 | USD | 4,687 | $ 4,567,139
5.88%, 01/15/30 |  | 2,474 | 2,307,301
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (d) |  | 6,898 | 6,588,472
Crescent Energy Finance LLC (d) |  |  |
7.63%, 04/01/32 |  | 3,235 | 3,218,354
7.38%, 01/15/33 |  | 3,052 | 2,963,915
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (d) |  | 772 | 801,125
eG Global Finance PLC, 12.00%, 11/30/28 (d) |  | 1,943 | 2,172,847
Enbridge, Inc. (b) |  |  |
(5-year CMT + 2.97%), 7.20%, 06/27/54 |  | 810 | 832,626
(5-year CMT + 3.12%), 7.38%, 03/15/55 |  | 1,104 | 1,146,397
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31 (d) |  | 1,087 | 1,146,782
Energy Transfer LP (b) |  |  |
(5-year CMT + 2.83%), 7.13%, 10/01/54 |  | 1,564 | 1,584,642
(5-year CMT + 4.02%), 8.00%, 05/15/54 |  | 2,594 | 2,718,377
Series H, (5-year CMT + 5.69%), 6.50% (i) |  | 2,085 | 2,085,859
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 559 | 559,668
8.25%, 01/15/29 |  | 1,716 | 1,732,954
8.88%, 04/15/30 |  | 550 | 559,625
7.88%, 05/15/32 |  | 2,724 | 2,667,703
8.00%, 05/15/33 |  | 1,971 | 1,928,883
Gulfport Energy Operating Corp., 6.75%, 09/01/29 (d) |  | 920 | 926,414
Harvest Midstream I LP, 7.50%, 05/15/32 (d) |  | 559 | 569,189
Hilcorp Energy I LP/Hilcorp Finance Co. (d) |  |  |
6.25%, 11/01/28 |  | 514 | 497,760
5.75%, 02/01/29 |  | 1,299 | 1,239,309
6.00%, 04/15/30 |  | 130 | 122,174
8.38%, 11/01/33 |  | 2,396 | 2,445,819
6.88%, 05/15/34 |  | 1,720 | 1,603,192
7.25%, 02/15/35 |  | 712 | 669,369
Howard Midstream Energy Partners LLC (d) |  |  |
8.88%, 07/15/28 |  | 1,391 | 1,460,906
7.38%, 07/15/32 |  | 1,269 | 1,289,142
ITT Holdings LLC, 6.50%, 08/01/29 (d) |  | 2,147 | 1,965,446
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32 (d) |  | 740 | 732,578
Matador Resources Co., 6.50%, 04/15/32 (d) |  | 1,546 | 1,528,495
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/31 (d) |  | 482 | 471,315
Murphy Oil Corp., 5.88%, 12/01/42 |  | 141 | 121,677
Nabors Industries Ltd., 7.50%, 01/15/28 (d) |  | 839 | 776,882
Nabors Industries, Inc. (d) |  |  |
9.13%, 01/31/30 |  | 591 | 601,025
8.88%, 08/15/31 |  | 292 | 271,147
NFE Financing LLC, 12.00%, 11/15/29 (d) |  | 2,157 | 2,266,077
NGL Energy Operating LLC/NGL Energy Finance Corp. (d) |  |  |
8.13%, 02/15/29 |  | 2,642 | 2,676,730
8.38%, 02/15/32 |  | 5,575 | 5,617,688
Noble Finance II LLC, 8.00%, 04/15/30 (d) |  | 2,371 | 2,394,630
Northern Oil & Gas, Inc. (d) |  |  |
8.13%, 03/01/28 |  | 5,973 | 6,064,540
8.75%, 06/15/31 |  | 1,240 | 1,279,931
Northriver Midstream Finance LP, 6.75%, 07/15/32 (d) |  | 873 | 878,178
Parkland Corp., 6.63%, 08/15/32 (d) |  | 1,228 | 1,215,230

58
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (d) | USD | 1,008 | $ 989,146
Permian Resources Operating LLC, 6.25%, 02/01/33 (d) |  | 2,436 | 2,404,478
Prairie Acquiror LP, 9.00%, 08/01/29 (d) |  | 984 | 1,013,749
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (d) |  | 1,774 | 1,823,807
SM Energy Co. |  |  |
6.75%, 09/15/26 |  | 659 | 658,367
6.50%, 07/15/28 |  | 141 | 140,116
7.00%, 08/01/32 (d) |  | 678 | 668,476
Summit Midstream Holdings LLC, 8.63%, 10/31/29 (d) |  | 696 | 721,849
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (d) |  |  |
5.50%, 01/15/28 |  | 1,616 | 1,554,156
7.38%, 02/15/29 |  | 2,434 | 2,441,705
6.00%, 12/31/30 |  | 66 | 62,493
6.00%, 09/01/31 |  | 686 | 647,470
Talos Production, Inc. (d) |  |  |
9.00%, 02/01/29 |  | 348 | 357,035
9.38%, 02/01/31 |  | 791 | 806,334
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29 (d) |  | 1,011 | 944,039
Transocean Aquila Ltd., 8.00%, 09/30/28 (d) |  | 608 | 621,783
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (d) |  | 355 | 362,234
Transocean, Inc. (d) |  |  |
8.00%, 02/01/27 |  | 854 | 852,389
8.25%, 05/15/29 |  | 3,058 | 2,995,525
8.75%, 02/15/30 |  | 2,737 | 2,822,737
8.50%, 05/15/31 |  | 3,238 | 3,174,458
Valaris Ltd., 8.38%, 04/30/30 (d) |  | 4,025 | 4,067,379
Vantage Drilling International Ltd., 9.50%, 02/15/28 (d) |  | 159 | 158,968
Venture Global LNG, Inc. (d) |  |  |
9.50%, 02/01/29 |  | 11,457 | 12,663,032
8.38%, 06/01/31 |  | 4,519 | 4,712,985
9.88%, 02/01/32 |  | 5,920 | 6,495,894
Vermilion Energy, Inc., 6.88%, 05/01/30 (d) |  | 807 | 800,733
Vital Energy, Inc. |  |  |
9.75%, 10/15/30 |  | 1,152 | 1,214,581
7.88%, 04/15/32 (d) |  | 3,253 | 3,130,024
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (d) |  | 999 | 961,262
|  |  | 161,426,582
Paper & Forest Products — 0.1%
Ahlstrom Holding 3 Oy, 3.63%, 02/04/28 (a) | EUR | 109 | 111,221
Magnera Corp., 7.25%, 11/15/31 (d) | USD | 688 | 671,660
|  |  | 782,881
Passenger Airlines (d) — 0.6%
American Airlines, Inc., 8.50%, 05/15/29 |  | 2,271 | 2,384,399
OneSky Flight LLC, 8.88%, 12/15/29 |  | 1,396 | 1,396,977
United Airlines, Inc., 4.63%, 04/15/29 |  | 5,099 | 4,848,059
|  |  | 8,629,435
Pharmaceuticals — 1.2%
1375209 BC Ltd., 9.00%, 01/30/28 (d) |  | 1,132 | 1,131,097
Bausch Health Cos., Inc. (d) |  |  |
6.13%, 02/01/27 |  | 3,699 | 3,356,842
5.75%, 08/15/27 |  | 430 | 374,100
11.00%, 09/30/28 |  | 4,603 | 4,372,850
Cheplapharm Arzneimittel GmbH, 7.50%, 05/15/30 (a) | EUR | 237 | 241,814
Endo Finance Holdings, Inc., 8.50%, 04/15/31 (d) | USD | 1,579 | 1,673,003

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Grifols SA (a) |  |  |
2.25%, 11/15/27 | EUR | 1,374 | $ 1,357,739
7.13%, 05/01/30 |  | 141 | 150,098
Gruenenthal GmbH, 4.63%, 11/15/31 (a) |  | 136 | 142,427
Nidda Healthcare Holding GmbH (a) |  |  |
7.00%, 02/21/30 |  | 215 | 234,515
(3-mo. EURIBOR + 3.75%), 6.89%, 10/23/30 (b) |  | 100 | 104,491
Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/34 (d) | USD | 800 | 817,888
Rossini SARL (a) |  |  |
6.75%, 12/31/29 | EUR | 121 | 132,545
(3-mo. EURIBOR + 3.88%), 6.56%, 12/31/29 (b) |  | 172 | 180,224
Teva Pharmaceutical Finance Netherlands II BV |  |  |
3.75%, 05/09/27 |  | 100 | 104,140
7.38%, 09/15/29 |  | 192 | 228,467
7.88%, 09/15/31 |  | 100 | 125,597
Teva Pharmaceutical Finance Netherlands III BV |  |  |
6.75%, 03/01/28 | USD | 800 | 813,856
7.88%, 09/15/29 |  | 1,670 | 1,799,859
8.13%, 09/15/31 |  | 912 | 1,016,269
|  |  | 18,357,821
Real Estate Management & Development — 0.7%
Anywhere Real Estate Group LLC/Anywhere Co- Issuer Corp. |  |  |
7.00%, 04/15/30 (d) |  | 1,314 | 1,165,830
Series AI, 7.00%, 04/15/30 |  | 1,009 | 894,952
Aroundtown Finance SARL, (5-year UK Government Bond + 4.49%), 8.63% (b)(i) | GBP | 215 | 260,276
Aroundtown SA, 0.38%, 04/15/27 (a) | EUR | 100 | 96,550
Citycon Treasury BV, 2.38%, 01/15/27 (a) |  | 100 | 99,560
CoreLogic, Inc., 4.50%, 05/01/28 (d) | USD | 2,658 | 2,473,314
Cushman & Wakefield U.S. Borrower, LLC (d) |  |  |
6.75%, 05/15/28 |  | 1,451 | 1,452,318
8.88%, 09/01/31 |  | 1,483 | 1,596,571
Heimstaden Bostad Treasury BV, 1.38%, 03/03/27 | EUR | 100 | 99,038
Howard Hughes Corp., 4.38%, 02/01/31 (d) | USD | 2,347 | 2,113,109
Vivion Investments SARL, Series DEC, (6.50% PIK), 6.50%, 08/31/28 (a)(h) | EUR | 181 | 183,214
|  |  | 10,434,732
Retail REITs — 0.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (d) | USD | 755 | 715,983
Semiconductors & Semiconductor Equipment (k) — 0.2%
ams-OSRAM AG, 2.13%, 11/03/27 (a) | EUR | 100 | 79,553
MKS Instruments, Inc., 1.25%, 06/01/30 (d) | USD | 2,480 | 2,400,640
ON Semiconductor Corp., 0.50%, 03/01/29 |  | 998 | 939,617
|  |  | 3,419,810
Software — 7.1%
AthenaHealth Group, Inc., 6.50%, 02/15/30 (d) |  | 15,638 | 14,861,512
Capstone Borrower, Inc., 8.00%, 06/15/30 (d) |  | 2,592 | 2,683,005
Cedacri Mergeco SpA, (3-mo. EURIBOR + 5.50%), 8.52%, 05/15/28 (a)(b) | EUR | 100 | 104,155
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (d) | USD | 2,553 | 2,589,801
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (d) |  | 6,114 | 6,041,789
Clarivate Science Holdings Corp., 4.88%, 07/01/29 (d) |  | 4,562 | 4,252,748
Cloud Software Group, Inc. (d) |  |  |
6.50%, 03/31/29 |  | 15,386 | 15,102,019
9.00%, 09/30/29 |  | 13,076 | 13,275,981

Consolidated Schedule of Investments
59

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Cloud Software Group, Inc. (d) (continued) |  |  |
8.25%, 06/30/32 | USD | 9,796 | $ 10,095,273
Dun & Bradstreet Corp., 5.00%, 12/15/29 (d) |  | 4,746 | 4,519,564
Ellucian Holdings, Inc., 6.50%, 12/01/29 (d) |  | 2,529 | 2,530,072
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |  |
4.63%, 05/01/28 (d) |  | 400 | 367,119
7.88%, 05/01/29 (a) | EUR | 237 | 251,941
8.75%, 05/01/29 (d) | USD | 782 | 799,489
Nutanix, Inc., 0.50%, 12/15/29 (d)(k) |  | 504 | 498,204
Playtika Holding Corp., 4.25%, 03/15/29 (d) |  | 421 | 381,637
Snowflake, Inc. (d)(k)(l) |  |  |
0.00%, 10/01/27 |  | 1,489 | 1,750,294
0.00%, 10/01/29 |  | 1,898 | 2,251,028
SS&C Technologies, Inc., 6.50%, 06/01/32 (d) |  | 3,595 | 3,626,395
TeamSystem SpA, (3-mo. EURIBOR + 3.50%), 6.68%, 07/31/31 (a)(b) | EUR | 113 | 117,636
UKG, Inc., 6.88%, 02/01/31 (d) | USD | 15,077 | 15,296,106
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (d) |  | 5,203 | 4,728,358
|  |  | 106,124,126
Specialty Retail — 0.3%
Afflelou SAS, 6.00%, 07/25/29 (a) | EUR | 152 | 164,131
Bubbles Bidco SpA (a) |  |  |
6.50%, 09/30/31 |  | 123 | 128,048
(3-mo. EURIBOR + 4.25%), 6.93%, 09/30/31 (b) |  | 120 | 124,054
Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 7.30%, 07/15/31 (a)(b) |  | 156 | 162,740
Fressnapf Holding SE, 5.25%, 10/31/31 (a) |  | 125 | 133,366
Goldstory SAS, 6.75%, 02/01/30 (a) |  | 100 | 108,126
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (d) | USD | 1,873 | 1,810,555
Staples, Inc., 10.75%, 09/01/29 (d) |  | 1,127 | 1,108,727
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (d) |  | 537 | 478,720
|  |  | 4,218,467
Technology Hardware, Storage & Peripherals (d) — 0.1%
Diebold Nixdorf, Inc., 7.75%, 03/31/30 |  | 836 | 858,198
NCR Atleos Corp., 9.50%, 04/01/29 |  | 701 | 759,397
|  |  | 1,617,595
Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc. (d) |  |  |
4.25%, 03/15/29 |  | 217 | 200,596
4.13%, 08/15/31 |  | 282 | 245,345
European TopSoho SARL, 4.00%, 09/21/21 (a)(e)(f)(j)(k) | EUR | 200 | 56,972
Hanesbrands, Inc. (d) |  |  |
4.88%, 05/15/26 | USD | 989 | 973,644
9.00%, 02/15/31 |  | 80 | 85,270
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 6.93%, 07/01/29 (a)(b) | EUR | 100 | 105,139
S&S Holdings LLC, 8.38%, 10/01/31 (d) | USD | 405 | 407,864
|  |  | 2,074,830
Trading Companies & Distributors (d) — 0.5%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |  | 2,045 | 2,037,615
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 |  | 1,030 | 1,011,489
Gates Corp., 6.88%, 07/01/29 |  | 1,519 | 1,545,154

Security |  | Par (000) | Value
Trading Companies & Distributors (continued)
Resideo Funding, Inc. |  |  |
4.00%, 09/01/29 | USD | 290 | $ 262,688
6.50%, 07/15/32 |  | 2,047 | 2,049,552
|  |  | 6,906,498
Transportation Infrastructure — 0.1%
Edge Finco PLC, 8.13%, 08/15/31 (a) | GBP | 206 | 263,371
GN Bondco LLC, 9.50%, 10/15/31 (d) | USD | 1,038 | 1,093,003
Mobico Group PLC, (5-year UK Government Bond + 4.14%), 4.25% (a)(b)(i) | GBP | 154 | 184,145
SGL Group ApS, (3-mo. EURIBOR + 4.75%), 7.95%, 04/22/30 (b) | EUR | 100 | 104,388
|  |  | 1,644,907
Water Utilities — 0.0%
Thames Water Utilities Finance PLC, 4.00%, 04/18/27 (a) |  | 100 | 79,089
Total Corporate Bonds — 100.6% (Cost: $1,470,298,829) | 1,494,443,719
Fixed Rate Loan Interests
Advertising Agencies — 0.4%
Clear Channel International BV, 2024 CCIBV Fixed Term Loan, 7.50%, 04/01/27 (f) | USD | 5,471 | 5,375,191
Diversified Consumer Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/18/27 (f) |  | 13 | 12,882
IT Services — 0.6%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 11/01/31 (f) |  | 8,992 | 8,992,000
Software — 0.9%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 13,479 | 13,555,389
Total Fixed Rate Loan Interests — 1.9% (Cost: $27,909,478) | 27,935,462
Floating Rate Loan Interests (b)
Advertising Agencies — 0.4%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.47%, 08/23/28 |  | 4,263 | 4,282,708
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR + 5.10%), 9.76%, 04/11/29 |  | 1,713 | 1,533,693
|  |  | 5,816,401
Aerospace & Defense — 0.3%
Azorra Soar TLB Finance Ltd, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 10/18/29 |  | 529 | 531,979
Barnes Group, Inc., 2024 Term Loan B, 12/10/31 (n) |  | 968 | 969,452
Dynasty Acquisition Co., Inc. |  |  |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 |  | 1,021 | 1,024,515

60
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Aerospace & Defense (continued)
Dynasty Acquisition Co., Inc. (continued) |  |  |
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 | USD | 388 | $ 389,830
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 11/21/31 |  | 1,525 | 1,522,151
|  |  | 4,437,927
Building Materials — 0.2%
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.71%, 11/03/28 |  | 496 | 498,188
Cornerstone Building Brands, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.90%, 05/15/31 |  | 384 | 368,882
EMRLD Borrower LP, 2024 Term Loan B, 08/04/31 (n) |  | 434 | 435,267
Hobbs & Associates LLC |  |  |
Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 07/23/31 |  | 24 | 23,960
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 07/23/31 |  | 240 | 240,799
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 08/05/31 |  | 1,519 | 1,520,909
|  |  | 3,088,005
Building Products — 0.3%
Foundation Building Materials, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.92%, 01/29/31 |  | 2,183 | 2,146,019
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 06/17/31 |  | 269 | 269,437
White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 10/19/29 |  | 2,583 | 2,585,615
|  |  | 5,001,071
Capital Markets — 0.2%
CPI Holdco B LLC, 2024 Incremental Term Loan B, 05/17/31 (n) |  | 773 | 772,034
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.34%, 04/07/28 |  | 1,032 | 981,272
Summit Acquisition, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 10/16/31 (f) |  | 569 | 571,845
|  |  | 2,325,151
Chemicals — 0.3%
Advancion Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 12.21%, 11/24/28 |  | 443 | 431,836
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 8.95%, 10/04/29 |  | 2,659 | 2,670,573
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.35%, 07/03/28 |  | 615 | 602,534

Security |  | Par (000) | Value
Chemicals (continued)
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.36%, 03/29/28 (f) | USD | 778 | $ 786,104
OQ Chemicals Corp., 2017 USD Term Loan B2, (3- mo. CME Term SOFR at 0.00% Floor + 3.60%), 8.19%, 12/31/26 |  | 204 | 173,998
|  |  | 4,665,045
Commercial Services & Supplies — 1.0%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 05/12/28 |  | 2,021 | 2,026,037
Champions Financing, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.27%, 02/23/29 |  | 1,769 | 1,670,783
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 4.75%), 9.34%, 04/29/29 |  | 474 | 419,773
Garda World Security Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.90%, 02/01/29 |  | 807 | 808,180
Jupiter Buyer, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.30%, 10/10/31 |  | 351 | 353,126
Neon Maple US Debt Mergersub, Inc., 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.44%, 11/15/31 |  | 1,729 | 1,730,625
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/26/31 |  | 896 | 902,872
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 11/19/31 |  | 1,369 | 1,370,620
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 11/30/30 |  | 665 | 666,852
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.69%, 12/17/28 |  | 1,077 | 673,849
Wand NewCo 3, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 01/30/31 |  | 3,660 | 3,671,271
|  |  | 14,293,988
Construction & Engineering — 0.6%
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.07%, 08/01/30 |  | 4,719 | 4,578,345
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.00%, 07/01/31 |  | 334 | 335,064
Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.35%, 03/27/31 |  | 1,545 | 1,545,513
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.84%, 11/03/31 |  | 759 | 761,376

Consolidated Schedule of Investments
61

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Construction & Engineering (continued)
Cube A&D Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.13%, 10/17/31 | USD | 331 | $ 332,655
K Hovnaian Enterprises, Third Amendment Revolver, 06/30/26 (f)(n) |  | 1,865 | 1,883,650
|  |  | 9,436,603
Consumer Finance — 0.1%
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.36%, 05/19/31 |  | 918 | 915,691
Containers & Packaging — 0.1%
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.46%, 10/29/28 |  | 1,538 | 1,483,392
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.59%, 04/15/27 |  | — (o) | 312
|  |  | 1,483,704
Diversified Consumer Services — 0.0%
Veritas U.S., Inc., 2024 Priority Term Loan, (Prime at 1.00% Floor + 11.50%), 19.25%, 12/09/29 (f) |  | 29 | 28,423
Diversified Telecommunication Services — 0.9%
Delta Topco, Inc., 2024 2nd Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.95%, 11/29/30 |  | 299 | 302,887
Digicel International Finance Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 6.85%), 11.34%, 05/25/27 |  | 2,012 | 1,943,658
Frontier Communications Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.76%, 07/01/31 |  | 378 | 382,094
Level 3 Financing, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/29 |  | 236 | 239,936
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/30 |  | 237 | 241,637
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/29 |  | 1,676 | 1,571,774
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/30 |  | 1,353 | 1,286,127
2024 Term Loan A, (1-mo. CME Term SOFR + 6.00%), 10.36%, 06/01/28 |  | 430 | 430,502
Windstream Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.85%), 9.21%, 10/01/31 (f) |  | 597 | 604,462
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.47%, 03/09/27 |  | 6,092 | 5,690,701
|  |  | 12,693,778

Security |  | Par (000) | Value
Electric Utilities — 0.0%
Talen Energy Supply LLC, 2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.02%, 12/11/31 | USD | 262 | $ 262,655
Electronic Equipment, Instruments & Components — 0.1%
LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.80%, 12/02/31 |  | 1,161 | 1,155,926
Energy Equipment & Services — 0.1%
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/31/31 |  | 1,776 | 1,768,892
Entertainment — 0.1%
Entain PLC, 2024 USD Term Loan B3, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 10/31/29 |  | 522 | 522,650
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 11/12/29 |  | 452 | 446,778
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 06/25/31 |  | 62 | 62,137
UFC Holdings, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.77%, 11/21/31 |  | 681 | 683,942
|  |  | 1,715,507
Environmental, Maintenance & Security Service — 0.0%
Tidal Waste & Recycling Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 10/24/31 |  | 707 | 710,980
Financial Services — 0.1%
Clue Opco LLC, Term Loan B, (3-mo. CME Term SOFR + 4.50%), 9.09%, 12/19/30 |  | 988 | 991,164
Ground Transportation — 0.1%
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/10/31 |  | 1,141 | 1,137,886
Health Care Equipment & Supplies — 0.4%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 1,059 | 1,062,570
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.69%, 05/10/27 |  | 2,339 | 2,345,725
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.61%, 10/23/28 |  | 1,611 | 1,615,790
Sotera Health Holdings LLC, 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.84%, 05/30/31 |  | 951 | 951,216
|  |  | 5,975,301

62
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services — 0.5%
LifePoint Health, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.41%, 05/17/31 | USD | 1,651 | $ 1,655,597
2024 Incremental Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.96%, 05/17/31 |  | 760 | 760,792
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.35%), 13.03%, 04/29/25 |  | 1,513 | 1,187,236
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/27/30 |  | 3,408 | 3,325,635
|  |  | 6,929,260
Hotels, Restaurants & Leisure — 0.3%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 09/20/30 |  | 388 | 385,316
City Football Group Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.47%, 07/22/30 |  | 910 | 905,744
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.09%, 11/01/29 |  | 724 | 722,776
Life Time, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.03%, 11/05/31 |  | 1,273 | 1,276,501
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 |  | 121 | 121,864
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 |  | 69 | 69,144
2022 Term Loan B, 06/30/28 (n) |  | 31 | 35,035
2024 Term Loan B1, (1-mo. CME Term SOFR at 1.50% Floor + 6.10%), 10.46%, 11/15/29 |  | 562 | 556,793
2024 Term Loan B2, (3-mo. CME Term SOFR + 6.00%), 10.46%, 11/15/29 (f) |  | 168 | 158,636
|  |  | 4,231,809
Household Durables — 0.3%
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.02%, 02/26/29 |  | 1,110 | 1,106,689
Springs Windows Fashions, LLC (f) |  |  |
2024 First Lien Second Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.47%, 10/06/28 |  | 1,935 | 1,731,768
2024 FLFO Delayed Draw Term Loan, 12/19/29 (n) |  | 268 | 268,234
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, 12/19/29 (f)(n) |  | 201 | 201,679
Tempur Sealy International, Inc., 2024 Term Loan B, (1-mo. SOFR + 2.50%), 6.81%, 10/24/31 |  | 877 | 878,368
|  |  | 4,186,738

Security |  | Par (000) | Value
Insurance — 0.4%
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 09/19/31 | USD | 461 | $ 461,652
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 02/14/31 |  | 302 | 302,670
TIH Insurance Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 05/06/31 |  | 1,226 | 1,228,333
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 05/06/32 |  | 3,327 | 3,398,004
|  |  | 5,390,659
Interactive Media & Services — 0.2%
MH Sub I LLC |  |  |
2023 Term Loan, 05/03/28 (n) |  | 1,196 | 1,184,717
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.61%, 05/03/28 |  | 1,773 | 1,783,734
|  |  | 2,968,451
Internet Software & Services — 0.2%
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.11%, 03/15/30 |  | 3,536 | 3,537,419
IT Services — 0.4%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/29/31 |  | 1,183 | 1,177,911
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.43%, 11/01/31 (f) |  | 1,158 | 1,169,580
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 06/27/31 |  | 3,205 | 3,210,993
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.37%, 03/01/29 |  | 1,060 | 1,060,039
|  |  | 6,618,523
Machinery — 0.6%
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 11/11/29 |  | 468 | 445,778
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 02/15/29 |  | 8,241 | 8,303,093
|  |  | 8,748,871
Media — 0.4%
CSC Holdings LLC |  |  |
2019 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.19%, 04/15/27 |  | 1,261 | 1,161,548
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.90%, 01/18/28 |  | 2,607 | 2,552,259
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.80%, 06/04/29 |  | 108 | 101,833

Consolidated Schedule of Investments
63

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 09/25/26 | USD | 1,386 | $ 1,208,157
Speedster Bidco GmbH, 2024 USD Term Loan B, 10/17/31 (n) |  | 627 | 628,047
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 7.76%, 01/31/29 |  | 200 | 198,688
|  |  | 5,850,532
Oil, Gas & Consumable Fuels — 0.1%
EPIC Crude Services LP, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.66%, 10/15/31 |  | 520 | 524,087
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.60%), 8.96%, 09/19/29 |  | 418 | 419,658
|  |  | 943,745
Passenger Airlines — 0.0%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 9.63%, 04/20/28 |  | 558 | 572,218
Pharmaceuticals — 0.4%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.86%, 05/04/28 |  | 162 | 166,208
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 5.35%), 9.71%, 02/01/27 |  | 2,562 | 2,495,885
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.36%, 04/23/31 |  | 2,227 | 2,240,782
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.43%, 10/01/27 |  | 1,787 | 1,726,848
|  |  | 6,629,723
Real Estate Management & Development — 0.2%
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 10.97%, 06/04/29 |  | 1,107 | 1,074,006
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 06/02/28 |  | 2,461 | 2,426,220
|  |  | 3,500,226
Semiconductors & Semiconductor Equipment — 0.0%
Icon Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.52%, 11/13/31 |  | 675 | 676,897
Software — 2.4%
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.58%, 02/23/32 |  | 787 | 808,884
Ascend Learning LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.85%), 10.21%, 12/10/29 |  | 657 | 650,430

Security |  | Par (000) | Value
Software (continued)
Ascend Learning LLC (continued) |  |  |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.96%, 12/11/28 | USD | 558 | $ 560,018
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 02/15/29 |  | 8,166 | 8,174,519
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 04/30/31 |  | 492 | 492,692
Boxer Parent Co., Inc. |  |  |
2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.34%, 07/30/32 |  | 1,053 | 1,036,331
2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.34%, 07/30/31 |  | 2,959 | 2,981,104
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 07/06/29 |  | 1,154 | 1,136,654
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 03/30/29 |  | 2,678 | 2,683,583
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 03/21/31 |  | 3,437 | 3,444,710
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.46%, 10/08/29 |  | 1,895 | 1,855,201
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 10/08/28 |  | 501 | 499,386
Ellucian Holdings, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 10/09/29 |  | 583 | 586,098
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.11%, 11/15/32 |  | 3,414 | 3,470,911
Mitchell International, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 06/17/31 |  | 1,396 | 1,395,355
Modena Buyer LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/01/31 |  | 1,742 | 1,682,267
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 8.85%, 06/02/28 |  | 1,202 | 1,202,923
Project Alpha Intermediate Holding, Inc., 2024 Add-on Term Loan B, 10/28/30 (n) |  | 413 | 415,387
Project Boost Purchaser LLC, 2024 Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.15%, 07/16/31 |  | 405 | 407,160
RealPage, Inc., 2024 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 04/24/28 |  | 789 | 790,972
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.62%, 02/10/31 |  | 1,166 | 1,173,570
|  |  | 35,448,155

64
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Specialty Retail — 0.1%
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/11/28 | USD | 1,191 | $ 1,185,083
Technology Hardware, Storage & Peripherals — 0.0%
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 |  | 625 | 417,639
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 |  | 127 | 84,938
|  |  | 502,577
Total Floating Rate Loan Interests — 11.8% (Cost: $174,665,521) | 175,824,984

|  | Shares |
Investment Companies
Fixed Income Funds — 3.1% |
Invesco Senior Loan ETF |  | 612,941 | 12,914,667
iShares Broad USD High Yield Corporate Bond ETF (p) |  | 893,154 | 32,859,136
|  |  | 45,773,803
Total Investment Companies — 3.1% (Cost: $45,657,451) | 45,773,803

|  | Par (000) |
Preferred Securities
Capital Trusts — 5.2% (b)
Banks (i) — 1.6% |
Barclays PLC |  |  |
4.38% | USD | 2,490 | 2,239,345
8.00% |  | 980 | 1,013,883
9.63% |  | 3,745 | 4,120,889
BPER Banca SpA, 6.50% (a) | EUR | 200 | 211,914
CaixaBank SA, 7.50% (a) |  | 200 | 226,895
Citigroup, Inc. |  |  |
Series AA, 7.63% | USD | 921 | 959,529
Series CC, 7.13% |  | 3,685 | 3,753,458
Series DD, 7.00% |  | 860 | 906,935
Series EE, 6.75% |  | 2,126 | 2,108,709
Cooperatieve Rabobank UA, 4.38% (a) | EUR | 200 | 204,321
HSBC Holdings PLC, 4.75% (a) |  | 200 | 204,580
ING Groep NV, 8.00% (a) | USD | 200 | 209,750
KBC Group NV, 8.00% (a) | EUR | 200 | 227,887
Lloyds Banking Group PLC, 4.95% (a) |  | 200 | 207,170
NatWest Group PLC, 8.13% | USD | 1,115 | 1,187,505
Nordea Bank Abp, 6.30% (d) |  | 978 | 934,395
PNC Financial Services Group, Inc. |  |  |
Series V, 6.20% |  | 827 | 830,565
Series W, 6.25% |  | 1,572 | 1,586,799
Societe Generale SA, 8.13% (d) |  | 682 | 668,560
Wells Fargo & Co., 6.85% |  | 1,680 | 1,734,013
|  |  | 23,537,102
Broadline Retail — 0.0% |
Rakuten Group, Inc., 8.13% (d)(i) |  | 505 | 497,702

Security |  | Par (000) | Value
Capital Markets — 0.8% |
Brookfield Finance, Inc., 6.30%, 01/15/55 | USD | 2,930 | $ 2,864,983
Deutsche Bank AG, 7.38% (a)(i) | EUR | 200 | 211,297
UBS Group AG (i) |  |  |
7.00% (a) | USD | 200 | 200,096
6.85% (d) |  | 975 | 964,349
7.75% (d) |  | 2,535 | 2,640,720
Series NC10, 9.25% (d) |  | 2,519 | 2,886,600
Series NC5, 9.25% (d) |  | 2,275 | 2,459,437
|  |  | 12,227,482
Diversified Telecommunication Services (a) — 0.1% |
British Telecommunications PLC, 5.13%, 10/03/54 | EUR | 200 | 214,680
Telefonica Europe BV (i) |  |  |
7.13% |  | 200 | 228,229
6.14% |  | 300 | 335,483
5.75% |  | 100 | 110,834
6.75% |  | 100 | 116,145
|  |  | 1,005,371
Electric Utilities — 0.4% |
Duke Energy Corp., 6.45%, 09/01/54 | USD | 1,127 | 1,140,690
Edison International, Series B, 5.00% (i) |  | 708 | 690,107
EDP SA, 4.75%, 05/29/54 (a) | EUR | 100 | 105,916
Electricite de France SA (a)(i) |  |  |
3.00% |  | 200 | 200,110
3.38% |  | 200 | 193,153
5.13% |  | 200 | 211,388
6.00% | GBP | 300 | 374,161
NRG Energy, Inc., 10.25% (d)(i) | USD | 2,614 | 2,885,945
PG&E Corp., 7.38%, 03/15/55 |  | 297 | 304,791
|  |  | 6,106,261
Energy Equipment & Services — 1.2% |
Venture Global LNG, Inc., 9.00% (d)(i) |  | 17,539 | 18,337,796
Financial Services — 0.4% |
Apollo Global Management, Inc., 6.00%, 12/15/54 |  | 1,767 | 1,739,477
Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54 |  | 2,705 | 2,637,317
Corebridge Financial, Inc., 6.38%, 09/15/54 |  | 1,221 | 1,212,650
Nationwide Building Society, 7.50% (a)(i) | GBP | 235 | 294,969
|  |  | 5,884,413
Gas Utilities — 0.1% |
AltaGas Ltd., 7.20%, 10/15/54 (d) | USD | 1,135 | 1,141,206
Naturgy Finance Iberia SA, 2.37% (a)(i) | EUR | 200 | 201,214
|  |  | 1,342,420
Health Care Providers & Services — 0.0% |
Clariane SE, 13.17% (a)(i) | GBP | 100 | 122,279
Independent Power and Renewable Electricity Producers — 0.3% |
AES Corp., 7.60%, 01/15/55 | USD | 1,441 | 1,480,073
Orsted A/S, 2.50%, 12/31/99 (a) | GBP | 100 | 92,218
Vistra Corp., 7.00% (d)(i) | USD | 3,481 | 3,500,851
|  |  | 5,073,142
Insurance — 0.0% |
Poste Italiane SpA, 2.63% (a)(i) | EUR | 100 | 97,065
Media — 0.0% |
SES SA, 6.00%, 09/12/54 (a) |  | 150 | 141,452
Multi-Utilities — 0.1% |
CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55 | USD | 693 | 707,926

Consolidated Schedule of Investments
65

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Multi-Utilities (continued) |
Centrica PLC, 6.50%, 05/21/55 (a) | GBP | 100 | $ 126,918
Dominion Energy, Inc., 6.63%, 05/15/55 | USD | 335 | 340,582
|  |  | 1,175,426
Oil, Gas & Consumable Fuels — 0.1% |
South Bow Canadian Infrastructure Holdings Ltd., 7.63%, 03/01/55 (d) |  | 601 | 616,186
Var Energi ASA, 7.86%, 11/15/83 (a) | EUR | 100 | 114,319
|  |  | 730,505
Pharmaceuticals (a) — 0.0% |
Bayer AG |  |  |
4.50%, 03/25/82 |  | 200 | 205,156
7.00%, 09/25/83 |  | 100 | 109,381
Series NC5, 6.63%, 09/25/83 |  | 100 | 107,297
|  |  | 421,834
Real Estate Management & Development — 0.0% |
Heimstaden Bostad AB, 2.63% (a)(i) |  | 375 | 359,747
Transportation Infrastructure — 0.0% |
Abertis Infraestructuras Finance BV, 3.25% (a)(i) |  | 100 | 102,884
Wireless Telecommunication Services (a) — 0.1% |
Vodafone Group PLC |  |  |
2.63%, 08/27/80 |  | 400 | 409,054
3.00%, 08/27/80 |  | 100 | 97,758
6.50%, 08/30/84 |  | 100 | 113,840
|  |  | 620,652
| 77,783,533

|  | Shares |
Preferred Stocks — 1.5%
Aerospace & Defense — 0.4% |
Boeing Co., 6.00% (k) |  | 82,250 | 5,008,203
Electric Utilities — 0.0% |
PG&E Corp., Series A, 6.00% (k) |  | 7,800 | 388,362
Insurance — 0.4% |
Alliant Cali, Inc., (Acquired 09/25/24, Cost: $5,947,430), 12/31/79 (e)(f)(q) |  | 6,038 | 5,971,582
Interactive Media & Services — 0.7% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $6,330,867) (e)(f)(q) |  | 57,777 | 10,440,304
IT Services — 0.0% |
Veritas Kapital Assurance PLC, Series G (e)(f) |  | 257 | 5,140
Software — 0.0% |
Veritas Kapital Assurance PLC, Series G (e)(f) |  | 372 | 7,440
Wireless Telecommunication Services (e) — 0.0% |
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $681,884) (q) |  | 696,269 | 5,006
Ligado Networks LLC (f)(r) |  | 32,168 | 16,084
|  |  | 21,090
| 21,842,121
Total Preferred Securities — 6.7% (Cost: $98,352,721) | 99,625,654

Security |  | Shares | Value
Warrants
IT Services — 0.0% |
Atos SE (e)(f)(i) |  | 2,843,567 | $ 30
Total Warrants — 0.0% (Cost: $ — ) | 30
Total Investments — 124.7% (Cost: $1,827,112,026) | 1,852,965,784
Liabilities in Excess of Other Assets — (24.7)% | (367,372,781 )
Net Assets — 100.0% | $ 1,485,593,003

(a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(b) | 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.
(c) | When-issued security.
(d) | 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.
(e) | Non-income producing security.
(f) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(g) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(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) | Convertible security.
(l) | Zero-coupon bond.
(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) | Rounds to less than 1,000.
(p) | Affiliate of the Trust.
(q) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $16,416,892, representing 1.1% of its net assets as of period end, and an original cost of $12,960,181.
(r) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
66
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares (a) | $ 34,146 | $ — | $ (34,146 ) (b) | $ — | $ — | $ — | — | $ 118,252 | $ —
iShares Broad USD High Yield Corporate Bond ETF | — | 42,635,140 | (9,930,407 ) | (29,372 ) | 183,775 | 32,859,136 | 893,154 | 1,302,719 | —
|  |  |  | $ (29,372 ) | $ 183,775 | $ 32,859,136 |  | $ 1,420,971 | $ —

(a) | As of period end, the entity is no longer held.
(b) | Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts

Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation)
Short Contracts |  |  |  |
U.S. Long Bond | 12 | 03/20/25 | $ 1,366 | $ 31,915

Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 73,807 | EUR | 70,000 | Nomura International PLC | 03/19/25 | $ 1,056
USD | 1,813,283 | EUR | 1,718,780 | Standard Chartered Bank | 03/19/25 | 26,961
USD | 251,620 | EUR | 242,000 | Toronto-Dominion Bank | 03/19/25 | 110
USD | 337,663 | EUR | 320,000 | Toronto-Dominion Bank | 03/19/25 | 5,089
USD | 12,582,195 | EUR | 11,926,448 | Toronto-Dominion Bank | 03/19/25 | 187,079
USD | 27,221,355 | EUR | 25,823,772 | UBS AG | 03/19/25 | 382,797
USD | 6,927,453 | GBP | 5,472,000 | Canadian Imperial Bank of Commerce | 03/19/25 | 80,971
USD | 128,699 | GBP | 101,000 | UBS AG | 03/19/25 | 2,329
USD | 309,224 | GBP | 243,000 | UBS AG | 03/19/25 | 5,186
|  |  |  |  |  | 691,578
EUR | 213,106 | USD | 222,322 | Australia & New Zealand Bank Group | 03/19/25 | (842 )
| $ 690,736

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 | 48,772 | $ 3,841,444 | $ 3,423,490 | $ 417,954
iTraxx.XO.42.V1 | 5.00 | Quarterly | 12/20/29 | B+ | EUR | 372 | 30,935 | 34,511 | (3,576 )
|  |  |  |  |  |  | $ 3,872,379 | $ 3,458,001 | $ 414,378

(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.

Consolidated Schedule of Investments
67

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index | Financing Rate Paid by the Trust | Payment Frequency | Counterparty | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
Hovnanian Enterprises, Inc. | 5.00 % | Quarterly | Barclays Bank PLC | 06/20/29 | USD | 373 | $ (30,458 ) | $ (27,906 ) | $ (2,552 )
Hovnanian Enterprises, Inc. | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | USD | 373 | (30,459 ) | (30,125 ) | (334 )
Matterhorn Telecom Holding S.A. | 5.00 | Quarterly | Goldman Sachs International | 12/20/29 | EUR | 135 | (17,429 ) | (17,650 ) | 221
|  |  |  |  |  |  | $ (78,346 ) | $ (75,681 ) | $ (2,665 )

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 | $ 2,845 | $ 2,558 | $ 287
CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | BB+ | EUR | 125 | 12,589 | 16,019 | (3,430 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC+ | EUR | 35 | 1,842 | (4,771 ) | 6,613
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC+ | EUR | 21 | 1,107 | (2,774 ) | 3,881
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC+ | EUR | 60 | 3,112 | (7,796 ) | 10,908
Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC+ | EUR | 17 | 903 | (2,320 ) | 3,223
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC+ | EUR | 36 | 1,889 | (4,958 ) | 6,847
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | CCC+ | EUR | 26 | 1,370 | (3,514 ) | 4,884
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB | EUR | 80 | 5,412 | 9,571 | (4,159 )
Faurecia SE | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | BB | EUR | 59 | 3,991 | 6,224 | (2,233 )
Intrum AB | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | CC | EUR | 22 | (5,965 ) | (5,467 ) | (498 )
Intrum AB | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | CC | EUR | 14 | (3,977 ) | (3,157 ) | (820 )
Virgin Media Finance PLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | B- | EUR | 20 | 1,112 | 665 | 447
Virgin Media Finance PLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | B- | EUR | 30 | 1,727 | 992 | 735
iTraxx.XO.42 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 |  | EUR | 109 | 12,592 | 13,126 | (534 )
|  |  |  |  |  |  |  | $ 40,549 | $ 14,398 | $ 26,151

(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, 4.49% | Quarterly | Markit iBoxx $ Liquid High Yield Index | Quarterly | JPMorgan Chase Bank N.A. | N/A | 06/20/25 | USD | 1,535 | $ 19,267 | $ (18,997 ) | $ 38,264
1-day SOFR, 4.49% | Quarterly | Markit iBoxx $ Liquid High Yield Index | Quarterly | Morgan Stanley & Co. International PLC | N/A | 06/20/25 | USD | 693 | 10,187 | (7,952 ) | 18,139
1-day SOFR, 4.49% | Quarterly | Markit iBoxx $ Liquid High Yield Index | Quarterly | Morgan Stanley & Co. International PLC | N/A | 06/20/25 | USD | 693 | 9,849 | (8,160 ) | 18,009
1-day SOFR, 4.49% | Quarterly | Markit iBoxx $ Liquid High Yield Index | Quarterly | Morgan Stanley & Co. International PLC | N/A | 06/20/25 | USD | 693 | 8,451 | (8,680 ) | 17,131
1-day SOFR, 4.49% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 06/20/25 | USD | 7,500 | 208,290 | (99,551 ) | 307,841
1-day SOFR, 4.49% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 3,272 | (34,363 ) | (32,636 ) | (1,727 )

68
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
OTC Total Return Swaps (continued)

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, 4.49% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 1,636 | $ (18,969 ) | $ (16,531 ) | $ (2,438 )
1-day SOFR, 4.49% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 1,636 | (22,978 ) | (16,955 ) | (6,023 )
1-day SOFR, 4.49% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 3,856 | (44,710 ) | (41,953 ) | (2,757 )
1-day SOFR, 4.49% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 19,659 | 23,523 | (216,442 ) | 239,965
|  |  |  |  |  |  |  |  | $ 158,547 | $ (467,857 ) | $ 626,404

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) | $ 3,458,001 | $ — | $ 417,954 | $ (3,576 )
OTC Swaps | 49,155 | (578,295 ) | 677,395 | (27,505 )

(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.

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) | $ — | $ — | $ — | $ — | $ 31,915 | $ — | $ 31,915
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 691,578 | — | — | 691,578
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps (a) | — | 417,954 | — | — | — | — | 417,954
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 87,201 | — | — | 639,349 | — | 726,550
| $ — | $ 505,155 | $ — | $ 691,578 | $ 671,264 | $ — | $ 1,867,997
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | $ — | $ — | $ — | $ 842 | $ — | $ — | $ 842
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) | — | 3,576 | — | — | — | — | 3,576
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 124,998 | — | — | 480,802 | — | 605,800
| $ — | $ 128,574 | $ — | $ 842 | $ 480,802 | $ — | $ 610,218

(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).

Consolidated Schedule of Investments
69

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
For the period ended December 31, 2024, 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 | $ — | $ — | $ (751,667 ) | $ — | $ (380,618 ) | $ — | $ (1,132,285 )
Forward foreign currency exchange contracts | — | — | — | 2,659,695 | — | — | 2,659,695
Options purchased (a) | — | — | (455,420 ) | — | (2,346 ) | — | (457,766 )
Options written | — | — | 126,822 | — | 872 | — | 127,694
Swaps | — | 3,809,160 | — | — | 1,654,660 | — | 5,463,820
| $ — | $ 3,809,160 | $ (1,080,265 ) | $ 2,659,695 | $ 1,272,568 | $ — | $ 6,661,158
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ 125,848 | $ — | $ 125,848
Forward foreign currency exchange contracts | — | — | — | 1,081,521 | — | — | 1,081,521
Options purchased (b) | — | — | 170,115 | — | — | — | 170,115
Options written | — | — | (51,791 ) | — | — | — | (51,791 )
Swaps | — | (393,010 ) | — | — | (767,691 ) | — | (1,160,701 )
| $ — | $ (393,010 ) | $ 118,324 | $ 1,081,521 | $ (641,843 ) | $ — | $ 164,992

(a) | Options purchased are included in net realized gain (loss) from investments — unaffiliated.
(b) | Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short | $ 2,599,266
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | 49,520,783
Average amounts sold — in USD | 55,581
Options: |
Average value of option contracts purchased | 281
Average value of option contracts written | 31
Credit default swaps: |
Average notional value — buy protection | 668,173
Average notional value — sell protection | 33,542,542
Total return swaps: |
Average notional value | 34,811,500

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 | $ 2,964 | $ —
Forward foreign currency exchange contracts | 691,578 | 842
Swaps — centrally cleared | 42,675 | —
Swaps — OTC (a) | 726,550 | 605,800
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 1,463,767 | 606,642
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (45,639 ) | —
Total derivative assets and liabilities subject to an MNA | $ 1,418,128 | $ 606,642

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

70
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
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. | $ 6,613 | $ (4,771 ) | $ — | $ — | $ 1,842
Barclays Bank PLC | 24,360 | (24,360 ) | — | — | —
BNP Paribas SA | 13,126 | (534 ) | — | — | 12,592
Canadian Imperial Bank of Commerce | 80,971 | — | — | — | 80,971
Citibank N.A. | 3,223 | (2,320 ) | — | — | 903
Goldman Sachs International | 6,445 | (6,445 ) | — | — | —
JPMorgan Chase Bank N.A. | 50,795 | (23,955 ) | — | — | 26,840
Morgan Stanley & Co. International PLC | 621,988 | (468,749 ) | — | — | 153,239
Nomura International PLC | 1,056 | — | — | — | 1,056
Standard Chartered Bank | 26,961 | — | — | — | 26,961
Toronto-Dominion Bank | 192,278 | — | — | — | 192,278
UBS AG | 390,312 | — | — | — | 390,312
| $ 1,418,128 | $ (531,134 ) | $ — | $ — | $ 886,994

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)
Australia & New Zealand Bank Group | $ 842 | $ — | $ — | $ — | $ 842
Bank of America N.A. | 4,771 | (4,771 ) | — | — | —
Barclays Bank PLC | 45,187 | (24,360 ) | — | — | 20,827
BNP Paribas SA | 534 | (534 ) | — | — | —
Citibank N.A. | 2,320 | (2,320 ) | — | — | —
Goldman Sachs International | 60,284 | (6,445 ) | — | — | 53,839
JPMorgan Chase Bank N.A. | 23,955 | (23,955 ) | — | — | —
Morgan Stanley & Co. International PLC | 468,749 | (468,749 ) | — | — | —
| $ 606,642 | $ (531,134 ) | $ — | $ — | $ 75,508

(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 Consolidated Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $ — | $ 1,549,665 | $ — | $ 1,549,665
Common Stocks | 7,812,466 | — | 1 | 7,812,467
Corporate Bonds | — | 1,494,386,747 | 56,972 | 1,494,443,719
Fixed Rate Loan Interests | — | 13,555,389 | 14,380,073 | 27,935,462
Floating Rate Loan Interests | — | 168,420,603 | 7,404,381 | 175,824,984
Investment Companies | 45,773,803 | — | — | 45,773,803
Preferred Securities |  |  |  |
Capital Trusts | — | 77,783,533 | — | 77,783,533

Consolidated Schedule of Investments
71

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Preferred Securities |  |  |  |
Preferred Stocks | $ 5,396,565 | $ — | $ 16,440,550 | $ 21,837,115
Warrants | — | — | 30 | 30
Unfunded Floating Rate Loan Interests (a) | — | 1,140 | — | 1,140
Liabilities |  |  |  |
Unfunded Floating Rate Loan Interests (a) | — | (5,338 ) | — | (5,338 )
| $ 58,982,834 | $ 1,755,691,739 | $ 38,282,007 | 1,852,956,580
Investments Valued at NAV (b) |  |  |  | 5,006
|  |  |  | $ 1,852,961,586
Derivative Financial Instruments (c) |  |  |  |
Assets |  |  |  |
Credit Contracts | $ — | $ 456,000 | $ — | $ 456,000
Foreign Currency Exchange Contracts | — | 691,578 | — | 691,578
Interest Rate Contracts | 31,915 | 639,349 | — | 671,264
Liabilities |  |  |  |
Credit Contracts | — | (18,136 ) | — | (18,136 )
Foreign Currency Exchange Contracts | — | (842 ) | — | (842 )
Interest Rate Contracts | — | (12,945 ) | — | (12,945 )
| $ 31,915 | $ 1,755,004 | $ — | $ 1,786,919

(a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b) | Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
(c) | Derivative financial instruments are swaps, futures contracts 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 for financial statement purposes. As of period end, bank borrowings
payable of $407,000,000 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 year 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 | Warrants | Total
Assets |  |  |  |  |  |  |
Opening balance, as of December 31, 2023 | $ 22,235 | $ — | $ — | $ 6,449,900 | $ 12,598,203 | $ — | $ 19,070,338
Transfers into Level 3 | 4,951 | 191,231 | — | 1,124,648 | — | — | 1,320,830
Transfers out of Level 3 | — | — | — | (392,911 ) | — | — | (392,911 )
Accrued discounts/premiums | — | — | 11,769 | 33,598 | — | — | 45,367
Net realized gain (loss) | (24,633,758 ) | — | — | (251,670 ) | 612,355 | — | (24,273,073 )
Net change in unrealized appreciation (depreciation) (a)(b) | 24,606,573 | (134,259 ) | (50,940 ) | 504,803 | 490,781 | 30 | 25,416,988
Purchases | — | — | 14,419,244 | 7,236,191 | 5,960,010 | — | 27,615,445
Sales | — | — | — | (7,300,178 ) | (3,220,799 ) | — | (10,520,977 )
Closing balance, as of December 31, 2024 | $ 1 | $ 56,972 | $ 14,380,073 | $ 7,404,381 | $ 16,440,550 | $ 30 | $ 38,282,007
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024 (b) | $ (4,950 ) | $ (134,259 ) | $ (50,940 ) | $ 174,189 | $ 835,646 | $ 30 | $ 819,716

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024 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 BlackRock Valuation Committee (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
72
2024
BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
(continued)
December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
unadjusted third-party pricing information in the amount of $21,870,121. A significant change in third party information could result in a significantly lower or higher value of such
Level 3 financial instruments.

| Value | Valuation Approach | Valuation Technique | Range of Unobservable Inputs Utilized (a) | Weighted Average of Unobservable Inputs
Assets |  |  |  |  |
Preferred Stocks (b) | $ 16,411,886 | Income | Discount Rate | 11% | —
|  | Market | Revenue Multiple | 1.26x | —
| $ 16,411,886 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.
(b) | The fund valued certain of its Level 3 Preferred Stocks using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $10,440,304 as of December 31, 2024.

