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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: 811-21566

Name of Fund: |  | BlackRock Floating Rate Income Trust (BGT)

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

Name and address of agent for service: John M. Perlowski, Chief Executive Officer,
BlackRock
Floating Rate Income Trust, 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800)
882-0052,
Option 4
Date of fiscal year end: 12/31/2024
Date of reporting period: 06/30/2024

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

June 30, 2024

2024 Semi-Annual Report (Unaudited)

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

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information
(unaudited)
Section 19(a) Notices
BlackRock Core Bond Trust
’
s (BHK), BlackRock Corporate High Yield Fund, Inc.’s (HYT), BlackRock Credit Allocation Income Trust
’
s (BTZ) and BlackRock Floating Rate
Income Trust
’
s (BGT) (collectively the “Trusts”, or individually a “Trust”) amounts and sources of distributions reported are estimates and are being provided pursuant to
regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s
investment experience during the year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you
how to report these distributions for U.S. federal income tax purposes.
June 30, 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 |  | $ 0.291321 | $ — | $ — | $ 0.156279 | $ 0.447600 | 65 % | — % | — % | 35 % | 100 %
HYT |  | 0.382004 | — | — | 0.085396 | 0.467400 | 82 | — | — | 18 | 100
BTZ |  | 0.340964 | — | — | 0.162436 | 0.503400 | 68 | — | — | 32 | 100
BGT |  | 0.593371 | — | — | 0.128309 | 0.721680 | 82 | — | — | 18 | 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 Semi-Annual Report to Shareholders

Table of Contents
Page

Supplemental Information | 2
Semi-Annual Report: |
The Benefits and Risks of Leveraging | 4
Derivative Financial Instruments | 4
Trust Summary | 5
Financial Statements: |
Schedules of Investments | 14
Statements of Assets and Liabilities | 128
Statements of Operations | 130
Statements of Changes in Net Assets | 131
Statements of Cash Flows | 133
Financial Highlights | 135
Notes to Financial Statements | 139
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements | 153
Additional Information | 157
Glossary of Terms Used in this Report | 160

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 Semi-Annual Report to Shareholders

Trust Summary
as of June 30, 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 June 30, 2024 ($10.65) (a) | 8.41%
Current Monthly Distribution per Common Share (b) | $0.074600
Current Annualized Distribution per Common Share (b) | $0.895200
Leverage as of June 30, 2024 (c) | 35%

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

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 10.65 | $ 10.91 | (2.38 ) % | $ 11.00 | $ 10.23
Net Asset Value | 10.51 | 11.02 | (4.63 ) | 11.02 | 10.24

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV (a)(b) | (0.52 ) % | 4.77 % | (0.14 ) % | 3.10 %
Trust at Market Price (a)(b) | 1.82 | 9.06 | 1.42 | 4.05
Bloomberg U.S. Credit Index (c) | (0.46 ) | 4.42 | 0.54 | 2.21
Reference Benchmark (d) | (0.90 ) | 3.30 | 0.23 | 2.28
Bloomberg U.S. Long Government/Credit Index (e) | (4.10 ) | (1.58 ) | (2.22 ) | 1.65
Bloomberg Intermediate Credit Index (f) | 0.93 | 5.60 | 1.32 | 2.20
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (g) | 2.58 | 10.43 | 3.90 | 4.30
Bloomberg CMBS, Eligible for U.S. Aggregate Index (h) | 1.53 | 5.76 | 0.69 | 1.95
Bloomberg MBS Index (i) | (0.98 ) | 2.12 | (0.76 ) | 0.89
Bloomberg ABS Index (j) | 1.66 | 5.46 | 1.62 | 1.84

(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) | An index that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
(d) | The Reference Benchmark is comprised of the Bloomberg U.S. Long Government/Credit Index (40%); Bloomberg Intermediate Credit Index (24%); Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (16%); Bloomberg CMBS, Eligible for U.S. Aggregate Index (8%); Bloomberg MBS Index (8%); and Bloomberg ABS Index (4%). The Reference Benchmark’s index content and weightings may have varied over past periods.
(e) | An unmanaged index that is the long component of the Bloomberg U.S. Government/Credit Index. It includes publicly issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt and supranational debt.
(f) | An unmanaged index that is the intermediate component of the Bloomberg U.S. Credit Index. The Bloomberg U.S. Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.
(g) | An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index.
(h) | An unmanaged index that is the CMBS component of the Bloomberg U.S. Aggregate Index.

Trust Summary
5

Trust Summary
as of June 30, 2024
(continued)
BlackRock Core Bond Trust (BHK)

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future
performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Exposure to U.S. credit sectors including high yield corporate bonds, investment grade corporate bonds, bank loans and collateralized loan obligations (“CLOs”) contributed
to the Trust’s performance over the period. Holdings of non-agency mortgage-backed securities (“MBS”) and emerging markets debt also proved additive.
Derivatives were utilized by the Trust in order to hedge and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the portfolio. The Trust’s use
of derivatives detracted from performance during the period.
Describe recent portfolio activity.
The Trust favored CLOs as a high-quality source of attractive risk-adjusted income, while marginally decreasing exposure to investment grade corporate bonds as spreads
tightened and taking gains in the sector. The Trust also reduced the allocation to capital securities (i.e., subordinated bank debt) on concerns of potential pressures in the
banking sector. Instead, the Trust maintained its maximum allocation of 25% to U.S. high yield corporate bonds on the back of solid fundamentals.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders resulted in a lower portfolio turnover relative to most traditional fixed income
portfolios. Over the period, the Trust reduced the use of leverage given elevated borrowing costs in order to earn positive carry-on assets and enhance the funding status of
dividends.
Describe portfolio positioning at period end.
At period end, the Trust maintained diversified exposure across non-government spread sectors, including investment grade and high yield corporate bonds, commercial
mortgage-backed securities, asset-backed securities and, to a lesser degree, non-agency MBS. The Trust also held exposure to government-related sectors such as
U.S. Treasuries, agency debt and agency MBS.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
6
2024
BlackRock Semi-Annual Report to Shareholders

Trust Summary
as of June 30, 2024
(continued)
BlackRock Core Bond Trust (BHK)
Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments (a)
Corporate Bonds | 41.7 %
U.S. Treasury Obligations | 15.1
U.S. Government Sponsored Agency Securities | 12.8
Asset-Backed Securities | 10.8
Non-Agency Mortgage-Backed Securities | 9.2
Preferred Securities | 4.2
Municipal Bonds | 2.4
Floating Rate Loan Interests | 2.4
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) | 36.1 %
AA/Aa | 4.4
A | 12.7
BBB/Baa | 18.4
BB/Ba | 9.7
B | 10.4
CCC/Caa | 2.2
CC | — (d)
C | 0.2
D | — (d)
N/R (e) | 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) | 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 June 30, 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 June 30, 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 June 30, 2024 ($9.69) (a) | 9.65%
Current Monthly Distribution per Common Share (b) | $0.077900
Current Annualized Distribution per Common Share (b) | $0.934800
Leverage as of June 30, 2024 (c) | 26%

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

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 9.69 | $ 9.43 | 2.76 % | $ 9.93 | $ 9.26
Net Asset Value | 9.60 | 9.73 | (1.34 ) | 9.73 | 9.42

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV (a)(b) | 3.56 % | 13.05 % | 5.17 % | 5.54 %
Trust at Market Price (a)(b) | 7.85 | 20.12 | 7.34 | 6.64
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (c) | 2.58 | 10.43 | 3.90 | 4.30

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any.
(b) | The Trust moved from a 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) | An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future
performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
From a sector perspective, technology, midstream energy, and independent energy were the largest absolute contributors. By credit rating, B rated bonds were the leading
contributor, followed by BBs and CCCs. High yield was the most meaningful contributor to returns from an asset allocation perspective, but tactical positions in bank loans and
investment-grade corporates were also additive.
Cable and satellite and wireless were the only notable detractors at the sector level. There were no meaningful detractors with respect to credit tiers. In terms of asset
allocation, convertibles were a slight detractor.
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.
8
2024
BlackRock Semi-Annual Report to Shareholders

Trust Summary
as of June 30, 2024
(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
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 allocation to bank loans as more interesting relative values developed, and it decreased the Trust’s position in investment-grade corporates. In
addition, it continued to use derivatives and high-yield exchange traded funds to manage the portfolio’s positioning.
Describe portfolio positioning at period end.
The Trust remained underweight in BB rated bonds and overweight in Bs and select CCCs. The investment adviser maintained a tactical (but meaningful) allocation to bank
loans and investment-grade corporates. Leading sector overweights included technology, property and casualty, wirelines, aerospace and defense, and diversified
manufacturing, while retailers and construction machinery were among the largest underweights.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments
Corporate Bonds | 81.3 %
Floating Rate Loan Interests | 11.5
Preferred Securities | 2.9
Investment Companies | 2.6
Fixed Rate Loan Interests | 1.0
Other* | 0.7

CREDIT QUALITY ALLOCATION
Credit Rating (a) | Percent of Total Investments
A | 0.1 %
BBB/Baa | 3.4
BB/Ba | 33.3
B | 48.6
CCC/Caa | 9.1
D | — (b)
N/R (c) | 5.5

(a) | 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.
(b) | Rounds to less than 0.1%.
(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 and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 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 Consolidated Schedule of Investments for details.

Trust Summary
9

Trust Summary
as of June 30, 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 June 30, 2024 ($10.71) (a) | 9.40%
Current Monthly Distribution per Common Share (b) | $0.083900
Current Annualized Distribution per Common Share (b) | $1.006800
Leverage as of June 30, 2024 (c) | 36%

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

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 10.71 | $ 10.32 | 3.78 % | $ 11.12 | $ 10.01
Net Asset Value | 11.27 | 11.59 | (2.76 ) | 11.60 | 11.03

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV (a)(b) | 1.93 % | 10.72 % | 2.97 % | 4.30 %
Trust at Market Price (a)(b) | 8.78 | 16.31 | 4.37 | 5.10
Reference Benchmark (c) | 0.92 | 6.94 | 1.87 | 3.15
Bloomberg U.S. Credit Index (d) | (0.46 ) | 4.42 | 0.54 | 2.21
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (e) | 2.58 | 10.43 | 3.90 | 4.30
Bloomberg USD Capital Securities Index (f) | 1.92 | 8.20 | 2.06 | 3.62

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any.
(b) | The Trust ’ s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | The Reference Benchmark is comprised of the Bloomberg U.S. Credit Index (50.36%), the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (29.93%), and the Bloomberg USD Capital Securities Index (19.71%).
(d) | An index that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
(e) | An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index.
(f) | An unmanaged index that tracks fixed-rate, investment grade capital securities denominated in USD.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future
performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
10
2024
BlackRock Semi-Annual Report to Shareholders

Trust Summary
as of June 30, 2024
(continued)
BlackRock Credit Allocation Income Trust (BTZ)
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Contributions to the Trust’s performance over the period were led by U.S. credit exposures, in particular to high yield corporate bonds, collateralized loan obligations (“CLOs”),
capital securities and floating rate bank loans. Allocations to Asian corporate bonds and European high yield corporate bonds contributed as well.
Allocations to investment grade corporate bonds in both the United States and Europe detracted from performance, along with holdings of emerging market corporate bonds.
Holdings of to-be-announced mortgage-backed securities also weighed on return.
In addition to employing leverage, the Trust used derivatives as part of its investment strategy, including forward contracts to hedge foreign currency exposure of non-U.S.
positions back to U.S. dollars and interest rate futures to adjust duration positioning tactically as needed. The Trust’s use of derivatives had a negative impact on
performance for the period.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
Over the period, the Trust increased exposure to floating rate securities including CLOs and bank loans. The Trust also added to holdings of capital securities and Asian
corporate bonds. Exposure to both U.S. and European investment grade and high yield corporate bonds was modestly decreased.
Describe portfolio positioning at period end.
At period end, the Trust was positioned relatively conservatively with a preference for floating rate securities given elevated interest rate levels. In this vein, the CLO allocation
was near historic highs given the asset class’s attractive floating rate income and structural protection. Similarly, exposure to bank loans was higher than usual as all-in yields
remained high and default rates have started to plateau.
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 | 72.9 %
Asset-Backed Securities | 12.0
Preferred Securities | 8.1
Floating Rate Loan Interests | 4.8
Foreign Agency Obligations | 1.3
Other* | 0.9

CREDIT QUALITY ALLOCATION
Credit Rating (b) | Percent of Total Investments (a)
AAA/Aaa | 7.4 %
AA/Aa | 4.2
A | 12.3
BBB/Baa | 34.9
BB/Ba | 20.5
B | 16.6
CCC/Caa | 2.4
N/R (c) | 1.7

(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 and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 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
11

Trust Summary
as of June 30, 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 June 30, 2024 ($12.76) (a) | 11.31%
Current Monthly Distribution per Common Share (b) | $0.120280
Current Annualized Distribution per Common Share (b) | $1.443360
Leverage as of June 30, 2024 (c) | 24%

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

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $ 12.76 | $ 12.38 | 3.07 % | $ 13.74 | $ 12.04
Net Asset Value | 12.74 | 12.90 | (1.24 ) | 12.95 | 12.71

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV (a)(b) | 4.48 % | 11.91 % | 6.38 % | 5.52 %
Trust at Market Price (a)(b) | 9.04 | 22.57 | 9.09 | 6.04
Morningstar LSTA Leveraged Loan Index (c) | 4.40 | 11.11 | 5.53 | 4.60

(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) | An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future
performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
From a sector perspective, technology and healthcare were the largest absolute contributors. By credit rating, B rated bonds were the leading contributor, followed by BBs and
CCCs. Bank loans were the top contributor from an allocation standpoint.
At the sector level, restaurants were the only notable detractor from absolute performance. The Trusts allocation to CC rated issues detracted, as well.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
12
2024
BlackRock Semi-Annual Report to Shareholders

Trust Summary
as of June 30, 2024
(continued)
BlackRock Floating Rate Income Trust (BGT)
Describe recent portfolio activity.
The investment adviser added to the Trust’s allocation to BBB rated issues, increased the extent of its overweight in BBs, and trimmed its position in CCCs. It also increased
the allocation to B2s, moving from a small underweight to a slight overweight. Conversely, it decreased the position in B1s from an overweight to an underweight.
The Trust continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.
Describe portfolio positioning at period end.
The Trust was overweight in BBBs and BBs. It also maintained a small but important overweight in CCCs to capitalize on idiosyncratic opportunities. The Fund’s sector
positioning is largely the result of bottom-up security selection, but top-down considerations are factored into the analysis of individual issues. While technology continues to
represents the largest absolute allocation due to its large index weighting, the portfolio is underweight in the sector relative terms. The Trust’s out-of-benchmark allocations
remained 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.
Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments (a)
Floating Rate Loan Interests | 93.5 %
Asset-Backed Securities | 2.3
Investment Companies | 1.7
Corporate Bonds | 1.7
Other* | 0.8

CREDIT QUALITY ALLOCATION
Credit Rating (b) | Percent of Total Investments (a)
A | 0.1 %
BBB/Baa | 9.6
BB/Ba | 26.0
B | 55.4
CCC/Caa | 5.0
N/R (c) | 3.9

(a) | Excludes short-term securities.
(b) | For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(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 and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 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

Schedule of Investments
(unaudited)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
522 Funding CLO Ltd., Series 2019-4A, Class DR, (3- mo. CME Term SOFR + 3.91%), 9.24%, 04/20/30 (a)(b) | USD | 600 | $ 603,068
AGL CLO Ltd., Series 2020-3A, Class D, (3-mo. CME Term SOFR + 3.56%), 8.89%, 01/15/33 (a)(b) |  | 250 | 250,795
AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME Term SOFR + 2.40%), 7.73%, 04/16/37 (a)(b) |  | 650 | 651,549
Apidos CLO XXII, Series 2015-22A, Class CR, (3-mo. CME Term SOFR + 3.21%), 8.54%, 04/20/31 (a)(b) |  | 250 | 251,057
Apidos CLO XXIV, Series 2016-24A, Class A1AL, (3-mo. CME Term SOFR + 1.21%), 6.54%, 10/20/30 (a)(b) |  | 463 | 463,229
Apidos CLO XXVI, Series 2017-26A, Class A1AR, (3-mo. CME Term SOFR + 1.16%), 6.49%, 07/18/29 (a)(b) |  | 467 | 467,146
Apidos CLO XXVII, Series 2017-27A, Class A1R, (3-mo. CME Term SOFR + 1.19%), 6.51%, 07/17/30 (a)(b) |  | 137 | 136,666
Assurant CLO I Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 2.41%), 7.74%, 10/20/34 (a)(b) |  | 500 | 501,044
Assurant CLO IV Ltd., Series 2019-4A, Class CR, (3-mo. CME Term SOFR + 2.66%), 7.99%, 04/20/30 (a)(b) |  | 500 | 500,425
Bain Capital Credit CLO Ltd. (a)(b) |  |  |
Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.68%, 07/24/34 |  | 250 | 246,188
Series 2021-5A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.24%, 10/23/34 |  | 500 | 500,120
Ballyrock CLO Ltd., Series 2022-21A, Class D, (3-mo. CME Term SOFR + 8.76%), 14.08%, 10/20/35 (a)(b) |  | 500 | 518,038
Barings CLO Ltd. (a)(b) |  |  |
Series 2017-1A, Class D, (3-mo. CME Term SOFR + 3.86%), 9.19%, 07/18/29 |  | 250 | 251,318
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.81%), 7.14%, 04/15/30 |  | 1,500 | 1,503,738
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A2R, (3-mo. CME Term SOFR + 1.71%), 7.04%, 01/20/31 (a)(b) |  | 1,500 | 1,504,443
Benefit Street Partners CLO XIV Ltd., Series 2018-14A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.04%, 04/20/31 (a)(b) |  | 1,500 | 1,504,406
Birch Grove CLO Ltd., Series 2021-3A, Class D1, (3-mo. CME Term SOFR + 3.46%), 8.79%, 01/19/35 (a)(b) |  | 250 | 249,251
BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.49%, 04/15/34 (a)(b) |  | 500 | 492,576
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 7.91%, 04/15/37 (a)(b) |  | 1,200 | 1,216,035
Buckhorn Park CLO Ltd., Series 2019-1A, Class AR, (3-mo. CME Term SOFR + 1.38%), 6.71%, 07/18/34 (a)(b) |  | 2,500 | 2,500,004
Canyon Capital CLO Ltd. (a)(b) |  |  |
Series 2016-1A, Class CR, (3-mo. CME Term SOFR + 2.16%), 7.49%, 07/15/31 |  | 250 | 250,253
Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.61%), 8.94%, 04/15/34 |  | 500 | 501,244
Carlyle Global Market Strategies CLO Ltd. (a)(b) |  |  |
Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.21%), 6.53%, 08/14/30 |  | 74 | 73,624
Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 3.61%), 8.93%, 08/14/30 |  | 1,000 | 1,000,394
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 3.46%), 8.79%, 04/20/32 (a)(b) |  | 500 | 501,709
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. CME Term SOFR + 6.70%), 12.03%, 07/20/32 (a)(b) |  | 500 | 493,636
CarVal CLO VC Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.51%), 8.84%, 10/15/34 (a)(b) |  | 250 | 250,827

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
CBAM Ltd., Series 2017-1A, Class C, (3-mo. CME Term SOFR + 2.66%), 7.99%, 07/20/30 (a)(b) | USD | 350 | $ 350,519
Cedar Funding IX CLO Ltd. (a)(b) |  |  |
Series 2018-9A, Class A1, (3-mo. CME Term SOFR + 1.24%), 6.57%, 04/20/31 |  | 206 | 206,827
Series 2018-9A, Class D, (3-mo. CME Term SOFR + 2.86%), 8.19%, 04/20/31 |  | 250 | 250,029
Cedar Funding VII CLO Ltd., Series 2018-7A, Class A1, (3-mo. CME Term SOFR + 1.26%), 6.59%, 01/20/31 (a)(b) |  | 403 | 403,286
Cedar Funding X CLO Ltd., Series 2019-10A, Class BR, (3-mo. CME Term SOFR + 1.86%), 7.19%, 10/20/32 (a)(b) |  | 930 | 929,968
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B, (3-mo. CME Term SOFR + 1.86%), 7.19%, 07/15/33 (a)(b) |  | 500 | 499,543
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 7.12%, 04/20/35 (a)(b) |  | 400 | 399,970
CIFC Funding Ltd. (a)(b) |  |  |
Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 3.81%), 9.14%, 07/16/30 |  | 500 | 502,417
Series 2014-2RA, Class B1, (3-mo. CME Term SOFR + 3.06%), 8.38%, 04/24/30 |  | 750 | 752,327
Series 2014-3A, Class BR2, (3-mo. CME Term SOFR + 2.06%), 7.39%, 10/22/31 |  | 250 | 251,014
Series 2015-1A, Class ARR, (3-mo. CME Term SOFR + 1.37%), 6.70%, 01/22/31 |  | 725 | 726,336
Series 2015-3A, Class AR, (3-mo. CME Term SOFR + 1.13%), 6.46%, 04/19/29 |  | 107 | 107,277
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 7.73%, 04/21/37 |  | 1,000 | 1,011,883
Series 2017-2A, Class AR, (3-mo. CME Term SOFR + 1.21%), 6.54%, 04/20/30 |  | 363 | 363,432
Series 2017-4A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.53%, 10/24/30 |  | 317 | 317,205
Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.69%, 04/20/32 |  | 500 | 501,718
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.69%, 07/15/36 |  | 500 | 501,266
Series 2022-7A, Class C, (3-mo. CME Term SOFR + 3.85%), 9.17%, 10/22/35 |  | 500 | 503,203
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 5.35%), 10.67%, 10/22/35 |  | 600 | 608,059
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. Term SOFR + 0.25%), 5.58%, 01/15/37 (a) |  | 894 | 818,813
Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3-mo. CME Term SOFR + 3.11%), 8.44%, 10/15/30 (a)(b) |  | 280 | 280,257
Dryden CLO Ltd. (a)(b) |  |  |
Series 2017-53A, Class B, (3-mo. CME Term SOFR + 1.66%), 6.99%, 01/15/31 |  | 1,320 | 1,321,082
Series 2018-64A, Class D, (3-mo. CME Term SOFR + 2.91%), 8.24%, 04/18/31 |  | 1,250 | 1,247,252
Series 2022-106A, Class C, (3-mo. CME Term SOFR + 3.90%), 9.23%, 10/15/35 |  | 500 | 503,091
Dryden Senior Loan Fund (a)(b) |  |  |
Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.69%, 01/15/31 |  | 225 | 225,257
Series 2017-50A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.24%, 07/15/30 |  | 250 | 251,036
Eaton Vance CLO Ltd., Series 2015-1A, Class A2R, (3- mo. CME Term SOFR + 1.51%), 6.84%, 01/20/30 (a)(b) |  | 1,000 | 1,002,100

14
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B, 3.50%, 11/25/50 (b) | USD | 110 | $ 87,731
Elmwood CLO 21 Ltd., Series 2022-8A, Class CR, (3- mo. CME Term SOFR + 2.70%), 8.02%, 10/20/36 (a)(b) |  | 500 | 506,430
Elmwood CLO 26 Ltd, Series 2026-1A, Class C, (3-mo. CME Term SOFR + 2.40%), 7.69%, 04/18/37 (a)(b) |  | 1,300 | 1,312,560
Elmwood CLO V Ltd., Series 2020-2A, Class CR, (3-mo. CME Term SOFR + 2.26%), 7.59%, 10/20/34 (a)(b) |  | 436 | 436,973
Elmwood CLO VI Ltd. (a)(b) |  |  |
Series 2020-3A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.24%, 10/20/34 |  | 250 | 251,149
Series 2020-3A, Class BRR, 07/18/37 (c) |  | 250 | 250,000
Fairstone Financial Issuance Trust I, Series 2020-1A, Class C, 5.16%, 10/20/39 (b) | CAD | 170 | 116,446
Flatiron CLO Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.21%), 6.53%, 04/17/31 (a)(b) | USD | 944 | 944,384
Galaxy CLO Ltd., Series 2023-31A, Class E, (3-mo. CME Term SOFR + 8.43%), 13.76%, 04/15/36 (a)(b) |  | 350 | 365,216
Galaxy XX CLO Ltd., Series 2015-20A, Class CR, (3-mo. CME Term SOFR + 2.01%), 7.34%, 04/20/31 (a)(b) |  | 250 | 250,251
Galaxy XXVII CLO Ltd., Series 2018-27A, Class A, (3- mo. CME Term SOFR + 1.28%), 6.61%, 05/16/31 (a)(b) |  | 1,268 | 1,268,636
Generate CLO Ltd. (a)(b) |  |  |
Series 2A, Class AR, (3-mo. CME Term SOFR + 1.41%), 6.74%, 01/22/31 |  | 176 | 175,978
Series 4A, Class DR, (3-mo. CME Term SOFR + 3.41%), 8.74%, 04/20/32 |  | 1,500 | 1,500,472
Series 6A, Class DR, (3-mo. CME Term SOFR + 3.76%), 9.09%, 01/22/35 |  | 750 | 753,518
GoldenTree Loan Management U.S. CLO Ltd. (a)(b) |  |  |
Series 12A, Class B, (3-mo. CME Term SOFR + 1.95%), 7.27%, 04/20/34 |  | 1,000 | 1,004,754
Series 2018-3A, Class B1, (3-mo. CME Term SOFR + 1.81%), 7.14%, 04/20/30 |  | 250 | 250,478
Series 2019-5A, Class BR, (3-mo. CME Term SOFR + 1.86%), 7.18%, 04/24/31 |  | 500 | 501,790
Golub Capital Partners CLO Ltd., Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 12.15%, 07/20/34 (a)(b) |  | 250 | 250,583
Gracie Point International Funding LLC, Series 2023-1A, Class D, (90-day Avg SOFR + 4.50%), 9.85%, 09/01/26 (a)(b) |  | 162 | 164,264
Grippen Park CLO Ltd., Series 2017-1A, Class D, (3-mo. CME Term SOFR + 3.56%), 8.89%, 01/20/30 (a)(b) |  | 250 | 250,105
Highbridge Loan Management Ltd., Series 3A-2014, Class CR, (3-mo. CME Term SOFR + 3.86%), 9.19%, 07/18/29 (a)(b) |  | 1,000 | 1,005,346
Litigation Fee Residual, Series 2020-1, Class A, 4.00%, 10/30/27 (d) |  | 229 | 227,393
Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A4, (1 mo. Term SOFR + 0.59%), 5.94%, 09/25/36 (a) |  | 5,921 | 1,582,531
Madison Park Funding LIV Ltd., Series 2022-54A, Class E1, (3-mo. CME Term SOFR + 8.95%), 14.27%, 10/21/34 (a)(b) |  | 263 | 271,702
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 6.83%, 04/18/37 (a)(b) |  | 1,300 | 1,301,109

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.84%, 04/19/33 (a)(b) | USD | 500 | $ 501,432
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. CME Term SOFR + 3.86%), 9.19%, 07/21/30 (a)(b) |  | 1,000 | 1,005,424
Madison Park Funding XXIII Ltd. (a)(b) |  |  |
Series 2017-23A, Class AR, (3-mo. CME Term SOFR + 1.23%), 6.56%, 07/27/31 |  | 958 | 958,809
Series 2017-23A, Class CR, (3-mo. CME Term SOFR + 2.26%), 7.59%, 07/27/31 |  | 600 | 600,358
Madison Park Funding XXXIV Ltd., Series 2019-34A, Class DR, (3-mo. CME Term SOFR + 3.61%), 8.94%, 04/25/32 (a)(b) |  | 250 | 251,140
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 7.27%, 04/15/37 (a)(b) |  | 1,000 | 1,005,267
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, (3-mo. CME Term SOFR + 2.16%), 7.48%, 07/17/34 (a)(b) |  | 250 | 249,452
Marble Point CLO XVII Ltd., Series 2020-1A, Class D, (3-mo. CME Term SOFR + 4.01%), 9.34%, 04/20/33 (a)(b) |  | 250 | 250,031
Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3-mo. CME Term SOFR + 3.91%), 9.24%, 01/22/35 (a)(b) |  | 250 | 250,252
Mariner Finance Issuance Trust, Series 2022-AA, Class A, 6.45%, 10/20/37 (b) |  | 515 | 515,943
Navient Private Education Refi Loan Trust (b) |  |  |
Series 2019-D, Class A2A, 3.01%, 12/15/59 |  | 457 | 432,472
Series 2019-GA, Class A, 2.40%, 10/15/68 |  | 160 | 150,125
Series 2021-CA, Class A, 1.06%, 10/15/69 |  | 732 | 644,963
Series 2021-DA, Class C, 3.48%, 04/15/60 |  | 770 | 682,006
Series 2021-DA, Class D, 4.00%, 04/15/60 |  | 440 | 400,740
Series 2021-EA, Class A, 0.97%, 12/16/69 |  | 869 | 755,764
Series 2023-A, Class A, 5.51%, 10/15/71 |  | 154 | 154,347
Nelnet Student Loan Trust (b) |  |  |
Series 2021-A, Class D, 4.93%, 04/20/62 |  | 460 | 380,386
Series 2021-BA, Class B, 2.68%, 04/20/62 |  | 1,983 | 1,641,568
Series 2021-CA, Class AFL, (1 mo. Term SOFR + 0.85%), 6.19%, 04/20/62 (a) |  | 338 | 335,462
Neuberger Berman Loan Advisers CLO Ltd. (a)(b) |  |  |
Series 2019-35R, Class CR, (3-mo. CME Term SOFR + 2.30%), 7.63%, 01/19/33 |  | 1,500 | 1,511,902
Series 2020-37A, Class CR, (3-mo. CME Term SOFR + 2.06%), 7.39%, 07/20/31 |  | 1,162 | 1,161,792
Neuberger Berman Loan Advisers NBLA CLO Ltd., Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 11.07%, 10/24/35 (a)(b) |  | 568 | 577,563
OCP CLO Ltd. (a)(b) |  |  |
Series 16-11R, Class B1R2, (3-mo. CME Term SOFR + 1.95%), 7.27%, 04/26/36 |  | 500 | 504,043
Series 2015-9A, Class BR2, (3-mo. CME Term SOFR + 1.75%), 7.08%, 01/15/33 |  | 250 | 250,513
Series 2017-13A, Class A1AR, (3-mo. CME Term SOFR + 1.22%), 6.55%, 07/15/30 |  | 881 | 881,861
Series 2017-14A, Class A2, (3-mo. CME Term SOFR + 1.76%), 7.09%, 11/20/30 |  | 1,620 | 1,623,232
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 8.64%, 07/15/34 (a)(b) |  | 250 | 245,016

Schedule of Investments
15

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 6.56%, 07/19/30 (a)(b) | USD | 1,981 | $ 1,982,233
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 6.99%, 01/25/31 (a)(b) |  | 500 | 500,520
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, (3-mo. CME Term SOFR + 1.26%), 6.58%, 02/14/31 (a)(b) |  | 239 | 239,082
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 8.34%, 01/22/30 (a)(b) |  | 500 | 500,108
OZLM VIII Ltd., Series 2014-8A, Class CRR, (3-mo. CME Term SOFR + 3.41%), 8.73%, 10/17/29 (a)(b) |  | 875 | 875,453
OZLM XXI Ltd., Series 2017-21A, Class C, (3-mo. CME Term SOFR + 2.93%), 8.26%, 01/20/31 (a)(b) |  | 1,000 | 1,001,410
Palmer Square CLO Ltd. (a)(b) |  |  |
Series 2013-2A, Class A2R3, (3-mo. CME Term SOFR + 1.76%), 7.08%, 10/17/31 |  | 250 | 250,468
Series 2015-2A, Class CR2, (3-mo. CME Term SOFR + 3.01%), 8.34%, 07/20/30 |  | 250 | 250,526
Series 2020-3ARR, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 6.97%, 11/15/36 |  | 250 | 251,780
Series 2020-3ARR, Class A2R2, (3-mo. CME Term SOFR + 2.30%), 7.62%, 11/15/36 |  | 250 | 254,063
Series 2022-4A, Class C, (3-mo. CME Term SOFR + 4.00%), 9.32%, 10/20/35 |  | 1,000 | 1,012,223
Palmer Square Loan Funding Ltd. (a)(b) |  |  |
Series 2021-1A, Class A1, (3-mo. CME Term SOFR + 1.16%), 6.49%, 04/20/29 |  | 28 | 28,165
Series 2021-2A, Class A1, (3-mo. CME Term SOFR + 1.06%), 6.39%, 05/20/29 |  | 55 | 54,697
Series 2021-3A, Class A1, (3-mo. CME Term SOFR + 1.06%), 6.39%, 07/20/29 |  | 254 | 254,005
Park Avenue Institutional Advisers CLO Ltd., Series 2017- 1A, Class DR, (3-mo. CME Term SOFR + 7.07%), 12.39%, 02/14/34 (a)(b) |  | 1,300 | 1,251,765
Prodigy Finance DAC, Series 2021-1A, Class C, (1 mo. Term SOFR + 3.86%), 9.21%, 07/25/51 (a)(b) |  | 68 | 69,000
Rad CLO Ltd., Series 2019-3A, Class DR, (3-mo. CME Term SOFR + 3.01%), 8.34%, 04/15/32 (a)(b) |  | 400 | 400,407
Regatta XI Funding Ltd., Series 2018-1A, Class D, (3- mo. CME Term SOFR + 3.11%), 8.43%, 07/17/31 (a)(b) |  | 370 | 370,003
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.04%, 01/15/34 (a)(b) |  | 850 | 851,970
Regional Management Issuance Trust, Series 2022-2B, Class A, 7.10%, 11/17/32 (b) |  | 200 | 201,411
Republic Finance Issuance Trust, Series 2020-A, Class C, 4.05%, 11/20/30 (b) |  | 240 | 232,784
Romark CLO Ltd., Series 2017-1A, Class B, (3-mo. CME Term SOFR + 2.41%), 7.74%, 10/23/30 (a)(b) |  | 500 | 500,075
Shackleton CLO Ltd., Series 2015-7RA, Class C, (3-mo. CME Term SOFR + 2.61%), 7.94%, 07/15/31 (a)(b) |  | 250 | 250,268
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3-mo. CME Term SOFR + 1.21%), 6.54%, 10/26/34 (a)(b) |  | 900 | 900,140
SMB Private Education Loan Trust (b) |  |  |
Series 2019-A, Class A2A, 3.44%, 07/15/36 |  | 1,014 | 978,507
Series 2019-B, Class A2A, 2.84%, 06/15/37 |  | 211 | 201,140
Series 2021-A, Class A2B, 1.59%, 01/15/53 |  | 325 | 290,529
Series 2021-A, Class B, 2.31%, 01/15/53 |  | 221 | 207,381
Series 2021-C, Class C, 3.00%, 01/15/53 |  | 127 | 106,456

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
SMB Private Education Loan Trust (b) (continued) |  |  |
Series 2021-C, Class D, 3.93%, 01/15/53 | USD | 86 | $ 76,260
Series 2021-D, Class A1A, 1.34%, 03/17/53 |  | 990 | 895,787
Series 2022-C, Class A1A, 4.48%, 05/16/50 |  | 315 | 305,980
Series 2023-B, Class A1B, (30-day Avg SOFR + 1.80%), 7.13%, 10/16/56 (a) |  | 207 | 211,780
Series 2023-C, Class A1A, 5.67%, 11/15/52 |  | 1,473 | 1,486,585
Sterling COOFS Trust (d) |  |  |
Series 2004-1, Class A, 2.00%, 04/15/29 |  | 700 | 7,002
Series 2004-2, Class Note, 2.08%, 03/30/30 (b) |  | 402 | 4,024
Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A2, 3.45%, 02/25/32 |  | 23 | 20,337
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54 (b) |  | 295 | 297,623
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 7.18%, 04/23/35 (a)(b) |  | 600 | 600,491
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 6.52%, 07/15/30 (a)(b) |  | 391 | 391,416
TCW CLO Ltd., Series 2020-1A, Class DRR, (3-mo. CME Term SOFR + 3.66%), 8.99%, 04/20/34 (a)(b) |  | 250 | 250,180
TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.49%, 01/20/31 (a)(b) |  | 500 | 500,432
TICP CLO XV Ltd., Series 2020-15A, Class D, (3-mo. CME Term SOFR + 3.41%), 8.74%, 04/20/33 (a)(b) |  | 250 | 250,655
Trestles CLO Ltd. (a)(b) |  |  |
Series 2017-1A, Class B1R, (3-mo. CME Term SOFR + 2.01%), 7.34%, 04/25/32 |  | 1,750 | 1,747,734
Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 3.16%), 8.49%, 04/25/32 |  | 250 | 250,352
Series 2017-1A, Class CRR, 07/25/37 (c) |  | 1,750 | 1,750,000
Series 2017-1A, Class D1RR, 07/25/37 (c) |  | 250 | 250,000
Trimaran CAVU Ltd. (a)(b) |  |  |
Series 2019-2A, Class C, (3-mo. CME Term SOFR + 4.98%), 10.31%, 11/26/32 |  | 500 | 500,420
Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 8.84%, 10/25/34 |  | 500 | 499,969
Series 2022-1, Class E, (3-mo. CME Term SOFR + 9.08%), 14.40%, 10/22/35 |  | 500 | 513,483
Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 11.44%, 01/20/36 |  | 400 | 408,715
Series 2023-1, Class E, (3-mo. CME Term SOFR + 8.94%), 14.26%, 07/20/36 |  | 500 | 521,753
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32 (e) | GBP | 6 | 7,856
Voya CLO Ltd. (a)(b) |  |  |
Series 2014-2A, Class A1RR, (3-mo. CME Term SOFR + 1.28%), 6.60%, 04/17/30 | USD | 97 | 97,118
Series 2017-2A, Class A2AR, (3-mo. CME Term SOFR + 1.91%), 7.24%, 06/07/30 |  | 250 | 250,187
Series 2017-3A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 6.63%, 04/20/34 |  | 1,900 | 1,900,499
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.51%), 6.84%, 07/15/31 |  | 1,000 | 1,000,500
Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 7.19%, 01/20/35 (a)(b) |  | 725 | 725,092
Whitebox CLO I Ltd., Series 2019-1A, Class D1RR, (3- mo. CME Term SOFR + 3.10%), 8.44%, 07/24/36 (a)(b) |  | 500 | 500,000

16
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.61%), 8.93%, 10/24/34 (a)(b) | USD | 500 | $ 501,526
Whitebox CLO III Ltd. (a)(b) |  |  |
Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.61%), 8.94%, 10/15/34 |  | 250 | 250,769
Series 2021-3A, Class E, (3-mo. CME Term SOFR + 7.11%), 12.44%, 10/15/34 |  | 250 | 251,020
Total Asset-Backed Securities — 17.0% (Cost: $97,182,958) | 96,661,726
Corporate Bonds
Advertising Agencies (b) — 0.1%
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 |  | 325 | 311,927
Stagwell Global LLC, 5.63%, 08/15/29 |  | 69 | 63,729
|  |  | 375,656
Aerospace & Defense — 3.1%
AAR Escrow Issuer LLC, 6.75%, 03/15/29 (b) |  | 170 | 173,295
Boeing Co. |  |  |
6.30%, 05/01/29 (b) |  | 1,840 | 1,865,871
2.95%, 02/01/30 |  | 800 | 684,902
3.60%, 05/01/34 |  | 550 | 442,509
6.53%, 05/01/34 (b)(f) |  | 435 | 445,396
Bombardier, Inc. (b) |  |  |
7.88%, 04/15/27 |  | 69 | 69,176
6.00%, 02/15/28 (f) |  | 261 | 257,997
7.50%, 02/01/29 |  | 3 | 3,109
8.75%, 11/15/30 (f) |  | 294 | 317,750
7.25%, 07/01/31 |  | 83 | 85,218
7.00%, 06/01/32 |  | 136 | 137,889
7.45%, 05/01/34 |  | 100 | 112,324
Embraer Netherlands Finance BV, 7.00%, 07/28/30 (b) |  | 263 | 274,424
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (b)(f) |  | 200 | 198,000
General Electric Co., 6.15%, 08/07/37 |  | 2,150 | 2,248,318
L3Harris Technologies, Inc. |  |  |
2.90%, 12/15/29 |  | 1,200 | 1,070,268
1.80%, 01/15/31 |  | 300 | 242,715
Lockheed Martin Corp., 3.80%, 03/01/45 |  | 800 | 637,707
Northrop Grumman Corp. |  |  |
4.70%, 03/15/33 |  | 400 | 385,901
3.85%, 04/15/45 |  | 850 | 662,253
RTX Corp. |  |  |
2.38%, 03/15/32 |  | 1,000 | 819,631
5.15%, 02/27/33 |  | 900 | 890,652
4.50%, 06/01/42 |  | 300 | 259,833
Spirit AeroSystems, Inc. (b) |  |  |
9.38%, 11/30/29 |  | 296 | 318,685
9.75%, 11/15/30 |  | 279 | 307,769
TransDigm, Inc. (b) |  |  |
6.75%, 08/15/28 |  | 614 | 621,506
6.38%, 03/01/29 (f) |  | 1,225 | 1,231,178
7.13%, 12/01/31 |  | 466 | 480,156
6.63%, 03/01/32 (f) |  | 1,599 | 1,615,085
Triumph Group, Inc., 9.00%, 03/15/28 (b) |  | 476 | 498,962
|  |  | 17,358,479