See notes to financial statements.
Consolidated Schedule of Investments
73

Schedule of Investments
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
522 Funding CLO Ltd., Series 2019-5A, Class AR, (3- mo. CME Term SOFR + 1.33%), 5.99%, 04/15/35 (a)(b) | USD | 2,500 | $ 2,504,268
720 East CLO IV Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.60%), 6.26%, 04/15/37 (a)(b) |  | 2,000 | 2,016,395
AGL CLO Ltd., Series 2021-12A, Class B, (3-mo. CME Term SOFR + 1.86%), 6.48%, 07/20/34 (a)(b) |  | 890 | 891,782
AIMCO CLO Ltd., Series 2021-14A, Class A, (3-mo. CME Term SOFR + 1.25%), 5.87%, 04/20/34 (a)(b) |  | 3,000 | 3,004,533
Allegro CLO VI Ltd. (a)(b) |  |  |
Series 2017-2A, Class B, (3-mo. CME Term SOFR + 1.76%), 6.41%, 01/17/31 |  | 360 | 360,102
Series 2017-2A, Class C, (3-mo. CME Term SOFR + 2.06%), 6.71%, 01/17/31 |  | 2,400 | 2,401,526
Apidos CLO XV, Series 2013-15A, Class DRR, (3-mo. CME Term SOFR + 2.96%), 7.58%, 04/20/31 (a)(b) |  | 1,000 | 1,001,409
Apidos CLO XX, Series 2015-20A, Class BRR, (3-mo. CME Term SOFR + 2.21%), 6.86%, 07/16/31 (a)(b) |  | 1,000 | 1,002,151
Apidos CLO XXXIII, Series 2020-33A, Class AR, (3-mo. CME Term SOFR + 1.41%), 6.05%, 10/24/34 (a)(b) |  | 2,000 | 2,003,452
Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.02%, 10/22/34 (a)(b) |  | 3,000 | 3,004,501
Ares XLVII CLO Ltd., Series 2018-47A, Class D, (3-mo. CME Term SOFR + 2.96%), 7.62%, 04/15/30 (a)(b) |  | 1,500 | 1,504,498
Ares XLVIII CLO Ltd., Series 2018-48A, Class C, (3-mo. CME Term SOFR + 2.06%), 6.68%, 07/20/30 (a)(b) |  | 500 | 500,134
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3-mo. CME Term SOFR + 1.44%), 6.08%, 10/24/31 (a)(b) |  | 236 | 236,158
Ballyrock CLO Ltd. (a)(b) |  |  |
Series 2018-1A, Class A2, (3-mo. CME Term SOFR + 1.86%), 6.48%, 04/20/31 |  | 1,500 | 1,505,127
Series 2019-2A, Class BRR, (3-mo. CME Term SOFR + 2.40%), 6.92%, 02/20/36 |  | 1,000 | 1,001,452
Series 2022-19A, Class A1, (3-mo. CME Term SOFR + 1.33%), 5.95%, 04/20/35 |  | 2,000 | 2,002,834
Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class A1R2, (3-mo. CME Term SOFR + 1.32%), 5.64%, 01/17/38 (a)(b) |  | 1,000 | 1,000,000
Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class A1R, (3-mo. CME Term SOFR + 1.43%), 6.09%, 10/15/34 (a)(b) |  | 1,300 | 1,302,445
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 7.26%, 04/15/37 (a)(b) |  | 1,500 | 1,518,325
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 5.63%, 07/18/34 (a)(b) |  | 1,000 | 1,005,034
Canyon CLO Ltd. (a)(b) |  |  |
Series 2021-3A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.62%, 07/15/34 |  | 1,800 | 1,808,421
Series 2021-4, Class A, (3-mo. CME Term SOFR + 1.43%), 6.09%, 10/15/34 |  | 1,500 | 1,500,294
Carlyle CLO Ltd., Series C17A, Class BR, (3-mo. CME Term SOFR + 2.11%), 6.70%, 04/30/31 (a)(b) |  | 1,000 | 1,000,435
CarVal CLO I Ltd., Series 2018-1A, Class D, (3-mo. CME Term SOFR + 3.15%), 7.80%, 07/16/31 (a)(b) |  | 500 | 504,907
Cedar Funding XII CLO Ltd., Series 2020-12A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 6.02%, 10/25/34 (a)(b) |  | 1,500 | 1,502,772

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
CIFC Funding Ltd. (a)(b) |  |  |
Series 2013-2A, Class A3LR, (3-mo. CME Term SOFR + 2.21%), 6.84%, 10/18/30 | USD | 1,000 | $ 1,001,641
Series 2015-4A, Class A1A2, (3-mo. CME Term SOFR + 1.33%), 5.95%, 04/20/34 |  | 1,000 | 1,001,664
Series 2019-2A, Class BR, (3-mo. CME Term SOFR + 1.76%), 6.41%, 04/17/34 |  | 900 | 904,132
Series 2019-5A, Class A2RS, (3-mo. CME Term SOFR + 2.01%), 6.67%, 01/15/35 |  | 1,000 | 1,008,238
Series 2020-2A, Class AR, (3-mo. CME Term SOFR + 1.43%), 6.05%, 10/20/34 |  | 1,200 | 1,202,170
Series 2020-3A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 6.01%, 10/20/34 |  | 1,000 | 1,001,735
Series 2021-1AR, Class A1R, (3-mo. CME Term SOFR + 1.42%), 6.05%, 07/25/37 |  | 1,500 | 1,505,057
Clover CLO LLC (a)(b) |  |  |
Series 2018-1A, Class A1RR, (3-mo. CME Term SOFR + 1.53%), 6.15%, 04/20/37 |  | 3,500 | 3,527,812
Series 2021-1A, Class A, (3-mo. CME Term SOFR + 1.36%), 5.99%, 04/22/34 |  | 2,000 | 2,004,824
Series 2021-2A, Class B, (3-mo. CME Term SOFR + 2.01%), 6.63%, 07/20/34 |  | 1,000 | 1,007,289
Clover CLO Ltd., Series 2019-2A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.99%, 10/25/33 (a)(b) |  | 1,000 | 1,001,738
Diameter Capital CLO Ltd., Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 6.02%, 10/15/37 (a)(b) |  | 2,800 | 2,826,592
Dryden CLO Ltd., Series 2020-77A, Class AR, (3-mo. CME Term SOFR + 1.38%), 5.90%, 05/20/34 (a)(b) |  | 3,500 | 3,507,190
Elmwood CLO 15 Ltd., Series 2022-2A, Class A1, (3- mo. CME Term SOFR + 1.34%), 5.97%, 04/22/35 (a)(b) |  | 1,200 | 1,202,034
Elmwood CLO 26 Ltd, Series 2026-1A, Class C, (3-mo. CME Term SOFR + 2.40%), 7.03%, 04/18/37 (a)(b) |  | 1,000 | 1,015,106
Elmwood CLO 37 Ltd. (a)(b)(c) |  |  |
Series 2024-13A, Class C, 01/17/38 |  | 1,000 | 1,000,000
Series 2024-13A, Class D1, 01/17/38 |  | 1,000 | 1,000,000
Elmwood CLO II Ltd., Series 2019-2A, Class A1RR, (3-mo. CME Term SOFR + 1.35%), 5.91%, 10/20/37 (a)(b) |  | 2,000 | 2,009,457
Elmwood CLO VII Ltd., Series 2020-4A, Class A1RR, (3-mo. CME Term SOFR + 1.36%), 5.91%, 10/17/37 (a)(b) |  | 2,000 | 2,005,119
Elmwood CLO XI Ltd., Series 2021-4A, Class B, (3-mo. CME Term SOFR + 1.86%), 6.48%, 10/20/34 (a)(b) |  | 1,250 | 1,256,355
Elmwood CLO XII Ltd., Series 2021-5A, Class BR, (3- mo. CME Term SOFR + 1.70%), 6.27%, 10/15/37 (a)(b) |  | 2,000 | 2,010,607
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3- mo. CME Term SOFR + 2.86%), 7.48%, 04/20/31 (a)(b) |  | 1,000 | 1,004,624
Golub Capital Partners CLO Ltd. (a)(b) |  |  |
Series 2019-41A, Class AR, (3-mo. CME Term SOFR + 1.58%), 6.20%, 01/20/34 |  | 1,000 | 1,000,591
Series 2021-53A, Class B, (3-mo. CME Term SOFR + 2.06%), 6.68%, 07/20/34 |  | 1,000 | 1,004,996
HalseyPoint CLO Ltd. (a)(b) |  |  |
Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.48%), 6.10%, 04/20/34 |  | 2,000 | 2,002,203
Series 2021-5A, Class A1A, (3-mo. CME Term SOFR + 1.47%), 6.06%, 01/30/35 |  | 1,000 | 1,000,381

74
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Highbridge Loan Management Ltd., Series 4A-2014, Class A2R, (3-mo. CME Term SOFR + 1.76%), 6.38%, 01/28/30 (a)(b) | USD | 650 | $ 650,847
Long Point Park CLO Ltd., Series 2017-1A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.61%, 01/17/30 (a)(b) |  | 1,000 | 1,001,783
Madison Park Funding L Ltd., Series 2021-50A, Class A, (3-mo. CME Term SOFR + 1.40%), 6.02%, 04/19/34 (a)(b) |  | 2,520 | 2,524,293
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 6.13%, 04/18/37 (a)(b) |  | 1,000 | 1,008,780
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.03%, 04/19/33 (a)(b) |  | 964 | 964,956
Madison Park Funding XXVII Ltd. (a)(b) |  |  |
Series 2018-27A, Class B, (3-mo. CME Term SOFR + 2.06%), 6.68%, 04/20/30 |  | 1,000 | 1,001,893
Series 2018-27A, Class C, (3-mo. CME Term SOFR + 2.86%), 7.48%, 04/20/30 |  | 1,000 | 1,000,185
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, (3-mo. CME Term SOFR + 1.38%), 6.03%, 07/17/34 (a)(b) |  | 1,070 | 1,071,660
Marathon CLO Ltd., Series 2020-15ARRR, Class C1R3, (3-mo. CME Term SOFR + 3.20%), 7.72%, 08/15/37 (a)(b) |  | 1,500 | 1,530,437
Marble Point CLO XI Ltd., Series 2017-2A, Class B, (3-mo. CME Term SOFR + 1.76%), 6.39%, 12/18/30 (a)(b) |  | 1,000 | 999,854
MP CLO III Ltd., Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 2.26%), 6.88%, 10/20/30 (a)(b) |  | 1,000 | 1,001,153
Neuberger Berman Loan Advisers CLO Ltd. (a)(b) |  |  |
Series 2021-45A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.05%, 10/14/35 |  | 3,000 | 3,004,882
Series 2021-46A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.53%, 01/20/36 |  | 1,450 | 1,458,200
Series 2022-47A, Class A, (3-mo. CME Term SOFR + 1.30%), 5.95%, 04/14/35 |  | 1,000 | 1,001,468
New Mountain CLO Ltd., Series 2024-5A, Class A, (3- mo. CME Term SOFR + 1.57%), 6.19%, 04/20/36 (a)(b) |  | 2,500 | 2,504,970
OCP CLO Ltd., Series 2026-11R, Class CR2, (3-mo. CME Term SOFR + 2.35%), 6.97%, 04/26/36 (a)(b) |  | 1,500 | 1,503,625
Octagon Investment Partners 26 Ltd., Series 2016-1A, Class DR, (3-mo. CME Term SOFR + 3.11%), 7.77%, 07/15/30 (a)(b) |  | 500 | 502,741
Octagon Investment Partners 34 Ltd., Series 2017-1A, Class B1, (3-mo. CME Term SOFR + 1.66%), 6.28%, 01/20/30 (a)(b) |  | 1,000 | 1,002,262
Octagon Investment Partners XVII Ltd. (a)(b) |  |  |
Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 6.29%, 01/25/31 |  | 1,000 | 1,001,430
Series 2013-1A, Class CR2, (3-mo. CME Term SOFR + 1.96%), 6.59%, 01/25/31 |  | 1,000 | 1,000,987
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, (3-mo. CME Term SOFR + 2.16%), 6.79%, 01/22/30 (a)(b) |  | 900 | 900,473
OHA Credit Funding Ltd. (a)(b) |  |  |
Series 2019-3A, Class AR2, (3-mo. CME Term SOFR + 1.32%), 5.83%, 01/20/38 |  | 1,750 | 1,758,078

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
OHA Credit Funding Ltd. (a)(b) (continued) |  |  |
Series 2020-5AR, Class AR, (3-mo. CME Term SOFR + 1.35%), 6.13%, 10/18/37 | USD | 1,000 | $ 1,003,900
Series 2020-7A, Class AR, (3-mo. CME Term SOFR + 1.30%), 5.92%, 02/24/37 |  | 1,250 | 1,252,128
Series 2021-10A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.02%, 01/18/36 |  | 1,500 | 1,502,590
OHA Credit Partners XII Ltd., Series 2015-12AR, Class D1R2, (3-mo. CME Term SOFR + 3.50%), 8.13%, 04/23/37 (a)(b) |  | 600 | 612,058
OHA Credit Partners XVI Ltd., Series 2021-16AR, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.98%, 10/18/37 (a)(b) |  | 750 | 752,921
Palmer Square CLO Ltd. (a)(b) |  |  |
Series 2015-1A, Class A2R4, (3-mo. CME Term SOFR + 1.96%), 6.48%, 05/21/34 |  | 2,500 | 2,499,976
Series 2019-1A, Class CR, (3-mo. CME Term SOFR + 3.31%), 7.83%, 11/14/34 |  | 1,000 | 1,006,826
Series 2020-3ARR, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 6.17%, 11/15/36 |  | 1,500 | 1,507,198
Series 2021-2A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.07%, 07/15/34 |  | 2,000 | 2,003,075
Series 2021-4A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.57%, 10/15/34 |  | 2,500 | 2,512,333
Post CLO Ltd., Series 2024-1, Class A1, (3-mo. CME Term SOFR + 1.60%), 6.22%, 04/20/37 (a)(b) |  | 2,000 | 2,016,718
Regatta VI Funding Ltd., Series 2016-1A, Class AR2, (3-mo. CME Term SOFR + 1.42%), 6.04%, 04/20/34 (a)(b) |  | 2,000 | 2,004,385
Regatta VII Funding Ltd., Series 2016-1A, Class DR2, (3-mo. CME Term SOFR + 3.31%), 7.67%, 06/20/34 (a)(b) |  | 500 | 502,998
Regatta XII Funding Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.39%), 6.05%, 10/15/37 (a)(b) |  | 1,500 | 1,504,020
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 6.37%, 01/15/34 (a)(b) |  | 1,000 | 1,005,103
Regatta XXVII Funding Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.53%), 6.15%, 04/26/37 (a)(b) |  | 2,000 | 2,009,373
Regatta XXVIII Funding Ltd., Series 2024-2A, Class A1, (3-mo. CME Term SOFR + 1.55%), 6.18%, 04/25/37 (a)(b) |  | 1,500 | 1,507,988
Rockford Tower CLO Ltd. (a)(b) |  |  |
Series 2017-3A, Class A, (3-mo. CME Term SOFR + 1.45%), 6.07%, 10/20/30 |  | 848 | 849,431
Series 2017-3A, Class D, (3-mo. CME Term SOFR + 2.91%), 7.53%, 10/20/30 |  | 1,000 | 1,000,114
RR Ltd. (a)(b) |  |  |
Series 2018-5A, Class CR, (3-mo. CME Term SOFR + 3.60%), 8.26%, 07/15/39 |  | 650 | 663,090
Series 2024-29RA, Class A2R, (3-mo. CME Term SOFR + 1.70%), 6.36%, 07/15/39 |  | 2,000 | 2,012,635
Signal Peak CLO Ltd., Series 2020-8A, Class A1R, (3- mo. CME Term SOFR + 1.39%), 5.94%, 10/20/37 (a)(b) |  | 6,000 | 6,032,923
Sixth Street CLO XX Ltd., Series 2021-20A, Class A1, (3-mo. CME Term SOFR + 1.42%), 6.04%, 10/20/34 (a)(b) |  | 1,325 | 1,325,256

Schedule of Investments
75

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3- mo. CME Term SOFR + 2.86%), 7.52%, 01/15/30 (a)(b) | USD | 1,500 | $ 1,500,193
Symphony CLO XXIV Ltd., Series 2020-24AR, Class AR, (3-mo. CME Term SOFR + 1.20%), 5.83%, 01/23/32 (a)(b) |  | 871 | 872,975
Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, (3-mo. CME Term SOFR + 1.40%), 6.03%, 10/23/34 (a)(b) |  | 1,900 | 1,903,335
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, (3- mo. CME Term SOFR + 1.10%), 5.75%, 01/17/32 (a)(b) |  | 293 | 293,213
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.06%, 01/16/31 (a)(b) |  | 930 | 931,393
TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo. CME Term SOFR + 1.38%), 6.04%, 01/15/34 (a)(b) |  | 2,000 | 2,003,274
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3-mo. CME Term SOFR + 1.91%), 6.57%, 07/15/34 (a)(b) |  | 1,000 | 1,004,685
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, (3- mo. CME Term SOFR + 1.91%), 6.53%, 10/20/32 (a)(b) |  | 1,750 | 1,755,442
Trestles CLO IV Ltd., Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.43%), 6.05%, 07/21/34 (a)(b) |  | 2,000 | 2,000,645
Trimaran CAVU Ltd. (a)(b) |  |  |
Series 2021-2A, Class B1, (3-mo. CME Term SOFR + 2.01%), 6.64%, 10/25/34 |  | 1,500 | 1,501,897
Series 2022-2A, Class A, (3-mo. CME Term SOFR + 2.50%), 7.12%, 01/20/36 |  | 2,500 | 2,502,052
Series 2022-2A, Class B1, (3-mo. CME Term SOFR + 3.40%), 8.02%, 01/20/36 |  | 1,500 | 1,506,893
Whitebox CLO I Ltd., Series 2019-1AR, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 5.95%, 07/24/36 (a)(b) |  | 1,000 | 1,001,971
Whitebox CLO IV Ltd. (a)(b) |  |  |
Series 2023-4A, Class A1, (3-mo. CME Term SOFR + 2.15%), 6.77%, 04/20/36 |  | 2,000 | 2,011,767
Series 2023-4A, Class B1, (3-mo. CME Term SOFR + 2.60%), 7.22%, 04/20/36 |  | 1,000 | 1,008,124
Total Asset-Backed Securities — 15.5% (Cost: $160,273,089) | 162,374,365

|  | Shares |
Common Stocks
Entertainment — 0.0% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $8,979) (d)(e)(f) |  | 715 | 52,910
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc. (e) |  | 99 | 247
Health Care Providers & Services — 0.0% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $99,506) (e)(f) |  | 3,236 | 36,136
IT Services — 0.0% |
Travelport Finance Luxembourg SARL (d)(e) |  | 25 | 83,745

Security |  | Shares | Value
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp. (d)(e) |  | 934 | $ 8,411
Total Common Stocks — 0.0% (Cost: $221,983) | 181,449

|  | Par (000) |
Corporate Bonds
Advertising Agencies — 1.2%
Clear Channel Outdoor Holdings, Inc. (b) |  |  |
5.13%, 08/15/27 | USD | 2,099 | 2,020,431
7.75%, 04/15/28 (g) |  | 1,309 | 1,181,122
9.00%, 09/15/28 (g) |  | 3,573 | 3,741,738
7.50%, 06/01/29 |  | 608 | 531,969
7.88%, 04/01/30 (g) |  | 954 | 981,850
Interpublic Group of Cos., Inc., 5.40%, 10/01/48 (g) |  | 2,215 | 2,088,751
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 (b) |  | 664 | 617,602
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |  |  |
4.25%, 01/15/29 (g) |  | 373 | 346,847
4.63%, 03/15/30 |  | 176 | 162,634
7.38%, 02/15/31 |  | 412 | 430,639
Stagwell Global LLC, 5.63%, 08/15/29 (b) |  | 209 | 198,988
|  |  | 12,302,571
Aerospace & Defense — 4.2%
AAR Escrow Issuer LLC, 6.75%, 03/15/29 (b) |  | 385 | 390,431
Boeing Co. |  |  |
5.15%, 05/01/30 (g) |  | 6,775 | 6,680,032
6.86%, 05/01/54 (g) |  | 5,320 | 5,654,344
7.01%, 05/01/64 |  | 2,285 | 2,424,674
Bombardier, Inc. (b) |  |  |
7.88%, 04/15/27 |  | 226 | 226,342
7.50%, 02/01/29 (g) |  | 138 | 143,579
8.75%, 11/15/30 |  | 647 | 695,483
7.25%, 07/01/31 |  | 189 | 194,911
7.00%, 06/01/32 (g) |  | 362 | 368,249
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (b)(g) |  | 1,000 | 1,000,185
General Dynamics Corp., 4.25%, 04/01/50 (g) |  | 1,260 | 1,040,132
Goat Holdco LLC, 6.75%, 02/01/32 (b) |  | 452 | 447,584
Moog, Inc., 4.25%, 12/15/27 (b) |  | 320 | 305,427
Northrop Grumman Corp. (g) |  |  |
4.03%, 10/15/47 |  | 2,400 | 1,884,082
5.25%, 05/01/50 |  | 3,050 | 2,856,093
RTX Corp. |  |  |
4.63%, 11/16/48 |  | 2,805 | 2,383,111
3.13%, 07/01/50 (g) |  | 3,545 | 2,320,268
6.40%, 03/15/54 (g) |  | 1,100 | 1,196,324
Spirit AeroSystems, Inc. (b) |  |  |
9.38%, 11/30/29 |  | 712 | 762,190
9.75%, 11/15/30 |  | 717 | 793,438
TransDigm, Inc. (b) |  |  |
6.75%, 08/15/28 |  | 1,812 | 1,827,808
6.38%, 03/01/29 (g) |  | 3,229 | 3,236,174
7.13%, 12/01/31 |  | 1,390 | 1,423,309
6.63%, 03/01/32 (g) |  | 3,084 | 3,111,835
6.00%, 01/15/33 |  | 1,612 | 1,579,850
Triumph Group, Inc., 9.00%, 03/15/28 (b) |  | 1,185 | 1,233,860
|  |  | 44,179,715

76
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Air Freight & Logistics — 0.0%
Rand Parent LLC, 8.50%, 02/15/30 (b) | USD | 238 | $ 239,305
Automobile Components — 0.9%
Clarios Global LP/Clarios U.S. Finance Co. |  |  |
4.38%, 05/15/26 (h) | EUR | 246 | 254,666
8.50%, 05/15/27 (b)(g) | USD | 7,045 | 7,055,716
6.75%, 05/15/28 (b) |  | 1,071 | 1,090,588
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (b) |  | 109 | 110,584
Goodyear Tire & Rubber Co. |  |  |
5.00%, 07/15/29 (g) |  | 207 | 190,082
5.63%, 04/30/33 |  | 53 | 46,538
SK On Co. Ltd., 5.38%, 05/11/26 (h) |  | 200 | 200,920
SMRC Automotive Holdings Netherlands BV, 5.63%, 07/11/29 (h) |  | 275 | 274,821
Tenneco, Inc., 8.00%, 11/17/28 (b) |  | 427 | 397,968
|  |  | 9,621,883
Automobiles — 1.7%
Asbury Automotive Group, Inc. |  |  |
4.50%, 03/01/28 |  | 221 | 211,828
5.00%, 02/15/32 (b) |  | 100 | 91,222
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29 (b) |  | 218 | 212,813
Carvana Co. (b)(i) |  |  |
(13.00% PIK), 13.00%, 06/01/30 |  | 1,067 | 1,170,894
(14.00% PIK), 14.00%, 06/01/31 |  | 1,525 | 1,828,679
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (b) |  | 264 | 273,938
Ford Motor Co. |  |  |
3.25%, 02/12/32 |  | 171 | 142,221
6.10%, 08/19/32 (g) |  | 3,129 | 3,113,856
General Motors Co. (g) |  |  |
6.25%, 10/02/43 |  | 940 | 928,333
5.95%, 04/01/49 |  | 3,455 | 3,263,769
Global Auto Holdings Ltd/AAG FH UK Ltd., 11.50%, 08/15/29 (b) |  | 200 | 203,533
Group 1 Automotive, Inc., 6.38%, 01/15/30 (b) |  | 90 | 90,180
Hyundai Capital America (h) |  |  |
5.50%, 03/30/26 |  | 200 | 201,246
2.38%, 10/15/27 |  | 200 | 186,467
(1-day SOFR + 1.32%), 5.86%, 11/03/25 (a) |  | 200 | 201,195
Hyundai Capital Services, Inc., 5.13%, 02/05/29 (h) |  | 225 | 223,497
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 |  | 500 | 484,476
LCM Investments Holdings II LLC (b)(g) |  |  |
4.88%, 05/01/29 |  | 535 | 499,558
8.25%, 08/01/31 |  | 453 | 469,926
Nissan Motor Acceptance Co. LLC |  |  |
6.95%, 09/15/26 (b)(g) |  | 3,265 | 3,338,540
6.95%, 09/15/26 (h) |  | 75 | 76,689
7.05%, 09/15/28 |  | 150 | 155,474
Nissan Motor Co. Ltd., 4.81%, 09/17/30 |  | 200 | 187,966
TML Holdings Pte. Ltd., 4.35%, 06/09/26 (h) |  | 200 | 196,236
|  |  | 17,752,536
Banks — 10.2%
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27 (h) |  | 212 | 204,548
Agricultural Bank of China Ltd./New York, 1.25%, 01/19/26 (h) |  | 200 | 192,856
Australia & New Zealand Banking Group Ltd. (a) |  |  |
(1-day SOFR + 0.68%), 5.33%, 07/16/27 (h) |  | 200 | 200,600
(5-year CMT + 1.70%), 2.57%, 11/25/35 (b)(g) |  | 5,445 | 4,616,122
Bangkok Bank PCL/Hong Kong |  |  |
4.45%, 09/19/28 (h) |  | 200 | 195,434
(5-year CMT + 1.70%), 3.34%, 10/02/31 (a)(h) |  | 468 | 447,810
(5-year CMT + 1.90%), 3.73%, 09/25/34 (a)(h) |  | 200 | 181,314

Security |  | Par (000) | Value
Banks (continued)
Bangkok Bank PCL/Hong Kong (continued) |  |  |
(5-year CMT + 4.73%), 5.00% (j) | USD | 922 | $ 910,936
Bank Mandiri Persero Tbk PT, 5.50%, 04/04/26 (h) |  | 200 | 200,500
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26 (h) |  | 200 | 194,500
Bank of America Corp. (a)(g) |  |  |
(1-day SOFR + 1.83%), 4.57%, 04/27/33 |  | 9,380 | 8,913,971
(1-day SOFR + 1.99%), 6.20%, 11/10/28 |  | 3,090 | 3,199,116
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26 (h) |  | 200 | 191,632
Bank of East Asia Ltd. (a)(h) |  |  |
(1-year CMT + 2.30%), 6.63%, 03/13/27 |  | 250 | 252,330
(5-year CMT + 2.30%), 4.88%, 04/22/32 |  | 750 | 725,858
China CITIC Bank International Ltd., (5-year CMT + 1.65%), 6.00%, 12/05/33 (a)(h) |  | 250 | 256,225
China Construction Bank Corp., (5-year CMT + 2.15%), 2.45%, 06/24/30 (a)(h) |  | 200 | 197,584
Citigroup, Inc. (g) |  |  |
6.68%, 09/13/43 |  | 4,125 | 4,526,945
(1-day SOFR + 2.66%), 6.17%, 05/25/34 (a) |  | 2,740 | 2,791,332
Deutsche Bank AG/New York (a)(g) |  |  |
(1-day SOFR + 1.87%), 2.13%, 11/24/26 |  | 3,260 | 3,176,553
(1-day SOFR + 2.51%), 6.82%, 11/20/29 |  | 3,975 | 4,159,542
First Abu Dhabi Bank PJSC, 5.00%, 02/28/29 (h) |  | 200 | 199,660
Freedom Mortgage Corp., 12.25%, 10/01/30 (b) |  | 147 | 162,571
Goldman Sachs Group, Inc., (1-day SOFR + 1.85%), 3.62%, 03/15/28 (a)(g) |  | 1,830 | 1,779,552
Industrial & Commercial Bank of China Ltd./Hong Kong, 2.95%, 06/01/25 (h) |  | 200 | 198,416
Intesa Sanpaolo SpA, 5.71%, 01/15/26 (b) |  | 9,840 | 9,841,388
JPMorgan Chase & Co., (1-day SOFR + 2.58%), 5.72%, 09/14/33 (a)(g) |  | 11,000 | 11,235,266
KeyCorp., (1-day SOFR Index + 2.42%), 6.40%, 03/06/35 (a) |  | 1,995 | 2,076,416
KODIT Global Co. Ltd., Series 2023-1, 4.95%, 05/25/26 (h) |  | 200 | 199,612
Kookmin Bank, 5.25%, 05/08/29 (h) |  | 200 | 201,602
Macquarie Bank Ltd., 6.80%, 01/18/33 (b)(g) |  | 5,110 | 5,423,338
Metropolitan Bank & Trust Co. (h) |  |  |
5.38%, 03/06/29 |  | 320 | 322,160
5.50%, 03/06/34 |  | 275 | 273,001
Nanyang Commercial Bank Ltd., (5-year CMT + 2.10%), 6.00%, 08/06/34 (a)(h) |  | 250 | 249,120
NongHyup Bank, 4.00%, 01/06/26 (h) |  | 200 | 197,962
Philippine National Bank, 4.85%, 10/23/29 (h) |  | 200 | 195,294
QNB Finance Ltd., 2.63%, 05/12/25 (h) |  | 200 | 197,924
Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26 (h) |  | 200 | 192,436
Standard Chartered PLC, (1-year CMT + 2.10%), 6.10%, 01/11/35 (a)(h) |  | 200 | 204,054
State Street Corp., (1-day SOFR + 1.72%), 5.82%, 11/04/28 (a)(g) |  | 2,925 | 3,008,695
Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, 07/31/84 (a)(g) |  | 8,570 | 8,719,332
Truist Financial Corp., (1-day SOFR + 2.05%), 6.05%, 06/08/27 (a)(g) |  | 9,310 | 9,463,169
UBS Group AG, (1-year CMT + 1.55%), 4.49%, 05/12/26 (a)(b) |  | 2,585 | 2,579,010
UniCredit SpA, (5-year CMT + 4.75%), 5.46%, 06/30/35 (a)(b) |  | 6,135 | 5,923,953
United Overseas Bank Ltd., 1.25%, 04/14/26 (h) |  | 200 | 191,508
Wells Fargo & Co. (g) |  |  |
5.61%, 01/15/44 |  | 4,119 | 3,941,296

Schedule of Investments
77

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Banks (continued)
Wells Fargo & Co. (g) (continued) |  |  |
(1-day SOFR + 1.51%), 3.53%, 03/24/28 (a) | USD | 4,075 | $ 3,952,459
Westpac Banking Corp., (1-day SOFR + 0.81%), 5.46%, 04/16/29 (a) |  | 200 | 200,978
|  |  | 106,865,880
Beverages — 1.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 |  | 5,712 | 5,194,303
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49 (g) |  | 5,000 | 4,918,202
|  |  | 10,112,505
Biotechnology — 0.5%
Baxalta, Inc., 5.25%, 06/23/45 (g) |  | 6,000 | 5,522,946
Broadline Retail — 0.1%
Alibaba Group Holding Ltd., 2.70%, 02/09/41 |  | 200 | 135,826
Rakuten Group, Inc. |  |  |
9.75%, 04/15/29 (b) |  | 522 | 565,000
9.75%, 04/15/29 (h) |  | 200 | 216,475
|  |  | 917,301
Building Materials — 1.2%
Builders FirstSource, Inc., 6.38%, 03/01/34 (b) |  | 274 | 270,420
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (b)(g) |  | 336 | 321,973
EMRLD Borrower LP/Emerald Co-Issuer, Inc. (b) |  |  |
6.38%, 12/15/30 | EUR | 240 | 262,687
6.63%, 12/15/30 | USD | 4,324 | 4,329,766
6.75%, 07/15/31 |  | 321 | 323,192
JELD-WEN, Inc., 7.00%, 09/01/32 (b) |  | 645 | 598,612
New Enterprise Stone & Lime Co., Inc. (b) |  |  |
5.25%, 07/15/28 (g) |  | 163 | 157,463
9.75%, 07/15/28 |  | 93 | 95,105
Smyrna Ready Mix Concrete LLC (b) |  |  |
6.00%, 11/01/28 |  | 1,055 | 1,029,011
8.88%, 11/15/31 |  | 1,013 | 1,062,085
Standard Building Solutions, Inc., 6.50%, 08/15/32 (b) |  | 861 | 862,379
Standard Industries, Inc. |  |  |
2.25%, 11/21/26 (h) | EUR | 156 | 157,892
5.00%, 02/15/27 (b) | USD | 412 | 403,197
4.38%, 07/15/30 (b) |  | 1,443 | 1,322,091
3.38%, 01/15/31 (b) |  | 393 | 336,962
Summit Materials LLC/Summit Materials Finance Corp. (b) |  |  |
5.25%, 01/15/29 |  | 90 | 90,631
7.25%, 01/15/31 (g) |  | 659 | 699,256
Wilsonart LLC, 11.00%, 08/15/32 (b) |  | 426 | 417,555
|  |  | 12,740,277
Building Products (b) — 0.3%
Beacon Roofing Supply, Inc., 6.50%, 08/01/30 |  | 265 | 268,855
GYP Holdings III Corp., 4.63%, 05/01/29 |  | 350 | 330,105
White Cap Buyer LLC, 6.88%, 10/15/28 |  | 2,474 | 2,446,609
|  |  | 3,045,569
Capital Markets — 0.9%
Apollo Debt Solutions BDC, 6.90%, 04/13/29 (b) |  | 4,525 | 4,681,053
CFAMC II Co. Ltd., 4.63%, 06/03/26 (h) |  | 200 | 197,000
China Ping An Insurance Overseas Holdings Ltd., 6.13%, 05/16/34 (h) |  | 200 | 204,024
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b)(g) |  | 447 | 429,052
Focus Financial Partners LLC, 6.75%, 09/15/31 (b) |  | 336 | 334,665

Security |  | Par (000) | Value
Capital Markets (continued)
Gaci First Investment Co., 5.25%, 10/13/32 (h) | USD | 200 | $ 197,470
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27 (b) |  | 292 | 304,241
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
5.25%, 05/15/27 |  | 2,783 | 2,634,876
9.75%, 01/15/29 |  | 340 | 340,875
4.38%, 02/01/29 (g) |  | 280 | 233,879
10.00%, 11/15/29 (b) |  | 318 | 318,751
|  |  | 9,875,886
Chemicals — 2.7%
Avient Corp., 6.25%, 11/01/31 (b) |  | 204 | 201,223
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31 (b) |  | 534 | 552,602
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b) |  | 940 | 853,314
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 328 | 315,704
5.75%, 11/15/28 (b) |  | 355 | 329,772
4.63%, 11/15/29 (b)(g) |  | 270 | 234,583
8.00%, 01/15/33 (b) |  | 403 | 393,754
CNAC HK Finbridge Co. Ltd., 2.00%, 09/22/25 (h) |  | 300 | 293,250
DuPont de Nemours, Inc., 5.42%, 11/15/48 (g) |  | 7,500 | 7,459,787
Element Solutions, Inc., 3.88%, 09/01/28 (b) |  | 3,039 | 2,882,573
GC Treasury Center Co. Ltd., 2.98%, 03/18/31 (h) |  | 200 | 168,782
Herens Holdco SARL, 4.75%, 05/15/28 (b) |  | 200 | 184,540
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b)(g) |  | 243 | 246,047
Ingevity Corp., 3.88%, 11/01/28 (b) |  | 100 | 91,425
Kraton Corp., 5.00%, 07/15/27 |  | 200 | 201,008
LG Chem Ltd., 2.38%, 07/07/31 (h) |  | 200 | 165,572
LYB Finance Co. BV, 8.10%, 03/15/27 (b) |  | 6,000 | 6,328,992
Mativ Holdings, Inc., 8.00%, 10/01/29 (b) |  | 126 | 121,363
Methanex U.S. Operations, Inc., 6.25%, 03/15/32 (b) |  | 287 | 283,944
Olympus Water U.S. Holding Corp. (b) |  |  |
9.75%, 11/15/28 |  | 1,466 | 1,555,450
6.25%, 10/01/29 |  | 204 | 193,788
7.25%, 06/15/31 |  | 853 | 866,426
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b) |  | 1,061 | 988,482
WR Grace Holdings LLC (b) |  |  |
4.88%, 06/15/27 |  | 224 | 217,069
5.63%, 08/15/29 (g) |  | 2,729 | 2,509,815
7.38%, 03/01/31 |  | 373 | 380,914
|  |  | 28,020,179
Commercial Services & Supplies — 3.2%
ADT Security Corp. (b) |  |  |
4.13%, 08/01/29 |  | 91 | 83,668
4.88%, 07/15/32 |  | 518 | 475,414
AerCap Global Aviation Trust, (3-mo. CME Term SOFR + 4.56%), 6.50%, 06/15/45 (a)(b) |  | 5,000 | 4,989,067
Allied Universal Holdco LLC, 7.88%, 02/15/31 (b) |  | 2,703 | 2,762,697
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29 (b)(g) |  | 1,000 | 911,157
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL (b) |  |  |
4.63%, 06/01/28 |  | 1,460 | 1,374,976
4.63%, 06/01/28 (g) |  | 1,128 | 1,066,517
Belron UK Finance PLC, 5.75%, 10/15/29 (b) |  | 1,030 | 1,019,400
Boost Newco Borrower LLC, 7.50%, 01/15/31 (b) |  | 1,170 | 1,226,581
Brink ’ s Co. (b) |  |  |
6.50%, 06/15/29 |  | 225 | 228,018
6.75%, 06/15/32 |  | 340 | 342,497

78
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Cimpress PLC, 7.38%, 09/15/32 (b) | USD | 369 | $ 366,583
CMHI Finance BVI Co. Ltd., (5-year CMT + 6.62%), 3.88% (a)(h)(j) |  | 200 | 197,798
Deluxe Corp., 8.13%, 09/15/29 (b) |  | 164 | 166,299
EquipmentShare.com, Inc., 8.00%, 03/15/33 (b) |  | 180 | 182,282
Fortress Transportation and Infrastructure Investors LLC (b) |  |  |
5.50%, 05/01/28 |  | 1,350 | 1,320,360
7.88%, 12/01/30 |  | 909 | 956,738
7.00%, 05/01/31 |  | 1,515 | 1,545,517
7.00%, 06/15/32 (g) |  | 799 | 814,748
5.88%, 04/15/33 |  | 537 | 518,217
Garda World Security Corp. (b) |  |  |
4.63%, 02/15/27 |  | 194 | 188,417
7.75%, 02/15/28 |  | 860 | 887,440
6.00%, 06/01/29 |  | 148 | 140,302
8.25%, 08/01/32 |  | 579 | 588,394
8.38%, 11/15/32 |  | 1,145 | 1,165,433
Herc Holdings, Inc., 6.63%, 06/15/29 (b)(g) |  | 291 | 294,687
Hertz Corp., 12.63%, 07/15/29 (b) |  | 191 | 203,495
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29 (b) |  | 310 | 295,762
Prime Security Services Borrower LLC/Prime Finance, Inc. (b) |  |  |
5.75%, 04/15/26 |  | 19 | 18,989
6.25%, 01/15/28 (g) |  | 879 | 874,169
Raven Acquisition Holdings LLC, 6.88%, 11/15/31 (b) |  | 535 | 529,633
RR Donnelley & Sons Co., 9.50%, 08/01/29 (b) |  | 788 | 800,195
Service Corp. International |  |  |
5.13%, 06/01/29 |  | 468 | 452,783
3.38%, 08/15/30 |  | 1,331 | 1,164,627
4.00%, 05/15/31 |  | 364 | 324,362
5.75%, 10/15/32 |  | 1,280 | 1,241,578
Shanghai Port Group BVI Development 2 Co. Ltd., 1.50%, 07/13/25 (h) |  | 200 | 196,250
Sotheby ’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b) |  | 882 | 782,149
United Rentals North America, Inc., 6.13%, 03/15/34 (b) |  | 255 | 253,006
Veritiv Operating Co., 10.50%, 11/30/30 (b) |  | 216 | 232,628
Wand NewCo 3, Inc., 7.63%, 01/30/32 (b) |  | 889 | 913,113
Williams Scotsman, Inc. (b) |  |  |
6.13%, 06/15/25 |  | 823 | 819,914
4.63%, 08/15/28 |  | 269 | 256,849
6.63%, 06/15/29 |  | 35 | 35,417
7.38%, 10/01/31 |  | 485 | 499,048
|  |  | 33,707,174
Construction & Engineering — 0.3%
Arcosa, Inc., 6.88%, 08/15/32 (b) |  | 76 | 77,223
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) |  | 2,209 | 2,248,325
Dycom Industries, Inc., 4.50%, 04/15/29 (b) |  | 26 | 24,262
IRB Infrastructure Developers Ltd., 7.11%, 03/11/32 (h) |  | 200 | 201,750
Signature Aviation U.S. Holdings, Inc., 4.00%, 03/01/28 (b) |  | 541 | 482,843
Summit Digitel Infrastructure Ltd., 2.88%, 08/12/31 (h) |  | 200 | 168,844
|  |  | 3,203,247
Consumer Finance — 1.4%
Block, Inc. |  |  |
2.75%, 06/01/26 |  | 800 | 770,879
3.50%, 06/01/31 |  | 189 | 166,411
6.50%, 05/15/32 (b)(g) |  | 2,991 | 3,019,873
Bread Financial Holdings, Inc., 9.75%, 03/15/29 (b) |  | 96 | 103,175

Security |  | Par (000) | Value
Consumer Finance (continued)
Global Payments, Inc., 5.95%, 08/15/52 (g) | USD | 4,547 | $ 4,407,786
Hyundai Card Co. Ltd., 5.75%, 04/24/29 (h) |  | 345 | 348,402
KB Kookmin Card Co. Ltd., 4.00%, 06/09/25 (h) |  | 200 | 198,928
Muthoot Finance Ltd., 7.13%, 02/14/28 (h) |  | 475 | 484,500
Navient Corp. |  |  |
5.50%, 03/15/29 (g) |  | 480 | 452,793
9.38%, 07/25/30 |  | 414 | 442,314
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 |  | 170 | 172,105
6.63%, 05/15/29 |  | 429 | 434,341
5.38%, 11/15/29 |  | 1,027 | 987,395
7.88%, 03/15/30 |  | 436 | 454,817
4.00%, 09/15/30 |  | 109 | 96,875
7.50%, 05/15/31 |  | 154 | 158,055
7.13%, 11/15/31 |  | 262 | 266,931
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32 (b) |  | 1,100 | 1,118,763
Shinhan Card Co. Ltd., 1.38%, 10/19/25 (h) |  | 200 | 194,190
SLM Corp., 3.13%, 11/02/26 |  | 347 | 331,012
|  |  | 14,609,545
Consumer Staples Distribution & Retail — 0.6%
CK Hutchison International 21 Ltd., 2.50%, 04/15/31 (h) |  | 200 | 170,758
CK Hutchison International 23 Ltd. (h) |  |  |
4.75%, 04/21/28 |  | 400 | 397,192
4.88%, 04/21/33 |  | 400 | 387,596
CK Hutchison International 24 Ltd., 5.50%, 04/26/34 (h) |  | 200 | 201,682
Walmart, Inc., 5.25%, 09/01/35 (g) |  | 5,150 | 5,304,370
|  |  | 6,461,598
Containers & Packaging — 1.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b) |  |  |
6.00%, 06/15/27 |  | 509 | 505,020
3.25%, 09/01/28 |  | 200 | 178,935
4.00%, 09/01/29 (g) |  | 2,600 | 2,233,382
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26 (h) | EUR | 304 | 281,847
4.13%, 08/15/26 (b) | USD | 700 | 630,000
Ball Corp., 3.13%, 09/15/31 (g) |  | 234 | 198,607
Clydesdale Acquisition Holdings, Inc. (b) |  |  |
6.63%, 04/15/29 |  | 287 | 288,902
6.88%, 01/15/30 |  | 666 | 670,507
8.75%, 04/15/30 (g) |  | 620 | 626,739
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |  | 224 | 218,484
LABL, Inc. (b) |  |  |
5.88%, 11/01/28 |  | 320 | 285,088
9.50%, 11/01/28 |  | 710 | 710,952
8.63%, 10/01/31 |  | 512 | 473,641
Mauser Packaging Solutions Holding Co. (b) |  |  |
7.88%, 04/15/27 (g) |  | 5,124 | 5,227,556
9.25%, 04/15/27 |  | 102 | 103,194
OI European Group BV, 6.25%, 05/15/28 (b) | EUR | 175 | 188,143
Owens-Brockway Glass Container, Inc. (b) |  |  |
6.63%, 05/13/27 | USD | 59 | 58,747
7.25%, 05/15/31 (g) |  | 157 | 152,796
Sealed Air Corp. (b) |  |  |
4.00%, 12/01/27 |  | 109 | 104,021
5.00%, 04/15/29 |  | 86 | 82,765
6.50%, 07/15/32 |  | 268 | 268,411

Schedule of Investments
79

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Containers & Packaging (continued)
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28 (b) | USD | 121 | $ 121,403
Trivium Packaging Finance BV, 5.50%, 08/15/26 (b) |  | 1,000 | 985,680
|  |  | 14,594,820
Diversified REITs — 2.4%
American Tower Corp., 3.60%, 01/15/28 (g) |  | 4,000 | 3,845,696
Crown Castle, Inc. (g) |  |  |
3.65%, 09/01/27 |  | 8,000 | 7,757,975
4.15%, 07/01/50 |  | 820 | 627,336
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (b) |  | 197 | 179,788
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |  | 725 | 620,965
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |  | 534 | 491,478
Iron Mountain, Inc. (b) |  |  |
4.88%, 09/15/27 (g) |  | 606 | 590,867
7.00%, 02/15/29 |  | 798 | 815,370
5.25%, 07/15/30 |  | 32 | 30,546
5.63%, 07/15/32 |  | 493 | 470,945
6.25%, 01/15/33 |  | 633 | 630,472
SBA Communications Corp., 3.13%, 02/01/29 (g) |  | 3,003 | 2,710,614
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28 (b) |  | 3,371 | 3,594,431
VICI Properties LP, 5.13%, 05/15/32 |  | 3,155 | 3,071,953
|  |  | 25,438,436
Diversified Telecommunication Services — 8.9%
Altice Financing SA (b) |  |  |
5.00%, 01/15/28 |  | 200 | 156,546
5.75%, 08/15/29 |  | 1,080 | 790,606
Altice France SA (b) |  |  |
5.13%, 01/15/29 |  | 1,546 | 1,163,924
5.13%, 07/15/29 |  | 600 | 449,318
AT&T, Inc. |  |  |
4.65%, 06/01/44 |  | 28 | 23,771
4.35%, 06/15/45 |  | 95 | 77,861
3.50%, 09/15/53 (g) |  | 15,960 | 10,746,515
CommScope LLC, 4.75%, 09/01/29 (b) |  | 598 | 532,622
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29 (b) |  | 517 | 470,886
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd/Difl U.S., (9.00% Cash and 3.00% PIK), 12.00%, 05/25/27 (i) |  | 670 | 658,293
EchoStar Corp. |  |  |
(6.75% PIK), 6.75%, 11/30/30 (i) |  | 1,886 | 1,710,615
10.75%, 11/30/29 |  | 1,827 | 1,964,893
Frontier Communications Holdings LLC |  |  |
5.88%, 10/15/27 (b) |  | 68 | 67,784
5.00%, 05/01/28 (b) |  | 640 | 625,673
5.88%, 11/01/29 |  | 67 | 67,125
6.00%, 01/15/30 (b) |  | 270 | 269,397
8.75%, 05/15/30 (b) |  | 3,395 | 3,588,140
8.63%, 03/15/31 (b) |  | 395 | 420,103
Globe Telecom, Inc., (5-year CMT + 5.53%), 4.20% (a)(h)(j) |  | 700 | 680,505
HKT Capital No. 4 Ltd., 3.00%, 07/14/26 (h) |  | 200 | 194,156
Iliad Holding SASU (b) |  |  |
7.00%, 10/15/28 (g) |  | 735 | 744,827
8.50%, 04/15/31 |  | 1,185 | 1,259,850
7.00%, 04/15/32 |  | 764 | 767,865
Level 3 Financing, Inc. (b) |  |  |
10.50%, 04/15/29 (g) |  | 1,358 | 1,512,947

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Level 3 Financing, Inc. (b) (continued) |  |  |
4.88%, 06/15/29 (g) | USD | 1,154 | $ 1,004,415
11.00%, 11/15/29 |  | 2,795 | 3,144,101
4.50%, 04/01/30 |  | 434 | 360,021
10.50%, 05/15/30 (g) |  | 1,783 | 1,941,687
10.75%, 12/15/30 |  | 973 | 1,085,719
Lumen Technologies, Inc. (b) |  |  |
4.13%, 04/15/29 |  | 369 | 332,534
4.13%, 04/15/30 |  | 369 | 328,377
10.00%, 10/15/32 |  | 283 | 280,942
Network i2i Ltd., (5-year CMT + 4.27%), 5.65% (a)(h)(j) |  | 695 | 693,914
Optics Bidco SpA, 6.00%, 09/30/34 (b) |  | 840 | 806,433
Sable International Finance Ltd., 7.13%, 10/15/32 (b) |  | 639 | 623,498
Sprint Capital Corp. (g) |  |  |
6.88%, 11/15/28 |  | 3,063 | 3,251,322
8.75%, 03/15/32 |  | 2,041 | 2,436,757
Sprint LLC, 7.63%, 03/01/26 |  | 1,096 | 1,120,254
Telefonica Emisiones SA, 5.21%, 03/08/47 (g) |  | 5,000 | 4,429,264
T-Mobile U.S., Inc. |  |  |
4.75%, 02/01/28 (g) |  | 1,013 | 1,006,681
2.63%, 02/15/29 |  | 438 | 398,143
3.38%, 04/15/29 |  | 676 | 630,951
2.88%, 02/15/31 |  | 235 | 206,523
3.50%, 04/15/31 (g) |  | 990 | 897,505
5.05%, 07/15/33 (g) |  | 2,000 | 1,958,372
Verizon Communications, Inc. (g) |  |  |
6.40%, 09/15/33 |  | 9,475 | 10,200,422
6.55%, 09/15/43 |  | 13,225 | 14,537,675
5.01%, 04/15/49 |  | 6,998 | 6,472,125
Viavi Solutions, Inc., 3.75%, 10/01/29 (b) |  | 227 | 204,695
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31 (b) |  | 200 | 171,936
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31 (b) |  | 1,496 | 1,545,103
Zayo Group Holdings, Inc. (b) |  |  |
4.00%, 03/01/27 (g) |  | 4,106 | 3,786,795
6.13%, 03/01/28 |  | 519 | 441,146
|  |  | 93,241,532
Electric Utilities — 4.9%
Abu Dhabi National Energy Co. PJSC, 4.38%, 04/23/25 (h) |  | 200 | 198,812
Alexander Funding Trust II, 7.47%, 07/31/28 (b) |  | 520 | 548,964
Alpha Generation LLC, 6.75%, 10/15/32 (b) |  | 438 | 433,346
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/32 (b) |  | 286 | 285,241
Calpine Corp. (b) |  |  |
5.25%, 06/01/26 |  | 126 | 125,847
5.13%, 03/15/28 (g) |  | 2,807 | 2,722,218
5.00%, 02/01/31 |  | 100 | 94,039
China Huaneng Group Hong Kong Treasury Management Holding Ltd., 1.60%, 01/20/26 (h) |  | 200 | 193,250
Clearway Energy Operating LLC (b) |  |  |
4.75%, 03/15/28 |  | 592 | 566,149
3.75%, 01/15/32 |  | 307 | 262,053
Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27 (h) |  | 200 | 209,376
Edison International, Series A, (5-year CMT + 4.70%), 5.38% (a)(j) |  | 217 | 213,979
Emera, Inc., Series 16-A, 6.75%, 06/15/76 |  | 7,500 | 7,538,917
FirstEnergy Corp. |  |  |
4.00%, 05/01/26 |  | 821 | 823,873
2.65%, 03/01/30 |  | 73 | 64,710
JERA Co., Inc., 3.67%, 04/14/27 (h) |  | 200 | 194,180
Korea Western Power Co. Ltd., 4.13%, 06/28/25 (h) |  | 200 | 199,072

80
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Electric Utilities (continued)
Lightning Power LLC, 7.25%, 08/15/32 (b) | USD | 13 | $ 13,366
Minejesa Capital BV, 4.63%, 08/10/30 (h) |  | 172 | 165,957
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 461 | 442,305
NextEra Energy Capital Holdings, Inc., 4.80%, 12/01/77 (g) |  | 5,000 | 4,792,519
NRG Energy, Inc. (b) |  |  |
5.75%, 07/15/29 |  | 555 | 539,526
6.00%, 02/01/33 |  | 1,028 | 998,420
6.25%, 11/01/34 |  | 1,193 | 1,170,148
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42 (g) |  | 2,750 | 2,631,426
Pacific Gas and Electric Co. |  |  |
6.95%, 03/15/34 |  | 1,020 | 1,117,128
4.20%, 06/01/41 (g) |  | 2,310 | 1,883,001
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28 (b) |  | 150 | 140,783
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (h) |  |  |
3.00%, 06/30/30 |  | 350 | 310,188
1.88%, 11/05/31 | EUR | 200 | 176,743
PG&E Corp. |  |  |
4.25%, 12/01/27 (k) | USD | 319 | 345,956
5.25%, 07/01/30 |  | 226 | 221,215
Pike Corp., 8.63%, 01/31/31 (b) |  | 126 | 132,924
Progress Energy, Inc., 7.00%, 10/30/31 (g) |  | 12,000 | 13,275,211
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (h) |  | 550 | 510,296
San Miguel Global Power Holdings Corp. (a)(h)(j) |  |  |
(1-year CMT + 6.40%), 8.13% |  | 200 | 202,500
(5-year CMT + 7.73%), 8.75% |  | 200 | 207,438
Sempra, (5-year CMT + 4.55%), 4.88% (a)(j) |  | 4,375 | 4,318,068
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (h) |  | 200 | 185,750
State Grid Overseas Investment BVI Ltd. (h) |  |  |
1.00%, 08/05/25 |  | 200 | 195,524
3.50%, 05/04/27 |  | 200 | 195,356
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26 (h) |  | 200 | 196,072
Vistra Corp., (5-year CMT + 6.93%), 8.00% (a)(b)(j) |  | 247 | 252,079
Vistra Operations Co. LLC (b) |  |  |
5.50%, 09/01/26 |  | 23 | 22,927
5.63%, 02/15/27 |  | 812 | 808,747
5.00%, 07/31/27 |  | 23 | 22,567
7.75%, 10/15/31 |  | 718 | 753,229
6.88%, 04/15/32 |  | 556 | 569,298
|  |  | 51,470,693
Electronic Equipment, Instruments & Components (b) — 0.5%
Coherent Corp., 5.00%, 12/15/29 (g) |  | 687 | 655,599
Imola Merger Corp., 4.75%, 05/15/29 |  | 573 | 543,370
Sensata Technologies BV, 4.00%, 04/15/29 |  | 207 | 189,953
Sensata Technologies, Inc. |  |  |
4.38%, 02/15/30 |  | 2,150 | 1,969,480
3.75%, 02/15/31 (g) |  | 416 | 363,683
6.63%, 07/15/32 |  | 612 | 611,340
WESCO Distribution, Inc. |  |  |
7.25%, 06/15/28 (g) |  | 1,043 | 1,060,537
6.63%, 03/15/32 |  | 264 | 268,323
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 166 | 168,391
|  |  | 5,830,676
Energy Equipment & Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp. (b) |  |  |
6.88%, 04/01/27 |  | 415 | 417,146

Security |  | Par (000) | Value
Energy Equipment & Services (continued)
Archrock Partners LP/Archrock Partners Finance Corp. (b) (continued) |  |  |
6.25%, 04/01/28 | USD | 98 | $ 97,478
6.63%, 09/01/32 |  | 672 | 671,164
Kodiak Gas Services LLC, 7.25%, 02/15/29 (b) |  | 757 | 772,176
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 101 | 99,623
Star Holding LLC, 8.75%, 08/01/31 (b) |  | 366 | 362,640
TGS ASA, 8.50%, 01/15/30 (b) |  | 200 | 204,473
USA Compression Partners LP/USA Compression Finance Corp. |  |  |
6.88%, 09/01/27 |  | 473 | 474,544
7.13%, 03/15/29 (b) |  | 611 | 621,782
Weatherford International Ltd., 8.63%, 04/30/30 (b) |  | 557 | 575,013
|  |  | 4,296,039
Entertainment (b) — 1.7%
Banijay Entertainment SAS, 8.13%, 05/01/29 |  | 200 | 207,062
Boyne USA, Inc., 4.75%, 05/15/29 |  | 611 | 579,205
Caesars Entertainment, Inc. |  |  |
4.63%, 10/15/29 (g) |  | 110 | 102,988
7.00%, 02/15/30 (g) |  | 2,875 | 2,928,330
6.50%, 02/15/32 (g) |  | 961 | 965,338
6.00%, 10/15/32 |  | 261 | 251,648
Churchill Downs, Inc. |  |  |
4.75%, 01/15/28 |  | 730 | 704,183
5.75%, 04/01/30 |  | 1,506 | 1,478,068
6.75%, 05/01/31 |  | 591 | 597,392
Cinemark USA, Inc., 7.00%, 08/01/32 (g) |  | 160 | 163,093
Flutter Treasury DAC, 6.38%, 04/29/29 |  | 224 | 227,288
Great Canadian Gaming Corp., 8.75%, 11/15/29 |  | 512 | 524,052
Light & Wonder International, Inc. |  |  |
7.00%, 05/15/28 |  | 451 | 451,890
7.25%, 11/15/29 |  | 218 | 222,390
7.50%, 09/01/31 |  | 655 | 674,402
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 |  | 388 | 346,290
Live Nation Entertainment, Inc. |  |  |
4.75%, 10/15/27 (g) |  | 318 | 307,438
3.75%, 01/15/28 |  | 155 | 146,171
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 |  | 423 | 408,374
Merlin Entertainments Ltd., 5.75%, 06/15/26 |  | 440 | 436,371
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 |  | 313 | 295,098
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |
5.63%, 09/01/29 |  | 242 | 189,970
5.88%, 09/01/31 |  | 310 | 225,525
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 |  | 410 | 392,343
Six Flags Entertainment Corp., 7.25%, 05/15/31 (g) |  | 713 | 728,207
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/32 |  | 1,139 | 1,154,393
Six Flags Theme Parks, Inc., 7.00%, 07/01/25 |  | 224 | 223,790
Vail Resorts, Inc., 6.50%, 05/15/32 (g) |  | 518 | 523,811
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
5.13%, 10/01/29 |  | 1,337 | 1,280,542
7.13%, 02/15/31 (g) |  | 700 | 728,987
6.25%, 03/15/33 |  | 248 | 243,657
|  |  | 17,708,296
Environmental, Maintenance & Security Service — 0.7%
Clean Harbors, Inc. (b) |  |  |
5.13%, 07/15/29 |  | 1,142 | 1,096,214
6.38%, 02/01/31 |  | 100 | 100,678

Schedule of Investments
81

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service (continued)
GFL Environmental, Inc. (b) |  |  |
4.00%, 08/01/28 | USD | 36 | $ 34,088
3.50%, 09/01/28 |  | 376 | 354,368
4.75%, 06/15/29 (g) |  | 558 | 535,874
4.38%, 08/15/29 |  | 629 | 594,580
6.75%, 01/15/31 |  | 653 | 670,537
Madison IAQ LLC, 5.88%, 06/30/29 (b)(g) |  | 1,028 | 970,673
Reworld Holding Corp. |  |  |
4.88%, 12/01/29 (b)(g) |  | 142 | 131,324
5.00%, 09/01/30 |  | 282 | 260,060
Waste Pro USA, Inc., 5.50%, 02/15/26 (b) |  | 1,975 | 1,973,898
Wrangler Holdco Corp., 6.63%, 04/01/32 (b) |  | 211 | 214,798
|  |  | 6,937,092
Financial Services — 1.2%
Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, 01/17/40 (a) |  | 1,820 | 1,763,275
Azorra Finance Ltd., 7.75%, 04/15/30 (b) |  | 223 | 219,726
BOC Aviation Ltd., 1.75%, 01/21/26 (h) |  | 200 | 193,574
BOC Aviation USA Corp., 5.25%, 01/14/30 (h) |  | 200 | 201,668
China Cinda 2020 I Management Ltd. (h) |  |  |
3.25%, 01/28/27 |  | 200 | 191,998
3.00%, 03/18/27 |  | 200 | 190,338
CITIC Ltd., 3.70%, 06/14/26 (h) |  | 200 | 196,748
CMB International Leasing Management Ltd. (h) |  |  |
1.88%, 08/12/25 |  | 200 | 195,836
(1-day SOFR + 0.76%), 5.27%, 06/04/27 (a) |  | 200 | 200,030
Far East Horizon Ltd. (h) |  |  |
6.63%, 04/16/27 |  | 290 | 292,395
5.88%, 03/05/28 |  | 200 | 196,610
Freedom Mortgage Holdings LLC (b) |  |  |
9.25%, 02/01/29 |  | 546 | 563,440
9.13%, 05/15/31 |  | 377 | 388,714
GGAM Finance Ltd. (b) |  |  |
7.75%, 05/15/26 |  | 66 | 66,915
8.00%, 02/15/27 |  | 307 | 316,657
8.00%, 06/15/28 |  | 202 | 212,101
6.88%, 04/15/29 |  | 462 | 467,818
5.88%, 03/15/30 |  | 286 | 279,565
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27 (b) |  | 333 | 337,346
ICBCIL Finance Co. Ltd., 1.75%, 08/25/25 (h) |  | 200 | 195,750
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (b) |  | 475 | 445,568
JIC Zhixin Ltd., 3.50%, 11/24/27 (h) |  | 200 | 193,596
Macquarie Airfinance Holdings Ltd. (b) |  |  |
8.13%, 03/30/29 |  | 301 | 318,340
6.50%, 03/26/31 |  | 230 | 237,609
Manappuram Finance Ltd., 7.38%, 05/12/28 (h) |  | 200 | 200,500
Nationstar Mortgage Holdings, Inc. (b) |  |  |
6.00%, 01/15/27 |  | 244 | 242,713
6.50%, 08/01/29 |  | 682 | 680,845
5.13%, 12/15/30 |  | 113 | 105,432
5.75%, 11/15/31 |  | 436 | 416,736
PennyMac Financial Services, Inc. (b) |  |  |
7.88%, 12/15/29 |  | 401 | 420,129
7.13%, 11/15/30 |  | 396 | 401,032
PHH Escrow Issuer LLC, 9.88%, 11/01/29 (b) |  | 184 | 184,828
Piramal Capital & Housing Finance Ltd., 7.80%, 01/29/28 (h) |  | 200 | 199,250
Power Finance Corp. Ltd., 3.75%, 12/06/27 (h) |  | 200 | 192,396
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |  |  |
2.88%, 10/15/26 (g) |  | 121 | 114,807

Security |  | Par (000) | Value
Financial Services (continued)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) (continued) |  |  |
3.88%, 03/01/31 (g) | USD | 545 | $ 474,857
4.00%, 10/15/33 |  | 116 | 96,612
UWM Holdings LLC, 6.63%, 02/01/30 (b) |  | 613 | 609,213
|  |  | 12,204,967
Food Products — 2.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (b) |  |  |
3.25%, 03/15/26 |  | 1,147 | 1,118,988
4.63%, 01/15/27 |  | 1,961 | 1,919,845
5.88%, 02/15/28 |  | 898 | 894,296
6.50%, 02/15/28 |  | 118 | 119,553
3.50%, 03/15/29 |  | 158 | 143,805
4.88%, 02/15/30 (g) |  | 264 | 251,547
Aramark International Finance SARL, 3.13%, 04/01/25 (h) | EUR | 200 | 206,652
Aramark Services, Inc., 5.00%, 02/01/28 (b)(g) | USD | 225 | 218,646
B&G Foods, Inc., 8.00%, 09/15/28 (b) |  | 127 | 130,552
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29 (b)(i) |  | 1,821 | 1,925,741
Chobani LLC/Chobani Finance Corp., Inc. (b) |  |  |
4.63%, 11/15/28 |  | 640 | 616,083
7.63%, 07/01/29 |  | 1,660 | 1,716,581
Darling Global Finance BV, 3.63%, 05/15/26 (h) | EUR | 100 | 103,456
Darling Ingredients, Inc., 6.00%, 06/15/30 (b)(g) | USD | 714 | 704,346
Fiesta Purchaser, Inc. (b) |  |  |
7.88%, 03/01/31 |  | 151 | 157,605
9.63%, 09/15/32 |  | 175 | 183,327
General Mills, Inc. (g) |  |  |
5.24%, 11/18/25 |  | 935 | 935,008
4.20%, 04/17/28 |  | 620 | 607,099
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29 (b) |  | 116 | 120,347
Kraft Heinz Foods Co. |  |  |
4.25%, 03/01/31 |  | 68 | 64,887
5.00%, 07/15/35 |  | 214 | 207,198
7.13%, 08/01/39 (b)(g) |  | 4,415 | 4,936,878
4.63%, 10/01/39 |  | 100 | 89,457
5.00%, 06/04/42 |  | 12 | 10,778
4.38%, 06/01/46 |  | 158 | 127,925
5.50%, 06/01/50 |  | 2,825 | 2,650,286
Lamb Weston Holdings, Inc. (b) |  |  |
4.88%, 05/15/28 |  | 460 | 449,086
4.13%, 01/31/30 (g) |  | 515 | 470,881
4.38%, 01/31/32 (g) |  | 643 | 581,813
Performance Food Group, Inc. (b) |  |  |
4.25%, 08/01/29 |  | 851 | 789,586
6.13%, 09/15/32 |  | 712 | 711,968
Post Holdings, Inc. (b) |  |  |
4.63%, 04/15/30 (g) |  | 434 | 400,256
4.50%, 09/15/31 |  | 72 | 64,501
6.25%, 02/15/32 |  | 388 | 385,085
6.38%, 03/01/33 |  | 490 | 479,643
6.25%, 10/15/34 |  | 269 | 262,044
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (b) |  | 275 | 254,125
U.S. Foods, Inc. (b) |  |  |
6.88%, 09/15/28 |  | 132 | 135,066
4.75%, 02/15/29 |  | 595 | 569,816
4.63%, 06/01/30 |  | 33 | 31,035

82
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products (continued)
U.S. Foods, Inc. (b) (continued) |  |  |
7.25%, 01/15/32 | USD | 338 | $ 349,801
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |  | 239 | 235,454
|  |  | 26,331,046
Ground Transportation — 1.9%
BNSF Funding Trust I, 6.61%, 12/15/55 (g) |  | 6,125 | 6,140,294
Brightline East LLC, 11.00%, 01/31/30 (b) |  | 311 | 296,812
CSX Corp., 3.80%, 04/15/50 (g) |  | 770 | 579,018
Genesee & Wyoming, Inc., 6.25%, 04/15/32 (b) |  | 625 | 628,768
Norfolk Southern Corp., 6.00%, 03/15/2105 |  | 12,700 | 11,880,821
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32 (b) |  | 185 | 190,689
|  |  | 19,716,402
Health Care Equipment & Supplies — 1.0%
Avantor Funding, Inc. |  |  |
2.63%, 11/01/25 (h) | EUR | 300 | 308,408
4.63%, 07/15/28 (b)(g) | USD | 2,191 | 2,091,318
3.88%, 11/01/29 (b) |  | 395 | 361,111
Bausch & Lomb Corp., 8.38%, 10/01/28 (b) |  | 1,975 | 2,044,125
Medline Borrower LP (b) |  |  |
3.88%, 04/01/29 |  | 362 | 335,207
5.25%, 10/01/29 (g) |  | 2,905 | 2,803,511
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 (b) |  | 783 | 791,256
Medtronic, Inc., 4.63%, 03/15/45 (g) |  | 647 | 574,335
Neogen Food Safety Corp., 8.63%, 07/20/30 (b) |  | 328 | 351,795
Sotera Health Holdings LLC, 7.38%, 06/01/31 (b) |  | 279 | 282,655
Teleflex, Inc., 4.25%, 06/01/28 (b)(g) |  | 637 | 604,289
|  |  | 10,548,010
Health Care Providers & Services — 3.8%
Aetna, Inc., 3.88%, 08/15/47 (g) |  | 3,500 | 2,448,482
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |  | 609 | 588,308
Charles River Laboratories International, Inc., 4.00%, 03/15/31 (b) |  | 68 | 60,491
CHS/Community Health Systems, Inc. (b)(g) |  |  |
5.63%, 03/15/27 |  | 690 | 662,205
6.00%, 01/15/29 |  | 1,469 | 1,315,352
5.25%, 05/15/30 |  | 1,043 | 856,645
4.75%, 02/15/31 |  | 348 | 270,033
10.88%, 01/15/32 |  | 1,098 | 1,132,837
Concentra Escrow Issuer Corp., 6.88%, 07/15/32 (b) |  | 433 | 442,076
DaVita, Inc., 6.88%, 09/01/32 (b) |  | 249 | 250,909
Elevance Health, Inc., 4.55%, 03/01/48 (g) |  | 5,000 | 4,103,061
Encompass Health Corp. |  |  |
4.75%, 02/01/30 (g) |  | 795 | 753,677
4.63%, 04/01/31 |  | 409 | 377,718
Fortrea Holdings, Inc., 7.50%, 07/01/30 (b)(g) |  | 167 | 167,277
HAH Group Holding Co. LLC, 9.75%, 10/01/31 (b) |  | 280 | 280,223
HCA, Inc. |  |  |
5.38%, 09/01/26 |  | 359 | 360,077
5.63%, 09/01/28 (g) |  | 833 | 844,069
5.25%, 06/15/49 (g) |  | 3,500 | 3,028,160
HealthEquity, Inc., 4.50%, 10/01/29 (b) |  | 1,134 | 1,062,960
IQVIA, Inc. (b) |  |  |
5.00%, 10/15/26 |  | 354 | 349,232
5.00%, 05/15/27 |  | 200 | 196,244
6.50%, 05/15/30 |  | 314 | 319,517
LifePoint Health, Inc. (b)(g) |  |  |
9.88%, 08/15/30 |  | 440 | 474,741
11.00%, 10/15/30 |  | 741 | 813,368

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
LifePoint Health, Inc. (b)(g) (continued) |  |  |
10.00%, 06/01/32 | USD | 446 | $ 453,469
Molina Healthcare, Inc. (b) |  |  |
4.38%, 06/15/28 (g) |  | 182 | 172,482
3.88%, 11/15/30 |  | 491 | 437,103
3.88%, 05/15/32 (g) |  | 198 | 170,985
6.25%, 01/15/33 |  | 373 | 368,652
Prime Healthcare Services, Inc., 9.38%, 09/01/29 (b) |  | 150 | 145,907
Star Parent, Inc., 9.00%, 10/01/30 (b) |  | 734 | 762,332
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (b)(g) |  | 956 | 975,210
Tenet Healthcare Corp. |  |  |
6.13%, 06/15/30 |  | 243 | 241,085
6.75%, 05/15/31 |  | 3,342 | 3,376,225
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (b)(g) |  | 357 | 363,822
UnitedHealth Group, Inc., 6.88%, 02/15/38 (g) |  | 10,000 | 11,296,605
|  |  | 39,921,539
Health Care REITs — 0.2%
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
2.50%, 03/24/26 | GBP | 333 | 369,400
5.25%, 08/01/26 | USD | 78 | 71,810
5.00%, 10/15/27 |  | 62 | 52,271
4.63%, 08/01/29 (g) |  | 210 | 150,475
3.50%, 03/15/31 |  | 1,689 | 1,064,251
|  |  | 1,708,207
Hotel & Resort REITs — 0.6%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (b) |  | 315 | 319,600
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29 (b) |  | 159 | 156,733
RHP Hotel Properties LP/RHP Finance Corp. (b) |  |  |
7.25%, 07/15/28 |  | 202 | 207,409
4.50%, 02/15/29 (g) |  | 1,704 | 1,608,792
6.50%, 04/01/32 (g) |  | 1,132 | 1,137,697
RLJ Lodging Trust LP, 4.00%, 09/15/29 (b) |  | 199 | 180,337
Service Properties Trust |  |  |
8.63%, 11/15/31 (b) |  | 1,619 | 1,684,712
8.88%, 06/15/32 (g) |  | 625 | 578,443
XHR LP, 6.63%, 05/15/30 (b) |  | 154 | 154,505
|  |  | 6,028,228
Hotels, Restaurants & Leisure — 2.9%
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29 (b) |  | 253 | 249,210
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. (b) |  |  |
3.88%, 01/15/28 |  | 1,128 | 1,066,715
4.38%, 01/15/28 |  | 2,509 | 2,396,632
4.00%, 10/15/30 |  | 176 | 157,403
Carnival Corp. (b) |  |  |
7.63%, 03/01/26 |  | 273 | 273,399
6.00%, 05/01/29 |  | 1,391 | 1,387,709
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (b) |  | 698 | 743,640
Champion Path Holdings Ltd. (h) |  |  |
4.50%, 01/27/26 |  | 500 | 490,470
4.85%, 01/27/28 |  | 500 | 473,280
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b) |  |  |
4.63%, 01/15/29 |  | 821 | 760,804
6.75%, 01/15/30 (g) |  | 228 | 210,335
Fortune Star BVI Ltd. (h) |  |  |
5.00%, 05/18/26 |  | 344 | 330,240

Schedule of Investments
83

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Fortune Star BVI Ltd. (h) (continued) |  |  |
3.95%, 10/02/26 | EUR | 200 | $ 194,116
Haidilao International Holding Ltd., 2.15%, 01/14/26 (h) | USD | 200 | 192,250
Hilton Domestic Operating Co., Inc. |  |  |
4.88%, 01/15/30 (g) |  | 833 | 799,020
4.00%, 05/01/31 (b) |  | 248 | 223,037
3.63%, 02/15/32 (b) |  | 78 | 67,757
6.13%, 04/01/32 (b)(g) |  | 324 | 323,117
5.88%, 03/15/33 (b) |  | 882 | 867,861
Las Vegas Sands Corp. |  |  |
3.50%, 08/18/26 |  | 96 | 93,509
3.90%, 08/08/29 |  | 88 | 81,810
Life Time, Inc. (b) |  |  |
5.75%, 01/15/26 |  | 256 | 255,735
8.00%, 04/15/26 |  | 254 | 254,277
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 (b) |  | 17 | 17,720
Lindblad Expeditions LLC, 6.75%, 02/15/27 (b) |  | 245 | 245,092
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) |  | 401 | 349,533
Marriott International, Inc., Series EE, 5.75%, 05/01/25 (g) |  | 1,295 | 1,297,582
McDonald ’ s Corp., 4.20%, 04/01/50 |  | 480 | 379,021
Melco Resorts Finance Ltd. |  |  |
4.88%, 06/06/25 (h) |  | 400 | 396,500
4.88%, 06/06/25 (b) |  | 200 | 198,250
5.75%, 07/21/28 (h) |  | 300 | 285,000
5.38%, 12/04/29 (b) |  | 586 | 534,731
7.63%, 04/17/32 (b) |  | 576 | 578,425
7.63%, 04/17/32 (h) |  | 200 | 200,842
MGM China Holdings Ltd. |  |  |
5.88%, 05/15/26 (h) |  | 200 | 199,000
4.75%, 02/01/27 (b) |  | 200 | 193,688
7.13%, 06/26/31 (b) |  | 200 | 202,000
MGM Resorts International, 6.13%, 09/15/29 |  | 612 | 611,231
NCL Corp. Ltd. (b) |  |  |
8.38%, 02/01/28 |  | 206 | 215,388
8.13%, 01/15/29 |  | 171 | 180,189
7.75%, 02/15/29 (g) |  | 294 | 308,707
6.25%, 03/01/30 |  | 403 | 398,200
NCL Finance Ltd., 6.13%, 03/15/28 (b)(g) |  | 530 | 531,701
Raising Cane ’ s Restaurants LLC, 9.38%, 05/01/29 (b) |  | 195 | 208,896
Royal Caribbean Cruises Ltd. (b) |  |  |
5.38%, 07/15/27 |  | 378 | 375,644
5.63%, 09/30/31 |  | 1,572 | 1,546,312
6.25%, 03/15/32 (g) |  | 210 | 212,516
6.00%, 02/01/33 |  | 1,311 | 1,307,887
Sabre GLBL, Inc. (b) |  |  |
8.63%, 06/01/27 |  | 339 | 334,334
10.75%, 11/15/29 (g) |  | 230 | 237,278
Station Casinos LLC (b) |  |  |
4.63%, 12/01/31 |  | 976 | 874,293
6.63%, 03/15/32 |  | 261 | 259,366
Studio City Co. Ltd., 7.00%, 02/15/27 (h) |  | 200 | 200,813
Studio City Finance Ltd. (h) |  |  |
6.50%, 01/15/28 |  | 300 | 291,516
5.00%, 01/15/29 |  | 530 | 480,811
Sunny Express Enterprises Corp., 2.95%, 03/01/27 (h) |  | 200 | 193,094
Viking Cruises Ltd. (b) |  |  |
5.88%, 09/15/27 |  | 350 | 347,371
7.00%, 02/15/29 |  | 74 | 74,406
9.13%, 07/15/31 |  | 1,253 | 1,347,300
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |  | 283 | 278,511

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (b) | USD | 3 | $ 2,968
Wynn Macau Ltd. |  |  |
5.50%, 01/15/26 (h) |  | 230 | 227,771
5.50%, 01/15/26 (b) |  | 200 | 198,062
5.63%, 08/26/28 (b) |  | 1,701 | 1,632,960
5.13%, 12/15/29 (b) |  | 614 | 567,950
|  |  | 30,415,185
Household Durables — 0.6%
Beazer Homes USA, Inc., 7.50%, 03/15/31 (b) |  | 129 | 131,009
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30 (b) |  | 699 | 631,244
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/29 (b) |  | 390 | 383,335
Dream Finders Homes, Inc., 8.25%, 08/15/28 (b) |  | 168 | 175,038
Empire Communities Corp., 9.75%, 05/01/29 (b) |  | 111 | 116,777
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29 (b) |  | 994 | 1,082,253
Lennar Corp., 5.25%, 06/01/26 (g) |  | 890 | 894,394
LGI Homes, Inc. (b) |  |  |
8.75%, 12/15/28 |  | 183 | 191,957
7.00%, 11/15/32 |  | 334 | 330,707
Mattamy Group Corp., 4.63%, 03/01/30 (b) |  | 427 | 397,237
Meritage Homes Corp., 1.75%, 05/15/28 (b)(k) |  | 330 | 323,400
New Home Co., Inc., 9.25%, 10/01/29 (b) |  | 324 | 340,989
PulteGroup, Inc. |  |  |
5.00%, 01/15/27 |  | 55 | 55,080
7.88%, 06/15/32 |  | 56 | 63,816
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 45 | 41,460
4.00%, 04/01/31 |  | 250 | 217,981
4.38%, 02/01/32 |  | 187 | 163,270
Sekisui House Ltd., 5.10%, 10/23/34 (h) |  | 200 | 194,519
STL Holding Co. LLC, 8.75%, 02/15/29 (b) |  | 171 | 180,789
Tempur Sealy International, Inc. (b) |  |  |
4.00%, 04/15/29 |  | 563 | 518,773
3.88%, 10/15/31 |  | 9 | 7,852
Toll Brothers Finance Corp., 4.35%, 02/15/28 |  | 35 | 34,164
|  |  | 6,476,044
Household Products — 0.0%
Central Garden & Pet Co. |  |  |
5.13%, 02/01/28 |  | 80 | 77,717
4.13%, 10/15/30 (g) |  | 159 | 142,803
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31 (b) |  | 83 | 79,060
Spectrum Brands, Inc., 3.88%, 03/15/31 (b) |  | 20 | 17,211
|  |  | 316,791
Independent Power and Renewable Electricity Producers — 0.3%
Greenko Dutch BV, 3.85%, 03/29/26 (h) |  | 722 | 700,630
India Green Power Holdings, 4.00%, 02/22/27 (h) |  | 653 | 619,828
NextEra Energy Partners LP (b)(k) |  |  |
0.00%, 11/15/25 (l) |  | 1,190 | 1,118,600
2.50%, 06/15/26 |  | 284 | 266,977
ReNew Pvt Ltd., 5.88%, 03/05/27 (h) |  | 200 | 195,430
|  |  | 2,901,465
Insurance — 5.8%
AIA Group Ltd., (5-year CMT + 1.76%), 2.70% (a)(h)(j) |  | 200 | 192,600
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer (b) |  |  |
4.25%, 10/15/27 |  | 26 | 24,817
6.75%, 10/15/27 (g) |  | 1,922 | 1,906,105
6.75%, 04/15/28 |  | 356 | 356,837
5.88%, 11/01/29 |  | 4 | 3,843

84
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance (continued)
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer (b) (continued) |  |  |
7.00%, 01/15/31 | USD | 1,283 | $ 1,288,011
7.38%, 10/01/32 |  | 1,221 | 1,232,236
Allstate Corp., Series B, (3-mo. CME Term SOFR + 3.20%), 7.72%, 08/15/53 (a)(g) |  | 5,000 | 5,000,695
AmWINS Group, Inc. (b) |  |  |
6.38%, 02/15/29 |  | 330 | 332,024
4.88%, 06/30/29 |  | 380 | 356,819
Aon Global Ltd., 4.25%, 12/12/42 (g) |  | 6,500 | 5,201,487
Aon North America, Inc., 5.75%, 03/01/54 (g) |  | 3,330 | 3,247,076
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29 (b) |  | 291 | 294,934
Ardonagh Finco Ltd., 7.75%, 02/15/31 (b) |  | 1,187 | 1,222,374
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (b) |  | 882 | 916,387
AssuredPartners, Inc., 7.50%, 02/15/32 (b) |  | 544 | 585,498
Farmers Exchange Capital II, (3-mo. CME Term SOFR + 4.01%), 6.15%, 11/01/53 (a)(b)(g) |  | 4,890 | 4,696,710
FWD Group Holdings Ltd., 7.64%, 07/02/31 (h) |  | 400 | 424,592
Guoren Property & Casualty Insurance Co. Ltd., 3.35%, 06/01/26 (h) |  | 200 | 191,428
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (b) |  |  |
7.25%, 02/15/31 |  | 2,447 | 2,486,639
8.13%, 02/15/32 |  | 1,360 | 1,388,945
HUB International Ltd. (b) |  |  |
7.25%, 06/15/30 |  | 4,862 | 4,982,336
7.38%, 01/31/32 |  | 5,433 | 5,518,042
Jones Deslauriers Insurance Management, Inc. (b) |  |  |
8.50%, 03/15/30 |  | 816 | 858,270
10.50%, 12/15/30 |  | 647 | 699,488
Meiji Yasuda Life Insurance Co., (5-year CMT + 3.03%), 5.80%, 09/11/54 (a)(h) |  | 350 | 350,829
Nanshan Life Pte Ltd., 5.45%, 09/11/34 (h) |  | 200 | 192,538
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40 (b)(g) |  | 12,000 | 12,287,604
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (b) |  | 3,757 | 3,794,549
Ryan Specialty LLC (b) |  |  |
4.38%, 02/01/30 |  | 226 | 212,169
5.88%, 08/01/32 |  | 428 | 423,482
USI, Inc./New York, 7.50%, 01/15/32 (b)(g) |  | 670 | 692,919
|  |  | 61,362,283
Interactive Media & Services — 0.5%
Baidu, Inc., 1.63%, 02/23/27 |  | 200 | 187,348
Netflix, Inc. |  |  |
3.63%, 06/15/25 (b) |  | 210 | 208,807
5.88%, 11/15/28 (g) |  | 1,698 | 1,759,531
5.38%, 11/15/29 (b) |  | 2,007 | 2,045,635
4.88%, 06/15/30 (b) |  | 461 | 458,949
Tencent Holdings Ltd. (h) |  |  |
3.60%, 01/19/28 |  | 200 | 192,486
3.68%, 04/22/41 (g) |  | 200 | 155,834
|  |  | 5,008,590
Internet Software & Services — 0.6%
Acuris Finance U.S., Inc./Acuris Finance SARL (b) |  |  |
5.00%, 05/01/28 |  | 724 | 654,702
9.00%, 08/01/29 |  | 200 | 191,279
ANGI Group LLC, 3.88%, 08/15/28 (b) |  | 432 | 385,763
Booking Holdings, Inc., 3.55%, 03/15/28 (g) |  | 3,375 | 3,263,492

Security |  | Par (000) | Value
Internet Software & Services (continued)
Cablevision Lightpath LLC (b) |  |  |
3.88%, 09/15/27 | USD | 368 | $ 348,376
5.63%, 09/15/28 |  | 540 | 500,932
ION Trading Technologies SARL, 9.50%, 05/30/29 (b) |  | 200 | 209,700
Match Group Holdings II LLC (b) |  |  |
4.13%, 08/01/30 |  | 383 | 339,247
3.63%, 10/01/31 (g) |  | 217 | 185,178
|  |  | 6,078,669
IT Services — 0.4%
Amentum Holdings, Inc., 7.25%, 08/01/32 (b) |  | 364 | 366,755
CA Magnum Holdings |  |  |
5.38%, 10/31/26 (b) |  | 964 | 941,105
5.38%, 10/31/26 (h) |  | 700 | 683,375
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (b) |  | 837 | 853,465
Insight Enterprises, Inc., 6.63%, 05/15/32 (b) |  | 226 | 227,274
KBR, Inc., 4.75%, 09/30/28 (b) |  | 93 | 89,170
McAfee Corp., 7.38%, 02/15/30 (b)(g) |  | 779 | 756,585
Wipro IT Services LLC, 1.50%, 06/23/26 (h) |  | 200 | 190,174
|  |  | 4,107,903
Leisure Products — 0.0%
Mattel, Inc., 3.75%, 04/01/29 (b) |  | 122 | 114,862
Machinery — 0.9%
BWX Technologies, Inc. (b) |  |  |
4.13%, 06/30/28 |  | 70 | 65,539
4.13%, 04/15/29 |  | 248 | 230,177
Chart Industries, Inc. (b) |  |  |
7.50%, 01/01/30 (g) |  | 946 | 983,535
9.50%, 01/01/31 |  | 93 | 99,663
Esab Corp., 6.25%, 04/15/29 (b) |  | 405 | 410,038
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29 (b) |  | 200 | 189,000
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 (b) |  | 1,107 | 1,155,714
Manitowoc Co., Inc., 9.25%, 10/01/31 (b) |  | 177 | 181,429
Regal Rexnord Corp., 6.40%, 04/15/33 (g) |  | 510 | 526,214
Terex Corp. (b) |  |  |
5.00%, 05/15/29 |  | 634 | 603,739
6.25%, 10/15/32 |  | 232 | 227,359
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (b) |  | 796 | 795,419
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b) |  | 3,002 | 2,938,704
Vertiv Group Corp., 4.13%, 11/15/28 (b) |  | 1,191 | 1,124,092
|  |  | 9,530,622
Media — 5.7%
Cable One, Inc. |  |  |
0.00%, 03/15/26 (k)(l) |  | 136 | 126,208
4.00%, 11/15/30 (b)(g) |  | 325 | 271,563
CCO Holdings LLC/CCO Holdings Capital Corp. (b) |  |  |
5.38%, 06/01/29 |  | 131 | 125,161
6.38%, 09/01/29 (g) |  | 7,991 | 7,922,689
4.75%, 03/01/30 |  | 63 | 57,530
4.50%, 08/15/30 |  | 113 | 101,428
4.25%, 02/01/31 |  | 1,041 | 907,258
7.38%, 03/01/31 (g) |  | 2,701 | 2,753,625
4.75%, 02/01/32 |  | 40 | 35,107
4.25%, 01/15/34 (g) |  | 1,209 | 980,850
Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
6.38%, 10/23/35 |  | 479 | 478,110
6.48%, 10/23/45 |  | 9,584 | 9,056,091
5.38%, 05/01/47 |  | 1,500 | 1,231,157
6.83%, 10/23/55 |  | 3,540 | 3,444,120
Comcast Corp., 3.75%, 04/01/40 (g) |  | 545 | 438,361

Schedule of Investments
85

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Cox Communications, Inc., 8.38%, 03/01/39 (b)(g) | USD | 5,000 | $ 5,849,967
CSC Holdings LLC (b) |  |  |
5.38%, 02/01/28 |  | 400 | 345,083
11.25%, 05/15/28 |  | 240 | 236,859
11.75%, 01/31/29 |  | 2,360 | 2,330,680
4.13%, 12/01/30 |  | 200 | 143,673
3.38%, 02/15/31 |  | 402 | 281,968
4.50%, 11/15/31 |  | 200 | 144,006
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27 (b) |  | 1,886 | 1,837,527
Discovery Communications LLC, 4.88%, 04/01/43 (g) |  | 4,000 | 3,051,034
DISH DBS Corp. (b) |  |  |
5.25%, 12/01/26 |  | 1,214 | 1,103,467
5.75%, 12/01/28 |  | 685 | 585,671
DISH Network Corp., 11.75%, 11/15/27 (b) |  | 2,204 | 2,334,459
GCI LLC, 4.75%, 10/15/28 (b) |  | 160 | 149,429
Gray Television, Inc., 10.50%, 07/15/29 (b)(g) |  | 1,019 | 1,018,930
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (b) |  | 860 | 778,128
Midcontinent Communications, 8.00%, 08/15/32 (b) |  | 522 | 536,161
Paramount Global, 5.85%, 09/01/43 (g) |  | 1,300 | 1,129,656
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26 (b) |  | 586 | 511,567
Sirius XM Radio, Inc. (b) |  |  |
3.13%, 09/01/26 |  | 54 | 51,870
5.00%, 08/01/27 |  | 684 | 665,209
Sunrise FinCo I BV, 4.88%, 07/15/31 (b) |  | 768 | 696,622
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (b) |  | 1,000 | 971,000
Time Warner Cable LLC, 6.55%, 05/01/37 |  | 3,519 | 3,402,438
Univision Communications, Inc. (b) |  |  |
6.63%, 06/01/27 |  | 604 | 601,567
8.00%, 08/15/28 |  | 1,110 | 1,130,114
8.50%, 07/31/31 (g) |  | 552 | 541,236
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (b) |  | 1,452 | 1,368,849
Ziggo BV, 4.88%, 01/15/30 (b) |  | 605 | 555,901
|  |  | 60,282,329
Metals & Mining — 2.2%
ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28 (h) |  | 306 | 307,989
Advanced Drainage Systems, Inc., 6.38%, 06/15/30 (b) |  | 724 | 724,064
Arsenal AIC Parent LLC (b) |  |  |
8.00%, 10/01/30 |  | 268 | 277,326
11.50%, 10/01/31 |  | 1,244 | 1,391,764
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 253 | 250,748
7.25%, 08/15/30 |  | 657 | 675,596
5.13%, 10/01/31 |  | 656 | 616,787
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b) |  | 2,424 | 2,421,511
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 108 | 110,605
Chinalco Capital Holdings Ltd., 2.13%, 06/03/26 (h) |  | 200 | 192,104
Cleveland-Cliffs, Inc. (b) |  |  |
6.88%, 11/01/29 |  | 295 | 291,844
7.38%, 05/01/33 |  | 184 | 180,725
Constellium SE (b) |  |  |
3.75%, 04/15/29 (g) |  | 1,731 | 1,566,814
6.38%, 08/15/32 |  | 446 | 431,679
First Quantum Minerals Ltd., 9.38%, 03/01/29 (b) |  | 1,026 | 1,085,641
JSW Steel Ltd., 3.95%, 04/05/27 (h) |  | 500 | 479,375

Security |  | Par (000) | Value
Metals & Mining (continued)
Kaiser Aluminum Corp. (b)(g) |  |  |
4.63%, 03/01/28 | USD | 1,058 | $ 994,763
4.50%, 06/01/31 |  | 1,099 | 968,770
Novelis Corp. (b) |  |  |
3.25%, 11/15/26 |  | 568 | 541,023
4.75%, 01/30/30 (g) |  | 3,164 | 2,906,925
3.88%, 08/15/31 |  | 1,265 | 1,089,156
Periama Holdings LLC, 5.95%, 04/19/26 (h) |  | 200 | 199,600
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (b) |  | 249 | 232,659
Southern Copper Corp., 5.88%, 04/23/45 (g) |  | 3,870 | 3,765,897
Steel Dynamics, Inc., 3.25%, 10/15/50 |  | 1,145 | 751,862
Vallourec SACA, 7.50%, 04/15/32 (b) |  | 449 | 465,313
Vedanta Resources Finance II PLC (h) |  |  |
10.88%, 09/17/29 |  | 300 | 311,250
11.25%, 12/03/31 |  | 200 | 211,000
|  |  | 23,442,790
Mortgage Real Estate Investment Trusts (REITs) (b) — 0.1%
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29 |  | 133 | 136,726
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
4.75%, 06/15/29 |  | 398 | 375,284
7.00%, 07/15/31 |  | 319 | 326,870
Starwood Property Trust, Inc. |  |  |
7.25%, 04/01/29 |  | 250 | 256,451
6.00%, 04/15/30 |  | 116 | 113,857
6.50%, 07/01/30 |  | 217 | 217,272
|  |  | 1,426,460
Oil, Gas & Consumable Fuels — 12.1%
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29 (b) |  | 508 | 519,515
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |  |  |
5.75%, 01/15/28 |  | 127 | 126,000
5.38%, 06/15/29 |  | 1,095 | 1,066,337
6.63%, 02/01/32 |  | 417 | 420,037
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |  |  |
9.00%, 11/01/27 |  | 161 | 194,630
8.25%, 12/31/28 (g) |  | 385 | 393,020
Baytex Energy Corp., 8.50%, 04/30/30 (b) |  | 61 | 62,325
Blue Racer Midstream LLC/Blue Racer Finance Corp. (b) |  |  |
7.00%, 07/15/29 |  | 321 | 327,853
7.25%, 07/15/32 |  | 258 | 265,052
Borr IHC Ltd./Borr Finance LLC (b) |  |  |
10.00%, 11/15/28 (g) |  | 233 | 232,758
10.38%, 11/15/30 |  | 190 | 189,252
Buckeye Partners LP |  |  |
4.13%, 03/01/25 (b) |  | 399 | 397,931
6.88%, 07/01/29 (b) |  | 139 | 140,684
5.85%, 11/15/43 |  | 383 | 331,736
5.60%, 10/15/44 |  | 191 | 156,547
CITGO Petroleum Corp., 8.38%, 01/15/29 (b) |  | 733 | 755,200
Civitas Resources, Inc. (b) |  |  |
8.38%, 07/01/28 |  | 187 | 194,212
8.63%, 11/01/30 (g) |  | 165 | 172,796
8.75%, 07/01/31 |  | 659 | 687,030
CNOOC Finance 2014 ULC, Series 2014, 4.88%, 04/30/44 |  | 250 | 236,640
CNOOC Finance 2015 USA LLC, Series 2015, 3.50%, 05/05/25 |  | 250 | 248,800

86
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Comstock Resources, Inc. (b) |  |  |
6.75%, 03/01/29 (g) | USD | 452 | $ 440,624
6.75%, 03/01/29 |  | 197 | 191,505
5.88%, 01/15/30 |  | 1,078 | 1,005,364
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b) |  | 2,468 | 2,357,255
Crescent Energy Finance LLC (b) |  |  |
7.63%, 04/01/32 (g) |  | 549 | 546,175
7.38%, 01/15/33 |  | 838 | 813,814
Devon Energy Corp. |  |  |
5.25%, 10/15/27 |  | 130 | 130,126
5.88%, 06/15/28 |  | 204 | 204,855
4.50%, 01/15/30 |  | 117 | 113,161
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (b) |  | 73 | 75,754
Diamondback Energy, Inc. |  |  |
3.50%, 12/01/29 (g) |  | 692 | 643,601
6.25%, 03/15/33 |  | 2,880 | 2,993,807
DT Midstream, Inc. (b) |  |  |
4.13%, 06/15/29 |  | 591 | 551,922
4.38%, 06/15/31 |  | 568 | 518,255
eG Global Finance PLC, 12.00%, 11/30/28 (b) |  | 418 | 467,447
Enbridge, Inc. |  |  |
6.70%, 11/15/53 (g) |  | 5,595 | 6,071,042
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78 (a) |  | 5,000 | 4,939,692
Series 16-A, (3-mo. CME Term SOFR + 4.15%), 6.00%, 01/15/77 (a) |  | 5,880 | 5,823,540
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31 (b) |  | 302 | 318,609
Energy Transfer LP |  |  |
5.50%, 06/01/27 |  | 406 | 411,214
7.38%, 02/01/31 (b) |  | 417 | 436,068
6.13%, 12/15/45 (g) |  | 3,579 | 3,532,457
Series B, 6.63% (j) |  | 5,000 | 4,917,380
Series H, (5-year CMT + 5.69%), 6.50% (a)(j) |  | 121 | 121,050
EnLink Midstream Partners LP, 4.85%, 07/15/26 |  | 35 | 34,926
Enterprise Products Operating LLC (g) |  |  |
4.90%, 05/15/46 |  | 5,375 | 4,779,719
Series E, (3-mo. CME Term SOFR + 3.29%), 5.25%, 08/16/77 (a) |  | 4,800 | 4,690,147
EQM Midstream Partners LP (b) |  |  |
6.38%, 04/01/29 |  | 481 | 482,618
7.50%, 06/01/30 |  | 141 | 149,993
4.75%, 01/15/31 |  | 802 | 754,225
Exxon Mobil Corp., 3.45%, 04/15/51 (g) |  | 3,890 | 2,726,836
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 393 | 393,470
8.25%, 01/15/29 |  | 463 | 467,574
8.88%, 04/15/30 |  | 270 | 274,725
7.88%, 05/15/32 |  | 659 | 645,380
8.00%, 05/15/33 |  | 496 | 485,401
Gulfport Energy Operating Corp., 6.75%, 09/01/29 (b) |  | 243 | 244,694
Harvest Midstream I LP, 7.50%, 05/15/32 (b) |  | 158 | 160,880
Hess Midstream Operations LP, 6.50%, 06/01/29 (b) |  | 368 | 371,638
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |  |  |
6.25%, 11/01/28 |  | 238 | 230,480
5.75%, 02/01/29 |  | 272 | 259,501
6.00%, 04/15/30 |  | 32 | 30,074
8.38%, 11/01/33 |  | 433 | 442,003
6.88%, 05/15/34 |  | 484 | 451,131
7.25%, 02/15/35 |  | 191 | 179,564