Security |  | Par (000) | Value
Air Freight & Logistics — 0.2%
FedEx Corp., 4.75%, 11/15/45 (f) | USD | 1,250 | $ 1,077,635
Rand Parent LLC, 8.50%, 02/15/30 (b) |  | 15 | 15,186
|  |  | 1,092,821
Automobile Components — 0.6%
Aptiv PLC, 4.40%, 10/01/46 |  | 465 | 362,844
Champions Financing, Inc., 8.75%, 02/15/29 (b)(f) |  | 217 | 222,528
Clarios Global LP/Clarios U.S. Finance Co. |  |  |
4.38%, 05/15/26 (e) | EUR | 200 | 213,119
8.50%, 05/15/27 (b)(f) | USD | 1,287 | 1,294,260
6.75%, 05/15/28 (b) |  | 340 | 344,098
Dana Financing Luxembourg SARL, 8.50%, 07/15/31 (e) | EUR | 100 | 116,587
Forvia SE, 3.75%, 06/15/28 (e) |  | 100 | 103,080
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (b) | USD | 262 | 265,517
Goodyear Tire & Rubber Co., 5.63%, 04/30/33 |  | 81 | 73,218
Phinia, Inc., 6.75%, 04/15/29 (b) |  | 80 | 81,187
Schaeffler AG, 4.75%, 08/14/29 (e) | EUR | 100 | 107,791
Tenneco, Inc., 8.00%, 11/17/28 (b) | USD | 39 | 35,503
ZF Finance GmbH, 3.75%, 09/21/28 (e) | EUR | 100 | 103,620
|  |  | 3,323,352
Automobiles — 0.9%
Asbury Automotive Group, Inc., 4.50%, 03/01/28 | USD | 10 | 9,475
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29 (e) | GBP | 100 | 125,462
Carvana Co. (b)(g) |  |  |
(13.00% PIK), 13.00%, 06/01/30 | USD | 70 | 76,627
(14.00% PIK), 14.00%, 06/01/31 |  | 363 | 408,822
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (b) |  | 117 | 120,986
Ford Motor Co., 4.75%, 01/15/43 |  | 2,000 | 1,617,302
Ford Motor Credit Co. LLC, 7.20%, 06/10/30 (f) |  | 200 | 210,383
General Motors Co., 6.25%, 10/02/43 |  | 2,506 | 2,495,543
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30 (a)(e) | EUR | 100 | 105,223
|  |  | 5,169,823
Banks — 5.3%
Alpha Bank SA, (1-year EUR Swap + 2.43%), 5.00%, 05/12/30 (a)(e) |  | 100 | 107,365
Banca Monte dei Paschi di Siena SpA, (3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29 (a)(e) |  | 100 | 107,277
Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), 5.00% (a)(e)(h) | USD | 500 | 486,250
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26 (e) |  | 252 | 240,818
Bank of America Corp., (3-mo. CME Term SOFR + 1.57%), 4.27%, 07/23/29 (a)(f) |  | 4,000 | 3,854,053
Barclays Bank PLC, 1.00%, 02/16/29 (i) |  | 229 | 237,409
Barclays PLC, (1-year CMT + 1.05%), 2.28%, 11/24/27 (a)(f) |  | 3,000 | 2,779,212
BNP Paribas SA, (5-year CMT + 3.73%), 8.00% (a)(b)(h) |  | 1,000 | 1,003,728
Citigroup, Inc., (1-day SOFR + 2.34%), 6.27%, 11/17/33 (a)(f) |  | 1,567 | 1,641,171
Credit Suisse AG/New York, 5.00%, 07/09/27 |  | 900 | 892,590
Deutsche Bank AG/New York, (1-day SOFR + 3.18%), 6.72%, 01/18/29 (a)(f) |  | 850 | 877,185
Freedom Mortgage Corp., 12.25%, 10/01/30 (b) |  | 65 | 69,922
Goldman Sachs Group, Inc., (3-mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29 (a)(f) |  | 4,000 | 3,850,498
HSBC Holdings PLC, 6.10%, 01/14/42 |  | 610 | 648,885
JPMorgan Chase & Co. (a) |  |  |
(1-day SOFR + 1.18%), 2.55%, 11/08/32 (f) |  | 1,000 | 832,685

Schedule of Investments
17

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Banks (continued)
JPMorgan Chase & Co. (a) (continued) |  |  |
(1-day SOFR + 1.62%), 5.34%, 01/23/35 | USD | 540 | $ 536,772
(1-day SOFR + 2.08%), 4.91%, 07/25/33 |  | 1,381 | 1,341,278
(3-mo. CME Term SOFR + 1.42%), 3.70%, 05/06/30 |  | 1,000 | 935,031
(3-mo. CME Term SOFR + 2.46%), 3.11%, 04/22/41 |  | 800 | 598,714
Morgan Stanley (a) |  |  |
(1-day SOFR + 1.73%), 5.12%, 02/01/29 (f) |  | 3,000 | 2,988,140
(1-day SOFR + 1.73%), 5.47%, 01/18/35 |  | 600 | 598,434
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35 (a)(e) | EUR | 100 | 108,060
NatWest Group PLC, (1-year CMT + 2.27%), 5.52%, 09/30/28 (a) | USD | 1,000 | 1,000,342
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33 (a)(b) |  | 500 | 478,030
Wells Fargo & Co. (a) |  |  |
(1-day SOFR + 1.78%), 5.50%, 01/23/35 (f) |  | 1,290 | 1,285,476
(1-day SOFR + 2.02%), 5.39%, 04/24/34 |  | 1,124 | 1,111,150
(1-day SOFR + 2.53%), 3.07%, 04/30/41 (f) |  | 2,250 | 1,649,885
|  |  | 30,260,360
Beverages — 0.8%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 (f) |  | 4,600 | 4,241,015
Keurig Dr. Pepper, Inc., 2.25%, 03/15/31 |  | 400 | 332,953
|  |  | 4,573,968
Biotechnology — 0.6%
Amgen, Inc. |  |  |
5.25%, 03/02/30 (f) |  | 800 | 805,869
4.20%, 03/01/33 |  | 1,000 | 926,440
5.25%, 03/02/33 |  | 600 | 598,251
4.40%, 05/01/45 |  | 650 | 546,930
Baxalta, Inc., 5.25%, 06/23/45 |  | 500 | 469,862
Cidron Aida Finco SARL, 5.00%, 04/01/28 (e) | EUR | 100 | 98,992
|  |  | 3,446,344
Broadline Retail — 0.4%
Amazon.com, Inc., 4.05%, 08/22/47 (f) | USD | 1,500 | 1,248,815
LCM Investments Holdings II LLC (b) |  |  |
4.88%, 05/01/29 |  | 55 | 51,410
8.25%, 08/01/31 (f) |  | 244 | 254,609
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (b) |  | 44 | 43,469
Rakuten Group, Inc. (b) |  |  |
11.25%, 02/15/27 |  | 200 | 213,601
9.75%, 04/15/29 |  | 200 | 206,150
|  |  | 2,018,054
Building Materials — 0.7%
Builders FirstSource, Inc., 6.38%, 03/01/34 (b) |  | 115 | 113,851
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (b)(f) |  | 183 | 179,413
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
6.38%, 12/15/30 (b) | EUR | 110 | 122,222
6.38%, 12/15/30 (e) |  | 100 | 111,111
6.63%, 12/15/30 (b)(f) | USD | 1,408 | 1,418,985
07/15/31 (b)(c) |  | 122 | 123,525
Jeld-Wen, Inc., 4.63%, 12/15/25 (b) |  | 122 | 119,834
Masterbrand, Inc., 7.00%, 07/15/32 (b) |  | 79 | 79,893
New Enterprise Stone & Lime Co., Inc. (b) |  |  |
5.25%, 07/15/28 |  | 55 | 51,927
9.75%, 07/15/28 |  | 32 | 32,533
Smyrna Ready Mix Concrete LLC (b) |  |  |
6.00%, 11/01/28 |  | 262 | 255,965

Security |  | Par (000) | Value
Building Materials (continued)
Smyrna Ready Mix Concrete LLC (b) (continued) |  |  |
8.88%, 11/15/31 | USD | 479 | $ 508,184
Standard Industries, Inc. (b) |  |  |
5.00%, 02/15/27 |  | 157 | 152,614
4.75%, 01/15/28 |  | 3 | 2,854
4.38%, 07/15/30 |  | 170 | 153,598
3.38%, 01/15/31 |  | 44 | 37,071
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 01/15/31 (b)(f) |  | 295 | 305,518
|  |  | 3,769,098
Building Products — 1.1%
Beacon Roofing Supply, Inc. (b) |  |  |
4.13%, 05/15/29 |  | 68 | 61,946
6.50%, 08/01/30 |  | 76 | 76,685
Foundation Building Materials, Inc., 6.00%, 03/01/29 (b) |  | 47 | 41,710
Home Depot, Inc., 5.88%, 12/16/36 |  | 1,660 | 1,758,849
Lowe ’ s Cos., Inc. |  |  |
1.70%, 10/15/30 |  | 1,600 | 1,306,355
5.00%, 04/15/33 (f) |  | 1,000 | 984,604
4.38%, 09/15/45 |  | 1,000 | 819,378
White Cap Buyer LLC, 6.88%, 10/15/28 (b) |  | 974 | 939,804
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26 (b)(f)(g) |  | 218 | 218,005
|  |  | 6,207,336
Capital Markets — 0.4%
Apollo Debt Solutions BDC, 6.90%, 04/13/29 (b) |  | 135 | 135,673
Ares Capital Corp. |  |  |
5.88%, 03/01/29 |  | 90 | 88,704
5.95%, 07/15/29 |  | 180 | 176,951
Aretec Group, Inc., 10.00%, 08/15/30 (b) |  | 65 | 70,693
Blackstone Private Credit Fund |  |  |
3.25%, 03/15/27 |  | 53 | 48,930
5.95%, 07/16/29 (b) |  | 76 | 74,431
6.25%, 01/25/31 (b) |  | 103 | 102,408
Blue Owl Capital Corp. |  |  |
3.75%, 07/22/25 |  | 129 | 125,755
3.40%, 07/15/26 |  | 12 | 11,307
Blue Owl Capital Corp. II, 8.45%, 11/15/26 (b) |  | 94 | 96,984
Blue Owl Credit Income Corp. |  |  |
7.75%, 09/16/27 |  | 215 | 220,913
6.60%, 09/15/29 (b) |  | 60 | 59,187
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b)(f) |  | 129 | 122,353
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
6.25%, 05/15/26 |  | 115 | 114,092
5.25%, 05/15/27 |  | 431 | 404,547
9.75%, 01/15/29 (b) |  | 188 | 194,768
4.38%, 02/01/29 |  | 142 | 121,416
9.00%, 06/15/30 (b) |  | 106 | 105,465
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70% (a)(h) |  | 171 | 172,019
|  |  | 2,446,596
Chemicals — 0.8%
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31 (b) |  | 173 | 179,651
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b)(f) |  | 198 | 177,147
Braskem Idesa SAPI, 6.99%, 02/20/32 (b) |  | 200 | 152,200
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 144 | 136,688
5.75%, 11/15/28 (b) |  | 118 | 108,943

18
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Chemicals (continued)
Chemours Co. (continued) |  |  |
4.63%, 11/15/29 (b) | USD | 157 | $ 135,177
Element Solutions, Inc., 3.88%, 09/01/28 (b) |  | 470 | 431,935
HB Fuller Co., 4.25%, 10/15/28 |  | 74 | 69,747
Herens Holdco SARL, 4.75%, 05/15/28 (b) |  | 200 | 173,488
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b)(f) |  | 220 | 221,742
INEOS Quattro Finance 2 PLC, 8.50%, 03/15/29 (e) | EUR | 100 | 113,387
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(g) | USD | 194 | 158,721
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (b) |  | 90 | 85,180
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28 (e) | EUR | 100 | 114,739
9.75%, 11/15/28 (b)(f) | USD | 363 | 384,043
7.25%, 06/15/31 (b) |  | 320 | 318,083
Sasol Financing USA LLC, 6.50%, 09/27/28 |  | 200 | 190,312
Sherwin-Williams Co., 4.50%, 06/01/47 |  | 350 | 295,137
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b) |  | 311 | 281,646
WR Grace Holdings LLC (b) |  |  |
4.88%, 06/15/27 |  | 105 | 101,255
5.63%, 08/15/29 (f) |  | 677 | 623,988
7.38%, 03/01/31 |  | 152 | 154,046
|  |  | 4,607,255
Commercial Services & Supplies — 2.7%
ADT Security Corp. (b) |  |  |
4.13%, 08/01/29 |  | 19 | 17,522
4.88%, 07/15/32 |  | 39 | 35,814
Allied Universal Holdco LLC, 7.88%, 02/15/31 (b) |  | 821 | 823,136
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b) |  |  |
6.63%, 07/15/26 (f) |  | 14 | 13,958
9.75%, 07/15/27 |  | 63 | 62,615
6.00%, 06/01/29 (f) |  | 898 | 786,096
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
4.63%, 06/01/28 (b) |  | 729 | 664,492
4.88%, 06/01/28 (e) | GBP | 100 | 113,611
APX Group, Inc., 5.75%, 07/15/29 (b)(f) | USD | 181 | 173,657
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (e) | EUR | 100 | 99,609
Block, Inc. |  |  |
2.75%, 06/01/26 | USD | 450 | 425,069
3.50%, 06/01/31 |  | 43 | 37,094
6.50%, 05/15/32 (b)(f) |  | 917 | 929,279
Boels Topholding BV, 5.75%, 05/15/30 (e) | EUR | 100 | 108,487
Boost Newco Borrower LLC, 7.50%, 01/15/31 (b) | USD | 400 | 417,061
Brink ’ s Co. (b) |  |  |
6.50%, 06/15/29 |  | 85 | 85,891
6.75%, 06/15/32 |  | 128 | 128,939
Fortress Transportation and Infrastructure Investors LLC (b) |  |  |
7.88%, 12/01/30 |  | 502 | 525,157
7.00%, 05/01/31 |  | 521 | 532,284
7.00%, 06/15/32 |  | 340 | 344,810
Garda World Security Corp. (b) |  |  |
4.63%, 02/15/27 |  | 88 | 84,089
9.50%, 11/01/27 |  | 96 | 96,444
7.75%, 02/15/28 |  | 370 | 376,840
6.00%, 06/01/29 |  | 57 | 52,003
Global Payments, Inc., 1.50%, 03/01/31 (b)(i) |  | 346 | 316,763

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Grand Canyon University, 5.13%, 10/01/28 | USD | 702 | $ 633,071
Herc Holdings, Inc. (b) |  |  |
5.50%, 07/15/27 |  | 85 | 83,670
6.63%, 06/15/29 |  | 149 | 151,089
ITR Concession Co. LLC, 4.20%, 07/15/25 (b)(f) |  | 4,000 | 3,899,226
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29 (b) |  | 82 | 76,448
Moody ’ s Corp., 2.75%, 08/19/41 |  | 350 | 242,043
NESCO Holdings II, Inc., 5.50%, 04/15/29 (b) |  | 99 | 91,696
Prime Security Services Borrower LLC/Prime Finance, Inc. (b) |  |  |
5.75%, 04/15/26 |  | 50 | 49,620
6.25%, 01/15/28 (f) |  | 216 | 212,851
Q-Park Holding I BV, 02/15/30 (c)(e) | EUR | 100 | 106,827
Service Corp. International, 4.00%, 05/15/31 | USD | 20 | 17,811
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (b) |  | 370 | 358,256
Shift4 Payments, Inc., 0.00%, 12/15/25 (i)(j) |  | 112 | 128,775
Sotheby ’ s, 7.38%, 10/15/27 (b)(f) |  | 465 | 388,301
Sotheby ’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b)(f) |  | 400 | 297,671
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (e) | EUR | 88 | 94,064
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26 (b) | USD | 580 | 567,113
United Rentals North America, Inc., 6.13%, 03/15/34 (b) |  | 102 | 101,628
Verisure Holding AB, 9.25%, 10/15/27 (e) | EUR | 100 | 113,253
Wand NewCo 3, Inc., 7.63%, 01/30/32 (b) | USD | 333 | 343,920
Williams Scotsman, Inc. (b) |  |  |
6.63%, 06/15/29 |  | 104 | 104,823
7.38%, 10/01/31 |  | 199 | 204,792
|  |  | 15,517,668
Communications Equipment — 0.0%
CommScope, Inc., 4.75%, 09/01/29 (b) |  | 108 | 74,769
Construction & Engineering — 0.3%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29 (b) |  | 200 | 205,250
Arcosa, Inc., 4.38%, 04/15/29 (b) |  | 117 | 108,649
Azzurra Aeroporti SpA, 2.63%, 05/30/27 (e) | EUR | 100 | 101,230
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) | USD | 1,004 | 1,085,017
Pike Corp., 8.63%, 01/31/31 (b) |  | 57 | 60,381
|  |  | 1,560,527
Construction Materials (b) — 0.1%
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 |  | 111 | 107,112
Gates Corp., 6.88%, 07/01/29 |  | 161 | 163,808
Resideo Funding, Inc., 4.00%, 09/01/29 |  | 42 | 37,017
Velocity Vehicle Group LLC, 8.00%, 06/01/29 |  | 70 | 71,998
|  |  | 379,935
Consumer Finance — 0.8%
Bread Financial Holdings, Inc., 9.75%, 03/15/29 (b) |  | 88 | 92,445
Capital One Financial Corp., (1-day SOFR + 2.60%), 5.82%, 02/01/34 (a)(f) |  | 440 | 435,485
FMR LLC, 4.95%, 02/01/33 (b) |  | 2,300 | 2,236,015
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27 (i) |  | 191 | 202,746
Navient Corp. |  |  |
5.50%, 03/15/29 |  | 30 | 27,390
9.38%, 07/25/30 |  | 148 | 155,618
OneMain Finance Corp. |  |  |
3.50%, 01/15/27 |  | 116 | 108,686
6.63%, 01/15/28 |  | 78 | 78,277
9.00%, 01/15/29 (f) |  | 200 | 211,004

Schedule of Investments
19

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Consumer Finance (continued)
OneMain Finance Corp. (continued) |  |  |
5.38%, 11/15/29 | USD | 30 | $ 28,136
7.88%, 03/15/30 |  | 247 | 254,671
4.00%, 09/15/30 |  | 115 | 98,698
7.50%, 05/15/31 |  | 58 | 58,689
Raymond James Financial, Inc., 4.95%, 07/15/46 |  | 400 | 359,990
|  |  | 4,347,850
Consumer Staples Distribution & Retail — 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (b) |  |  |
3.25%, 03/15/26 |  | 34 | 32,660
5.88%, 02/15/28 |  | 62 | 61,280
6.50%, 02/15/28 |  | 80 | 80,379
3.50%, 03/15/29 |  | 198 | 178,109
4.88%, 02/15/30 |  | 55 | 51,975
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 (b) |  | 249 | 241,282
Kraft Heinz Foods Co. |  |  |
5.00%, 06/04/42 |  | 500 | 452,092
4.38%, 06/01/46 |  | 200 | 162,656
Lamb Weston Holdings, Inc. (b) |  |  |
4.13%, 01/31/30 |  | 90 | 81,729
4.38%, 01/31/32 |  | 94 | 83,836
Performance Food Group, Inc., 4.25%, 08/01/29 (b) |  | 34 | 30,954
Post Holdings, Inc. (b) |  |  |
4.63%, 04/15/30 |  | 67 | 61,567
4.50%, 09/15/31 |  | 9 | 8,067
6.25%, 02/15/32 |  | 169 | 169,220
U.S. Foods, Inc. (b) |  |  |
6.88%, 09/15/28 |  | 93 | 95,085
4.75%, 02/15/29 |  | 44 | 41,733
4.63%, 06/01/30 |  | 27 | 25,085
7.25%, 01/15/32 (f) |  | 148 | 153,593
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |  | 50 | 45,138
Walgreens Boots Alliance, Inc., 3.20%, 04/15/30 (f) |  | 19 | 15,905
|  |  | 2,072,345
Containers & Packaging — 0.7%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (b)(f) |  | 666 | 563,606
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26 (e) | EUR | 200 | 177,566
4.13%, 08/15/26 (b) | USD | 202 | 175,329
Clydesdale Acquisition Holdings, Inc. (b) |  |  |
6.63%, 04/15/29 |  | 219 | 215,241
8.75%, 04/15/30 (f) |  | 476 | 465,840
LABL, Inc. (b) |  |  |
6.75%, 07/15/26 |  | 40 | 39,500
5.88%, 11/01/28 |  | 89 | 81,155
9.50%, 11/01/28 |  | 301 | 303,371
Mauser Packaging Solutions Holding Co. (b) |  |  |
7.88%, 04/15/27 (f) |  | 1,742 | 1,776,825
9.25%, 04/15/27 |  | 44 | 44,028
OI European Group BV, 6.25%, 05/15/28 | EUR | 100 | 110,710
Owens-Brockway Glass Container, Inc. (b) |  |  |
6.63%, 05/13/27 | USD | 27 | 26,945
7.25%, 05/15/31 |  | 118 | 117,795
Sealed Air Corp. (b) |  |  |
5.00%, 04/15/29 |  | 38 | 36,165

Security |  | Par (000) | Value
Containers & Packaging (continued)
Sealed Air Corp. (b) (continued) |  |  |
6.50%, 07/15/32 | USD | 101 | $ 100,433
Trident TPI Holdings, Inc., 12.75%, 12/31/28 (b) |  | 23 | 25,121
|  |  | 4,259,630
Diversified Consumer Services (b) — 0.1%
Match Group Holdings II LLC |  |  |
5.63%, 02/15/29 |  | 6 | 5,763
4.13%, 08/01/30 |  | 20 | 17,696
3.63%, 10/01/31 (f) |  | 134 | 113,502
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 |  | 189 | 163,435
|  |  | 300,396
Diversified REITs — 1.7%
American Tower Corp., 2.90%, 01/15/30 (f) |  | 2,500 | 2,203,895
Crown Castle, Inc. |  |  |
3.10%, 11/15/29 |  | 750 | 669,554
2.10%, 04/01/31 |  | 1,000 | 809,827
ERP Operating LP, 4.50%, 06/01/45 |  | 1,155 | 966,982
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27 (b) |  | 130 | 135,153
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |  | 127 | 116,007
Prologis LP, 4.63%, 01/15/33 (f) |  | 1,000 | 957,729
SBA Communications Corp. |  |  |
3.13%, 02/01/29 (f) |  | 321 | 286,187
3.88%, 02/15/27 |  | 18 | 17,154
Simon Property Group LP, 4.75%, 03/15/42 |  | 1,670 | 1,471,282
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC (b) |  |  |
10.50%, 02/15/28 (f) |  | 901 | 882,333
10.50%, 02/15/28 |  | 157 | 153,747
Ventas Realty LP, 4.13%, 01/15/26 |  | 870 | 850,065
|  |  | 9,519,915
Diversified Telecommunication Services — 4.0%
Altice Financing SA (b) |  |  |
9.63%, 07/15/27 |  | 217 | 198,836
5.75%, 08/15/29 |  | 200 | 145,211
Altice France SA/France |  |  |
11.50%, 02/01/27 (e) | EUR | 100 | 87,577
5.13%, 07/15/29 (b) | USD | 544 | 357,735
5.50%, 10/15/29 (b) |  | 200 | 131,817
AT&T, Inc. |  |  |
6.38%, 03/01/41 |  | 520 | 548,182
5.15%, 03/15/42 |  | 1,200 | 1,111,046
4.75%, 05/15/46 |  | 1,500 | 1,297,309
Bell Telephone Co. of Canada or Bell Canada, 3.65%, 03/17/51 |  | 335 | 240,325
Cablevision Lightpath LLC (b) |  |  |
3.88%, 09/15/27 |  | 220 | 194,514
5.63%, 09/15/28 |  | 200 | 161,264
Cellnex Telecom SA, Series CLNX, 2.13%, 08/11/30 (e)(i) | EUR | 100 | 106,777
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (b) | USD | 300 | 289,545
Frontier Communications Holdings LLC (b) |  |  |
5.00%, 05/01/28 (f) |  | 293 | 276,034
8.75%, 05/15/30 (f) |  | 1,073 | 1,105,665
8.63%, 03/15/31 |  | 198 | 203,965
GCI LLC, 4.75%, 10/15/28 (b) |  | 72 | 65,720
Iliad Holding SASU (b) |  |  |
6.50%, 10/15/26 |  | 256 | 254,866
8.50%, 04/15/31 |  | 200 | 202,508

20
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
iliad SA (e) |  |  |
5.38%, 06/14/27 | EUR | 100 | $ 108,873
5.63%, 02/15/30 |  | 100 | 109,594
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (e) |  | 100 | 103,882
Kenbourne Invest SA, 6.88%, 11/26/24 (b) | USD | 233 | 99,025
Level 3 Financing, Inc. (b) |  |  |
10.50%, 04/15/29 |  | 744 | 742,140
4.88%, 06/15/29 |  | 306 | 174,562
11.00%, 11/15/29 (f) |  | 677 | 692,499
10.50%, 05/15/30 (f) |  | 686 | 679,424
Lorca Telecom Bondco SA, 5.75%, 04/30/29 (e) | EUR | 100 | 109,639
Lumen Technologies, Inc. (b) |  |  |
4.13%, 04/15/29 | USD | 140 | 90,895
4.13%, 04/15/30 |  | 140 | 87,405
Network i2i Ltd., (5-year CMT + 4.27%), 5.65% (a)(e)(h) |  | 400 | 395,800
Rogers Communications, Inc., 7.50%, 08/15/38 (f) |  | 2,325 | 2,704,676
Sable International Finance Ltd., 5.75%, 09/07/27 (b) |  | 200 | 192,688
SoftBank Group Corp. (e) |  |  |
2.88%, 01/06/27 | EUR | 100 | 101,363
3.88%, 07/06/32 |  | 100 | 95,850
Telecom Italia Capital SA (b) |  |  |
6.00%, 09/30/34 | USD | 200 | 189,277
7.20%, 07/18/36 |  | 200 | 206,120
T-Mobile U.S., Inc. |  |  |
2.55%, 02/15/31 |  | 500 | 424,437
4.50%, 04/15/50 |  | 500 | 417,583
Verizon Communications, Inc., 6.55%, 09/15/43 (f) |  | 5,000 | 5,488,777
Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/31 (e) | GBP | 100 | 104,257
Vodafone Group PLC, 4.25%, 09/17/50 (f) | USD | 700 | 546,105
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (b) |  | 110 | 103,625
Zayo Group Holdings, Inc. (b) |  |  |
4.00%, 03/01/27 (f) |  | 1,773 | 1,417,985
6.13%, 03/01/28 |  | 458 | 306,656
|  |  | 22,672,033
Electric Utilities — 5.0%
Baltimore Gas and Electric Co. |  |  |
3.50%, 08/15/46 |  | 800 | 576,939
3.75%, 08/15/47 |  | 500 | 374,486
CenterPoint Energy Houston Electric LLC, 4.45%, 10/01/32 |  | 750 | 710,140
Clearway Energy Operating LLC, 4.75%, 03/15/28 (b) |  | 93 | 88,864
Cleveland Electric Illuminating Co., 5.95%, 12/15/36 |  | 434 | 439,683
Duke Energy Carolinas LLC |  |  |
6.10%, 06/01/37 |  | 640 | 659,586
6.00%, 01/15/38 |  | 1,675 | 1,741,973
Duke Energy Florida LLC |  |  |
6.35%, 09/15/37 (f) |  | 2,775 | 2,953,999
6.40%, 06/15/38 |  | 770 | 825,106
E.ON International Finance BV, 6.65%, 04/30/38 (b) |  | 2,000 | 2,153,121
Edison International, Series A, (5-year CMT + 4.70%), 5.38% (a)(h) |  | 21 | 20,457
Electricite de France SA, 5.60%, 01/27/40 (b) |  | 2,800 | 2,735,591
Eversource Energy, 2.55%, 03/15/31 |  | 350 | 290,975
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (e) |  | 486 | 462,505
NextEra Energy Operating Partners LP (b) |  |  |
3.88%, 10/15/26 |  | 41 | 38,988
7.25%, 01/15/29 |  | 106 | 108,700
NiSource, Inc., 1.70%, 02/15/31 |  | 400 | 318,102
NRG Energy, Inc., 7.00%, 03/15/33 (b) |  | 74 | 78,115

Security |  | Par (000) | Value
Electric Utilities (continued)
Ohio Power Co., Series D, 6.60%, 03/01/33 (f) | USD | 3,000 | $ 3,175,247
Oncor Electric Delivery Co. LLC |  |  |
4.15%, 06/01/32 |  | 1,000 | 931,819
4.55%, 09/15/32 (f) |  | 1,000 | 955,504
San Diego Gas & Electric Co. |  |  |
4.95%, 08/15/28 |  | 1,565 | 1,557,796
Series VVV, 1.70%, 10/01/30 |  | 750 | 615,467
Southern California Edison Co., 5.63%, 02/01/36 |  | 1,300 | 1,297,689
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (e) |  | 203 | 204,343
Talen Energy Supply LLC, 8.63%, 06/01/30 (b) |  | 91 | 97,026
TransAlta Corp., 7.75%, 11/15/29 |  | 44 | 45,915
Virginia Electric and Power Co., Series A, 6.00%, 05/15/37 (f) |  | 3,920 | 4,039,793
Vistra Corp., (5-year CMT + 6.93%), 8.00% (a)(b)(h) |  | 100 | 100,850
Vistra Operations Co. LLC (b) |  |  |
5.00%, 07/31/27 |  | 12 | 11,608
7.75%, 10/15/31 |  | 233 | 242,644
6.88%, 04/15/32 |  | 203 | 206,080
6.95%, 10/15/33 |  | 79 | 84,553
|  |  | 28,143,664
Electrical Equipment — 0.1%
Nexans SA, 4.25%, 03/11/30 (e) | EUR | 100 | 105,914
WESCO Distribution, Inc. (b) |  |  |
6.38%, 03/15/29 | USD | 106 | 106,383
6.63%, 03/15/32 |  | 132 | 133,390
|  |  | 345,687
Electronic Equipment, Instruments & Components — 0.4%
Coherent Corp., 5.00%, 12/15/29 (b)(f) |  | 236 | 223,344
Corning, Inc., 4.38%, 11/15/57 |  | 2,000 | 1,568,656
EquipmentShare.com, Inc., 8.63%, 05/15/32 (b) |  | 48 | 49,772
Imola Merger Corp., 4.75%, 05/15/29 (b) |  | 40 | 37,394
Sensata Technologies, Inc., 6.63%, 07/15/32 (b) |  | 200 | 201,431
Zebra Technologies Corp., 6.50%, 06/01/32 (b) |  | 63 | 63,709
|  |  | 2,144,306
Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27 (b) |  | 218 | 218,869
Halliburton Co., 5.00%, 11/15/45 (f) |  | 500 | 452,620
Kodiak Gas Services LLC, 7.25%, 02/15/29 (b)(f) |  | 330 | 338,275
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 45 | 44,485
USA Compression Partners LP/USA Compression Finance Corp. |  |  |
6.88%, 09/01/27 |  | 66 | 66,124
7.13%, 03/15/29 (b) |  | 244 | 245,856
Weatherford International Ltd., 8.63%, 04/30/30 (b)(f) |  | 193 | 199,994
|  |  | 1,566,223
Entertainment — 0.2%
Boyne USA, Inc., 4.75%, 05/15/29 (b) |  | 142 | 132,500
Playtika Holding Corp., 4.25%, 03/15/29 (b) |  | 54 | 47,383
Walt Disney Co. |  |  |
7.63%, 11/30/28 |  | 385 | 425,491
5.40%, 10/01/43 |  | 500 | 494,636
|  |  | 1,100,010
Environmental, Maintenance & Security Service — 0.5%
Clean Harbors, Inc., 6.38%, 02/01/31 (b) |  | 53 | 53,138
Covanta Holding Corp. |  |  |
4.88%, 12/01/29 (b) |  | 92 | 83,971

Schedule of Investments
21

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service (continued)
Covanta Holding Corp. (continued) |  |  |
5.00%, 09/01/30 | USD | 48 | $ 43,383
GFL Environmental, Inc. (b) |  |  |
4.00%, 08/01/28 |  | 174 | 161,717
3.50%, 09/01/28 |  | 43 | 39,640
4.75%, 06/15/29 (f) |  | 148 | 139,677
4.38%, 08/15/29 |  | 301 | 277,391
6.75%, 01/15/31 |  | 102 | 104,059
Madison IAQ LLC (b) |  |  |
4.13%, 06/30/28 |  | 172 | 160,412
5.88%, 06/30/29 (f) |  | 374 | 347,969
Paprec Holding SA, 7.25%, 11/17/29 (e) | EUR | 100 | 112,452
Waste Management, Inc., 2.95%, 06/01/41 | USD | 350 | 252,977
Waste Pro USA, Inc., 5.50%, 02/15/26 (b) |  | 813 | 801,786
|  |  | 2,578,572
Financial Services — 0.9%
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42 (f) |  | 500 | 453,003
Blue Owl Credit Income Corp., 6.65%, 03/15/31 |  | 210 | 205,243
Enact Holdings, Inc., 6.25%, 05/28/29 |  | 73 | 73,021
Freedom Mortgage Holdings LLC (b) |  |  |
9.25%, 02/01/29 |  | 226 | 225,854
9.13%, 05/15/31 |  | 150 | 145,965
GGAM Finance Ltd. (b) |  |  |
7.75%, 05/15/26 |  | 30 | 30,613
8.00%, 02/15/27 |  | 120 | 123,951
8.00%, 06/15/28 |  | 113 | 119,017
6.88%, 04/15/29 |  | 138 | 140,415
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 (b)(g) |  | 233 | 224,766
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 07/01/34 (b)(c) |  | 81 | 79,295
HPS Corporate Lending Fund, 6.75%, 01/30/29 (b) |  | 140 | 141,029
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (b) |  | 220 | 202,943
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (b) |  |  |
4.25%, 02/01/27 |  | 42 | 39,779
4.75%, 06/15/29 |  | 46 | 42,493
07/15/31 (c) |  | 125 | 126,094
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 (b) |  | 155 | 137,628
Macquarie Airfinance Holdings Ltd. (b) |  |  |
6.40%, 03/26/29 |  | 40 | 40,677
8.13%, 03/30/29 |  | 176 | 186,066
6.50%, 03/26/31 |  | 95 | 97,690
Nationstar Mortgage Holdings, Inc. (b) |  |  |
5.00%, 02/01/26 |  | 898 | 878,929
5.13%, 12/15/30 |  | 87 | 79,778
5.75%, 11/15/31 |  | 115 | 108,090
7.13%, 02/01/32 (f) |  | 376 | 378,197
PennyMac Financial Services, Inc. (b) |  |  |
7.88%, 12/15/29 |  | 177 | 182,519
7.13%, 11/15/30 |  | 149 | 148,541
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |  |  |
2.88%, 10/15/26 (f) |  | 604 | 564,068
3.88%, 03/01/31 |  | 98 | 85,405
4.00%, 10/15/33 |  | 56 | 47,191
|  |  | 5,308,260
Food Products — 0.4%
Aramark International Finance SARL, 3.13%, 04/01/25 (e) | EUR | 100 | 105,890
Aramark Services, Inc., 5.00%, 02/01/28 (b)(f) | USD | 298 | 288,203
B&G Foods, Inc., 09/15/28 (b)(c) |  | 48 | 48,779

Security |  | Par (000) | Value
Food Products (continued)
Bellis Acquisition Co. PLC, 8.13%, 05/14/30 (e) | GBP | 100 | $ 126,252
Chobani LLC/Chobani Finance Corp., Inc. (b) |  |  |
4.63%, 11/15/28 | USD | 466 | 440,094
7.63%, 07/01/29 |  | 736 | 758,011
Darling Global Finance BV, 3.63%, 05/15/26 (e) | EUR | 100 | 105,866
Fiesta Purchaser, Inc., 7.88%, 03/01/31 (b) | USD | 93 | 96,096
Lion/Polaris Lux 4 SA, 07/01/29 (a)(c)(e) | EUR | 100 | 107,095
|  |  | 2,076,286
Gas Utilities (b) — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28 | USD | 193 | 198,106
KeySpan Gas East Corp., 5.82%, 04/01/41 |  | 1,010 | 968,262
|  |  | 1,166,368
Ground Transportation — 1.3%
Burlington Northern Santa Fe LLC, 5.75%, 05/01/40 |  | 1,890 | 1,939,927
Genesee & Wyoming, Inc., 6.25%, 04/15/32 (b) |  | 227 | 226,150
GN Bondco LLC, 9.50%, 10/15/31 (b)(f) |  | 129 | 120,238
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34 (b) |  | 2,146 | 2,116,312
Norfolk Southern Corp., 2.30%, 05/15/31 (f) |  | 1,800 | 1,511,609
Uber Technologies, Inc. |  |  |
0.00%, 12/15/25 (i)(j) |  | 99 | 106,128
4.50%, 08/15/29 (b)(f) |  | 277 | 263,923
Series 2028, 0.88%, 12/01/28 (b)(i) |  | 316 | 375,724
Union Pacific Corp. |  |  |
3.38%, 02/14/42 |  | 350 | 269,538
3.84%, 03/20/60 |  | 800 | 587,404
|  |  | 7,516,953
Health Care Equipment & Supplies — 0.7%
Avantor Funding, Inc. |  |  |
2.63%, 11/01/25 (e) | EUR | 100 | 104,695
4.63%, 07/15/28 (b)(f) | USD | 158 | 150,353
3.88%, 11/01/29 (b) |  | 17 | 15,459
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 (b) |  | 760 | 778,050
Medline Borrower LP (b) |  |  |
3.88%, 04/01/29 |  | 224 | 206,284
5.25%, 10/01/29 (f) |  | 703 | 670,892
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 (b) |  | 221 | 223,501
Neogen Food Safety Corp., 8.63%, 07/20/30 (b) |  | 136 | 146,824
Sotera Health Holdings LLC, 7.38%, 06/01/31 (b) |  | 105 | 105,156
Thermo Fisher Scientific, Inc. |  |  |
5.09%, 08/10/33 |  | 495 | 493,740
5.30%, 02/01/44 (f) |  | 1,000 | 975,046
|  |  | 3,870,000
Health Care Providers & Services — 1.9%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28 (b) |  | 3 | 2,934
Aetna, Inc., 4.50%, 05/15/42 |  | 575 | 478,873
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |  | 232 | 220,237
Catalent Pharma Solutions, Inc. (b) |  |  |
5.00%, 07/15/27 |  | 98 | 96,095
3.13%, 02/15/29 |  | 56 | 53,597
3.50%, 04/01/30 |  | 184 | 176,141
CHS/Community Health Systems, Inc. (b) |  |  |
5.63%, 03/15/27 (f) |  | 227 | 211,384
6.00%, 01/15/29 (f) |  | 406 | 358,298
5.25%, 05/15/30 (f) |  | 570 | 469,960
4.75%, 02/15/31 (f) |  | 323 | 253,952
10.88%, 01/15/32 |  | 306 | 318,481
Concentra Escrow Issuer Corp., 07/15/32 (b)(c) |  | 134 | 135,763
Elevance Health, Inc., 4.65%, 08/15/44 |  | 1,500 | 1,306,183
Encompass Health Corp., 4.75%, 02/01/30 |  | 217 | 203,046

22
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Fortrea Holdings, Inc., 7.50%, 07/01/30 (b)(f) | USD | 132 | $ 131,153
HCA, Inc., 5.50%, 06/15/47 |  | 1,090 | 1,007,678
HealthEquity, Inc., 4.50%, 10/01/29 (b) |  | 355 | 331,812
LifePoint Health, Inc. (b) |  |  |
9.88%, 08/15/30 (f) |  | 215 | 229,281
11.00%, 10/15/30 (f) |  | 313 | 344,853
10.00%, 06/01/32 |  | 146 | 149,272
Molina Healthcare, Inc. (b) |  |  |
4.38%, 06/15/28 |  | 32 | 30,120
3.88%, 11/15/30 |  | 122 | 108,459
Northwell Healthcare, Inc., 4.26%, 11/01/47 |  | 725 | 586,711
Star Parent, Inc., 9.00%, 10/01/30 (b) |  | 622 | 653,036
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (b)(f) |  | 337 | 340,416
Tenet Healthcare Corp., 6.75%, 05/15/31 |  | 344 | 349,164
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (b) |  | 133 | 130,977
UnitedHealth Group, Inc. |  |  |
5.80%, 03/15/36 (f) |  | 1,750 | 1,829,965
3.05%, 05/15/41 |  | 600 | 442,834
|  |  | 10,950,675
Health Care REITs — 0.1%
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
2.50%, 03/24/26 | GBP | 200 | 216,679
5.25%, 08/01/26 | USD | 26 | 23,627
5.00%, 10/15/27 |  | 28 | 23,126
4.63%, 08/01/29 |  | 272 | 197,421
3.50%, 03/15/31 |  | 387 | 252,175
|  |  | 713,028
Health Care Technology — 0.2%
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b)(f) |  | 1,290 | 1,187,702
Hotel & Resort REITs — 0.3%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (b) |  | 121 | 122,443
RHP Hotel Properties LP/RHP Finance Corp. (b) |  |  |
7.25%, 07/15/28 |  | 172 | 177,861
6.50%, 04/01/32 |  | 319 | 319,023
Service Properties Trust |  |  |
8.63%, 11/15/31 (b) |  | 752 | 783,820
8.88%, 06/15/32 |  | 253 | 235,982
|  |  | 1,639,129
Hotels, Restaurants & Leisure — 2.5%
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. (b) |  |  |
3.88%, 01/15/28 |  | 39 | 36,527
4.38%, 01/15/28 |  | 122 | 115,067
4.00%, 10/15/30 |  | 98 | 86,269
Caesars Entertainment, Inc. (b) |  |  |
4.63%, 10/15/29 (f) |  | 102 | 93,511
7.00%, 02/15/30 |  | 462 | 472,017
6.50%, 02/15/32 |  | 430 | 432,109
Carnival Corp. (b) |  |  |
4.00%, 08/01/28 |  | 119 | 111,674
6.00%, 05/01/29 (f) |  | 425 | 419,823
7.00%, 08/15/29 |  | 75 | 77,744
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (b) |  | 1,454 | 1,574,077
Churchill Downs, Inc. (b) |  |  |
5.50%, 04/01/27 |  | 83 | 81,664
4.75%, 01/15/28 |  | 207 | 197,715
5.75%, 04/01/30 |  | 241 | 234,092
6.75%, 05/01/31 |  | 263 | 264,424