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Howard Midstream Energy Partners LLC (b) |  |  |
8.88%, 07/15/28 | USD | 390 | $ 409,600
7.38%, 07/15/32 |  | 219 | 222,476
ITT Holdings LLC, 6.50%, 08/01/29 (b)(g) |  | 786 | 719,535
Kinder Morgan, Inc. |  |  |
7.80%, 08/01/31 |  | 197 | 221,864
7.75%, 01/15/32 (g) |  | 4,586 | 5,210,071
Kinetik Holdings LP (b) |  |  |
6.63%, 12/15/28 |  | 83 | 84,910
5.88%, 06/15/30 |  | 18 | 17,717
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32 (b) |  | 187 | 185,124
Marathon Petroleum Corp., 5.13%, 12/15/26 (g) |  | 937 | 942,095
Matador Resources Co. (b) |  |  |
6.88%, 04/15/28 |  | 274 | 277,790
6.50%, 04/15/32 |  | 437 | 432,052
Medco Bell Pte. Ltd., 6.38%, 01/30/27 (h) |  | 300 | 298,500
Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28 (h) |  | 400 | 397,948
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/31 (b) |  | 136 | 132,985
MPLX LP |  |  |
5.20%, 03/01/47 (g) |  | 3,500 | 3,107,288
4.70%, 04/15/48 (g) |  | 5,000 | 4,096,962
5.50%, 02/15/49 (g) |  | 2,640 | 2,423,938
5.65%, 03/01/53 |  | 885 | 824,753
Murphy Oil Corp., 5.88%, 12/01/42 |  | 47 | 40,559
Nabors Industries Ltd., 7.50%, 01/15/28 (b)(g) |  | 609 | 563,911
Nabors Industries, Inc. (b) |  |  |
7.38%, 05/15/27 |  | 126 | 125,854
9.13%, 01/31/30 (g) |  | 104 | 105,764
8.88%, 08/15/31 |  | 83 | 77,073
NFE Financing LLC, 12.00%, 11/15/29 (b) |  | 545 | 572,261
NGL Energy Operating LLC/NGL Energy Finance Corp. (b) |  |  |
8.13%, 02/15/29 (g) |  | 726 | 735,544
8.38%, 02/15/32 |  | 1,528 | 1,539,700
NGPL PipeCo LLC, 7.77%, 12/15/37 (b) |  | 1,117 | 1,250,828
Noble Finance II LLC, 8.00%, 04/15/30 (b) |  | 415 | 419,136
Northern Oil & Gas, Inc. |  |  |
8.13%, 03/01/28 (b) |  | 907 | 920,900
3.63%, 04/15/29 (k) |  | 212 | 248,146
8.75%, 06/15/31 (b) |  | 356 | 367,464
Northriver Midstream Finance LP, 6.75%, 07/15/32 (b) |  | 244 | 245,447
NuStar Logistics LP, 6.00%, 06/01/26 |  | 163 | 163,218
Occidental Petroleum Corp., 6.20%, 03/15/40 |  | 568 | 559,593
Parkland Corp., 6.63%, 08/15/32 (b) |  | 348 | 344,381
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |  | 269 | 263,968
Permian Resources Operating LLC (b) |  |  |
8.00%, 04/15/27 |  | 444 | 453,383
5.88%, 07/01/29 |  | 1,002 | 983,160
7.00%, 01/15/32 (g) |  | 472 | 479,132
6.25%, 02/01/33 |  | 685 | 676,136
Pertamina Persero PT (h) |  |  |
1.40%, 02/09/26 |  | 250 | 239,453
2.30%, 02/09/31 |  | 200 | 167,500
Petroleos Mexicanos, 6.70%, 02/16/32 |  | 695 | 606,822
Petronas Capital Ltd. (h) |  |  |
2.48%, 01/28/32 |  | 200 | 166,866
4.50%, 03/18/45 |  | 200 | 170,750
Plains All American Pipeline LP, Series B, (3-mo. CME Term SOFR + 4.37%), 8.90% (a)(j) |  | 2,215 | 2,198,569

Schedule of Investments
87

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Prairie Acquiror LP, 9.00%, 08/01/29 (b) | USD | 269 | $ 277,133
Reliance Industries Ltd., 3.67%, 11/30/27 (h) |  | 300 | 289,785
Rockies Express Pipeline LLC, 6.88%, 04/15/40 (b) |  | 580 | 551,368
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 (g) |  | 1,481 | 1,495,077
Sinopec Group Overseas Development 2018 Ltd., 2.30%, 01/08/31 (h) |  | 500 | 435,790
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (b) |  | 574 | 590,116
SM Energy Co. |  |  |
6.75%, 09/15/26 |  | 393 | 392,622
7.00%, 08/01/32 (b) |  | 160 | 157,752
Summit Midstream Holdings LLC, 8.63%, 10/31/29 (b) |  | 198 | 205,354
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 |  | 317 | 315,706
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |  |  |
5.50%, 01/15/28 |  | 255 | 245,241
7.38%, 02/15/29 |  | 672 | 674,127
6.00%, 12/31/30 |  | 70 | 66,281
6.00%, 09/01/31 |  | 239 | 225,576
Talos Production, Inc. (b) |  |  |
9.00%, 02/01/29 |  | 67 | 68,739
9.38%, 02/01/31 |  | 218 | 222,226
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29 (b) |  | 376 | 351,097
Transcanada Trust, 5.63%, 05/20/75 (g) |  | 2,755 | 2,732,892
Transocean Aquila Ltd., 8.00%, 09/30/28 (b) |  | 167 | 170,758
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b) |  | 232 | 236,727
Transocean, Inc. (b) |  |  |
8.00%, 02/01/27 |  | 235 | 234,557
8.25%, 05/15/29 |  | 761 | 745,453
8.75%, 02/15/30 (g) |  | 937 | 966,042
8.50%, 05/15/31 |  | 653 | 640,186
Valaris Ltd., 8.38%, 04/30/30 (b) |  | 967 | 977,182
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29 (b) |  | 422 | 387,699
Venture Global LNG, Inc. (b) |  |  |
9.50%, 02/01/29 (g) |  | 3,215 | 3,553,430
8.38%, 06/01/31 (g) |  | 1,441 | 1,502,857
9.88%, 02/01/32 |  | 1,721 | 1,888,418
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |  | 270 | 267,903
Vital Energy, Inc. |  |  |
9.75%, 10/15/30 (g) |  | 296 | 312,080
7.88%, 04/15/32 (b) |  | 917 | 882,334
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (b) |  | 277 | 266,536
Williams Cos., Inc. (g) |  |  |
8.75%, 03/15/32 |  | 2,478 | 2,925,403
5.10%, 09/15/45 |  | 5,075 | 4,556,825
Woodside Finance Ltd., 3.70%, 09/15/26 (h) |  | 200 | 196,048
|  |  | 127,696,497
Paper & Forest Products — 1.5%
International Paper Co. (g) |  |  |
8.70%, 06/15/38 |  | 4,000 | 4,783,370
7.30%, 11/15/39 |  | 10,000 | 11,371,802
Magnera Corp., 7.25%, 11/15/31 (b) |  | 183 | 178,654
|  |  | 16,333,826
Passenger Airlines — 0.7%
American Airlines, Inc., 8.50%, 05/15/29 (b)(g) |  | 606 | 636,260
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (b) |  | 624 | 628,472
OneSky Flight LLC, 8.88%, 12/15/29 (b) |  | 363 | 363,254
Singapore Airlines Ltd., 3.00%, 07/20/26 (h) |  | 200 | 194,412

Security |  | Par (000) | Value
Passenger Airlines (continued)
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 09/15/28 (b) | USD | 1,038 | $ 977,588
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 04/15/29 (g) |  | 3,089 | 3,154,211
United Airlines, Inc., 4.63%, 04/15/29 (b)(g) |  | 1,362 | 1,294,971
|  |  | 7,249,168
Personal Care Products — 0.1%
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 425 | 415,578
Prestige Brands, Inc., 3.75%, 04/01/31 (b) |  | 233 | 204,574
|  |  | 620,152
Pharmaceuticals — 3.9%
1375209 BC Ltd., 9.00%, 01/30/28 (b) |  | 550 | 549,561
AbbVie, Inc. (g) |  |  |
4.75%, 03/15/45 |  | 5,485 | 4,891,830
4.70%, 05/14/45 |  | 3,255 | 2,872,048
Bausch Health Cos., Inc. (b) |  |  |
6.13%, 02/01/27 |  | 934 | 847,605
5.75%, 08/15/27 |  | 113 | 98,310
11.00%, 09/30/28 |  | 1,751 | 1,663,450
Bayer U.S. Finance LLC, 6.88%, 11/21/53 (b) |  | 715 | 720,813
CVS Health Corp. (g) |  |  |
5.13%, 07/20/45 |  | 3,879 | 3,258,993
5.05%, 03/25/48 |  | 8,205 | 6,765,398
Endo Finance Holdings, Inc., 8.50%, 04/15/31 (b)(g) |  | 445 | 471,492
Jazz Securities DAC, 4.38%, 01/15/29 (b) |  | 853 | 804,270
Merck & Co., Inc., 6.50%, 12/01/33 (g) |  | 6,420 | 7,066,633
Option Care Health, Inc., 4.38%, 10/31/29 (b)(g) |  | 461 | 425,141
Organon & Co./Organon Foreign Debt Co-Issuer BV (b) |  |  |
4.13%, 04/30/28 |  | 800 | 751,588
7.88%, 05/15/34 |  | 200 | 204,472
PRA Health Sciences, Inc., 2.88%, 07/15/26 (b) |  | 707 | 680,841
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 (g) |  | 8,270 | 7,125,797
Teva Pharmaceutical Finance Netherlands III BV |  |  |
3.15%, 10/01/26 |  | 1,174 | 1,125,197
4.75%, 05/09/27 |  | 200 | 195,012
7.88%, 09/15/29 |  | 451 | 486,070
8.13%, 09/15/31 |  | 200 | 222,866
|  |  | 41,227,387
Real Estate Management & Development — 0.7%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30 (b) |  | 408 | 362,310
Series AI, 7.00%, 04/15/30 |  | 320 | 283,887
AYC Finance Ltd., 3.90% (h)(j) |  | 300 | 190,500
China Overseas Finance Cayman VII Ltd., 4.75%, 04/26/28 (h) |  | 200 | 195,256
CoreLogic, Inc., 4.50%, 05/01/28 (b) |  | 1,488 | 1,384,609
Cushman & Wakefield U.S. Borrower, LLC, 8.88%, 09/01/31 (b) |  | 216 | 232,542
Fantasia Holdings Group Co. Ltd., 7.95%, 07/05/22 (e)(h)(m) |  | 1,050 | 23,625
Howard Hughes Corp., 4.13%, 02/01/29 (b) |  | 176 | 162,632
New Metro Global Ltd., 4.50%, 05/02/26 (h) |  | 349 | 284,435
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29 (b) |  | 4,485 | 4,244,113
Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26 (h) |  | 200 | 188,498
Sunac China Holdings Ltd. (e)(h)(i)(m) |  |  |
(5.00% Cash or 6.00% PIK), 6.00%, 09/30/26 |  | 19 | 2,586
(5.25% Cash or 6.25% PIK), 6.25%, 09/30/27 |  | 19 | 2,447
(5.50% Cash or 6.50% PIK), 6.50%, 09/30/27 |  | 37 | 4,724

88
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Real Estate Management & Development (continued)
Sunac China Holdings Ltd. (e)(h)(i)(m) (continued) |  |  |
(5.75% Cash or 6.75% PIK), 6.75%, 09/30/28 | USD | 57 | $ 6,819
(6.00% Cash or 7.00% PIK), 7.00%, 09/30/29 |  | 57 | 6,551
(6.25% Cash or 7.25% PIK), 7.25%, 09/30/30 |  | 27 | 2,951
Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30 (h) |  | 200 | 177,782
Yango Justice International Ltd. (e)(h)(m) |  |  |
8.25%, 11/25/23 |  | 200 | 250
7.50%, 04/15/24 |  | 200 | 250
|  |  | 7,756,767
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) |  | 286 | 271,220
Semiconductors & Semiconductor Equipment — 2.2%
Broadcom, Inc., 5.00%, 04/15/30 (g) |  | 10,970 | 10,972,877
Entegris, Inc., 4.75%, 04/15/29 (b) |  | 2 | 1,915
Lam Research Corp., 4.88%, 03/15/49 (g) |  | 875 | 785,476
NVIDIA Corp. (g) |  |  |
3.50%, 04/01/50 |  | 2,785 | 2,069,495
3.70%, 04/01/60 |  | 1,760 | 1,298,475
NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
4.40%, 06/01/27 |  | 750 | 742,110
3.40%, 05/01/30 |  | 1,755 | 1,607,896
QUALCOMM, Inc. |  |  |
4.30%, 05/20/47 (g) |  | 3,500 | 2,891,512
6.00%, 05/20/53 |  | 1,993 | 2,083,191
TSMC Global Ltd., 2.25%, 04/23/31 (h) |  | 250 | 212,195
|  |  | 22,665,142
Software — 3.0%
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b) |  | 3,961 | 3,764,321
Camelot Finance SA, 4.50%, 11/01/26 (b) |  | 1,176 | 1,142,779
Capstone Borrower, Inc., 8.00%, 06/15/30 (b) |  | 717 | 742,174
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b)(g) |  | 640 | 649,226
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b) |  | 765 | 755,965
Clarivate Science Holdings Corp. (b)(g) |  |  |
3.88%, 07/01/28 |  | 1,831 | 1,705,672
4.88%, 07/01/29 |  | 1,122 | 1,045,941
Cloud Software Group, Inc. (b) |  |  |
6.50%, 03/31/29 |  | 3,634 | 3,566,927
9.00%, 09/30/29 (g) |  | 3,723 | 3,779,938
8.25%, 06/30/32 |  | 2,744 | 2,827,831
Dun & Bradstreet Corp., 5.00%, 12/15/29 (b)(g) |  | 592 | 563,755
Elastic NV, 4.13%, 07/15/29 (b) |  | 718 | 665,634
Ellucian Holdings, Inc., 6.50%, 12/01/29 (b) |  | 661 | 661,280
Fair Isaac Corp., 4.00%, 06/15/28 (b) |  | 393 | 370,847
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL (b) |  |  |
4.63%, 05/01/28 |  | 205 | 188,148
8.75%, 05/01/29 |  | 219 | 223,898
Oracle Corp. (g) |  |  |
3.95%, 03/25/51 |  | 4,425 | 3,277,622
5.55%, 02/06/53 |  | 1,280 | 1,209,335
Playtika Holding Corp., 4.25%, 03/15/29 (b) |  | 114 | 103,341
PTC, Inc. (b) |  |  |
3.63%, 02/15/25 |  | 166 | 165,553
4.00%, 02/15/28 |  | 365 | 345,639
SS&C Technologies, Inc. (b) |  |  |
5.50%, 09/30/27 |  | 2,247 | 2,225,455
6.50%, 06/01/32 |  | 1,008 | 1,016,803

Security |  | Par (000) | Value
Software (continued)
Twilio, Inc. |  |  |
3.63%, 03/15/29 | USD | 259 | $ 238,191
3.88%, 03/15/31 |  | 558 | 500,444
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b) |  | 345 | 313,527
|  |  | 32,050,246
Specialty Retail (b) — 0.1%
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29 |  | 1,067 | 1,031,427
Staples, Inc., 10.75%, 09/01/29 |  | 303 | 298,087
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 |  | 237 | 211,279
|  |  | 1,540,793
Technology Hardware, Storage & Peripherals — 0.3%
Dell International LLC/EMC Corp., 8.35%, 07/15/46 (g) |  | 1,005 | 1,278,288
Diebold Nixdorf, Inc., 7.75%, 03/31/30 (b) |  | 209 | 214,550
NCR Atleos Corp., 9.50%, 04/01/29 (b) |  | 89 | 96,414
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 |  | 589 | 627,575
8.50%, 07/15/31 |  | 701 | 749,621
|  |  | 2,966,448
Textiles, Apparel & Luxury Goods (b) — 0.1%
Crocs, Inc., 4.13%, 08/15/31 |  | 244 | 212,284
Hanesbrands, Inc. |  |  |
4.88%, 05/15/26 |  | 196 | 192,957
9.00%, 02/15/31 |  | 21 | 22,383
Levi Strauss & Co., 3.50%, 03/01/31 |  | 462 | 404,068
S&S Holdings LLC, 8.38%, 10/01/31 |  | 107 | 107,757
|  |  | 939,449
Tobacco (g) — 2.1%
Altria Group, Inc., 10.20%, 02/06/39 |  | 13,392 | 18,518,332
BAT Capital Corp., 4.54%, 08/15/47 |  | 1,999 | 1,576,468
Reynolds American, Inc., 5.85%, 08/15/45 |  | 2,335 | 2,223,286
|  |  | 22,318,086
Trading Companies & Distributors (b) — 0.2%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29 |  | 24 | 21,770
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |  | 614 | 611,783
Gates Corp., 6.88%, 07/01/29 |  | 419 | 426,214
H&E Equipment Services, Inc., 3.88%, 12/15/28 (g) |  | 132 | 120,640
Resideo Funding, Inc. |  |  |
4.00%, 09/01/29 |  | 97 | 87,864
6.50%, 07/15/32 (g) |  | 578 | 578,721
|  |  | 1,846,992
Transportation Infrastructure — 0.6%
FedEx Corp., 5.25%, 05/15/50 (g) |  | 6,000 | 5,489,192
GN Bondco LLC, 9.50%, 10/15/31 (b)(g) |  | 218 | 229,552
SF Holding Investment 2021 Ltd., 2.38%, 11/17/26 (h) |  | 200 | 190,804
|  |  | 5,909,548
Total Corporate Bonds — 110.1% (Cost: $1,177,616,196) | 1,158,009,814
Fixed Rate Loan Interests
Advertising Agencies — 0.0%
Clear Channel International BV, 2024 CCIBV Fixed Term Loan, 7.50%, 04/01/27 (d) |  | 130 | 127,725

Schedule of Investments
89

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Consumer Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/18/27 (d) | USD | 8 | $ 7,947
IT Services — 0.1%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 11/01/31 (d) |  | 257 | 257,000
Software — 0.0%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 145 | 145,816
Total Fixed Rate Loan Interests — 0.1% (Cost: $538,915) | 538,488
Floating Rate Loan Interests (a)
Advertising Agencies — 0.0%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.47%, 08/23/28 |  | 84 | 83,899
Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.52%, 02/07/31 |  | 18 | 18,090
|  |  | 101,989
Aerospace & Defense — 0.2%
Barnes Group, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.86%, 09/03/30 |  | 175 | 174,846
2024 Term Loan B, 12/10/31 (n) |  | 72 | 71,964
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 10/31/30 |  | 141 | 141,429
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6- mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.24%, 08/03/29 |  | 159 | 158,813
Dynasty Acquisition Co., Inc. |  |  |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 |  | 238 | 238,819
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 |  | 91 | 91,194
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.83%, 04/21/31 |  | 162 | 162,912
Propulsion BC Finco SARL, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 09/14/29 |  | 29 | 28,955
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 11/21/31 |  | 45 | 45,034
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 02/28/31 |  | 548 | 549,212
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/19/32 |  | 254 | 254,759
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 03/22/30 |  | 41 | 40,796
|  |  | 1,958,733
Air Freight & Logistics — 0.0%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 03/17/30 |  | 43 | 43,188

Security |  | Par (000) | Value
Automobile Components — 0.1%
Clarios Global LP, 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.86%, 05/06/30 | USD | 466 | $ 467,654
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 9.62%, 11/17/28 |  | 166 | 160,923
|  |  | 628,577
Automobiles — 0.0%
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/08/28 |  | 22 | 20,260
Banks — 0.1%
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 08/02/28 (d) |  | 433 | 436,317
Beverages — 0.1%
Naked Juice LLC |  |  |
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 01/24/30 |  | 225 | 74,673
Term Loan, (3-mo. CME Term SOFR + 3.10%), 7.43%, 01/24/29 |  | 377 | 244,039
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.84%, 03/31/28 |  | 121 | 121,538
|  |  | 440,250
Broadline Retail — 0.0%
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.09%, 11/08/27 |  | 255 | 256,754
Building Materials — 0.2%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 8.84%, 05/17/28 |  | 123 | 99,300
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 09/19/31 |  | 118 | 118,073
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.71%, 11/03/28 |  | 447 | 449,382
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 11/23/27 |  | 80 | 77,628
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.86%, 10/02/28 |  | 61 | 61,814
EMRLD Borrower LP |  |  |
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 08/04/31 |  | 187 | 187,379
Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.93%, 05/31/30 |  | 293 | 294,058
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 10.36%, 03/08/29 |  | 95 | 93,739
Oscar AcquisitionCo LLC, Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.50%, 04/29/29 |  | 149 | 146,835
Potters Borrower LP, 2024 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.11%, 12/14/27 |  | 62 | 63,048
Quikrete Holdings, Inc. |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.86%, 04/14/31 |  | 98 | 98,145
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.61%, 03/19/29 |  | 74 | 73,787
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 04/02/29 (d) |  | 66 | 66,500

90
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Building Materials (continued)
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.11%, 09/22/28 | USD | 25 | $ 24,666
Summit Materials LLC, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.15%, 01/12/29 |  | 90 | 89,566
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 08/05/31 |  | 373 | 373,487
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 6.47%, 10/04/28 |  | 97 | 96,981
|  |  | 2,414,388
Building Products — 0.1%
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/19/28 |  | 222 | 222,512
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.59%, 01/29/31 |  | 325 | 319,048
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 06/17/31 |  | 67 | 67,359
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 2.25%), 6.61%, 05/12/30 |  | 39 | 39,557
White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 10/19/29 |  | 456 | 456,231
|  |  | 1,104,707
Capital Markets — 0.1%
Advisor Group, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/17/28 |  | 160 | 160,097
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/09/30 |  | 82 | 82,275
CPI Holdco B LLC, 2024 Incremental Term Loan B, 05/17/31 (n) |  | 108 | 107,865
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.08%, 04/09/27 |  | 395 | 385,349
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.34%, 04/07/28 |  | 135 | 128,463
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 04/07/28 |  | 127 | 128,178
FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 06/27/29 |  | 20 | 20,043
Focus Financial Partners LLC, 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 09/15/31 |  | 180 | 182,019
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 01/31/30 |  | 15 | 14,976
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.40%, 12/15/31 |  | 119 | 118,174
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 10/21/31 |  | 102 | 102,319
|  |  | 1,429,758
Chemicals — 0.3%
Advancion Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.46%, 11/24/27 |  | 73 | 72,744

Security |  | Par (000) | Value
Chemicals (continued)
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 7.96%, 09/30/28 | USD | 82 | $ 82,785
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 4.85%), 9.10%, 08/27/26 |  | 54 | 46,144
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 12/20/29 |  | 178 | 178,333
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 08/18/28 |  | 146 | 146,743
Derby Buyer LLC, 2024 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.37%, 11/01/30 |  | 316 | 317,201
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 8.96%, 10/04/29 |  | 18 | 18,036
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.84%, 06/12/31 |  | 213 | 213,409
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 12/18/30 |  | 245 | 244,784
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 6.36%, 02/15/30 |  | 121 | 121,389
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.35%, 07/03/28 |  | 171 | 167,041
INEOS Quattro Holdings U.K. Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.61%, 10/01/31 (d) |  | 75 | 75,656
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 02/18/30 |  | 71 | 71,536
LSF11 A5 Holdco LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 10/15/28 |  | 234 | 235,392
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 11/21/31 (d) |  | 109 | 109,273
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.36%, 03/29/28 (d) |  | 282 | 285,047
Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.66%, 04/03/28 |  | 160 | 161,163
OQ Chemicals Corp. |  |  |
2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.60%), 8.19%, 12/31/26 |  | 223 | 190,134
2024 USD Term Loan B, (1-mo. CME Term SOFR at 3.00% Floor + 8.00%), 12.36%, 12/31/26 |  | 25 | 25,674
Paint Intermediate III, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.52%, 10/09/31 |  | 70 | 70,263
Sparta U.S. HoldCo LLC, 2024 Term Loan B, 08/02/30 (n) |  | 231 | 231,940
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 09/22/28 |  | 197 | 198,717
|  |  | 3,263,404

Schedule of Investments
91

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies — 0.6%
Albion Financing 3 SARL, 2024 USD Term Loan B, (3- mo. CME Term SOFR + 4.51%), 9.10%, 08/16/29 | USD | 245 | $ 247,185
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.97%, 02/04/28 |  | 242 | 243,279
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 05/12/28 |  | 608 | 609,178
APi Group DE, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 01/03/29 |  | 170 | 169,964
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 6.22%, 08/06/27 |  | 70 | 68,772
AVSC Holding Corp., 2020 Term Loan B1, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 7.96%, 03/03/25 |  | 21 | 21,571
Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.27%, 10/16/31 |  | 242 | 244,363
Boost Newco Borrower LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/31/31 |  | 556 | 557,808
Bright Horizons Family Solutions LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 11/24/28 |  | 230 | 230,128
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1- mo. CME Term SOFR + 2.75%), 7.11%, 01/31/31 |  | 278 | 277,789
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.27%, 02/23/29 |  | 222 | 209,724
CHG Healthcare Services Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 09/29/28 |  | 182 | 182,299
Creative Artists Agency LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 10/01/31 |  | 428 | 429,571
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 07/06/29 |  | 83 | 83,860
Fleet US Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.58%, 02/21/31 (d) |  | 51 | 51,127
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 4.75%), 9.34%, 04/29/29 |  | 85 | 74,930
Garda World Security Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.90%, 02/01/29 |  | 112 | 112,203
Grant Thornton Advisors Holdings LLC, 2024 Term Loan B, 06/02/31 (n) |  | 16 | 15,613
Grant Thornton Advisors LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 06/02/31 |  | 44 | 43,854
Hertz Corp. |  |  |
2021 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 7.97%, 06/30/28 |  | 124 | 111,393
2021 Term Loan C, (1-mo. CME Term SOFR + 3.61%), 7.97%, 06/30/28 |  | 24 | 21,843
KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.84%, 06/12/30 |  | 103 | 104,288

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 8.59%, 08/11/28 | USD | 27 | $ 26,889
Mavis Tire Express Services Topco Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.86%, 05/04/28 |  | 335 | 336,643
Neon Maple US Debt Mergersub, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.44%, 11/15/31 |  | 216 | 216,203
OMNIA Partners LLC, 2024 Term Loan B, 07/25/30 (n) |  | 85 | 84,924
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/26/31 |  | 97 | 97,707
Prime Security Services Borrower LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.52%, 10/13/30 |  | 109 | 109,621
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 11/19/31 |  | 75 | 75,089
Reworld Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.02%, 11/30/28 |  | 37 | 36,807
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 11/14/30 |  | 11 | 10,966
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 10/04/30 |  | 192 | 193,218
Trans Union LLC |  |  |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 06/24/31 |  | 205 | 204,366
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 06/24/31 |  | 314 | 312,904
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.46%, 11/02/27 |  | 59 | 57,094
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 11/30/30 |  | 74 | 73,984
Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), 6.76%, 02/22/31 |  | 153 | 153,096
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.69%, 12/17/28 |  | 110 | 69,121
Wand NewCo 3, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 01/30/31 |  | 326 | 327,203
|  |  | 6,496,577
Construction & Engineering — 0.2%
AECOM, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 04/18/31 |  | 156 | 157,452
Apple Bidco LLC |  |  |
2021 Term Loan, (1-mo. CME Term SOFR + 2.86%), 7.22%, 09/22/28 |  | 152 | 152,828
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 09/22/28 |  | 156 | 157,266
Arcosa Inc, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 08/12/31 |  | 103 | 103,730
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.07%, 08/01/30 |  | 518 | 502,355

92
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Construction & Engineering (continued)
Brown Group Holding LLC |  |  |
2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.00%, 07/01/31 | USD | 185 | $ 184,979
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 07/01/31 |  | 267 | 267,350
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.84%, 11/03/31 |  | 43 | 43,135
Cube A&D Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.13%, 10/17/31 |  | 38 | 38,190
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 7.96%, 12/16/27 |  | 61 | 61,322
|  |  | 1,668,607
Consumer Finance — 0.0%
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.36%, 05/19/31 |  | 219 | 217,828
Containers & Packaging — 0.1%
Charter Next Generation, Inc., 2024 Term Loan B1, (1- mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.53%, 11/29/30 |  | 509 | 511,023
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.46%, 10/29/28 |  | 174 | 167,725
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.59%, 04/15/27 |  | 158 | 158,731
Pregis TopCo LLC, 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.36%, 07/31/26 |  | 77 | 77,610
Trident TPI Holdings, Inc., 2024 Term Loan B7, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.19%, 09/15/28 |  | 148 | 149,611
|  |  | 1,064,700
Distributors — 0.0%
TMK Hawk Parent Corp. |  |  |
2024 PIK Term Loan, (3-mo. CME Term SOFR + 11.00%), 11.00%, 12/15/31 |  | 2 | 1,182
2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.25%), 9.59%, 06/30/29 |  | 71 | 37,625
|  |  | 38,807
Diversified Consumer Services — 0.0%
Veritas U.S., Inc., 2024 Priority Term Loan, (Prime at 1.00% Floor + 11.50%), 19.25%, 12/09/29 (d) |  | 24 | 23,599
Diversified REITs — 0.0%
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/25/31 |  | 197 | 196,976
Diversified Telecommunication Services — 0.2%
Altice Financing SA, USD 2017 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.43%, 01/31/26 (d) |  | 245 | 226,712
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.15%, 08/15/28 |  | 286 | 229,082

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.37%, 10/24/30 | USD | 202 | $ 202,329
Connect Finco SARL, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.86%, 09/27/29 |  | 124 | 108,503
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 8.22%, 04/30/28 |  | 63 | 59,221
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.61%, 09/20/30 |  | 90 | 89,889
Level 3 Financing, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/29 |  | 90 | 91,308
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/30 |  | 90 | 91,955
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/29 |  | 100 | 94,078
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/30 |  | 103 | 95,292
2024 Term Loan A, (1-mo. CME Term SOFR + 6.00%), 10.36%, 06/01/28 |  | 12 | 11,526
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.36%), 8.72%, 09/01/28 |  | 46 | 40,417
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 9.06%, 05/30/30 |  | 73 | 65,050
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.97%, 03/02/29 |  | 148 | 132,496
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.47%, 03/09/27 |  | 649 | 607,027
|  |  | 2,144,885
Electric Utilities — 0.1%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 07/31/30 |  | 230 | 229,559
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/31/31 |  | 79 | 79,102
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.25%), 6.76%, 12/15/27 |  | 225 | 225,868
Hamilton Projects Acquiror LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.11%, 05/22/31 |  | 37 | 37,121
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.35%, 04/16/31 |  | 197 | 196,629
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 7.47%, 01/21/28 |  | 125 | 125,838
Talen Energy Supply LLC, 2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.02%, 12/11/31 |  | 42 | 42,105
Thunder Generation Funding LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 10/03/31 |  | 83 | 82,930
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1- mo. CME Term SOFR + 1.75%), 6.11%, 12/20/30 |  | 169 | 168,570
|  |  | 1,187,722

Schedule of Investments
93

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Electrical Equipment — 0.1%
Generac Power Systems, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.34%, 07/03/31 (d) | USD | 40 | $ 40,099
Vertiv Group Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.19%, 03/02/27 |  | 362 | 361,808
WEC U.S. Holdings, Inc, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.80%, 01/27/31 |  | 205 | 205,462
|  |  | 607,369
Electronic Equipment, Instruments & Components — 0.1%
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.09%, 06/20/31 |  | 56 | 55,790
Coherent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 07/02/29 |  | 235 | 235,650
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, (1-mo. CME Term SOFR + 2.86%), 7.22%, 07/31/28 |  | 26 | 25,695
Roper Industrial Products Investment Co. LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 11/22/29 |  | 380 | 380,850
|  |  | 697,985
Entertainment — 0.4%
Bally ’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.14%, 10/02/28 |  | 187 | 176,884
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.61%, 02/06/31 |  | 539 | 539,585
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 02/06/30 |  | 115 | 115,102
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.10%), 6.46%, 03/17/28 (d) |  | 181 | 180,876
Crown Finance US, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.80%, 12/02/31 |  | 60 | 59,925
Delta 2 Lux SARL |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 09/30/31 |  | 228 | 228,179
2024 Term Loan B2, 09/10/31 (n) |  | 114 | 114,016
ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/31/30 |  | 93 | 93,630
Flutter Entertainment PLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/30/30 |  | 460 | 458,094
Herschend Entertainment Co. LLC, 2021 Term Loan, 08/27/28 (n) |  | 23 | 23,267
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.63%, 04/14/29 |  | 198 | 198,908
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.22%, 10/19/26 |  | 321 | 320,452
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 11/12/29 |  | 235 | 232,286
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 06/25/31 |  | 91 | 90,886

Security |  | Par (000) | Value
Entertainment (continued)
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 05/03/29 | USD | 192 | $ 192,247
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.59%, 04/04/29 |  | 74 | 73,926
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 12/04/31 |  | 55 | 54,781
Six Flags Entertainment Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/01/31 |  | 100 | 99,655
UFC Holdings, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.77%, 11/21/31 |  | 231 | 231,998
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.86%), 7.22%, 05/18/25 |  | 455 | 455,050
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.34%, 01/24/31 |  | 438 | 436,686
|  |  | 4,376,433
Environmental, Maintenance & Security Service — 0.1%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.08%, 10/24/30 (d) |  | 86 | 87,237
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 10/09/28 |  | 159 | 160,346
Filtration Group Corp., 2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 10/21/28 |  | 423 | 425,722
GFL Environmental, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.61%, 07/03/31 |  | 96 | 95,864
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.34%, 10/17/30 |  | 87 | 86,942
Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.89%, 06/21/28 |  | 445 | 445,871
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 7.71%, 03/09/28 |  | 124 | 61,854
Reworld Holding Corp |  |  |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.70%, 11/30/28 |  | 82 | 81,703
Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.70%, 11/30/28 |  | 6 | 6,277
Reworld Holding Corp., 2024 1st Lien Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.02%, 11/30/28 |  | 2 | 2,022
|  |  | 1,453,838
Financial Services — 0.0%
Castlelake Aviation One LLC |  |  |
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 10/22/27 |  | 79 | 79,559

94
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
Castlelake Aviation One LLC (continued) |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.86%, 10/22/26 | USD | 252 | $ 251,811
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/05/28 |  | 75 | 75,214
|  |  | 406,584
Food Products — 0.2%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 8.22%, 10/01/25 |  | 132 | 129,111
Aramark Services, Inc. |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR + 2.00%), 6.36%, 04/06/28 |  | 113 | 113,367
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 06/22/30 |  | 240 | 241,245
Chobani LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.36%), 7.72%, 10/25/27 |  | 579 | 582,915
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.11%, 10/25/27 |  | 92 | 92,732
Froneri U.S., Inc., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 09/17/31 |  | 556 | 556,130
H-Food Holdings LLC, 2018 Term Loan B, (Defaulted), 0.00%, 05/23/25 (e)(m) |  | 51 | 25,376
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.97%, 11/12/29 |  | 74 | 73,660
U.S. Foods, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 10/03/31 |  | 165 | 165,843
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 11/22/28 |  | 82 | 82,734
UTZ Quality Foods LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 7.11%, 01/20/28 |  | 309 | 308,899
|  |  | 2,372,012
Ground Transportation — 0.1%
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/10/31 |  | 559 | 557,242
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 12.52%, 08/20/29 |  | 51 | 21,020
|  |  | 578,262
Health Care Equipment & Supplies — 0.2%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.10%), 6.46%, 11/08/27 |  | 23 | 22,799
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 111 | 111,015
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.69%, 05/10/27 |  | 315 | 316,265

Security |  | Par (000) | Value
Health Care Equipment & Supplies (continued)
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.62%, 10/19/27 | USD | 74 | $ 73,598
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.61%, 10/23/28 |  | 904 | 906,563
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.84%, 05/30/31 |  | 289 | 289,457
|  |  | 1,719,697
Health Care Providers & Services — 0.2%
Concentra Health Services, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 07/28/31 (d) |  | 50 | 50,187
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.11%, 11/01/28 |  | 308 | 309,224
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.10%), 5.72%, 11/30/28 |  | 159 | 123,091
2024 Superpriority New Money 1st Out Term Loan A, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.37%, 08/31/28 |  | 57 | 57,154
Fortrea Holdings, Inc., Term Loan B, (6-mo. CME Term SOFR + 3.75%), 8.49%, 07/01/30 (d) |  | 22 | 21,739
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/03/28 |  | 57 | 57,501
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 01/02/31 |  | 157 | 158,355
Medical Solutions Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 8.19%, 11/01/28 |  | 116 | 81,019
Phoenix Newco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 11/15/28 |  | 349 | 350,609
PRA Health Sciences, Inc., 2024 US Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/03/28 |  | 14 | 14,326
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.10%), 7.43%, 11/18/27 |  | 61 | 60,997
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/27/30 |  | 192 | 187,512
Surgery Center Holdings, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.09%, 12/19/30 |  | 155 | 156,494
WCG Intermediate Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.86%, 01/08/27 |  | 117 | 117,446
|  |  | 1,745,654
Hotel & Resort REITs — 0.0%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/18/30 |  | 79 | 78,979

Schedule of Investments
95

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure — 0.4%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 09/20/30 | USD | 275 | $ 273,412
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.01%), 8.60%, 02/02/26 |  | 268 | 171,862
Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 05/31/30 |  | 149 | 150,219
Carnival Corp., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.11%, 08/08/27 |  | 86 | 86,594
City Football Group Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.47%, 07/22/30 |  | 292 | 290,276
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), 8.46%, 12/01/28 |  | 74 | 72,522
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 01/27/29 |  | 631 | 632,321
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.11%, 11/30/29 |  | 435 | 435,580
Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.09%, 11/01/29 |  | 159 | 158,512
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.09%, 11/08/30 |  | 330 | 331,758
IRB Holding Corp, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.86%, 12/15/27 |  | 235 | 234,854
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.11%, 01/05/29 |  | 56 | 55,866
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, 12/17/27 (n) |  | 28 | 29,453
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 |  | 16 | 14,698
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR + 5.10%), 9.46%, 06/30/28 |  | 7 | 6,410
2024 Term Loan B1, (1-mo. CME Term SOFR at 1.50% Floor + 6.10%), 10.46%, 11/15/29 |  | 128 | 129,906
2024 Term Loan B2, 11/15/29 (d)(n) |  | 39 | 36,032
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.38%, 03/14/31 |  | 343 | 342,577
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 08/03/28 |  | 413 | 413,451
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 05/24/30 |  | 158 | 158,072
|  |  | 4,024,375
Household Durables — 0.1%
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.05%, 07/31/28 |  | 222 | 222,443
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.02%, 02/26/29 |  | 361 | 359,861

Security |  | Par (000) | Value
Household Durables (continued)
Springs Windows Fashions, LLC (d) |  |  |
2024 First Lien Second Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.47%, 10/06/28 | USD | 294 | $ 263,187
2024 FLFO Delayed Draw Term Loan, 12/19/29 (n) |  | 41 | 40,765
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, 12/19/29 (d)(n) |  | 31 | 30,650
Tempur Sealy International, Inc., 2024 Term Loan B, (1-mo. SOFR + 2.50%), 6.81%, 10/24/31 |  | 75 | 75,117
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 10/30/27 |  | 402 | 400,412
|  |  | 1,392,435
Insurance — 0.5%
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 09/19/31 |  | 852 | 853,166
AmWINS Group, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 6.72%, 02/19/28 |  | 383 | 383,844
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.34%, 12/06/31 |  | 342 | 341,220
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 02/14/31 |  | 650 | 650,480
Asurion LLC |  |  |
2020 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.72%, 12/23/26 |  | 239 | 239,160
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 9.72%, 01/31/28 |  | 175 | 170,501
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 9.72%, 01/20/29 |  | 44 | 42,364
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.71%, 08/19/28 |  | 74 | 73,815
Baldwin Insurance Group Holdings LLC |  |  |
2024 Repriced Term Loan B, 05/26/31 (n) |  | 34 | 34,149
2024 Term Loan B, (1-mo. CME Term SOFR + 3.25%), 7.61%, 05/26/31 |  | 87 | 87,609
HUB International Ltd., 2024 1st Lien Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.37%, 06/20/30 |  | 543 | 546,151
Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 02/15/31 |  | 219 | 219,814
Jones DesLauriers Insurance Management, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.82%, 03/15/30 |  | 142 | 142,819
Ryan Specialty Group LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/15/31 |  | 272 | 272,343
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.59%, 07/31/31 |  | 508 | 510,471
TIH Insurance Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 05/06/31 |  | 195 | 195,207
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 05/06/32 |  | 56 | 57,524

96
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance (continued)
USI, Inc. |  |  |
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/30 | USD | 130 | $ 129,998
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 11/21/29 |  | 428 | 427,117
|  |  | 5,377,752
Interactive Media & Services — 0.0%
MH Sub I LLC |  |  |
2023 Term Loan, 05/03/28 (n) |  | 94 | 92,870
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.61%, 05/03/28 |  | 138 | 139,435
|  |  | 232,305
Internet Software & Services — 0.2%
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.09%, 08/15/29 |  | 142 | 130,907
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.11%, 09/12/29 |  | 445 | 443,166
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), 6.11%, 05/30/31 |  | 208 | 207,805
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 11/09/29 |  | 213 | 213,398
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 08/31/28 |  | 639 | 641,558
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.11%, 03/15/30 |  | 550 | 550,061
|  |  | 2,186,895
IT Services — 0.2%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/29/31 |  | 238 | 237,008
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.43%, 11/01/31 (d) |  | 595 | 600,950
Epicor Software Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.11%, 05/30/31 |  | 167 | 168,311
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 06/27/31 |  | 75 | 74,953
Magenta Security Holdings LLC |  |  |
2024 First Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.60%, 07/27/28 |  | 54 | 50,003
2024 Second Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.50%, 6.25% PIK), 12.60%, 07/27/28 (i) |  | 68 | 40,203
2024 Super Priority Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.75%), 11.15%, 07/27/28 |  | 21 | 21,492
2024 Third Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.50%, 5.50% PIK), 11.85%, 07/27/28 (e)(i)(m) |  | 119 | 39,958
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.37%, 03/01/29 |  | 361 | 361,236

Security |  | Par (000) | Value
IT Services (continued)
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 12.36%, 02/01/29 | USD | 93 | $ 74,474
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/01/28 |  | 328 | 304,790
Tempo Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 08/31/28 |  | 474 | 474,899
|  |  | 2,448,277
Machinery — 0.2%
Arcline FM Holdings, LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.50%), 9.57%, 06/23/28 |  | 296 | 297,054
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.09%, 03/15/30 |  | 67 | 67,722
Columbus McKinnon Corp./New York, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/14/28 (d) |  | 56 | 56,001
Doosan Bobcat North America, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29 |  | 52 | 51,961
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 11/11/29 |  | 145 | 138,012
Madison Safety & Flow LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 09/26/31 |  | 52 | 52,210
SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 04/05/29 |  | 266 | 268,225
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6- mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 02/15/29 |  | 551 | 555,747
TK Elevator U.S. Newco, Inc., USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 04/30/30 |  | 533 | 536,532
|  |  | 2,023,464
Media — 0.2%
Charter Communications Operating LLC |  |  |
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.59%, 12/07/30 |  | 155 | 154,466
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.78%, 12/15/31 |  | 150 | 149,714
Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR + 2.61%), 6.97%, 09/01/28 |  | 93 | 92,540
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.19%, 04/15/27 |  | 286 | 263,270
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.85%, 08/02/27 |  | 143 | 143,560
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.80%, 06/04/29 |  | 45 | 42,275
Learfield Communications LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.00%), 9.36%, 06/30/28 |  | 123 | 124,052

Schedule of Investments
97

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
NEP Group, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.25%, 1.50% PIK), 9.22%, 08/19/26 (i) | USD | 164 | $ 148,814
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 09/25/26 |  | 371 | 323,662
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.85%), 8.21%, 04/21/29 |  | 68 | 54,800
Speedster Bidco GmbH, 2024 USD Term Loan B, 10/17/31 (n) |  | 299 | 299,499
Sunrise Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR at 0.00% Floor + 3.04%), 7.44%, 01/31/29 |  | 27 | 27,546
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1- mo. CME Term SOFR + 3.36%), 7.76%, 01/31/29 |  | 225 | 223,524
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 7.01%, 04/30/28 |  | 126 | 125,323
|  |  | 2,173,045
Metals & Mining — 0.0%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.86%, 05/13/29 |  | 32 | 32,228
Oil, Gas & Consumable Fuels — 0.1%
EG America LLC, 2024 Term Loan B, 02/07/28 (n) |  | 47 | 47,722
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.38%, 12/21/28 |  | 394 | 395,616
GIP Pilot Acquisition Partners LP, 2024 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.09%, 10/04/30 |  | 34 | 34,022
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.60%), 8.96%, 09/19/29 |  | 25 | 25,501
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 9.59%, 10/27/28 |  | 164 | 155,901
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.11%, 02/03/31 |  | 83 | 82,722
NGP XI Midstream Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 07/25/31 (d) |  | 23 | 23,172
Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.51%, 10/05/28 |  | 359 | 361,098
|  |  | 1,125,754
Paper & Forest Products — 0.0%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.21%, 09/07/27 |  | 285 | 285,703
Passenger Airlines — 0.1%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 9.63%, 04/20/28 |  | 167 | 171,323
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 03/21/31 |  | 299 | 299,550
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, 01/29/27 |  | 299 | 298,017
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.96%, 06/04/29 |  | 166 | 166,458

Security |  | Par (000) | Value
Passenger Airlines (continued)
American Airlines, Inc. (continued) |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.62%, 02/15/28 | USD | 160 | $ 161,164
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 9.85%, 08/27/29 |  | 102 | 102,402
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.63%, 02/22/31 |  | 149 | 148,896
|  |  | 1,347,810
Pharmaceuticals — 0.2%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.86%, 05/04/28 |  | 121 | 123,826
Bausch Health Americas, Inc., 2022 Term Loan B, (1- mo. CME Term SOFR + 5.35%), 9.71%, 02/01/27 |  | 127 | 123,361
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.85%), 6.40%, 08/01/27 |  | 200 | 199,629
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.43%, 10/01/27 |  | 266 | 257,173
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 05/05/28 |  | 408 | 408,845
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 10/27/28 |  | 126 | 126,416
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.62%, 05/19/31 |  | 119 | 119,569
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 04/20/29 |  | 81 | 81,422
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 08/01/31 |  | 61 | 61,795
|  |  | 1,502,036
Professional Services — 0.0%
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 04/28/28 |  | 313 | 312,016
Real Estate Management & Development — 0.1%
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 10.97%, 06/04/29 |  | 100 | 97,000
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 06/02/28 |  | 337 | 332,526
Cushman & Wakefield U.S. Borrower, LLC (d) |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 01/31/30 |  | 63 | 63,297
2024 Tranche 2 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 01/31/30 |  | 74 | 74,553
|  |  | 567,376
Semiconductors & Semiconductor Equipment — 0.0%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 07/06/29 |  | 94 | 94,736
MKS Instruments, Inc., 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.59%, 08/17/29 |  | 225 | 225,429
|  |  | 320,165

98
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software — 1.1%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 02/24/31 | USD | 489 | $ 492,895
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.35%), 6.68%, 05/24/29 |  | 11 | 11,540
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 02/15/29 |  | 452 | 452,330
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 04/30/31 |  | 110 | 109,931
BCPE Pequod Buyer, Inc., USD Term Loan B, 11/25/31 (n) |  | 158 | 159,157
Boxer Parent Co., Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.34%, 07/30/31 |  | 170 | 171,256
Capstone Borrower, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 06/17/30 |  | 77 | 77,703
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.36%), 6.72%, 09/21/28 |  | 376 | 376,914
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 07/06/29 |  | 466 | 458,588
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 03/30/29 |  | 629 | 629,905
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 03/21/31 |  | 370 | 370,859
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.46%, 10/08/29 |  | 113 | 110,599
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 10/08/28 |  | 305 | 303,722
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 7.30%, 05/01/31 |  | 358 | 359,169
Dayforce, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.09%, 02/26/31 (d) |  | 340 | 342,107
DS Admiral Bidco LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 4.25%), 8.61%, 06/26/31 |  | 101 | 97,473
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.60%, 01/18/29 |  | 1,196 | 1,196,445
Ellucian Holdings, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 10/09/29 |  | 313 | 315,205
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.11%, 11/15/32 |  | 71 | 72,184
Flexera Software LLC, 2024 1st Lien Term Loan, 03/03/28 (n) |  | 60 | 60,338
Genesys Cloud Services Holdings II LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.36%, 12/01/27 |  | 562 | 566,437
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/27/28 |  | 415 | 416,834
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 06/17/31 |  | 294 | 294,021
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.25%), 9.61%, 06/17/32 |  | 71 | 70,069

Security |  | Par (000) | Value
Software (continued)
Modena Buyer LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/01/31 | USD | 110 | $ 106,228
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 12/17/27 |  | 36 | 36,035
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME Term SOFR + 2.86%), 7.22%, 03/13/28 |  | 227 | 227,062
PointClickCare Technologies, Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/03/31 |  | 131 | 131,153
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 8.85%, 06/02/28 |  | 619 | 619,859
Project Alpha Intermediate Holding, Inc., 2024 Add-on Term Loan B, 10/28/30 (n) |  | 35 | 35,202
Project Boost Purchaser LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.15%, 07/16/31 |  | 218 | 219,461
Quartz Acquireco LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 06/28/30 (d) |  | 204 | 205,320
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.59%, 04/24/28 |  | 340 | 338,737
Skopima Consilio Parent LLC, 2024 Repriced Term Loan, 05/12/28 (n) |  | 50 | 50,125
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/09/31 |  | 356 | 356,742
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.62%, 02/10/31 |  | 511 | 514,519
VS Buyer LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.12%, 04/12/31 |  | 328 | 330,092
Waystar Technologies, Inc., 2024 1st Lien Term Loan B, 10/22/29 (n) |  | 84 | 84,570
Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 11/26/31 |  | 196 | 196,490
|  |  | 10,967,276
Specialty Retail — 0.0%
LS Group OpCo Acquistion LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 04/23/31 |  | 65 | 64,935
Peer Holding III B.V., 2024 USD Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/01/31 |  | 97 | 97,394
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/11/28 |  | 113 | 112,747
Restoration Hardware, Inc. |  |  |
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.71%, 10/20/28 |  | 43 | 42,966
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.97%, 10/20/28 |  | 90 | 88,554
|  |  | 406,596

Schedule of Investments
99

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Technology Hardware, Storage & Peripherals — 0.0%
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 | USD | 503 | $ 335,934
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 |  | 77 | 51,797
|  |  | 387,731
Textiles, Apparel & Luxury Goods — 0.0%
ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.59%, 12/21/28 |  | 187 | 187,920
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 7.72%, 11/24/28 (d) |  | 86 | 85,513
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.11%, 03/08/30 (d) |  | 23 | 23,197
|  |  | 296,630
Trading Companies & Distributors — 0.2%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/31/31 |  | 205 | 205,398
Core & Main LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 07/27/28 |  | 472 | 472,160
2024 Term Loan E, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.38%, 02/09/31 |  | 92 | 92,476
Dealer Tire Financial LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 07/02/31 |  | 182 | 181,542
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.11%, 06/04/31 |  | 177 | 176,732
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.60%, 10/28/27 |  | 180 | 151,938
Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.34%, 06/20/31 |  | 212 | 212,870
|  |  | 1,493,116
Transportation Infrastructure — 0.0%
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.71%, 12/15/26 |  | 120 | 119,450
Total Floating Rate Loan Interests — 7.4% (Cost: $78,704,577) | 78,197,274
Foreign Agency Obligations
Brazil — 0.5% |
Brazilian Government International Bond, 5.00%, 01/27/45 |  | 6,525 | 4,821,975
China — 0.0% |
China Development Bank/Hong Kong, 2.00%, 02/16/27 (h) |  | 200 | 190,982
Export-Import Bank of China, 3.38%, 03/14/27 (h) |  | 200 | 196,374
|  |  | 387,356

Security |  | Par (000) | Value
Colombia — 0.3% |
Colombia Government International Bond, 5.63%, 02/26/44 (g) | USD | 4,000 | $ 2,962,000
Hong Kong — 0.0% |
Airport Authority, 3.25%, 01/12/52 |  | 200 | 144,524
India — 0.0% |
Export-Import Bank of India, 3.88%, 02/01/28 (h) |  | 200 | 193,160
Indonesia — 0.2% |
Indonesia Government International Bond |  |  |
4.65%, 09/20/32 |  | 250 | 238,125
4.85%, 01/11/33 |  | 200 | 193,000
5.25%, 01/17/42 (h) |  | 200 | 192,500
4.75%, 07/18/47 (g)(h) |  | 200 | 179,750
3.70%, 10/30/49 |  | 200 | 148,250
3.50%, 02/14/50 (g) |  | 200 | 143,250
Perusahaan Penerbit SBSN Indonesia III (h) |  |  |
1.50%, 06/09/26 |  | 200 | 189,966
4.40%, 06/06/27 |  | 200 | 197,375
|  |  | 1,482,216
Mexico — 0.4% |
Mexico Government International Bond, 4.75%, 03/08/44 |  | 5,800 | 4,413,437
Pakistan — 0.1% |
Pakistan Government International Bond (h) |  |  |
6.00%, 04/08/26 |  | 450 | 422,928
7.38%, 04/08/31 |  | 200 | 166,500
|  |  | 589,428
Philippines — 0.0% |
Philippines Government International Bond |  |  |
3.70%, 03/01/41 |  | 300 | 238,500
2.65%, 12/10/45 |  | 200 | 126,250
|  |  | 364,750
Republic of Korea — 0.0% |
Korea National Oil Corp., 4.88%, 04/03/29 |  | 200 | 198,228
Saudi Arabia — 0.0% |
Saudi Government International Bond (h) |  |  |
4.00%, 04/17/25 |  | 200 | 199,254
4.50%, 10/26/46 |  | 200 | 161,500
|  |  | 360,754
South Korea — 0.1% |
Export-Import Bank of Korea, 1.63%, 01/18/27 |  | 200 | 188,640
Korea Development Bank |  |  |
2.00%, 02/24/25 |  | 200 | 199,128
4.38%, 02/15/33 |  | 200 | 189,668
Korea Expressway Corp., 1.13%, 05/17/26 |  | 200 | 189,958
|  |  | 767,394
United Arab Emirates — 0.0% |
Sharjah Sukuk Program Ltd., 6.09%, 03/19/34 (h) |  | 250 | 257,363

100
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Uruguay — 0.3% |
Uruguay Government International Bond, 5.10%, 06/18/50 (g) | USD | 3,500 | $ 3,214,531
Total Foreign Agency Obligations — 1.9% (Cost: $24,251,962) | 20,157,116

|  | Shares |
Investment Companies
Fixed Income Funds — 0.3% |
Invesco Senior Loan ETF (o) |  | 170,000 | 3,581,900
Total Investment Companies — 0.3% (Cost: $3,564,062) | 3,581,900

|  | Par (000) |
Municipal Bonds
New York — 1.0% |
Metropolitan Transportation Authority, RB, BAB, 6.55%, 11/15/31 (g) | USD | 9,980 | 10,376,575
Total Municipal Bonds — 1.0% (Cost: $9,814,232) | 10,376,575
Preferred Securities
Capital Trusts — 11.0%
Automobiles — 0.2% |
General Motors Financial Co., Inc., Series C, 5.70% (a)(j) |  | 2,565 | 2,492,751
Banks — 4.7% |
Bangkok Bank PCL/Hong Kong, 4.00% (a)(h)(j) |  | 300 | 285,375
Barclays PLC (a)(j) |  |  |
4.38% |  | 1,630 | 1,465,917
9.63% |  | 3,340 | 3,675,239
Citigroup, Inc. (a)(j) |  |  |
Series BB, 7.20% |  | 6,750 | 7,001,228
Series EE, 6.75% |  | 3,200 | 3,173,974
HDFC Bank Ltd., 3.70% (a)(h)(j) |  | 200 | 190,438
Industrial & Commercial Bank of China Ltd., 3.20% (a)(h)(j) |  | 300 | 291,300
JPMorgan Chase & Co., 8.75%, 09/01/30 (g) |  | 2,000 | 2,353,261
Lloyds Banking Group PLC, 7.50% (a)(j) |  | 8,285 | 8,350,178
Macquarie Bank Ltd., 6.13% (a)(b)(j) |  | 1,885 | 1,900,367
Mitsubishi UFJ Financial Group, Inc., 8.20% (a)(j) |  | 425 | 465,850
NatWest Group PLC (a)(j) |  |  |
8.13% |  | 5,275 | 5,618,017
8.00% |  | 970 | 978,697
Nordea Bank Abp, 6.63% (a)(b)(j) |  | 5,540 | 5,556,742
PNC Financial Services Group, Inc. (a)(j) |  |  |
Series V, 6.20% (g) |  | 5,529 | 5,552,836
Series W, 6.25% |  | 1,250 | 1,261,768
Rizal Commercial Banking Corp., 6.50% (a)(h)(j) |  | 700 | 697,375
Standard Chartered PLC, 7.88% (a)(h)(j) |  | 400 | 416,500
|  |  | 49,235,062

Security |  | Par (000) | Value
Capital Markets (a)(j) — 2.0% |
Goldman Sachs Group, Inc., Series Y, 6.13% | USD | 10,925 | $ 10,784,224
UBS Group AG (b) |  |  |
7.75% |  | 4,845 | 5,047,056
Series NC10, 9.25% |  | 4,807 | 5,508,490
|  |  | 21,339,770
Electric Utilities — 0.8% |
PPL Capital Funding, Inc., Series A, 7.25%, 03/30/67 (a) |  | 8,300 | 8,303,900
Energy Equipment & Services — 0.5% |
Venture Global LNG, Inc., 9.00% (a)(b)(j) |  | 4,446 | 4,648,488
Financial Services (a)(h)(j) — 0.0% |
NWD Finance BVI Ltd., 4.13% |  | 209 | 72,105
Royal Capital BV, 5.00% |  | 200 | 198,500
|  |  | 270,605
Independent Power and Renewable Electricity Producers — 0.1% |
Vistra Corp., 7.00% (a)(b)(j) |  | 1,255 | 1,262,157
Insurance — 1.8% |
ACE Capital Trust II, 9.70%, 04/01/30 (g) |  | 7,000 | 8,353,079
Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, 04/01/27 |  | 5,000 | 4,731,270
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52 (a)(h) |  | 200 | 202,250
MetLife, Inc., 6.40%, 12/15/66 (g) |  | 5,000 | 5,096,590
|  |  | 18,383,189
Multi-Utilities — 0.2% |
Dominion Energy, Inc., Series B, 7.00%, 06/01/54 (a) |  | 1,810 | 1,911,331
Oil, Gas & Consumable Fuels — 0.2% |
Enterprise Products Operating LLC, 7.54%, 06/01/67 (a) |  | 2,500 | 2,474,991
Passenger Airlines (a)(h)(j) — 0.0% |
Airport Authority |  |  |
2.10% |  | 200 | 193,432
2.40% |  | 200 | 184,850
|  |  | 378,282
Wireless Telecommunication Services — 0.5% |
Vodafone Group PLC, 7.00%, 04/04/79 (a) |  | 4,745 | 4,859,216
| 115,559,742

|  | Shares |
Preferred Stocks — 0.5% (e)
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc., 07/21/30 |  | 23 | 4,532
Interactive Media & Services — 0.5% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $3,189,595) (d)(f) |  | 29,109 | 5,259,996
IT Services — 0.0% |
Veritas Kapital Assurance PLC, Series G (d) |  | 214 | 4,286
Software — 0.0% |
Veritas Kapital Assurance PLC, Series G (d) |  | 310 | 6,208
| 5,275,022
Total Preferred Securities — 11.5% (Cost: $116,053,624) | 120,834,764

Schedule of Investments
101

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Warrants
Consumer Discretionary — 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 — 147.8% (Cost: $1,571,038,640) | 1,554,251,745
Short-Term Securities
Money Market Funds — 0.6% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36% (o)(p) |  | 6,317,936 | 6,317,936
Total Short-Term Securities — 0.6% (Cost: $6,317,936) | 6,317,936
Options Purchased — 0.0% (Cost: $1,488,890) | 562,100
Total Investments Before Options Written — 148.4% (Cost: $1,578,845,466) | 1,561,131,781
Options Written — (0.0)% (Premiums Received: $(829,772)) | (351,313 )
Total Investments, Net of Options Written — 148.4% (Cost: $1,578,015,694) | 1,560,780,468
Liabilities in Excess of Other Assets — (48.4)% | (509,289,852 )
Net Assets — 100.0% | $ 1,051,490,616

(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 $5,349,042, representing 0.5% of its net assets as of period end, and an original cost of $3,298,080.
(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) | Convertible security.
(l) | Zero-coupon bond.
(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) | Affiliate of the Trust.
(p) | 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 year ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 16,341,334 | $ — | $ (10,023,398 ) (a) | $ — | $ — | $ 6,317,936 | 6,317,936 | $ 570,389 | $ —

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

Reverse Repurchase Agreements

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
BNP Paribas SA | 4.49 % (b) | 07/10/24 | Open | $ 276,581 | $ 283,605 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 07/10/24 | Open | 139,338 | 142,876 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 07/16/24 | Open | 186,775 | 191,347 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 07/17/24 | Open | 342,210 | 350,420 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 07/17/24 | Open | 373,000 | 381,948 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.46 (b) | 07/17/24 | Open | 284,816 | 291,662 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.46 (b) | 07/17/24 | Open | 484,844 | 496,498 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.46 (b) | 07/17/24 | Open | 331,038 | 338,995 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.48 (b) | 07/17/24 | Open | 717,421 | 734,732 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 07/17/24 | Open | 548,616 | 561,880 | Corporate Bonds | Open/Demand

102
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
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)
BNP Paribas SA | 4.49 % (b) | 07/17/24 | Open | $ 361,848 | $ 370,595 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.60 (b) | 07/17/24 | Open | 720,338 | 737,418 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 07/26/24 | Open | 351,975 | 359,760 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.25 (b) | 08/05/24 | Open | 157,000 | 160,186 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.44 (b) | 08/07/24 | Open | 198,653 | 202,809 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 08/07/24 | Open | 123,895 | 126,493 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 08/07/24 | Open | 418,898 | 427,683 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 08/07/24 | Open | 543,128 | 554,519 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 08/07/24 | Open | 311,036 | 317,560 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.42 (b) | 08/14/24 | Open | 156,600 | 159,699 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 09/05/24 | Open | 272,449 | 277,000 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 09/23/24 | Open | 93,913 | 95,191 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 10/03/24 | Open | 162,616 | 164,641 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 10/18/24 | Open | 1,473,422 | 1,488,464 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 10/23/24 | Open | 157,369 | 158,896 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.32 (b) | 10/28/24 | Open | 1,947,000 | 1,963,944 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.35 (b) | 10/28/24 | Open | 2,390,385 | 2,411,317 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 10/28/24 | Open | 4,800,000 | 4,842,900 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.47 (b) | 10/28/24 | Open | 856,879 | 864,568 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.47 (b) | 10/28/24 | Open | 1,033,200 | 1,042,472 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 10/28/24 | Open | 984,609 | 993,480 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 10/28/24 | Open | 1,559,060 | 1,573,107 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 10/28/24 | Open | 1,014,555 | 1,023,696 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 10/28/24 | Open | 1,448,080 | 1,461,127 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 10/28/24 | Open | 8,617,875 | 8,695,520 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 10/28/24 | Open | 939,263 | 947,725 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 10/28/24 | Open | 2,445,625 | 2,467,704 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 10/28/24 | Open | 4,631,250 | 4,673,060 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 10/28/24 | Open | 1,227,594 | 1,238,455 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.75 (b) | 10/28/24 | Open | 4,105,698 | 4,142,763 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 10/31/24 | Open | 546,026 | 550,681 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.58 (b) | 11/07/24 | Open | 2,864,265 | 2,886,101 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 11/14/24 | Open | 643,200 | 647,265 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 11/14/24 | Open | 549,475 | 552,896 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 11/18/24 | Open | 105,690 | 106,301 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.32 (b) | 11/25/24 | Open | 66,068 | 66,378 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 12/04/24 | Open | 860,950 | 864,097 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 12/04/24 | Open | 1,708,762 | 1,715,075 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 12/04/24 | Open | 492,748 | 494,625 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 12/04/24 | Open | 164,483 | 165,109 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 12/04/24 | Open | 975,012 | 978,615 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 12/04/24 | Open | 524,400 | 526,399 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 12/04/24 | Open | 200,524 | 201,288 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 12/04/24 | Open | 453,713 | 455,442 | Corporate Bonds | Open/Demand
J.P. Morgan Securities LLC | 0.25 | 12/05/24 | 01/09/25 | 1,477,661 | 1,477,938 | Corporate Bonds | Up to 30 Days
Goldman Sachs & Co. LLC | 4.35 (b) | 12/09/24 | Open | 1,283,433 | 1,287,204 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 12/09/24 | Open | 484,234 | 485,657 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 12/09/24 | Open | 827,500 | 829,985 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 12/09/24 | Open | 1,905,000 | 1,910,720 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.32 (b) | 12/09/24 | Open | 221,864 | 222,512 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.32 (b) | 12/09/24 | Open | 155,447 | 155,900 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.35 (b) | 12/09/24 | Open | 3,213,204 | 3,222,648 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 4.40 (b) | 12/09/24 | Open | 675,684 | 677,692 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 12/09/24 | Open | 304,140 | 305,047 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 12/09/24 | Open | 1,424,062 | 1,428,311 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 12/09/24 | Open | 1,124,750 | 1,128,106 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 12/09/24 | Open | 1,328,800 | 1,332,765 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 12/09/24 | Open | 335,885 | 336,887 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 12/09/24 | Open | 172,250 | 172,769 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 12/09/24 | Open | 217,081 | 217,736 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 12/09/24 | Open | 517,650 | 519,211 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 12/09/24 | Open | 432,075 | 433,378 | Corporate Bonds | Open/Demand

Schedule of Investments
103

Schedule of Investments
(continued)
December 31, 2024
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) | 12/09/24 | Open | $ 153,628 | $ 154,091 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 12/09/24 | Open | 810,664 | 813,108 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 12/09/24 | Open | 192,660 | 193,241 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 12/09/24 | Open | 720,951 | 723,125 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 12/09/24 | Open | 306,042 | 306,965 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 12/09/24 | Open | 736,499 | 738,720 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 12/09/24 | Open | 119,130 | 119,489 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 141,105 | 141,531 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 411,250 | 412,493 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 231,188 | 231,886 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 614,333 | 616,189 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 557,371 | 559,056 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 139,324 | 139,745 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 976,250 | 979,200 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 225,363 | 226,044 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 525,218 | 526,805 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 571,339 | 573,065 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 182,009 | 182,559 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 195,390 | 195,980 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 519,175 | 520,744 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 465,431 | 466,838 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 371,575 | 372,698 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 185,250 | 185,810 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 355,665 | 356,740 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 1,208,625 | 1,212,277 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 746,306 | 748,562 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 737,129 | 739,356 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 12/09/24 | Open | 167,805 | 168,312 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.50 (b) | 12/09/24 | Open | 979,541 | 982,514 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.48 (b) | 12/09/24 | Open | 6,025,469 | 6,043,677 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 3,799,937 | 3,811,445 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 4,583,906 | 4,597,788 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 9,007,425 | 9,034,702 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 6,933,600 | 6,954,597 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 3,040,000 | 3,049,206 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 1,241,581 | 1,245,341 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 3,150,000 | 3,159,539 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 2,005,000 | 2,011,072 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 8,198,750 | 8,223,579 | Capital Trusts | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 579,065 | 580,819 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 6,895,112 | 6,915,993 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 11,275,000 | 11,309,144 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 4,961,356 | 4,976,381 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 1,460,636 | 1,465,060 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 1,609,195 | 1,614,068 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 3,735,000 | 3,746,311 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 5,187,912 | 5,203,623 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 1,538,315 | 1,542,974 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 2,247,437 | 2,254,243 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 2,629,687 | 2,637,651 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 891,756 | 894,457 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 1,905,000 | 1,910,769 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 919,431 | 922,216 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 438,725 | 440,054 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 1,850,887 | 1,856,493 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 4,458,094 | 4,471,594 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 587,125 | 588,903 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 5,677,500 | 5,694,693 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 1,145,625 | 1,149,094 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 4,599,219 | 4,613,147 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 2,899,260 | 2,908,040 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 3,408,671 | 3,418,994 | Corporate Bonds | Open/Demand

104
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
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) | 12/09/24 | Open | $ 4,957,069 | $ 4,972,080 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 1,975,800 | 1,981,783 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 5,844,150 | 5,861,848 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 2,468,400 | 2,475,875 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 14,580,562 | 14,624,717 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 618,475 | 620,348 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 851,063 | 853,640 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 2,410,931 | 2,418,232 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 791,875 | 794,273 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 3,601,369 | 3,612,275 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 876,150 | 878,803 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 3,990,281 | 4,002,365 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 4,125,000 | 4,137,492 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 3,004,706 | 3,013,806 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 1,305,244 | 1,309,196 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 2,736,575 | 2,744,862 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 3,155,625 | 3,165,181 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 647,800 | 649,762 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 562,065 | 563,767 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 4,566,037 | 4,579,865 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 821,546 | 824,034 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 1,458,487 | 1,462,904 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 2,603,125 | 2,611,008 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 10,640,900 | 10,673,124 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 652,500 | 654,476 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 2,892,094 | 2,900,852 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 585,125 | 586,897 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 2,312,500 | 2,319,503 | Capital Trusts | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 12/09/24 | Open | 3,015,500 | 3,024,632 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 12/11/24 | Open | 128,888 | 129,244 | Corporate Bonds | Open/Demand
Morgan Stanley & Co. International PLC | 4.15 (b) | 12/11/24 | Open | 866,370 | 868,594 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.15 (b) | 12/11/24 | Open | 669,329 | 671,047 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.45 (b) | 12/11/24 | Open | 4,548,187 | 4,560,657 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 12/11/24 | Open | 4,787,500 | 4,800,765 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 12/11/24 | Open | 11,337,500 | 11,368,914 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 12/11/24 | Open | 12,975,000 | 13,010,952 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.45 (b) | 12/12/24 | Open | 1,842,717 | 1,847,529 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 12/13/24 | Open | 385,000 | 385,963 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 12/18/24 | Open | 5,572,660 | 5,582,954 | Corporate Bonds | Open/Demand
J.P. Morgan Securities LLC | 4.25 | 12/20/24 | 01/09/25 | 3,420,000 | 3,424,845 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.30 | 12/20/24 | 01/09/25 | 691,811 | 692,803 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.35 | 12/20/24 | 01/09/25 | 888,484 | 889,772 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.40 | 12/20/24 | 01/09/25 | 175,938 | 176,196 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.45 | 12/20/24 | 01/09/25 | 554,850 | 555,673 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 12/20/24 | 01/09/25 | 321,548 | 322,030 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 12/20/24 | 01/09/25 | 369,340 | 369,894 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 12/20/24 | 01/09/25 | 335,045 | 335,548 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 12/20/24 | 01/14/25 | 799,425 | 800,531 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 12/20/24 | 01/14/25 | 423,280 | 423,866 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.20 | 12/20/24 | 01/14/25 | 231,743 | 232,067 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.25 | 12/20/24 | 01/14/25 | 144,641 | 144,846 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.25 | 12/20/24 | 01/14/25 | 492,064 | 492,761 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.30 | 12/20/24 | 01/14/25 | 358,781 | 359,296 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 746,505 | 747,587 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 3,152,687 | 3,157,259 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 2,272,500 | 2,275,795 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 331,875 | 332,356 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 974,506 | 975,919 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 973,830 | 975,242 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 10,780,000 | 10,795,631 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 4,132,086 | 4,138,078 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 12/20/24 | 01/14/25 | 865,300 | 866,555 | Corporate Bonds | Up to 30 Days

Schedule of Investments
105

Schedule of Investments
(continued)
December 31, 2024
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. | 4.40 % | 12/20/24 | 01/14/25 | $ 566,354 | $ 567,185 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 178,850 | 179,112 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 1,460,745 | 1,462,887 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 612,000 | 612,898 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 183,540 | 183,809 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 166,500 | 166,744 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 793,984 | 795,148 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 1,593,952 | 1,596,290 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 1,742,300 | 1,744,855 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 1,176,000 | 1,177,725 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 1,611,382 | 1,613,746 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 12/20/24 | 01/14/25 | 1,486,457 | 1,488,638 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 5,265,000 | 5,272,810 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 79,931 | 80,050 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 7,171,875 | 7,182,513 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 255,791 | 256,171 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 509,603 | 510,358 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 4,166,594 | 4,172,774 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 324,075 | 324,556 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 496,413 | 497,149 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 3,981,250 | 3,987,156 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 4,968,860 | 4,976,230 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 737,568 | 738,662 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 1,902,500 | 1,905,322 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 447,228 | 447,891 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 1,260,070 | 1,261,939 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 629,475 | 630,409 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 1,442,731 | 1,444,871 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 1,591,012 | 1,593,372 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 1,339,614 | 1,341,601 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 86,364 | 86,492 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 1,630,125 | 1,632,543 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 2,389,774 | 2,393,319 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 249,060 | 249,429 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 3,576,807 | 3,582,113 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 186,930 | 187,207 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 205,755 | 206,060 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 1,068,750 | 1,070,335 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 12/20/24 | 01/14/25 | 526,575 | 527,356 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.48 | 12/20/24 | 01/14/25 | 2,790,000 | 2,794,166 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.48 | 12/20/24 | 01/14/25 | 2,921,250 | 2,925,612 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 4.49 | 12/20/24 | 01/14/25 | 5,350,950 | 5,358,959 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 12/20/24 | 01/14/25 | 4,294,100 | 4,300,541 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 12/20/24 | 01/14/25 | 6,564,000 | 6,573,846 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 12/20/24 | 01/14/25 | 9,877,687 | 9,892,504 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 12/20/24 | 01/14/25 | 2,709,552 | 2,713,617 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 12/20/24 | 01/14/25 | 5,301,574 | 5,309,526 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 12/20/24 | 01/14/25 | 4,823,350 | 4,830,585 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 12/20/24 | 01/14/25 | 5,818,800 | 5,827,528 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 12/20/24 | 01/14/25 | 4,530,000 | 4,536,795 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 12/20/24 | 01/14/25 | 4,595,000 | 4,601,663 | Corporate Bonds | Up to 30 Days
Barclays Capital, Inc. | 3.00 | 12/20/24 | 01/31/25 | 141,238 | 141,379 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 3.00 | 12/20/24 | 01/31/25 | 502,742 | 503,245 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 3.25 | 12/20/24 | 01/31/25 | 228,719 | 228,967 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 3.75 | 12/20/24 | 01/31/25 | 127,087 | 127,246 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 4.00 | 12/20/24 | 01/31/25 | 162,182 | 162,398 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 4.15 | 12/20/24 | 01/31/25 | 197,290 | 197,563 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.37 | 12/20/24 | 01/31/25 | 3,360,250 | 3,365,145 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.40 | 12/20/24 | 01/31/25 | 2,653,566 | 2,657,458 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 12/20/24 | 01/31/25 | 2,544,931 | 2,548,706 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 12/20/24 | 01/31/25 | 4,425,000 | 4,431,564 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 12/20/24 | 01/31/25 | 3,146,644 | 3,151,353 | Corporate Bonds | 31 - 90 Days

106
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
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)
Barclays Capital, Inc. | 4.49 % | 12/20/24 | 01/31/25 | $ 1,962,500 | $ 1,965,437 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 12/20/24 | 01/31/25 | 7,630,000 | 7,641,420 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 12/20/24 | 01/31/25 | 3,043,650 | 3,048,205 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 12/20/24 | 01/31/25 | 9,725,000 | 9,739,555 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 12/20/24 | 01/31/25 | 3,126,037 | 3,130,716 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 3.75 | 12/24/24 | 01/31/25 | 3,259,137 | 3,261,853 | Corporate Bonds | 31 - 90 Days
|  |  |  | $ 534,351,154 | $ 536,048,309 |  |

(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 | 637 | 03/20/25 | $ 69,274 | $ (823,764 )
2-Year U.S. Treasury Note | 577 | 03/31/25 | 118,637 | (118,108 )
5-Year U.S. Treasury Note | 875 | 03/31/25 | 93,017 | (649,723 )
|  |  |  | (1,591,595 )
Short Contracts |  |  |  |
10-Year U.S. Ultra Long Treasury Note | 709 | 03/20/25 | 78,921 | 1,101,992
U.S. Long Bond | 787 | 03/20/25 | 89,595 | 2,341,769
Ultra U.S. Treasury Bond | 217 | 03/20/25 | 25,803 | 1,178,081
|  |  |  | 4,621,842
|  |  |  | $ 3,030,247

Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 2,108,115 | EUR | 1,999,000 | HSBC Bank PLC | 03/19/25 | $ 30,561
USD | 356,923 | GBP | 282,000 | The Bank of New York Mellon | 03/19/25 | 4,089
|  |  |  |  |  | $ 34,650

Exchange-Traded Options Purchased

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |
3-Month SOFR Future | 5,621 | 06/13/25 | USD | 97.00 | USD | 1,348,408 | $ 562,100

Exchange-Traded Options Written

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |
3-Month SOFR Future | 5,621 | 06/13/25 | USD | 97.50 | USD | 1,348,408 | $ (351,313 )

Schedule of Investments
107

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation/Index | Financing Rate Paid by the Trust | Payment Frequency | Termination Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
CDX.NA.HY.41.V2 | 5.00 % | Quarterly | 12/20/28 | USD | 54,450 | $ (4,417,177 ) | $ (345,313 ) | $ (4,071,864 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Centrally Cleared Swaps (a) | $ — | $ (345,313 ) | $ — | $ (4,071,864 ) | $ —
Options Written | N/A | (829,772 ) | 478,459 | — | (351,313 )

(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) | $ — | $ — | $ — | $ — | $ 4,621,842 | $ — | $ 4,621,842
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 34,650 | — | — | 34,650
Options purchased Investments at value — unaffiliated (b) | — | — | — | — | 562,100 | — | 562,100
| $ — | $ — | $ — | $ 34,650 | $ 5,183,942 | $ — | $ 5,218,592
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 1,591,595 | $ — | $ 1,591,595
Options written Options written at value | — | — | — | — | 351,313 | — | 351,313
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) | — | 4,071,864 | — | — | — | — | 4,071,864
| $ — | $ 4,071,864 | $ — | $ — | $ 1,942,908 | $ — | $ 6,014,772

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

For the period ended December 31, 2024, 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 | $ — | $ — | $ (184,628 ) | $ — | $ 3,512,521 | $ — | $ 3,327,893
Forward foreign currency exchange contracts | — | — | — | 122,955 | — | — | 122,955
Options purchased (a) | — | — | (1,646,211 ) | — | (752,734 ) | — | (2,398,945 )
Options written | — | — | 544,918 | — | 248,266 | — | 793,184
Swaps | — | (2,348,337 ) | — | — | — | — | (2,348,337 )
| $ — | $ (2,348,337 ) | $ (1,285,921 ) | $ 122,955 | $ 3,008,053 | $ — | $ (503,250 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ 10,441,613 | $ — | $ 10,441,613

108
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Forward foreign currency exchange contracts | $ — | $ — | $ — | $ 46,511 | $ — | $ — | $ 46,511
Options purchased (b) | — | — | 148,747 | — | (282,118 ) | — | (133,371 )
Options written | — | — | (44,986 ) | — | 264,318 | — | 219,332
Swaps | — | (1,216,944 ) | — | — | — | — | (1,216,944 )
| $ — | $ (1,216,944 ) | $ 103,761 | $ 46,511 | $ 10,423,813 | $ — | $ 9,357,141

(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 | $ 215,922,608
Average notional value of contracts — short | 221,072,482
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | 2,176,515
Average amounts sold — in USD | — (a)
Options: |
Average value of option contracts purchased | 1,484,295
Average value of option contracts written | 816,802
Credit default swaps: |
Average notional value — buy protection | 54,450,000

(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 |  |
Futures contracts | $ 468,938 | $ 254,635
Forward foreign currency exchange contracts | 34,650 | —
Options | 562,100 (a) | 351,313
Swaps — centrally cleared | — | 31,545
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 1,065,688 | 637,493
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (1,031,038 ) | (637,493 )
Total derivative assets and liabilities subject to an MNA | $ 34,650 | $ —

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

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

Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Received (b) | Cash Collateral Received (b) | Net Amount of Derivative Assets (c)(d)(e)
HSBC Bank PLC | $ 30,561 | $ — | $ — | $ — | $ 30,561
The Bank of New York Mellon | 4,089 | — | — | — | 4,089
| $ 34,650 | $ — | $ — | $ — | $ 34,650

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

Schedule of Investments
109

Schedule of Investments
(continued)
December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)

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

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments 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 | $ — | $ 162,374,365 | $ — | $ 162,374,365
Common Stocks | — | 36,383 | 145,066 | 181,449
Corporate Bonds | — | 1,158,009,814 | — | 1,158,009,814
Fixed Rate Loan Interests | — | 145,816 | 392,672 | 538,488
Floating Rate Loan Interests | — | 74,698,161 | 3,499,113 | 78,197,274
Foreign Agency Obligations | — | 20,157,116 | — | 20,157,116
Investment Companies | 3,581,900 | — | — | 3,581,900
Municipal Bonds | — | 10,376,575 | — | 10,376,575
Preferred Securities |  |  |  |
Capital Trusts | — | 115,559,742 | — | 115,559,742
Preferred Stocks | — | 4,532 | 5,270,490 | 5,275,022
Warrants | — | — | — | —
Short-Term Securities |  |  |  |
Money Market Funds | 6,317,936 | — | — | 6,317,936
Options Purchased |  |  |  |
Interest Rate Contracts | 562,100 | — | — | 562,100
Unfunded Floating Rate Loan Interests (a) | — | 828 | — | 828
| $ 10,461,936 | $ 1,541,363,332 | $ 9,307,341 | $ 1,561,132,609
Derivative Financial Instruments (b) |  |  |  |
Assets |  |  |  |
Foreign Currency Exchange Contracts | $ — | $ 34,650 | $ — | $ 34,650
Interest Rate Contracts | 4,621,842 | — | — | 4,621,842
Liabilities |  |  |  |
Credit Contracts | — | (4,071,864 ) | — | (4,071,864 )
Interest Rate Contracts | (1,942,908 ) | — | — | (1,942,908 )
| $ 2,678,934 | $ (4,037,214 ) | $ — | $ (1,358,280 )

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes.
As of period end, reverse repurchase agreements of $536,048,309 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
110
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
Ballyrock CLO Ltd., Series 2023-25A, Class C, (3-mo. CME Term SOFR + 4.70%), 9.33%, 01/25/36 (a)(b) | $ | 1,000 | $ 1,005,901
Bryant Park Funding Ltd., Series 2024-23A, Class D1, (3-mo. CME Term SOFR + 3.85%), 8.37%, 05/15/37 (a)(b) |  | 1,000 | 1,023,429
Golub Capital Partners CLO Ltd., Series 2023-66B, Class D, (3-mo. CME Term SOFR + 5.50%), 10.13%, 04/25/36 (a)(b) |  | 1,000 | 1,025,162
Palmer Square CLO Ltd., Series 2023-2A, Class D, (3-mo. CME Term SOFR + 5.00%), 9.62%, 04/20/36 (a)(b) |  | 1,000 | 1,025,211
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo. CME Term SOFR + 5.45%), 10.07%, 04/20/36 (a)(b) |  | 1,000 | 1,025,321
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3-mo. CME Term SOFR + 4.25%), 8.87%, 04/20/37 (a)(b) |  | 1,880 | 1,919,086
Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-mo. CME Term SOFR + 2.65%), 7.07%, 01/05/38 (a)(b) |  | 1,000 | 1,000,000
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 9.77%, 04/20/36 (a)(b) |  | 1,000 | 1,025,291
Total Asset-Backed Securities — 2.8% (Cost: $8,880,000) | 9,049,401

|  | Shares |
Common Stocks
Automobile Components — 0.0% |
Lear Corp. |  | 178 | 16,856
Construction & Engineering — 0.0% |
McDermott International Ltd. (c) |  | 76,644 | 9,197
Entertainment — 0.1% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $52,679) (c)(d)(e) |  | 4,192 | 310,208
Financial Services — 0.0% |
NMG Parent LLC (c)(d) |  | 2,218 | —
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc. (c) |  | 902 | 2,256
Health Care Providers & Services — 0.1% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $610,403) (c)(e) |  | 19,653 | 219,465
Household Products — 0.0% |
Berkline Benchcraft Equity LLC (c)(d) |  | 6,155 | —
Industrial Conglomerates — 0.0% |
Ameriforge Group, Inc. (c)(d) |  | 832 | —
IT Services — 0.2% |
Travelport Finance Luxembourg SARL (c)(d) |  | 165 | 552,719

Security |  | Shares | Value
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp. (c)(d) |  | 14,592 | $ 131,324
Total Common Stocks — 0.4% (Cost: $2,151,207) | 1,242,025

|  | Par (000) |
Corporate Bonds
Chemicals (b) — 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 | $ | 32 | 32,401
WR Grace Holdings LLC, 5.63%, 08/15/29 |  | 409 | 376,151
|  |  | 408,552
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) |  | 154 | 156,741
Diversified REITs — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25 (b) |  | 85 | 84,666
Diversified Telecommunication Services (b) — 0.2%
Level 3 Financing, Inc., 11.00%, 11/15/29 |  | 322 | 362,056
Zayo Group Holdings, Inc., 6.13%, 03/01/28 |  | 155 | 131,749
|  |  | 493,805
Electric Utilities — 0.0%
Texas Competitive Electric Holdings, Series M, 5.03%, 10/10/19 (c)(d)(f) |  | 1,050 | —
Entertainment (b) — 0.2%
Caesars Entertainment, Inc., 4.63%, 10/15/29 |  | 240 | 224,702
Odeon Finco PLC, 12.75%, 11/01/27 |  | 374 | 392,699
|  |  | 617,401
Environmental, Maintenance & Security Service — 0.2%
Madison IAQ LLC, 5.88%, 06/30/29 (b) |  | 742 | 700,622
Food Products — 0.1%
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29 (b)(g) |  | 292 | 308,795
Hotels, Restaurants & Leisure — 0.1%
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30 (b) |  | 395 | 364,397
Household Durables — 0.1%
Springs 2nd Lien Bond, 6.50%, 10/06/29 (d) |  | 193 | 138,839
Household Products — 0.0%
Berkline Benchcraft LLC, 0.00%, 05/03/12 (a)(c)(d)(f) |  | 400 | —
Insurance — 0.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27 (b) |  | 220 | 218,181
Internet Software & Services (b) — 0.1%
Uber Technologies, Inc. |  |  |
6.25%, 01/15/28 |  | 137 | 138,178
4.50%, 08/15/29 |  | 235 | 227,266
|  |  | 365,444

Schedule of Investments
111

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
IT Services — 0.0%
Amentum Holdings, Inc., 7.25%, 08/01/32 (b) | $ | 113 | $ 113,855
Machinery (b) — 0.2%
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 |  | 216 | 225,505
Vertiv Group Corp., 4.13%, 11/15/28 |  | 556 | 524,765
|  |  | 750,270
Media — 0.1%
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26 (b) |  | 353 | 308,163
Oil, Gas & Consumable Fuels — 0.1%
eG Global Finance PLC, 12.00%, 11/30/28 (b) |  | 285 | 318,714
Software (b) — 0.6%
AthenaHealth Group, Inc., 6.50%, 02/15/30 |  | 1,115 | 1,059,636
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 |  | 118 | 119,701
Cloud Software Group, Inc., 9.00%, 09/30/29 |  | 379 | 384,796
Ellucian Holdings, Inc., 6.50%, 12/01/29 |  | 219 | 219,093
|  |  | 1,783,226
Trading Companies & Distributors — 0.1%
Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26 (b)(c)(f) |  | 926 | 388,920
Wireless Telecommunication Services — 0.0%
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (b)(c)(f)(g) |  | 162 | 56,973
Total Corporate Bonds — 2.4% (Cost: $8,021,343) | 7,577,564
Fixed Rate Loan Interests
Advertising Agencies — 0.2%
Clear Channel International BV, 2024 CCIBV Fixed Term Loan, 7.50%, 04/01/27 (d) |  | 460 | 451,950
Diversified Consumer Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/18/27 (d) |  | 29 | 28,705
IT Services — 0.4%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 11/01/31 (d) |  | 1,140 | 1,140,000
Software — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 715 | 719,169
Total Fixed Rate Loan Interests — 0.8% (Cost: $2,340,549) | 2,339,824
Floating Rate Loan Interests (a)
Advertising Agencies — 0.2%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.47%, 08/23/28 |  | 439 | 440,883
Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.52%, 02/07/31 |  | 75 | 75,373
|  |  | 516,256
Aerospace & Defense — 2.6%
Barnes Group, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.86%, 09/03/30 |  | 638 | 637,965
2024 Term Loan B, 12/10/31 (h) |  | 380 | 379,810

Security |  | Par (000) | Value
Aerospace & Defense (continued)
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 10/31/30 | $ | 762 | $ 765,610
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.24%, 08/03/29 |  | 784 | 780,402
Dynasty Acquisition Co., Inc. |  |  |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 |  | 1,225 | 1,229,541
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 |  | 466 | 467,776
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.70%), 9.96%, 04/09/26 |  | 446 | 443,810
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.83%, 04/21/31 |  | 184 | 185,036
Propulsion BC Finco SARL, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 09/14/29 |  | 135 | 135,788
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 11/21/31 |  | 215 | 214,778
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 02/28/31 |  | 2,367 | 2,369,982
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/19/32 |  | 582 | 583,449
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 03/22/30 |  | 72 | 72,636
|  |  | 8,266,583
Air Freight & Logistics — 0.0%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 03/17/30 |  | 148 | 149,072
Automobile Components — 0.9%
Clarios Global LP, 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.86%, 05/06/30 |  | 1,995 | 2,001,511
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 9.62%, 11/17/28 |  | 771 | 747,423
|  |  | 2,748,934
Automobiles — 0.0%
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/08/28 |  | 146 | 137,545
Banks — 0.5%
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 08/02/28 (d) |  | 1,668 | 1,680,591
Beverages — 0.6%
Naked Juice LLC |  |  |
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 01/24/30 |  | 887 | 293,851
Term Loan, (3-mo. CME Term SOFR + 3.10%), 7.43%, 01/24/29 |  | 1,405 | 919,589
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.84%, 03/31/28 |  | 571 | 575,101
|  |  | 1,788,541
Broadline Retail — 0.4%
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.09%, 11/08/27 |  | 1,345 | 1,351,786
Building Materials — 3.5%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 8.84%, 05/17/28 |  | 585 | 471,720

112
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Building Materials (continued)
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 09/19/31 | $ | 561 | $ 562,350
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.71%, 11/03/28 |  | 1,874 | 1,883,009
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.75%, 04/12/28 |  | 155 | 147,358
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 11/23/27 |  | 415 | 403,299
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.86%, 10/02/28 |  | 358 | 359,811
EMRLD Borrower LP |  |  |
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 08/04/31 |  | 1,053 | 1,056,002
Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.93%, 05/31/30 |  | 1,331 | 1,334,767
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 10.36%, 03/08/29 |  | 512 | 502,930
Oscar AcquisitionCo LLC, Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.50%, 04/29/29 |  | 775 | 765,253
Potters Borrower LP, 2024 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.11%, 12/14/27 |  | 319 | 322,247
Quikrete Holdings, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.61%, 03/19/29 |  | 379 | 378,774
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 04/02/29 (d) |  | 325 | 328,065
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.11%, 09/22/28 |  | 331 | 332,055
Summit Materials LLC, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.15%, 01/12/29 |  | 446 | 445,840
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 08/05/31 |  | 1,748 | 1,749,595
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 6.47%, 10/04/28 |  | 68 | 68,424
|  |  | 11,111,499
Building Products — 1.4%
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/19/28 |  | 882 | 884,403
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.59%, 01/29/31 |  | 1,389 | 1,365,149
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 06/17/31 |  | 332 | 333,001
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 2.25%), 6.61%, 05/12/30 |  | 191 | 190,804
White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 10/19/29 |  | 1,802 | 1,803,762
|  |  | 4,577,119
Capital Markets — 2.3%
Advisor Group, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/17/28 |  | 718 | 719,489
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/09/30 |  | 372 | 372,645
CPI Holdco B LLC, 2024 Incremental Term Loan B, 05/17/31 (h) |  | 522 | 521,347

Security |  | Par (000) | Value
Capital Markets (continued)
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.08%, 04/09/27 | $ | 2,276 | $ 2,221,899
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.34%, 04/07/28 |  | 650 | 618,073
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 04/07/28 |  | 506 | 508,704
FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 06/27/29 |  | 376 | 377,371
Focus Financial Partners LLC, 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 09/15/31 |  | 830 | 837,295
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 01/31/30 |  | 120 | 119,804
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.40%, 12/15/31 |  | 577 | 574,039
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 10/21/31 |  | 452 | 453,415
|  |  | 7,324,081
Chemicals — 4.9%
Advancion Holdings LLC, 2020 2nd Lien Term Loan, (1- mo. CME Term SOFR + 7.85%), 12.21%, 11/24/28 |  | 885 | 862,503
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 11.46%, 09/30/29 |  | 572 | 560,085
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 4.85%), 9.10%, 08/27/26 |  | 252 | 213,805
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 12/20/29 |  | 770 | 771,959
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 08/18/28 |  | 701 | 703,972
Derby Buyer LLC, 2024 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.37%, 11/01/30 |  | 1,269 | 1,271,797
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 8.95%, 10/04/29 |  | 104 | 104,207
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.84%, 06/12/31 |  | 1,048 | 1,051,164
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.11%, 12/18/30 |  | 1,198 | 1,198,532
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 6.36%, 02/15/30 |  | 177 | 178,308
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.35%, 07/03/28 |  | 773 | 757,115
INEOS Quattro Holdings U.K. Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.61%, 10/01/31 (d) |  | 357 | 360,124
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 02/18/30 |  | 412 | 413,318
LSF11 A5 Holdco LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 10/15/28 |  | 1,096 | 1,102,018
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 11/21/31 (d) |  | 506 | 507,265

Schedule of Investments
113

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Chemicals (continued)
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.36%, 03/29/28 (d) | $ | 1,352 | $ 1,365,347
NIC Acquisition Corp., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.34%, 12/29/27 |  | 142 | 126,939
Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.66%, 04/03/28 |  | 765 | 769,279
OQ Chemicals Corp. |  |  |
2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.60%), 8.19%, 12/31/26 |  | 1,069 | 912,870
2024 USD Term Loan B, (1-mo. CME Term SOFR at 3.00% Floor + 8.00%), 12.36%, 12/31/26 |  | 120 | 123,267
Paint Intermediate III, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.52%, 10/09/31 |  | 346 | 347,297
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.34%, 08/02/30 |  | 1,015 | 1,021,035
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 09/22/28 |  | 848 | 854,402
|  |  | 15,576,608
Commercial Services & Supplies — 9.3%
Albion Financing 3 SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR + 4.51%), 9.10%, 08/16/29 |  | 1,220 | 1,230,342
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.97%, 02/04/28 |  | 1,205 | 1,208,831
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 05/12/28 |  | 2,609 | 2,614,992
APi Group DE, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 01/03/29 |  | 755 | 754,841
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 6.22%, 08/06/27 |  | 398 | 392,882
Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.27%, 10/16/31 |  | 1,160 | 1,169,431
Boost Newco Borrower LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/31/31 |  | 2,096 | 2,104,047
Bright Horizons Family Solutions LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 11/24/28 |  | 1,037 | 1,038,723
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.11%, 01/31/31 |  | 1,398 | 1,396,223
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.27%, 02/23/29 |  | 1,067 | 1,007,881
CHG Healthcare Services Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 09/29/28 |  | 620 | 621,379
Creative Artists Agency LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 10/01/31 |  | 1,810 | 1,817,006
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 07/06/29 |  | 311 | 312,157
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.59%, 08/01/29 |  | 144 | 144,831
Fleet US Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.58%, 02/21/31 (d) |  | 245 | 246,612

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 4.75%), 9.34%, 04/29/29 | $ | 295 | $ 261,338
Garda World Security Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.90%, 02/01/29 |  | 434 | 434,378
Grant Thornton Advisors Holdings LLC, 2024 Term Loan B, 06/02/31 (h) |  | 82 | 81,969
Grant Thornton Advisors LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 06/02/31 |  | 201 | 201,330
Hertz Corp. |  |  |
2021 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 7.97%, 06/30/28 |  | 551 | 493,686
2021 Term Loan C, (1-mo. CME Term SOFR + 3.61%), 7.97%, 06/30/28 |  | 108 | 96,827
Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.51%), 9.03%, 03/06/28 |  | 473 | 273,844
KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.84%, 06/12/30 |  | 534 | 538,926
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 8.59%, 08/11/28 |  | 134 | 135,439
Mavis Tire Express Services Topco Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.86%, 05/04/28 |  | 1,632 | 1,640,941
Neon Maple US Debt Mergersub, Inc., 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.44%, 11/15/31 |  | 1,106 | 1,107,040
OMNIA Partners LLC, 2024 Term Loan B, 07/25/30 (h) |  | 409 | 409,418
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/26/31 |  | 373 | 375,719
Prime Security Services Borrower LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.52%, 10/13/30 |  | 443 | 443,468
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 11/19/31 |  | 348 | 348,412
Reworld Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.02%, 11/30/28 |  | 534 | 535,123
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 11/14/30 |  | 51 | 50,840
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 10/04/30 |  | 952 | 956,430
Trans Union LLC |  |  |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 06/24/31 |  | 1,230 | 1,227,169
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 06/24/31 |  | 1,128 | 1,125,204
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.46%, 11/02/27 |  | 469 | 455,212
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 11/30/30 |  | 341 | 341,924
Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), 6.76%, 02/22/31 |  | 757 | 757,527
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.69%, 12/17/28 |  | 415 | 259,842
Wand NewCo 3, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 01/30/31 |  | 1,149 | 1,152,068
|  |  | 29,764,252