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Corvias Campus Living - USG LLC, 5.30%, 07/01/50 (d) | USD | 5,533 | $ 1,966,923
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b) |  |  |
4.63%, 01/15/29 |  | 162 | 147,527
6.75%, 01/15/30 |  | 84 | 73,765
Hilton Domestic Operating Co., Inc. |  |  |
3.75%, 05/01/29 (b) |  | 80 | 73,357
4.88%, 01/15/30 |  | 19 | 18,236
4.00%, 05/01/31 (b) |  | 79 | 70,713
3.63%, 02/15/32 (b) |  | 38 | 32,885
6.13%, 04/01/32 (b)(f) |  | 111 | 111,538
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 6.63%, 01/15/32 (b) |  | 147 | 147,688
Light & Wonder International, Inc. (b) |  |  |
7.25%, 11/15/29 |  | 96 | 98,045
7.50%, 09/01/31 |  | 132 | 136,385
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 (b) |  | 96 | 98,694
Lindblad Expeditions LLC, 6.75%, 02/15/27 (b) |  | 57 | 56,285
Lottomatica SpA/Roma, (3-mo. EURIBOR + 4.00%), 7.79%, 12/15/30 (a)(e) | EUR | 100 | 108,436
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) | USD | 162 | 152,535
Melco Resorts Finance Ltd. (b) |  |  |
4.88%, 06/06/25 |  | 200 | 196,000
5.75%, 07/21/28 |  | 200 | 187,000
5.38%, 12/04/29 |  | 400 | 359,198
7.63%, 04/17/32 |  | 200 | 198,500
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (b) |  | 200 | 203,772
MGM China Holdings Ltd. |  |  |
5.88%, 05/15/26 (e) |  | 450 | 444,797
4.75%, 02/01/27 (b) |  | 200 | 190,600
NCL Corp. Ltd. (b) |  |  |
5.88%, 03/15/26 |  | 112 | 110,726
8.38%, 02/01/28 |  | 95 | 99,269
8.13%, 01/15/29 |  | 77 | 80,677
7.75%, 02/15/29 |  | 84 | 87,335
NCL Finance Ltd., 6.13%, 03/15/28 (b) |  | 84 | 82,953
Ontario Gaming GTA LP, 8.00%, 08/01/30 (b) |  | 191 | 196,014
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |  |  |
5.63%, 09/01/29 |  | 63 | 45,306
5.88%, 09/01/31 |  | 79 | 53,727
Raising Cane ’ s Restaurants LLC, 9.38%, 05/01/29 (b) |  | 90 | 97,203
Royal Caribbean Cruises Ltd. (b)(f) |  |  |
9.25%, 01/15/29 |  | 116 | 123,837
6.25%, 03/15/32 |  | 196 | 197,647
Sabre GLBL, Inc. (b) |  |  |
8.63%, 06/01/27 (f) |  | 331 | 304,939
11.25%, 12/15/27 |  | 17 | 16,525
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 (b) |  | 171 | 166,694
Six Flags Entertainment Corp., 7.25%, 05/15/31 (b)(f) |  | 459 | 467,313
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/32 (b)(f) |  | 458 | 465,436
Station Casinos LLC (b) |  |  |
4.50%, 02/15/28 |  | 123 | 115,735
6.63%, 03/15/32 |  | 113 | 112,445
Studio City Co. Ltd., 7.00%, 02/15/27 (e) |  | 200 | 199,688
Vail Resorts, Inc., 6.50%, 05/15/32 (b)(f) |  | 193 | 195,308
Viking Cruises Ltd. (b) |  |  |
5.88%, 09/15/27 |  | 95 | 94,017

Schedule of Investments
23

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Viking Cruises Ltd. (b) (continued) |  |  |
7.00%, 02/15/29 | USD | 34 | $ 34,181
9.13%, 07/15/31 |  | 316 | 342,248
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |  | 111 | 108,509
Wynn Macau Ltd. |  |  |
4.88%, 10/01/24 (e) |  | 200 | 199,092
5.63%, 08/26/28 (b) |  | 400 | 374,400
5.13%, 12/15/29 (b) |  | 200 | 180,688
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b) |  |  |
5.13%, 10/01/29 |  | 225 | 213,989
7.13%, 02/15/31 (f) |  | 263 | 272,711
|  |  | 14,308,204
Household Durables — 0.1%
Beazer Homes USA, Inc., 7.50%, 03/15/31 (b) |  | 49 | 48,898
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29 (b) |  | 141 | 128,782
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25 (b) |  | 173 | 171,902
Dream Finders Homes, Inc., 8.25%, 08/15/28 (b) |  | 73 | 74,746
Empire Communities Corp., 9.75%, 05/01/29 (b) |  | 42 | 42,735
LGI Homes, Inc., 8.75%, 12/15/28 (b) |  | 56 | 58,330
Meritage Homes Corp., 1.75%, 05/15/28 (b)(i) |  | 15 | 14,895
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 84 | 76,781
4.38%, 02/01/32 |  | 46 | 39,628
STL Holding Co. LLC, 8.75%, 02/15/29 (b) |  | 76 | 79,321
Tempur Sealy International, Inc., 3.88%, 10/15/31 (b) |  | 45 | 37,616
|  |  | 773,634
Household Products — 0.0%
Central Garden & Pet Co. |  |  |
5.13%, 02/01/28 |  | 35 | 34,040
4.13%, 10/15/30 (f) |  | 105 | 93,579
Kronos Acquisition Holdings, Inc., 06/30/31 (c) |  | 32 | 32,032
Spectrum Brands, Inc. (b) |  |  |
3.38%, 06/01/29 (i) |  | 103 | 99,189
3.88%, 03/15/31 |  | 22 | 18,386
|  |  | 277,226
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp. (b) |  |  |
5.13%, 03/15/28 |  | 92 | 88,481
5.00%, 02/01/31 |  | 41 | 38,265
Greenko Dutch BV, 3.85%, 03/29/26 (e) |  | 182 | 171,819
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26 (e) |  | 200 | 195,188
India Cleantech Energy, 4.70%, 08/10/26 (b) |  | 213 | 202,469
SCC Power PLC (b)(g) |  |  |
(4.00% Cash and 4.00% PIK), 8.00%, 12/31/28 |  | 259 | 101,295
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |  | 140 | 19,809
|  |  | 817,326
Industrial Conglomerates — 0.1%
Eaton Corp., 4.15%, 11/02/42 |  | 500 | 424,824
Insurance — 3.5%
Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/30 (b) |  | 145 | 145,100
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer (b) |  |  |
4.25%, 10/15/27 |  | 348 | 325,844
6.75%, 10/15/27 (f) |  | 934 | 921,260
6.75%, 04/15/28 |  | 210 | 210,333
5.88%, 11/01/29 (f) |  | 901 | 843,107
7.00%, 01/15/31 |  | 623 | 629,370
AmWINS Group, Inc., 6.38%, 02/15/29 (b) |  | 85 | 85,232

Security |  | Par (000) | Value
Insurance (continued)
Aon Global Ltd., 4.60%, 06/14/44 | USD | 500 | $ 426,612
Ardonagh Finco Ltd. |  |  |
6.88%, 02/15/31 (e) | EUR | 200 | 208,480
7.75%, 02/15/31 (b) | USD | 430 | 425,083
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (b) |  | 385 | 376,034
AssuredPartners, Inc., 7.50%, 02/15/32 (b) |  | 237 | 237,894
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/31 (b) |  | 42 | 42,488
FWD Group Holdings Ltd., 8.40%, 04/05/29 (e) |  | 230 | 235,031
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (b) |  |  |
7.25%, 02/15/31 |  | 859 | 852,578
8.13%, 02/15/32 |  | 586 | 582,188
HUB International Ltd. (b) |  |  |
7.25%, 06/15/30 |  | 1,645 | 1,686,341
7.38%, 01/31/32 (f) |  | 2,156 | 2,186,361
Jones Deslauriers Insurance Management, Inc. (b) |  |  |
8.50%, 03/15/30 |  | 288 | 300,347
10.50%, 12/15/30 |  | 183 | 196,515
Liberty Mutual Group, Inc., 6.50%, 05/01/42 (b) |  | 2,000 | 1,978,353
Marsh & McLennan Cos., Inc., 5.88%, 08/01/33 (f) |  | 1,500 | 1,572,769
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (b) |  | 1,561 | 1,578,848
Progressive Corp., 3.00%, 03/15/32 |  | 750 | 650,598
Prudential Financial, Inc. |  |  |
5.90%, 03/17/36 |  | 500 | 513,821
5.70%, 12/14/36 |  | 1,625 | 1,663,662
Ryan Specialty LLC, 4.38%, 02/01/30 (b) |  | 96 | 88,911
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47 (b) |  | 700 | 556,875
USI, Inc./New York, 7.50%, 01/15/32 (b)(f) |  | 295 | 299,615
|  |  | 19,819,650
Interactive Media & Services — 0.0%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (b) |  | 272 | 241,563
IT Services — 0.5%
CA Magnum Holdings, 5.38%, 10/31/26 (b) |  | 258 | 246,793
Camelot Finance SA, 4.50%, 11/01/26 (b) |  | 163 | 157,574
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b)(f) |  | 270 | 274,143
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b)(f) |  | 217 | 215,928
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (b) |  | 313 | 320,684
Insight Enterprises, Inc., 6.63%, 05/15/32 (b) |  | 85 | 86,314
International Business Machines Corp. |  |  |
4.40%, 07/27/32 |  | 500 | 475,526
4.75%, 02/06/33 (f) |  | 550 | 535,748
2.95%, 05/15/50 (f) |  | 750 | 475,090
KBR, Inc., 4.75%, 09/30/28 (b) |  | 142 | 132,060
Twilio, Inc. |  |  |
3.63%, 03/15/29 |  | 117 | 105,240
3.88%, 03/15/31 |  | 117 | 102,900
|  |  | 3,128,000
Leisure Products — 0.0%
Acushnet Co., 7.38%, 10/15/28 (b) |  | 21 | 21,762
Amer Sports Co., 6.75%, 02/16/31 (b)(f) |  | 183 | 181,829
Mattel, Inc., 6.20%, 10/01/40 |  | 83 | 81,812
|  |  | 285,403
Machinery — 0.5%
Chart Industries, Inc. (b) |  |  |
7.50%, 01/01/30 (f) |  | 277 | 286,242

24
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Machinery (continued)
Chart Industries, Inc. (b) (continued) |  |  |
9.50%, 01/01/31 | USD | 61 | $ 66,091
Esab Corp., 6.25%, 04/15/29 (b) |  | 145 | 145,870
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28 (b) |  | 82 | 60,439
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 (b) |  | 489 | 506,366
OT Merger Corp., 7.88%, 10/15/29 (b) |  | 78 | 35,100
Terex Corp., 5.00%, 05/15/29 (b) |  | 110 | 104,379
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28 (e) | EUR | 91 | 93,723
7.63%, 07/15/28 (b) | USD | 400 | 396,949
TK Elevator Midco GmbH, 4.38%, 07/15/27 (e) | EUR | 303 | 312,768
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b) | USD | 741 | 718,263
Vertiv Group Corp., 4.13%, 11/15/28 (b) |  | 330 | 308,178
|  |  | 3,034,368
Marine Transportation — 0.0%
Danaos Corp., 8.50%, 03/01/28 (b) |  | 100 | 102,695
Media — 3.2%
Cable One, Inc. |  |  |
0.00%, 03/15/26 (i)(j) |  | 62 | 54,250
1.13%, 03/15/28 (i) |  | 394 | 292,458
4.00%, 11/15/30 (b) |  | 28 | 20,898
CCO Holdings LLC/CCO Holdings Capital Corp. (b) |  |  |
5.13%, 05/01/27 |  | 77 | 73,931
5.38%, 06/01/29 |  | 21 | 19,105
6.38%, 09/01/29 (f) |  | 610 | 579,823
4.75%, 03/01/30 |  | 82 | 71,022
4.25%, 02/01/31 |  | 262 | 213,908
7.38%, 03/01/31 (f) |  | 1,093 | 1,077,703
4.75%, 02/01/32 |  | 182 | 149,053
4.25%, 01/15/34 (f) |  | 253 | 192,042
Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
5.38%, 05/01/47 |  | 1,100 | 878,797
4.80%, 03/01/50 |  | 1,000 | 733,588
Clear Channel Outdoor Holdings, Inc. (b) |  |  |
5.13%, 08/15/27 |  | 171 | 163,302
7.75%, 04/15/28 (f) |  | 237 | 207,376
9.00%, 09/15/28 (f) |  | 811 | 849,081
7.50%, 06/01/29 (f) |  | 448 | 374,358
7.88%, 04/01/30 (f) |  | 382 | 384,501
CMG Media Corp., 8.88%, 12/15/27 (b) |  | 213 | 121,482
Comcast Corp. |  |  |
6.45%, 03/15/37 |  | 790 | 853,635
3.90%, 03/01/38 |  | 1,500 | 1,271,312
4.70%, 10/15/48 (f) |  | 3,000 | 2,652,523
CSC Holdings LLC (b) |  |  |
11.25%, 05/15/28 |  | 600 | 522,531
11.75%, 01/31/29 |  | 200 | 170,571
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27 (b) |  | 507 | 476,877
Discovery Communications LLC, 3.45%, 03/15/25 |  | 210 | 206,499
DISH DBS Corp. (b) |  |  |
5.25%, 12/01/26 |  | 717 | 565,564
5.75%, 12/01/28 |  | 78 | 54,078
DISH Network Corp., 11.75%, 11/15/27 (b) |  | 547 | 536,333
Gray Television, Inc. (b) |  |  |
7.00%, 05/15/27 (f) |  | 177 | 162,965
10.50%, 07/15/29 |  | 232 | 233,248
Interpublic Group of Cos., Inc., 5.40%, 10/01/48 (f) |  | 500 | 461,941
Lamar Media Corp., 4.00%, 02/15/30 |  | 21 | 19,039

Security |  | Par (000) | Value
Media (continued)
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |  |  |
5.00%, 08/15/27 (f) | USD | 177 | $ 171,339
4.25%, 01/15/29 (f) |  | 211 | 192,394
4.63%, 03/15/30 |  | 66 | 59,429
7.38%, 02/15/31 |  | 93 | 96,786
Pinewood Finco PLC, 6.00%, 03/27/30 (e) | GBP | 100 | 124,198
Radiate Holdco LLC/Radiate Finance, Inc. (b) |  |  |
4.50%, 09/15/26 | USD | 189 | 144,016
6.50%, 09/15/28 |  | 183 | 90,696
Sirius XM Radio, Inc. (b) |  |  |
3.13%, 09/01/26 |  | 28 | 26,343
5.00%, 08/01/27 |  | 428 | 409,691
Sunrise FinCo I BV, 4.88%, 07/15/31 (b) |  | 303 | 275,129
TCI Communications, Inc., 7.88%, 02/15/26 |  | 610 | 634,965
Univision Communications, Inc. (b) |  |  |
6.63%, 06/01/27 |  | 158 | 151,260
8.00%, 08/15/28 (f) |  | 512 | 499,317
7.38%, 06/30/30 (f) |  | 120 | 111,620
8.50%, 07/31/31 |  | 244 | 237,007
VZ Secured Financing BV, 3.50%, 01/15/32 (e) | EUR | 100 | 93,570
Ziggo BV, 4.88%, 01/15/30 (b) | USD | 200 | 177,802
|  |  | 18,139,356
Metals & Mining — 1.0%
ABJA Investment Co. Pte. Ltd. (e) |  |  |
5.95%, 07/31/24 |  | 250 | 249,358
5.45%, 01/24/28 |  | 200 | 198,500
Advanced Drainage Systems, Inc. (b) |  |  |
5.00%, 09/30/27 |  | 78 | 76,258
6.38%, 06/15/30 |  | 247 | 247,893
Arsenal AIC Parent LLC (b) |  |  |
8.00%, 10/01/30 |  | 161 | 168,953
11.50%, 10/01/31 |  | 495 | 553,916
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 97 | 95,709
7.25%, 08/15/30 |  | 208 | 214,709
5.13%, 10/01/31 |  | 110 | 101,676
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b) |  | 302 | 302,672
Carpenter Technology Corp., 7.63%, 03/15/30 (f) |  | 151 | 155,458
Constellium SE |  |  |
4.25%, 02/15/26 (e) | EUR | 100 | 106,452
3.75%, 04/15/29 (b)(f) | USD | 591 | 535,816
Kaiser Aluminum Corp. (b) |  |  |
4.63%, 03/01/28 |  | 145 | 135,671
4.50%, 06/01/31 |  | 366 | 324,109
New Gold, Inc., 7.50%, 07/15/27 (b) |  | 273 | 274,742
Novelis Corp. (b) |  |  |
3.25%, 11/15/26 (f) |  | 542 | 510,024
4.75%, 01/30/30 (f) |  | 328 | 304,287
3.88%, 08/15/31 |  | 200 | 173,157
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (e) | EUR | 100 | 100,669
Rio Tinto Finance USA PLC, 4.75%, 03/22/42 | USD | 400 | 369,313
Samarco Mineracao SA, (9.00% PIK), 9.00%, 06/30/31 (e)(g) |  | 44 | 41,114
Vale Overseas Ltd., 6.40%, 06/28/54 |  | 35 | 34,640
Vallourec SACA, 7.50%, 04/15/32 (b) |  | 200 | 207,103
Vedanta Resources Finance II PLC, 13.88%, 01/21/27 (e) |  | 94 | 92,561
|  |  | 5,574,760
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 7.25%, 04/01/29 (b) |  | 94 | 95,008

Schedule of Investments
25

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc. |  |  |
4.75%, 04/15/35 | USD | 140 | $ 130,306
4.00%, 02/01/50 |  | 550 | 408,112
|  |  | 538,418
Oil, Gas & Consumable Fuels — 7.0%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (b) |  | 431 | 435,712
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |  |  |
5.75%, 01/15/28 |  | 39 | 38,340
5.38%, 06/15/29 |  | 140 | 135,710
6.63%, 02/01/32 |  | 185 | 186,665
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |  |  |
9.00%, 11/01/27 |  | 251 | 310,794
8.25%, 12/31/28 (f) |  | 453 | 464,097
5.88%, 06/30/29 |  | 44 | 43,000
Baytex Energy Corp., 8.50%, 04/30/30 (b) |  | 144 | 150,595
Blue Racer Midstream LLC/Blue Racer Finance Corp. (b) |  |  |
7.00%, 07/15/29 |  | 120 | 122,207
7.25%, 07/15/32 |  | 97 | 99,730
Borr IHC Ltd./Borr Finance LLC, 10.38%, 11/15/30 (b) |  | 195 | 203,186
Buckeye Partners LP |  |  |
6.88%, 07/01/29 (b) |  | 52 | 52,194
5.85%, 11/15/43 |  | 94 | 80,669
5.60%, 10/15/44 |  | 59 | 46,494
Burlington Resources LLC, 5.95%, 10/15/36 |  | 685 | 713,915
Chesapeake Energy Corp., 5.88%, 02/01/29 (b) |  | 28 | 27,719
CITGO Petroleum Corp., 8.38%, 01/15/29 (b) |  | 322 | 331,890
Civitas Resources, Inc. (b) |  |  |
8.38%, 07/01/28 |  | 166 | 173,940
8.63%, 11/01/30 |  | 182 | 195,144
8.75%, 07/01/31 |  | 336 | 359,839
CNX Midstream Partners LP, 4.75%, 04/15/30 (b) |  | 66 | 59,477
CNX Resources Corp., 7.38%, 01/15/31 (b) |  | 70 | 71,569
Comstock Resources, Inc. (b) |  |  |
6.75%, 03/01/29 (f) |  | 387 | 375,049
6.75%, 03/01/29 |  | 72 | 69,222
5.88%, 01/15/30 |  | 447 | 415,942
ConocoPhillips, 6.50%, 02/01/39 |  | 600 | 659,528
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b) |  | 500 | 473,963
Crescent Energy Finance LLC (b) |  |  |
7.63%, 04/01/32 (f) |  | 230 | 234,414
7.38%, 01/15/33 |  | 206 | 206,444
Devon Energy Corp. |  |  |
5.85%, 12/15/25 |  | 1,000 | 1,002,480
4.75%, 05/15/42 |  | 300 | 251,221
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (b) |  | 140 | 146,953
DT Midstream, Inc., 4.38%, 06/15/31 (b) |  | 209 | 190,362
Ecopetrol SA, 8.88%, 01/13/33 |  | 175 | 180,688
Enbridge, Inc. (a) |  |  |
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78 |  | 1,935 | 1,855,449
(5-year CMT + 4.43%), 8.50%, 01/15/84 |  | 123 | 132,598
Series 20-A, (5-year CMT + 5.31%), 5.75%, 07/15/80 |  | 950 | 896,470
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31 (b) |  | 121 | 126,166
Energean Israel Finance Ltd., 8.50%, 09/30/33 (b)(e) |  | 55 | 52,608
Energy Transfer LP |  |  |
5.30%, 04/15/47 |  | 540 | 476,958

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Energy Transfer LP (continued) |  |  |
(5-year CMT + 4.02%), 8.00%, 05/15/54 (a)(f) | USD | 397 | $ 415,258
Series H, (5-year CMT + 5.69%), 6.50% (a)(h) |  | 307 | 302,810
Enterprise Products Operating LLC, 6.13%, 10/15/39 |  | 1,400 | 1,474,341
EOG Resources, Inc., 5.10%, 01/15/36 |  | 200 | 194,408
EQM Midstream Partners LP (b) |  |  |
4.50%, 01/15/29 |  | 13 | 12,268
6.38%, 04/01/29 |  | 201 | 203,032
7.50%, 06/01/30 |  | 57 | 60,830
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (b) |  | 57 | 60,350
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 118 | 119,253
8.25%, 01/15/29 |  | 209 | 215,759
8.88%, 04/15/30 |  | 163 | 171,463
7.88%, 05/15/32 |  | 197 | 198,878
Harvest Midstream I LP, 7.50%, 05/15/32 (b) |  | 115 | 116,765
Hess Corp., 4.30%, 04/01/27 |  | 1,100 | 1,072,540
Hess Midstream Operations LP, 6.50%, 06/01/29 (b) |  | 138 | 139,899
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |  |  |
6.25%, 11/01/28 |  | 70 | 69,135
5.75%, 02/01/29 |  | 127 | 122,894
6.00%, 04/15/30 |  | 12 | 11,591
8.38%, 11/01/33 |  | 320 | 341,042
6.88%, 05/15/34 |  | 181 | 179,043
Howard Midstream Energy Partners LLC (b) |  |  |
8.88%, 07/15/28 |  | 179 | 189,405
7.38%, 07/15/32 |  | 169 | 171,629
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26 (e) |  | 200 | 195,875
Impulsora Pipeline LLC, 6.05%, 01/01/43 (d) |  | 1,567 | 1,319,452
ITT Holdings LLC, 6.50%, 08/01/29 (b)(f) |  | 232 | 210,193
Kinder Morgan, Inc., 5.05%, 02/15/46 (f) |  | 1,400 | 1,225,286
Kinetik Holdings LP (b) |  |  |
6.63%, 12/15/28 |  | 36 | 36,574
5.88%, 06/15/30 |  | 60 | 59,125
Leviathan Bond Ltd., 6.75%, 06/30/30 (b)(e) |  | 22 | 19,589
Marathon Petroleum Corp., 6.50%, 03/01/41 (f) |  | 1,150 | 1,196,855
Matador Resources Co. (b) |  |  |
6.88%, 04/15/28 (f) |  | 139 | 141,090
6.50%, 04/15/32 |  | 159 | 159,012
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26 (e) |  | 288 | 289,800
MPLX LP |  |  |
4.25%, 12/01/27 |  | 250 | 241,905
4.80%, 02/15/29 |  | 500 | 490,094
Murphy Oil Corp., 5.88%, 12/01/42 |  | 18 | 15,962
Nabors Industries Ltd., 7.50%, 01/15/28 (b)(f) |  | 177 | 168,894
Nabors Industries, Inc. (b) |  |  |
7.38%, 05/15/27 |  | 75 | 76,289
9.13%, 01/31/30 |  | 118 | 122,240
New Fortress Energy, Inc. (b) |  |  |
6.75%, 09/15/25 |  | 40 | 38,830
8.75%, 03/15/29 (f) |  | 272 | 248,300
NGL Energy Operating LLC/NGL Energy Finance Corp. (b) |  |  |
8.13%, 02/15/29 (f) |  | 325 | 331,146
8.38%, 02/15/32 |  | 658 | 668,130
Noble Finance II LLC, 8.00%, 04/15/30 (b) |  | 209 | 217,510
Northern Oil & Gas, Inc. |  |  |
8.13%, 03/01/28 (b) |  | 513 | 518,789
3.63%, 04/15/29 (i) |  | 96 | 110,496
8.75%, 06/15/31 (b) |  | 212 | 222,448
Northriver Midstream Finance LP, 07/15/32 (b)(c) |  | 93 | 93,163

26
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Patterson-UTI Energy, Inc., 7.15%, 10/01/33 | USD | 65 | $ 68,849
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |  | 158 | 161,749
Permian Resources Operating LLC (b) |  |  |
8.00%, 04/15/27 |  | 189 | 193,241
5.88%, 07/01/29 |  | 170 | 167,397
9.88%, 07/15/31 |  | 209 | 231,343
7.00%, 01/15/32 (f) |  | 208 | 213,671
Petroleos Mexicanos |  |  |
4.25%, 01/15/25 |  | 55 | 54,285
6.50%, 03/13/27 (f) |  | 142 | 135,241
8.75%, 06/02/29 |  | 204 | 200,462
5.95%, 01/28/31 (f) |  | 245 | 196,919
6.70%, 02/16/32 |  | 117 | 97,890
6.38%, 01/23/45 |  | 48 | 31,008
Prairie Acquiror LP, 9.00%, 08/01/29 (b) |  | 113 | 116,463
Precision Drilling Corp., 6.88%, 01/15/29 (b) |  | 9 | 8,903
Rockcliff Energy II LLC, 5.50%, 10/15/29 (b) |  | 111 | 103,902
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (b) |  | 36 | 33,890
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 |  | 1,750 | 1,757,009
Saturn Oil & Gas, Inc., 9.63%, 06/15/29 (b) |  | 109 | 110,019
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (b) |  | 247 | 255,391
SM Energy Co., 6.50%, 07/15/28 |  | 28 | 27,759
Suncor Energy, Inc., 6.50%, 06/15/38 |  | 1,000 | 1,047,228
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |  |  |
5.50%, 01/15/28 |  | 95 | 90,890
7.38%, 02/15/29 |  | 299 | 300,461
6.00%, 12/31/30 |  | 2 | 1,863
6.00%, 09/01/31 |  | 88 | 82,240
Talos Production, Inc. (b) |  |  |
9.00%, 02/01/29 |  | 117 | 122,797
9.38%, 02/01/31 |  | 98 | 103,469
TransCanada PipeLines Ltd., 4.63%, 03/01/34 |  | 500 | 468,622
Transocean Aquila Ltd., 8.00%, 09/30/28 (b) |  | 82 | 83,276
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b) |  | 125 | 129,011
Transocean, Inc. (b) |  |  |
8.00%, 02/01/27 |  | 224 | 223,224
8.25%, 05/15/29 |  | 354 | 354,878
8.75%, 02/15/30 (f) |  | 436 | 457,327
8.50%, 05/15/31 |  | 450 | 450,193
Valaris Ltd., 8.38%, 04/30/30 (b) |  | 537 | 555,926
Venture Global Calcasieu Pass LLC (b) |  |  |
3.88%, 08/15/29 |  | 182 | 165,755
4.13%, 08/15/31 |  | 3 | 2,692
3.88%, 11/01/33 |  | 409 | 348,512
Venture Global LNG, Inc. (b) |  |  |
8.13%, 06/01/28 |  | 391 | 402,815
9.50%, 02/01/29 (f) |  | 1,403 | 1,536,420
8.38%, 06/01/31 (f) |  | 875 | 907,577
9.88%, 02/01/32 |  | 925 | 1,006,793
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |  | 108 | 106,145
Vital Energy, Inc. |  |  |
9.75%, 10/15/30 (f) |  | 209 | 228,205
7.88%, 04/15/32 (b) |  | 321 | 326,325
|  |  | 39,977,076
Paper & Forest Products — 0.2%
International Paper Co., 6.00%, 11/15/41 |  | 870 | 874,033
Passenger Airlines — 0.8%
Air Canada, 3.88%, 08/15/26 (b) |  | 125 | 118,899

Security |  | Par (000) | Value
Passenger Airlines (continued)
Air France-KLM, 4.63%, 05/23/29 (e) | EUR | 100 | $ 105,468
American Airlines Pass-Through Trust |  |  |
Series 2015-2, Class A, 4.00%, 03/22/29 | USD | 932 | 882,853
Series 2015-2, Class AA, 3.60%, 03/22/29 |  | 932 | 883,186
American Airlines, Inc., 8.50%, 05/15/29 (b)(f) |  | 282 | 292,989
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 (b) |  | 24 | 23,825
Finnair OYJ, 4.75%, 05/24/29 (e) | EUR | 100 | 105,390
United Airlines Pass-Through Trust, Series 2023-1, Class A, 4.30%, 02/15/27 | USD | 2,113 | 2,080,048
United Airlines, Inc. (b)(f) |  |  |
4.38%, 04/15/26 |  | 113 | 109,159
4.63%, 04/15/29 |  | 252 | 234,690
|  |  | 4,836,507
Personal Care Products — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30 (b) |  | 81 | 82,199
Pharmaceuticals — 1.8%
1375209 BC Ltd., 9.00%, 01/30/28 (b) |  | 189 | 181,738
AbbVie, Inc. |  |  |
3.20%, 05/14/26 (f) |  | 500 | 482,800
4.55%, 03/15/35 (f) |  | 2,140 | 2,029,915
4.45%, 05/14/46 |  | 2,095 | 1,818,455
Becton Dickinson & Co. |  |  |
4.30%, 08/22/32 |  | 750 | 702,908
4.69%, 12/15/44 (f) |  | 600 | 528,624
Bristol-Myers Squibb Co. |  |  |
3.55%, 03/15/42 |  | 350 | 272,147
4.35%, 11/15/47 |  | 300 | 249,917
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27 (e) | EUR | 100 | 102,469
CVS Health Corp. |  |  |
5.13%, 07/20/45 | USD | 700 | 616,044
5.05%, 03/25/48 (f) |  | 1,821 | 1,568,986
Endo Finance Holdings, Inc., 8.50%, 04/15/31 (b)(f) |  | 164 | 169,244
Grifols SA, 2.25%, 11/15/27 (e) | EUR | 100 | 95,850
Jazz Securities DAC, 4.38%, 01/15/29 (b) | USD | 200 | 185,672
Option Care Health, Inc., 4.38%, 10/31/29 (b) |  | 76 | 69,761
Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/34 (b) |  | 200 | 205,501
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 |  | 500 | 421,958
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29 | EUR | 100 | 118,501
Teva Pharmaceutical Finance Netherlands III BV |  |  |
3.15%, 10/01/26 | USD | 299 | 281,060
4.75%, 05/09/27 |  | 200 | 192,875
7.88%, 09/15/29 |  | 200 | 214,937
|  |  | 10,509,362
Professional Services (b) — 0.2%
CoreLogic, Inc., 4.50%, 05/01/28 |  | 607 | 550,791
Dun & Bradstreet Corp., 5.00%, 12/15/29 (f) |  | 338 | 313,944
|  |  | 864,735
Real Estate Management & Development — 0.2%
Agps Bondco PLC, 5.50%, 11/13/26 (e) | EUR | 100 | 34,913
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30 (b) | USD | 150 | 122,413
Series AI, 7.00%, 04/15/30 |  | 170 | 138,681
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 (b) |  | 203 | 213,565
Fantasia Holdings Group Co. Ltd. (e) |  |  |
11.75%, 04/17/22 |  | 200 | 2,000

Schedule of Investments
27

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Real Estate Management & Development (continued)
Fantasia Holdings Group Co. Ltd. (e) (continued) |  |  |
10.88%, 01/09/23 | USD | 307 | $ 4,452
11.88%, 06/01/23 |  | 400 | 5,400
9.25%, 07/28/23 |  | 300 | 3,450
i-595 Express LLC, 3.31%, 12/31/31 (d) |  | 656 | 605,068
|  |  | 1,129,942
Semiconductors & Semiconductor Equipment — 1.2%
ams-OSRAM AG, 10.50%, 03/30/29 (e) | EUR | 100 | 112,048
Broadcom, Inc. |  |  |
4.75%, 04/15/29 (f) | USD | 2,500 | 2,465,735
4.15%, 04/15/32 (b) |  | 1,500 | 1,383,947
Entegris, Inc., 4.75%, 04/15/29 (b) |  | 338 | 323,384
Foundry JV Holdco LLC (b) |  |  |
6.25%, 01/25/35 (f) |  | 200 | 204,240
6.40%, 01/25/38 |  | 200 | 206,140
Intel Corp. |  |  |
5.13%, 02/10/30 |  | 750 | 753,138
2.00%, 08/12/31 (f) |  | 1,000 | 813,792
KLA Corp., 3.30%, 03/01/50 |  | 500 | 352,019
QUALCOMM, Inc., 4.65%, 05/20/35 (f) |  | 250 | 243,237
|  |  | 6,857,680
Software — 2.7%
Boxer Parent Co., Inc. |  |  |
6.50%, 10/02/25 (e) | EUR | 100 | 107,095
7.13%, 10/02/25 (b) | USD | 81 | 81,061
9.13%, 03/01/26 (b)(f) |  | 516 | 516,401
Capstone Borrower, Inc., 8.00%, 06/15/30 (b) |  | 304 | 313,941
Clarivate Science Holdings Corp. (b)(f) |  |  |
3.88%, 07/01/28 |  | 743 | 690,081
4.88%, 07/01/29 |  | 392 | 363,800
Cloud Software Group, Inc. (b) |  |  |
6.50%, 03/31/29 (f) |  | 1,983 | 1,904,304
9.00%, 09/30/29 (f) |  | 1,102 | 1,069,183
8.25%, 06/30/32 |  | 1,034 | 1,053,900
Dye & Durham Ltd., 8.63%, 04/15/29 (b) |  | 61 | 61,880
Elastic NV, 4.13%, 07/15/29 (b) |  | 129 | 117,785
Fair Isaac Corp., 4.00%, 06/15/28 (b) |  | 45 | 42,093
Fidelity National Information Services, Inc., 4.50%, 08/15/46 |  | 1,000 | 822,545
Fiserv, Inc., 4.40%, 07/01/49 (f) |  | 500 | 405,773
McAfee Corp., 7.38%, 02/15/30 (b)(f) |  | 410 | 378,780
Microsoft Corp., 2.92%, 03/17/52 (f) |  | 1,600 | 1,086,152
MicroStrategy, Inc., 6.13%, 06/15/28 (b)(f) |  | 357 | 346,025
Oracle Corp. |  |  |
5.38%, 07/15/40 (f) |  | 3,025 | 2,876,486
4.00%, 11/15/47 |  | 400 | 302,832
3.95%, 03/25/51 (f) |  | 600 | 443,625
SS&C Technologies, Inc. (b) |  |  |
5.50%, 09/30/27 (f) |  | 160 | 157,553
6.50%, 06/01/32 |  | 373 | 376,244
UKG, Inc., 6.88%, 02/01/31 (b) |  | 1,451 | 1,469,181
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b) |  | 303 | 275,129
|  |  | 15,261,849
Specialized REITs — 0.2%
Crown Castle, Inc., 2.90%, 04/01/41 |  | 350 | 242,213
Equinix, Inc., 2.50%, 05/15/31 |  | 500 | 418,862

Security |  | Par (000) | Value
Specialized REITs (continued)
Iron Mountain, Inc. (b) |  |  |
7.00%, 02/15/29 | USD | 194 | $ 197,413
5.63%, 07/15/32 |  | 62 | 58,873
|  |  | 917,361
Specialty Retail (b) — 0.1%
eG Global Finance PLC, 12.00%, 11/30/28 |  | 209 | 222,518
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (f) |  | 250 | 243,467
Staples, Inc., 10.75%, 09/01/29 |  | 122 | 115,940
|  |  | 581,925
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc., 3.75%, 11/13/47 (f) |  | 1,000 | 797,629
NCR Atleos Corp., 9.50%, 04/01/29 (b) |  | 158 | 170,757
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 (f) |  | 174 | 186,615
8.50%, 07/15/31 |  | 319 | 343,571
|  |  | 1,498,572
Textiles, Apparel & Luxury Goods (b) — 0.0%
Hanesbrands, Inc. |  |  |
4.88%, 05/15/26 |  | 117 | 114,461
9.00%, 02/15/31 |  | 8 | 8,382
Levi Strauss & Co., 3.50%, 03/01/31 |  | 11 | 9,516
|  |  | 132,359
Tobacco — 0.9%
Altria Group, Inc. (f) |  |  |
2.45%, 02/04/32 |  | 200 | 161,716
5.38%, 01/31/44 |  | 2,000 | 1,873,688
Reynolds American, Inc. |  |  |
4.45%, 06/12/25 |  | 394 | 389,385
7.00%, 08/04/41 |  | 1,000 | 1,030,827
5.85%, 08/15/45 |  | 1,500 | 1,383,496
|  |  | 4,839,112
Trading Companies & Distributors — 0.0%
GYP Holdings III Corp., 4.63%, 05/01/29 (b) |  | 138 | 127,710
Transportation Infrastructure — 0.0%
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27 (e) |  | 200 | 187,312
Water Utilities — 0.2%
American Water Capital Corp., 4.45%, 06/01/32 |  | 1,350 | 1,284,703
Total Corporate Bonds — 65.7% (Cost: $386,958,496) | 373,183,945
Fixed Rate Loan Interests
Health Care Technology — 0.3%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 1,666 | 1,655,879
Media — 0.1%
Morgan Stanley & Co. International PLC, 2024 CCIBV Fixed Term Loan, 15.00% (d)(h) |  | 636 | 618,510
Total Fixed Rate Loan Interests — 0.4% (Cost: $2,297,374) | 2,274,389
Floating Rate Loan Interests (a)
Aerospace & Defense — 0.2%
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, 10/31/30 (k) |  | 124 | 124,183

28
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Aerospace & Defense (continued)
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 | USD | 119 | $ 86,952
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 19 | 14,065
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 50 | 49,822
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 04/21/31 |  | 73 | 73,365
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 13.18%, 02/01/29 |  | 303 | 303,775
Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/01/28 |  | 150 | 149,591
Standard Aero Ltd., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 19 | 19,210
|  |  | 820,963
Air Freight & Logistics — 0.0%
Clue Opco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), 9.83%, 12/19/30 |  | 121 | 112,303
Automobile Components — 0.0%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 02/23/29 |  | 153 | 153,574
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 10.43%, 11/17/28 |  | 82 | 78,736
|  |  | 232,310
Banks (k) — 0.0%
Chrysaor Bidco SARL |  |  |
USD Delayed Draw Term Loan, 05/14/31 |  | 3 | 2,694
USD Term Loan B, 05/14/31 |  | 36 | 36,424
|  |  | 39,118
Broadline Retail — 0.1%
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 10.09%, 03/15/30 |  | 380 | 379,872
Building Materials — 0.0%
Chariot Buyer LLC, 2024 Incremental Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/03/28 |  | 99 | 98,958
Cornerstone Building Brands, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 05/02/31 |  | 42 | 41,650
Emrld Borrower LP, 2024 Term Loan B, 06/18/31 (k) |  | 67 | 66,916
|  |  | 207,524
Building Products — 0.0%
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 01/29/31 |  | 55 | 54,679
Gulfside Supply, Inc., Term Loan B, 06/17/31 (d)(k) |  | 31 | 31,000
White Cap Buyer LLC |  |  |
2024 Term Loan B, 10/19/29 (k) |  | 78 | 78,102
Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.59%, 10/19/27 |  | 45 | 45,374
|  |  | 209,155

Security |  | Par (000) | Value
Capital Markets — 0.0%
Azalea Topco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/30/31 | USD | 69 | $ 68,914
Chemicals — 0.2%
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 13.19%, 11/24/28 |  | 64 | 61,148
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 08/18/28 |  | 121 | 120,716
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.68%, 10/04/29 |  | 358 | 356,547
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 4.03%), 9.36%, 07/03/28 |  | 92 | 88,623
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 03/29/28 (d) |  | 230 | 229,248
Nouryon USA LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 (d) |  | 7 | 7,018
2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 |  | 22 | 22,027
Olympus Water U.S. Holding Corp., 2024 USD Term Loan B, 06/20/31 (k) |  | 2 | 2,001
|  |  | 887,328
Commercial Services & Supplies — 0.2%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 05/12/28 |  | 195 | 193,668
APi Group DE, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/03/29 |  | 24 | 23,973
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.36%), 12.71%, 09/01/25 |  | 156 | 153,194
Grant Thornton LLP/Chicago, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.60%, 06/02/31 |  | 159 | 159,399
PECF USS Intermediate Holding III Corp., Term Loan B, (1-mo. CME Term SOFR + 4.51%), 9.84%, 12/15/28 |  | 93 | 61,156
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.76%), 14.09%, 11/02/28 |  | 23 | 17,857
Wand NewCo 3, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 01/30/31 |  | 496 | 499,011
|  |  | 1,108,258
Communications Equipment — 0.0%
Viasat, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.61%), 9.94%, 05/30/30 |  | 123 | 109,554
Construction & Engineering — 0.2%
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 09/22/28 |  | 32 | 31,743
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 08/01/30 |  | 607 | 609,227

Schedule of Investments
29

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Construction & Engineering (continued)
Brown Group Holding LLC, 2022 Incremental Term Loan B2, 07/02/29 (k) | USD | 41 | $ 40,949
Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.06%, 03/27/31 |  | 172 | 172,215
|  |  | 854,134
Construction Materials — 0.0%
Gates Corp., 2024 Term Loan B5, 06/04/31 (k) |  | 106 | 106,067
Consumer Staples Distribution & Retail — 0.0%
BCPE Empire Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 12/11/28 |  | 78 | 77,766
Containers & Packaging — 0.0%
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/15/27 |  | 77 | 77,042
Trident TPI Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.30%, 09/15/28 |  | 92 | 91,784
|  |  | 168,826
Diversified Consumer Services — 0.1%
Ascend Learning LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.85%), 11.19%, 12/10/29 |  | 83 | 80,967
2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.94%, 12/11/28 |  | 105 | 104,979
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.57%, 07/25/30 |  | 37 | 36,839
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 03/26/31 |  | 126 | 126,683
|  |  | 349,468
Diversified Telecommunication Services — 0.1%
Altice France SA/France, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.83%, 08/15/28 |  | 93 | 67,699
Digicel International Finance Ltd., 2024 Term Loan, (3- mo. CME Term SOFR + 6.75%), 12.07%, 05/25/27 |  | 387 | 373,631
Frontier Communications Corp., 2024 Term Loan B, 07/01/31 (d)(k) |  | 41 | 40,897
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.21%, 10/08/27 |  | 142 | 142,079
Level 3 Financing Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/29 |  | 38 | 37,015
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/30 |  | 38 | 37,090
Lumen Technologies, Inc., 2024 Term Loan A, 06/01/28 (k) |  | 46 | 37,920
Windstream Services LLC, 2020 Exit Term Loan B, (1- mo. CME Term SOFR + 6.35%), 11.69%, 09/21/27 |  | 69 | 68,703
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.46%, 03/09/27 |  | 10 | 9,075
|  |  | 814,109