114
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Construction & Engineering — 2.2%
AECOM, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 04/18/31 | $ | 716 | $ 722,074
Apple Bidco LLC |  |  |
2021 Term Loan, (1-mo. CME Term SOFR + 2.86%), 7.22%, 09/22/28 |  | 786 | 789,902
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 09/22/28 |  | 450 | 452,541
Arcosa Inc, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 08/12/31 |  | 490 | 493,759
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.07%, 08/01/30 |  | 2,199 | 2,133,743
Brown Group Holding LLC |  |  |
2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.00%, 07/01/31 |  | 874 | 875,365
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 07/01/31 |  | 1,210 | 1,213,290
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.84%, 11/03/31 |  | 198 | 198,620
Cube A&D Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.13%, 10/17/31 |  | 132 | 132,660
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 7.96%, 12/16/27 |  | 135 | 135,313
|  |  | 7,147,267
Consumer Finance — 0.3%
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.36%, 05/19/31 |  | 832 | 829,536
Containers & Packaging — 1.8%
Charter Next Generation, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.53%, 11/29/30 |  | 2,558 | 2,569,562
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.46%, 10/29/28 |  | 970 | 935,953
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.59%, 04/15/27 |  | 819 | 824,063
Pregis TopCo LLC |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.36%, 07/31/26 |  | 409 | 410,793
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.11%), 8.47%, 07/31/26 |  | 423 | 425,054
Trident TPI Holdings, Inc., 2024 Term Loan B7, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.19%, 09/15/28 |  | 781 | 786,330
|  |  | 5,951,755
Distributors — 0.2%
TMK Hawk Parent Corp. |  |  |
2024 PIK Term Loan, (3-mo. CME Term SOFR + 11.00%), 11.00%, 12/15/31 |  | 35 | 18,457
2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.25%), 9.59%, 06/30/29 |  | 1,108 | 587,425
|  |  | 605,882
Diversified Consumer Services — 0.0%
Veritas U.S., Inc., 2024 Priority Term Loan, (Prime at 1.00% Floor + 11.50%), 19.25%, 12/09/29 (d) |  | 86 | 85,245

Security |  | Par (000) | Value
Diversified REITs — 0.3%
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/25/31 | $ | 936 | $ 936,112
Diversified Telecommunication Services — 3.3%
Altice Financing SA, USD 2017 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.43%, 01/31/26 (d) |  | 930 | 860,510
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.15%, 08/15/28 |  | 1,396 | 1,116,700
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.37%, 10/24/30 |  | 853 | 854,855
Connect Finco SARL, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.86%, 09/27/29 |  | 619 | 540,765
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 8.22%, 04/30/28 |  | 568 | 537,516
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.61%, 09/20/30 |  | 402 | 400,058
Level 3 Financing, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/29 |  | 594 | 604,482
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/30 |  | 598 | 608,767
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/29 |  | 452 | 424,374
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/30 |  | 463 | 429,853
2024 Term Loan A, (1-mo. CME Term SOFR + 6.00%), 10.36%, 06/01/28 |  | 76 | 76,306
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.36%), 8.72%, 09/01/28 |  | 357 | 317,962
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 9.06%, 05/30/30 |  | 344 | 306,677
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.97%, 03/02/29 |  | 698 | 625,935
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.47%, 03/09/27 |  | 3,114 | 2,909,827
|  |  | 10,614,587
Electric Utilities — 1.7%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 07/31/30 |  | 1,130 | 1,126,751
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/31/31 |  | 360 | 358,927
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.25%), 6.76%, 12/15/27 |  | 703 | 705,332
Hamilton Projects Acquiror LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.11%, 05/22/31 |  | 194 | 194,634
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.35%, 04/16/31 |  | 952 | 951,681
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 7.47%, 01/21/28 |  | 644 | 648,501

Schedule of Investments
115

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Electric Utilities (continued)
Talen Energy Supply LLC, 2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.02%, 12/11/31 | $ | 202 | $ 202,505
Thunder Generation Funding LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 10/03/31 |  | 384 | 385,765
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo. CME Term SOFR + 1.75%), 6.11%, 12/20/30 |  | 759 | 759,027
|  |  | 5,333,123
Electrical Equipment — 0.8%
Generac Power Systems, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.34%, 07/03/31 (d) |  | 200 | 200,498
Vertiv Group Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.19%, 03/02/27 |  | 1,533 | 1,533,145
WEC U.S. Holdings, Inc, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.80%, 01/27/31 |  | 776 | 776,077
|  |  | 2,509,720
Electronic Equipment, Instruments & Components — 1.0%
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.09%, 06/20/31 |  | 275 | 274,963
Coherent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 07/02/29 |  | 1,134 | 1,135,113
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, (1-mo. CME Term SOFR + 2.86%), 7.22%, 07/31/28 |  | 119 | 119,582
Roper Industrial Products Investment Co. LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 11/22/29 |  | 1,715 | 1,717,863
|  |  | 3,247,521
Entertainment — 5.8%
Bally ’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.14%, 10/02/28 |  | 891 | 840,825
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.61%, 02/06/31 |  | 1,759 | 1,759,255
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 02/06/30 |  | 631 | 630,593
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.10%), 6.46%, 03/17/28 (d) |  | 884 | 884,223
Crown Finance US, Inc., 2024 Term Loan B, (Prime + 5.25%), 9.80%, 12/02/31 |  | 275 | 274,656
Delta 2 Lux SARL |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 09/30/31 |  | 1,025 | 1,026,806
2024 Term Loan B2, 09/10/31 (h) |  | 513 | 513,304
ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/31/30 |  | 651 | 654,105
Flutter Entertainment PLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/30/30 |  | 2,194 | 2,187,571
Herschend Entertainment Co. LLC, 2021 Term Loan, 08/27/28 (h) |  | 102 | 102,017
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.63%, 04/14/29 |  | 691 | 693,020
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.22%, 10/19/26 |  | 1,527 | 1,523,054
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 11/12/29 |  | 835 | 824,416

Security |  | Par (000) | Value
Entertainment (continued)
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 06/25/31 | $ | 441 | $ 441,446
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 05/03/29 |  | 899 | 901,214
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.59%, 04/04/29 |  | 257 | 257,741
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 12/04/31 |  | 334 | 332,600
Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/01/31 |  | 207 | 207,283
UFC Holdings, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.77%, 11/21/31 |  | 1,051 | 1,055,540
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.86%), 7.22%, 05/18/25 |  | 1,600 | 1,602,342
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.34%, 01/24/31 |  | 1,829 | 1,822,985
|  |  | 18,534,996
Environmental, Maintenance & Security Service — 2.3%
Action Environmental Group, Inc., 2023 Term Loan B, (3- mo. CME Term SOFR + 3.75%), 8.08%, 10/24/30 (d) |  | 452 | 456,229
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 10/09/28 |  | 625 | 629,631
Filtration Group Corp., 2021 Incremental Term Loan, (1- mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 10/21/28 |  | 2,142 | 2,156,642
GFL Environmental, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.61%, 07/03/31 |  | 458 | 458,352
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.34%, 10/17/30 |  | 431 | 433,568
Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.89%, 06/21/28 |  | 2,241 | 2,247,278
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 7.71%, 03/09/28 |  | 549 | 273,266
Reworld Holding Corp |  |  |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.70%, 11/30/28 |  | 687 | 687,806
Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.70%, 11/30/28 |  | 53 | 52,842
Reworld Holding Corp., 2024 1st Lien Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.02%, 11/30/28 |  | 30 | 29,388
|  |  | 7,425,002
Financial Services — 0.7%
Castlelake Aviation One LLC |  |  |
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 10/22/27 |  | 437 | 438,063
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.86%, 10/22/26 |  | 1,334 | 1,336,351
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/05/28 |  | 413 | 414,181
|  |  | 2,188,595
Food Products — 2.6%
8th Avenue Food & Provisions, Inc. |  |  |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 8.22%, 10/01/25 |  | 203 | 197,542
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.86%), 9.22%, 10/01/25 |  | 920 | 897,321

116
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products (continued)
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 06/22/30 | $ | 462 | $ 463,770
Chobani LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.36%), 7.72%, 10/25/27 |  | 1,942 | 1,956,010
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.11%, 10/25/27 |  | 501 | 504,542
Froneri U.S., Inc., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 09/17/31 |  | 2,360 | 2,360,360
H-Food Holdings LLC, 2018 Term Loan B, (Defaulted), 0.00%, 05/23/25 (c)(f) |  | 288 | 143,027
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.97%, 11/12/29 |  | 611 | 612,576
U.S. Foods, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 10/03/31 |  | 582 | 584,974
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 11/22/28 |  | 339 | 341,091
UTZ Quality Foods LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 7.11%, 01/20/28 |  | 341 | 341,469
|  |  | 8,402,682
Ground Transportation — 0.8%
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/10/31 |  | 2,222 | 2,214,637
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 12.52%, 08/20/29 |  | 638 | 261,668
|  |  | 2,476,305
Health Care Equipment & Supplies — 2.2%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.10%), 6.46%, 11/08/27 |  | 75 | 75,016
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 573 | 574,898
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.69%, 05/10/27 |  | 1,374 | 1,378,155
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.62%, 10/19/27 |  | 322 | 320,525
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.61%, 10/23/28 |  | 3,480 | 3,489,626
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.84%, 05/30/31 |  | 1,369 | 1,369,432
|  |  | 7,207,652
Health Care Providers & Services — 2.8%
Concentra Health Services, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 07/28/31 (d) |  | 234 | 235,878
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.11%, 11/01/28 |  | 1,388 | 1,391,680
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.10%), 5.72%, 11/30/28 |  | 765 | 591,802
2024 Superpriority New Money 1st Out Term Loan A, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.37%, 08/31/28 |  | 389 | 391,990

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
EyeCare Partners LLC (continued) |  |  |
2024 Third Out Term Loan C, (1-mo. CME Term SOFR at 0.00% Floor + 6.85%), 11.47%, 11/30/28 (c)(d)(f) | $ | 28 | $ 5,715
Fortrea Holdings, Inc., Term Loan B, (6-mo. CME Term SOFR + 3.75%), 8.49%, 07/01/30 (d) |  | 69 | 69,382
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/03/28 |  | 352 | 354,532
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 01/02/31 |  | 745 | 749,943
Medical Solutions Holdings, Inc. |  |  |
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 8.19%, 11/01/28 |  | 553 | 387,599
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.10%), 11.69%, 11/01/29 |  | 377 | 188,500
Phoenix Newco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 11/15/28 |  | 1,783 | 1,792,978
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/03/28 |  | 88 | 88,332
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.10%), 7.43%, 11/18/27 |  | 575 | 574,598
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/27/30 |  | 814 | 794,446
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.09%, 12/19/30 |  | 725 | 729,556
WCG Intermediate Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.86%, 01/08/27 |  | 666 | 668,118
|  |  | 9,015,049
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/18/30 |  | 300 | 300,121
Hotels, Restaurants & Leisure — 5.1%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 09/20/30 |  | 985 | 979,503
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.01%), 8.60%, 02/02/26 |  | 1,237 | 793,907
Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 05/31/30 |  | 567 | 570,767
Carnival Corp., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.11%, 08/08/27 |  | 384 | 386,004
City Football Group Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.47%, 07/22/30 |  | 1,344 | 1,337,960
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), 8.46%, 12/01/28 |  | 281 | 274,104
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 01/27/29 |  | 2,495 | 2,502,208
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.11%, 11/30/29 |  | 1,934 | 1,935,285
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.09%, 11/01/29 |  | 692 | 690,874

Schedule of Investments
117

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.09%, 11/08/30 | $ | 485 | $ 487,124
IRB Holding Corp, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.86%, 12/15/27 |  | 1,167 | 1,167,004
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.11%, 01/05/29 |  | 290 | 290,112
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 |  | 118 | 123,199
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 |  | 66 | 60,378
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR + 5.10%), 9.46%, 06/30/28 |  | 33 | 31,342
2024 Term Loan B1, (1-mo. CME Term SOFR at 1.50% Floor + 6.10%), 10.46%, 11/15/29 |  | 560 | 566,481
2024 Term Loan B2, (3-mo. CME Term SOFR + 6.00%), 10.46%, 11/15/29 (d) |  | 163 | 149,256
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.38%, 03/14/31 |  | 1,241 | 1,241,220
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 08/03/28 |  | 1,873 | 1,874,763
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 05/24/30 |  | 836 | 836,151
|  |  | 16,297,642
Household Durables — 1.7%
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.05%, 07/31/28 |  | 891 | 891,526
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.02%, 02/26/29 |  | 1,461 | 1,456,978
Springs Windows Fashions, LLC (d) |  |  |
2024 First Lien Second Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.47%, 10/06/28 |  | 1,006 | 900,059
2024 FLFO Delayed Draw Term Loan, 12/19/29 (h) |  | 139 | 139,759
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, 12/19/29 (d)(h) |  | 105 | 104,819
Tempur Sealy International, Inc., 2024 Term Loan B, (1- mo. SOFR + 2.50%), 6.81%, 10/24/31 |  | 328 | 328,512
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 10/30/27 |  | 1,789 | 1,781,082
|  |  | 5,602,735
Household Products — 0.2%
Reynolds Consumer Products LLC, Term Loan, (1-mo. CME Term SOFR + 1.85%), 6.21%, 02/04/27 |  | 744 | 745,479
Industrial Conglomerates — 0.0%
Stitch Acquisition Corp., 2024 Term Loan, (Defaulted), 0.00%, 07/28/28 |  | 137 | 32,951
Insurance — 8.6%
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 09/19/31 |  | 4,710 | 4,717,334
AmWINS Group, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 6.72%, 02/19/28 |  | 1,800 | 1,804,767
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.34%, 12/06/31 |  | 1,657 | 1,654,793

Security |  | Par (000) | Value
Insurance (continued)
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 02/14/31 | $ | 2,779 | $ 2,782,561
Asurion LLC |  |  |
2020 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.72%, 12/23/26 |  | 149 | 148,898
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 9.72%, 01/31/28 |  | 689 | 670,996
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 9.72%, 01/20/29 |  | 654 | 629,678
2021 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.71%, 07/31/27 |  | 149 | 148,352
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.71%, 08/19/28 |  | 988 | 988,327
Baldwin Insurance Group Holdings LLC |  |  |
2024 Repriced Term Loan B, 05/26/31 (h) |  | 172 | 172,753
2024 Term Loan B, (1-mo. CME Term SOFR + 3.25%), 7.61%, 05/26/31 |  | 729 | 732,159
HUB International Ltd., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.37%, 06/20/30 |  | 3,028 | 3,042,955
Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 02/15/31 |  | 1,107 | 1,113,469
Jones DesLauriers Insurance Management, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.82%, 03/15/30 |  | 694 | 697,114
Ryan Specialty Group LLC, 2024 USD Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/15/31 |  | 1,199 | 1,201,678
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.59%, 07/31/31 |  | 2,640 | 2,653,364
TIH Insurance Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 05/06/31 |  | 860 | 860,938
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 05/06/32 |  | 325 | 332,243
USI, Inc. |  |  |
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/30 |  | 677 | 675,597
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 11/21/29 |  | 2,474 | 2,467,652
|  |  | 27,495,628
Interactive Media & Services — 0.4%
MH Sub I LLC |  |  |
2023 Term Loan, 05/03/28 (h) |  | 457 | 452,930
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.61%, 05/03/28 |  | 676 | 680,084
Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.38%, 07/20/28 |  | 143 | 143,787
|  |  | 1,276,801
Internet Software & Services — 3.0%
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.09%, 08/15/29 |  | 616 | 568,023
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.11%, 09/12/29 |  | 1,896 | 1,888,552

118
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Internet Software & Services (continued)
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), 6.11%, 05/30/31 | $ | 888 | $ 886,500
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 11/09/29 |  | 1,036 | 1,035,016
Hoya Midco LLC, 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.59%, 02/03/29 |  | 571 | 576,128
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 08/31/28 |  | 2,035 | 2,043,642
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.11%, 03/15/30 |  | 2,506 | 2,507,542
|  |  | 9,505,403
IT Services — 3.6%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/29/31 |  | 1,078 | 1,073,505
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.43%, 11/01/31 (d) |  | 2,826 | 2,854,260
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 06/27/31 |  | 357 | 357,776
Magenta Security Holdings LLC |  |  |
2024 First Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.60%, 07/27/28 |  | 337 | 310,462
2024 Second Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.50%, 6.25% PIK), 12.60%, 07/27/28 (g) |  | 401 | 236,126
2024 Super Priority Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 10.84%, 07/27/28 |  | 130 | 132,020
2024 Third Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.50%, 5.50% PIK), 11.85%, 07/27/28 (c)(f)(g) |  | 647 | 217,331
Maximus, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 6.36%, 05/30/31 |  | 144 | 144,366
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.37%, 03/01/29 |  | 1,670 | 1,669,110
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 12.36%, 02/01/29 |  | 444 | 357,609
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/01/28 |  | 1,885 | 1,750,127
Tempo Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 08/31/28 |  | 2,386 | 2,393,118
|  |  | 11,495,810
Machinery — 2.7%
Arcline FM Holdings, LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.50%), 9.57%, 06/23/28 |  | 1,392 | 1,398,337
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.09%, 03/15/30 |  | 362 | 363,057
Columbus McKinnon Corp./New York, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/14/28 (d) |  | 193 | 193,529
Doosan Bobcat North America, Inc., 2024 Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29 |  | 220 | 221,003
Madison Safety & Flow LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 09/26/31 |  | 307 | 309,245

Security |  | Par (000) | Value
Machinery (continued)
SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 04/05/29 | $ | 1,006 | $ 1,013,212
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 02/15/29 |  | 2,675 | 2,694,957
TK Elevator U.S. Newco, Inc., USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 04/30/30 |  | 2,402 | 2,418,114
|  |  | 8,611,454
Media — 3.0%
Charter Communications Operating LLC |  |  |
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.59%, 12/07/30 |  | 850 | 847,102
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.78%, 12/15/31 |  | 592 | 590,376
CMG Media Corporation, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.60%), 0.00%, 06/18/29 |  | — (i) | 112
Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR + 2.61%), 6.97%, 09/01/28 |  | 488 | 484,233
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.19%, 04/15/27 |  | 1,044 | 961,118
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.85%, 08/02/27 |  | 592 | 592,636
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.80%, 06/04/29 |  | 149 | 140,917
Learfield Communications LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.00%), 9.36%, 06/30/28 |  | 388 | 391,254
NEP Group, Inc. |  |  |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.72%, 08/19/26 |  | 100 | 91,314
2023 Term Loan B, (1-mo. CME Term SOFR + 3.25%, 1.50% PIK), 9.22%, 08/19/26 (g) |  | 619 | 562,372
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 09/25/26 |  | 1,595 | 1,391,257
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.85%), 8.21%, 04/21/29 |  | 345 | 279,917
Speedster Bidco GmbH, 2024 USD Term Loan B, 10/17/31 (h) |  | 1,342 | 1,344,241
Sunrise Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR at 0.00% Floor + 3.04%), 7.44%, 01/31/29 |  | 288 | 289,362
Virgin Media Bristol LLC |  |  |
2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 7.76%, 01/31/29 |  | 278 | 276,176
USD Term Loan N, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 7.01%, 01/31/28 |  | 609 | 604,308
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 7.01%, 04/30/28 |  | 733 | 729,064
|  |  | 9,575,759
Metals & Mining — 0.0%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.86%, 05/13/29 |  | 162 | 162,154
Oil, Gas & Consumable Fuels — 1.9%
Buckeye Partners LP, 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 11/22/30 |  | 144 | 144,291
EG America LLC, 2024 Term Loan B, 02/07/28 (h) |  | 226 | 227,736

Schedule of Investments
119

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.38%, 12/21/28 | $ | 1,768 | $ 1,773,951
GIP Pilot Acquisition Partners LP, 2024 Term Loan B, (3- mo. CME Term SOFR + 2.50%), 7.09%, 10/04/30 |  | 170 | 171,028
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.60%), 8.96%, 09/19/29 |  | 161 | 161,834
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.86%), 6.42%, 01/31/28 |  | 386 | 387,085
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 9.59%, 10/27/28 |  | 788 | 755,233
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.11%, 02/03/31 |  | 398 | 398,660
NGP XI Midstream Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 07/25/31 (d) |  | 108 | 108,810
Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.51%, 10/05/28 |  | 1,870 | 1,879,438
|  |  | 6,008,066
Paper & Forest Products — 0.4%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.21%, 09/07/27 |  | 1,274 | 1,274,933
Passenger Airlines — 1.5%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 9.63%, 04/20/28 |  | 607 | 622,831
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 03/21/31 |  | 1,241 | 1,244,418
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, 01/29/27 |  | 166 | 165,068
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.96%, 06/04/29 |  | 983 | 983,886
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.62%, 02/15/28 |  | 782 | 785,102
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 9.85%, 08/27/29 |  | 432 | 434,707
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.63%, 02/22/31 |  | 732 | 733,606
|  |  | 4,969,618
Pharmaceuticals — 2.1%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.86%, 05/04/28 |  | 723 | 742,206
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 5.35%), 9.71%, 02/01/27 |  | 629 | 612,990
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.85%), 6.40%, 08/01/27 |  | 625 | 624,076
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.43%, 10/01/27 |  | 1,318 | 1,273,388
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 05/05/28 |  | 1,538 | 1,540,498
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 10/27/28 |  | 492 | 494,317

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.62%, 05/19/31 | $ | 589 | $ 589,872
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 04/20/29 |  | 520 | 521,260
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 08/01/31 |  | 236 | 237,369
|  |  | 6,635,976
Professional Services — 0.4%
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 04/28/28 |  | 1,392 | 1,389,606
Real Estate Management & Development — 1.0%
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 10.97%, 06/04/29 |  | 673 | 653,198
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 06/02/28 |  | 1,629 | 1,606,352
Cushman & Wakefield U.S. Borrower, LLC (d) |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 01/31/30 |  | 470 | 470,688
2024 Tranche 2 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 01/31/30 |  | 399 | 402,990
|  |  | 3,133,228
Semiconductors & Semiconductor Equipment — 0.4%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 07/06/29 |  | 452 | 453,941
MKS Instruments, Inc., 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.59%, 08/17/29 |  | 831 | 832,946
|  |  | 1,286,887
Software — 14.4%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 02/24/31 |  | 2,235 | 2,255,137
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.35%), 6.68%, 05/24/29 |  | 62 | 62,217
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 02/15/29 |  | 1,956 | 1,958,140
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 04/30/31 |  | 490 | 490,693
BCPE Pequod Buyer, Inc., USD Term Loan B, 11/25/31 (h) |  | 778 | 783,695
Boxer Parent Co., Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.34%, 07/30/31 |  | 775 | 780,727
Capstone Borrower, Inc., 2024 Term Loan B, 06/17/30 (h) |  | 107 | 108,038
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.36%), 6.72%, 09/21/28 |  | 1,269 | 1,272,803
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 07/06/29 |  | 1,976 | 1,946,170
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 03/30/29 |  | 2,468 | 2,472,825

120
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Cloud Software Group, Inc. (continued) |  |  |
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 03/21/31 | $ | 1,874 | $ 1,878,339
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.46%, 10/08/29 |  | 482 | 471,758
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 10/08/28 |  | 1,297 | 1,291,828
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 7.30%, 05/01/31 |  | 1,210 | 1,215,172
Dayforce, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.09%, 02/26/31 (d) |  | 1,147 | 1,152,971
DS Admiral Bidco LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 4.25%), 8.61%, 06/26/31 |  | 452 | 437,182
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.60%, 01/18/29 |  | 4,007 | 4,007,633
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 7.97%, 02/04/28 |  | 172 | 172,852
Ellucian Holdings, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 10/09/29 |  | 1,472 | 1,480,593
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.11%, 11/15/32 |  | 352 | 357,868
Flexera Software LLC, 2024 1st Lien Term Loan, 03/03/28 (h) |  | 315 | 316,774
Genesys Cloud Services Holdings II LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.36%, 12/01/27 |  | 2,756 | 2,776,661
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/27/28 |  | 1,858 | 1,863,798
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 06/17/31 |  | 1,402 | 1,400,338
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.25%), 9.61%, 06/17/32 |  | 484 | 477,650
Modena Buyer LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/01/31 |  | 523 | 505,066
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 12/17/27 |  | 148 | 149,146
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME Term SOFR + 2.86%), 7.22%, 03/13/28 |  | 1,034 | 1,036,068
PointClickCare Technologies, Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/03/31 |  | 488 | 490,690
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 8.85%, 06/02/28 |  | 2,864 | 2,866,864
Project Alpha Intermediate Holding, Inc., 2024 Add-on Term Loan B, 10/28/30 (h) |  | 172 | 172,994
Project Boost Purchaser LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.15%, 07/16/31 |  | 881 | 886,537
Quartz Acquireco LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 06/28/30 (d) |  | 887 | 892,194
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.59%, 04/24/28 |  | 1,538 | 1,533,833
Skopima Consilio Parent LLC, 2024 Repriced Term Loan, 05/12/28 (h) |  | 238 | 238,595

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%), 6.36%, 05/09/31 | $ | 1,515 | $ 1,518,242
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.62%, 02/10/31 |  | 2,240 | 2,253,902
VS Buyer LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.12%, 04/12/31 |  | 1,276 | 1,284,202
Waystar Technologies, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.59%, 10/22/29 |  | 298 | 298,916
Zelis Payments Buyer, Inc. |  |  |
5th Amendment Term Loan, 11/26/31 (h) |  | 160 | 160,400
Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.11%, 09/28/29 |  | 583 | 583,505
|  |  | 46,303,016
Specialty Retail — 0.6%
LS Group OpCo Acquistion LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 04/23/31 |  | 349 | 350,652
Peer Holding III B.V., 2024 USD Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/01/31 |  | 406 | 407,649
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/11/28 |  | 581 | 578,066
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.71%, 10/20/28 |  | 259 | 257,887
Serta Simmons Bedding LLC, 2023 New Term Loan, (3- mo. CME Term SOFR + 7.61%), 11.94%, 06/29/28 |  | 307 | 257,897
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.34%, 12/21/27 |  | 231 | 144,934
|  |  | 1,997,085
Technology Hardware, Storage & Peripherals — 0.5%
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 |  | 2,165 | 1,445,841
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 |  | 440 | 294,083
|  |  | 1,739,924
Textiles, Apparel & Luxury Goods — 0.4%
ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.59%, 12/21/28 |  | 872 | 874,780
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 7.72%, 11/24/28 (d) |  | 424 | 423,072
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.11%, 03/08/30 (d) |  | 128 | 128,380
|  |  | 1,426,232
Trading Companies & Distributors — 2.1%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/31/31 |  | 993 | 995,132
Core & Main LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 07/27/28 |  | 2,135 | 2,136,299
2024 Term Loan E, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.38%, 02/09/31 |  | 484 | 485,251

Schedule of Investments
121

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Trading Companies & Distributors (continued)
Dealer Tire Financial LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 07/02/31 | $ | 719 | $ 719,185
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.11%, 06/04/31 |  | 875 | 875,674
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR + 4.01%), 8.60%, 10/28/27 |  | 617 | 519,701
Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.34%, 06/20/31 |  | 981 | 983,084
|  |  | 6,714,326
Transportation Infrastructure — 0.2%
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.71%, 12/15/26 |  | 512 | 509,778
Total Floating Rate Loan Interests — 109.7% (Cost: $355,360,100) | 351,994,508

|  | Shares |
Investment Companies
Equity Funds — 0.9% |
Janus Henderson AAA CLO ETF |  | 25,000 | 1,267,750
SPDR Blackstone Senior Loan ETF |  | 40,000 | 1,669,200
|  |  | 2,936,950
Fixed Income Funds — 4.3% |
Invesco Senior Loan ETF |  | 540,400 | 11,386,234
iShares 0-5 Year High Yield Corporate Bond ETF (j) |  | 5,000 | 213,050
iShares iBoxx $ High Yield Corporate Bond ETF (j) |  | 28,000 | 2,202,200
|  |  | 13,801,484
Total Investment Companies — 5.2% (Cost: $16,674,829) | 16,738,434

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

|  | Shares |
Preferred Securities
Preferred Stocks — 0.0% (c)
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc., 07/21/30 |  | 207 | 41,334

Security |  | Shares | Value
IT Services — 0.0% |
Veritas Kapital Assurance PLC, Series G (d) |  | 774 | $ 15,483
Software — 0.0% |
Veritas Kapital Assurance PLC, Series G (d) |  | 1,121 | 22,422
| 79,239
Total Preferred Securities — 0.0% (Cost: $184,682) | 79,239
Warrants
Consumer Discretionary — 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 — 121.3% (Cost: $393,612,710) | 389,020,995
Liabilities in Excess of Other Assets — (21.3)% | (68,227,290 )
Net Assets — 100.0% | $ 320,793,705

(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 $529,673, representing 0.2% of its net assets as of period end, and an original cost of $663,082.
(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) | Rounds to less than 1,000.
(j) | Affiliate of the Trust.
(k) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
122
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares (a) | $ — | $ 51,892,346 | $ (51,892,346 ) | $ — | $ — | $ — | — | $ 15,480 | $ —
iShares 0-5 Year High Yield Corporate Bond ETF | 211,100 | — | — | — | 1,950 | 213,050 | 5,000 | 14,755 | —
iShares iBoxx $ High Yield Corporate Bond ETF | 1,547,800 | 1,751,210 | (1,167,635 ) | 25,187 | 45,638 | 2,202,200 | 28,000 | 132,043 | —
|  |  |  | $ 25,187 | $ 47,588 | $ 2,415,250 |  | $ 162,278 | $ —

(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 | 22,788 | GBP | 18,000 | Canadian Imperial Bank of Commerce | 03/19/25 | $ 266

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index | Financing Rate Received by the Trust | Payment Frequency | Termination Date | Credit Rating | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
CDX.NA.HY.43.V1 | 5.00 % | Quarterly | 12/20/29 | B | USD | 4,000 | $ 315,056 | $ 334,348 | $ (19,292 )

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, 4.49% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | JPMorgan Chase Bank N.A. | N/A | 03/20/25 | USD | 5,500 | $ 156,284 | $ (73,005 ) | $ 229,289

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) | $ 334,348 | $ — | $ — | $ (19,292 )
OTC Swaps | — | (73,005 ) | 229,289 | —

(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.

Schedule of Investments
123

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
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 | $ — | $ — | $ — | $ 266 | $ — | $ — | $ 266
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | — | — | — | 229,289 | — | 229,289
| $ — | $ — | $ — | $ 266 | $ 229,289 | $ — | $ 229,555
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) | $ — | $ 19,292 | $ — | $ — | $ — | $ — | $ 19,292
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | — | — | — | 73,005 | — | 73,005
| $ — | $ 19,292 | $ — | $ — | $ 73,005 | $ — | $ 92,297

(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 December 31, 2024, 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 | $ — | $ — | $ — | $ 5,369 | $ — | $ — | $ 5,369
Swaps | — | 569,517 | — | — | (32,119 ) | — | 537,398
| $ — | $ 569,517 | $ — | $ 5,369 | $ (32,119 ) | $ — | $ 542,767
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ — | $ — | $ — | $ 6,554 | $ — | $ — | $ 6,554
Swaps | — | (330,534 ) | — | — | 188,844 | — | (141,690 )
| $ — | $ (330,534 ) | $ — | $ 6,554 | $ 188,844 | $ — | $ (135,136 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $ 535,248
Average amounts sold — in USD | — (a)
Credit default swaps: |
Average notional value — sell protection | 4,480,850
Total return swaps: |
Average notional value | 5,500,000

(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 | $ 266 | $ —

124
2024
BlackRock Annual Report to Shareholders

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)

| Assets | Liabilities
Swaps — centrally cleared | $ 3,526 | $ —
Swaps — OTC (a) | 229,289 | 73,005
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 233,081 | 73,005
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (3,526 ) | —
Total derivative assets and liabilities subject to an MNA | $ 229,555 | $ 73,005

(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)
Canadian Imperial Bank of Commerce | $ 266 | $ — | $ — | $ — | $ 266
JPMorgan Chase Bank N.A. | 229,289 | (73,005 ) | — | — | 156,284
| $ 229,555 | $ (73,005 ) | $ — | $ — | $ 156,550

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)
JPMorgan Chase Bank N.A. | $ 73,005 | $ (73,005 ) | $ — | $ — | $ —

(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 | $ — | $ 9,049,401 | $ — | $ 9,049,401
Common Stocks |  |  |  |
Automobile Components | 16,856 | — | — | 16,856
Construction & Engineering | — | 9,197 | — | 9,197
Entertainment | — | — | 310,208 | 310,208
Financial Services | — | — | — | —
Ground Transportation | — | 2,256 | — | 2,256
Health Care Providers & Services | — | 219,465 | — | 219,465
Household Products | — | — | — | —
Industrial Conglomerates | — | — | — | —
IT Services | — | — | 552,719 | 552,719
Trading Companies & Distributors | — | — | 131,324 | 131,324
Corporate Bonds | — | 7,438,725 | 138,839 | 7,577,564
Fixed Rate Loan Interests | — | 719,169 | 1,620,655 | 2,339,824
Floating Rate Loan Interests | — | 336,788,037 | 15,206,471 | 351,994,508

Schedule of Investments
125

Schedule of Investments
(continued)
December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Investment Companies | $ 16,738,434 | $ — | $ — | $ 16,738,434
Other Interests | — | — | — | —
Preferred Securities |  |  |  |
Preferred Stocks | — | 41,334 | 37,905 | 79,239
Warrants | — | — | — | —
Unfunded Floating Rate Loan Interests (a) | — | 921 | — | 921
| $ 16,755,290 | $ 354,268,505 | $ 17,998,121 | $ 389,021,916
Derivative Financial Instruments (b) |  |  |  |
Assets |  |  |  |
Foreign Currency Exchange Contracts | $ — | $ 266 | $ — | $ 266
Interest Rate Contracts | — | 229,289 | — | 229,289
Liabilities |  |  |  |
Credit Contracts | — | (19,292 ) | — | (19,292 )
| $ — | $ 210,263 | $ — | $ 210,263

(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 $62,000,000 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 year 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, 2023 | $ 325,558 | $ 26,858 | $ — | $ 11,688,747 | — (a) | $ — | $ 590 | $ 12,041,753
Transfers into Level 3 (b) | 8 | — | — | 3,664,505 | — | — | — | 3,664,513
Transfers out of Level 3 (c) | (147,398 ) | (26,859 ) | — | (2,938,748 ) | — | — | — | (3,113,005 )
Accrued discounts/premiums | — | 139 | 1,020 | 40,357 | — | — | — | 41,516
Net realized gain (loss) | 49 | — | — | (552,924 ) | — | — | — | (552,875 )
Net change in unrealized appreciation (depreciation) (d)(e) | (9,562 ) | (14,630 ) | (4,398 ) | 715,352 | — | 8,226 | (590 ) | 694,398
Purchases | 825,645 | 153,331 | 1,624,033 | 12,559,526 | — | 29,679 | — | 15,192,214
Sales | (49 ) | — | — | (9,970,344 ) | — | — | — | (9,970,393 )
Closing balance, as of December 31, 2024 | $ 994,251 | $ 138,839 | $ 1,620,655 | $ 15,206,471 | — (a) | $ 37,905 | $ — | $ 17,998,121
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024 (e) | $ (9,562 ) | $ (14,630 ) | $ (4,398 ) | $ 129,256 | — | $ 8,226 | $ — | $ 108,892

(a) | Rounds to less than $1.
(b) | As of December 31, 2023, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2024, 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, 2023, the Trust used significant unobservable inputs in determining the value of certain investments. As of December 31, 2024, 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 December 31, 2024 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.
126
2024
BlackRock Annual Report to Shareholders

Statements of Assets and Liabilities
December 31, 2024

| BHK | HYT (a) | BTZ | BGT
ASSETS |  |  |  |
Investments, at value — unaffiliated (b) | $ 907,614,006 | $ 1,820,106,648 | $ 1,554,813,845 | $ 386,605,745
Investments, at value — affiliated (c) | 4,465,196 | 32,859,136 | 6,317,936 | 2,415,250
Cash | — | — | 183,884 | 534,411
Cash pledged: |  |  |  |
Collateral — reverse repurchase agreements | 6,822,776 | — | 322,000 | —
Collateral — exchange-traded options written | — | — | 1,558,000 | —
Futures contracts | 2,816,000 | 45,000 | 4,384,000 | —
Centrally cleared swaps | 904,000 | 3,906,000 | 2,269,000 | 319,000
Foreign currency, at value (d) | 317,573 | 158,137 | 15,730 | 2,424
Receivables: |  |  |  |
Investments sold | 1,334,151 | 16,543,639 | 1,016,150 | 3,718,599
TBA sale commitments | 5,430,387 | — | — | —
Capital shares sold | — | — | — | 636,854
Dividends — unaffiliated | — | 75,247 | — | —
Dividends — affiliated | 3,881 | 6,514 | 11,360 | 1,854
Interest — unaffiliated | 9,973,649 | 31,163,040 | 22,747,904 | 2,816,999
Variation margin on futures contracts | 286,751 | 2,964 | 468,938 | —
Variation margin on centrally cleared swaps | — | 42,675 | — | 3,526
Swap premiums paid | 4,716 | 49,155 | — | —
Unrealized appreciation on: |  |  |  |
Forward foreign currency exchange contracts | 150,359 | 691,578 | 34,650 | 266
OTC swaps | 5,792 | 677,395 | — | 229,289
Unfunded floating rate loan interests | 126 | 1,140 | 828 | 921
Deferred offering costs | — | 149,651 | — | 142,370
Prepaid expenses | 5,031 | 12,376 | 9,682 | 2,501
Total assets | 940,134,394 | 1,906,490,295 | 1,594,153,907 | 397,430,009
LIABILITIES |  |  |  |
Bank overdraft | 132,109 | 920,425 | — | —
Cash received as collateral for reverse repurchase agreements | 14,000 | — | — | —
Options written, at value (e) | — | — | 351,313 | —
TBA sale commitments, at value (f) | 5,294,251 | — | — | —
Reverse repurchase agreements, at value | 364,276,502 | — | 536,048,309 | —
Payables: |  |  |  |
Investments purchased | 11,279,547 | 8,492,699 | 4,092,182 | 13,648,289
Accounting services fees | 49,344 | 82,416 | 75,857 | 26,934
Bank borrowings | — | 407,000,000 | — | 62,000,000
Custodian fees | 23,311 | 21,473 | 32,171 | 11,720
Interest expense | 8,363 | 2,002,183 | — | 330,703
Investment advisory fees | 394,071 | 947,291 | 839,163 | 240,412
Trustees ’ and Officer ’ s fees | 223,234 | 626,485 | 762,305 | 178,525
Other accrued expenses | 9,332 | 64,194 | 2,731 | 9,943
Professional fees | 100,953 | 101,797 | 83,390 | 107,314
Proxy fees | — | — | 67,446 | —
Transfer agent fees | 16,388 | 26,349 | 22,244 | 9,459
Variation margin on futures contracts | 370,807 | — | 254,635 | —
Variation margin on centrally cleared swaps | 16,307 | — | 31,545 | —
Swap premiums received | 4,016 | 578,295 | — | 73,005

Financial Statements
127

Statements of Assets and Liabilities
(continued)
December 31, 2024

| BHK | HYT (a) | BTZ | BGT
Unrealized depreciation on: |  |  |  |
Forward foreign currency exchange contracts | $ — | $ 842 | $ — | $ —
OTC swaps | 1,224 | 27,505 | — | —
Unfunded floating rate loan interests | 678 | 5,338 | — | —
Other liabilities | 627,077 | — | — | —
Total liabilities | 382,841,514 | 420,897,292 | 542,663,291 | 76,636,304
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 557,292,880 | $ 1,485,593,003 | $ 1,051,490,616 | $ 320,793,705
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital (g)(h)(i) | $ 719,717,093 | $ 1,734,721,525 | $ 1,164,140,752 | $ 361,010,034
Accumulated loss | (162,424,213) | (249,128,522) | (112,650,136) | (40,216,329)
NET ASSETS | $ 557,292,880 | $ 1,485,593,003 | $ 1,051,490,616 | $ 320,793,705
Net asset value | $ 10.30 | $ 9.67 | $ 11.27 | $ 12.57
(a) Consolidated Statement of Assets and Liabilities.
(b) Investments, at cost — unaffiliated | $930,117,310 | $1,794,436,665 | $1,572,527,530 | $391,301,418
(c) Investments, at cost — affiliated | $4,465,196 | $32,675,361 | $6,317,936 | $2,311,292
(d) Foreign currency, at cost | $338,092 | $157,465 | $15,755 | $2,540
(e) Premiums received | $— | $— | $829,772 | $—
(f) Proceeds from TBA sale commitments | $5,430,387 | $— | $— | $—
(g) Shares outstanding | 54,120,397 | 153,583,202 | 93,324,457 | 25,521,479
(h) Shares authorized | Unlimited | 200 million | Unlimited | Unlimited
(i) Par value | $0.001 | $0.10 | $0.001 | $0.001

See notes to financial statements.
128
2024
BlackRock Annual Report to Shareholders

Statements of Operations
Year Ended December 31, 2024

| BHK | HYT (a) | BTZ | BGT
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $ 144,628 | $ 2,671,571 | $ 346,312 | $ 381,852
Dividends — affiliated | 353,235 | 1,420,971 | 570,389 | 162,278
Interest — unaffiliated | 51,537,736 | 142,681,772 | 105,782,246 | 33,401,069
Other income — unaffiliated | 152,202 | 1,465,095 | 416,881 | 314,544
Foreign taxes withheld | (963 ) | (125,098 ) | (31,248 ) | —
Total investment income | 52,186,838 | 148,114,311 | 107,084,580 | 34,259,743
EXPENSES |  |  |  |
Investment advisory | 4,419,678 | 11,187,936 | 10,270,667 | 2,836,651
Offering | 154,199 | — | — | —
Professional | 125,685 | 181,917 | 127,697 | 167,521
Accounting services | 115,533 | 196,509 | 177,760 | 63,459
Transfer agent | 85,809 | 187,003 | 108,064 | 47,464
Trustees and Officer | 57,751 | 144,147 | 141,927 | 37,811
Custodian | 54,387 | 49,470 | 70,221 | 27,855
Registration | 18,791 | 49,646 | 32,469 | 8,486
Printing and postage | 11,178 | 15,656 | 43,249 | 15,620
Miscellaneous | 68,039 | 67,281 | 73,370 | 34,987
Total expenses excluding interest expense | 5,111,050 | 12,079,565 | 11,045,424 | 3,239,854
Interest expense and fees — unaffiliated | 16,089,732 | 27,835,484 | 31,457,833 | 5,207,644
Total expenses | 21,200,782 | 39,915,049 | 42,503,257 | 8,447,498
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (5,435 ) | (106,258 ) | (8,527 ) | (18,189 )
Total expenses after fees waived and/or reimbursed | 21,195,347 | 39,808,791 | 42,494,730 | 8,429,309
Net investment income | 30,991,491 | 108,305,520 | 64,589,850 | 25,830,434
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | (30,398,662 ) | (14,138,083 ) | (6,119,759 ) | (3,935,817 )
Investments — affiliated | — | (29,372 ) | — | 25,187
Forward foreign currency exchange contracts | 452,221 | 2,659,695 | 122,955 | 5,369
Foreign currency transactions | (35,215 ) | (260,584 ) | (10,751 ) | 340
Futures contracts | (911,271 ) | (1,132,285 ) | 3,327,893 | —
Options written | 131 | 127,694 | 793,184 | —
Swaps | (671,792 ) | 5,463,820 | (2,348,337 ) | 537,398
| (31,564,588 ) | (7,309,115 ) | (4,234,815 ) | (3,367,523 )
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | 16,034,843 | 25,948,464 | (6,488,214 ) | 2,669,631
Investments — affiliated | — | 183,775 | — | 47,588
Forward foreign currency exchange contracts | 219,593 | 1,081,521 | 46,511 | 6,554
Foreign currency translations | (40,902 ) | (32,120 ) | (583 ) | 854
Futures contracts | (6,271,380 ) | 125,848 | 10,441,613 | —
Options written | — | (51,791 ) | 219,332 | —
Swaps | 153,314 | (1,160,701 ) | (1,216,944 ) | (141,690 )
Unfunded floating rate loan interests | (596 ) | (4,198 ) | 708 | 331
| 10,094,872 | 26,090,798 | 3,002,423 | 2,583,268
Net realized and unrealized gain (loss) | (21,469,716 ) | 18,781,683 | (1,232,392 ) | (784,255 )
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ 9,521,775 | $ 127,087,203 | $ 63,357,458 | $ 25,046,179
(a) Consolidated Statement of Operations.

See notes to financial statements.
Financial Statements
129

Statements of Changes in Net Assets

| BHK | HYT (a)
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/24 | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $ 30,991,491 | $ 30,495,756 | $ 108,305,520 | $ 98,034,200
Net realized loss | (31,564,588 ) | (43,069,479 ) | (7,309,115 ) | (91,289,423 )
Net change in unrealized appreciation (depreciation) | 10,094,872 | 67,835,399 | 26,090,798 | 195,807,750
Net increase in net assets resulting from operations | 9,521,775 | 55,261,676 | 127,087,203 | 202,552,527
DISTRIBUTIONS TO SHAREHOLDERS (b) |  |  |  |
From net investment income | (31,728,469 ) | (29,123,925 ) | (113,650,697 ) | (98,129,727 )
Return of capital | (16,662,102 ) | (19,226,456 ) | (22,803,870 ) | (35,266,158 )
Decrease in net assets resulting from distributions to shareholders | (48,390,571 ) | (48,350,381 ) | (136,454,567 ) | (133,395,885 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | — | — | 95,831,907 | —
Reinvestment of distributions | 1,179,065 | — | 10,528,206 | —
Net increase in net assets derived from capital share transactions | 1,179,065 | — | 106,360,113 | —
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (37,689,731 ) | 6,911,295 | 96,992,749 | 69,156,642
Beginning of year | 594,982,611 | 588,071,316 | 1,388,600,254 | 1,319,443,612
End of year | $ 557,292,880 | $ 594,982,611 | $ 1,485,593,003 | $ 1,388,600,254

(a) | Consolidated Statement of Changes in Net Assets.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.
130
2024
BlackRock Annual Report to Shareholders

Statements of Changes in Net Assets
(continued)

| BTZ | BGT
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/24 | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $ 64,589,850 | $ 62,833,044 | $ 25,830,434 | $ 27,159,166
Net realized loss | (4,234,815 ) | (51,972,943 ) | (3,367,523 ) | (2,265,654 )
Net change in unrealized appreciation (depreciation) | 3,002,423 | 121,297,601 | 2,583,268 | 14,206,252
Net increase in net assets resulting from operations | 63,357,458 | 132,157,702 | 25,046,179 | 39,099,764
DISTRIBUTIONS TO SHAREHOLDERS (a) |  |  |  |
From net investment income | (62,856,630 ) | (59,066,496 ) | (26,212,029 ) | (27,396,917 )
Return of capital | (31,102,433 ) | (35,061,131 ) | (7,131,653 ) | (1,235,218 )
Decrease in net assets resulting from distributions to shareholders | (93,959,063 ) | (94,127,627 ) | (33,343,682 ) | (28,632,135 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | — | — | 40,437,940 | —
Reinvestment of distributions | — | — | 832,604 | —
Redemption of shares resulting from share repurchase program (including transaction costs) | — | (1,823,893 ) | — | (624,592 )
Net increase (decrease) in net assets derived from capital share transactions | — | (1,823,893 ) | 41,270,544 | (624,592 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (30,601,605 ) | 36,206,182 | 32,973,041 | 9,843,037
Beginning of year | 1,082,092,221 | 1,045,886,039 | 287,820,664 | 277,977,627
End of year | $ 1,051,490,616 | $ 1,082,092,221 | $ 320,793,705 | $ 287,820,664

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

See notes to financial statements.
Financial Statements
131

Statements of Cash Flows
Year Ended December 31, 2024

| BHK | HYT (a) | BTZ | BGT
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase in net assets resulting from operations | $ 9,521,775 | $ 127,087,203 | $ 63,357,458 | $ 25,046,179
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 | 1,191,201,144 | 1,485,705,325 | 1,836,607,748 | 145,698,439
Purchases of long-term investments | (1,232,425,586 ) | (1,367,731,976 ) | (1,768,073,414 ) | (143,221,020 )
Net proceeds from sales of short-term securities | 7,419,338 | 90,272 | 9,543,146 | 9,368
Amortization of premium and accretion of discount on investments and other fees | (2,466,906 ) | (11,351,667 ) | (1,827,230 ) | (698,882 )
Paid-in-kind income | — | — | 9,081 | —
Premiums paid on closing options written | (95 ) | (7,707 ) | (13,180 ) | —
Premiums received from options written | 227 | 33,197 | 1,293,625 | —
Net realized loss on investments and options written | 30,404,538 | 14,047,428 | 5,354,109 | 4,073,126
Net unrealized (appreciation) depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests | (16,216,486 ) | (26,399,452 ) | 6,221,698 | (2,899,393 )
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | 39,383 | 1,119 | 75,413 | (1,656 )
Dividends — unaffiliated | 24,339 | (75,247 ) | — | —
Interest — unaffiliated | 537,963 | 1,279,976 | 1,982,133 | 1,492,508
Variation margin on futures contracts | (256,189 ) | 17,628 | (54,180 ) | —
Variation margin on centrally cleared swaps | 8,158 | (42,675 ) | 29,074 | (3,526 )
Swap premiums paid | 2,053 | (17,015 ) | — | —
Prepaid expenses | (37 ) | (155 ) | 188 | 220
Deferred offering costs. | 152,199 | 43,760 | — | 89,381
Increase (Decrease) in Liabilities |  |  |  |
Cash received |  |  |  |
Collateral — reverse repurchase agreements | (8,206,490 ) | — | (12,629,943 ) | —
Collateral — OTC derivatives | — | (950,000 ) | — | —
Collateral — TBA commitments | (269,000 ) | — | — | —
Payables |  |  |  |
Accounting services fees | 6,230 | 14,200 | 12,351 | 4,549
Custodian fees | 1,730 | 751 | 2,116 | 2,927
Interest expense | (191,233 ) | (1,184,069 ) | (666,836 ) | (199,535 )
Investment advisory fees | 20,381 | (49,614 ) | (28,225 ) | (1,788 )
Trustees ’ and Officer ’ s fees | (22,004 ) | (20,880 ) | (64,282 ) | (35,301 )
Other accrued expenses | (52,488 ) | (51,501 ) | (97,604 ) | (2,425 )
Professional fees | 19,703 | (19,329 ) | 33,863 | 33,724
Proxy fees | — | — | 67,446 | —
Transfer agent fees | (2,477 ) | (183 ) | (2,652 ) | (1,249 )
Variation margin on futures contracts | (36,710 ) | — | 254,635 | —
Variation margin on centrally cleared swaps | 16,307 | (39,990 ) | 31,545 | (1,742 )
Swap premiums received | (877,611 ) | 427,870 | — | 55,334
Other liabilities | 627,077 | — | — | —
Net cash provided by (used for) operating activities | (21,020,767 ) | 220,807,269 | 141,418,083 | 29,439,238
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (47,211,506 ) | (125,926,361 ) | (93,959,063 ) | (32,511,078 )
Payments for offering costs | — | — | — | (35,649 )
Payments for bank borrowings | — | (898,000,000 ) | — | (131,000,000 )
Proceeds from bank borrowings | — | 709,000,000 | — | 96,000,000
Increase (decrease) in bank overdraft | 132,109 | 893,099 | (29,565 ) | (1,245,646 )
Proceeds from issuance of capital shares | — | 95,831,907 | — | 39,801,086
Net borrowing of reverse repurchase agreements | 71,668,176 | — | (54,114,281 ) | —
Net cash provided by (used for) for financing activities | 24,588,779 | (218,201,355 ) | (148,102,909 ) | (28,991,287 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | (32,587 ) | 688 | (35 ) | (116 )

132
2024
BlackRock Annual Report to Shareholders

Statements of Cash Flows
(continued)
Year Ended December 31, 2024

| BHK | HYT (a) | BTZ | BGT
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | $ 3,535,425 | $ 2,606,602 | $ (6,684,861 ) | $ 447,835
Restricted and unrestricted cash and foreign currency at beginning of year | 7,324,924 | 1,502,535 | 15,417,475 | 408,000
Restricted and unrestricted cash and foreign currency at end of year | $ 10,860,349 | $ 4,109,137 | $ 8,732,614 | $ 855,835
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the year for interest expense | $ 16,280,965 | $ 29,019,553 | $ 32,124,669 | $ 5,407,179
NON-CASH FINANCING ACTIVITIES |  |  |  |
Reinvestment of distributions | $ 1,179,065 | $ 10,528,206 | $ — | $ 832,604
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $ — | $ — | $ 183,884 | $ 534,411
Cash pledged |  |  |  |
Collateral — reverse repurchase agreements | 6,822,776 | — | 322,000 | —
Collateral — exchange-traded options written | — | — | 1,558,000 | —
Futures contracts | 2,816,000 | 45,000 | 4,384,000 | —
Centrally cleared swaps | 904,000 | 3,906,000 | 2,269,000 | 319,000
Foreign currency at value | 317,573 | 158,137 | 15,730 | 2,424
| $ 10,860,349 | $ 4,109,137 | $ 8,732,614 | $ 855,835

(a) | Consolidated Statement of Cash Flows.