Security |  | Par (000) | Value
Electronic Equipment, Instruments & Components — 0.0%
Roper Industrial Products Investment Co., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.58%, 11/22/29 | USD | 66 | $ 66,104
Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 06/30/27 |  | 8 | 3,968
Entertainment — 0.0%
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 11/12/29 |  | 116 | 115,680
OVG Business Services LLC, 2024 Term Loan B, 06/25/31 (k) |  | 50 | 50,126
|  |  | 165,806
Environmental, Maintenance & Security Service — 0.0%
GFL Environmental, Inc., 2024 Term Loan B, 06/27/31 (d)(k) |  | 63 | 63,000
Financial Services — 0.1%
CPI Holdco B LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/17/31 |  | 112 | 111,825
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.08%, 04/09/27 |  | 33 | 33,040
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.01%), 12.35%, 04/07/28 |  | 145 | 144,637
|  |  | 289,502
Food Products — 0.0%
Chobani LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 10/25/27 |  | 147 | 147,812
Ground Transportation — 0.0%
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 04/10/31 |  | 243 | 242,665
Health Care Equipment & Supplies — 0.2%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 09/29/28 |  | 128 | 127,633
Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 05/10/27 |  | 315 | 311,664
Medline Borrower LP, 2024 USD Add-on Term Loan B, 10/23/28 (k) |  | 278 | 278,000
Sotera Health Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/30/31 |  | 103 | 102,657
|  |  | 819,954
Health Care Providers & Services — 0.2%
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 11/08/27 |  | 129 | 129,566
Concentra Health Services, Inc., Term Loan B, 06/26/31 (d)(k) |  | 24 | 24,060
Ensemble RCM LLC, 2024 Term Loan B, 08/01/29 (k) |  | 104 | 103,573
LifePoint Health, Inc. |  |  |
2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 05/17/31 |  | 107 | 107,101
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.06%, 11/16/28 |  | 68 | 68,146

30
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/15/28 | USD | 60 | $ 59,788
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.35%), 13.65%, 04/29/25 |  | 118 | 87,174
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 09/27/30 |  | 237 | 236,909
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 12/19/30 |  | 68 | 67,783
|  |  | 884,100
Health Care Technology — 0.3%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 02/15/29 |  | 943 | 938,929
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 4.10%), 9.43%, 10/01/27 |  | 283 | 273,598
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR + 4.26%), 9.59%, 06/02/28 |  | 195 | 195,255
|  |  | 1,407,782
Hotels, Restaurants & Leisure — 0.1%
1011778 B.C. Unlimited Liability Company, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 09/20/30 |  | 120 | 119,569
Cedar Fair LP, 2024 Term Loan B, 05/01/31 (k) |  | 146 | 145,545
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.59%, 07/21/28 |  | 113 | 111,953
Entain PLC, 2024 USD Term Loan B3, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.01%, 10/31/29 |  | 105 | 105,300
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 46 | 41,143
2021 Term Loan B2, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 72 | 64,854
|  |  | 588,364
Household Durables — 0.1%
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.84%, 02/26/29 |  | 144 | 142,769
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.11%), 9.46%, 10/06/28 |  | 279 | 237,880
|  |  | 380,649
Insurance — 0.2%
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/14/31 |  | 179 | 178,911
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 02/24/28 (k) |  | 46 | 45,991
Truist Insurance Holdings LLC |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/06/31 |  | 296 | 296,264
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 05/06/32 |  | 801 | 815,354
|  |  | 1,336,520
IT Services — 0.1%
Central Parent, Inc., 2024 Term Loan B, 07/06/29 (k) |  | 63 | 61,922

Security |  | Par (000) | Value
IT Services (continued)
Fortress Intermediate 3, Inc, Term Loan B, 06/27/31 (d)(k) | USD | 368 | $ 368,000
Mitchell International, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 06/17/31 |  | 151 | 149,490
Project Alpha Intermediate Holding, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.07%, 10/28/30 |  | 119 | 119,234
|  |  | 698,646
Machinery — 0.3%
SPX Flow, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 04/05/29 |  | 201 | 202,572
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 5.00%), 10.33%, 02/15/29 |  | 575 | 576,274
TK Elevator U.S. Newco, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.79%, 04/30/30 |  | 536 | 538,053
Wec US Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/27/31 |  | 82 | 82,018
|  |  | 1,398,917
Media — 0.2%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 9.46%, 08/23/28 |  | 308 | 307,488
CSC Holdings LLC |  |  |
2019 Term Loan B5, (1-mo. LIBOR US at 0.00% Floor + 2.50%), 7.94%, 04/15/27 |  | 213 | 176,869
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.83%, 01/18/28 |  | 200 | 191,858
Gray Television, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 06/04/29 |  | 76 | 72,105
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 8.71%, 09/25/26 |  | 160 | 128,980
Univision Communications, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 01/23/29 |  | 20 | 20,036
|  |  | 897,336
Metals & Mining — 0.0%
STS Operating, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.10%), 9.44%, 03/25/31 |  | 32 | 32,170
Oil, Gas & Consumable Fuels — 0.2%
Ecopetrol SA, 2023 Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.00%, 09/06/30 (d) |  | 150 | 153,705
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.09%, 12/21/28 |  | 65 | 64,518
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR + 4.60%), 9.94%, 09/19/29 |  | 77 | 77,196

Schedule of Investments
31

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.33%, 10/27/28 | USD | 431 | $ 418,860
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 02/02/31 |  | 110 | 109,980
|  |  | 824,259
Passenger Airlines — 0.0%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR + 5.01%), 10.34%, 04/20/28 |  | 216 | 223,061
Personal Care Products — 0.0%
KDC/ONE Development Corp., Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 08/15/28 |  | 120 | 119,875
Pharmaceuticals — 0.1%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.84%, 05/04/28 |  | 47 | 47,575
Bausch Health Americas, Inc., 2022 Term Loan B, 02/01/27 (k) |  | 238 | 247,730
Endo Finance Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 04/23/31 |  | 236 | 235,559
Organon & Co., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/19/31 |  | 43 | 42,792
|  |  | 573,656
Professional Services — 0.0%
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 06/02/28 |  | 85 | 83,514
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.08%, 04/29/29 |  | 138 | 111,354
|  |  | 194,868
Real Estate Management & Development — 0.0%
Cushman & Wakefield U.S. Borrower LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 01/31/30 (d) |  | 50 | 50,263
Software — 0.6%
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 02/23/32 |  | 122 | 125,965
Boxer Parent Co., Inc., 2023 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.34%, 12/29/28 |  | 165 | 165,317
Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 12/29/28 (k) |  | 81 | 80,993
Cloud Software Group, Inc. |  |  |
2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 03/21/31 |  | 212 | 212,430
2024 USD Term Loan B, (2-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 03/30/29 |  | 286 | 285,693
Cloudera, Inc., 2021 Second Lien Term Loan, (1-mo. CME Term SOFR + 6.10%), 11.44%, 10/08/29 |  | 234 | 231,013
Delta Topco, Inc. |  |  |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.60%, 11/30/29 |  | 32 | 32,384
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.85%, 11/30/29 |  | 160 | 159,867

Security |  | Par (000) | Value
Software (continued)
Ellucian Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.94%, 10/09/29 | USD | 166 | $ 166,853
Genesys Cloud Services Holdings II LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 12/01/27 |  | 124 | 124,463
McAfee Corp., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 03/01/29 |  | 91 | 90,691
MH Sub I LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 6.25%), 9.59%, 02/23/29 |  | 35 | 34,765
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 05/03/28 |  | 392 | 391,728
Modena Buyer LLC, Term Loan, 07/01/31 (k) |  | 189 | 184,216
Planview Parent, Inc., 2024 2nd Lien Term Loan, 12/18/28 (k) |  | 105 | 101,380
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.34%, 08/31/28 |  | 84 | 83,608
RealPage, Inc., 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 04/24/28 |  | 214 | 207,709
Sovos Compliance LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 9.96%, 08/11/28 |  | 116 | 114,874
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/09/31 |  | 188 | 188,521
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 02/10/31 |  | 185 | 185,601
VS Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 04/14/31 |  | 61 | 61,075
|  |  | 3,229,146
Specialty Retail — 0.0%
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/11/28 |  | 201 | 200,355
Total Floating Rate Loan Interests — 3.8% (Cost: $21,326,286) | 21,384,447
Foreign Agency Obligations
Bahrain — 0.0% |
Bahrain Government International Bond, 5.45%, 09/16/32 (e) |  | 200 | 183,500
Canada — 1.1% |
CDP Financial, Inc., 5.60%, 11/25/39 (b) |  | 5,890 | 6,120,889
Colombia — 0.1% |
Colombia Government International Bond |  |  |
4.50%, 01/28/26 |  | 300 | 293,250
8.00%, 04/20/33 (f) |  | 200 | 207,300
|  |  | 500,550
Dominican Republic — 0.1% |
Dominican Republic International Bond |  |  |
6.88%, 01/29/26 (e) |  | 115 | 116,294
5.95%, 01/25/27 (e) |  | 228 | 226,632
4.50%, 01/30/30 (b) |  | 226 | 205,942
7.05%, 02/03/31 (b) |  | 150 | 154,406
|  |  | 703,274

32
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Egypt — 0.0% |
Egypt Government International Bond, 7.50%, 02/16/61 (b) | USD | 219 | $ 146,388
Guatemala — 0.1% |
Guatemala Government Bond (b) |  |  |
5.25%, 08/10/29 |  | 200 | 192,000
5.38%, 04/24/32 |  | 200 | 189,688
|  |  | 381,688
Hungary — 0.0% |
Hungary Government International Bond, 5.38%, 09/12/33 (e) | EUR | 66 | 73,164
Ivory Coast — 0.1% |
Ivory Coast Government International Bond (e) |  |  |
6.38%, 03/03/28 | USD | 200 | 193,250
5.88%, 10/17/31 | EUR | 192 | 185,253
|  |  | 378,503
Morocco — 0.0% |
Morocco Government International Bond, 2.38%, 12/15/27 (b) | USD | 200 | 177,800
Oman — 0.1% |
Oman Government International Bond (e) |  |  |
6.50%, 03/08/47 |  | 228 | 227,430
6.75%, 01/17/48 |  | 200 | 203,687
|  |  | 431,117
Romania — 0.1% |
Romanian Government International Bond |  |  |
5.25%, 11/25/27 (b) |  | 102 | 100,164
2.50%, 02/08/30 (e) | EUR | 222 | 207,809
2.12%, 07/16/31 (e) |  | 226 | 194,914
|  |  | 502,887
Senegal — 0.0% |
Senegal Government International Bond, 6.25%, 05/23/33 (e) | USD | 200 | 167,250
South Africa — 0.1% |
Republic of South Africa Government International Bond, 5.88%, 04/20/32 (f) |  | 200 | 185,250
Ukraine — 0.0% |
Ukraine Government International Bond (l)(m) |  |  |
7.75%, 11/13/26 (e) |  | 385 | 117,040
7.25%, 03/15/33 (b) |  | 200 | 56,900
|  |  | 173,940
Total Foreign Agency Obligations — 1.8% (Cost: $10,301,856) | 10,126,200
Municipal Bonds
California — 1.1% |
City of Los Angeles California, GO, Series A, Sustainability Bonds, 5.00%, 09/01/42 |  | 2,000 | 1,957,044
East Bay Municipal Utility District Water System Revenue, RB, BAB, 5.87%, 06/01/40 |  | 1,900 | 1,990,900
Oxnard Union High School District, Refunding GO, (BAM), 3.18%, 08/01/43 |  | 1,600 | 1,212,735
State of California, Refunding GO, 5.13%, 03/01/38 |  | 1,000 | 984,932
|  |  | 6,145,611

Security |  | Par (000) | Value
Georgia — 0.4% |
Municipal Electric Authority of Georgia, Refunding RB, BAB, 7.06%, 04/01/57 | USD | 1,884 | $ 2,107,818
Hawaii — 0.3% |
City & County Honolulu Hawaii Wastewater System Revenue, Refunding RB, Series A, 2.62%, 07/01/45 |  | 1,000 | 673,038
State of Hawaii, GO, Series GK, 6.15%, 10/01/38 |  | 1,000 | 1,071,908
|  |  | 1,744,946
Illinois — 0.3% |
State of Illinois, GO, 5.10%, 06/01/33 |  | 1,882 | 1,847,823
Massachusetts — 0.3% |
Massachusetts Educational Financing Authority, Refunding RB, Series A, 6.35%, 07/01/49 |  | 1,355 | 1,370,181
University of Massachusetts Building Authority, Refunding RB, Series 3, 3.43%, 11/01/40 |  | 500 | 404,424
|  |  | 1,774,605
New York — 1.4% |
Metropolitan Transportation Authority, RB, BAB, 7.34%, 11/15/39 |  | 1,295 | 1,502,991
New York City Industrial Development Agency, Refunding RB, (AGM), 3.19%, 03/01/40 |  | 165 | 125,683
New York City Municipal Water Finance Authority, Refunding RB, BAB |  |  |
5.72%, 06/15/42 |  | 1,390 | 1,396,645
6.01%, 06/15/42 |  | 1,000 | 1,039,952
New York State Dormitory Authority, RB, BAB |  |  |
Series D, 5.60%, 03/15/40 |  | 1,900 | 1,912,903
Series F, 5.63%, 03/15/39 |  | 1,100 | 1,110,402
Port Authority of New York & New Jersey, RB, Series 159, 6.04%, 12/01/29 |  | 780 | 819,964
|  |  | 7,908,540
Total Municipal Bonds — 3.8% (Cost: $21,351,745) | 21,529,343
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 9.7%
Alternative Loan Trust |  |  |
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 |  | 352 | 301,936
Series 2006-OA21, Class A1, (1 mo. Term SOFR + 0.30%), 5.64%, 03/20/47 (a) |  | 331 | 265,488
Series 2007-OA10, Class 2A1, (1 mo. Term SOFR + 0.61%), 5.96%, 09/25/47 (a) |  | 3,876 | 546,882
Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37 |  | 197 | 146,998
Bravo Residential Funding Trust (b) |  |  |
Series 2021-NQM1, Class A1, 0.94%, 02/25/49 (a) |  | 622 | 551,912
Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |  | 433 | 421,436
Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |  | 1,334 | 1,341,650
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49 (a)(b) |  | 481 | 473,557
CIM Trust (b) |  |  |
Series 2023-I1, Class A1, 6.03%, 04/25/58 |  | 1,157 | 1,143,256
Series 2023-I2, Class A1, 6.64%, 12/25/67 |  | 1,144 | 1,143,566
COLT Mortgage Loan Trust (b) |  |  |
Series 2020-2, Class M1, 5.25%, 03/25/65 (a) |  | 3,050 | 2,964,419
Series 2020-3, Class M1, 3.36%, 04/27/65 (a) |  | 3,820 | 3,492,478
Series 2022-1, Class A1, 4.55%, 04/25/67 (a) |  | 1,457 | 1,444,627
Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 1,886 | 1,854,112
Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 300 | 300,746

Schedule of Investments
33

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
COLT Mortgage Loan Trust (b) (continued) |  |  |
Series 2023-2, Class A1, 6.60%, 07/25/68 | USD | 1,342 | $ 1,348,246
Credit Suisse Mortgage Capital Certificates Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67 (a)(b) |  | 2,573 | 2,545,539
Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67 (a)(b) |  | 248 | 234,692
Ellington Financial Mortgage Trust (a)(b) |  |  |
Series 2020-1, Class M1, 5.24%, 05/25/65 |  | 1,500 | 1,470,637
Series 2021-2, Class A1, 0.93%, 06/25/66 |  | 188 | 153,669
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51 (a)(b) |  | 2,353 | 1,862,527
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67 (a)(b) |  | 1,091 | 1,058,150
GS Mortgage-Backed Securities Corp. Trust, Series 2022- PJ2, Class A4, 2.50%, 06/25/52 (a)(b) |  | 1,010 | 801,399
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A2, 2.50%, 11/25/51 (a)(b) |  | 881 | 698,173
GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 |  | 77 | 49,104
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67 (b) |  | 1,139 | 1,125,505
JP Morgan Mortgage Trust |  |  |
Series 2006-S3, Class 1A12, 6.50%, 08/25/36 |  | 42 | 13,155
Series 2022-DSC1, Class A1, 4.75%, 01/25/63 (a)(b) |  | 448 | 425,636
Series 2022-INV3, Class A3B, 3.00%, 09/25/52 (a)(b) |  | 706 | 582,839
Series 2023-DSC1, Class A1, 4.63%, 07/25/63 (a)(b) |  | 313 | 298,152
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52 (a)(b) |  | 750 | 619,431
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 5.53%, 05/25/36 (a) |  | 112 | 73,617
MFA Trust (b) |  |  |
Series 2021-NQM1, Class M1, 2.31%, 04/25/65 (a) |  | 2,750 | 2,138,318
Series 2023-NQM1, Class A1, 5.75%, 11/25/67 |  | 802 | 796,295
Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |  | 1,548 | 1,556,677
Mill City Mortgage Trust, Series 2023-NQM2, Class A1, 6.24%, 12/25/67 (b) |  | 1,689 | 1,683,363
OBX Trust (b) |  |  |
Series 2022-INC3, Class A1, 3.00%, 02/25/52 (a) |  | 667 | 550,790
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 |  | 491 | 490,663
Series 2023-NQM1, Class A1, 6.12%, 11/25/62 (a) |  | 644 | 643,631
Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |  | 1,438 | 1,448,991
Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 1,181 | 1,185,413
PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, 06/25/58 (b) |  | 1,410 | 1,410,385
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52 (a)(b) |  | 985 | 814,192
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62 (b) |  | 641 | 632,152
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57 (b) |  | 670 | 633,862
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65 (a)(b) |  | 2,050 | 1,625,619
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65 (a)(b) |  | 2,000 | 1,724,487
Verus Securitization Trust (b) |  |  |
Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 2,665 | 2,482,266
Series 2022-7, Class A1, 5.15%, 07/25/67 |  | 1,535 | 1,516,655
Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 443 | 444,383
Series 2023-1, Class A1, 5.85%, 12/25/67 |  | 886 | 880,164

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
Verus Securitization Trust (b) (continued) |  |  |
Series 2023-5, Class A1, 6.48%, 06/25/68 | USD | 1,245 | $ 1,246,558
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58 (b) |  | 1,369 | 1,371,585
|  |  | 55,029,983
Commercial Mortgage-Backed Securities — 4.8%
3650R Commercial Mortgage Trust, Series 2021-PF1, Class A5, 2.52%, 11/15/54 |  | 1,250 | 1,026,641
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.72%, 04/14/33 (a)(b) |  | 4,170 | 4,005,895
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. Term SOFR + 0.52%), 5.86%, 07/25/37 (a)(b) |  | 572 | 529,104
BX Commercial Mortgage Trust (a)(b) |  |  |
Series 2021-CIP, Class A, (1 mo. Term SOFR + 1.04%), 6.36%, 12/15/38 |  | 605 | 598,197
Series 2021-SOAR, Class A, (1 mo. Term SOFR + 0.78%), 6.11%, 06/15/38 |  | 1,482 | 1,465,060
Series 2021-XL2, Class A, (1 mo. Term SOFR + 0.80%), 6.13%, 10/15/38 |  | 352 | 348,217
Series 2022-LP2, Class A, (1 mo. Term SOFR + 1.01%), 6.34%, 02/15/39 |  | 1,392 | 1,376,034
Series 2024-MF, Class C, (1 mo. Term SOFR + 1.94%), 7.27%, 02/15/39 |  | 510 | 503,625
Series 2024-XL4, Class C, (1 mo. Term SOFR + 2.19%), 7.52%, 02/15/39 |  | 98 | 98,066
BX Trust (a)(b) |  |  |
Series 2021-LBA, Class AJV, (1 mo. Term SOFR + 0.91%), 6.24%, 02/15/36 |  | 1,690 | 1,668,347
Series 2022 VAMF, Class A, (1 mo. Term SOFR + 0.85%), 6.18%, 01/15/39 |  | 1,300 | 1,282,133
Series 2022-GPA, Class A, (1 mo. Term SOFR + 2.17%), 7.49%, 08/15/39 |  | 640 | 640,730
Series 2024-BIO, Class C, (1 mo. Term SOFR + 2.64%), 7.97%, 02/15/41 |  | 240 | 238,952
Series 2024-CNYN, Class C, (1 mo. Term SOFR + 1.94%), 7.27%, 04/15/29 |  | 795 | 790,885
Series 2024-PAT, Class B, (1 mo. Term SOFR + 3.04%), 8.37%, 03/15/41 |  | 170 | 169,787
Cantor Commercial Real Estate Lending, Series 2019- CF2, Class A5, 2.87%, 11/15/52 |  | 550 | 475,390
Century Plaza Towers, Series 2019-CPT, Class C, 3.10%, 11/13/39 (a)(b) |  | 250 | 197,046
Cold Storage Trust, Series 2020-ICE5, Class A, (1 mo. Term SOFR + 1.01%), 6.34%, 11/15/37 (a)(b) |  | 238 | 236,992
Credit Suisse Mortgage Capital Certificates Trust, Series 2020-FACT, Class D, (1 mo. Term SOFR + 4.07%), 9.40%, 10/15/37 (a)(b) |  | 900 | 821,386
CSMC BHAR, Series 2021-BHAR, Class C, (1 mo. Term SOFR + 2.11%), 7.44%, 11/15/38 (a)(b) |  | 300 | 297,757
DC Trust, Series 2024-HLTN, Class C, 7.29%, 04/13/28 (a)(b) |  | 220 | 221,145
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. Term SOFR + 2.36%), 7.69%, 07/15/38 (a)(b) |  | 1,752 | 1,750,951
GS Mortgage Securities Trust, Series 2019-GC38, Class AAB, 3.84%, 02/10/52 |  | 849 | 822,613
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.73%, 03/15/39 (a)(b) |  | 1,700 | 1,678,764

34
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
JW Commercial Mortgage Trust, Series 2024-MRCO, Class C, (1 mo. Term SOFR + 2.39%), 7.71%, 06/15/39 (a)(b) | USD | 800 | $ 795,997
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.31%, 04/15/48 |  | 1,200 | 1,174,177
STWD Trust, Series 2021-FLWR, Class A, (1 mo. Term SOFR + 0.69%), 6.02%, 07/15/36 (a)(b) |  | 1,207 | 1,191,171
UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.04%, 12/15/52 |  | 1,200 | 1,045,137
Wells Fargo Commercial Mortgage Trust |  |  |
Series 2016-LC25, Class A4, 3.64%, 12/15/59 |  | 1,700 | 1,621,955
Series 2024-BPRC, Class D, 07/15/43 (c) |  | 250 | 247,499
|  |  | 27,319,653
Total Non-Agency Mortgage-Backed Securities — 14.5% (Cost: $87,493,657) | 82,349,636
Preferred Securities
Capital Trusts — 6.2% (a)
Automobiles — 0.0% |
Volkswagen International Finance NV, 3.88% (e)(h) | EUR | 100 | 99,679
Banks (h) — 5.3% |
AIB Group PLC, 5.25% (e) |  | 200 | 213,387
Banco Mercantil del Norte SA, 6.75% (b) | USD | 200 | 198,438
Bank of America Corp., Series FF, 5.88% (f) |  | 3,500 | 3,480,807
Bank of New York Mellon Corp., Series F, 4.63% (f) |  | 2,750 | 2,652,244
Barclays PLC |  |  |
4.38% |  | 310 | 260,308
9.63% |  | 640 | 693,819
BNP Paribas SA, 4.63% (b) |  | 2,000 | 1,601,547
Citigroup, Inc., Series AA, 7.63% |  | 208 | 216,565
HSBC Holdings PLC |  |  |
4.70% |  | 275 | 234,399
6.50% (f) |  | 1,090 | 1,073,059
6.00% (f) |  | 435 | 420,035
6.38% |  | 1,000 | 997,002
ING Groep NV, Series NC10, 4.25% |  | 1,500 | 1,167,624
JPMorgan Chase & Co., Series FF, 5.00% |  | 2,500 | 2,492,849
Krung Thai Bank PCL/Cayman Islands, 4.40% (e) |  | 252 | 239,558
Lloyds Banking Group PLC |  |  |
8.00% |  | 200 | 204,441
6.75% |  | 595 | 592,771
7.50% |  | 1,750 | 1,749,368
NatWest Group PLC |  |  |
8.13% |  | 225 | 227,328
6.00% |  | 1,575 | 1,540,723
Nordea Bank Abp, 6.13% (b) |  | 2,960 | 2,944,751
PNC Financial Services Group, Inc. |  |  |
Series V, 6.20% |  | 205 | 204,202
Series W, 6.25% (f) |  | 1,705 | 1,661,472
Rizal Commercial Banking Corp., 6.50% (e) |  | 200 | 197,625
U.S. Bancorp, Series J, 5.30% (f) |  | 1,900 | 1,842,428
UBS Group AG (b) |  |  |
4.88% |  | 2,000 | 1,831,645
Series NC10, 9.25% |  | 200 | 223,978
Series NC5, 9.25% |  | 400 | 430,361
Wells Fargo & Co., 7.63% (f) |  | 300 | 319,471
Woori Bank, 4.25% (e) |  | 250 | 247,813
|  |  | 30,160,018

Security |  | Par (000) | Value
Consumer Finance — 0.2% |
Charles Schwab Corp., Series H, 4.00% (h) | USD | 1,500 | $ 1,281,021
Diversified Telecommunication Services (e) — 0.1% |
Telefonica Europe BV, 6.14% (h) | EUR | 200 | 224,350
Vodafone Group PLC, 6.50%, 08/30/84 |  | 100 | 114,993
|  |  | 339,343
Electric Utilities — 0.6% |
Edison International, Series B, 5.00% (h) | USD | 169 | 160,753
EDP - Energias de Portugal SA, 5.94%, 04/23/83 (e) | EUR | 100 | 111,509
Electricite de France SA, 3.38% (e)(h) |  | 200 | 186,654
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 | USD | 2,750 | 2,624,704
NRG Energy, Inc., 10.25% (b)(h) |  | 340 | 371,861
Vistra Corp., 7.00% (b)(h) |  | 141 | 139,775
|  |  | 3,595,256
| 35,475,317

|  | Shares |
Preferred Stocks — 0.3% (a)(h)
Capital Markets — 0.3% |
Morgan Stanley, Series K, 5.85% |  | 66,567 | 1,653,524
Financial Services — 0.0% |
Federal National Mortgage Association, Series S |  | 10,000 | 51,300
| 1,704,824
Trust Preferred — 0.2%
Banks — 0.2% |
Citigroup Capital XIII, 11.96%, 10/30/40 (a) |  | 29,583 | 865,895
| 865,895
Total Preferred Securities — 6.7% (Cost: $39,093,957) | 38,046,036

|  | Par (000) |
U.S. Government Sponsored Agency Securities
Agency Obligations — 1.1% |
Fannie Mae, 5.63%, 07/15/37 (f) | USD | 1,600 | 1,754,659
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30 (j) |  | 6,055 | 4,626,947
|  |  | 6,381,606
Collateralized Mortgage Obligations — 4.9% |
Fannie Mae REMICS |  |  |
Series 2015-47, Class GL, 3.50%, 07/25/45 |  | 1,636 | 1,429,906
Series 2022-25, Class KL, 4.00%, 05/25/52 |  | 14,500 | 12,577,784
Freddie Mac REMICS |  |  |
Series 4350, Class DY, 4.00%, 06/15/44 |  | 1,544 | 1,460,586
Series 4398, Class ZX, 4.00%, 09/15/54 |  | 11,327 | 9,810,005
Series 4549, Class TZ, 4.00%, 11/15/45 |  | 2,898 | 2,733,331
|  |  | 28,011,612
Interest Only Collateralized Mortgage Obligations — 0.0% |
Fannie Mae REMICS, Series 2012-47, Class NI, 4.50%, 04/25/42 |  | 767 | 121,784
Ginnie Mae, Series 2009-116, Class KS, (1 mo. Term SOFR + 6.36%), 1.03%, 12/16/39 (a) |  | 551 | 40,125
|  |  | 161,909

Schedule of Investments
35

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Mortgage-Backed Securities (f) — 14.2% |
Fannie Mae Mortgage-Backed Securities |  |  |
4.50%, 07/01/55 | USD | 2,635 | $ 2,507,798
4.00%, 02/01/56 - 04/01/56 |  | 2,802 | 2,590,841
Freddie Mac Mortgage-Backed Securities, 4.50%, 03/01/47 |  | 520 | 506,195
Ginnie Mae Mortgage-Backed Securities, 5.50%, 08/15/33 |  | 20 | 20,555
Uniform Mortgage-Backed Securities |  |  |
1.50%, 05/01/31 |  | 5,577 | 5,079,858
5.00%, 08/01/34 - 07/15/54 (n) |  | 20,873 | 20,477,216
4.50%, 06/01/37 - 07/15/54 (n) |  | 5,756 | 5,613,999
5.50%, 12/01/37 - 07/15/54 (n) |  | 22,829 | 22,652,880
6.00%, 12/01/38 |  | 188 | 192,338
3.00%, 02/01/52 |  | 1,884 | 1,603,310
3.50%, 04/01/52 - 04/01/53 |  | 3,896 | 3,474,434
4.00%, 05/01/52 - 07/15/54 (n) |  | 11,422 | 10,486,218
6.50%, 10/01/53 |  | 5,109 | 5,202,235
|  |  | 80,407,877
Total U.S. Government Sponsored Agency Securities — 20.2% (Cost: $121,059,360) | 114,963,004
U.S. Treasury Obligations
U.S. Treasury Bonds (f) |  |  |
3.00%, 11/15/44 |  | 33,795 | 26,393,103
2.50%, 02/15/46 |  | 57,350 | 40,409,348
2.75%, 11/15/47 |  | 2,000 | 1,454,062
4.63%, 05/15/54 |  | 31,000 | 31,431,094
U.S. Treasury Notes (f) |  |  |
5.00%, 10/31/25 |  | 26,000 | 26,003,047
3.63%, 05/31/28 |  | 1,900 | 1,845,894
4.88%, 10/31/28 |  | 7,800 | 7,945,641
Total U.S. Treasury Obligations — 23.8% (Cost: $160,724,906) | 135,482,189
Total Long-Term Investments — 157.7% (Cost: $947,790,595) | 896,000,915

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 1.0% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19% (o)(p) |  | 5,865,155 | $ 5,865,155
Total Short-Term Securities — 1.0% (Cost: $5,865,155) | 5,865,155
Total Investments — 158.7% (Cost: $953,655,750) | 901,866,070
Liabilities in Excess of Other Assets — (58.7)% | (333,648,140 )
Net Assets — 100.0% | $ 568,217,930

(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) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(f) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(g) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.
(h) | Perpetual security with no stated maturity date.
(i) | Convertible security.
(j) | Zero-coupon bond.
(k) | 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.
(l) | Issuer filed for bankruptcy and/or is in default.
(m) | Non-income producing security.
(n) | Represents or includes a TBA transaction.
(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 six months ended June 30, 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 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 11,900,896 | $ — | $ (6,035,741 ) (a) | $ — | $ — | $ 5,865,155 | 5,865,155 | $ 185,695 | $ —

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

Reverse Repurchase Agreements

Counterparty | Interest Rate | Trade Date | Maturity Date (a) | Face Value | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements (a)
BNP Paribas SA | 5.38 % (b) | 09/05/23 | Open | $ 17,781,250 | $ 18,579,327 | U.S. Treasury Obligations | Open/Demand
BNP Paribas SA | 5.38 (b) | 09/05/23 | Open | 26,909,269 | 28,119,999 | U.S. Treasury Obligations | Open/Demand
BNP Paribas SA | 5.38 (b) | 11/06/23 | Open | 26,097,500 | 27,028,202 | U.S. Treasury Obligations | Open/Demand
BNP Paribas SA | 5.38 (b) | 11/06/23 | Open | 7,926,750 | 8,209,356 | U.S. Treasury Obligations | Open/Demand

36
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 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 | 5.47 % (b) | 01/05/24 | Open | $ 1,832,000 | $ 1,880,397 | U.S. Government Sponsored Agency Securities | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 02/13/24 | Open | 537,625 | 548,568 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 02/13/24 | Open | 2,737,500 | 2,793,222 | Corporate Bonds | Open/Demand
Barclays Capital, Inc. | 5.49 (b) | 03/15/24 | Open | 2,542,969 | 2,583,688 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 04/01/24 | Open | 199,098 | 201,850 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/02/24 | Open | 245,340 | 248,701 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 04/08/24 | Open | 1,267,500 | 1,283,017 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 04/11/24 | Open | 4,066,354 | 4,116,584 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 467,812 | 473,166 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 184,451 | 186,562 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 126,348 | 127,794 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 204,997 | 207,342 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 5.40 (b) | 04/12/24 | Open | 513,006 | 518,932 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 903,750 | 914,343 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 132,645 | 134,200 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 306,500 | 310,093 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 106,195 | 107,440 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 130,020 | 131,544 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 1,736,875 | 1,757,233 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 87,281 | 88,304 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/16/24 | Open | 1,404,434 | 1,420,593 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 287,788 | 290,805 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 192,276 | 194,292 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 202,231 | 204,351 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 04/26/24 | Open | 823,750 | 831,405 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.30 (b) | 04/29/24 | Open | 292,000 | 294,665 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.30 (b) | 04/29/24 | Open | 401,644 | 405,310 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.35 (b) | 04/29/24 | Open | 1,062,547 | 1,072,338 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.35 (b) | 04/29/24 | Open | 871,500 | 879,230 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.37 (b) | 04/29/24 | Open | 101,550 | 102,489 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.37 (b) | 04/29/24 | Open | 3,115,000 | 3,143,809 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.39 (b) | 04/29/24 | Open | 40,375 | 40,750 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.39 (b) | 04/29/24 | Open | 119,510 | 120,619 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.39 (b) | 04/29/24 | Open | 1,214,212 | 1,225,484 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 04/29/24 | Open | 408,100 | 411,909 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.44 (b) | 04/29/24 | Open | 98,169 | 99,088 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.44 (b) | 04/29/24 | Open | 179,575 | 181,257 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 186,760 | 188,513 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 401,875 | 405,647 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 190,250 | 192,036 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 281,250 | 283,890 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 114,431 | 115,505 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 164,666 | 166,212 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 259,341 | 261,775 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 1,087,177 | 1,097,382 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.48 (b) | 04/29/24 | Open | 135,975 | 137,258 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 463,125 | 467,476 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 199,361 | 201,246 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 356,720 | 359,984 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 762,000 | 768,972 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 310,792 | 313,636 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 882,656 | 890,733 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 104,479 | 105,445 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 181,196 | 182,873 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 05/01/24 | Open | 3,840,000 | 3,873,984 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/06/24 | Open | 292,927 | 295,425 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.48 (b) | 05/06/24 | Open | 5,318,750 | 5,363,280 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,816,625 | 2,840,249 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 3,924,900 | 3,957,820 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 05/10/24 | Open | 247,500 | 249,398 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 05/13/24 | Open | 1,336,612 | 1,346,473 | Corporate Bonds | Open/Demand

Schedule of Investments
37

Schedule of Investments
(unaudited)
(continued)
June 30, 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)
Nomura Securities International, Inc. | 5.48 % (b) | 05/15/24 | Open | $ 619,794 | $ 624,228 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.25 (b) | 05/20/24 | Open | 162,346 | 163,317 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.35 (b) | 05/20/24 | Open | 427,470 | 430,075 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.35 (b) | 05/20/24 | Open | 193,200 | 194,377 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 1,042,000 | 1,048,468 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 1,939,375 | 1,951,413 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 1,518,750 | 1,528,177 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 3,052,500 | 3,071,447 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 424,410 | 427,044 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 397,500 | 399,967 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 947,500 | 953,381 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 2,767,500 | 2,784,678 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 271,050 | 272,692 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 396,997 | 399,402 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 136,089 | 136,913 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/20/24 | Open | 374,637 | 376,976 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 05/22/24 | Open | 411,619 | 414,036 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 475,151 | 477,977 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 384,070 | 386,354 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 273,375 | 275,001 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/22/24 | Open | 11,480 | 11,550 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/22/24 | Open | 801,890 | 806,773 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/23/24 | Open | 113,285 | 113,954 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/23/24 | Open | 407,670 | 409,671 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.15 (b) | 05/23/24 | Open | 409,399 | 411,624 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 05/30/24 | Open | 191,000 | 191,920 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/30/24 | Open | 652,342 | 655,526 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 06/06/24 | Open | 164,000 | 164,605 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 06/06/24 | Open | 493,125 | 494,943 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/07/24 | Open | 309,400 | 310,518 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/07/24 | Open | 305,699 | 306,803 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,417,823 | 1,421,687 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,213,919 | 1,217,227 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,561,843 | 1,566,099 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 495,956 | 497,307 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 543,382 | 544,863 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 316,720 | 317,583 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 4,933,041 | 4,946,483 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 250,910 | 251,593 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 601,413 | 603,052 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,892,509 | 1,897,666 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 2,492,608 | 2,499,400 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 766,894 | 768,984 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,773,770 | 1,778,603 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 151,881 | 152,295 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,571,554 | 1,575,837 | U.S. Government Sponsored Agency Securities | Up to 30 Days

38
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 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 | 5.45 % | 06/12/24 | 07/15/24 | $ 242,981 | $ 243,643 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,508,961 | 1,513,072 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,703,278 | 1,707,919 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,682,266 | 1,686,850 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,778,299 | 1,783,145 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,471,466 | 1,475,476 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 958,105 | 960,716 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,528,777 | 1,532,943 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 993,335 | 996,042 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 1,019,892 | 1,022,671 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 2,368,426 | 2,374,880 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 187,587 | 188,098 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 429,852 | 431,023 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 220,292 | 220,892 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 874,380 | 876,762 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 931,469 | 934,007 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 5.45 | 06/12/24 | 07/15/24 | 5,064,852 | 5,078,654 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Cantor Fitzgerald & Co. | 5.46 | 06/12/24 | 07/15/24 | 382,421 | 383,465 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Daiwa Capital Markets America, Inc | 5.46 | 06/12/24 | 07/15/24 | 19,948 | 20,002 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Nomura Securities International, Inc. | 5.42 (b) | 06/12/24 | Open | 948,750 | 951,464 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/12/24 | Open | 102,290 | 102,583 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/12/24 | Open | 176,820 | 177,326 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 5.49 | 06/13/24 | 08/01/24 | 2,343,750 | 2,350,184 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 2.00 | 06/13/24 | 08/01/24 | 15,509 | 15,524 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.00 | 06/13/24 | 08/01/24 | 147,889 | 148,185 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.50 | 06/13/24 | 08/01/24 | 105,619 | 105,856 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.50 | 06/13/24 | 08/01/24 | 258,591 | 259,173 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 115,133 | 115,446 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 178,988 | 179,476 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 1,006,250 | 1,008,992 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 925,000 | 927,521 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 1,205,625 | 1,208,910 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 776,250 | 778,365 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 986,450 | 989,138 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 2,106,250 | 2,111,990 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 182,750 | 183,248 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 210,311 | 210,884 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 1,150,000 | 1,153,134 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.00 (b) | 06/14/24 | Open | 214,540 | 215,047 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 588,190 | 589,368 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 237,868 | 238,344 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 276,360 | 276,913 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.25 | 06/17/24 | 07/17/24 | 167,265 | 167,606 | Corporate Bonds | Up to 30 Days

Schedule of Investments
39

Schedule of Investments
(unaudited)
(continued)
June 30, 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. | 5.30 % | 06/17/24 | 07/17/24 | $ 127,715 | $ 127,978 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 510,750 | 511,813 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 164,840 | 165,183 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 294,937 | 295,551 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 154,395 | 154,716 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 293,185 | 293,795 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 200,825 | 201,243 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 165,381 | 165,725 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 443,125 | 444,056 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 130,095 | 130,368 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 169,785 | 170,142 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 135,135 | 135,419 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 113,958 | 114,197 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 187,188 | 187,581 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,366,972 | 1,369,843 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 101,365 | 101,578 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 211,270 | 211,714 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 219,403 | 219,863 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 680,722 | 682,152 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 331,110 | 331,805 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 172,515 | 172,877 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 222,530 | 222,997 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 129,200 | 129,471 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 239,020 | 239,522 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. (c) | 5.40 | 06/17/24 | 07/17/24 | 145,189 | 145,189 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,572,250 | 1,575,582 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 831,648 | 833,411 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 3,690,000 | 3,697,821 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,603,125 | 1,606,523 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 440,000 | 440,933 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 2,902,500 | 2,908,652 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 541,296 | 542,443 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 2,639,790 | 2,645,385 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 776,250 | 777,895 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 313,630 | 314,295 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 149,988 | 150,306 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 140,088 | 140,385 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 374,062 | 374,855 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 220,585 | 221,053 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 118,346 | 118,597 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 239,610 | 240,118 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 200,273 | 200,697 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 91,913 | 92,107 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 116,836 | 117,084 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 142,054 | 142,355 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 132,809 | 133,090 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 70,508 | 70,657 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 279,563 | 280,155 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 82,369 | 82,543 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 425,820 | 426,722 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 208,204 | 208,645 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 661,195 | 662,596 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 197,055 | 197,473 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 351,250 | 351,994 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 101,860 | 102,076 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 142,755 | 143,058 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 407,882 | 408,747 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 102,950 | 103,168 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 195,415 | 195,829 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 147,163 | 147,474 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. (c) | 5.45 | 06/17/24 | 07/17/24 | 264,977 | 264,977 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 5.32 | 06/17/24 | 07/17/24 | 161,560 | 161,894 | Foreign Agency Obligations | Up to 30 Days

40
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 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)
J.P. Morgan Securities LLC | 5.25 % | 06/18/24 | 08/07/24 | $ 976,511 | $ 978,363 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.30 | 06/18/24 | 08/07/24 | 259,069 | 259,565 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.35 | 06/18/24 | 08/07/24 | 157,309 | 157,613 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.40 | 06/18/24 | 08/07/24 | 139,750 | 140,023 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 350,333 | 351,023 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 84,185 | 84,351 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 113,040 | 113,262 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 250,624 | 251,117 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 197,164 | 197,552 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 248,023 | 248,511 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 1,137,500 | 1,139,739 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 116,544 | 116,773 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 86,728 | 86,898 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 119,000 | 119,234 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 146,453 | 146,741 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 135,520 | 135,787 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 1,572,876 | 1,575,972 | Corporate Bonds | 31 - 90 Days
Nomura Securities International, Inc. | 5.44 (b) | 06/21/24 | Open | 31,677,311 | 31,724,739 | U.S. Treasury Obligations | Open/Demand
Nomura Securities International, Inc. | 5.44 (b) | 06/26/24 | Open | 1,850,125 | 1,851,252 | U.S. Treasury Obligations | Open/Demand
Nomura Securities International, Inc. | 5.44 (b) | 06/26/24 | Open | 1,482,500 | 1,483,403 | U.S. Treasury Obligations | Open/Demand
Nomura Securities International, Inc. | 5.44 (b) | 06/26/24 | Open | 23,413,312 | 23,427,569 | U.S. Treasury Obligations | Open/Demand
BofA Securities, Inc. | 4.50 | 06/28/24 | 07/17/24 | 123,015 | 123,061 | Corporate Bonds | Up to 30 Days
|  |  |  | $ 302,154,026 | $ 306,379,817 |  |

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

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 | 335 | 09/19/24 | $ 37,949 | $ 242,961
Ultra U.S. Treasury Bond | 475 | 09/19/24 | 59,167 | 176,627
2-Year U.S. Treasury Note | 57 | 09/30/24 | 11,640 | 21,231
|  |  |  | 440,819
Short Contracts |  |  |  |
10-Year U.S. Treasury Note | 825 | 09/19/24 | 90,621 | (703,379 )
U.S. Long Bond | 154 | 09/19/24 | 18,153 | (64,850 )
5-Year U.S. Treasury Note | 185 | 09/30/24 | 19,705 | (51,166 )
|  |  |  | (819,395 )
|  |  |  | $ (378,576 )

Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 75,635 | EUR | 69,855 | Morgan Stanley & Co. International PLC | 07/17/24 | $ 772
USD | 198,622 | EUR | 183,443 | Morgan Stanley & Co. International PLC | 07/17/24 | 2,026
USD | 370,562 | EUR | 342,242 | Morgan Stanley & Co. International PLC | 07/17/24 | 3,781
USD | 7,046,288 | EUR | 6,545,000 | BNP Paribas SA | 09/18/24 | 10,776
USD | 372,923 | GBP | 294,000 | Citibank N.A. | 09/18/24 | 1,066

Schedule of Investments
41

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 196,529 | GBP | 155,000 | JPMorgan Chase Bank N.A. | 09/18/24 | $ 482
USD | 152,200 | GBP | 120,000 | Standard Chartered Bank | 09/18/24 | 421
|  |  |  |  |  | 19,324
USD | 107,973 | CAD | 148,000 | Royal Bank of Canada | 09/18/24 | (408 )
| $ 18,916

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 | 25,210 | $ (539,364 ) | $ (333,257 ) | $ (206,107 )
CDX.NA.HY.42.V1 | 5.00 | Quarterly | 06/20/29 | USD | 5,180 | (331,632 ) | (314,110 ) | (17,522 )
|  |  |  |  |  | $ (870,996 ) | $ (647,367 ) | $ (223,629 )

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 | $ 540 | $ 486 | $ 54
CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | N/R | EUR | 20 | 2,392 | 3,070 | (678 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | N/R | EUR | 5 | (167 ) | (875 ) | 708
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | N/R | EUR | 3 | (100 ) | (512 ) | 412
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | N/R | EUR | 9 | (282 ) | (1,441 ) | 1,159
Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | N/R | EUR | 3 | (82 ) | (429 ) | 347
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | N/R | EUR | 6 | (171 ) | (906 ) | 735
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | N/R | EUR | 4 | (124 ) | (644 ) | 520
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB | EUR | 13 | 1,440 | 1,716 | (276 )
Ziggo Bond Company B.V. | 5.00 | Quarterly | Bank of America N.A. | 06/20/29 | B- | EUR | 7 | 379 | 569 | (190 )
CMBX.NA.15 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 11/15/64 | N/R | USD | 4,710 | (815,124 ) | (868,697 ) | 53,573
|  |  |  |  |  |  |  | $ (811,299 ) | $ (867,663 ) | $ 56,364

(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b) | The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

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

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps (a) | $ — | $ (647,367 ) | $ — | $ (223,629 )
OTC Swaps | 5,841 | (873,504 ) | 57,508 | (1,144 )

(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.

42
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
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) | $ — | $ — | $ — | $ — | $ 440,819 | $ — | $ 440,819
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 19,324 | — | — | 19,324
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 63,349 | — | — | — | — | 63,349
| $ — | $ 63,349 | $ — | $ 19,324 | $ 440,819 | $ — | $ 523,492
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 819,395 | $ — | $ 819,395
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | 408 | — | — | 408
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) | — | 223,629 | — | — | — | — | 223,629
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 874,648 | — | — | — | — | 874,648
| $ — | $ 1,098,277 | $ — | $ 408 | $ 819,395 | $ — | $ 1,918,080

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

For the period ended June 30, 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 | $ — | $ — | $ — | $ — | $ 1,085,714 | $ — | $ 1,085,714
Forward foreign currency exchange contracts | — | — | — | 204,468 | — | — | 204,468
Options purchased (a) | — | — | — | — | (541 ) | — | (541 )
Options written | — | — | — | — | 131 | — | 131
Swaps | — | (442,346 ) | — | — | — | — | (442,346 )
| $ — | $ (442,346 ) | $ — | $ 204,468 | $ 1,085,304 | $ — | $ 847,426
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ (5,366,488 ) | $ — | $ (5,366,488 )
Forward foreign currency exchange contracts | — | — | — | 88,150 | — | — | 88,150
Swaps | — | 276,220 | — | — | — | — | 276,220
| $ — | $ 276,220 | $ — | $ 88,150 | $ (5,366,488 ) | $ — | $ (5,002,118 )

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

Schedule of Investments
43

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — long | $ 124,198,493
Average notional value of contracts — short | $ 132,269,250
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $ 8,137,193
Options: |
Average value of option contracts purchased | $ 70
Average value of option contracts written | $ 8
Credit default swaps: |
Average notional value — buy protection | $ 31,953,050
Average notional value — sell protection | $ 4,796,122

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 | $ 588,328 | $ 1,405,197
Forward foreign currency exchange contracts | 19,324 | 408
Swaps — centrally cleared | 4,843 | —
Swaps — OTC (a) | 63,349 | 874,648
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 675,844 | 2,280,253
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (593,171 ) | (1,405,197 )
Total derivative assets and liabilities subject to an MNA | $ 82,673 | $ 875,056

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

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

Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets (b)(c)
Bank of America N.A. | $ 1,277 | $ (1,065 ) | $ — | $ — | $ 212
Barclays Bank PLC | 3,287 | (2,229 ) | — | — | 1,058
BNP Paribas SA | 10,776 | — | — | — | 10,776
Citibank N.A. | 1,413 | (429 ) | — | — | 984
JPMorgan Chase Bank N.A. | 1,757 | (906 ) | — | — | 851
Morgan Stanley & Co. International PLC | 63,742 | (63,742 ) | — | — | —
Standard Chartered Bank | 421 | — | — | — | 421
| $ 82,673 | $ (68,371 ) | $ — | $ — | $ 14,302

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Pledged | Cash Collateral Pledged (d) | Net Amount of Derivative Liabilities (b)(e)
Bank of America N.A. | $ 1,065 | $ (1,065 ) | $ — | $ — | $ —
Barclays Bank PLC | 2,229 | (2,229 ) | — | — | —
Citibank N.A. | 429 | (429 ) | — | — | —
JPMorgan Chase Bank N.A. | 906 | (906 ) | — | — | —
Morgan Stanley & Co. International PLC | 870,019 | (63,742 ) | — | (806,277 ) | —
Royal Bank of Canada | 408 | — | — | — | 408
| $ 875,056 | $ (68,371 ) | $ — | $ (806,277 ) | $ 408

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

44
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)

(b) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(c) | Net amount represents the net amount receivable from the counterparty in the event of default.
(d) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(e) | Net amount represents the net amount payable due to counterparty in the event of default.

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

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $ — | $ 96,423,307 | $ 238,419 | $ 96,661,726
Corporate Bonds |  |  |  |
Advertising Agencies | — | 375,656 | — | 375,656
Aerospace & Defense | — | 17,358,479 | — | 17,358,479
Air Freight & Logistics | — | 1,092,821 | — | 1,092,821
Automobile Components | — | 3,323,352 | — | 3,323,352
Automobiles | — | 5,169,823 | — | 5,169,823
Banks | — | 30,260,360 | — | 30,260,360
Beverages | — | 4,573,968 | — | 4,573,968
Biotechnology | — | 3,446,344 | — | 3,446,344
Broadline Retail | — | 2,018,054 | — | 2,018,054
Building Materials | — | 3,769,098 | — | 3,769,098
Building Products | — | 6,207,336 | — | 6,207,336
Capital Markets | — | 2,446,596 | — | 2,446,596
Chemicals | — | 4,607,255 | — | 4,607,255
Commercial Services & Supplies | — | 15,517,668 | — | 15,517,668
Communications Equipment | — | 74,769 | — | 74,769
Construction & Engineering | — | 1,560,527 | — | 1,560,527
Construction Materials | — | 379,935 | — | 379,935
Consumer Finance | — | 4,347,850 | — | 4,347,850
Consumer Staples Distribution & Retail | — | 2,072,345 | — | 2,072,345
Containers & Packaging | — | 4,259,630 | — | 4,259,630
Diversified Consumer Services | — | 300,396 | — | 300,396
Diversified REITs | — | 9,519,915 | — | 9,519,915
Diversified Telecommunication Services | 106,777 | 22,565,256 | — | 22,672,033
Electric Utilities | — | 28,143,664 | — | 28,143,664
Electrical Equipment | — | 345,687 | — | 345,687
Electronic Equipment, Instruments & Components | — | 2,144,306 | — | 2,144,306
Energy Equipment & Services | — | 1,566,223 | — | 1,566,223
Entertainment | — | 1,100,010 | — | 1,100,010
Environmental, Maintenance & Security Service | — | 2,578,572 | — | 2,578,572
Financial Services | — | 5,308,260 | — | 5,308,260
Food Products | — | 2,076,286 | — | 2,076,286
Gas Utilities | — | 1,166,368 | — | 1,166,368
Ground Transportation | — | 7,516,953 | — | 7,516,953
Health Care Equipment & Supplies | — | 3,870,000 | — | 3,870,000
Health Care Providers & Services | — | 10,950,675 | — | 10,950,675
Health Care REITs | — | 713,028 | — | 713,028
Health Care Technology | — | 1,187,702 | — | 1,187,702
Hotel & Resort REITs | — | 1,639,129 | — | 1,639,129
Hotels, Restaurants & Leisure | — | 12,341,281 | 1,966,923 | 14,308,204
Household Durables | — | 773,634 | — | 773,634
Household Products | — | 277,226 | — | 277,226
Independent Power and Renewable Electricity Producers | — | 817,326 | — | 817,326
Industrial Conglomerates | — | 424,824 | — | 424,824
Insurance | — | 19,819,650 | — | 19,819,650
Interactive Media & Services | — | 241,563 | — | 241,563
IT Services | — | 3,128,000 | — | 3,128,000

Schedule of Investments
45

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Corporate Bonds (continued) |  |  |  |
Leisure Products | $ — | $ 285,403 | $ — | $ 285,403
Machinery | — | 3,034,368 | — | 3,034,368
Marine Transportation | — | 102,695 | — | 102,695
Media | — | 18,139,356 | — | 18,139,356
Metals & Mining | — | 5,574,760 | — | 5,574,760
Mortgage Real Estate Investment Trusts (REITs) | — | 95,008 | — | 95,008
Office REITs | — | 538,418 | — | 538,418
Oil, Gas & Consumable Fuels | — | 38,657,624 | 1,319,452 | 39,977,076
Paper & Forest Products | — | 874,033 | — | 874,033
Passenger Airlines | — | 4,836,507 | — | 4,836,507
Personal Care Products | — | 82,199 | — | 82,199
Pharmaceuticals | — | 10,509,362 | — | 10,509,362
Professional Services | — | 864,735 | — | 864,735
Real Estate Management & Development | — | 524,874 | 605,068 | 1,129,942
Semiconductors & Semiconductor Equipment | — | 6,857,680 | — | 6,857,680
Software | — | 15,261,849 | — | 15,261,849
Specialized REITs | — | 917,361 | — | 917,361
Specialty Retail | — | 581,925 | — | 581,925
Technology Hardware, Storage & Peripherals | — | 1,498,572 | — | 1,498,572
Textiles, Apparel & Luxury Goods | — | 132,359 | — | 132,359
Tobacco | — | 4,839,112 | — | 4,839,112
Trading Companies & Distributors | — | 127,710 | — | 127,710
Transportation Infrastructure | — | 187,312 | — | 187,312
Water Utilities | — | 1,284,703 | — | 1,284,703
Fixed Rate Loan Interests | — | 1,655,879 | 618,510 | 2,274,389
Floating Rate Loan Interests | — | 20,417,256 | 967,191 | 21,384,447
Foreign Agency Obligations | — | 10,126,200 | — | 10,126,200
Municipal Bonds | — | 21,529,343 | — | 21,529,343
Non-Agency Mortgage-Backed Securities | — | 82,349,636 | — | 82,349,636
Preferred Securities |  |  |  |
Capital Trusts | — | 35,475,317 | — | 35,475,317
Preferred Stocks |  |  |  |
Capital Markets | 1,653,524 | — | — | 1,653,524
Financial Services | — | 51,300 | — | 51,300
Trust Preferred | 865,895 | — | — | 865,895
U.S. Government Sponsored Agency Securities | — | 114,963,004 | — | 114,963,004
U.S. Treasury Obligations | — | 135,482,189 | — | 135,482,189
Short-Term Securities |  |  |  |
Money Market Funds | 5,865,155 | — | — | 5,865,155
Unfunded Floating Rate Loan Interests | — | 48 | — | 48
| $ 8,491,351 | $ 887,659,204 | $ 5,715,563 | $ 901,866,118
Derivative Financial Instruments (a) |  |  |  |
Assets |  |  |  |
Credit Contracts | $ — | $ 57,508 | $ — | $ 57,508
Foreign Currency Exchange Contracts | — | 19,324 | — | 19,324
Interest Rate Contracts | 440,819 | — | — | 440,819
Liabilities |  |  |  |
Credit Contracts | — | (224,773 ) | — | (224,773 )
Foreign Currency Exchange Contracts | — | (408 ) | — | (408 )
Interest Rate Contracts | (819,395 ) | — | — | (819,395 )
| $ (378,576 ) | $ (148,349 ) | $ — | $ (526,925 )

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes.
As of period end, reverse repurchase agreements of $306,379,817 are categorized as Level 2 within the fair value hierarchy.
46
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Core Bond Trust (BHK)
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the
beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in
determining fair value:

| Asset-Backed Securities | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Total
Assets |  |  |  |  |
Opening balance, as of December 31, 2023 | $ 961,517 | $ 4,014,607 | $ — | $ 311,432 | $ 5,287,556
Transfers into Level 3 | — | — | — | 291,490 | 291,490
Transfers out of Level 3 | (500,050 ) | — | — | (261,419 ) | (761,469 )
Accrued discounts/premiums | (11,139 ) | — | — | 542 | (10,597 )
Net realized gain (loss) | 2,094 | — | — | 1,178 | 3,272
Net change in unrealized appreciation (depreciation) (a)(b) | 17,026 | (50,418 ) | (11,130 ) | 10,567 | (33,955 )
Purchases | — | — | 629,640 | 664,493 | 1,294,133
Sales | (231,029 ) | (72,746 ) | — | (51,092 ) | (354,867 )
Closing balance, as of June 30, 2024 | $ 238,419 | $ 3,891,443 | $ 618,510 | $ 967,191 | $ 5,715,563
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 (b) | $ 17,026 | $ (50,418 ) | $ (11,130 ) | $ 11,647 | $ (32,875 )

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.
Schedule of Investments
47

Consolidated Schedule of Investments
(unaudited)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class B, (3-mo. CME Term SOFR + 2.06%), 7.38%, 05/15/30 (a)(b) | USD | 500 | $ 499,376
Arini European CLO I DAC, Series 1X, Class D, (3-mo. EURIBOR + 6.04%), 9.96%, 07/15/36 (a)(c) | EUR | 100 | 110,299
BlueMountain Fuji Eur CLO IV DAC, Series 4X, Class ER, (3-mo. EURIBOR + 6.21%), 10.01%, 02/25/34 (a)(c) |  | 100 | 107,552
Cairn CLO XVI DAC, Series 2023-16X, Class D, (3-mo. EURIBOR + 5.20%), 9.14%, 01/15/37 (a)(c) |  | 100 | 108,436
CIFC European Funding CLO I DAC, Series 1X, Class DR, (3-mo. EURIBOR + 3.20%), 7.11%, 07/15/32 (a)(c) |  | 100 | 107,444
Contego CLO VII DAC, Series 7X, Class D, (3-mo. EURIBOR + 3.95%), 7.84%, 05/14/32 (a)(c) |  | 100 | 108,320
Contego CLO VIII DAC, Series 8X, Class ER, (3- mo. EURIBOR + 6.06%), 9.94%, 01/25/34 (a)(c) |  | 100 | 106,559
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, (3-mo. EURIBOR + 3.15%), 6.87%, 12/15/34 (a)(c) |  | 100 | 107,469
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class C, (3-mo. CME Term SOFR + 2.21%), 7.54%, 07/15/31 (a)(b) | USD | 250 | 250,143
Greene King Finance PLC (a) |  |  |
Series 06, Class B2, (3-mo. LIBOR GBP + 2.20%), 7.32%, 03/15/36 (c) | GBP | 100 | 108,083
Series B1, (3-mo. LIBOR GBP + 1.92%), 7.15%, 12/15/34 |  | 100 | 107,483
Margay CLO I DAC, Series 1X, Class D, (3-mo. EURIBOR + 6.40%), 10.31%, 07/15/36 (a)(c) | EUR | 100 | 110,201
Neuberger Berman Loan Advisers Euro CLO DAC, Series 2021-2X, Class E, (3-mo. EURIBOR + 6.06%), 9.97%, 04/15/34 (a)(c) |  | 100 | 107,120
Palmer Square European CLO DAC, Series 2023- 1X, Class D, (3-mo. EURIBOR + 6.20%), 10.11%, 07/15/36 (a)(c) |  | 100 | 109,236
Rockfield Park CLO DAC (a)(c) |  |  |
Series 1X, Class C, (3-mo. EURIBOR + 3.00%), 6.92%, 07/16/34 |  | 100 | 106,365
Series 1X, Class D, (3-mo. EURIBOR + 5.95%), 9.87%, 07/16/34 |  | 100 | 108,217
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32 (c) | GBP | 89 | 116,536
Total Asset-Backed Securities — 0.2% (Cost: $2,414,670) | 2,378,839

|  | Shares |
Common Stocks
Building Products — 0.1% |
JELD-WEN Holding, Inc. (d) |  | 69,618 | 937,755
Capital Markets — 0.0% |
Ardagh MP USA, Inc., (Acquired 08/02/21, Cost: $929,163) (d)(e) |  | 77,042 | 261,943

Security |  | Shares | Value
Electrical Equipment — 0.0% |
SunPower Corp. (d) |  | 1,025 | $ 3,034
Energy Equipment & Services — 0.0% |
Nine Energy Service, Inc. (d) |  | 2,390 | 4,015
Life Sciences Tools & Services — 0.1% |
Avantor, Inc. (d) |  | 69,632 | 1,476,198
Metals & Mining — 0.2% |
Constellium SE, Class A (d) |  | 138,993 | 2,620,018
Oil, Gas & Consumable Fuels (d) — 0.1% |
Kcad Holdings I Ltd. (f) |  | 2,223,465,984 | 22,235
NGL Energy Partners LP |  | 135,089 | 683,550
|  |  | 705,785
Real Estate Management & Development — 0.0% |
ADLER Group SA (b)(d) |  | 3,728 | 645
Semiconductors & Semiconductor Equipment — 0.0% |
Maxeon Solar Technologies Ltd. (d) |  | 128 | 109
Specialized REITs — 0.3% |
Crown Castle, Inc. |  | 6,915 | 675,596
VICI Properties, Inc. |  | 143,766 | 4,117,458
|  |  | 4,793,054
Total Common Stocks — 0.8% (Cost: $35,761,842) | 10,802,556

|  | Par (000) |
Corporate Bonds
Advertising Agencies (b) — 0.3%
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 | USD | 3,552 | 3,409,120
Stagwell Global LLC, 5.63%, 08/15/29 |  | 553 | 510,761
|  |  | 3,919,881
Aerospace & Defense (b) — 4.7%
AAR Escrow Issuer LLC, 6.75%, 03/15/29 |  | 1,413 | 1,440,390
Boeing Co. |  |  |
6.86%, 05/01/54 |  | 2,700 | 2,770,664
7.01%, 05/01/64 |  | 1,735 | 1,776,414
Bombardier, Inc. |  |  |
7.88%, 04/15/27 |  | 660 | 661,680
6.00%, 02/15/28 |  | 3,089 | 3,053,465
7.50%, 02/01/29 |  | 341 | 353,356
8.75%, 11/15/30 |  | 2,381 | 2,573,344
7.25%, 07/01/31 |  | 814 | 835,750
7.00%, 06/01/32 |  | 1,290 | 1,307,919
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 |  | 3,695 | 3,658,050
Spirit AeroSystems, Inc. |  |  |
9.38%, 11/30/29 |  | 2,657 | 2,860,625
9.75%, 11/15/30 |  | 2,077 | 2,291,172
TransDigm, Inc. |  |  |
6.75%, 08/15/28 |  | 6,979 | 7,064,311
6.38%, 03/01/29 |  | 13,230 | 13,296,719
7.13%, 12/01/31 |  | 3,631 | 3,741,299
6.63%, 03/01/32 |  | 13,365 | 13,499,444
Triumph Group, Inc., 9.00%, 03/15/28 |  | 4,087 | 4,284,155
|  |  | 65,468,757

48
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(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 | 126 | $ 127,564
Automobile Components — 2.3%
Champions Financing, Inc., 8.75%, 02/15/29 (b) |  | 1,906 | 1,954,553
Clarios Global LP, 6.75%, 05/15/25 (b) |  | 1,456 | 1,455,558
Clarios Global LP/Clarios U.S. Finance Co. |  |  |
4.38%, 05/15/26 (c) | EUR | 1,576 | 1,679,379
8.50%, 05/15/27 (b) | USD | 14,182 | 14,262,001
6.75%, 05/15/28 (b) |  | 7,384 | 7,472,999
Dana Financing Luxembourg SARL, 8.50%, 07/15/31 (c) | EUR | 100 | 116,587
Forvia SE (c) |  |  |
2.75%, 02/15/27 |  | 167 | 170,647
5.50%, 06/15/31 |  | 215 | 231,981
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (b) | USD | 2,357 | 2,388,636
Goodyear Europe BV, 2.75%, 08/15/28 (c) | EUR | 100 | 96,792
Goodyear Tire & Rubber Co., 5.63%, 04/30/33 | USD | 311 | 281,119
IHO Verwaltungs GmbH, (8.75% Cash or 9.50% PIK), 8.75%, 05/15/28 (c)(g) | EUR | 116 | 132,919
Mahle GmbH, 6.50%, 05/02/31 (c) |  | 106 | 115,536
Tenneco, Inc., 8.00%, 11/17/28 (b) | USD | 738 | 671,835
ZF Europe Finance BV, 6.13%, 03/13/29 (c) | EUR | 100 | 113,151
ZF Finance GmbH (c) |  |  |
5.75%, 08/03/26 |  | 200 | 219,545
2.00%, 05/06/27 |  | 200 | 199,861
2.75%, 05/25/27 |  | 100 | 101,763
|  |  | 31,664,862
Automobiles — 0.7%
Asbury Automotive Group, Inc., 5.00%, 02/15/32 (b) | USD | 901 | 816,313
Aston Martin Capital Holdings Ltd. |  |  |
10.00%, 03/31/29 (b) |  | 767 | 755,733
10.38%, 03/31/29 (c) | GBP | 104 | 130,480
Carvana Co. (b)(g) |  |  |
(13.00% PIK), 13.00%, 06/01/30 | USD | 1,200 | 1,313,598
(14.00% PIK), 14.00%, 06/01/31 |  | 3,336 | 3,751,605
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (b) |  | 1,123 | 1,161,263
RCI Banque SA (a)(c) |  |  |
(5-year EUR Swap + 2.85%), 2.63%, 02/18/30 | EUR | 600 | 631,337
10/09/34 (h) |  | 100 | 106,834
Wabash National Corp., 4.50%, 10/15/28 (b) | USD | 1,072 | 964,610
|  |  | 9,631,773
Banks — 0.9%
Alpha Bank SA, (1-year EUR Swap + 2.43%), 5.00%, 05/12/30 (a)(c) | EUR | 125 | 134,206
Banca Monte dei Paschi di Siena SpA, (3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29 (a)(c) |  | 100 | 107,277
Banco Bilbao Vizcaya Argentaria SA, (5-year EUR Swap + 4.27%), 6.88% (a)(c)(i) |  | 200 | 211,593
Banco de Credito Social Cooperativo SA, (1-year EURIBOR ICE Swap + 4.27%), 7.50%, 09/14/29 (a)(c) |  | 200 | 237,209
Banco de Sabadell SA (a)(c) |  |  |
(5-year EUR Swap + 2.95%), 2.50%, 04/15/31 |  | 100 | 102,823
(5-year EUR Swap + 3.15%), 6.00%, 08/16/33 |  | 100 | 111,214
Banco Espirito Santo SA |  |  |
4.75%, 01/15/18 (a)(c) |  | 1,900 | 569,746
4.00%, 01/21/19 |  | 1,100 | 329,853
Banco Santander SA, 6.92%, 08/08/33 | USD | 1,000 | 1,043,980
Commerzbank AG (a)(c) |  |  |
(5-year EUR Swap + 6.36%), 6.13% (i) | EUR | 400 | 424,364

Security |  | Par (000) | Value
Banks (continued)
Commerzbank AG (a)(c) (continued) |  |  |
(5-year EURIBOR ICE Swap + 3.70%), 6.75%, 10/05/33 | EUR | 100 | $ 115,198
(h)(i) |  | 200 | 213,597
Deutsche Bank AG (a)(c)(i) |  |  |
(5-year EURIBOR ICE Swap + 4.55%), 4.50% |  | 200 | 191,165
(5-year EURIBOR ICE Swap + 5.26%), 8.13% |  | 200 | 215,625
Eurobank SA, (5-year EURIBOR ICE Swap + 2.17%), 4.88%, 04/30/31 (a)(c) |  | 100 | 107,451
First-Citizens Bank & Trust Co., 6.00%, 04/01/36 | USD | 3,261 | 3,173,999
Freedom Mortgage Corp., 12.25%, 10/01/30 (b) |  | 537 | 577,666
Intesa Sanpaolo SpA |  |  |
5.71%, 01/15/26 (b) |  | 400 | 396,197
5.15%, 06/10/30 (c) | GBP | 125 | 145,790
(1-year CMT + 2.60%), 4.20%, 06/01/32 (a)(b) | USD | 855 | 723,374
(1-year CMT + 2.75%), 4.95%, 06/01/42 (a)(b) |  | 630 | 470,767
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35 (a)(c) | EUR | 175 | 189,104
Toronto-Dominion Bank, 07/31/84 (a)(h) | USD | 2,046 | 2,040,885
UniCredit SpA, (5-year EUR Swap + 2.80%), 2.73%, 01/15/32 (a)(c) | EUR | 200 | 204,011
|  |  | 12,037,094
Biotechnology (c) — 0.0%
Cidron Aida Finco SARL |  |  |
5.00%, 04/01/28 |  | 163 | 161,357
6.25%, 04/01/28 | GBP | 133 | 155,600
|  |  | 316,957
Broadline Retail (b) — 0.5%
Ken Garff Automotive LLC, 4.88%, 09/15/28 | USD | 680 | 630,239
LCM Investments Holdings II LLC |  |  |
4.88%, 05/01/29 |  | 968 | 904,819
8.25%, 08/01/31 |  | 1,940 | 2,024,349
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 |  | 697 | 688,594
Rakuten Group, Inc. |  |  |
11.25%, 02/15/27 |  | 1,108 | 1,183,352
9.75%, 04/15/29 |  | 1,842 | 1,898,642
|  |  | 7,329,995
Building Materials — 2.7%
Builders FirstSource, Inc., 6.38%, 03/01/34 (b) |  | 1,003 | 992,981
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (b) |  | 1,092 | 1,070,593
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
6.38%, 12/15/30 (b) | EUR | 840 | 933,333
6.38%, 12/15/30 (c) |  | 200 | 222,222
6.63%, 12/15/30 (b) | USD | 15,582 | 15,703,571
07/15/31 (b)(h) |  | 1,146 | 1,160,325
HT Troplast GmbH, 9.38%, 07/15/28 (c) | EUR | 124 | 130,062
Masterbrand, Inc., 7.00%, 07/15/32 (b) | USD | 719 | 727,125
New Enterprise Stone & Lime Co., Inc. (b) |  |  |
5.25%, 07/15/28 |  | 435 | 410,693
9.75%, 07/15/28 |  | 692 | 703,525
PCF GmbH, 4.75%, 04/15/26 (c) | EUR | 100 | 90,549
Smyrna Ready Mix Concrete LLC (b) |  |  |
6.00%, 11/01/28 | USD | 4,762 | 4,652,310
8.88%, 11/15/31 |  | 3,579 | 3,797,054
Standard Industries, Inc. |  |  |
2.25%, 11/21/26 (c) | EUR | 511 | 516,857

Consolidated Schedule of Investments
49

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Building Materials (continued)
Standard Industries, Inc. (continued) |  |  |
3.38%, 01/15/31 (b) | USD | 4,044 | $ 3,407,192
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 01/15/31 (b) |  | 2,402 | 2,487,641
|  |  | 37,006,033
Building Products (b) — 0.9%
Beacon Roofing Supply, Inc., 6.50%, 08/01/30 |  | 1,396 | 1,408,575
Foundation Building Materials, Inc., 6.00%, 03/01/29 |  | 440 | 390,476
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 |  | 386 | 379,256
White Cap Buyer LLC, 6.88%, 10/15/28 |  | 7,872 | 7,595,623
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26 (g) |  | 2,707 | 2,707,062
|  |  | 12,480,992
Capital Markets — 1.4%
Apollo Debt Solutions BDC, 6.90%, 04/13/29 (b) |  | 1,070 | 1,075,333
Aretec Group, Inc., 10.00%, 08/15/30 (b) |  | 450 | 489,415
Blackstone Private Credit Fund (b) |  |  |
5.95%, 07/16/29 |  | 697 | 682,615
6.25%, 01/25/31 |  | 833 | 828,216
Blue Owl Capital Corp., 3.40%, 07/15/26 |  | 333 | 313,769
Blue Owl Capital Corp. II, 8.45%, 11/15/26 (b) |  | 767 | 791,347
Blue Owl Credit Income Corp. |  |  |
7.75%, 09/16/27 |  | 1,852 | 1,902,936
6.60%, 09/15/29 (b) |  | 425 | 419,241
Blue Owl Technology Finance Corp. II, 6.75%, 04/04/29 (b) |  | 522 | 510,673
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b) |  | 1,129 | 1,070,824
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
6.25%, 05/15/26 |  | 282 | 279,773
5.25%, 05/15/27 |  | 4,462 | 4,188,136
9.75%, 01/15/29 (b) |  | 1,542 | 1,597,509
4.38%, 02/01/29 |  | 1,689 | 1,444,165
9.00%, 06/15/30 (b) |  | 1,001 | 995,950
Lehman Brothers Holdings, Inc. |  |  |
5.38%, 10/17/17 (d)(j) | EUR | 350 | 1,162
4.75%, 01/16/19 (d)(j) |  | 1,890 | 6,275
0.00%, 02/05/19 (a)(d)(j) |  | 3,950 | 13,114
0.00%, 12/31/49 (a)(d)(j) | USD | 1,535 | 460
0.00%, 12/31/49 |  | 430 | 129
Oaktree Strategic Credit Fund, 8.40%, 11/14/28 (b) |  | 861 | 910,085
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70% (a)(i) |  | 1,390 | 1,398,286
|  |  | 18,919,413
Chemicals — 2.2%
Chemours Co. |  |  |
4.00%, 05/15/26 | EUR | 206 | 213,446
5.38%, 05/15/27 | USD | 1,239 | 1,176,083
5.75%, 11/15/28 (b) |  | 1,320 | 1,218,686
4.63%, 11/15/29 (b) |  | 792 | 681,913
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27 (c) | EUR | 100 | 104,821
Herens Holdco SARL, 4.75%, 05/15/28 (b) | USD | 3,799 | 3,295,405
Herens Midco SARL, 5.25%, 05/15/29 (c) | EUR | 102 | 84,385
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b) | USD | 1,557 | 1,569,330
INEOS Finance PLC, 6.38%, 04/15/29 (c) | EUR | 128 | 141,023

Security |  | Par (000) | Value
Chemicals (continued)
INEOS Quattro Finance 2 PLC (c) |  |  |
2.50%, 01/15/26 | EUR | 100 | $ 103,743
8.50%, 03/15/29 |  | 186 | 210,900
Ingevity Corp., 3.88%, 11/01/28 (b) | USD | 494 | 448,206
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(g) |  | 1,486 | 1,215,657
Kronos International, Inc., 9.50%, 03/15/29 (c) | EUR | 170 | 197,350
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (b) | USD | 725 | 686,176
Nobian Finance BV, 3.63%, 07/15/26 (c) | EUR | 106 | 111,539
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28 (c) |  | 179 | 205,383
9.75%, 11/15/28 (b) | USD | 4,842 | 5,122,694
5.38%, 10/01/29 (c) | EUR | 100 | 96,826
7.25%, 06/15/31 (b) | USD | 3,040 | 3,021,790
SCIL IV LLC/SCIL USA Holdings LLC (c) |  |  |
9.50%, 07/15/28 | EUR | 100 | 115,732
(3-mo. EURIBOR + 4.38%), 8.21%, 11/01/26 (a) |  | 100 | 107,630
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b) | USD | 3,950 | 3,577,171
WR Grace Holdings LLC (b) |  |  |
5.63%, 08/15/29 |  | 6,651 | 6,130,196
7.38%, 03/01/31 |  | 1,174 | 1,189,807
|  |  | 31,025,892
Commercial Services & Supplies — 5.8%
ADT Security Corp., 4.88%, 07/15/32 (b) |  | 790 | 725,458
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26 (b) |  | 940 | 927,901
Allied Universal Holdco LLC, 7.88%, 02/15/31 (b) |  | 5,880 | 5,895,300
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b) |  |  |
6.63%, 07/15/26 |  | 389 | 387,823
9.75%, 07/15/27 |  | 892 | 886,554
6.00%, 06/01/29 |  | 7,236 | 6,334,287
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
4.63%, 06/01/28 (b) |  | 3,857 | 3,516,563
4.88%, 06/01/28 (c) | GBP | 300 | 340,833
APi Group DE, Inc., 4.75%, 10/15/29 (b) | USD | 1,283 | 1,197,081
APX Group, Inc. (b) |  |  |
6.75%, 02/15/27 |  | 1,337 | 1,333,536
5.75%, 07/15/29 |  | 1,478 | 1,418,037
BCP V Modular Services Finance II PLC (c) |  |  |
4.75%, 11/30/28 | EUR | 200 | 199,218
6.13%, 11/30/28 | GBP | 100 | 115,286
Block, Inc., 6.50%, 05/15/32 (b) | USD | 5,364 | 5,435,824
Boels Topholding BV (c) |  |  |
6.25%, 02/15/29 | EUR | 107 | 119,155
5.75%, 05/15/30 |  | 100 | 108,487
Boost Newco Borrower LLC, 7.50%, 01/15/31 (b) | USD | 5,445 | 5,677,241
Brink ’ s Co. (b) |  |  |
6.50%, 06/15/29 |  | 801 | 809,397
6.75%, 06/15/32 |  | 1,208 | 1,216,866
Cedacri Mergeco SpA, (3-mo. EURIBOR + 5.50%), 9.33%, 05/15/28 (a)(c) | EUR | 100 | 107,229
EC Finance PLC, 3.00%, 10/15/26 (c) |  | 109 | 112,940
Fortress Transportation and Infrastructure Investors LLC (b) |  |  |
5.50%, 05/01/28 | USD | 4,066 | 3,942,173
7.88%, 12/01/30 |  | 3,853 | 4,030,735
7.00%, 05/01/31 |  | 5,079 | 5,189,001
7.00%, 06/15/32 |  | 3,221 | 3,266,566

50
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Garda World Security Corp. (b) |  |  |
4.63%, 02/15/27 | USD | 936 | $ 894,405
9.50%, 11/01/27 |  | 492 | 494,276
7.75%, 02/15/28 |  | 3,360 | 3,422,116
6.00%, 06/01/29 |  | 500 | 456,163
Global Payments, Inc., 1.50%, 03/01/31 (b)(k) |  | 2,786 | 2,550,583
Herc Holdings, Inc., 6.63%, 06/15/29 (b) |  | 1,409 | 1,428,758
La Financiere Atalian SASU, (3.50% Cash and 5.00% PIK), 8.50%, 06/30/28 (g) | EUR | 148 | 92,905
Loxam SAS (c) |  |  |
6.38%, 05/15/28 |  | 115 | 126,567
6.38%, 05/31/29 |  | 101 | 111,435
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29 (b) | USD | 763 | 711,335
NESCO Holdings II, Inc., 5.50%, 04/15/29 (b) |  | 1,016 | 941,047
Nexi SpA, 0.00%, 02/24/28 (c)(k)(l) | EUR | 200 | 182,587
Pachelbel Bidco SpA (c) |  |  |
7.13%, 05/17/31 |  | 100 | 110,576
(3-mo. EURIBOR + 4.25%), 8.07%, 05/17/31 (a) |  | 100 | 108,583
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28 (b) | USD | 3,405 | 3,355,365
Q-Park Holding I BV (c) |  |  |
5.13%, 03/01/29 | EUR | 100 | 107,423
02/15/30 (h) |  | 124 | 132,466
Rekeep SpA, 7.25%, 02/01/26 (c) |  | 100 | 98,527
Sotheby ’ s, 7.38%, 10/15/27 (b) | USD | 5,001 | 4,176,113
Sotheby ’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b) |  | 1,191 | 886,315
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (c) | EUR | 88 | 94,064
Techem Verwaltungsgesellschaft 675 mbH, 5.38%, 07/15/29 (c) |  | 100 | 107,979
Verisure Holding AB (c) |  |  |
3.88%, 07/15/26 |  | 140 | 148,059
9.25%, 10/15/27 |  | 100 | 113,253
7.13%, 02/01/28 |  | 100 | 111,700
Wand NewCo 3, Inc., 7.63%, 01/30/32 (b) | USD | 3,141 | 3,244,000
Williams Scotsman, Inc. (b) |  |  |
6.63%, 06/15/29 |  | 993 | 1,000,858
7.38%, 10/01/31 |  | 1,966 | 2,023,226
Worldline SA/France, 0.00%, 07/30/26 (c)(k)(l) | EUR | 225 | 222,786
|  |  | 80,746,961
Communications Equipment (b) — 0.1%
CommScope, Inc., 4.75%, 09/01/29 | USD | 515 | 356,540
Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 528 | 445,928
|  |  | 802,468
Construction & Engineering — 0.7%
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) |  | 7,805 | 8,434,817
Infrastrutture Wireless Italiane SpA, 1.63%, 10/21/28 (c) | EUR | 200 | 197,578
Pike Corp., 8.63%, 01/31/31 (b) | USD | 461 | 488,346
Salini SpA, 4.00%, 05/30/28 (c)(k) | EUR | 100 | 104,781
|  |  | 9,225,522
Construction Materials (b) — 0.3%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29 | USD | 1,603 | 1,433,861
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 |  | 1,030 | 993,919
Gates Corp., 6.88%, 07/01/29 |  | 1,519 | 1,545,491

Security |  | Par (000) | Value
Construction Materials (continued)
Resideo Funding, Inc., 4.00%, 09/01/29 | USD | 290 | $ 255,597
Velocity Vehicle Group LLC, 8.00%, 06/01/29 |  | 658 | 676,786
|  |  | 4,905,654
Consumer Finance — 0.8%
Bread Financial Holdings, Inc., 9.75%, 03/15/29 (b) |  | 721 | 757,423
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27 (k) |  | 1,053 | 1,117,759
Navient Corp., 9.38%, 07/25/30 |  | 959 | 1,008,364
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 |  | 3,592 | 3,604,737
9.00%, 01/15/29 |  | 1,443 | 1,522,397
5.38%, 11/15/29 |  | 503 | 471,741
7.88%, 03/15/30 |  | 2,026 | 2,088,919
4.00%, 09/15/30 |  | 451 | 387,067
7.50%, 05/15/31 |  | 546 | 552,484
|  |  | 11,510,891
Consumer Staples Distribution & Retail — 0.4%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 (b) |  | 2,306 | 2,234,519
Market Bidco Finco PLC, 5.50%, 11/04/27 (c) | GBP | 156 | 182,411
Performance Food Group, Inc., 4.25%, 08/01/29 (b) | USD | 81 | 73,743
Post Holdings, Inc. (b) |  |  |
5.50%, 12/15/29 |  | 734 | 708,246
4.50%, 09/15/31 |  | 215 | 192,715
Premier Foods Finance PLC, 3.50%, 10/15/26 (c) | GBP | 100 | 121,773
U.S. Foods, Inc., 7.25%, 01/15/32 (b) | USD | 1,232 | 1,278,560
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |  | 470 | 424,298
|  |  | 5,216,265
Containers & Packaging — 3.5%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
6.00%, 06/15/27 (b) |  | 2,341 | 2,300,319
3.25%, 09/01/28 (b) |  | 1,708 | 1,500,647
3.00%, 09/01/29 (c) | EUR | 464 | 401,264
4.00%, 09/01/29 (b) | USD | 6,715 | 5,682,605
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26 (c) | EUR | 1,370 | 1,216,325
4.13%, 08/15/26 (b) | USD | 3,078 | 2,671,601
Clydesdale Acquisition Holdings, Inc. (b) |  |  |
6.63%, 04/15/29 |  | 2,900 | 2,850,218
8.75%, 04/15/30 |  | 4,356 | 4,263,021
Crown European Holdings SA (c) |  |  |
3.38%, 05/15/25 | EUR | 100 | 106,231
5.00%, 05/15/28 |  | 100 | 109,772
Fiber Bidco SpA (c) |  |  |
6.13%, 06/15/31 |  | 100 | 106,024
(3-mo. EURIBOR + 4.00%), 7.71%, 01/15/30 (a) |  | 100 | 108,167
Fiber Midco SpA, (10.00% PIK), 10.00%, 06/15/29 (c)(g) |  | 100 | 106,908
Graphic Packaging International LLC, 2.63%, 02/01/29 (c) |  | 456 | 453,051
Kleopatra Finco SARL, 4.25%, 03/01/26 (c) |  | 100 | 94,056
LABL, Inc. (b) |  |  |
6.75%, 07/15/26 | USD | 367 | 362,415
5.88%, 11/01/28 |  | 1,158 | 1,055,930
9.50%, 11/01/28 |  | 2,391 | 2,409,836
Mauser Packaging Solutions Holding Co. (b) |  |  |
7.88%, 04/15/27 |  | 17,773 | 18,128,304
9.25%, 04/15/27 |  | 370 | 370,238