See notes to financial statements.
Financial Statements
133

Financial Highlights
(For a share outstanding throughout each period)

| BHK
| 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 year | $ 11.02 | $ 10.89 | $ 15.47 | $ 16.45 | $ 15.32
Net investment income (a) | 0.57 | 0.56 | 0.64 | 0.72 | 0.72
Net realized and unrealized gain (loss) | (0.39 ) | 0.47 | (4.40 ) | (0.65 ) | 1.24
Net increase (decrease) from investment operations | 0.18 | 1.03 | (3.76 ) | 0.07 | 1.96
Distributions (b) |  |  |  |  |
From net investment income | (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 | (0.90 ) | (0.90 ) | (0.82 ) | (1.05 ) | (0.83 )
Net asset value, end of year | $ 10.30 | $ 11.02 | $ 10.89 | $ 15.47 | $ 16.45
Market price, end of year | $ 10.46 | $ 10.91 | $ 10.38 | $ 16.51 | $ 16.30
Total Return (c) |  |  |  |  |
Based on net asset value | 1.58 % | 10.12 % | (24.44 )% | 0.50 % (d) | 13.24 %
Based on market price | 4.19 % | 14.38 % | (32.52 )% | 8.25 % | 17.90 %
Ratios to Average Net Assets (e) |  |  |  |  |
Total expenses | 3.67 % (f) | 3.69 % | 1.95 % | 0.85 % | 0.91 %
Total expenses after fees waived and/or reimbursed | 3.67 % (f) | 3.69 % | 1.95 % | 0.85 % | 0.90 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.88 % (f) | 0.88 % | 0.90 % | 0.81 % | 0.75 %
Net investment income | 5.37 % | 5.23 % | 5.13 % | 4.50 % | 4.52 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $ 557,293 | $ 594,983 | $ 588,071 | $ 835,314 | $ 886,970
Borrowings outstanding, end of year (000) | $ 364,277 | $ 292,808 | $ 387,219 | $ 405,522 | $ 296,921
Portfolio turnover rate (g) | 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) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(d) | Includes payment from an affiliate, which had no impact on the Fund’s total return.
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) | 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.
(g) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| 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) | 96 % | 81 % | 76 % | 34 % | 55 %

See notes to financial statements.
134
2024
BlackRock Annual Report to Shareholders

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

| HYT (a)
| 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 year | $ 9.73 | $ 9.25 | $ 11.99 | $ 11.95 | $ 11.91
Net investment income (b) | 0.74 | 0.69 | 0.67 | 0.76 | 0.79
Net realized and unrealized gain (loss) | 0.13 | 0.72 | (2.42 ) | 0.21 | 0.18
Net increase (decrease) from investment operations | 0.87 | 1.41 | (1.75 ) | 0.97 | 0.97
Distributions (c) |  |  |  |  |
From net investment income | (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 | (0.93 ) | (0.93 ) | (0.86 ) | (0.93 ) | (0.93 )
Dilutive effect of rights offer (Note 11) | — | — | (0.13 ) | — | —
Net asset value, end of year | $ 9.67 | $ 9.73 | $ 9.25 | $ 11.99 | $ 11.95
Market price, end of year | $ 9.81 | $ 9.43 | $ 8.74 | $ 12.34 | $ 11.43
Total Return (d) |  |  |  |  |
Based on net asset value | 9.41 % | 16.80 % | (15.71 )% | 8.42 % | 9.57 %
Based on market price | 14.52 % | 19.80 % | (22.62 )% | 16.66 % | 11.45 %
Ratios to Average Net Assets (e) |  |  |  |  |
Total expenses | 2.82 % | 3.35 % | 1.89 % | 1.35 % | 1.50 %
Total expenses after fees waived and/or reimbursed | 2.82 % | 3.35 % | 1.89 % | 1.34 % | 1.49 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.85 % | 0.91 % | 0.91 % | 0.93 % | 0.94 %
Net investment income | 7.66 % | 7.34 % | 6.61 % | 6.30 % | 7.06 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $ 1,485,593 | $ 1,388,600 | $ 1,319,444 | $ 1,465,171 | $ 1,456,907
Borrowings outstanding, end of year (000) | $ 407,000 | $ 596,000 | $ 529,000 | $ 647,000 | $ 685,000
Asset coverage, end of year per $1,000 of bank borrowings (f) | $ 4,650 | $ 3,330 | $ 3,494 | $ 3,265 | $ 3,127
Portfolio turnover rate | 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) | 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) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) | 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
135

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

| BTZ
| 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 year | $ 11.59 | $ 11.19 | $ 15.10 | $ 15.71 | $ 14.97
Net investment income (a) | 0.69 | 0.67 | 0.77 | 0.85 | 0.84
Net realized and unrealized gain (loss) | 0.00 (b) | 0.74 | (3.76 ) | (0.45 ) | 0.91
Net increase (decrease) from investment operations | 0.69 | 1.41 | (2.99 ) | 0.40 | 1.75
Distributions (c) |  |  |  |  |
From net investment income | (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 | (1.01 ) | (1.01 ) | (0.92 ) | (1.01 ) | (1.01 )
Net asset value, end of year | $ 11.27 | $ 11.59 | $ 11.19 | $ 15.10 | $ 15.71
Market price, end of year | $ 10.46 | $ 10.32 | $ 10.10 | $ 15.05 | $ 14.71
Total Return (d) |  |  |  |  |
Based on net asset value | 6.72 % | 14.24 % | (19.50 )% | 2.73 % | 12.78 %
Based on market price | 11.24 % | 12.70 % | (27.10 )% | 9.36 % | 13.07 %
Ratios to Average Net Assets (e) |  |  |  |  |
Total expenses | 3.99 % | 3.98 % | 1.79 % | 1.12 % | 1.35 %
Total expenses after fees waived and/or reimbursed | 3.98 % | 3.97 % | 1.79 % | 1.12 % | 1.35 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.03 % | 1.03 % | 0.94 % | 0.94 % | 0.94 %
Net investment income | 6.06 % | 5.99 % | 6.22 % | 5.49 % | 5.69 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $ 1,051,491 | $ 1,082,092 | $ 1,045,886 | $ 1,412,147 | $ 1,468,153
Borrowings outstanding, end of year (000) | $ 536,048 | $ 590,829 | $ 589,324 | $ 587,017 | $ 614,172
Portfolio turnover rate (f) | 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) | 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) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| 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) | 73 % | 93 % | 42 % | 20 % | 34 %

See notes to financial statements.
136
2024
BlackRock Annual Report to Shareholders

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

| BGT
| 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 year | $ 12.90 | $ 12.43 | $ 13.44 | $ 13.40 | $ 14.10
Net investment income (a) | 1.12 | 1.22 | 0.82 | 0.65 | 0.66
Net realized and unrealized gain (loss) | (0.01 ) | 0.53 | (1.08 ) | 0.17 | (0.47 )
Net increase (decrease) from investment operations | 1.11 | 1.75 | (0.26 ) | 0.82 | 0.19
Distributions (b) |  |  |  |  |
From net investment income | (1.13 ) | (1.22 ) | (0.75 ) | (0.66 ) | (0.69 )
Return of capital | (0.31 ) | (0.06 ) | — | (0.12 ) | (0.20 )
Total distributions | (1.44 ) | (1.28 ) | (0.75 ) | (0.78 ) | (0.89 )
Net asset value, end of year | $ 12.57 | $ 12.90 | $ 12.43 | $ 13.44 | $ 13.40
Market price, end of year | $ 12.86 | $ 12.38 | $ 10.94 | $ 13.99 | $ 11.79
Total Return (c) |  |  |  |  |
Based on net asset value | 9.11 % | 15.69 % | (1.32 )% | 6.43 % | 2.83 %
Based on market price | 16.32 % | 26.14 % | (16.56 )% | 25.91 % | (0.88 )%
Ratios to Average Net Assets (d) |  |  |  |  |
Total expenses | 2.87 % | 3.04 % | 2.20 % | 1.61 % | 1.72 %
Total expenses after fees waived and/or reimbursed | 2.86 % | 3.03 % | 2.20 % | 1.60 % | 1.70 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 1.09 % | 1.09 % | 1.17 % | 1.19 % | 1.17 %
Net investment income | 8.77 % | 9.57 % | 6.40 % | 4.82 % | 5.13 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $ 320,794 | $ 287,821 | $ 277,978 | $ 300,712 | $ 300,126
Borrowings outstanding, end of year (000) | $ 62,000 | $ 97,000 | $ 91,000 | $ 143,000 | $ 129,000
Asset coverage, end of year per $1,000 of bank borrowings (e) | $ 6,174 | $ 3,967 | $ 4,055 | $ 3,103 | $ 3,327
Portfolio turnover rate | 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) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e) | 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
137

Notes to Financial Statements
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 December 31, 2024, 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
$16,084, 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 December 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
138
2024
BlackRock Annual Report to Shareholders

Notes to Financial Statements
(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.
Bank Overdraft:
The
Trusts had outstanding cash disbursements exceeding 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 Trusts adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment
Disclosures (“ASU 2023-07”) during the period. The Trusts
’
adoption of the new standard impacted financial statement disclosures only and did not affect each
Trust
’
s financial
position or results of operations.
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 the Trusts
have 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 or current market quotations provided
by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or
dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot
size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may
use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and
Notes to Financial Statements
139

Notes to Financial Statements
(continued)
offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed
and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a
benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method
of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent
fair value.
•
Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the
exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued
at the last 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.
•
Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded
option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will
be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps
(“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and
prices of the underlying instruments.
•
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 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
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Notes to Financial Statements
(continued)
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;
•
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.
As of December 31, 2024, certain investments of HYT were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been
excluded from the fair value hierarchy.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities:
Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities
issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments,
which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and
issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain
asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because
the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as
borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening
the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security
at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government
that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the
timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities
issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie
Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject
to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The
ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God,
terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations:
Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are
types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO
can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears
the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances.
Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and
often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can
experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes
in the credit profile of the underlying pool of assets.
Multiple Class Pass-Through Securities:
Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed
securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In
general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these
Notes to Financial Statements
141

Notes to Financial Statements
(continued)
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.
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.
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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 | Archkey Solutions LLC | $ 4,389 | $ 4,367 | $ 4,412 | $ 45
| GrafTech Finance, Inc. | 33,947 | 33,947 | 33,269 | (678)
| Raven Acquisition Holdings LLC | 10,864 | 10,810 | 10,882 | 72
| Signia Aerospace LLC | 13,564 | 13,531 | 13,540 | 9
|  |  |  |  | $ (552)
HYT | Archkey Solutions LLC | $ 40,530 | $ 40,327 | $ 40,745 | 418
| GrafTech Finance, Inc. | 267,440 | 267,440 | 262,102 | (5,338)
| Raven Acquisition Holdings LLC | 96,790 | 96,306 | 96,948 | 642
| Signia Aerospace LLC | 127,084 | 126,766 | 126,846 | 80
|  |  |  |  | $ (4,198)
BTZ | Focus Financial Partners LLC | $ 19,387 | $ 19,387 | $ 19,549 | 162
| GrafTech Finance, Inc. | 82,799 | 82,799 | 83,423 | 624
| Raven Acquisition Holdings LLC | 5,926 | 5,896 | 5,935 | 39
| Signia Aerospace LLC | 3,760 | 3,751 | 3,754 | 3
|  |  |  |  | $ 828
BGT | Focus Financial Partners LLC | $ 89,181 | $ 89,181 | $ 89,927 | 746
| Raven Acquisition Holdings LLC | 24,691 | 24,568 | 24,732 | 164
| Signia Aerospace LLC | 17,932 | 17,887 | 17,898 | 11
|  |  |  |  | $ 921

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
Notes to Financial Statements
143

Notes to Financial Statements
(continued)
competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from
the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers
a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund
remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion
of the cash received from the transaction or provide additional securities to the counterparty.
Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face
value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund
to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive
a fee for the use of the security by the counterparty, which may result in interest income to a fund.
For the year ended December 31, 2024, 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 | $ 309,609,084 | 5.19 %
BTZ | 592,943,705 | 5.31

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 Bank PLC | $ (34,552,785 ) | $ 34,552,785 | $ — | $ —
Barclays Capital, Inc. | (8,775,631 ) | 8,775,631 | — | —
BNP Paribas SA | (87,962,112 ) | 87,962,112 | — | —
BofA Securities, Inc. | (23,069,190 ) | 23,069,190 | — | —
Credit Agricole Corporate and Investment Bank | (41,556,569 ) | 40,537,835 | 1,018,734 | —
Deutsche Bank Securities, Inc. | (42,765,962 ) | 42,765,962 | — | —
Goldman Sachs & Co. LLC | (2,638,014 ) | 2,638,014 | — | —
HSBC Securities (USA), Inc. | (19,228,645 ) | 19,228,645 | — | —
J.P. Morgan Securities LLC | (5,608,345 ) | 5,608,345 | — | —
Merrill Lynch International | (163,948 ) | 163,948 | — | —
Nomura Securities International, Inc. | (73,298,874 ) | 69,367,411 | 3,931,463 | —
RBC Capital Markets, LLC | (9,950,515 ) | 9,950,515 | — | —
TD Securities (USA) LLC | (6,262,866 ) | 6,262,866 | — | —
U.S. Bancorp Investments, Inc. | (8,443,046 ) | 8,152,073 | 220,000 | (70,973 )
| $ (364,276,502 ) | $ 359,035,332 | $ 5,170,197 | $ (70,973 )

(a) | Net collateral, including accrued interest, if any, with a value of $374,856,871 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. | $ (46,302,210 ) | $ 46,302,210 | $ — | $ —
BNP Paribas SA | (52,855,239 ) | 52,855,239 | — | —
BofA Securities, Inc. | (144,530,856 ) | 144,530,856 | — | —
Goldman Sachs & Co. LLC | (4,513,566 ) | 4,513,566 | — | —
HSBC Securities (USA), Inc. | (1,715,075 ) | 1,715,075 | — | —

144
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BlackRock Annual Report to Shareholders

Notes to Financial Statements
(continued)

Trust Name/Counterparty | Reverse Repurchase Agreements | Fair Value of Non-Cash Collateral Pledged Including Accrued Interest (a) | Cash Collateral Pledged/Received (a) | Net Amount
J.P. Morgan Securities LLC | $ (8,244,699 ) | $ 8,244,699 | $ — | $ —
Morgan Stanley & Co. International PLC | (868,594 ) | 868,594 | — | —
Nomura Securities International, Inc. | (27,137,584 ) | 27,137,584 | — | —
RBC Capital Markets, LLC | (35,551,136 ) | 35,551,136 | — | —
TD Securities (USA) LLC | (214,329,350 ) | 214,329,350 | — | —
| $ (536,048,309 ) | $ 536,048,309 | $ — | $ —

(a) | Collateral, if any, with a value of $577,490,302 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while
the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain
risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial
instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts:
Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value
of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and
on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a
cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in
an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract.
Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the
Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market
value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable)
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
Notes to Financial Statements
145

Notes to Financial Statements
(continued)
transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument
subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which
are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into
a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price
different from the current market value.
Swaps:
Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trusts and a counterparty to
make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be
entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements
of
Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in
the Statements
of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap
is terminated, a realized gain or loss is recorded in the Statements
of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the
Trusts
’
basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the
Trusts
’
counterparty on the swap. Each
Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each
Trust is required to
deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited
as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements
of Assets and
Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities.
Pursuant to the contract, each
Trust agrees to receive from or pay to the broker 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 instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or
make a payment to the counterparty.
•
Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest
rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest
payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may
decline (or amortize) over time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and
Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to
perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated
with these transactions.
Master Netting Arrangements:
In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International
Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its 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
146
2024
BlackRock Annual Report to Shareholders

Notes to Financial Statements
(continued)
counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the
ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or
insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements:
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount
for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts
and the counterparty.
Cash collateral that has been pledged to cover obligations of the Trusts
and cash collateral received from the counterparty, if any, is reported separately in the Statements
of
Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules
of
Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is
determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts
on the next business day. Typically, the counterparty
is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A
Trust
generally agrees not to use non-cash collateral that it receives but may, absent default
or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant
to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts
from the counterparties are not fully collateralized, each
Trust
bears the risk of loss
from counterparty non-performance. Likewise, to the extent the
Trusts
have
delivered collateral to a counterparty and stand
ready to perform under the terms of
their
agreement with such counterparty, each
Trust
bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to
return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Trusts do
not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets
and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory:
Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts
’
investment adviser and an indirect, wholly-owned subsidiary
of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust
’
s portfolio and
provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.
For such services, BHK, BTZ and BGT pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of the Trust
’
s
managed assets.

| BHK | BTZ | BGT
Investment advisory fees | 0.50 % | 0.62 % | 0.75 %

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 December 31, 2024 amounted to $0, $193,697 and $81,808 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,
2026.
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 year ended December 31, 2024,
the amounts waived were as follows:

Trust Name | Fees Waived and/or Reimbursed by the Manager
BHK | $ 5,435

Notes to Financial Statements
147

Notes to Financial Statements
(continued)

Trust Name | Fees Waived and/or Reimbursed by the Manager
HYT | $ 1,565
BTZ | 8,527
BGT | 227

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, 2026. 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 year ended December 31, 2024, 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 | $ 104,693
BGT | 17,962

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 year ended December 31, 2024, 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 | $ 916,549,050 | $ 866,271,392 | $ 290,623,545 | $ 324,552,675
HYT | — | — | 1,367,439,918 | 1,493,243,686
BTZ | 1,271,413,581 | 1,343,643,901 | 419,377,499 | 493,259,886
BGT | — | — | 150,380,254 | 146,721,901

For the year
ended December 31, 2024, purchases and sales related to mortgage dollar rolls were as follows:

Trust Name | Purchases | Sales
BHK | $ 327,150,870 | $ 327,101,688
BTZ | 484,848,440 | 484,752,926

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 December 31, 2024, 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.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no
effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses were reclassified to the following accounts:

Trust Name | Paid-in Capital | Accumulated Earnings (Loss)
BHK | $ (154,199 ) | $ 154,199

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BlackRock Annual Report to Shareholders

Notes to Financial Statements
(continued)
The tax character of distributions paid was as follows:

Trust Name | Year Ended 12/31/24 | Year Ended 12/31/23
BHK |  |
Ordinary income | $ 31,728,469 | $ 29,123,925
Return of capital | 16,662,102 | 19,226,456
| $ 48,390,571 | $ 48,350,381
HYT |  |
Ordinary income | $ 113,650,697 | $ 98,129,727
Return of capital | 22,803,870 | 35,266,158
| $ 136,454,567 | $ 133,395,885
BTZ |  |
Ordinary income | $ 62,856,630 | $ 59,066,496
Return of capital | 31,102,433 | 35,061,131
| $ 93,959,063 | $ 94,127,627
BGT |  |
Ordinary income | $ 26,212,029 | $ 27,396,917
Return of capital | 7,131,653 | 1,235,218
| $ 33,343,682 | $ 28,632,135

As of December 31, 2024, the tax components of accumulated earnings (loss) were as follows:

Trust Name | Non-Expiring Capital Loss Carryforwards (a) | Net Unrealized Gains (Losses) (b) | Total
BHK | $ (138,824,173 ) | $ (23,600,040 ) | $ (162,424,213 )
HYT | (272,585,405 ) | 23,456,883 | (249,128,522 )
BTZ | (89,911,261 ) | (22,738,875 ) | (112,650,136 )
BGT | (35,253,439 ) | (4,962,890 ) | (40,216,329 )

(a) | Amounts available to offset future realized capital gains.
(b) | The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization and accretion methods of premiums and discounts on fixed income securities, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the accrual of income on securities in default, the timing and recognition of partnership income, the accounting for swap agreements, classification of investments and the deferral of compensation to Trustees.

During the year ended December 31, 2024, the Trusts
listed below utilized the following amounts of their respective capital loss carryforward:

Trust Name | Utilized
BTZ | $ 3,794,654

As of December 31, 2024, 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 | $ 935,221,501 | $ 13,888,320 | $ (37,144,057 ) | $ (23,255,737 )
HYT | 1,828,504,730 | 50,096,855 | (25,242,393 ) | 24,854,462
BTZ | 1,580,063,293 | 36,627,553 | (58,605,827 ) | (21,978,274 )
BGT | 393,779,658 | 3,604,974 | (8,390,151 ) | (4,785,177 )

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.
The SSB Agreement allows for the following maximum commitment amounts:

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

Notes to Financial Statements
149

Notes to Financial Statements
(continued)
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 year ended December 31, 2024, 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 | $ 617,000,000 | $ 450,732,240 | 6.07 %
BGT | 99,000,000 | 83,713,115 | 6.08

10.
PRINCIPAL RISKS
In the normal course of business, the Trusts
invest in securities or other instruments and may enter into certain transactions, and such activities subject each
Trust to various
risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also
be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability;
(iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war,
acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments.
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
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
150
2024
BlackRock Annual Report to Shareholders

Notes to Financial Statements
(continued)
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
200 million shares, par value $0.10, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to
Preferred Shares without the approval of Common Shareholders.
Common Shares
BHK, HYT and BGT have filed a prospectus with the SEC allowing them to issue an additional 15,000,000, 40,000,000 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 December 31, 2024, 15,000,000, 30,202,277 and 7,859,595 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the year ended
December 31, 2024, BHK, HYT and BGT issued 0, 9,797,723 and 3,140,405 shares, respectively, under the Shelf Offering. See Additional Information - Shelf Offering Program
for additional information.
Notes to Financial Statements
151

Notes to Financial Statements
(continued)
Initial costs incurred by BHK, HYT and BGT in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As
shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering
period will be charged to expense.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

| Year Ended
Trust Name | 12/31/24 | 12/31/23
BHK | 109,695 | —
HYT | 1,085,559 | —
BGT | 65,437 | —

The Trusts participated in an open market share repurchase program (the “Repurchase Program”) through November 30, 2024. From December 1, 2023 through
November 30, 2024, each Trust could repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the
close of business on November 30, 2023, subject to certain conditions. The Repurchase Program had an accretive effect as shares were purchased at a discount to the Trust’s
NAV. The Repurchase Program expired on November 30, 2024 and was not renewed.
For the year ended December 31, 2024, the Trusts did not repurchase any shares.
For the year ended December 31, 2023, shares issued and outstanding decreased by 182,646 and 55,022 as a result of share repuchase for BTZ and BGT respectively.
For the year ended December 31, 2023, shares issued and outstanding remained constant for BHK and HYT.
For the year ended December 31, 2024, shares issued and outstanding remained constant for BTZ.
12.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Trusts
’
financial statements was completed through the date the financial statements were issued and
the following items were noted:
The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name | Declaration Date | Record Date | Payable/ Paid Date |  | Dividend Per Common Share
BHK | 01/02/25 | 01/15/25 | 01/31/25 |  | $ 0.074600
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.074600
HYT | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.077900
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.077900
BTZ | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.083900
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.083900
BGT | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.120280
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.120280

On January 31, 2025, HYT filed an automatically effective registration statement with the SEC allowing it to issue an additional 45,000,000 Common Shares through its Shelf
Offering. On February 7, 2025, HYT filed a prospectus supplement with the SEC in connection with its Shelf Offering and may now sell additional Common Shares through the
Shelf Offering.
On February 7, 2025, BHK filed an initial registration statement with the SEC seeking the ability to issue an additional 18,000,000 Common Shares through its Shelf Offering.
The registration statement is subject to SEC review and BHK may not sell any Common Shares in a Shelf Offering until the registration statement is declared effective by the
SEC.
152
2024
BlackRock Annual Report to Shareholders

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees/Directors of BlackRock Core Bond Trust, BlackRock Corporate High Yield Fund, Inc., BlackRock Credit Allocation Income Trust,
and BlackRock Floating Rate Income Trust:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock Core Bond Trust, BlackRock Corporate High Yield Fund, Inc., BlackRock Credit Allocation
Income Trust, and BlackRock Floating Rate Income Trust (the “Funds”), including the schedules of investments, as of December 31, 2024, the related statements of operations
and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five
years in the period then ended, and the related notes. Such financial statements and financial highlights of BlackRock Corporate High Yield Fund, Inc. are consolidated for all
periods presented. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31,
2024, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial
statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we
engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial
reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2024, by
correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable
basis for our opinion.
Deloitte & Touche LLP
Boston, Massachusetts
February 25, 2025
We have served as the auditor of one or more BlackRock investment companies since 1992.
Report of Independent Registered Public Accounting Firm
153

Important Tax Information
(unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31,
2024:

Trust Name | Qualified Dividend Income
BHK | $ 2,566,674
HYT | 3,348,782
BTZ | 5,533,300
BGT | 549

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended
December 31, 2024:

Trust Name | Federal Obligation Interest
BHK | $ 105,331
HYT | 43,447
BTZ | 240,705
BGT | 5,874

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are
advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2024 qualified for the
dividends-received deduction for corporate shareholders:

Trust Name | Dividends-Received Deduction
BHK | 5.46 %
HYT | 1.45
BTZ | 4.21

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for
the fiscal year ended December 31, 2024:

Trust Name | Interest Dividends
BHK | $ 28,833,799
HYT | 101,723,896
BTZ | 58,159,723
BGT | 25,559,439

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for
nonresident aliens and foreign corporations for the fiscal year ended December 31, 2024:

Trust Name | Interest- Related Dividends
BHK | $ 23,288,401
HYT | 87,017,186
BTZ | 33,777,193
BGT | 20,367,885

154
2024
BlackRock Annual Report to Shareholders

Investment Objectives, Policies and Risks
Recent Changes
The following information is a summary of certain changes since December 31, 2023. This information may not reflect all of the changes that have occurred since
you purchased the relevant Trust.
During each Trust’s most recent fiscal year, there were no material changes in the Trust’s investment objectives or policies that have not been approved by shareholders or in
the principal risk factors associated with investment in the Trust.
Effective May 1, 2025, the 80% policy of BlackRock Corporate High Yield Fund, Inc. (HYT) will be amended to read as follows: Under normal market conditions, the Trust
invests at least 80% of its net assets (including assets acquired from the sale of preferred stock), plus the amount of any borrowings for investment purposes, in high yield
securities of corporate issuers and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For
purposes of the Trust’s 80% policy, high yield securities of corporate issuers include high yield bonds (commonly referred to as “junk bonds”), corporate loans, convertible debt
securities and preferred securities, which are rated below investment grade or, if unrated, are considered by the Advisors to be of comparable quality, as well as credit linked
notes, structured notes or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield securities. The 80% policy noted above
is a non-fundamental policy of the Trust and may not be changed without 60 days’ prior notice to shareholders.
Investment Objectives and Policies
BlackRock Core Bond Trust (BHK)
The Trust’s investment objective is to provide current income and capital appreciation.
As a non-fundamental policy, under normal market conditions, the Trust invests at least 80% of its assets in bonds. For the purposes of this strategy, “bonds” include the
following: obligations issued or guaranteed by the U.S. Government or a foreign government or their agencies, instrumentalities or political subdivisions; mortgage-backed
securities, including agency mortgage pass-through securities and commercial mortgage-backed securities; mortgage to-be-announced (“TBA”) securities; debt obligations of
U.S. or foreign issuers; municipal securities; and asset-backed securities. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that
they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The 80% policy is a
non-fundamental policy of the Trust and may not be changed without 60 days’ prior notice to shareholders. Under current 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, mortgage-related securities and
U.S. government and agency debt securities. The Trust may invest up to 10% of its total managed assets in bonds issued in foreign currencies. The Trust may also purchase
loan participations and assignments. The Trust may invest directly in securities or synthetically through the use of derivatives.The Trust will also invest in bonds that, in the
opinion of BlackRock Advisors, LLC (the “Manager”) and BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL” and collectively with the Manager
and BIL, the “Advisors”), the Trust’s sub-advisors, are underrated or undervalued or have the potential for above-average current income and capital appreciation. Underrated
bonds are those whose ratings do not, in Advisors’ opinion, reflect their true creditworthiness. Undervalued bonds are bonds that, in the opinion of the Advisors, are worth more
than the value assigned to them in the marketplace. The Advisors may at times believe that bonds associated with a particular market sector (for example, mortgage-related
securities), or issued by a particular issuer, are undervalued. The Advisors may purchase those bonds for the Trust’s portfolio because they represent a market sector or issuer
that the Advisors consider undervalued, even if the value of those particular bonds appears to be consistent with the value of similar bonds. Bonds of particular issuers (for
example, the Federal Home Loan Mortgage Association) may be undervalued because there is a temporary excess of supply in that market sector, or because of a general
decline in the market price of bonds of the market sector for reasons that do not apply to the particular bonds that are considered undervalued. The Trust’s investment in
underrated or undervalued bonds will be based on the Advisors’ belief that their yield is higher than that available on bonds bearing equivalent levels of interest rate risk, credit
risk and other forms of risk, and that their prices will ultimately rise, relative to the market, to reflect their true value. The Trust may engage in active and frequent trading of
portfolio securities to achieve its principal investment strategies.
The Trust invests primarily in investment grade bonds. Under normal market conditions, the Trust invests at least 75% of its total managed assets in investment grade quality
bonds. Investment grade quality means that such bonds are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody’s Investors Service,
Inc. (“Moody’s”), S&P Global Ratings (“S&P”), Fitch Ratings, Inc. (“Fitch”) or another nationally recognized rating agency) by one nationally recognized rating agency or are
unrated but judged to be of comparable quality by the Advisors. Bonds that are rated by two or more nationally recognized rating agencies will be considered to have the higher
credit rating. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity for bonds that are rated BBB or Baa (or that have
equivalent ratings) to make principal and interest payments than is the case for higher rated bonds. The Trust may invest up to 25% of its total managed assets in bonds that
are rated, at the time of investment, Ba/BB or below by Moody’s, S&P, Fitch or another nationally recognized rating agency or that are unrated but judged to be of comparable
quality by the Advisors. Bonds of below investment grade quality are commonly referred to as “junk bonds.” Bonds of below investment grade quality are regarded as having
predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. The lowest rated bonds in which the Trust may invest are
securities rated in the category “C” or determined by the Advisors to be of comparable quality. Securities rated “C” are considered highly speculative and may be used to cover
a situation where the issuer has filed a bankruptcy petition but debt service payments are continued. While such debt will likely have some quality and protective
characteristics, those are outweighed by large uncertainties or major risk exposure to adverse conditions. These credit quality policies apply only at the time a security is
purchased, and the Trust is not required to dispose of a security if a rating agency downgrades its assessment of the credit characteristics of a particular issue. In determining
whether to retain or sell a security that a rating agency has downgraded, the Advisors may consider such factors as the Advisors’ assessment of the credit quality of the issuer
of the security, the price at which the security could be sold and the rating, if any, assigned to the security by other rating agencies.
The Trust may also invest in securities of other open- or closed-end investment companies that invest primarily in bonds of the types in which the Trust may invest directly.
As part of the management of the Trust, the Advisors manage the effective duration of the Trust’s portfolio. The target duration of the Trust’s portfolio may change from time to
time.
Investment Objectives, Policies and Risks
155

Investment Objectives, Policies and Risks
(continued)
The Advisors may, but are not required to, when consistent with the Trust’s investment objective, use various strategic investment transactions to earn income, facilitate
portfolio management and mitigate risks, including currency risk. The Trust may purchase and sell derivative instruments such as exchange-listed and over-the-counter put
and call options on securities, financial futures, equity, fixed-income and interest rate indices, and other financial instruments, purchase and sell financial futures contracts and
options thereon, enter into various interest rate transactions such as swaps, caps, floors or collars and enter into various currency transactions such as currency forward
contracts, currency futures contracts, currency swaps or options on currency or currency futures or credit transactions and credit default swaps. The Trust also may purchase
derivative instruments that combine features of these instruments. Collectively, all of the above are referred to as “Strategic Transactions.” The Trust generally seeks to use
Strategic Transactions as a portfolio management or hedging technique to seek to protect against possible adverse changes in the market value of securities held in or to be
purchased for the Trust’s portfolio, protect the value of the Trust’s portfolio, facilitate the sale of certain securities for investment purposes, manage the effective interest rate
exposure of the Trust, protect against changes in currency exchange rates, manage the effective maturity or duration of the Trust’s portfolio, or establish positions in the
derivatives markets as a temporary substitute for purchasing or selling particular securities. The Trust may use Strategic Transactions to enhance potential gain, although no
more than 5% of the Trust’s total managed assets will be committed to variation margin for Strategic Transactions for non-hedging purposes.
During temporary defensive periods and in order to keep the Trust fully invested, the Trust may invest up to 100% of its total managed assets in short-term investments. The
Trust may not achieve its investment objective under these circumstances..
Leverage:
The Trust currently utilizes leverage for investment purposes in the form of reverse repurchase agreements. The Trust may borrow from banks or other financial
institutions and may also borrow additional funds using such investment techniques and in such amounts as the Advisors may from time to time determine.
Borrowings may be made by the Trust through dollar roll transactions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
Although the Trust is authorized to issue preferred shares, the Trust anticipates that under current market conditions it will not offer preferred shares.
BlackRock Corporate High Yield Fund, Inc. (HYT)
The Trust’s 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’s investment objectives are fundamental policies and may not be changed without the approval of a majority of the outstanding voting securities of the
Trust (as defined in the Investment Company Act of 1940 Act, as amended (the “Investment Company Act”)).
The Trust seeks to achieve its investment objectives by investing primarily in a diversified portfolio of fixed-income securities which are rated below investment grade by the
established rating services (Ba or lower by Moody’s Investor’s Service, Inc. (“Moody’s”), BB or lower by S&P Global Ratings (“S&P”) or BB or lower by Fitch Ratings, Inc.
(“Fitch”)) or, if unrated, are considered by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”),
the sub-advisor to the Trust, to be of comparable quality. The Trust may invest directly in fixed-income securities or synthetically through the use of derivatives. The Trust may
invest in securities of any maturity.
Under normal market conditions, the Trust invests at least 80% of its net assets (including assets acquired from the sale of preferred stock), plus the amount of any borrowings
for investment purposes, in high yield securities, including high yield bonds, corporate loans, convertible debt securities and preferred securities. The Trust’s investments in
derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more
market risk factors associated with such securities. This is a non-fundamental policy and may be changed by the Board of Directors of the Trust provided that stockholders are
provided with at least 60 days’ prior written notice of any change, unless such change was previously approved by shareholders, as required by the rules under the Investment
Company Act.
High yield securities include high yield bonds (commonly referred to as “junk bonds”), corporate loans, mortgage-related securities, convertible debt securities and preferred
securities, which are rated below investment grade or, if unrated, are considered by the Advisors to be of comparable quality. The high yield securities in which the Trust invests
may also include credit linked notes, structured notes or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield securities.
The Trust may receive warrants or other non-income producing equity securities in connection with its investments in high yield securities, including in unit offerings, in an
exchange offer, upon the conversion of a convertible security, or upon the restructuring or bankruptcy of investments owned by the Trust. The Trust may continue to hold such
securities until, in the Advisors’ judgment in light of current market conditions, it is advantageous to effect a disposition of such securities.
Although the Trust will invest primarily in below investment grade securities, other than with respect to Distressed Securities (described below), it will not invest in securities in
the lowest rating categories (Ca or lower by Moody’s, CC or lower by S&P or CC or lower by Fitch) unless the Advisors believe that the financial condition of the issuer or the
protection afforded to the particular securities is stronger than would otherwise be indicated by such low ratings.
The Trust may invest up to 10% of its total assets in high yield securities which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal
and/or payment of interest at the time of acquisition by the Trust or are rated in the lowest rating categories (Ca or lower by Moody’s, CC or lower by S&P or CC or lower by
Fitch) or, if unrated, are considered by the Advisors to be of comparable quality (“Distressed Securities”).
The Trust may invest, without limitation, in securities of issuers domiciled outside the United States or that are denominated in various foreign currencies and multinational
currency units (“Non-U.S. Securities”).
The Trust may invest up to 25% of its total assets in corporate loans extended to borrowers by commercial banks or other financial institutions (“Corporate Loans”). The
Corporate Loans in which the Trust may invest may be rated below investment grade (Ba or lower by Moody’s, BB or lower by S&P or BB or lower by Fitch) or, if unrated, are
considered by the Advisors to be of comparable quality.
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The Trust may invest up to 15% of its total assets in convertible debt securities and up to 15% of its total assets in preferred securities, including preferred securities that may
be converted into common stock or other securities of the same or a different issuer, and non-convertible preferred securities. The convertible debt securities and preferred
securities in which the Trust may invest may be rated below investment grade by the established rating services (Ba or lower by Moody’s, BB or lower by S&P or BB or lower
by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality.
The Trust may make short sales of securities, provided that the market value of all securities sold short does not exceed 10% of its total assets. The Trust may make short sales
both as a form of hedging to offset potential declines in long positions in similar securities and in order to seek to enhance return. The Trust also may make short sales “against
the box.” Short sales “against the box” are not subject to the foregoing 10% limitation.
The Trust may not purchase securities of other investment companies, except to the extent that such purchases are permitted by applicable law.
The Trust has no limitation on the amount of its investments that are not readily marketable or are subject to restrictions on resale.
The Trust may engage in various portfolio strategies both to seek to increase its return and to hedge its portfolio against movements in interest rates and in the securities
markets through the use of derivatives, such as indexed and inverse securities, options, futures, options on futures, interest rate transactions, credit default swaps and short
selling.
Leverage:
The Trust currently utilizes leverage for investment purposes in the form of a bank credit facility. The Trust generally will not utilize leverage if it anticipates that the
Trust’s leveraged capital structure would result in a lower return to common stockholders than that obtainable if the common stock were unleveraged for any significant amount
of time. At times, the Trust could utilize leverage through borrowings, including the issuance of short term debt securities, the issuance of shares of preferred stock or a
combination thereof. The Trust may also leverage through the use of reverse repurchase agreements.
There can be no assurance that the Trust will borrow in order to leverage its assets or, if it does, what percentage of the Trust’s assets such borrowings will represent. The Trust
does not currently anticipate issuing any preferred stock.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities
transactions which otherwise might require untimely dispositions of Trust securities.
BlackRock Credit Allocation Income Trust (BTZ)
The investment objective of the Trust is to seek current income, current gains and capital appreciation.
The Trust, under normal market conditions, seeks to achieve its investment objective by investing 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’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they
provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.
The Trust may invest in asset-backed securities. Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership
interests in an underlying pool of assets, or as debt instruments, which are also known as collateralized obligations, and are generally 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 subject to such a prepayment feature will have the effect of shortening the maturity of the security. If the Trust 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.
The Trust may purchase certain mortgage pass-through securities. 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 Treasury.
The Trust may invest in collateralized debt obligations (“CDOs”), which include collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”). CBOs and
CLOs are types of asset-backed securities. A CDO is a bankruptcy remote entity which 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.
The Trust may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon
bonds may experience greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.
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The Trust may invest in capital trusts. These securities are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities
characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The
securities can be structured as either fixed or adjustable coupon securities that can have either a perpetual or stated maturity date. 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. Payments on these securities are treated as interest rather than dividends for federal income tax purposes. These
securities generally are rated below that of the issuing company’s senior debt securities.
The Trust may invest in 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.
Under normal market conditions, the Trust may invest without limitation in securities rated below investment grade at the time of purchase. However, it is anticipated, under
current market conditions, that the Trust will have an average credit quality of at least investment grade.
Securities rated below investment grade include securities that are rated Ba or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB or lower by S&P Global Ratings
(“S&P”) or Fitch Ratings, Inc. (“Fitch”) or securities comparably rated by other rating agencies or in unrated securities determined by the BlackRock Advisors, LLC (the
“Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, to be of comparable quality. Securities rated Ba
by Moody’s are judged to have speculative elements, their future cannot be considered as well assured and often the protection of interest and principal payments may be very
moderate. Securities rated BB by S&P or Fitch are regarded as having predominantly speculative characteristics and, while such obligations have less near-term vulnerability
to default than other speculative grade debt, they face major ongoing uncertainties or exposure to adverse business, financial or economic conditions that could lead to
inadequate capacity to meet timely interest and principal payments. Securities rated C are generally regarded as having extremely poor prospects of ever attaining any real
investment standing. Securities rated D are in default and the payment of interest and/or repayment of principal is in arrears.
The prices of debt securities generally are inversely related to interest rate changes; however, the price volatility caused by fluctuating interest rates of securities also is
inversely related to the coupon of such securities. Accordingly, lower grade securities may be relatively less sensitive to interest rate changes than higher quality securities of
comparable maturity because of their higher coupon. This higher coupon is what the investor receives in return for bearing greater credit risk. The higher credit risk associated
with lower grade securities potentially can have a greater effect on the value of such securities than may be the case with higher quality issues of comparable maturity and will
be a substantial factor in the Trust’s relative share price volatility.
Lower grade securities may be particularly susceptible to economic downturns. It is likely that an economic recession could disrupt severely the market for such securities and
may have an adverse impact on the value of such securities. In addition, it is likely that any such economic downturn could adversely affect the ability of the issuers of such
securities to repay principal and pay interest thereon and increase the incidence of default for such securities.
The ratings of Moody’s, S&P and the other rating agencies represent their opinions as to the quality of the obligations which they undertake to rate. Ratings are relative and
subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of such obligations.
Although these ratings may be an initial criterion for selection of portfolio investments, the Advisors also will independently evaluate these securities and the ability of the
issuers of such securities to pay interest and principal. To the extent that the Trust invests in lower grade securities that have not been rated by a rating agency, the Trust’s
ability to achieve its investment objective(s) will be more dependent on the Advisors’ credit analysis than would be the case when the Trust invests in rated securities.
Under normal market conditions, up to 50% of the Trust’s Managed Assets may be invested in non-U.S. securities, which may include securities denominated in U.S. dollars
or in non-U.S. currencies or multinational currency units. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for
investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). The Trust may also invest in non-U.S. securities
of so-called emerging market issuers. A company is deemed to be a non-U.S. company if it meets any of the following tests: (i) such company was not organized in the
United States; (ii) such company’s primary business office is not in the United States; (iii) the principal trading market for such company’s assets is not located in the
United States; (iv) less than 50% of such company’s assets are located in the United States; or (v) 50% or more of such issuer’s revenues are derived from outside the
United States.
The Trust may make short sales of securities. However, the Trust may not make a short sale if, after giving effect to such sale, the market value of all securities sold short
exceeds 25% of the value of the Trust’s total assets, or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that
class. The Trust may also make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale, the Trust owns or has the
immediate and unconditional right to acquire at no additional cost the identical security.
During periods in which the Advisors determine that they are temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so or pending
reinvestment of proceeds received in connection with the sale of a security, the Trust may deviate from its investment strategy and invest all or any portion of its assets in cash,
cash equivalents or short-term debt instruments.
The Advisors’ determination that they are temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in
which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.
In such a case, shares of the Trust may be adversely affected and the Trust may not pursue or achieve its investment objective. The Advisors currently anticipate that these are
the only circumstances in which the Trust will invest in short-term debt securities.
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The Trust may also lend the securities it owns to others, which allows the Trust the opportunity to earn additional income. Although the Trust will require the borrower of the
securities to post collateral for the loan in accordance with market practice and the terms of the loan will require that the Trust be able to reacquire the loaned securities if certain
events occur, the Trust is still subject to the risk that the borrower of the securities may default, which could result in the Trust losing money, which would result in a decline in
the Trust’s net asset value. The Trust may also purchase securities for delayed settlement. This means that the Trust is generally obligated to purchase the securities at a future
date for a set purchase price, regardless of whether the value of the securities is more or less than the purchase price at the time of settlement.
The Trust may enter into interest rate swap or cap transactions.
The Trust may, but is not required to, use various strategic transactions to facilitate portfolio management, mitigate risks and enhance total return. Although the Advisors seek
to use the practices to further the Trust’s investment objective, no assurance can be given that these practices will achieve this result.
The Trust may purchase and sell derivative instruments such as exchange listed and over-the-counter put and call options on securities, financial futures, equity indices and
other financial instruments, purchase and sell financial futures contracts and options thereon and engage in swaps. These derivative instruments may be transacted on an
exchange or over-the-counter. The Trust also may purchase derivative instruments that combine features of these instruments. Collectively, all of the above are referred to as
“Strategic Transactions.”
The Trust generally seeks to use Strategic Transactions as a portfolio management or hedging technique to seek to protect against possible adverse changes in the market
value of securities held in or to be purchased for the Trust’s portfolio, protect the value of the Trust’s portfolio, facilitate the sale of certain securities for investment purposes,
or establish positions in the derivatives markets as a temporary substitute for purchasing or selling particular securities. The Trust may use Strategic Transactions to enhance
potential total returns.
Leverage:
The Trust uses leverage to seek to obtain its investment objective. The Trust may utilize leverage to seek to enhance the yield and net asset value of its common
shares. However, these objectives cannot be achieved in all interest rate environments. The Trust may utilize leverage by borrowing through a credit facility or through entering
into reverse repurchase agreements.
The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities
transactions which otherwise might require untimely dispositions of Trust securities.
Borrowings may be made by the Trust through dollar roll transactions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust is able to issue preferred shares.
BlackRock Floating Rate Income Trust (BGT)
The Trust’s investment objective is to provide a high level of current income. The Trust, as a secondary objective, also seeks the preservation of capital to the extent consistent
with its primary objective of high current income. The Trust will pursue its objectives by investing in a global portfolio of floating rate securities, including investing a significant
amount in U.S. and non-U.S. senior secured floating rate loans (“Senior Loans”). Senior Loans are made to corporations, partnerships and other business entities which
operate in various industries and geographical regions. Senior Loans pay interest at rates which are redetermined periodically by reference to a base lending rate, primarily
LIBOR, plus a premium. It is anticipated that the proceeds of the Senior Loans in which the Trust will acquire interests primarily will be used to finance leveraged buyouts,
recapitalizations, mergers, acquisitions, stock repurchases, refinancing and internal growth and for other corporate purposes of borrowers.
Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a
substantial portion of its assets in senior, secured loans made to corporate and other business entities. Floating and variable rate instruments may include, but are not limited
to, any combination of the following securities: (i) senior secured floating rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; (iii)
participations or assignments in senior floating rate loans or second lien floating rate loans; and (iv) fixed-rate loans or debt with respect to which the Fund has entered into
derivative instruments to effectively convert the fixed-rate interest payments into floating rate interest payments. The Trust’s investments in derivatives will be counted toward
the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such
securities. The 80% policy noted above is a non-fundamental policy of the Trust and may not be changed without 60 days’ prior notice to shareholders. “Managed Assets”
means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than
money borrowed for investment purposes).
The Trust may also invest up to 20% of its Managed Assets in fixed rate instruments of U.S. and non-U.S. issuers, including developed and emerging markets debt, investment
grade and high yield corporate debt, sovereign debt, and mortgage-related and asset-backed securities. The Trust may invest directly in such securities or synthetically
through the use of derivatives.
Under normal market conditions, the Trust expects its portfolio to have a duration of no more than 1.5 years (including the effect of anticipated leverage). In comparison to
maturity (which is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument
as a result in changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from
maturity in that it takes into account a security’s yield, coupon payments and its principal payments in addition to the amount of time until the security finally matures. As the
value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter
durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration. For
example, a hypothetical portfolio with a duration of 1.5 years means that a 1% decrease in interest rates will increase the net asset value of the portfolio by approximately 1.5%;
if interest rates increase by 1%, the net asset value will decrease by 1.5%. If this portfolio were leveraged, its net asset value, in the example, may fall more than 1.5% because
changes in the net asset value of the Trust are borne entirely by the common shareholders.
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Under current market conditions, the Trust expects that substantially all of its portfolio will consist of below investment grade debt securities, commonly referred to as “junk
bonds,” rated as such at the time of investment, meaning that such bonds are rated by national rating agencies below the four highest grades or are unrated but judged to be
of comparable quality by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors’), the Trust’s
sub-advisor. S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. ( “Fitch”) consider securities rated below BBB- to be below investment grade and Moody’s Investors Service,
Inc. (“Moody’s”) considers securities rated below Baa3 to be below investment grade. Securities of below investment grade quality are regarded as having predominantly
speculative characteristics with respect to issuers’ capacity to pay interest and repay principal. The remainder of the Trust’s assets will be invested in investment grade debt
securities. The Trust may invest in individual securities of any credit quality.
The Trust will generally invest in U.S. dollar-denominated securities or in non U.S. dollar-denominated securities for which currency exchange exposure versus the U.S. dollar
has been hedged. However, the Trust may invest up to 10% of its Managed Assets in non-U.S. dollar-denominated securities whose currency exchange exposure versus the
U.S. dollar remains unhedged. The Trust will not invest 25% or more of its Managed Assets in securities issued or guaranteed by any non-U.S. government, its agencies,
instrumentalities or corporations. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus
the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).
The Trust may engage in foreign currency transactions, including foreign currency forward contracts, options, swaps and other strategic transactions in connection with its
investments in non-U.S. securities.
The Trust may invest in illiquid securities and securities for which prices are not readily available without limit. The Trust may implement various temporary “defensive”
strategies at times when the Advisor determine that conditions in the markets make pursuing the Trust’s basic investment strategy inconsistent with the best interests of its
shareholders. These strategies may include investing all or a portion of the Trust’s assets in U.S. Government obligations and high-quality, short-term debt securities.
Leverage:
The Trust currently utilizes leverage for investment purposes in the form of a bank credit facility. The Trust may borrow through reverse repurchase agreements,
dollar rolls and other investment techniques. The Trust also has the ability to utilize leverage through the issuance of preferred shares.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
Risk Factors
This section contains a discussion of the general risks of investing in each Trust. The net asset value and market price of, and dividends paid on, the common shares will
fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Trust will meet its investment
objective or that the Trust’s performance will be positive for any period of time. Each risk noted below is applicable to each Trust unless the specific Trust or Trusts are noted
in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk factor.
Investment and Market Discount Risk:
An investment in the Trust’s common shares is subject to investment risk, including the
possible
loss of the entire amount that you
invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or
less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end
management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value
could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested,
even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks
will be magnified.
Debt Securities Risk:
Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in
further detail below:
•
Credit Risk
—
Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when
due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The
degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.
•
Interest Rate Risk
—
The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is
the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.
The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming
a current portfolio duration of ten years, and all other factors being equal, the value of the Trust’s investments would be expected to decrease by 10%. (Duration is a
measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market
price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust’s
investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust’s net asset value. The Trust may lose
money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.
To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities
to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically
reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net
asset value of the Trust to the extent that it invests in floating rate debt securities.
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These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only
as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will
fluctuate in value when interest rates change.
A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds
that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and
could hurt the Trust’s performance.
•
Extension Risk
—
When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.
•
Prepayment Risk
—
When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest
the proceeds in securities with lower yields.
Mortgage- and Asset-Backed Securities Risks (BHK, BTZ and BGT):
Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets,
including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These
securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both
increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.
U.S. Government Mortgage-Related Securities Risk (BTZ):
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. Mortgage-related securities guaranteed by the Government National Mortgage Association
(“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the
United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related
securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and 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 Treasury.
U.S. Government Obligations Risk (BHK, BTZ and BGT):
Certain securities in which the Trust may invest, including securities issued by certain U.S. Government agencies
and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition,
circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such
non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.
Senior Loans Risk (BGT):
There is less readily available, reliable information about most senior loans than is the case for many other types of securities. An economic
downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure
a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior loans, which
may impair the ability of the Trust to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans
in which the Trust will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation
in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock in the
borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss.
Risks of Loan Assignments and Participations (BHK):
As the purchaser of an assignment, the Trust typically succeeds to all the rights and obligations of the assigning
institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Trust may not be able unilaterally to enforce all rights and
remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and
potential assignors, the rights and obligations acquired by the Trust as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning
lender. In addition, if the loan is foreclosed, the Trust could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral.
The Trust may be required to pass along to a purchaser that buys a loan from the Trust by way of assignment a portion of any fees to which the Trust is entitled under the loan.
In connection with purchasing participations, the Trust generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the
loan, nor any rights of set-off against the borrower, and the Trust may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As
a result, the Trust will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a
participation, the Trust may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.
Corporate Loans Risk (HYT and BTZ):
Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to
grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight
Financing Rate (‘SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in
market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In
addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make
additional investments or to meet the Trust’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Trust may hold
additional cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Trust invests are usually rated below investment grade.
Variable and Floating Rate Instrument Risk (BGT):
Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. Securities
with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not
reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These securities will not generally
increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Trust and
may adversely affect the value of the Trust’s shares. These securities may be subject to greater illiquidity risk than other fixed-income securities, meaning the absence of an
active market for these securities could make it difficult for the Trust to dispose of them at any given time. Floating rate securities generally are subject to legal or contractual
Investment Objectives, Policies and Risks
161