Consolidated Schedule of Investments
51

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Containers & Packaging (continued)
OI European Group BV |  |  |
6.25%, 05/15/28 (b) | EUR | 620 | $ 686,399
6.25%, 05/15/28 (c) |  | 100 | 110,710
5.25%, 06/01/29 (c) |  | 100 | 107,469
Owens-Brockway Glass Container, Inc. (b) |  |  |
6.63%, 05/13/27 | USD | 211 | 210,570
7.25%, 05/15/31 |  | 1,005 | 1,003,256
Sealed Air Corp., 6.50%, 07/15/32 (b) |  | 952 | 946,658
Titan Holdings II BV, 5.13%, 07/15/29 (c) | EUR | 102 | 110,400
Trident TPI Holdings, Inc., 12.75%, 12/31/28 (b) | USD | 621 | 678,259
|  |  | 48,150,653
Diversified Consumer Services (b) — 0.4%
Match Group Holdings II LLC |  |  |
4.63%, 06/01/28 |  | 2,149 | 2,010,865
5.63%, 02/15/29 |  | 2,261 | 2,171,786
4.13%, 08/01/30 |  | 872 | 771,529
3.63%, 10/01/31 |  | 464 | 393,021
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 |  | 165 | 142,681
|  |  | 5,489,882
Diversified REITs — 0.9%
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (b) |  | 590 | 516,920
HAT Holdings I LLC/HAT Holdings II LLC (b) |  |  |
3.38%, 06/15/26 |  | 1,021 | 962,749
8.00%, 06/15/27 |  | 1,059 | 1,100,977
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |  | 776 | 708,830
Iron Mountain U.K. PLC, 3.88%, 11/15/25 (c) | GBP | 100 | 123,393
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28 (b) | USD | 9,232 | 9,040,733
VICI Properties LP |  |  |
5.63%, 05/15/52 |  | 70 | 63,025
6.13%, 04/01/54 |  | 565 | 542,369
|  |  | 13,058,996
Diversified Telecommunication Services — 6.5%
Altice Financing SA |  |  |
9.63%, 07/15/27 (b) |  | 2,218 | 2,032,341
5.00%, 01/15/28 (b) |  | 3,071 | 2,335,279
4.25%, 08/15/29 (c) | EUR | 101 | 81,855
5.75%, 08/15/29 (b) | USD | 2,216 | 1,608,942
Altice France SA, 3.38%, 01/15/28 (c) | EUR | 100 | 74,947
Altice France SA/France |  |  |
11.50%, 02/01/27 (c) |  | 100 | 87,577
5.13%, 01/15/29 (b) | USD | 1,781 | 1,162,096
5.13%, 07/15/29 (b) |  | 3,556 | 2,338,429
5.50%, 10/15/29 (b) |  | 1,400 | 922,722
Cablevision Lightpath LLC (b) |  |  |
3.88%, 09/15/27 |  | 600 | 530,491
5.63%, 09/15/28 |  | 1,201 | 968,392
Cellnex Telecom SA (c)(k) |  |  |
Series CLNX, 2.13%, 08/11/30 | EUR | 300 | 320,332
Series CLNX, 0.75%, 11/20/31 |  | 100 | 87,641
CK Hutchison Group Telecom Finance SA, 2.63%, 10/17/34 (c) | GBP | 200 | 184,288
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (b) | USD | 2,800 | 2,702,423
Frontier Communications Holdings LLC (b) |  |  |
5.88%, 10/15/27 |  | 251 | 245,053
5.00%, 05/01/28 |  | 345 | 325,023
8.75%, 05/15/30 |  | 13,640 | 14,055,237

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Frontier Communications Holdings LLC (b) (continued) |  |  |
8.63%, 03/15/31 | USD | 1,334 | $ 1,374,189
GCI LLC, 4.75%, 10/15/28 (b) |  | 426 | 388,844
Global Switch Finance BV, 1.38%, 10/07/30 (c) | EUR | 106 | 103,029
Iliad Holding SASU |  |  |
6.50%, 10/15/26 (b) | USD | 3,457 | 3,441,687
7.00%, 10/15/28 (b) |  | 828 | 821,069
6.88%, 04/15/31 (c) | EUR | 101 | 109,778
8.50%, 04/15/31 (b) | USD | 3,025 | 3,062,929
iliad SA (c) |  |  |
5.38%, 06/14/27 | EUR | 100 | 108,873
5.38%, 02/15/29 |  | 300 | 326,753
5.63%, 02/15/30 |  | 100 | 109,594
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (c) |  | 100 | 103,882
Level 3 Financing, Inc. (b) |  |  |
10.50%, 04/15/29 | USD | 7,116 | 7,098,210
4.88%, 06/15/29 |  | 2,580 | 1,470,627
11.00%, 11/15/29 |  | 5,959 | 6,097,521
10.50%, 05/15/30 |  | 7,309 | 7,238,937
10.75%, 12/15/30 |  | 24 | 23,940
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31 (b) |  | 643 | 681,982
Lorca Telecom Bondco SA (c) |  |  |
4.00%, 09/18/27 | EUR | 174 | 181,715
5.75%, 04/30/29 |  | 296 | 324,530
Lumen Technologies, Inc. (b) |  |  |
4.13%, 04/15/29 | USD | 844 | 548,964
4.13%, 04/15/30 |  | 844 | 527,881
Sable International Finance Ltd., 5.75%, 09/07/27 (b) |  | 539 | 519,293
SoftBank Group Corp. (c) |  |  |
2.13%, 07/06/24 | EUR | 249 | 266,432
3.13%, 09/19/25 |  | 226 | 236,589
01/08/29 (h) |  | 130 | 139,224
3.88%, 07/06/32 |  | 300 | 287,550
07/08/32 (h) |  | 128 | 137,082
Telecom Italia Capital SA (b) |  |  |
6.38%, 11/15/33 | USD | 803 | 785,543
6.00%, 09/30/34 |  | 2,917 | 2,760,605
7.20%, 07/18/36 |  | 1,668 | 1,719,041
Telecom Italia SpA/Milano, 2.75%, 04/15/25 (c) | EUR | 139 | 146,778
Vmed O2 U.K. Financing I PLC |  |  |
4.00%, 01/31/29 (c) | GBP | 200 | 218,563
4.25%, 01/31/31 (b) | USD | 3,172 | 2,632,371
4.50%, 07/15/31 (c) | GBP | 201 | 209,556
4.75%, 07/15/31 (b) | USD | 324 | 273,254
7.75%, 04/15/32 (b) |  | 976 | 952,030
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (b) |  | 1,215 | 1,144,585
Wp/ap Telecom Holdings III BV, 5.50%, 01/15/30 (c) | EUR | 116 | 114,913
Zayo Group Holdings, Inc. (b) |  |  |
4.00%, 03/01/27 | USD | 15,617 | 12,489,942
6.13%, 03/01/28 |  | 2,743 | 1,836,588
|  |  | 91,077,941
Electric Utilities — 1.2%
A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), 5.00% (a)(c)(i) | EUR | 150 | 142,565
Clearway Energy Operating LLC, 3.75%, 01/15/32 (b) | USD | 104 | 88,422
Edison International, Series A, (5-year CMT + 4.70%), 5.38% (a)(i) |  | 2,940 | 2,864,000

52
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Electric Utilities (continued)
EDP - Energias de Portugal SA (a)(c) |  |  |
(5-year EUR Swap + 1.84%), 1.70%, 07/20/80 | EUR | 100 | $ 104,150
(5-year EUR Swap + 2.38%), 1.88%, 08/02/81 |  | 200 | 202,988
Engie SA, (5-year EUR Swap + 1.94%), 4.75% (a)(c)(i) |  | 100 | 106,400
FirstEnergy Corp., 4.00%, 05/01/26 (k) | USD | 3,288 | 3,251,832
NextEra Energy Capital Holdings, Inc., (5-year CMT + 2.46%), 6.75%, 06/15/54 (a) |  | 1,435 | 1,443,228
NextEra Energy Operating Partners LP (b) |  |  |
3.88%, 10/15/26 |  | 345 | 328,071
7.25%, 01/15/29 |  | 866 | 888,057
PG&E Corp., 4.25%, 12/01/27 (b)(k) |  | 1,161 | 1,170,869
Talen Energy Supply LLC, 8.63%, 06/01/30 (b) |  | 716 | 763,416
TransAlta Corp., 7.75%, 11/15/29 |  | 358 | 373,579
Vistra Corp., (5-year CMT + 6.93%), 8.00% (a)(b)(i) |  | 994 | 1,002,450
Vistra Operations Co. LLC (b) |  |  |
7.75%, 10/15/31 |  | 1,921 | 2,000,512
6.88%, 04/15/32 |  | 1,970 | 1,999,889
|  |  | 16,730,428
Electrical Equipment — 0.1%
Nexans SA, 4.25%, 03/11/30 (c) | EUR | 100 | 105,914
WESCO Distribution, Inc., 6.63%, 03/15/32 (b) | USD | 1,153 | 1,165,137
|  |  | 1,271,051
Electronic Equipment, Instruments & Components (b) — 0.3%
Coherent Corp., 5.00%, 12/15/29 |  | 953 | 901,895
EquipmentShare.com, Inc., 8.63%, 05/15/32 |  | 525 | 544,384
Sensata Technologies, Inc. |  |  |
3.75%, 02/15/31 |  | 79 | 68,856
6.63%, 07/15/32 |  | 1,781 | 1,793,740
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 591 | 597,654
|  |  | 3,906,529
Energy Equipment & Services — 1.0%
Archrock Partners LP/Archrock Partners Finance Corp. (b) |  |  |
6.88%, 04/01/27 |  | 3,405 | 3,418,569
6.25%, 04/01/28 |  | 801 | 793,297
Enerflex Ltd., 9.00%, 10/15/27 (b) |  | 1,227 | 1,242,424
Kodiak Gas Services LLC, 7.25%, 02/15/29 (b) |  | 2,606 | 2,671,348
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 369 | 364,781
USA Compression Partners LP/USA Compression Finance Corp. |  |  |
6.88%, 09/01/27 |  | 1,112 | 1,114,084
7.13%, 03/15/29 (b) |  | 2,153 | 2,169,380
Weatherford International Ltd., 8.63%, 04/30/30 (b) |  | 1,980 | 2,051,749
|  |  | 13,825,632
Entertainment — 0.5%
Boyne USA, Inc., 4.75%, 05/15/29 (b) |  | 1,869 | 1,743,963
CPUK Finance Ltd. (c) |  |  |
4.50%, 08/28/27 | GBP | 100 | 117,852
3.59%, 02/28/42 |  | 101 | 124,612
Inter Media and Communication SpA, 6.75%, 02/09/27 (c) | EUR | 100 | 105,489
Live Nation Entertainment, Inc., 4.75%, 10/15/27 (b) | USD | 2,827 | 2,709,186
Motion Bondco DAC, 6.63%, 11/15/27 (b) |  | 861 | 833,943
Motion Finco SARL, 7.38%, 06/15/30 (c) | EUR | 100 | 111,379
Odeon Finco PLC, 12.75%, 11/01/27 (b) | USD | 1,503 | 1,575,329
Playtika Holding Corp., 4.25%, 03/15/29 (b) |  | 421 | 369,410
|  |  | 7,691,163

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service — 1.5%
Clean Harbors, Inc., 6.38%, 02/01/31 (b) | USD | 1,065 | $ 1,067,774
Covanta Holding Corp. |  |  |
4.88%, 12/01/29 (b) |  | 2,689 | 2,454,325
5.00%, 09/01/30 |  | 454 | 410,333
GFL Environmental, Inc. (b) |  |  |
4.75%, 06/15/29 |  | 2,070 | 1,953,590
4.38%, 08/15/29 |  | 3,627 | 3,342,517
Madison IAQ LLC (b) |  |  |
4.13%, 06/30/28 |  | 1,351 | 1,259,980
5.88%, 06/30/29 |  | 2,645 | 2,460,905
Waste Pro USA, Inc., 5.50%, 02/15/26 (b) |  | 7,766 | 7,658,883
|  |  | 20,608,307
Financial Services — 2.6%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (b) |  | 495 | 513,205
Blue Owl Credit Income Corp., 6.65%, 03/15/31 |  | 1,410 | 1,378,060
Enact Holdings, Inc., 6.25%, 05/28/29 |  | 680 | 680,201
Encore Capital Group, Inc., 5.38%, 02/15/26 (c) | GBP | 100 | 124,514
Freedom Mortgage Holdings LLC (b) |  |  |
9.25%, 02/01/29 | USD | 2,001 | 1,999,708
9.13%, 05/15/31 |  | 1,382 | 1,344,824
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (c) | EUR | 100 | 71,245
GGAM Finance Ltd. (b) |  |  |
7.75%, 05/15/26 | USD | 237 | 241,840
8.00%, 06/15/28 |  | 640 | 674,077
6.88%, 04/15/29 |  | 1,248 | 1,269,840
Global Aircraft Leasing Co. Ltd. (b)(g) |  |  |
(6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 |  | 734 | 707,724
Series 2021, (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 |  | 1,619 | 1,558,857
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 07/01/34 (b)(h) |  | 746 | 730,298
HPS Corporate Lending Fund, 6.75%, 01/30/29 (b) |  | 935 | 941,873
Intrum AB (c) |  |  |
3.00%, 09/15/27 | EUR | 117 | 80,699
9.25%, 03/15/28 |  | 226 | 160,421
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (b) | USD | 1,679 | 1,548,827
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (b) |  |  |
4.75%, 06/15/29 |  | 826 | 763,023
07/15/31 (h) |  | 1,139 | 1,148,966
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 (b) |  | 1,076 | 955,402
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29 (b) |  | 1,523 | 1,610,108
Midcap Financial Issuer Trust, 6.50%, 05/01/28 (b) |  | 1,073 | 1,014,716
Nationstar Mortgage Holdings, Inc. (b) |  |  |
5.00%, 02/01/26 |  | 7,379 | 7,222,293
6.00%, 01/15/27 |  | 2 | 1,979
5.13%, 12/15/30 |  | 433 | 397,057
5.75%, 11/15/31 |  | 1,505 | 1,414,574
7.13%, 02/01/32 |  | 3,901 | 3,923,793
PennyMac Financial Services, Inc. (b) |  |  |
7.88%, 12/15/29 |  | 1,449 | 1,494,184
7.13%, 11/15/30 |  | 1,404 | 1,399,674
ProGroup AG, 5.13%, 04/15/29 (c) | EUR | 100 | 107,376

Consolidated Schedule of Investments
53

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |  |  |
3.88%, 03/01/31 | USD | 784 | $ 683,243
4.00%, 10/15/33 |  | 431 | 363,199
|  |  | 36,525,800
Food Products — 1.0%
Aramark International Finance SARL, 3.13%, 04/01/25 (c) | EUR | 582 | 616,281
B&G Foods, Inc., 09/15/28 (b)(h) | USD | 452 | 459,334
Bellis Acquisition Co. PLC, 8.13%, 05/14/30 (c) | GBP | 258 | 325,730
Chobani LLC/Chobani Finance Corp., Inc. (b) |  |  |
4.63%, 11/15/28 | USD | 3,990 | 3,768,189
7.63%, 07/01/29 |  | 6,033 | 6,213,423
Darling Global Finance BV, 3.63%, 05/15/26 (c) | EUR | 457 | 483,808
Fiesta Purchaser, Inc., 7.88%, 03/01/31 (b) | USD | 758 | 783,232
Lion/Polaris Lux 4 SA, 07/01/29 (a)(c)(h) | EUR | 100 | 107,095
Picard Groupe SAS (c) |  |  |
3.88%, 07/01/26 |  | 112 | 119,503
07/01/29 (h) |  | 100 | 106,968
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (b) | USD | 512 | 450,232
Tereos Finance Groupe I SA, 7.25%, 04/15/28 (c) | EUR | 100 | 112,599
|  |  | 13,546,394
Gas Utilities — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28 (b) | USD | 1,593 | 1,635,141
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (b) |  | 537 | 483,590
UGI International LLC, 2.50%, 12/01/29 (c) | EUR | 100 | 95,088
|  |  | 2,213,819
Ground Transportation — 0.4%
Brightline East LLC, 11.00%, 01/31/30 (b) | USD | 1,110 | 1,012,170
GN Bondco LLC, 9.50%, 10/15/31 (b) |  | 1,038 | 967,497
Mobico Group PLC, (5-year UK Government Bond + 4.14%), 4.25% (a)(c)(i) | GBP | 154 | 176,209
Uber Technologies, Inc. (k) |  |  |
0.00%, 12/15/25 (l) | USD | 419 | 449,168
Series 2028, 0.88%, 12/01/28 (b) |  | 2,083 | 2,476,687
|  |  | 5,081,731
Health Care Equipment & Supplies — 1.1%
Avantor Funding, Inc. (c) |  |  |
2.63%, 11/01/25 | EUR | 527 | 551,743
3.88%, 07/15/28 |  | 100 | 104,284
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 (b) | USD | 6,265 | 6,413,794
Medline Borrower LP, 5.25%, 10/01/29 (b) |  | 5,797 | 5,532,232
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 (b) |  | 1,013 | 1,024,465
Neogen Food Safety Corp., 8.63%, 07/20/30 (b) |  | 963 | 1,039,647
Sotera Health Holdings LLC, 7.38%, 06/01/31 (b) |  | 996 | 997,479
|  |  | 15,663,644
Health Care Providers & Services — 3.0%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28 (b) |  | 25 | 24,451
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |  | 2,061 | 1,956,500
Catalent Pharma Solutions, Inc. (b) |  |  |
5.00%, 07/15/27 |  | 1,857 | 1,820,894
3.13%, 02/15/29 |  | 3,659 | 3,501,964
3.50%, 04/01/30 |  | 524 | 501,619
CHS/Community Health Systems, Inc. (b) |  |  |
5.63%, 03/15/27 |  | 2,509 | 2,336,398

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc. (b) (continued) |  |  |
6.00%, 01/15/29 | USD | 3,050 | $ 2,691,646
5.25%, 05/15/30 |  | 5,001 | 4,123,285
4.75%, 02/15/31 |  | 3,331 | 2,618,934
10.88%, 01/15/32 |  | 2,899 | 3,017,240
Concentra Escrow Issuer Corp., 07/15/32 (b)(h) |  | 1,267 | 1,283,674
Ephios Subco 3 SARL, 7.88%, 01/31/31 (c) | EUR | 118 | 134,362
Fortrea Holdings, Inc., 7.50%, 07/01/30 (b) | USD | 1,036 | 1,029,356
IQVIA, Inc. (c) |  |  |
1.75%, 03/15/26 | EUR | 330 | 338,881
2.25%, 03/15/29 |  | 100 | 96,952
LifePoint Health, Inc. (b) |  |  |
9.88%, 08/15/30 | USD | 1,337 | 1,425,809
11.00%, 10/15/30 |  | 3,059 | 3,370,308
10.00%, 06/01/32 |  | 1,384 | 1,415,020
Star Parent, Inc., 9.00%, 10/01/30 (b) |  | 5,512 | 5,787,029
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (b) |  | 3,221 | 3,253,645
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (b) |  | 1,279 | 1,259,545
|  |  | 41,987,512
Health Care REITs — 0.3%
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
2.50%, 03/24/26 | GBP | 793 | 859,133
5.25%, 08/01/26 | USD | 286 | 259,899
5.00%, 10/15/27 |  | 260 | 214,736
4.63%, 08/01/29 |  | 4,092 | 2,970,028
3.50%, 03/15/31 |  | 25 | 16,291
|  |  | 4,320,087
Health Care Technology — 0.8%
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b) |  | 12,036 | 11,081,536
Hotel & Resort REITs — 1.5%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (b) |  | 1,145 | 1,158,654
RHP Hotel Properties LP/RHP Finance Corp. (b) |  |  |
7.25%, 07/15/28 |  | 1,748 | 1,807,565
4.50%, 02/15/29 |  | 4,594 | 4,308,294
6.50%, 04/01/32 |  | 4,003 | 4,003,289
RLJ Lodging Trust LP, 4.00%, 09/15/29 (b) |  | 749 | 661,540
Service Properties Trust |  |  |
8.63%, 11/15/31 (b) |  | 5,772 | 6,016,235
8.88%, 06/15/32 |  | 2,430 | 2,266,546
|  |  | 20,222,123
Hotels, Restaurants & Leisure — 8.7%
Allwyn Entertainment Financing U.K. PLC |  |  |
7.88%, 04/30/29 (b) |  | 800 | 821,250
7.25%, 04/30/30 (c) | EUR | 100 | 113,119
Bertrand Franchise Finance SAS, (3-mo. EURIBOR + 3.75%), 7.49%, 07/18/30 (a)(c) |  | 120 | 129,080
Boyd Gaming Corp., 4.75%, 06/15/31 (b) | USD | 19 | 17,220
Caesars Entertainment, Inc. (b) |  |  |
8.13%, 07/01/27 |  | 8,537 | 8,710,574
4.63%, 10/15/29 |  | 2,159 | 1,979,308
7.00%, 02/15/30 |  | 8,047 | 8,221,467
6.50%, 02/15/32 |  | 3,491 | 3,508,120
Carnival Corp. (b) |  |  |
5.75%, 03/01/27 |  | 3,982 | 3,933,909
6.00%, 05/01/29 |  | 4,345 | 4,292,077
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (b) |  | 12,966 | 14,036,782
Carnival PLC, 1.00%, 10/28/29 | EUR | 100 | 87,446

54
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Churchill Downs, Inc. (b) |  |  |
5.75%, 04/01/30 | USD | 1,065 | $ 1,034,472
6.75%, 05/01/31 |  | 10,229 | 10,284,380
Cirsa Finance International SARL (c) |  |  |
6.50%, 03/15/29 | EUR | 100 | 110,254
(3-mo. EURIBOR + 4.50%), 8.37%, 07/31/28 (a) |  | 100 | 108,166
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b) |  |  |
4.63%, 01/15/29 | USD | 4,391 | 3,998,712
6.75%, 01/15/30 |  | 671 | 589,243
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 6.63%, 01/15/32 (b) |  | 1,205 | 1,210,642
IRB Holding Corp., 7.00%, 06/15/25 (b) |  | 794 | 794,173
Life Time, Inc., 8.00%, 04/15/26 (b) |  | 1,262 | 1,276,845
Light & Wonder International, Inc. (b) |  |  |
7.00%, 05/15/28 |  | 706 | 709,648
7.25%, 11/15/29 |  | 241 | 246,135
7.50%, 09/01/31 |  | 1,096 | 1,132,409
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 (b) |  | 811 | 833,758
Lindblad Expeditions LLC, 6.75%, 02/15/27 (b) |  | 1,214 | 1,198,769
Lottomatica SpA/Roma (c) |  |  |
5.38%, 06/01/30 | EUR | 100 | 108,434
(3-mo. EURIBOR + 3.25%), 7.05%, 06/01/31 (a) |  | 100 | 108,574
(3-mo. EURIBOR + 4.00%), 7.79%, 12/15/30 (a) |  | 100 | 108,436
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) | USD | 1,447 | 1,362,455
Melco Resorts Finance Ltd. (b) |  |  |
4.88%, 06/06/25 |  | 1,071 | 1,049,580
5.63%, 07/17/27 |  | 200 | 190,063
5.75%, 07/21/28 |  | 600 | 561,000
5.38%, 12/04/29 |  | 3,283 | 2,948,118
7.63%, 04/17/32 |  | 1,334 | 1,323,995
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (b) |  | 1,935 | 1,971,492
MGM China Holdings Ltd. (b) |  |  |
5.25%, 06/18/25 |  | 600 | 593,250
4.75%, 02/01/27 |  | 440 | 419,320
7.13%, 06/26/31 |  | 474 | 476,417
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (b) |  | 578 | 538,402
NCL Corp. Ltd. (b) |  |  |
5.88%, 03/15/26 |  | 1,798 | 1,777,544
8.38%, 02/01/28 |  | 719 | 751,313
8.13%, 01/15/29 |  | 631 | 661,132
7.75%, 02/15/29 |  | 1,782 | 1,852,747
NCL Finance Ltd., 6.13%, 03/15/28 (b) |  | 849 | 838,417
Ontario Gaming GTA LP, 8.00%, 08/01/30 (b) |  | 1,481 | 1,519,876
Pinnacle Bidco PLC (c) |  |  |
8.25%, 10/11/28 | EUR | 100 | 113,521
10.00%, 10/11/28 | GBP | 100 | 134,153
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/29 (b) | USD | 1,188 | 854,350
Raising Cane ’ s Restaurants LLC, 9.38%, 05/01/29 (b) |  | 721 | 778,707
Royal Caribbean Cruises Ltd., 6.25%, 03/15/32 (b) |  | 1,714 | 1,728,399
Sabre GLBL, Inc. (b) |  |  |
8.63%, 06/01/27 |  | 2,300 | 2,118,911
11.25%, 12/15/27 |  | 101 | 98,180
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 (b) |  | 1,028 | 1,002,111

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Six Flags Entertainment Corp., 7.25%, 05/15/31 (b) | USD | 4,662 | $ 4,746,438
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/32 (b) |  | 510 | 518,280
Station Casinos LLC (b) |  |  |
4.63%, 12/01/31 |  | 2,431 | 2,166,758
6.63%, 03/15/32 |  | 988 | 983,147
TUI AG, 5.88%, 03/15/29 (c) | EUR | 120 | 130,442
TUI Cruises GmbH, 6.50%, 05/15/26 (c) |  | 91 | 98,143
Viking Cruises Ltd. (b) |  |  |
5.88%, 09/15/27 | USD | 1,436 | 1,421,143
7.00%, 02/15/29 |  | 269 | 270,433
9.13%, 07/15/31 |  | 3,780 | 4,093,984
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |  | 886 | 866,115
Wynn Macau Ltd. (b) |  |  |
5.50%, 01/15/26 |  | 962 | 941,877
5.50%, 10/01/27 |  | 200 | 190,000
5.63%, 08/26/28 |  | 4,507 | 4,218,552
5.13%, 12/15/29 |  | 1,358 | 1,226,868
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b) |  |  |
5.13%, 10/01/29 |  | 1,884 | 1,791,804
7.13%, 02/15/31 |  | 2,228 | 2,310,266
|  |  | 121,341,105
Household Durables — 0.7%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (b) |  | 636 | 568,431
Beazer Homes USA, Inc., 7.50%, 03/15/31 (b) |  | 451 | 450,059
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29 (b) |  | 1,154 | 1,054,005
Dream Finders Homes, Inc., 8.25%, 08/15/28 (b) |  | 607 | 621,517
Empire Communities Corp., 9.75%, 05/01/29 (b) |  | 394 | 400,895
LGI Homes, Inc., 8.75%, 12/15/28 (b) |  | 453 | 471,847
Mattamy Group Corp., 4.63%, 03/01/30 (b) |  | 903 | 834,705
Meritage Homes Corp., 1.75%, 05/15/28 (b)(k) |  | 134 | 133,062
New Home Co., Inc., 9.25%, 10/01/29 (b) |  | 1,145 | 1,147,794
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 229 | 209,320
4.38%, 02/01/32 |  | 1,696 | 1,461,077
STL Holding Co. LLC, 8.75%, 02/15/29 (b) |  | 618 | 645,008
Tempur Sealy International, Inc., 3.88%, 10/15/31 (b) |  | 1,434 | 1,198,681
|  |  | 9,196,401
Household Products (b) — 0.1%
Kronos Acquisition Holdings, Inc., 06/30/31 (h) |  | 296 | 296,296
Spectrum Brands, Inc. |  |  |
3.38%, 06/01/29 (k) |  | 964 | 928,332
3.88%, 03/15/31 |  | 176 | 147,088
|  |  | 1,371,716
Independent Power and Renewable Electricity Producers (b) — 0.4%
Calpine Corp. |  |  |
5.13%, 03/15/28 |  | 300 | 288,525
4.63%, 02/01/29 |  | 2,297 | 2,131,148
5.00%, 02/01/31 |  | 187 | 174,526
NextEra Energy Partners LP (k) |  |  |
0.00%, 11/15/25 (l) |  | 1,564 | 1,412,292
2.50%, 06/15/26 |  | 1,063 | 969,991
|  |  | 4,976,482

Consolidated Schedule of Investments
55

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance — 8.3%
Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/30 (b) | USD | 1,371 | $ 1,371,950
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (b) |  |  |
6.75%, 10/15/27 |  | 12,648 | 12,475,475
6.75%, 04/15/28 |  | 3,113 | 3,117,940
5.88%, 11/01/29 |  | 5,353 | 5,009,049
7.00%, 01/15/31 |  | 5,068 | 5,119,816
AmWINS Group, Inc. (b) |  |  |
6.38%, 02/15/29 |  | 721 | 722,966
4.88%, 06/30/29 |  | 878 | 816,773
Ardonagh Finco Ltd. |  |  |
6.88%, 02/15/31 (c) | EUR | 436 | 454,485
7.75%, 02/15/31 (b) | USD | 3,309 | 3,271,160
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (b) |  | 3,214 | 3,139,149
AssuredPartners, Inc., 7.50%, 02/15/32 (b) |  | 1,975 | 1,982,450
AXA SA, (5-year EURIBOR ICE Swap + 3.84%), 6.38% (a)(c)(i) | EUR | 125 | 136,743
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/31 (b) | USD | 397 | 401,613
FWD Group Holdings Ltd., 8.40%, 04/05/29 (c) |  | 2,725 | 2,784,609
Galaxy Bidco Ltd., 6.50%, 07/31/26 (c) | GBP | 200 | 249,028
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (b) |  |  |
7.25%, 02/15/31 | USD | 8,841 | 8,774,908
8.13%, 02/15/32 |  | 4,366 | 4,337,599
HUB International Ltd. (b) |  |  |
7.25%, 06/15/30 |  | 18,052 | 18,505,665
7.38%, 01/31/32 |  | 20,648 | 20,938,765
Jones Deslauriers Insurance Management, Inc. (b) |  |  |
8.50%, 03/15/30 |  | 2,894 | 3,018,072
10.50%, 12/15/30 |  | 1,397 | 1,500,171
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (b) |  | 14,531 | 14,697,147
Phoenix Group Holdings PLC, (5-year CMT + 4.19%), 8.50% (a)(c)(i) |  | 200 | 196,756
UnipolSai Assicurazioni SpA, 4.90%, 05/23/34 (c) | EUR | 100 | 105,451
USI, Inc./New York, 7.50%, 01/15/32 (b) | USD | 2,420 | 2,457,858
|  |  | 115,585,598
Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (b) |  | 2,232 | 1,982,234
IT Services — 1.2%
Atos SE (c) |  |  |
0.00%, 11/06/24 (k) | EUR | 100 | 13,922
2.50%, 11/07/28 |  | 100 | 13,922
1.00%, 11/12/29 |  | 100 | 14,746
Banff Merger Sub, Inc., 8.38%, 09/01/26 (c) |  | 100 | 106,833
CA Magnum Holdings, 5.38%, 10/31/26 (b) | USD | 2,652 | 2,536,804
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b) |  | 2,401 | 2,437,843
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b) |  | 6,114 | 6,083,787
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28 (c) | EUR | 222 | 245,126
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (b) | USD | 2,971 | 3,043,938
Insight Enterprises, Inc., 6.63%, 05/15/32 (b) |  | 802 | 814,402
KBR, Inc., 4.75%, 09/30/28 (b) |  | 1,213 | 1,128,090
|  |  | 16,439,413

Security |  | Par (000) | Value
Leisure Products — 0.1%
Acushnet Co., 7.38%, 10/15/28 (b) | USD | 174 | $ 180,311
Amer Sports Co., 6.75%, 02/16/31 (b) |  | 1,525 | 1,515,240
Mattel, Inc., 6.20%, 10/01/40 |  | 51 | 50,270
|  |  | 1,745,821
Machinery — 1.7%
Chart Industries, Inc. (b) |  |  |
7.50%, 01/01/30 |  | 3,648 | 3,769,719
9.50%, 01/01/31 |  | 537 | 581,820
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28 (b) |  | 646 | 476,144
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29 (b) |  | 3,988 | 4,129,630
IMA Industria Macchine Automatiche SpA (c) |  |  |
3.75%, 01/15/28 | EUR | 100 | 101,807
(3-mo. EURIBOR + 3.75%), 7.65%, 04/15/29 (a) |  | 200 | 215,775
Nova Alexandre III SAS, (3-mo. EURIBOR + 5.25%), 9.11%, 07/15/29 (a)(c) |  | 100 | 106,827
OT Merger Corp., 7.88%, 10/15/29 (b) | USD | 621 | 279,450
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28 (c) | EUR | 900 | 927,952
7.63%, 07/15/28 (b) | USD | 3,445 | 3,418,722
TK Elevator Midco GmbH, 4.38%, 07/15/27 (c) | EUR | 992 | 1,023,978
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b) | USD | 8,235 | 7,982,319
|  |  | 23,014,143
Media — 7.8%
Banijay Entertainment SASU |  |  |
7.00%, 05/01/29 (c) | EUR | 113 | 126,161
8.13%, 05/01/29 (b) | USD | 480 | 490,896
Cable One, Inc. |  |  |
0.00%, 03/15/26 (k)(l) |  | 475 | 415,625
1.13%, 03/15/28 (k) |  | 1,577 | 1,170,574
4.00%, 11/15/30 (b) |  | 1,849 | 1,380,000
CCO Holdings LLC/CCO Holdings Capital Corp. (b) |  |  |
5.38%, 06/01/29 |  | 91 | 82,789
4.75%, 03/01/30 |  | 492 | 426,134
4.25%, 02/01/31 |  | 1,121 | 915,230
7.38%, 03/01/31 |  | 23,220 | 22,895,263
4.75%, 02/01/32 |  | 3,491 | 2,859,026
4.25%, 01/15/34 |  | 305 | 231,513
Clear Channel Outdoor Holdings, Inc. (b) |  |  |
5.13%, 08/15/27 |  | 440 | 420,193
9.00%, 09/15/28 |  | 4,662 | 4,880,909
7.50%, 06/01/29 |  | 8,995 | 7,516,403
7.88%, 04/01/30 |  | 3,960 | 3,985,922
CMG Media Corp., 8.88%, 12/15/27 (b) |  | 1,482 | 845,240
CSC Holdings LLC (b) |  |  |
5.50%, 04/15/27 |  | 600 | 486,684
11.25%, 05/15/28 |  | 5,500 | 4,789,871
11.75%, 01/31/29 |  | 4,000 | 3,411,416
Directv Financing LLC/Directv Financing Co- Obligor, Inc., 5.88%, 08/15/27 (b) |  | 3,472 | 3,265,716
DISH DBS Corp. (b) |  |  |
5.25%, 12/01/26 |  | 3,102 | 2,446,833
5.75%, 12/01/28 |  | 2,128 | 1,475,371
DISH Network Corp., 11.75%, 11/15/27 (b) |  | 5,446 | 5,339,800
Gray Television, Inc. (b) |  |  |
7.00%, 05/15/27 |  | 1,500 | 1,381,055
10.50%, 07/15/29 |  | 2,083 | 2,094,206
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (b) |  | 4,783 | 4,479,445

56
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (b) | USD | 972 | $ 933,120
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |  |  |
5.00%, 08/15/27 |  | 1,440 | 1,393,947
4.25%, 01/15/29 |  | 1,152 | 1,050,416
4.63%, 03/15/30 |  | 1,550 | 1,395,686
7.38%, 02/15/31 |  | 1,528 | 1,590,203
Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (c) | GBP | 100 | 116,139
Pinewood Finco PLC, 6.00%, 03/27/30 (c) |  | 181 | 224,798
Radiate Holdco LLC/Radiate Finance, Inc. (b) |  |  |
4.50%, 09/15/26 | USD | 676 | 515,105
6.50%, 09/15/28 |  | 1,410 | 698,805
RCS & RDS SA, 2.50%, 02/05/25 (c) | EUR | 100 | 105,435
Sirius XM Radio, Inc. (b) |  |  |
5.00%, 08/01/27 | USD | 6,814 | 6,522,505
4.00%, 07/15/28 |  | 381 | 344,178
Summer BidCo BV, (10.00% Cash or 10.75% PIK), 10.00%, 02/15/29 (c)(g) | EUR | 103 | 110,927
Sunrise FinCo I BV, 4.88%, 07/15/31 (b) | USD | 3,270 | 2,969,209
Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29 (c)(g) | EUR | 289 | 229,779
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (b) | USD | 2,000 | 1,894,606
United Group BV (c) |  |  |
4.00%, 11/15/27 | EUR | 100 | 103,882
6.75%, 02/15/31 |  | 193 | 211,861
Univision Communications, Inc. (b) |  |  |
6.63%, 06/01/27 | USD | 2,678 | 2,563,761
8.00%, 08/15/28 |  | 3,795 | 3,700,990
8.50%, 07/31/31 |  | 2,313 | 2,246,709
Virgin Media Secured Finance PLC |  |  |
4.13%, 08/15/30 (c) | GBP | 100 | 104,920
4.50%, 08/15/30 (b) | USD | 200 | 169,587
VZ Secured Financing BV, 3.50%, 01/15/32 (c) | EUR | 170 | 159,069
Ziggo Bond Co. BV, 5.13%, 02/28/30 (b) | USD | 868 | 737,509
Ziggo BV, 4.88%, 01/15/30 (b) |  | 1,165 | 1,035,695
|  |  | 108,941,116
Metals & Mining — 3.8%
Advanced Drainage Systems, Inc., 6.38%, 06/15/30 (b) |  | 4,547 | 4,563,437
Arsenal AIC Parent LLC (b) |  |  |
8.00%, 10/01/30 |  | 1,197 | 1,256,127
11.50%, 10/01/31 |  | 4,367 | 4,886,768
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 886 | 874,207
7.25%, 08/15/30 |  | 2,612 | 2,696,255
5.13%, 10/01/31 |  | 1,063 | 982,564
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 1,314 | 1,352,792
Constellium SE |  |  |
4.25%, 02/15/26 (c) | EUR | 394 | 419,421
5.63%, 06/15/28 (b) | USD | 4,620 | 4,521,686
Eramet SA, 6.50%, 11/30/29 (c) | EUR | 100 | 107,392
ERO Copper Corp., 6.50%, 02/15/30 (b) | USD | 1,179 | 1,137,653
First Quantum Minerals Ltd., 9.38%, 03/01/29 (b) |  | 3,182 | 3,329,168
Kaiser Aluminum Corp. (b) |  |  |
4.63%, 03/01/28 |  | 5,712 | 5,344,512
4.50%, 06/01/31 |  | 3,833 | 3,394,287
Mineral Resources Ltd., 9.25%, 10/01/28 (b) |  | 155 | 162,677
New Gold, Inc., 7.50%, 07/15/27 (b) |  | 2,830 | 2,848,061

Security |  | Par (000) | Value
Metals & Mining (continued)
Novelis Corp. (b) |  |  |
4.75%, 01/30/30 | USD | 7,685 | $ 7,129,412
3.88%, 08/15/31 |  | 5,237 | 4,534,106
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (c) | EUR | 1,029 | 1,035,888
Vallourec SACA, 7.50%, 04/15/32 (b) | USD | 1,599 | 1,655,785
|  |  | 52,232,198
Mortgage Real Estate Investment Trusts (REITs) (b) — 0.1%
Starwood Property Trust, Inc. |  |  |
4.38%, 01/15/27 |  | 190 | 179,887
7.25%, 04/01/29 |  | 879 | 888,424
|  |  | 1,068,311
Multi-Utilities — 0.0%
Thames Water Utilities Finance PLC, 4.00%, 04/18/27 (c) | EUR | 100 | 93,180
Oil, Gas & Consumable Fuels — 13.9%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (b) | USD | 3,870 | 3,912,307
Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, 02/01/32 (b) |  | 1,514 | 1,527,623
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |  |  |
9.00%, 11/01/27 |  | 2,223 | 2,752,574
8.25%, 12/31/28 |  | 4,293 | 4,398,166
5.88%, 06/30/29 |  | 1,814 | 1,772,764
Baytex Energy Corp., 8.50%, 04/30/30 (b) |  | 920 | 962,136
Blue Racer Midstream LLC/Blue Racer Finance Corp. (b) |  |  |
7.00%, 07/15/29 |  | 1,140 | 1,160,965
7.25%, 07/15/32 |  | 918 | 943,840
Borr IHC Ltd./Borr Finance LLC (b) |  |  |
10.00%, 11/15/28 |  | 1,456 | 1,515,894
10.38%, 11/15/30 |  | 971 | 1,012,884
Buckeye Partners LP |  |  |
6.88%, 07/01/29 (b) |  | 495 | 496,849
5.85%, 11/15/43 |  | 816 | 700,278
5.60%, 10/15/44 |  | 553 | 435,780
CITGO Petroleum Corp. (b) |  |  |
7.00%, 06/15/25 |  | 2,745 | 2,744,254
8.38%, 01/15/29 |  | 2,678 | 2,760,249
Civitas Resources, Inc. (b) |  |  |
8.38%, 07/01/28 |  | 3,250 | 3,405,444
8.63%, 11/01/30 |  | 1,556 | 1,668,374
8.75%, 07/01/31 |  | 3,662 | 3,921,819
CNX Midstream Partners LP, 4.75%, 04/15/30 (b) |  | 520 | 468,605
CNX Resources Corp., 7.38%, 01/15/31 (b) |  | 473 | 483,603
Comstock Resources, Inc. (b) |  |  |
6.75%, 03/01/29 |  | 4,908 | 4,751,073
5.88%, 01/15/30 |  | 2,474 | 2,302,106
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b) |  | 6,898 | 6,538,793
Crescent Energy Finance LLC (b) |  |  |
7.63%, 04/01/32 |  | 2,351 | 2,396,118
7.38%, 01/15/33 |  | 1,960 | 1,964,226
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (b) |  | 1,138 | 1,194,519
Enbridge, Inc. (a) |  |  |
(5-year CMT + 2.97%), 7.20%, 06/27/54 |  | 810 | 814,876
(5-year CMT + 3.12%), 7.38%, 03/15/55 |  | 1,104 | 1,106,208
(5-year CMT + 4.43%), 8.50%, 01/15/84 |  | 1,023 | 1,102,827