Investment Objectives, Policies and Risks
(continued)
restrictions on resale, may trade infrequently, and their value may be impaired when the Trust needs to liquidate such loans. Benchmark interest rates may not accurately track
market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could
impair their value.
High Yield Bonds Risk:
Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered
speculative and may cause income and principal losses for the Trust.
D
istressed Securities Risk (HYT):
Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Trust will generally
not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that
principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Trust may incur additional expenses
to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding
relating to a portfolio company, the Trust may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed
securities and any securities received in an exchange for such securities may be subject to restrictions on resale.
Collateralized Bond Obligations Risk (BTZ):
The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches
representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater
risk, pay higher interest rates.
Collateralized Debt Obligations Risk (BTZ):
In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt
obligations (“CDOs”), including collateralized loan obligations, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will
not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized
statistical rating organization; (iii) the Trust may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the
legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Trust could be significantly
different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical
defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly.
Zero Coupon Securities Risk (BTZ):
While interest payments are not made on such securities, holders of such securities are deemed to have received income (“phantom
income”) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is
earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate
eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder’s ability to
reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market
interest rates than are comparable securities that pay interest currently. Longer term zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon
bonds. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to
defer receipt of cash.
Capital Trusts Risk (BTZ):
These securities are subject to interest rate risk and credit risk.
Foreign Securities Risk:
Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These
risks include:
•
The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody
business and may be subject to only limited or no regulatory oversight.
•
Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio.
•
The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national
product, reinvestment of capital, resources and balance of payments position.
•
The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls
and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer
currency, securities, derivatives or other assets.
•
Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not
have laws to protect investors that are comparable to U.S. securities laws.
•
Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and
clearance of U.S. investments.
•
The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due
to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or
in full, which will adversely affect the Trust’s net asset value.
•
The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt
levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity
of certain of the Trust’s investments.
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BlackRock Annual Report to Shareholders

Investment Objectives, Policies and Risks
(continued)
Emerging Markets Risk (BTZ and BGT):
Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop.
Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely
affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.
Sovereign Debt Risk (BGT):
Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its
sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt
position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.
Equity Securities Risk (HYT):
Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and
economic conditions.
Preferred Securities Risk (BHK, HYT and BTZ)
: Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market
risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to
holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes
in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of
larger companies.
Convertible Securities Risk (BHK, HYT and BTZ):
The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise,
the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when
due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of
its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying
common stock, including the potential for increased volatility in the price of the convertible security.
Warrants Risk (BHK and HYT):
If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any
value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially 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.
Derivatives Risk:
The Trust’s use of derivatives may increase its costs, reduce the Trust’s returns and/or increase volatility. Derivatives involve significant risks, including:
•
Leverage Risk
—
The Trust’s use of derivatives can magnify the Trust’s gains and losses. Relatively small market movements may result in large changes in the value
of a derivatives position and can result in losses that greatly exceed the amount originally invested.
•
Market Risk
—
Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses
related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict
correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust’s derivatives positions to lose value.
•
Counterparty Risk
—
Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its
contractual obligation, and the related risks of having concentrated exposure to such a counterparty.
•
Illiquidity Risk
—
The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position
could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.
•
Operational Risk
—
The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures,
inadequate controls and human error.
•
Legal Risk
—
The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.
•
Volatility and Correlation Risk
—
Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period.
A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.
•
Valuation Risk
—
Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and
market makers may be reluctant to purchase complex instruments or quote prices for them.
•
Hedging Risk
—
Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the
Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.
•
Tax Risk
—
Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently
unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct
investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.
Structured Notes Risk (HYT):
Structured notes and other related instruments purchased by the Trust are generally privately negotiated debt obligations where the principal
and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of structured
notes exposes the Trust to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note’s value
relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or
more traditional debt securities.
Investment Objectives, Policies and Risks
163

Investment Objectives, Policies and Risks
(continued)
Leverage Risk:
The Trust’s use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.
The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust
cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.
Leverage involves risks and special considerations for common shareholders, including:
•
the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;
•
the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;
•
the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged,
which may result in a greater decline in the market price of the common shares;
•
leverage may increase operating costs, which may reduce total return.
Any decline in the net asset value of the Trust’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust’s portfolio
declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value
decrease will also tend to cause a greater decline in the market price for the common shares.
Reverse Repurchase Agreements Risk:
Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at
an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or
at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash
collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve
the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.
Dollar Rolls Risk (BHK, BTZ and BGT):
Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of
the securities the Trust has sold. These transactions may involve leverage.
Short Sales Risk (HYT and BTZ):
Because making short sales in securities that it does not own exposes the Trust to the risks associated with those securities, such short
sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date
on which the Trust replaces the security sold short.
Illiquid Investments Risk:
The 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. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the
Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing
transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset
value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent
years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and
substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of
such market dislocation may occur again at any time. 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.
Securities Lending Risk (BTZ):
The Trust may engage in securities lending. Securities lending involves the risk that the Trust may lose money because the borrower of the
loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of a decline in the value of collateral provided for loaned
securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Trust.
Investment Companies and ETFs Risk (BHK and HYT):
Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Trust may acquire
shares in other investment companies and in exchange-traded funds (“ETFs”), some of which may be affiliated investment companies. The market value of the shares of other
investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that entity’s
expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not
offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and
ETFs (to the extent not offset by the Manager through waivers).
The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through
an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market
value of such securities and the possibility that the Trust’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.
As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated
fund, the ability of the Trust itself to hold other investment companies may be limited.
Risk of Investing in the United States:
Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an
adverse effect on the securities to which the Trust has exposure.
Market Risk and Selection Risk:
Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will
go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not
164
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BlackRock Annual Report to Shareholders

Investment Objectives, Policies and Risks
(continued)
specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry,
group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like
pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by
Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies.
This means you may lose money.
An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in
the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various
governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise
in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.
Shareholder Activism Risk:
Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging
in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust’s corporate
governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Trust’s Board of Trustees, or to seek other
actions such as a termination of the Trust’s investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of
shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur
substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Trust. Further, the
Trust’s share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.
Investment Objectives, Policies and Risks
165

Shareholder Update
(unaudited)
The following information is presented for BHK, HYT and BGT, in conformance with annual reporting requirements for funds that have filed a shelf offering registration
statement pursuant to General Instruction A.2 of Form N-2.
Summary of Expenses
BlackRock Core Bond Trust (BHK)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in
BHK
’
s common shares.

| BHK
Shareholder Transaction Expenses |
Maximum sales load (as a percentage of offering price) (a) | 1.00%
Offering expenses borne by the Trust (as a percentage of offering price) (a) | 0.00%
Dividend reinvestment plan fees | $0.02 per share for open market purchases of common shares (b)
Dividend reinvestment plan sale transaction fee | $2.50 (b)

Estimated Annual Expenses (as a percentage of net assets attributable to common shares) |
Investment advisory fees (c)(d) | 0.77 %
Other expenses | 2.90
Miscellaneous | 0.11
Interest expense (e) | 2.79
Total annual expenses | 3.67
Fee waivers (d) | —
Total annual Trust operating expenses after fee waivers (d) | 3.67

(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BHK. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and
pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any
applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
BHK currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.50% of its average weekly managed assets. For purposes of calculating
these fees, “managed assets” means the total assets of BHK (including any assets attributable to money borrowed) minus the sum of its accrued liabilities (other than money borrowed
for investment purposes).
(d)
BHK and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of BHK’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the
Manager or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed
to waive its investment advisory fees by the amount of investment advisory fees BHK pays to the Manager indirectly through its investment in money market funds managed by the
Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BHK (upon the vote of a
majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BHK or a majority of the outstanding voting securities of BHK), upon 90 days’
written notice by BHK to the Manager.
(e)
BHK uses leverage in the form of reverse repurchase agreements representing 39.5% of managed assets at an annual interest expense to BHK of 5.2%, which is based on current
market conditions. The actual amount of interest expense borne by BHK will vary over time in accordance with the level of BHK’s use of reverse repurchase agreements and variations
in market interest rates. Interest expense is required to be treated as an expense of BHK for accounting purposes.
The following example illustrates BHK
’
s expenses (including the sales load of $10.00 and offering costs of $0.00) that shareholders would pay on a $1,000 investment in
common shares, assuming (i) total net annual expenses of 3.67% of net assets attributable to common shares and (ii) a 5% annual return:

| 1 Year | 3 Years | 5 Years | 10 Years |  |
Total expenses incurred | $ 47 | $ 121 | $ 198 | $ 398 |  |

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual
Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BHK’s actual rate of
return may be greater or less than the hypothetical 5% return shown in the example.
166
2024
BlackRock Annual Report to Shareholders

Shareholder Update
(unaudited)
(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in
HYT
’
s common shares.

| HYT
Shareholder Transaction Expenses |
Maximum sales load (as a percentage of offering price) (a) | 1.00%
Offering expenses borne by the Trust (as a percentage of offering price) (a) | 0.01%
Dividend reinvestment plan fees | $0.02 per share for open market purchases of common shares (b)
Dividend reinvestment plan sale transaction fee | $2.50 (b)
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) |
Investment advisory fees (c)(d) | 0.79 %
Other expenses | 2.03
Miscellaneous | 0.06
Interest expense (e) | 1.97
Acquired fund fees and expenses (f) | 0.01
Total annual expenses (f) | 2.83
Fee waivers (d) | —
Total annual Trust operating expenses after fee waivers (d) | 2.83

(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by HYT. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and
pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any
applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
HYT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.60% based on an aggregate of (i) HYT’s average daily Net Assets and (ii) the
proceeds of any outstanding debt securities or borrowings used for leverage (together, “average daily Managed Assets”).
(d)
HYT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of HYT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the
Manager or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed
to waive its investment advisory fees by the amount of investment advisory fees HYT pays to the Manager indirectly through its investment in money market funds managed by the
Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by HYT (upon the vote of a
majority of the Directors who are not “interested persons” (as defined in the Investment Company Act) of the Fund (the “Independent Directors”)) or a majority of the outstanding voting
securities of HYT), upon 90 days’ written notice by HYT to the Manager.
(e)
HYT uses leverage in the form of a credit facility in an amount equal to approximately 21.5% of HYT’s Managed Assets as of December 31, 2024. The interest expense borne by HYT
will vary over time in accordance with the level of HYT’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of HYT for
accounting purposes.
(f)
The total annual expenses do not correlate to the ratios to average net assets shown in HYT’s Financial Highlights for the year ended December 31, 2024, which do not include
acquired fund fees and expenses.
The following example illustrates HYT
’
s expenses (including the sales load of $10.00 and offering costs of $0.10) that shareholders would pay on a $1,000 investment in
common shares, assuming (i) total net annual expenses of 2.83% of net assets attributable to common shares and (ii) a 5% annual return:

| 1 Year | 3 Years | 5 Years | 10 Years |  |
Total expenses incurred | $ 38 | $ 97 | $ 158 | $ 323 |  |

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual
Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. HYT’s actual rate of
return may be greater or less than the hypothetical 5% return shown in the example.
Shareholder Update
167

Shareholder Update
(unaudited)
(continued)
BlackRock Floating Rate Income Trust (BGT)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in
BGT
’
s common shares.

| BGT
Shareholder Transaction Expenses |
Maximum sales load (as a percentage of offering price) (a) | 1.00%
Offering expenses borne by the Trust (as a percentage of offering price) (a) | 0.04%
Dividend reinvestment plan fees | $0.02 per share for open market purchases of common shares (b)
Dividend reinvestment plan sale transaction fee | $2.50 (b)
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) |
Investment advisory fees (c)(d) | 0.96 %
Other expenses | 1.91
Miscellaneous | 0.14
Interest expense (e) | 1.77
Acquired fund fees and expenses (f) | 0.01
Total annual expenses (f) | 2.88
Fee waivers (d) | (0.01)
Total annual Trust operating expenses after fee waivers (d) | 2.87

(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BGT. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and
pay a $0.15 per share fee if direct the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage
commissions the Reinvestment Plan Agent is required to pay.
(c)
BGT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.75% of the average weekly value of BGT’s Managed Assets. “Managed
Assets” means the total assets of BGT (including any assets attributable to money borrowed for investment purposes) minus the sum of BGT’s accrued liabilities (other than money
borrowed for investment purposes).
(d)
BGT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of BGT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by
the Manager or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed
to waive its investment advisory fees by the amount of investment advisory fees BGT pays to the Manager indirectly through its investment in money market funds managed by the
Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BGT (upon the vote of a
majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BGT (the “Independent Trustees”) or a majority of the outstanding voting
securities of BGT), upon 90 days’ written notice by BGT to the Manager.
(e)
BGT uses leverage in the form of a credit facility in an amount equal to approximately 16.2% of BGT’s Managed Assets as of December 31, 2024. The interest expense borne by BGT
will vary over time in accordance with the level of BGT’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of BGT for
accounting purposes.
(f)
The total annual expenses do not correlate to the ratios to average net assets shown in BGT’s Financial Highlights for the year ended December 31, 2024, which do not include
acquired fund fees and expenses.
The following example illustrates BGT
’
s expenses (including the sales load of $10.00 and offering costs of $0.43) that shareholders would pay on a $1,000 investment in
common shares, assuming (i) total net annual expenses of 2.87% of net assets attributable to common shares and (ii) a 5% annual return:

| 1 Year | 3 Years | 5 Years | 10 Years |  |
Total expenses incurred | $ 39 | $ 98 | $ 160 | $ 326 |  |

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual
Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BGT’s actual rate of
return may be greater or less than the hypothetical 5% return shown in the example.
168
2024
BlackRock Annual Report to Shareholders

Shareholder Update
(unaudited)
(continued)
Share Price Data
The following tables summarize each Trust
’
s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to
or discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the
respective quarters.

| NYSE Market Price Per Common Share | NAV per Common Share on Date of Market Price | Premium/ (Discount) on Date of Market Price |
BHK — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume
December 31, 2024 | $ 12.03 | $ 10.39 | $ 11.08 | $ 10.31 | 8.57 % | 0.78 % | 9,289,850
September 30, 2024 | 12.06 | 10.55 | 11.15 | 10.46 | 8.16 | 0.86 | 10,186,620
June 30, 2024 | 10.86 | 10.23 | 10.71 | 10.24 | 1.40 | (0.10 ) | 8,354,790
March 31, 2024 | 11.00 | 10.37 | 11.02 | 10.61 | (0.18 ) | (2.26 ) | 11,686,607
December 31, 2023 | 10.97 | 9.14 | 11.10 | 9.70 | (1.17 ) | (5.77 ) | 13,106,334
September 30, 2023 | 10.90 | 9.85 | 10.89 | 10.12 | 0.09 | (2.67 ) | 8,953,910
June 30, 2023 | 11.06 | 10.21 | 11.19 | 10.75 | (1.16 ) | (5.02 ) | 10,756,216
March 31, 2023 | 11.68 | 10.51 | 11.77 | 11.01 | (0.76 ) | (4.54 ) | 11,042,755

As of December 31, 2024, BHK
’
s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $10.46, $10.30, and 1.55%, respectively.

| NYSE Market Price Per Common Share | NAV per Common Share on Date of Market Price | Premium/ (Discount) on Date of Market Price |
HYT — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume
December 31, 2024 | $ 10.11 | $ 9.64 | $ 9.87 | $ 9.64 | 2.43 % | 0.00 % | 31,471,257
September 30, 2024 | 10.10 | 9.59 | 9.81 | 9.58 | 2.96 | 0.10 | 29,991,036
June 30, 2024 | 9.93 | 9.26 | 9.60 | 9.47 | 3.44 | (2.22 ) | 22,921,444
March 31, 2024 | 9.88 | 9.38 | 9.73 | 9.58 | 1.54 | (2.09 ) | 27,063,172
December 31, 2023 | 9.56 | 8.24 | 9.74 | 8.87 | (1.85 ) | (7.10 ) | 32,227,355
September 30, 2023 | 9.28 | 8.56 | 9.41 | 9.45 | (1.38 ) | (9.42 ) | 31,818,726
June 30, 2023 | 8.92 | 8.41 | 9.39 | 9.29 | (5.01 ) | (9.47 ) | 27,453,053
March 31, 2023 | 9.43 | 8.28 | 9.85 | 9.13 | (4.26 ) | (9.31 ) | 39,760,103

As of December 31, 2024, HYT
’
s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $9.81, $9.67, and 1.45%, respectively.

| NYSE Market Price Per Common Share | NAV per Common Share on Date of Market Price | Premium/ (Discount) on Date of Market Price |
BGT — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume
December 31, 2024 | $ 13.40 | $ 12.69 | $ 12.57 | $ 12.54 | 6.60 % | 1.20 % | 7,387,718
September 30, 2024 | 13.20 | 12.37 | 12.72 | 12.59 | 3.77 | (1.75 ) | 6,972,629
June 30, 2024 | 13.74 | 12.69 | 12.80 | 12.78 | 7.34 | (0.70 ) | 5,730,756
March 31, 2024 | 13.40 | 12.04 | 12.95 | 12.82 | 3.47 | (6.08 ) | 6,655,848
December 31, 2023 | 12.38 | 11.27 | 12.90 | 12.68 | (4.03 ) | (11.12 ) | 5,951,411
September 30, 2023 | 12.28 | 11.54 | 12.95 | 12.79 | (5.17 ) | (9.77 ) | 5,739,597
June 30, 2023 | 11.68 | 10.98 | 12.70 | 12.48 | (8.03 ) | (12.02 ) | 5,217,738
March 31, 2023 | 11.75 | 10.78 | 12.85 | 12.45 | (8.56 ) | (13.41 ) | 5,543,181

As of December 31, 2024, BGT
’
s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $12.86, $12.57, and 2.31%, respectively.
Common shares of each Trust have historically traded at both a premium and discount to NAV.
Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of
shareholders, the Board might consider from time to time engaging in open-market repurchases, managed distribution plans, or other programs intended to reduce the
discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if
undertaken, would result in the shares trading at a price equal or close to the NAV.
Shareholder Update
169

Shareholder Update
(unaudited)
(continued)
Senior Securities
The following tables set forth information regarding HYT
’
s and BGT
’
s outstanding senior securities as of the end of each Trust
’
s last ten fiscal years, as applicable. Each of
HYT
’
s and BGT
’
s audited financial statements, including Deloitte & Touche LLP
’
s Report of Independent Registered Public Accounting Firm, and accompanying notes to
financial statements, are included in this annual report.

HYT — Fiscal Year Ended | Total Amount Outstanding (000) | Asset Coverage (a) | Liquidation Preference | Average Market Value (000) (b) | Type of Senior Security
December 31, 2024 | $ 407,000 | $ 4,650 | $ N/A | $ 450,732 | Bank Borrowings
December 31, 2023 | 596,000 | 3,330 | N/A | 545,951 | Bank Borrowings
December 31, 2022 | 529,000 | 3,494 | N/A | 517,616 | Bank Borrowings
December 31, 2021 | 647,000 | 3,265 | N/A | 647,367 | Bank Borrowings
December 31, 2020 | 685,000 | 3,127 | N/A | 598,918 | Bank Borrowings
December 31, 2019 | 607,000 | 3,392 | N/A | 555,492 | Bank Borrowings
August 31, 2019 | 486,000 | 3,965 | N/A | 569,559 | Bank Borrowings
August 31, 2018 | 647,000 | 3,292 | N/A | 666,948 | Bank Borrowings
August 31, 2017 | 649,000 | 3,382 | N/A | 579,521 | Bank Borrowings
August 31, 2016 | 604,000 | 3,472 | N/A | 568,839 | Bank Borrowings

BGT — Fiscal Year Ended | Total Amount Outstanding (000) | Asset Coverage (a) | Liquidation Preference | Average Market Value (000) (b) | Type of Senior Security
December 31, 2024 | $ 62,000 | $ 6,174 | $ N/A | $ 83,713 | Bank Borrowings
December 31, 2023 | 97,000 | 3,967 | N/A | 90,578 | Bank Borrowings
December 31, 2022 | 91,000 | 4,055 | N/A | 121,677 | Bank Borrowings
December 31, 2021 | 143,000 | 3,103 | N/A | 134,068 | Bank Borrowings
December 31, 2020 | 129,000 | 3,327 | N/A | 122,934 | Bank Borrowings
December 31, 2019 | 130,000 | 3,490 | N/A | 122,426 | Bank Borrowings
October 31, 2019 | 123,000 | 3,610 | N/A | 128,378 | Bank Borrowings
October 31, 2018 | 142,000 | 3,389 | N/A | 144,490 | Bank Borrowings
October 31, 2017 | 150,000 | 3,287 | N/A | 138,255 | Bank Borrowings
October 31, 2016 | 148,000 | 3,304 | N/A | 117,885 | Bank Borrowings

(a) | 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.
(b) | Represents the average daily amount outstanding for loans under the revolving credit agreements.

170
2024
BlackRock Annual Report to Shareholders

Shareholder Update
(unaudited)
(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand BHK
’
s financial performance for the periods presented. Certain information reflects financial
results for a single common share of BHK.

| BHK
| Period from 09/01/19 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
| to 12/31/19 | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15
Net asset value, beginning of period | $ 15.79 | $ 14.08 | $ 14.96 | $ 15.25 | $ 14.29 | $ 15.24
Net investment income (a) | 0.22 | 0.66 | 0.72 | 0.76 | 0.79 | 0.86
Net realized and unrealized gain (loss) | (0.36 ) | 1.82 | (0.82 ) | (0.27 ) | 1.01 | (0.73 )
Net increase (decrease) from investment operations | (0.14 ) | 2.48 | (0.10 ) | 0.49 | 1.80 | 0.13
Distributions (b) |  |  |  |  |  |
From net investment income | (0.27 ) | (0.73 ) | (0.78 ) | (0.78 ) | (0.84 ) | (1.04 )
In excess of net investment income (c) | — | — | — | — | — | (0.04 )
From net realized gain | (0.04 ) | (0.04 ) | — | — | — | —
Return of capital | (0.02 ) | — | — | — | — | —
Total distributions | (0.33 ) | (0.77 ) | (0.78 ) | (0.78 ) | (0.84 ) | (1.08 )
Net asset value, end of period | $ 15.32 | $ 15.79 | $ 14.08 | $ 14.96 | $ 15.25 | $ 14.29
Market price, end of period | $ 14.58 | $ 14.56 | $ 12.85 | $ 14.10 | $ 14.33 | $ 12.63
Total Return (d) |  |  |  |  |  |
Based on net asset value | (0.75 )% (e) | 18.86 % | (0.24 )% | 3.88 % | 13.67 % | 1.62 %
Based on market price | 2.43 % (e) | 20.09 % | (3.40 )% | 4.20 % | 20.85 % | 0.35 %
Ratios to Average Net Assets |  |  |  |  |  |
Total expenses | 1.42 % (f)(g) | 1.72 % | 1.60 % | 1.16 % | 0.97 % | 0.95 % (h)
Total expenses after fees waived and/or reimbursed | 1.42 % (f) | 1.72 % | 1.60 % | 1.16 % | 0.97 % | 0.95 % (h)
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.79 % (f) | 0.77 % | 0.82 % | 0.78 % | 0.78 % | 0.82 % (h)
Net investment income | 4.15 % (f) | 4.63 % | 4.99 % | 5.19 % | 5.48 % | 5.83 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $ 826,349 | $ 851,650 | $ 759,385 | $ 806,848 | $ 822,549 | $ 770,822
Borrowings outstanding, end of period (000) | $ 271,749 | $ 273,621 | $ 316,216 | $ 289,078 | $ 288,239 | $ 303,651
Portfolio turnover rate (i) | 21 % | 27 % | 28 % | 32 % | 35 % | 55 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | Taxable distribution.
(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) | Annualized.
(g) | Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.78%.
(h) | Includes reorganization costs associated with the Trust’s merger. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense would have been 0.94%, 0.94% and 0.82% for the year ended August 31, 2015.
(i) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| Period from 09/01/19 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
| to 12/31/19 | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15
Portfolio turnover rate (excluding MDRs) | 11 % | 27 % | N/A | 32 % | 35 % | 51 %

Shareholder Update
171

Shareholder Update
(unaudited)
(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand HYT
’
s financial performance for the periods presented. Certain information reflects financial
results for a single common share of HYT.

| HYT
| Period from 09/01/19 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
| to 12/31/19 | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15
Net asset value, beginning of period | $ 11.82 | $ 11.90 | $ 12.22 | $ 11.79 | $ 12.06 | $ 13.47
Net investment income (a) | 0.25 | 0.79 | 0.83 | 0.85 | 0.82 | 0.87
Net realized and unrealized gain (loss) | 0.22 | (0.01 ) | (0.31 ) | 0.47 | (0.10 ) | (1.31 )
Net increase (decrease) from investment operations | 0.47 | 0.78 | 0.52 | 1.32 | 0.72 | (0.44 )
Distributions (b) |  |  |  |  |  |
From net investment income | (0.35 ) | (0.86 ) | (0.84 ) | (0.89 ) | (0.99 ) | (0.97 )
Return of capital | (0.03 ) | — | — | — | — | —
Total distributions | (0.38 ) | (0.86 ) | (0.84 ) | (0.89 ) | (0.99 ) | (0.97 )
Net asset value, end of period | $ 11.91 | $ 11.82 | $ 11.90 | $ 12.22 | $ 11.79 | $ 12.06 (c)
Market price, end of period | $ 11.20 | $ 10.51 | $ 10.70 | $ 11.13 | $ 10.88 | $ 9.97
Total Return (d) |  |  |  |  |  |
Based on net asset value | 4.28 % (e) | 8.06 % | 5.25 % | 12.41 % (f) | 7.76 % | (2.40 )% (c)
Based on market price | 10.28 % (e) | 6.86 % | 3.91 % | 10.94 % | 20.29 % | (9.96 )%
Ratios to Average Net Assets (g) |  |  |  |  |  |
Total expenses | 1.92 % (h)(i) | 2.19 % | 1.99 % | 1.54 % | 1.39 % (j) | 1.37 %
Total expenses after fees waived and/or reimbursed | 1.92 % (h) | 2.19 % | 1.99 % | 1.54 % | 1.39 % | 1.37 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.93 % (h) | 0.92 % | 0.94 % | 0.91 % | 0.93 % | 0.96 %
Net investment income | 6.39 % (h) | 6.87 % | 6.88 % | 7.04 % | 7.30 % | 6.88 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $ 1,451,868 | $ 1,440,436 | $ 1,482,422 | $ 1,545,622 | $ 1,492,948 | $ 1,527,307
Borrowings outstanding, end of period (000) | $ 607,000 | $ 486,000 | $ 647,000 | $ 649,000 | $ 604,000 | $ 631,000
Asset coverage, end of period per $1,000 of bank borrowings | $ 3,392 | $ 3,965 | $ 3,292 | $ 3,382 | $ 3,472 | $ 3,419
Portfolio turnover rate | 20 % | 64 % | 65 % | 75 % | 66 % | 57 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | For financial reporting purposes, the market value of certain total return swaps were adjusted as of report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on net asset value presented herein are different than the information previously published on August 31, 2015.
(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) | Aggregate total return.
(f) | Includes proceeds received from a settlement of litigation, which had no impact on the Trust ’ s total return.
(g) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

| Period from 09/01/19 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
| to 12/31/19 | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 | 08/31/15
Investments in underlying funds | 0.01 % | — % | 0.01 % | 0.04 % | 0.11 % | — %

(h) | Annualized.
(i) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.95%.
(j) | Includes reorganization costs. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense would have been 1.34%, 1.34% and 0.97%, respectively.

172
2024
BlackRock Annual Report to Shareholders

Shareholder Update
(unaudited)
(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand BGT
’
s financial performance for the periods presented. Certain information reflects financial
results for a single common share of BGT.

| BGT
| Period from 11/01/19 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
| to 12/31/19 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | 10/31/15 (a)
Net asset value, beginning of period | $ 13.95 | $ 14.33 | $ 14.49 | $ 14.41 | $ 14.18 | $ 14.57
Net investment income (b) | 0.12 | 0.80 | 0.76 | 0.73 | 0.74 | 0.78
Net realized and unrealized gain (loss) | 0.26 | (0.37 ) | (0.21 ) | 0.12 | 0.19 | (0.36 )
Net increase from investment operations | 0.38 | 0.43 | 0.55 | 0.85 | 0.93 | 0.42
Distributions from net investment income (c) | (0.23 ) | (0.81 ) | (0.71 ) | (0.77 ) | (0.70 ) | (0.81 )
Net asset value, end of period | $ 14.10 | $ 13.95 | $ 14.33 | $ 14.49 | $ 14.41 | $ 14.18
Market price, end of period | $ 12.87 | $ 12.42 | $ 12.72 | $ 14.31 | $ 13.58 | $ 12.77
Total Return (d) |  |  |  |  |  |
Based on net asset value | 2.89 % (e) | 4.00 % | 4.25 % | 6.13 % | 7.27 % | 3.54 %
Based on market price | 5.48 % (e) | 4.31 % | (6.30 )% | 11.21 % | 12.25 % | 3.08 %
Ratios to Average Net Assets (f) |  |  |  |  |  |
Total expenses | 2.11 % (g)(h) | 2.41 % | 2.29 % | 1.92 % | 1.58 % | 1.55 %
Total expenses after fees waived and/or reimbursed | 2.11 % (g) | 2.41 % | 2.29 % | 1.92 % | 1.58 % | 1.54 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 1.28 % (g) | 1.16 % | 1.21 % | 1.20 % | 1.16 % | 1.19 %
Net investment income | 5.23 % (g) | 5.68 % | 5.27 % | 5.02 % | 5.29 % | 5.37 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $ 323,708 | $ 321,091 | $ 339,096 | $ 342,890 | $ 340,944 | $ 335,444
Borrowings outstanding, end of period (000) | $ 130,000 | $ 123,000 | $ 142,000 | $ 150,000 | $ 148,000 | $ 104,000
Asset coverage, end of period per $1,000 of bank borrowings | $ 3,490 | $ 3,610 | $ 3,389 | $ 3,287 | $ 3,304 | $ 4,225
Portfolio turnover rate | 6 % | 53 % | 57 % | 63 % | 47 % | 42 %

(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) | 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) | Aggregate total return.
(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

| Period from 11/01/19 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
| to 12/31/19 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 | 10/31/15 (a)
Investments in underlying funds | 0.04 % | 0.04 % | 0.01 % | — % | — % | — %

(g) | Annualized.
(h) | Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the expense ratio would have been 2.21%.

Shareholder Update
173

Automatic Dividend Reinvestment Plan
Pursuant to BHK, HYT, BTZ and BGT
’
s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of
dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Trust
’
s Common
Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly
to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent
for the shareholders in administering the Reinvestment Plan.
After BHK, HYT, BTZ and BGT declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’
accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trusts (“newly issued shares”) or (ii) by purchase
of outstanding shares on the open market or on the Trust
’
s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value (“NAV”) per
share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment
Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s
account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price
on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the
NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent
will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend
amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested
portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue
for such newly issued shares will substitute for the dividend payment date.
You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.
Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the
Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the
payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or
resumption will be effective with respect to any subsequently declared dividend or other distribution.
The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of
brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic
reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.
Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust
reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in BHK, HYT, BTZ and BGT that request a sale of
shares are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required
to pay. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at
computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006, Providence, RI 02940-3078, Telephone: (800) 699-1236. Overnight correspondence should be
directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.
174
2024
BlackRock Annual Report to Shareholders

Trustee and Officer Information

Independent Trustees (a)
Name Year of Birth (b) | Position(s) Held (Length of Service) (c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years
R. Glenn Hubbard 1958 | Chair of the Board (Since 2022) Trustee (Since 2007) | Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. | 67 RICs consisting of 102 Portfolios | ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); TotalEnergies SE (multi-energy)
W. Carl Kester (d) 1951 | Vice Chair of the Board (Since 2022) Trustee (Since 2007) | Baker Foundation Professor and George Fisher Baker Jr. Professor of Business Administration, Emeritus, Harvard Business School since 2022; George Fisher Baker Jr. Professor of Business Administration, Harvard Business School from 2008 to 2022; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. | 69 RICs consisting of 104 Portfolios | None
Cynthia L. Egan (d) 1955 | Trustee (Since 2016) | Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 69 RICs consisting of 104 Portfolios | Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non-Executive Vice Chair of the Board) (chemical products)
Lorenzo A. Flores 1964 | Trustee (Since 2021) | Chief Financial Officer, Intel Foundry since 2024; Vice Chairman, Kioxia, Inc. from 2019 to 2024; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. | 67 RICs consisting of 102 Portfolios | None
Stayce D. Harris 1959 | Trustee (Since 2021) | Lieutenant General, Inspector General of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. | 67 RICs consisting of 102 Portfolios | KULR Technology Group, Inc. in 2021; The Boeing Company (airplane manufacturer)
J. Phillip Holloman 1955 | Trustee (Since 2021) | President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. | 67 RICs consisting of 102 Portfolios | PulteGroup, Inc. (home construction); Vestis Corporation (uniforms and facilities services)
Catherine A. Lynch (d) 1961 | Trustee (Since 2016) | Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 69 RICs consisting of 104 Portfolios | PennyMac Mortgage Investment Trust

Trustee and Officer Information
175

Trustee and Officer Information
(continued)

Independent Trustees (a) (continued)
Name Year of Birth (b) | Position(s) Held (Length of Service) (c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years
Arthur P. Steinmetz (d) 1958 | Trustee (Since 2023) | Trustee of Denison University since 2020; Consultant, Posit PBC (enterprise data science) since 2020; Director, ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief Executive Officer and President of OppenheimerFunds, Inc. from 2015, 2014 and 2013, respectively to 2019; Trustee, President and Principal Executive Officer of 104 OppenheimerFunds funds from 2014 to 2019; Portfolio manager of various OppenheimerFunds fixed income mutual funds from 1986 to 2014. | 69 RICs consisting of 104 Portfolios | Trustee of 104 OppenheimerFunds funds from 2014 to 2019

Interested Trustees (a)(e)
Name Year of Birth (b) | Position(s) Held (Length of Service) (c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years
Robert Fairbairn 1965 | Trustee (Since 2018) | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares ® businesses from 2012 to 2016. | 95 RICs consisting of 268 Portfolios | None
John M. Perlowski (d) 1964 | Trustee (Since 2015) President and Chief Executive Officer (Since 2010) | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 97 RICs consisting of 270 Portfolios | None

(a) | The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.
(b) | Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.
(c) | Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: R. Glenn Hubbard, 2004 and W. Carl Kester, 1995.
(d) | Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.
(e) | Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.

176
2024
BlackRock Annual Report to Shareholders

Trustee and Officer Information
(continued)

Officers Who Are Not Trustees (a)
Name Year of Birth (b) | Position(s) Held (Length of Service) | Principal Occupation(s) During Past 5 Years
Jonathan Diorio 1980 | Vice President (Since 2015) | Member of BlackRock ’ s Global Operating Committee since 2023; Managing Director of BlackRock, Inc. since 2015.
Trent Walker 1974 | Chief Financial Officer (Since 2021) | Managing Director of BlackRock, Inc. since 2019; Executive Vice President of PIMCO from 2016 to 2019.
Jay M. Fife 1970 | Treasurer (Since 2007) | Managing Director of BlackRock, Inc. since 2007.
Aaron Wasserman 1974 | Chief Compliance Officer (Since 2023) | Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023.
Janey Ahn 1975 | Secretary (Since 2012) | Managing Director of BlackRock, Inc. since 2018.

(a) | The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.
(b) | Officers of the Trust serve at the pleasure of the Board.

Further information about the BHK
’
s, HYT
’
s and BGT’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800)
882-0052.

Effective January 26, 2024, Derek Schoenhofen is no longer a portfolio manager of HYT.
Effective February 20, 2024, Abigail Parzanese is no longer a portfolio manager of BGT.

Trustee and Officer Information
177

Additional Information
Proxy Results
The Annual Meeting of Shareholders was held on July 26, 2024 for shareholders of record on May 28, 2024 to elect trustee nominees for each Trust. There were no broker
non-votes with regard to any of the Trusts.
Shareholders approved the Class II Trustees as follows:

| J. Phillip Holloman | Arthur P. Steinmetz | Catherine A. Lynch
Trust Name | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld
BHK | 40,672,888 | 844,996 | 40,721,029 | 796,855 | 40,779,355 | 738,529
BTZ | 74,135,703 | 2,539,610 | 75,244,043 | 1,431,270 | 74,277,818 | 2,397,495
BGT | 15,059,724 | 424,198 | 15,052,075 | 431,847 | 14,988,690 | 495,232

For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan,
Robert Fairbairn, Lorenzo A. Flores, Stayce D. Harris, R. Glenn Hubbard, W. Carl Kester and John M. Perlowski.
Shareholders elected the Class II Trustees as follows:

| R. Glenn Hubbard | W. Carl Kester | John M. Perlowski
Trust Name | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld
HYT | 93,316,084 | 6,340,757 | 93,402,710 | 6,254,131 | 96,364,421 | 3,292,420

For the Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan, Robert
Fairbairn, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, Arthur P. Steinmetz and Catherine A. Lynch.
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.
178
2024
BlackRock Annual Report to Shareholders

Additional Information
(continued)
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 the Board and is available, without charge upon request by
calling (800) 882-0052.
The following information is a summary of certain changes since December 31, 2023. 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. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts
’
portfolios.
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:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Trusts will mail only one copy of shareholder documents, including for BHK, HYT and BGT only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and
proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and
eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do
not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts
at (800) 882-0052.
Availability of Quarterly Schedule of Investments
The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The
Trusts
’
Forms N-PORT are available on the SEC’s website at
sec.gov
. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year
available at
blackrock.com/fundreports
.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted
proxies relating to securities held in the Trusts
’
portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800)
882-0052; (2) on the BlackRock website at
blackrock.com
; and (3) on the SEC’s website at
sec.gov
.
Availability of Trust Updates
BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of
blackrock.com
as well as
certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release
of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does
not, and is not intended to, incorporate BlackRock’s website in this report.
Additional Information
179

Additional Information
(continued)
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.
HYT and BGT filed final prospectuses with the SEC in connection with its Shelf Offering on January 31, 2025 and January 3, 2023, respectively. This report and the
prospectuses of HYT and BGT are not offers to sell HYT and BGT Common Shares or solicitations of an offer to buy HYT and BGT Common Shares in any jurisdiction where
such offers or sales are not permitted. The prospectuses of HYT and BGT contain important information about HYT and BGT, including their investment objectives, risks,
charges and expenses. Investors are urged to read the prospectuses of HYT and BGT carefully and in their entirety before investing. Copies of the final prospectuses for HYT
and BGT can be obtained from BlackRock at
blackrock.com
.
On February 7, 2025, BHK filed a registration statement with the SEC to issue additional Common Shares through a Shelf Offering. BHK may not sell any Common Shares in
a Shelf Offering until the registration statement is declared effective by the SEC. This report and the preliminary prospectus are not offers to sell BHK Common Shares and are
not solicitations of an offer to buy BHK Common Shares in any jurisdiction where the offers or sales are not permitted. The preliminary prospectus contains more complete
information about BHK
’
s Shelf Offering and should be read carefully before investing. The information in the preliminary prospectus for BHK is not complete and may be
amended or changed. A copy of the final prospectus for BHK can be obtained from BlackRock at blackrock.com,when available.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public
personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in
certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set
forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if
applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we
receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond
to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only
for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to
you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the
information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including
procedures relating to the proper storage and disposal of such information.
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.
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
180
2024
BlackRock Annual Report to Shareholders

Glossary of Terms Used in this Report

Currency Abbreviation
CAD | Canadian Dollar
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
CPI | Consumer Price Index
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 Bond
REIT | Real Estate Investment Trust
SG | Syncora Guarantee
SOFR | Secured Overnight Financing Rate
SONIA | Sterling Overnight Interbank Average Rate
SPDR | Standard & Poor’s Depository Receipt
TBA | To-Be-Announced

Glossary of Terms Used in this Report
181

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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-12/24-AR

(b) Not Applicable

Item 2 – | Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.

Item 3 – | Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”) has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – | Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

|  | (a) Audit Fees |  | (b) Audit-Related Fees1 |  | (c) Tax Fees2 |  | (d) All Other Fees
Entity Name |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End
BlackRock Core Bond Trust |  | $78,030 |  | $78,030 |  | $2,000 |  | $2,000 |  | $18,100 |  | $18,096 |  | $0 |  | $407

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

1

|  | Current Fiscal Year End |  | Previous Fiscal Year End
(b) Audit-Related Fees1 |  | $0 |  | $0
(c) Tax Fees2 |  | $0 |  | $0
(d) All Other Fees3 |  | $2,149,000 |  | $2,154,000

1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3 Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

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(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name |  | Current Fiscal Year End |  | Previous Fiscal Year End
BlackRock Core Bond Trust |  | $20,100 |  | $20,503

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

|  | Current Fiscal Year End |  | Previous Fiscal Year End |  |
| $2,149,000 |  | $2,154,000

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5 – | Audit Committee of Listed Registrant

(a) The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Lorenzo A. Flores

J. Phillip Holloman

Catherine A. Lynch

Arthur P. Steinmetz

(b) Not Applicable

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

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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 – Not Applicable

Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of trustees has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Closed-End Fund Proxy Voting Policy. The Investment Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”) with respect to certain funds, including the Fund. Copies of the Closed-End Fund Proxy Voting Policy and the BAIS Guidelines are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 882-0052, (ii) at www.blackrock.com and (iii) on the SEC’s website at http://www.sec.gov.

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

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Scott MacLellan, Managing Director at BlackRock and Akiva Dickstein, Managing Director at BlackRock. Messrs. MacLellan and Dickstein are the Fund’s portfolio managers. Messrs. MacLellan and Dickstein are responsible for the day-to-day management of the Fund’s portfolio, which includes setting the Fund’s overall investment strategy, overseeing the management of the Fund and/or selection of its investments. Messrs. MacLellan and Dickstein have been members of the Fund’s portfolio management team since 2018 and 2020, respectively.

Portfolio Manager |  | Biography
Scott MacLellan, CFA, CMT |  | Managing Director of BlackRock since 2022; Director of BlackRock from 2010 to 2021; Vice President of BlackRock from 2007 to 2009.
Akiva Dickstein |  | Managing Director of BlackRock since 2009; Managing Director of Merrill Lynch Investment Managers, L.P. from 2003 to 2009 and Head of the U.S. Rates & Structured Credit Research Group.

(a)(2) As of December 31, 2024:

|  | (ii) Number of Other Accounts Managed and Assets by Account Type |  | (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts
Scott MacLellan, CFA, CMT |  | 10 |  | 15 |  | 122 |  | 0 |  | 2 |  | 3

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|  | (ii) Number of Other Accounts Managed and Assets by Account Type |  | (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts
|  | $8.88 Billion |  | $3.02 Billion |  | $44.78 Billion |  | $0 |  | $118.3 Million |  | $1.02 Billion
Akiva Dickstein |  | 17 |  | 21 |  | 196 |  | 0 |  | 0 |  | 3
|  | $20.63 Billion |  | $6.41 Billion |  | $85.24 Billion |  | $0 |  | $0 |  | $1.02 Billion

(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. MacLellan and Dickstein may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. MacLellan and Dickstein may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

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(a)(3) As of December 31, 2024:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of December 31, 2024.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:

Portfolio Manager |  | Benchmark
Scott MacLellan, CFA, CMT |  | A combination of market-based indices (e.g., Bank of America Merrill Lynch U.S. Corporate & Government Index, 1-3 Years), certain customized indices and certain fund industry peer groups.
Akiva Dickstein |  | A combination of market-based indices (e.g. Bloomberg U.S. Aggregate Index, Bloomberg U.S. Universal Index and Bloomberg Intermediate Aggregate Index), certain customized indices and certain fund industry peer groups.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at

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risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($345,000 for 2024). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of December 31, 2024.

Portfolio Manager |  | Dollar Range of Equity Securities of the Fund Beneficially Owned
Scott MacLellan, CFA, CMT |  | $1 - $10,000
Akiva Dickstein |  | $50,001 - $100,000

(b) Not Applicable

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.

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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

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

Item 19 – | Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(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

(c) Consent of Independent Registered Public Accounting Firm

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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 Core Bond Trust

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

Date: February 26, 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 Core Bond Trust

Date: February 26, 2025

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Core Bond Trust

Date: February 26, 2025

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