Consolidated Schedule of Investments
57

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31 (b) | USD | 1,151 | $ 1,200,138
Energy Transfer LP (a) |  |  |
(5-year CMT + 2.83%), 7.13%, 10/01/54 |  | 1,564 | 1,543,019
(5-year CMT + 4.02%), 8.00%, 05/15/54 |  | 2,991 | 3,128,559
Series B, (3-mo. LIBOR US + 4.16%), 6.63% (i) |  | 588 | 570,613
Series H, (5-year CMT + 5.69%), 6.50% (i) |  | 2,326 | 2,294,251
EnQuest PLC, 11.63%, 11/01/27 (b) |  | 200 | 203,176
EQM Midstream Partners LP, 6.38%, 04/01/29 (b) |  | 1,761 | 1,778,798
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (b) |  | 769 | 814,192
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 559 | 564,935
8.25%, 01/15/29 |  | 1,716 | 1,771,494
8.88%, 04/15/30 |  | 550 | 578,557
7.88%, 05/15/32 |  | 1,866 | 1,883,785
Harbour Energy PLC, 5.50%, 10/15/26 (b) |  | 420 | 411,713
Harvest Midstream I LP, 7.50%, 05/15/32 (b) |  | 1,103 | 1,119,927
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |  |  |
6.25%, 11/01/28 |  | 514 | 507,649
5.75%, 02/01/29 |  | 1,299 | 1,257,001
6.00%, 04/15/30 |  | 130 | 125,573
8.38%, 11/01/33 |  | 3,048 | 3,248,427
6.88%, 05/15/34 |  | 1,720 | 1,701,400
Howard Midstream Energy Partners LLC (b) |  |  |
8.88%, 07/15/28 |  | 1,391 | 1,471,856
7.38%, 07/15/32 |  | 1,602 | 1,626,919
ITT Holdings LLC, 6.50%, 08/01/29 (b) |  | 1,889 | 1,711,445
Kinetik Holdings LP, 5.88%, 06/15/30 (b) |  | 923 | 909,534
Matador Resources Co., 6.50%, 04/15/32 (b) |  | 1,546 | 1,546,114
Murphy Oil Corp., 5.88%, 12/01/42 |  | 141 | 125,037
Nabors Industries Ltd., 7.50%, 01/15/28 (b) |  | 1,164 | 1,110,693
Nabors Industries, Inc. (b) |  |  |
7.38%, 05/15/27 |  | 682 | 693,724
9.13%, 01/31/30 |  | 893 | 925,090
New Fortress Energy, Inc. (b) |  |  |
6.75%, 09/15/25 |  | 565 | 548,471
8.75%, 03/15/29 |  | 2,515 | 2,295,863
NGL Energy Operating LLC/NGL Energy Finance Corp. (b) |  |  |
8.13%, 02/15/29 |  | 2,642 | 2,691,963
8.38%, 02/15/32 |  | 5,346 | 5,428,302
Noble Finance II LLC, 8.00%, 04/15/30 (b) |  | 1,620 | 1,685,962
Northern Oil & Gas, Inc. (b) |  |  |
8.13%, 03/01/28 |  | 6,436 | 6,508,630
8.75%, 06/15/31 |  | 1,642 | 1,722,924
Northriver Midstream Finance LP, 07/15/32 (b)(h) |  | 873 | 874,528
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |  | 1,008 | 1,031,916
Permian Resources Operating LLC, 9.88%, 07/15/31 (b) |  | 1,614 | 1,786,546
Prairie Acquiror LP, 9.00%, 08/01/29 (b) |  | 984 | 1,014,152
Precision Drilling Corp., 6.88%, 01/15/29 (b) |  | 76 | 75,183
Rockcliff Energy II LLC, 5.50%, 10/15/29 (b) |  | 1,011 | 946,349
Saturn Oil & Gas, Inc., 9.63%, 06/15/29 (b) |  | 1,023 | 1,032,563
Seadrill Finance Ltd., 8.38%, 08/01/30 (b) |  | 1,273 | 1,330,514
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (b) |  | 1,774 | 1,834,265
SM Energy Co. |  |  |
6.75%, 09/15/26 |  | 659 | 659,219
6.50%, 07/15/28 |  | 141 | 139,787

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co., 4.75%, 02/01/32 | USD | 2,256 | $ 2,075,350
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |  |  |
5.50%, 01/15/28 |  | 1,616 | 1,546,089
7.38%, 02/15/29 |  | 2,434 | 2,445,895
6.00%, 12/31/30 |  | 66 | 61,492
6.00%, 09/01/31 |  | 686 | 641,099
Talos Production, Inc. (b) |  |  |
9.00%, 02/01/29 |  | 947 | 993,918
9.38%, 02/01/31 |  | 791 | 835,145
Transocean Aquila Ltd., 8.00%, 09/30/28 (b) |  | 670 | 680,428
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b) |  | 518 | 534,621
Transocean, Inc. (b) |  |  |
8.00%, 02/01/27 |  | 1,621 | 1,615,382
8.25%, 05/15/29 |  | 3,421 | 3,429,481
8.75%, 02/15/30 |  | 4,097 | 4,301,139
8.50%, 05/15/31 |  | 4,352 | 4,353,867
Valaris Ltd., 8.38%, 04/30/30 (b) |  | 4,407 | 4,562,316
Vantage Drilling International, 9.50%, 02/15/28 (b) |  | 2,353 | 2,389,363
Venture Global LNG, Inc. (b) |  |  |
8.13%, 06/01/28 |  | 2,992 | 3,082,409
9.50%, 02/01/29 |  | 11,277 | 12,349,402
8.38%, 06/01/31 |  | 7,340 | 7,613,276
9.88%, 02/01/32 |  | 7,425 | 8,081,556
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |  | 807 | 793,142
Vital Energy, Inc. |  |  |
9.75%, 10/15/30 |  | 1,574 | 1,718,633
7.88%, 04/15/32 (b) |  | 3,026 | 3,076,201
|  |  | 192,826,114
Paper & Forest Products — 0.0%
Ahlstrom Holding 3 Oy, 3.63%, 02/04/28 (c) | EUR | 109 | 110,341
Passenger Airlines — 0.7%
Air France-KLM, 4.63%, 05/23/29 (c) |  | 100 | 105,468
American Airlines, Inc., 8.50%, 05/15/29 (b) | USD | 2,271 | 2,359,494
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 (b) |  | 1,894 | 1,842,929
Finnair OYJ, 4.75%, 05/24/29 (c) | EUR | 100 | 105,390
International Consolidated Airlines Group SA, 3.75%, 03/25/29 (c) |  | 100 | 105,208
United Airlines, Inc., 4.63%, 04/15/29 (b) | USD | 5,099 | 4,748,750
|  |  | 9,267,239
Personal Care Products — 0.1%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30 (b) |  | 1,179 | 1,196,447
Pharmaceuticals — 0.6%
1375209 BC Ltd., 9.00%, 01/30/28 (b) |  | 1,132 | 1,088,505
Bausch Health Cos., Inc., 11.00%, 09/30/28 (b) |  | 492 | 437,880
Cheplapharm Arzneimittel GmbH |  |  |
5.50%, 01/15/28 (b) |  | 543 | 502,325
7.50%, 05/15/30 (c) | EUR | 105 | 117,610
Endo Finance Holdings, Inc., 8.50%, 04/15/31 (b) | USD | 1,579 | 1,629,492
Grifols SA, 2.25%, 11/15/27 (c) | EUR | 814 | 780,220
Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/34 (b) | USD | 1,000 | 1,027,503
Rossini SARL, 6.75%, 10/30/25 (c) | EUR | 101 | 108,309
Teva Pharmaceutical Finance Netherlands II BV |  |  |
3.75%, 05/09/27 |  | 100 | 104,285
7.38%, 09/15/29 |  | 192 | 227,521

58
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands II BV (continued) |  |  |
7.88%, 09/15/31 | EUR | 100 | $ 123,159
Teva Pharmaceutical Finance Netherlands III BV |  |  |
7.88%, 09/15/29 | USD | 1,670 | 1,794,728
8.13%, 09/15/31 |  | 912 | 1,011,465
|  |  | 8,953,002
Professional Services (b) — 0.5%
CoreLogic, Inc., 4.50%, 05/01/28 |  | 2,658 | 2,411,864
Dun & Bradstreet Corp., 5.00%, 12/15/29 |  | 4,746 | 4,408,224
|  |  | 6,820,088
Real Estate Management & Development — 0.6%
ADLER Group SA, (21.00% PIK), 21.00%, 07/31/25 (g) | EUR | 100 | 125,225
Agps Bondco PLC (c) |  |  |
6.00%, 08/05/25 |  | 200 | 69,665
5.50%, 11/13/26 |  | 200 | 69,826
5.00%, 01/14/29 |  | 100 | 34,806
Anywhere Real Estate Group LLC/Anywhere Co- Issuer Corp. |  |  |
7.00%, 04/15/30 (b) | USD | 1,314 | 1,074,559
Series AI, 7.00%, 04/15/30 |  | 1,781 | 1,456,147
Aroundtown Finance SARL, (5-year UK Government Bond + 4.49%), 8.63% (a)(i) | GBP | 215 | 202,099
Aroundtown SA, 0.38%, 04/15/27 (c) | EUR | 100 | 92,835
Citycon Treasury BV, 2.38%, 01/15/27 (c) |  | 100 | 98,643
Cushman & Wakefield U.S. Borrower LLC (b) |  |  |
6.75%, 05/15/28 | USD | 1,451 | 1,440,302
8.88%, 09/01/31 |  | 1,483 | 1,560,183
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24 (c) | EUR | 100 | 88,325
Heimstaden Bostad Treasury BV, 1.38%, 03/03/27 |  | 100 | 92,865
Howard Hughes Corp., 4.38%, 02/01/31 (b) | USD | 2,347 | 2,020,893
Vivion Investments SARL, 3.00%, 08/08/24 (c) | EUR | 100 | 106,292
|  |  | 8,532,665
Retail REITs — 0.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) | USD | 866 | 805,953
Semiconductors & Semiconductor Equipment — 0.3%
ams-OSRAM AG (c) |  |  |
2.13%, 11/03/27 (k) | EUR | 100 | 84,337
10.50%, 03/30/29 |  | 137 | 153,506
Foundry JV Holdco LLC, 6.40%, 01/25/38 (b) | USD | 980 | 1,010,085
MKS Instruments, Inc., 1.25%, 06/01/30 (b)(k) |  | 1,267 | 1,348,958
Synaptics, Inc., 4.00%, 06/15/29 (b) |  | 1,375 | 1,245,909
|  |  | 3,842,795
Software — 6.0%
Boxer Parent Co., Inc. |  |  |
6.50%, 10/02/25 (c) | EUR | 173 | 185,274
7.13%, 10/02/25 (b) | USD | 3,099 | 3,101,343
9.13%, 03/01/26 (b) |  | 4,864 | 4,867,779
Capstone Borrower, Inc., 8.00%, 06/15/30 (b) |  | 2,592 | 2,676,756
Clarivate Science Holdings Corp. (b) |  |  |
3.88%, 07/01/28 |  | 891 | 827,540
4.88%, 07/01/29 |  | 4,562 | 4,233,820
Cloud Software Group, Inc. (b) |  |  |
6.50%, 03/31/29 |  | 17,231 | 16,547,183
9.00%, 09/30/29 |  | 8,519 | 8,265,307

Security |  | Par (000) | Value
Software (continued)
Cloud Software Group, Inc. (b) (continued) |  |  |
8.25%, 06/30/32 | USD | 9,796 | $ 9,984,534
Dye & Durham Ltd., 8.63%, 04/15/29 (b) |  | 588 | 596,479
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |  |
4.63%, 05/01/28 (b) |  | 400 | 357,163
7.88%, 05/01/29 (c) | EUR | 137 | 146,870
8.75%, 05/01/29 (b) | USD | 782 | 796,243
ION Trading Technologies SARL, 9.50%, 05/30/29 (b) |  | 513 | 522,516
McAfee Corp., 7.38%, 02/15/30 (b) |  | 3,901 | 3,603,950
MicroStrategy, Inc., 6.13%, 06/15/28 (b) |  | 2,675 | 2,592,765
SS&C Technologies, Inc., 6.50%, 06/01/32 (b) |  | 3,595 | 3,626,264
UKG, Inc., 6.88%, 02/01/31 (b) |  | 15,077 | 15,265,915
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b) |  | 6,304 | 5,724,132
|  |  | 83,921,833
Specialized REITs (b) — 0.5%
Iron Mountain, Inc. |  |  |
7.00%, 02/15/29 |  | 3,761 | 3,827,160
5.63%, 07/15/32 |  | 3,252 | 3,087,983
|  |  | 6,915,143
Specialty Retail — 0.5%
ANGI Group LLC, 3.88%, 08/15/28 (b) |  | 869 | 746,677
CD&R Firefly Bidco PLC, 8.63%, 04/30/29 (c) | GBP | 104 | 133,142
eG Global Finance PLC, 12.00%, 11/30/28 (b) | USD | 1,943 | 2,068,669
Goldstory SAS, 6.75%, 02/01/30 (c) | EUR | 100 | 108,434
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (b) | USD | 2,561 | 2,494,077
Staples, Inc., 10.75%, 09/01/29 (b) |  | 1,127 | 1,071,019
|  |  | 6,622,018
Technology Hardware, Storage & Peripherals — 0.3%
NCR Atleos Corp., 9.50%, 04/01/29 (b) |  | 1,234 | 1,333,635
Seagate HDD Cayman, 8.50%, 07/15/31 |  | 2,507 | 2,700,099
|  |  | 4,033,734
Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc. (b) |  |  |
4.25%, 03/15/29 |  | 217 | 197,791
4.13%, 08/15/31 |  | 282 | 245,533
European TopSoho SARL, 4.00%, 09/21/21 (c)(k) | EUR | 200 | 49,874
Hanesbrands, Inc. (b) |  |  |
4.88%, 05/15/26 | USD | 989 | 967,541
9.00%, 02/15/31 |  | 80 | 83,819
PrestigeBidCo GmbH, 07/01/29 (a)(c)(h) | EUR | 100 | 107,898
|  |  | 1,652,456
Trading Companies & Distributors — 0.1%
GYP Holdings III Corp., 4.63%, 05/01/29 (b) | USD | 2,104 | 1,947,119
Transportation Infrastructure — 0.0%
Fraport AG Frankfurt Airport Services Worldwide, 4.25%, 06/11/32 (c) | EUR | 66 | 71,285
Heathrow Finance PLC, 6.63%, 03/01/31 (c) | GBP | 100 | 124,988
SGL Group ApS, (3-mo. EURIBOR + 4.75%), 8.65%, 04/22/30 (a) | EUR | 100 | 108,164
Stena International SA, 7.25%, 01/15/31 (b) | USD | 200 | 204,436
|  |  | 508,873

Consolidated Schedule of Investments
59

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Wireless Telecommunication Services — 0.0%
Cellnex Finance Co. SA, 2.00%, 09/15/32 (c) | EUR | 100 | $ 92,017
Total Corporate Bonds — 108.8% (Cost: $1,498,456,879) | 1,510,825,757
Fixed Rate Loan Interests
Health Care Technology — 1.0%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | USD | 13,480 | 13,400,915
Media — 0.3%
Morgan Stanley & Co. International PLC, 2024 CCIBV Fixed Term Loan, 15.00% (f)(i) |  | 5,170 | 5,027,825
Total Fixed Rate Loan Interests — 1.3% (Cost: $18,603,646) | 18,428,740
Floating Rate Loan Interests (a)
Aerospace & Defense — 0.5%
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, 10/31/30 (m) |  | 568 | 572,108
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 628 | 360,891
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 266 | 193,721
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 441 | 441,902
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 04/21/31 |  | 657 | 660,285
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 13.18%, 02/01/29 |  | 2,777 | 2,784,056
Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/01/28 |  | 1,351 | 1,350,576
Standard Aero Ltd., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 170 | 170,386
|  |  | 6,533,925
Air Freight & Logistics — 0.1%
Clue Opco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), 9.83%, 12/19/30 |  | 988 | 919,154
Automobile Components — 0.1%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 02/23/29 |  | 1,240 | 1,244,650
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 10.43%, 11/17/28 |  | 707 | 677,399
|  |  | 1,922,049
Banks (m) — 0.0%
Chrysaor Bidco SARL |  |  |
USD Delayed Draw Term Loan, 05/14/31 |  | 24 | 24,452
USD Term Loan B, 05/14/31 |  | 330 | 330,627
|  |  | 355,079

Security |  | Par (000) | Value
Broadline Retail — 0.2%
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 10.09%, 03/15/30 | USD | 3,554 | $ 3,548,426
Building Materials — 0.1%
Chariot Buyer LLC, 2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/03/28 |  | 794 | 795,662
Cornerstone Building Brands, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 05/02/31 |  | 384 | 380,801
Emrld Borrower LP, 2024 Term Loan B, 06/18/31 (m) |  | 611 | 610,236
|  |  | 1,786,699
Building Products — 0.2%
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 01/29/31 |  | 446 | 443,400
Gulfside Supply, Inc., Term Loan B, 06/17/31 (f)(m) |  | 568 | 568,000
White Cap Buyer LLC |  |  |
2024 Term Loan B, 10/19/29 (m) |  | 713 | 713,933
Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.59%, 10/19/27 |  | 629 | 629,043
|  |  | 2,354,376
Capital Markets — 0.0%
Azalea Topco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/30/31 |  | 705 | 704,119
Chemicals — 0.5%
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 13.19%, 11/24/28 |  | 443 | 420,723
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 08/18/28 |  | 987 | 982,265
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.68%, 10/04/29 |  | 2,483 | 2,476,130
Herens U.S. Holdco Corp., USD Term Loan B, (3- mo. CME Term SOFR + 4.03%), 9.36%, 07/03/28 |  | 617 | 597,239
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 03/29/28 (f) |  | 1,924 | 1,918,961
Nouryon USA LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 (f) |  | 64 | 64,160
2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 |  | 200 | 200,249
Olympus Water U.S. Holding Corp., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.85%, 06/20/31 |  | 14 | 14,006
|  |  | 6,673,733
Commercial Services & Supplies — 0.7%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 05/12/28 |  | 1,801 | 1,793,659

60
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
APi Group DE, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/03/29 | USD | 217 | $ 216,747
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.36%), 12.71%, 09/01/25 |  | 639 | 626,137
Garda World Security Corp., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.59%, 02/01/29 |  | 811 | 814,802
Grant Thornton LLP/Chicago, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.60%, 06/02/31 |  | 1,456 | 1,459,655
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 9.84%, 12/15/28 |  | 1,273 | 838,999
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.76%), 14.09%, 11/02/28 |  | 191 | 146,430
Wand NewCo 3, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 01/30/31 |  | 4,034 | 4,058,486
|  |  | 9,954,915
Communications Equipment — 0.1%
Viasat, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.61%), 9.94%, 05/30/30 |  | 1,031 | 915,166
Construction & Engineering — 0.6%
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 09/22/28 |  | 648 | 648,651
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 08/01/30 |  | 4,742 | 4,755,486
Brown Group Holding LLC, 2022 Incremental Term Loan B2, 07/02/29 (m) |  | 336 | 335,580
Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.06%, 03/27/31 |  | 1,553 | 1,554,941
K Hovnaian Enterprises, Third Amendment Revolver, 06/30/26 (f)(m) |  | 1,865 | 1,837,025
|  |  | 9,131,683
Construction Materials — 0.1%
Gates Corp., 2024 Term Loan B5, 06/04/31 (m) |  | 971 | 971,603
Consumer Staples Distribution & Retail — 0.0%
BCPE Empire Holdings, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 12/11/28 |  | 634 | 634,093
Containers & Packaging — 0.2%
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.44%, 10/29/28 |  | 963 | 949,220

Security |  | Par (000) | Value
Containers & Packaging (continued)
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/15/27 | USD | 730 | $ 730,397
Trident TPI Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.30%, 09/15/28 |  | 705 | 705,668
|  |  | 2,385,285
Diversified Consumer Services — 0.2%
Ascend Learning LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.85%), 11.19%, 12/10/29 |  | 657 | 640,904
2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.94%, 12/11/28 |  | 857 | 855,606
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 03/26/31 |  | 1,122 | 1,128,081
|  |  | 2,624,591
Diversified Telecommunication Services — 0.4%
Digicel International Finance Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 6.75%), 12.07%, 05/25/27 |  | 1,997 | 1,927,843
Frontier Communications Corp., 2024 Term Loan B, 07/01/31 (f)(m) |  | 378 | 377,055
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.21%, 10/08/27 |  | 691 | 690,066
Level 3 Financing Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/29 |  | 236 | 230,371
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/30 |  | 237 | 230,837
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/29 |  | 819 | 561,931
2024 Extended Term Loan B2, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/30 |  | 837 | 558,315
2024 Term Loan A, 06/01/28 (m) |  | 450 | 370,006
Windstream Services LLC, 2020 Exit Term Loan B, (1-mo. CME Term SOFR + 6.35%), 11.69%, 09/21/27 |  | 639 | 638,239
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.46%, 03/09/27 |  | 100 | 86,916
|  |  | 5,671,579
Electronic Equipment, Instruments & Components — 0.1%
Ingram Micro, Inc., 2023 Term Loan, (3-mo. CME Term SOFR + 3.26%), 8.60%, 06/30/28 |  | 916 | 919,701
Roper Industrial Products Investment Co., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.58%, 11/22/29 |  | 440 | 440,061
|  |  | 1,359,762

Consolidated Schedule of Investments
61

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 06/30/27 | USD | 90 | $ 42,939
Entertainment — 0.1%
Motion Finco SARL, 2024 USD Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 11/12/29 |  | 937 | 936,411
OVG Business Services LLC, 2024 Term Loan B, 06/25/31 (m) |  | 462 | 460,559
|  |  | 1,396,970
Environmental, Maintenance & Security Service — 0.0%
GFL Environmental, Inc., 2024 Term Loan B, 06/27/31 (f)(m) |  | 575 | 575,000
Financial Services — 0.2%
CPI Holdco B LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/17/31 |  | 1,038 | 1,036,381
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.08%, 04/09/27 |  | 103 | 103,063
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.01%), 12.35%, 04/07/28 |  | 1,206 | 1,202,985
|  |  | 2,342,429
Food Products — 0.1%
Chobani LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 10/25/27 |  | 1,204 | 1,208,465
Ground Transportation — 0.2%
Genesee & Wyoming, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 04/10/31 |  | 2,295 | 2,291,833
Health Care Equipment & Supplies — 0.7%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 09/29/28 |  | 1,064 | 1,060,640
Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 05/10/27 |  | 2,345 | 2,318,065
Medline Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 10/23/28 |  | 2,487 | 2,490,245
2024 USD Add-on Term Loan B, 10/23/28 (m) |  | 2,569 | 2,569,000
Sotera Health Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/30/31 |  | 953 | 949,826
|  |  | 9,387,776
Health Care Providers & Services — 0.6%
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 11/08/27 |  | 1,049 | 1,050,481
Concentra Health Services, Inc., Term Loan B, 06/26/31 (f)(m) |  | 214 | 214,535
Ensemble RCM LLC, 2024 Term Loan B, 08/01/29 (m) |  | 952 | 948,087

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
LifePoint Health, Inc. |  |  |
2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 05/17/31 | USD | 984 | $ 984,925
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.06%, 11/16/28 |  | 655 | 657,887
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/15/28 |  | 479 | 480,295
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.35%), 13.65%, 04/29/25 |  | 1,481 | 1,095,807
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 09/27/30 |  | 1,955 | 1,952,528
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 12/19/30 |  | 676 | 676,815
|  |  | 8,061,360
Health Care Technology — 0.9%
AthenaHealth Group, Inc., 2022 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 02/15/29 |  | 9,614 | 9,571,632
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 4.10%), 9.43%, 10/01/27 |  | 1,796 | 1,736,880
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR + 4.26%), 9.59%, 06/02/28 |  | 1,340 | 1,338,897
|  |  | 12,647,409
Hotels, Restaurants & Leisure — 0.5%
1011778 B.C. Unlimited Liability Company, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 09/20/30 |  | 1,126 | 1,121,958
Carnival Corp., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 10/18/28 |  | 2,229 | 2,231,155
Cedar Fair LP, 2024 Term Loan B, 05/01/31 (m) |  | 667 | 664,505
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.59%, 07/21/28 |  | 1,032 | 1,026,847
Entain PLC, 2024 USD Term Loan B3, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.01%, 10/31/29 |  | 969 | 970,200
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 290 | 260,151
2021 Term Loan B2, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 457 | 409,757
|  |  | 6,684,573
Household Durables — 0.2%
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.84%, 02/26/29 |  | 1,113 | 1,102,332
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.11%), 9.46%, 10/06/28 |  | 2,042 | 1,743,621
|  |  | 2,845,953
Insurance — 1.1%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/06/30 |  | 3,726 | 3,734,606

62
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance (continued)
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/14/31 | USD | 1,675 | $ 1,678,169
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 02/24/28 (m) |  | 423 | 422,921
Truist Insurance Holdings LLC |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/06/31 |  | 2,668 | 2,670,374
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 05/06/32 |  | 6,500 | 6,616,480
|  |  | 15,122,550
IT Services — 0.5%
Central Parent, Inc., 2024 Term Loan B, 07/06/29 (m) |  | 575 | 566,013
Fortress Intermediate 3, Inc, Term Loan B, 06/27/31 (f)(m) |  | 3,403 | 3,403,000
Mitchell International, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 06/17/31 |  | 1,400 | 1,386,000
Project Alpha Intermediate Holding, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.07%, 10/28/30 |  | 1,041 | 1,043,302
|  |  | 6,398,315
Machinery — 1.1%
SPX Flow, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 04/05/29 |  | 1,450 | 1,457,793
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 5.00%), 10.33%, 02/15/29 |  | 8,283 | 8,296,529
TK Elevator U.S. Newco, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.79%, 04/30/30 |  | 4,347 | 4,366,546
Wec US Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/27/31 |  | 664 | 664,146
|  |  | 14,785,014
Media — 0.7%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 9.46%, 08/23/28 |  | 4,468 | 4,468,321
CSC Holdings LLC |  |  |
2019 Term Loan B5, (1-mo. LIBOR US at 0.00% Floor + 2.50%), 7.94%, 04/15/27 |  | 1,268 | 1,050,588
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.83%, 01/18/28 |  | 2,620 | 2,513,884
Gray Television, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 06/04/29 |  | 706 | 669,818
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 8.71%, 09/25/26 |  | 1,393 | 1,124,826
Univision Communications, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 01/23/29 |  | 187 | 184,430
|  |  | 10,011,867

Security |  | Par (000) | Value
Metals & Mining — 0.0%
STS Operating, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.10%), 9.44%, 03/25/31 | USD | 812 | $ 812,766
Oil, Gas & Consumable Fuels — 0.4%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.09%, 12/21/28 |  | 681 | 679,584
M6 ETX Holdings II Midco LLC, Term Loan B, (1- mo. CME Term SOFR + 4.60%), 9.94%, 09/19/29 |  | 420 | 421,658
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.33%, 10/27/28 |  | 3,455 | 3,356,683
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 02/02/31 |  | 890 | 891,834
|  |  | 5,349,759
Passenger Airlines — 0.1%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3- mo. CME Term SOFR + 5.01%), 10.34%, 04/20/28 |  | 1,747 | 1,802,663
Personal Care Products — 0.1%
KDC/ONE Development Corp., Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 08/15/28 |  | 1,009 | 1,010,944
Pharmaceuticals — 0.4%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.84%, 05/04/28 |  | 391 | 392,933
Bausch Health Americas, Inc., 2022 Term Loan B, 02/01/27 (m) |  | 2,213 | 2,301,338
Endo Finance Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 04/23/31 |  | 2,233 | 2,228,824
Organon & Co., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/19/31 |  | 393 | 393,089
|  |  | 5,316,184
Professional Services — 0.3%
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.96%, 06/04/29 |  | 1,107 | 1,079,542
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 06/02/28 |  | 2,473 | 2,432,576
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.08%, 04/29/29 |  | 477 | 384,968
|  |  | 3,897,086
Real Estate Management & Development — 0.0%
Cushman & Wakefield U.S. Borrower LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 01/31/30 (f) |  | 420 | 422,120
Software — 3.0%
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 02/23/32 |  | 983 | 1,014,948

Consolidated Schedule of Investments
63

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Boxer Parent Co., Inc., 2023 USD Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.34%, 12/29/28 | USD | 2,601 | $ 2,603,562
Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 12/29/28 (m) |  | 839 | 838,924
Cloud Software Group, Inc. |  |  |
2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 03/21/31 |  | 1,903 | 1,906,863
2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 03/30/29 |  | 3,664 | 3,658,717
Cloudera, Inc., 2021 Second Lien Term Loan, (1- mo. CME Term SOFR + 6.10%), 11.44%, 10/08/29 |  | 1,896 | 1,874,155
Delta Topco, Inc. |  |  |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.60%, 11/30/29 |  | 299 | 302,588
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.85%, 11/30/29 |  | 1,486 | 1,484,767
Ellucian Holdings, Inc. |  |  |
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.10%), 13.44%, 10/09/28 |  | 6,454 | 6,462,401
2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.94%, 10/09/29 |  | 1,329 | 1,334,283
Genesys Cloud Services Holdings II LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 12/01/27 |  | 1,001 | 1,006,746
McAfee Corp., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 03/01/29 |  | 1,205 | 1,201,640
MH Sub I LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 6.25%), 9.59%, 02/23/29 |  | 288 | 286,065
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 05/03/28 |  | 3,910 | 3,903,806
Modena Buyer LLC, Term Loan, 07/01/31 (m) |  | 1,742 | 1,697,910
Planview Parent, Inc. (m) |  |  |
2024 2nd Lien Term Loan, 12/18/28 |  | 863 | 833,152
2nd Lien Term Loan, 12/18/28 |  | 13 | 12,902
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.34%, 08/31/28 |  | 762 | 762,426
RealPage, Inc., 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.96%, 04/23/29 |  | 7,231 | 7,032,482
SS&C Technologies, Inc., 2024 Term Loan B8, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/09/31 |  | 1,763 | 1,765,151
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 02/10/31 |  | 1,743 | 1,748,665
VS Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 04/14/31 |  | 576 | 576,707
|  |  | 42,308,860

Security |  | Par (000) | Value
Specialty Retail — 0.1%
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/11/28 | USD | 1,292 | $ 1,287,048
Total Floating Rate Loan Interests — 15.4% (Cost: $213,805,998) | 214,456,120

|  | Shares |
Investment Companies
Fixed Income Funds — 3.4% |
iShares Broad USD High Yield Corporate Bond ETF (n) |  | 890,000 | 32,289,200
SPDR Blackstone Senior Loan ETF |  | 362,691 | 15,160,484
|  |  | 47,449,684
Total Investment Companies — 3.4% (Cost: $47,569,572) | 47,449,684

|  | Par (000) |
Preferred Securities
Capital Trusts — 3.2% (a)
Automobiles (i) — 0.1% |
General Motors Financial Co., Inc., Series C, 5.70% | USD | 655 | 614,861
Volkswagen International Finance NV, 3.88% (c) | EUR | 200 | 199,358
|  |  | 814,219
Banks (i) — 2.1% |
AIB Group PLC, 5.25% (c) |  | 210 | 224,056
Bank of Ireland Group PLC, 7.50% (c) |  | 200 | 217,671
Barclays PLC |  |  |
4.38% | USD | 2,490 | 2,090,863
8.00% |  | 980 | 995,033
9.63% |  | 3,745 | 4,059,925
CaixaBank SA, 7.50% (c) | EUR | 200 | 222,758
Citigroup, Inc. |  |  |
Series AA, 7.63% | USD | 1,571 | 1,635,694
Series CC, 7.13% |  | 3,685 | 3,676,756
Cooperatieve Rabobank UA, 4.38% (c) | EUR | 200 | 203,481
HSBC Holdings PLC, 4.75% (c) |  | 200 | 200,535
ING Groep NV, 8.00% (c) | USD | 200 | 203,875
KBC Group NV, 8.00% (c) | EUR | 200 | 227,042
Lloyds Banking Group PLC |  |  |
8.00% | USD | 1,320 | 1,349,308
4.95% (c) | EUR | 200 | 210,991
NatWest Group PLC, 8.13% | USD | 1,115 | 1,126,535
PNC Financial Services Group, Inc. |  |  |
Series V, 6.20% |  | 1,417 | 1,411,487
Series W, 6.25% |  | 1,572 | 1,531,867
Societe Generale SA, 7.88% (c) | EUR | 100 | 108,969
UBS Group AG |  |  |
4.38% (b) | USD | 950 | 770,501
7.75% (b) |  | 2,535 | 2,585,819
7.00% (c) |  | 200 | 199,751
Series NC10, 9.25% (b) |  | 2,519 | 2,821,008
Series NC5, 9.25% (b) |  | 2,275 | 2,447,679
|  |  | 28,521,604

64
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Construction & Engineering — 0.0% |
Abertis Infraestructuras Finance BV, 3.25% (c)(i) | EUR | 200 | $ 208,300
Diversified Telecommunication Services (c) — 0.1% |
British Telecommunications PLC, 5.13%, 10/03/54 |  | 200 | 214,724
Telefonica Europe BV (i) |  |  |
7.13% |  | 200 | 232,349
6.14% |  | 300 | 336,524
6.75% |  | 100 | 116,194
5.75% |  | 100 | 109,532
Vodafone Group PLC |  |  |
2.63%, 08/27/80 |  | 400 | 411,808
3.00%, 08/27/80 |  | 100 | 96,756
6.50%, 08/30/84 |  | 100 | 114,993
|  |  | 1,632,880
Electric Utilities — 0.9% |
AES Corp., 7.60%, 01/15/55 | USD | 1,441 | 1,458,816
Dominion Energy, Inc. |  |  |
Series A, 6.88%, 02/01/55 |  | 1,497 | 1,528,211
Series B, 7.00%, 06/01/54 |  | 865 | 900,001
Edison International, Series B, 5.00% (i) |  | 1,263 | 1,201,368
EDP - Energias de Portugal SA (c) |  |  |
5.94%, 04/23/83 | EUR | 100 | 111,510
4.75%, 05/29/54 |  | 100 | 106,426
Electricite de France SA (c)(i) |  |  |
6.00% | GBP | 300 | 369,402
3.00% | EUR | 200 | 196,523
3.38% |  | 200 | 186,654
Naturgy Finance BV, 2.37% (c)(i) |  | 200 | 202,961
NRG Energy, Inc., 10.25% (b)(i) | USD | 2,518 | 2,753,962
Orsted A/S, 2.50% (c) | GBP | 100 | 90,699
Terna - Rete Elettrica Nazionale, 4.75% (c)(i) | EUR | 125 | 132,195
Vistra Corp., 7.00% (b)(i) | USD | 2,860 | 2,835,150
|  |  | 12,073,878
Gas Utilities — 0.0% |
Centrica PLC, 6.50%, 05/21/55 (c) | GBP | 100 | 127,674
Health Care Providers & Services — 0.0% |
Clariane SE, 13.17% (c)(i) |  | 200 | 238,599
Hotels, Restaurants & Leisure — 0.0% |
Accor SA, 2.63% (c)(i) | EUR | 100 | 105,271
Industrial Conglomerates — 0.0% |
Alstom SA, 5.87% (c)(i) |  | 100 | 108,605
Insurance — 0.0% |
Poste Italiane SpA, 2.63% (c)(i) |  | 100 | 93,954
Oil, Gas & Consumable Fuels (c) — 0.0% |
Repsol International Finance BV, 4.25% (i) |  | 124 | 130,575
Var Energi ASA, 7.86%, 11/15/83 |  | 100 | 116,198
|  |  | 246,773
Pharmaceuticals (c) — 0.0% |
Bayer AG |  |  |
4.50%, 03/25/82 |  | 200 | 206,014
7.00%, 09/25/83 |  | 100 | 110,469
Series NC5, 6.63%, 09/25/83 |  | 100 | 108,223
|  |  | 424,706

Security |  | Par (000) | Value
Real Estate Management & Development — 0.0% |
Heimstaden Bostad AB, 2.63% (c)(i) | EUR | 375 | $ 247,992
| 44,844,455

|  | Shares |
Preferred Stocks — 0.7%
Interactive Media & Services — 0.7% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $6,330,867) (d)(e)(f) |  | 57,777 | 9,764,891
Wireless Telecommunication Services — 0.0% |
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $676,934) (d)(e) |  | 691,319 | 3,470
Ligado Networks LLC (f)(o) |  | 32,168 | 8,042
|  |  | 11,512
| 9,776,403
Total Preferred Securities — 3.9% (Cost: $55,968,469) | 54,620,858
Total Investments — 133.8% (Cost: $1,872,581,076) | 1,858,962,554
Liabilities in Excess of Other Assets — (33.8)% | (469,617,342 )
Net Assets — 100.0% | $ 1,389,345,212

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(d) | Non-income producing security.
(e) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $10,030,304, representing 0.7% of its net assets as of period end, and an original cost of $7,936,964.
(f) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(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) | When-issued security.
(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) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(n) | Affiliate of the Trust.
(o) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Consolidated Schedule of Investments
65

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 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 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares (a) | $ 34,146 | $ — | $ (34,146 ) (b) | $ — | $ — | $ — | — | $ 63,641 | $ —
iShares Broad USD High Yield Corporate Bond ETF | — | 32,369,300 | — | — | (80,100 ) | 32,289,200 | 890,000 | — | —
|  |  |  | $ — | $ (80,100 ) | $ 32,289,200 |  | $ 63,641 | $ —

(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 | 25 | 09/19/24 | $ 2,947 | $ (11,595 )
Ultra U.S. Treasury Bond | 15 | 09/19/24 | 1,868 | (7,048 )
|  |  |  | $ (18,643 )

Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 31,511 | EUR | 29,000 | Barclays Bank PLC | 09/18/24 | $ 338
USD | 25,513,159 | EUR | 23,698,098 | BNP Paribas SA | 09/18/24 | 39,018
USD | 107,817 | EUR | 100,000 | Deutsche Bank AG | 09/18/24 | 322
USD | 344,913 | EUR | 320,000 | State Street Bank and Trust Co. | 09/18/24 | 930
USD | 16,564,283 | EUR | 15,390,902 | Toronto-Dominion Bank | 09/18/24 | 19,916
USD | 856,200 | GBP | 675,000 | Citibank N.A. | 09/18/24 | 2,447
USD | 2,897,677 | GBP | 2,285,000 | Goldman Sachs International | 09/18/24 | 7,563
USD | 1,965,291 | GBP | 1,550,000 | JPMorgan Chase Bank N.A. | 09/18/24 | 4,820
|  |  |  |  |  | $ 75,354

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.42.V1 | 5.00 % | Quarterly | 06/20/29 | B | USD | 16,772 | $ 1,073,746 | $ 1,113,568 | $ (39,822 )

(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.

66
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 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 | $ (33,256 ) | $ (30,728 ) | $ (2,528 )
Hovnanian Enterprises, Inc. | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | USD | 373 | (33,256 ) | (33,171 ) | (85 )
Matterhorn Telecom Holding S.A. | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | EUR | 135 | (17,305 ) | (16,567 ) | (738 )
|  |  |  |  |  |  | $ (83,817 ) | $ (80,466 ) | $ (3,351 )

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 | $ 3,782 | $ 3,403 | $ 379
CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | N/R | EUR | 125 | 14,949 | 19,185 | (4,236 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | N/R | EUR | 35 | (1,084 ) | (5,692 ) | 4,608
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | N/R | EUR | 21 | (652 ) | (3,334 ) | 2,682
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | N/R | EUR | 60 | (1,832 ) | (9,372 ) | 7,540
Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | N/R | EUR | 17 | (532 ) | (2,791 ) | 2,259
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | N/R | EUR | 36 | (1,112 ) | (5,893 ) | 4,781
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | N/R | EUR | 26 | (807 ) | (4,193 ) | 3,386
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB | EUR | 80 | 8,862 | 10,558 | (1,696 )
Sunrise HoldCo IV B.V. | 5.00 | Quarterly | Bank of America N.A. | 06/20/29 | B | EUR | 43 | 5,223 | 4,208 | 1,015
Sunrise HoldCo IV B.V. | 5.00 | Quarterly | Deutsche Bank AG | 06/20/29 | B | EUR | 27 | 3,255 | 2,570 | 685
Ziggo Bond Company B.V. | 5.00 | Quarterly | Bank of America N.A. | 06/20/29 | B- | EUR | 44 | 2,341 | 3,516 | (1,175 )
Ziggo Bond Company B.V. | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | B- | EUR | 78 | 4,152 | 3,626 | 526
|  |  |  |  |  |  |  | $ 36,545 | $ 15,791 | $ 20,754

(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, 5.33% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | JPMorgan Chase Bank N.A. | N/A | 09/20/24 | USD | 1,535 | $ 24,547 | $ (18,935 ) | $ 43,482
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/24 | USD | 693 | 17,687 | (7,102 ) | 24,789
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/24 | USD | 693 | 12,648 | (7,929 ) | 20,577
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/24 | USD | 693 | 10,809 | (8,136 ) | 18,945
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/24 | USD | 7,500 | 11,808 | (63,386 ) | 75,194
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/24 | USD | 9,430 | 236,077 | (98,052 ) | 334,129
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/24 | USD | 312 | 4,026 | (3,709 ) | 7,735

Consolidated Schedule of Investments
67

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 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, 5.33% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/24 | USD | 312 | $ 5,063 | $ (3,849 ) | $ 8,912
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx $ Liquid High Yield Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/24 | USD | 346 | 5,196 | (4,320 ) | 9,516
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/24 | USD | 7,500 | 5,795 | (55,583 ) | 61,378
1-Day SOFR, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/24 | USD | 13,872 | (4,221 ) | (162,795 ) | 158,574
|  |  |  |  |  |  |  |  | $ 329,435 | $ (433,796 ) | $ 763,231

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

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps (a) | $ 1,113,568 | $ — | $ — | $ (39,822 )
OTC Swaps | 47,066 | (545,537 ) | 791,092 | (10,458 )

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

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

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Assets — Derivative Financial Instruments |  |  |  |  |  |  |
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | $ — | $ — | $ — | $ 75,354 | $ — | $ — | $ 75,354
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 74,927 | — | — | 763,231 | — | 838,158
| $ — | $ 74,927 | $ — | $ 75,354 | $ 763,231 | $ — | $ 913,512
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 18,643 | $ — | $ 18,643
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) | — | 39,822 | — | — | — | — | 39,822
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 122,199 | — | — | 433,796 | — | 555,995
| $ — | $ 162,021 | $ — | $ — | $ 452,439 | $ — | $ 614,460

(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 Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

68
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
For the period ended June 30, 2024, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ (263,314 ) | $ — | $ (208,946 ) | $ — | $ (472,260 )
Forward foreign currency exchange contracts | — | — | — | 1,279,730 | — | — | 1,279,730
Options purchased (a) | — | — | (455,420 ) | — | (2,346 ) | — | (457,766 )
Options written | — | — | 126,822 | — | 871 | — | 127,693
Swaps | — | 1,454,415 | — | — | 531,337 | — | 1,985,752
| $ — | $ 1,454,415 | $ (591,912 ) | $ 1,279,730 | $ 320,916 | $ — | $ 2,463,149
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ 75,290 | $ — | $ 75,290
Forward foreign currency exchange contracts | — | — | — | 466,139 | — | — | 466,139
Options purchased (b) | — | — | 170,115 | — | — | — | 170,115
Options written | — | — | (51,791 ) | — | — | — | (51,791 )
Swaps | — | (853,293 ) | — | — | (630,864 ) | — | (1,484,157 )
| $ — | $ (853,293 ) | $ 118,324 | $ 466,139 | $ (555,574 ) | $ — | $ (824,404 )

(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 | $ — (a)
Average notional value of contracts — short | $ 2,601,157
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $ 48,180,939
Options: |
Average value of option contracts purchased | $ 563
Average value of option contracts written | $ 63
Credit default swaps: |
Average notional value — buy protection | $ 445,289
Average notional value — sell protection | $ 17,403,579
Total return swaps: |
Average notional value | $ 28,450,000

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

| Assets | Liabilities
Derivative Financial Instruments |  |
Futures contracts | $ 72,464 | $ —
Forward foreign currency exchange contracts | 75,354 | —
Swaps — centrally cleared | — | 9,172
Swaps — OTC (a) | 838,158 | 555,995
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | 985,976 | 565,167
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (72,464 ) | (9,172 )
Total derivative assets and liabilities subject to an MNA | $ 913,512 | $ 555,995

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

Consolidated Schedule of Investments
69

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 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 | Cash Collateral Received | Net Amount of Derivative Assets (b)(c)
Bank of America N.A. | $ 13,347 | $ (6,867 ) | $ — | $ — | $ 6,480
Barclays Bank PLC | 21,118 | (21,118 ) | — | — | —
BNP Paribas SA | 39,018 | — | — | — | 39,018
Citibank N.A. | 4,706 | (2,791 ) | — | — | 1,915
Deutsche Bank AG | 3,577 | — | — | — | 3,577
Goldman Sachs International | 11,715 | (11,715 ) | — | — | —
JPMorgan Chase Bank N.A. | 56,865 | (24,828 ) | — | — | 32,037
Morgan Stanley & Co. International PLC | 742,320 | (423,290 ) | — | — | 319,030
State Street Bank and Trust Co. | 930 | — | — | — | 930
Toronto-Dominion Bank | 19,916 | — | — | — | 19,916
| $ 913,512 | $ (490,609 ) | $ — | $ — | $ 422,903

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Amount of Derivative Liabilities (b)(d)
Bank of America N.A. | $ 6,867 | $ (6,867 ) | $ — | $ — | $ —
Barclays Bank PLC | 47,658 | (21,118 ) | — | — | 26,540
Citibank N.A. | 2,791 | (2,791 ) | — | — | —
Goldman Sachs International | 50,561 | (11,715 ) | — | — | 38,846
JPMorgan Chase Bank N.A. | 24,828 | (24,828 ) | — | — | —
Morgan Stanley & Co. International PLC | 423,290 | (423,290 ) | — | — | —
| $ 555,995 | $ (490,609 ) | $ — | $ — | $ 65,386

(a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
(b) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(c) | Net amount represents the net amount receivable from the counterparty in the event of default.
(d) | Net amount represents the net amount payable due to counterparty in the event of default.

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

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $ — | $ 2,378,839 | $ — | $ 2,378,839
Common Stocks |  |  |  |
Building Products | 937,755 | — | — | 937,755
Capital Markets | — | 261,943 | — | 261,943
Electrical Equipment | 3,034 | — | — | 3,034
Energy Equipment & Services | 4,015 | — | — | 4,015
Life Sciences Tools & Services | 1,476,198 | — | — | 1,476,198
Metals & Mining | 2,620,018 | — | — | 2,620,018
Oil, Gas & Consumable Fuels | 683,550 | — | 22,235 | 705,785
Real Estate Management & Development | 645 | — | — | 645
Semiconductors & Semiconductor Equipment | 109 | — | — | 109
Specialized REITs | 4,793,054 | — | — | 4,793,054

70
2024
BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Corporate Bonds |  |  |  |
Advertising Agencies | $ — | $ 3,919,881 | $ — | $ 3,919,881
Aerospace & Defense | — | 65,468,757 | — | 65,468,757
Air Freight & Logistics | — | 127,564 | — | 127,564
Automobile Components | — | 31,664,862 | — | 31,664,862
Automobiles | — | 9,631,773 | — | 9,631,773
Banks | — | 12,037,094 | — | 12,037,094
Biotechnology | — | 316,957 | — | 316,957
Broadline Retail | — | 7,329,995 | — | 7,329,995
Building Materials | — | 37,006,033 | — | 37,006,033
Building Products | — | 12,480,992 | — | 12,480,992
Capital Markets | — | 18,919,413 | — | 18,919,413
Chemicals | — | 31,025,892 | — | 31,025,892
Commercial Services & Supplies | 405,373 | 80,341,588 | — | 80,746,961
Communications Equipment | — | 802,468 | — | 802,468
Construction & Engineering | — | 9,225,522 | — | 9,225,522
Construction Materials | — | 4,905,654 | — | 4,905,654
Consumer Finance | — | 11,510,891 | — | 11,510,891
Consumer Staples Distribution & Retail | — | 5,216,265 | — | 5,216,265
Containers & Packaging | — | 48,150,653 | — | 48,150,653
Diversified Consumer Services | — | 5,489,882 | — | 5,489,882
Diversified REITs | — | 13,058,996 | — | 13,058,996
Diversified Telecommunication Services | 407,973 | 90,669,968 | — | 91,077,941
Electric Utilities | — | 16,730,428 | — | 16,730,428
Electrical Equipment | — | 1,271,051 | — | 1,271,051
Electronic Equipment, Instruments & Components | — | 3,906,529 | — | 3,906,529
Energy Equipment & Services | — | 13,825,632 | — | 13,825,632
Entertainment | — | 7,691,163 | — | 7,691,163
Environmental, Maintenance & Security Service | — | 20,608,307 | — | 20,608,307
Financial Services | — | 36,525,800 | — | 36,525,800
Food Products | — | 13,546,394 | — | 13,546,394
Gas Utilities | — | 2,213,819 | — | 2,213,819
Ground Transportation | — | 5,081,731 | — | 5,081,731
Health Care Equipment & Supplies | — | 15,663,644 | — | 15,663,644
Health Care Providers & Services | — | 41,987,512 | — | 41,987,512
Health Care REITs | — | 4,320,087 | — | 4,320,087
Health Care Technology | — | 11,081,536 | — | 11,081,536
Hotel & Resort REITs | — | 20,222,123 | — | 20,222,123
Hotels, Restaurants & Leisure | — | 121,341,105 | — | 121,341,105
Household Durables | — | 9,196,401 | — | 9,196,401
Household Products | — | 1,371,716 | — | 1,371,716
Independent Power and Renewable Electricity Producers | — | 4,976,482 | — | 4,976,482
Insurance | — | 115,585,598 | — | 115,585,598
Interactive Media & Services | — | 1,982,234 | — | 1,982,234
IT Services | 13,922 | 16,425,491 | — | 16,439,413
Leisure Products | — | 1,745,821 | — | 1,745,821
Machinery | — | 23,014,143 | — | 23,014,143
Media | — | 108,941,116 | — | 108,941,116
Metals & Mining | — | 52,232,198 | — | 52,232,198
Mortgage Real Estate Investment Trusts (REITs) | — | 1,068,311 | — | 1,068,311
Multi-Utilities | — | 93,180 | — | 93,180
Oil, Gas & Consumable Fuels | — | 192,826,114 | — | 192,826,114
Paper & Forest Products | — | 110,341 | — | 110,341
Passenger Airlines | — | 9,267,239 | — | 9,267,239
Personal Care Products | — | 1,196,447 | — | 1,196,447
Pharmaceuticals | — | 8,953,002 | — | 8,953,002
Professional Services | — | 6,820,088 | — | 6,820,088
Real Estate Management & Development | — | 8,532,665 | — | 8,532,665
Retail REITs | — | 805,953 | — | 805,953
Semiconductors & Semiconductor Equipment | 84,337 | 3,758,458 | — | 3,842,795
Software | — | 83,921,833 | — | 83,921,833
Specialized REITs | — | 6,915,143 | — | 6,915,143
Specialty Retail | — | 6,622,018 | — | 6,622,018
Technology Hardware, Storage & Peripherals | — | 4,033,734 | — | 4,033,734

Consolidated Schedule of Investments
71

Consolidated Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Corporate Bonds (continued) |  |  |  |
Textiles, Apparel & Luxury Goods | $ 49,874 | $ 1,602,582 | $ — | $ 1,652,456
Trading Companies & Distributors | — | 1,947,119 | — | 1,947,119
Transportation Infrastructure | — | 508,873 | — | 508,873
Wireless Telecommunication Services | — | 92,017 | — | 92,017
Fixed Rate Loan Interests | — | 13,400,915 | 5,027,825 | 18,428,740
Floating Rate Loan Interests | — | 205,076,264 | 9,379,856 | 214,456,120
Investment Companies | 47,449,684 | — | — | 47,449,684
Preferred Securities |  |  |  |
Capital Trusts | — | 44,844,455 | — | 44,844,455
Preferred Stocks | — | — | 9,772,933 | 9,772,933
Unfunded Floating Rate Loan Interests (a) | — | 410 | — | 410
| $ 58,929,541 | $ 1,775,827,104 | $ 24,202,849 | 1,858,959,494
Investments Valued at NAV (b) |  |  |  | 3,470
|  |  |  | $ 1,858,962,964
Derivative Financial Instruments (c) |  |  |  |
Assets |  |  |  |
Credit Contracts | $ — | $ 27,861 | $ — | $ 27,861
Foreign Currency Exchange Contracts | — | 75,354 | — | 75,354
Interest Rate Contracts | — | 763,231 | — | 763,231
Liabilities |  |  |  |
Credit Contracts | — | (50,280 ) | — | (50,280 )
Interest Rate Contracts | (18,643 ) | — | — | (18,643 )
| $ (18,643 ) | $ 816,166 | $ — | $ 797,523

(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 $480,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the
beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in
determining fair value:

| Common Stocks | Fixed Rate Loan Interests | Floating Rate Loan Interests | Preferred Stocks | Total
Assets |  |  |  |  |
Opening balance, as of December 31, 2023 | $ 22,235 | $ — | $ 6,449,900 | $ 12,598,203 | $ 19,070,338
Transfers into Level 3 | — | — | 1,124,648 | — | 1,124,648
Transfers out of Level 3 | — | — | (2,171,890 ) | — | (2,171,890 )
Accrued discounts/premiums | — | 2,635 | 28,082 | — | 30,717
Net realized gain (loss) | — | — | (223,023 ) | 612,355 | 389,332
Net change in unrealized appreciation (depreciation) (a)(b) | — | (93,110 ) | 393,811 | (216,826 ) | 83,875
Purchases | — | 5,118,300 | 8,164,150 | — | 13,282,450
Sales | — | — | (4,385,822 ) | (3,220,799 ) | (7,606,621 )
Closing balance, as of June 30, 2024 | $ 22,235 | $ 5,027,825 | $ 9,379,856 | $ 9,772,933 | $ 24,202,849
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 (b) | $ — | $ (93,110 ) | $ 94,809 | $ 128,039 | $ 129,738

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 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.
72
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
June 30, 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%), 6.66%, 04/15/35 (a)(b) | USD | 2,500 | $ 2,502,977
720 East CLO IV Ltd., Series 2024-1A, Class A1, (3- mo. CME Term SOFR + 1.60%), 6.89%, 04/15/37 (a)(b) |  | 2,000 | 2,010,220
AGL CLO Ltd. (a)(b) |  |  |
Series 2020-5A, Class A1R, (3-mo. CME Term SOFR + 1.42%), 6.75%, 07/20/34 |  | 1,000 | 1,000,800
Series 2021-12A, Class B, (3-mo. CME Term SOFR + 1.86%), 7.19%, 07/20/34 |  | 890 | 892,907
AIMCO CLO Ltd., Series 2021-14A, Class A, (3-mo. CME Term SOFR + 1.25%), 6.58%, 04/20/34 (a)(b) |  | 3,000 | 2,999,748
Allegro CLO VI Ltd. (a)(b) |  |  |
Series 2017-2A, Class B, (3-mo. CME Term SOFR + 1.76%), 7.08%, 01/17/31 |  | 360 | 360,260
Series 2017-2A, Class C, (3-mo. CME Term SOFR + 2.06%), 7.38%, 01/17/31 |  | 2,400 | 2,393,284
Apidos CLO XV, Series 2013-15A, Class DRR, (3-mo. CME Term SOFR + 2.96%), 8.29%, 04/20/31 (a)(b) |  | 1,000 | 1,000,618
Apidos CLO XX, Series 2015-20A, Class BRR, (3-mo. CME Term SOFR + 2.21%), 7.54%, 07/16/31 (a)(b) |  | 1,000 | 1,001,504
Apidos CLO XXXIII, Series 2020-33A, Class AR, (3- mo. CME Term SOFR + 1.41%), 6.73%, 10/24/34 (a)(b) |  | 2,000 | 2,005,933
Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.72%, 10/22/34 (a)(b) |  | 3,000 | 3,009,760
Ares XLVII CLO Ltd., Series 2018-47A, Class D, (3-mo. CME Term SOFR + 2.96%), 8.29%, 04/15/30 (a)(b) |  | 1,500 | 1,500,627
Ares XLVIII CLO Ltd., Series 2018-48A, Class C, (3- mo. CME Term SOFR + 2.06%), 7.39%, 07/20/30 (a)(b) |  | 500 | 500,920
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3-mo. CME Term SOFR + 1.44%), 6.76%, 10/24/31 (a)(b) |  | 332 | 332,380
Atrium XV, Series 15A, Class C, (3-mo. CME Term SOFR + 2.46%), 7.79%, 01/23/31 (a)(b) |  | 250 | 250,392
Ballyrock CLO Ltd. (a)(b) |  |  |
Series 2018-1A, Class A2, (3-mo. CME Term SOFR + 1.86%), 7.19%, 04/20/31 |  | 1,500 | 1,504,105
Series 2019-2A, Class BRR, (3-mo. CME Term SOFR + 2.40%), 7.62%, 02/20/36 |  | 1,000 | 1,005,804
Series 2022-19A, Class A1, (3-mo. CME Term SOFR + 1.33%), 6.65%, 04/20/35 |  | 2,000 | 2,006,522
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class B, (3-mo. CME Term SOFR + 2.26%), 7.59%, 10/15/30 (a)(b) |  | 1,000 | 1,002,890
Benefit Street Partners CLO XVI Ltd., Series 2018- 16A, Class A1R, (3-mo. CME Term SOFR + 1.29%), 6.61%, 01/17/32 (a)(b) |  | 1,842 | 1,846,347
Benefit Street Partners CLO XXI Ltd., Series 2020- 21A, Class A1R, (3-mo. CME Term SOFR + 1.43%), 6.76%, 10/15/34 (a)(b) |  | 1,300 | 1,301,200
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 7.91%, 04/15/37 (a)(b) |  | 1,500 | 1,520,044
Buckhorn Park CLO Ltd., Series 2019-1A, Class AR, (3-mo. CME Term SOFR + 1.38%), 6.71%, 07/18/34 (a)(b) |  | 1,000 | 1,000,002
Canyon CLO Ltd. (a)(b) |  |  |
Series 2020-3A, Class C, (3-mo. CME Term SOFR + 2.76%), 8.09%, 01/15/34 |  | 500 | 501,430

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Canyon CLO Ltd. (a)(b) (continued) |  |  |
Series 2021-3A, Class B, (3-mo. CME Term SOFR + 1.96%), 7.29%, 07/15/34 | USD | 1,800 | $ 1,805,493
Series 2021-4, Class A, (3-mo. CME Term SOFR + 1.43%), 6.76%, 10/15/34 |  | 1,500 | 1,501,049
Carlyle CLO Ltd., Series C17A, Class BR, (3-mo. CME Term SOFR + 2.11%), 7.44%, 04/30/31 (a)(b) |  | 1,000 | 997,052
CarVal CLO I Ltd., Series 2018-1A, Class D, (3-mo. CME Term SOFR + 3.15%), 8.48%, 07/16/31 (a)(b) |  | 500 | 503,091
Cedar Funding XII CLO Ltd., Series 2020-12A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 6.72%, 10/25/34 (a)(b) |  | 1,500 | 1,501,500
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class A, (3-mo. CME Term SOFR + 1.36%), 6.69%, 07/15/33 (a)(b) |  | 2,000 | 2,003,511
CIFC Funding Ltd. (a)(b) |  |  |
Series 2013-2A, Class A3LR, (3-mo. CME Term SOFR + 2.21%), 7.54%, 10/18/30 |  | 1,000 | 999,963
Series 2015-4A, Class A1A2, (3-mo. CME Term SOFR + 1.33%), 6.66%, 04/20/34 |  | 1,000 | 1,000,500
Series 2018-1A, Class C, (3-mo. CME Term SOFR + 2.01%), 7.34%, 04/18/31 |  | 1,000 | 1,001,786
Series 2018-1A, Class D, (3-mo. CME Term SOFR + 2.91%), 8.24%, 04/18/31 |  | 1,200 | 1,206,003
Series 2019-2A, Class BR, (3-mo. CME Term SOFR + 1.76%), 7.08%, 04/17/34 |  | 900 | 901,488
Series 2019-5A, Class A2RS, (3-mo. CME Term SOFR + 2.01%), 7.34%, 01/15/35 |  | 1,000 | 1,005,696
Series 2020-2A, Class AR, (3-mo. CME Term SOFR + 1.43%), 6.76%, 10/20/34 |  | 1,200 | 1,202,510
Series 2020-3A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 6.72%, 10/20/34 |  | 1,000 | 1,002,723
Series 2021-1AR, Class A1R, (3-mo. CME Term SOFR + 1.42%), 6.76%, 07/25/37 |  | 1,500 | 1,500,000
Clover CLO LLC (a)(b) |  |  |
Series 2018-1A, Class A1RR, (3-mo. CME Term SOFR + 1.53%), 6.85%, 04/20/37 |  | 3,500 | 3,501,967
Series 2021-1A, Class A, (3-mo. CME Term SOFR + 1.36%), 6.69%, 04/22/34 |  | 2,000 | 2,000,016
Series 2021-2A, Class B, (3-mo. CME Term SOFR + 2.01%), 7.34%, 07/20/34 |  | 1,000 | 1,007,255
Clover CLO Ltd., Series 2019-2A, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.69%, 10/25/33 (a)(b) |  | 1,000 | 1,001,150
Diameter Capital CLO Ltd., Series 2021-1A, Class A1A, (3-mo. CME Term SOFR + 1.50%), 6.83%, 07/15/36 (a)(b) |  | 2,810 | 2,812,645
Dryden CLO Ltd., Series 2020-77A, Class AR, (3-mo. CME Term SOFR + 1.38%), 6.71%, 05/20/34 (a)(b) |  | 3,500 | 3,502,450
Elmwood CLO 15 Ltd., Series 2022-2A, Class A1, (3- mo. CME Term SOFR + 1.34%), 6.66%, 04/22/35 (a)(b) |  | 1,200 | 1,203,513
Elmwood CLO 26 Ltd, Series 2026-1A, Class C, (3-mo. CME Term SOFR + 2.40%), 7.69%, 04/18/37 (a)(b) |  | 1,000 | 1,009,661
Elmwood CLO II Ltd., Series 2019-2A, Class AR, (3- mo. CME Term SOFR + 1.41%), 6.74%, 04/20/34 (a)(b) |  | 2,000 | 2,003,181
Elmwood CLO V Ltd., Series 2022-2A, Class AR, (3- mo. CME Term SOFR + 1.41%), 6.74%, 10/20/34 (a)(b) |  | 2,830 | 2,838,701
Elmwood CLO VII Ltd., Series 2020-4A, Class AR, (3-mo. CME Term SOFR + 1.63%), 6.95%, 01/17/34 (a)(b) |  | 2,000 | 2,006,649

Schedule of Investments
73

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Elmwood CLO XI Ltd., Series 2021-4A, Class B, (3-mo. CME Term SOFR + 1.86%), 7.19%, 10/20/34 (a)(b) | USD | 1,250 | $ 1,251,230
Elmwood CLO XII Ltd., Series 2019-2A, Class B, (3- mo. CME Term SOFR + 1.96%), 7.29%, 01/20/35 (a)(b) |  | 2,000 | 2,011,299
Flatiron CLO Ltd., Series 2021-1A, Class A1, (3-mo. CME Term SOFR + 1.37%), 6.70%, 07/19/34 (a)(b) |  | 1,931 | 1,935,535
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3-mo. CME Term SOFR + 2.86%), 8.19%, 04/20/31 (a)(b) |  | 1,000 | 1,002,189
Generate CLO Ltd. (a)(b) |  |  |
Series 2A, Class CR, (3-mo. CME Term SOFR + 2.11%), 7.44%, 01/22/31 |  | 1,500 | 1,501,479
Series 2A, Class DR, (3-mo. CME Term SOFR + 2.86%), 8.19%, 01/22/31 |  | 1,800 | 1,799,947
Series 6A, Class DR, (3-mo. CME Term SOFR + 1.46%), 6.79%, 01/22/35 |  | 2,500 | 2,502,524
Golub Capital Partners CLO Ltd. (a)(b) |  |  |
Series 2019-41A, Class AR, (3-mo. CME Term SOFR + 1.58%), 6.91%, 01/20/34 |  | 1,000 | 1,001,301
Series 2021-53A, Class B, (3-mo. CME Term SOFR + 2.06%), 7.39%, 07/20/34 |  | 1,000 | 1,006,598
HalseyPoint CLO Ltd. (a)(b) |  |  |
Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.48%), 6.81%, 04/20/34 |  | 2,000 | 2,004,000
Series 2021-5A, Class A1A, (3-mo. CME Term SOFR + 1.47%), 6.80%, 01/30/35 |  | 1,000 | 1,001,621
Highbridge Loan Management Ltd., Series 4A-2014, Class A2R, (3-mo. CME Term SOFR + 1.76%), 7.09%, 01/28/30 (a)(b) |  | 650 | 651,481
HPS Loan Management Ltd., Series 6A-2015, Class BR, (3-mo. CME Term SOFR + 2.01%), 7.35%, 02/05/31 (a)(b) |  | 1,500 | 1,501,470
Long Point Park CLO Ltd., Series 2017-1A, Class B, (3-mo. CME Term SOFR + 1.96%), 7.28%, 01/17/30 (a)(b) |  | 1,000 | 1,002,008
Madison Park Funding L Ltd., Series 2021-50A, Class A, (3-mo. CME Term SOFR + 1.40%), 6.73%, 04/19/34 (a)(b) |  | 2,520 | 2,521,288
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 6.83%, 04/18/37 (a)(b) |  | 1,000 | 1,000,853
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.74%, 04/19/33 (a)(b) |  | 1,000 | 1,000,454
Madison Park Funding XXVII Ltd. (a)(b) |  |  |
Series 2018-27A, Class B, (3-mo. CME Term SOFR + 2.06%), 7.39%, 04/20/30 |  | 1,000 | 999,601
Series 2018-27A, Class C, (3-mo. CME Term SOFR + 2.86%), 8.19%, 04/20/30 |  | 1,000 | 1,000,245
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, (3-mo. CME Term SOFR + 1.38%), 6.70%, 07/17/34 (a)(b) |  | 1,070 | 1,073,125
Marathon CLO Ltd., Series 2020-15ARRR, Class C1R3, 08/15/37 (a)(b)(c) |  | 1,500 | 1,500,000
Marble Point CLO XI Ltd., Series 2017-2A, Class B, (3-mo. CME Term SOFR + 1.76%), 7.09%, 12/18/30 (a)(b) |  | 1,000 | 1,000,971
MP CLO III Ltd., Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 2.26%), 7.59%, 10/20/30 (a)(b) |  | 1,000 | 1,001,966

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Neuberger Berman Loan Advisers CLO Ltd. (a)(b) |  |  |
Series 2017-26A, Class C, (3-mo. CME Term SOFR + 2.01%), 7.34%, 10/18/30 | USD | 1,500 | $ 1,497,202
Series 2018-27A, Class D, (3-mo. CME Term SOFR + 2.86%), 8.19%, 01/15/30 |  | 1,000 | 1,000,917
Series 2021-45A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.72%, 10/14/35 |  | 3,000 | 3,006,731
Series 2021-46A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.24%, 01/20/36 |  | 1,450 | 1,456,057
Series 2022-47A, Class A, (3-mo. CME Term SOFR + 1.30%), 6.63%, 04/14/35 |  | 1,000 | 1,001,008
New Mountain CLO Ltd., Series 2024-5A, Class A, (3-mo. CME Term SOFR + 1.57%), 6.87%, 04/20/36 (a)(b) |  | 2,500 | 2,516,460
Oaktree CLO Ltd., Series 2022-2A, Class A1R, (3-mo. CME Term SOFR + 1.55%), 6.88%, 07/15/33 (a)(b) |  | 2,000 | 2,001,933
OCP CLO Ltd. (a)(b) |  |  |
Series 2017-14A, Class B, (3-mo. CME Term SOFR + 2.21%), 7.54%, 11/20/30 |  | 1,000 | 1,000,944
Series 2026-11R, Class CR2, (3-mo. CME Term SOFR + 2.35%), 7.67%, 04/26/36 |  | 1,500 | 1,509,871
Octagon Investment Partners 26 Ltd., Series 2016-1A, Class DR, (3-mo. CME Term SOFR + 3.11%), 8.44%, 07/15/30 (a)(b) |  | 500 | 495,419
Octagon Investment Partners 34 Ltd., Series 2017-1A, Class B1, (3-mo. CME Term SOFR + 1.66%), 6.99%, 01/20/30 (a)(b) |  | 1,000 | 1,001,041
Octagon Investment Partners XVII Ltd. (a)(b) |  |  |
Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 6.99%, 01/25/31 |  | 1,000 | 1,001,041
Series 2013-1A, Class CR2, (3-mo. CME Term SOFR + 1.96%), 7.29%, 01/25/31 |  | 1,000 | 999,949
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class CRR, (3-mo. CME Term SOFR + 2.16%), 7.49%, 01/22/30 (a)(b) |  | 900 | 901,647
OHA Credit Funding Ltd. (a)(b) |  |  |
Series 2019-3A, Class AR, (3-mo. CME Term SOFR + 1.40%), 6.73%, 07/02/35 |  | 1,750 | 1,752,193
Series 2020-5A, Class A1, (3-mo. CME Term SOFR + 1.43%), 6.76%, 04/18/33 |  | 1,000 | 1,000,513
Series 2020-7A, Class AR, (3-mo. CME Term SOFR + 1.30%), 6.63%, 02/24/37 |  | 1,250 | 1,251,058
Series 2021-10A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.72%, 01/18/36 |  | 1,500 | 1,504,488
OHA Credit Partners XII Ltd., Series 2015-12AR, Class D1R2, (3-mo. CME Term SOFR + 3.50%), 8.83%, 04/23/37 (a)(b) |  | 600 | 605,593
OHA Credit Partners XVI, Series 2021-16A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.74%, 10/18/34 (a)(b) |  | 750 | 750,878
Palmer Square CLO Ltd. (a)(b) |  |  |
Series 2015-1A, Class A2R4, (3-mo. CME Term SOFR + 1.96%), 7.29%, 05/21/34 |  | 2,500 | 2,503,675
Series 2019-1A, Class CR, (3-mo. CME Term SOFR + 3.31%), 8.63%, 11/14/34 |  | 1,000 | 1,002,594
Series 2020-3ARR, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 6.97%, 11/15/36 |  | 1,500 | 1,510,682
Series 2021-2A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.74%, 07/15/34 |  | 2,000 | 2,003,000
Series 2021-4A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.24%, 10/15/34 |  | 2,500 | 2,509,471

74
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Post CLO Ltd., Series 2024-1, Class A1, (3-mo. CME Term SOFR + 1.60%), 6.87%, 04/20/37 (a)(b) | USD | 2,000 | $ 2,010,253
Regatta VI Funding Ltd., Series 2016-1A, Class AR2, (3-mo. CME Term SOFR + 1.42%), 6.75%, 04/20/34 (a)(b) |  | 2,000 | 2,000,000
Regatta VII Funding Ltd., Series 2016-1A, Class DR2, (3-mo. CME Term SOFR + 3.31%), 8.66%, 06/20/34 (a)(b) |  | 500 | 500,781
Regatta XII Funding Ltd., Series 2019-12R, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.69%, 10/15/32 (a)(b) |  | 1,500 | 1,503,208
Regatta XVI Funding Ltd. (a)(b) |  |  |
Series 2019-2A, Class C, (3-mo. CME Term SOFR + 2.96%), 8.29%, 01/15/33 |  | 1,000 | 1,000,864
Series 2019-2A, Class D, (3-mo. CME Term SOFR + 4.16%), 9.49%, 01/15/33 |  | 1,000 | 1,002,245
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.04%, 01/15/34 (a)(b) |  | 1,000 | 1,002,317
Regatta XXVII Funding Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.53%), 6.83%, 04/26/37 (a)(b) |  | 2,000 | 2,002,384
Regatta XXVIII Funding Ltd., Series 2024-2A, Class A1, (3-mo. CME Term SOFR + 1.55%), 6.87%, 04/25/37 (a)(b) |  | 1,500 | 1,505,250
Rockford Tower CLO Ltd. (a)(b) |  |  |
Series 2017-3A, Class A, (3-mo. CME Term SOFR + 1.45%), 6.78%, 10/20/30 |  | 1,241 | 1,241,483
Series 2017-3A, Class D, (3-mo. CME Term SOFR + 2.91%), 8.24%, 10/20/30 |  | 1,000 | 1,001,021
RR Ltd. (a)(b) |  |  |
Series 2018-5A, Class CR, (3-mo. CME Term SOFR + 3.60%), 8.92%, 07/15/39 |  | 650 | 645,370
Series 2024-29RA, Class A2R, 07/15/39 (c) |  | 2,000 | 2,000,000
RRX Ltd., Series 2021-3A, Class A2, (3-mo. CME Term SOFR + 2.01%), 7.34%, 04/15/34 (a)(b) |  | 2,000 | 2,010,284
Signal Peak CLO Ltd. (a)(b) |  |  |
Series 2020-8A, Class A, (3-mo. CME Term SOFR + 1.53%), 6.86%, 04/20/33 |  | 6,000 | 6,016,835
Series 2020-8A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.24%, 04/20/33 |  | 1,650 | 1,652,520
Sixth Street CLO XX Ltd., Series 2021-20A, Class A1, (3-mo. CME Term SOFR + 1.42%), 6.75%, 10/20/34 (a)(b) |  | 1,325 | 1,326,210
Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3-mo. CME Term SOFR + 2.86%), 8.19%, 01/15/30 (a)(b) |  | 1,500 | 1,488,765
Symphony CLO XXIV Ltd., Series 2020-24AR, Class AR, (3-mo. CME Term SOFR + 1.20%), 6.53%, 01/23/32 (a)(b) |  | 949 | 949,524
Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, (3-mo. CME Term SOFR + 1.40%), 6.73%, 10/23/34 (a)(b) |  | 1,900 | 1,902,478
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, (3-mo. CME Term SOFR + 1.10%), 6.42%, 01/17/32 (a)(b) |  | 587 | 586,843
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.74%, 01/16/31 (a)(b) |  | 1,569 | 1,569,336
TICP CLO IX Ltd., Series 2017-9A, Class A, (3-mo. CME Term SOFR + 1.40%), 6.73%, 01/20/31 (a)(b) |  | 406 | 406,893

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo. CME Term SOFR + 1.38%), 6.71%, 01/15/34 (a)(b) | USD | 2,000 | $ 2,001,032
TICP CLO X Ltd., Series 2018-10A, Class B, (3-mo. CME Term SOFR + 1.73%), 7.06%, 04/20/31 (a)(b) |  | 1,300 | 1,301,488
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.24%, 07/15/34 (a)(b) |  | 1,000 | 1,001,588
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, (3- mo. CME Term SOFR + 1.91%), 7.24%, 10/20/32 (a)(b) |  | 1,750 | 1,752,122
Trestles CLO IV Ltd., Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.43%), 6.76%, 07/21/34 (a)(b) |  | 2,000 | 2,005,473
Trimaran CAVU Ltd. (a)(b) |  |  |
Series 2021-2A, Class B1, (3-mo. CME Term SOFR + 2.01%), 7.34%, 10/25/34 |  | 1,500 | 1,501,336
Series 2022-2A, Class A, (3-mo. CME Term SOFR + 2.50%), 7.82%, 01/20/36 |  | 2,500 | 2,517,678
Series 2022-2A, Class B1, (3-mo. CME Term SOFR + 3.40%), 8.72%, 01/20/36 |  | 1,500 | 1,504,357
Whitebox CLO I Ltd., Series 2019-1A, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 6.66%, 07/24/36 (a)(b) |  | 1,000 | 1,000,000
Whitebox CLO IV Ltd. (a)(b) |  |  |
Series 2023-4A, Class A1, (3-mo. CME Term SOFR + 2.15%), 7.47%, 04/20/36 |  | 2,000 | 2,013,929
Series 2023-4A, Class B1, (3-mo. CME Term SOFR + 2.60%), 7.92%, 04/20/36 |  | 1,000 | 1,009,934
Total Asset-Backed Securities — 18.5% (Cost: $191,704,391) | 194,459,578

|  | Shares |
Common Stocks
Entertainment — 0.0% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $8,979) (d)(e)(f) |  | 715 | 38,253
Financial Services — 0.0% |
Travelport Finance Luxembourg SARL (d)(e) |  | 25 | 67,466
Health Care Providers & Services — 0.0% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $100,499) (e)(f) |  | 3,236 | 33,169
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp. (d)(e) |  | 935 | 8,178
Total Common Stocks — 0.0% (Cost: $222,431) | 147,066

|  | Par (000) |
Corporate Bonds
Advertising Agencies (b) — 0.1%
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 | USD | 664 | 637,291
Stagwell Global LLC, 5.63%, 08/15/29 |  | 209 | 193,036
|  |  | 830,327
Aerospace & Defense — 4.4%
AAR Escrow Issuer LLC, 6.75%, 03/15/29 (b) |  | 385 | 392,463

Schedule of Investments
75

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Aerospace & Defense (continued)
Boeing Co. |  |  |
5.15%, 05/01/30 (g) | USD | 6,775 | $ 6,505,938
6.86%, 05/01/54 (b) |  | 5,320 | 5,459,234
7.01%, 05/01/64 (b) |  | 2,285 | 2,339,543
Bombardier, Inc. (b) |  |  |
7.88%, 04/15/27 |  | 325 | 325,827
7.50%, 02/01/29 (g) |  | 138 | 143,000
8.75%, 11/15/30 (g) |  | 647 | 699,267
7.25%, 07/01/31 |  | 147 | 150,928
7.00%, 06/01/32 |  | 362 | 367,029
7.45%, 05/01/34 |  | 327 | 367,299
Embraer Netherlands Finance BV, 7.00%, 07/28/30 (b) |  | 565 | 589,542
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (b)(g) |  | 1,000 | 990,000
General Dynamics Corp., 4.25%, 04/01/50 (g) |  | 1,260 | 1,061,286
Moog, Inc., 4.25%, 12/15/27 (b) |  | 320 | 302,980
Northrop Grumman Corp. (g) |  |  |
4.03%, 10/15/47 |  | 2,400 | 1,896,551
5.25%, 05/01/50 |  | 3,050 | 2,893,589
RTX Corp. |  |  |
4.63%, 11/16/48 (g) |  | 2,805 | 2,407,486
3.13%, 07/01/50 (g) |  | 3,545 | 2,327,815
6.40%, 03/15/54 |  | 1,100 | 1,199,355
Signature Aviation U.S. Holdings, Inc., 4.00%, 03/01/28 (b) |  | 541 | 485,548
Spirit AeroSystems, Inc. (b) |  |  |
9.38%, 11/30/29 |  | 712 | 766,566
9.75%, 11/15/30 |  | 717 | 790,934
TransDigm, Inc. (b) |  |  |
6.75%, 08/15/28 |  | 3,087 | 3,124,735
6.38%, 03/01/29 (g) |  | 3,616 | 3,634,235
7.13%, 12/01/31 |  | 1,444 | 1,487,864
6.63%, 03/01/32 (g) |  | 3,653 | 3,689,747
Triumph Group, Inc., 9.00%, 03/15/28 (b) |  | 1,302 | 1,364,808
|  |  | 45,763,569
Air Freight & Logistics — 0.5%
FedEx Corp., 5.25%, 05/15/50 (g) |  | 6,000 | 5,581,283
Rand Parent LLC, 8.50%, 02/15/30 (b) |  | 31 | 31,385
|  |  | 5,612,668
Automobile Components — 1.1%
Champions Financing, Inc., 8.75%, 02/15/29 (b)(g) |  | 490 | 502,482
Clarios Global LP, 6.75%, 05/15/25 (b) |  | 631 | 630,808
Clarios Global LP/Clarios U.S. Finance Co. |  |  |
4.38%, 05/15/26 (h) | EUR | 246 | 262,137
8.50%, 05/15/27 (b)(g) | USD | 7,045 | 7,084,741
6.75%, 05/15/28 (b)(g) |  | 1,071 | 1,083,909
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (b) |  | 829 | 840,127
Goodyear Tire & Rubber Co. |  |  |
5.00%, 07/15/29 (g) |  | 207 | 192,674
5.63%, 04/30/33 |  | 53 | 47,908
Phinia, Inc., 6.75%, 04/15/29 (b) |  | 219 | 222,250
SK On Co. Ltd., 5.38%, 05/11/26 (h) |  | 200 | 199,562
Tenneco, Inc., 8.00%, 11/17/28 (b) |  | 234 | 213,021
|  |  | 11,279,619
Automobiles — 1.5%
Asbury Automotive Group, Inc. |  |  |
4.50%, 03/01/28 |  | 221 | 209,390
5.00%, 02/15/32 (b) |  | 293 | 265,460

Security |  | Par (000) | Value
Automobiles (continued)
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29 (b) | USD | 218 | $ 214,798
Carvana Co. (b)(i) |  |  |
(13.00% PIK), 13.00%, 06/01/30 |  | 385 | 421,446
(14.00% PIK), 14.00%, 06/01/31 |  | 897 | 1,008,391
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (b) |  | 307 | 317,460
Ford Motor Co. |  |  |
3.25%, 02/12/32 |  | 171 | 141,320
6.10%, 08/19/32 (g) |  | 3,129 | 3,124,533
Ford Motor Credit Co. LLC, 7.20%, 06/10/30 |  | 821 | 863,622
General Motors Co. (g) |  |  |
6.25%, 10/02/43 |  | 940 | 936,078
5.95%, 04/01/49 |  | 3,455 | 3,353,232
Hyundai Capital America (h) |  |  |
5.50%, 03/30/26 |  | 200 | 199,789
2.38%, 10/15/27 |  | 200 | 182,406
(1-day SOFR + 1.32%), 6.68%, 11/03/25 (a) |  | 200 | 201,252
Hyundai Capital Services, Inc., 5.13%, 02/05/29 (h) |  | 225 | 222,820
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 (h) |  | 500 | 474,338
Nissan Motor Acceptance Co. LLC |  |  |
6.95%, 09/15/26 (b)(g) |  | 3,265 | 3,343,458
6.95%, 09/15/26 (h) |  | 75 | 76,802
7.05%, 09/15/28 (h) |  | 150 | 156,119
Nissan Motor Co. Ltd., 4.81%, 09/17/30 (h) |  | 200 | 185,790
TML Holdings Pte. Ltd., 4.35%, 06/09/26 (h) |  | 200 | 192,688
|  |  | 16,091,192
Banks — 9.8%
ABQ Finance Ltd., 3.13%, 09/24/24 (h) |  | 200 | 198,526
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27 (h) |  | 212 | 202,725
Agricultural Bank of China Ltd./New York, 1.25%, 01/19/26 (h) |  | 200 | 188,024
Australia & New Zealand Banking Group Ltd., (5-year CMT + 1.70%), 2.57%, 11/25/35 (a)(b)(g) |  | 5,445 | 4,470,517
Bangkok Bank PCL/Hong Kong (h) |  |  |
4.45%, 09/19/28 |  | 200 | 193,442
(5-year CMT + 1.90%), 3.73%, 09/25/34 (a) |  | 200 | 177,142
(5-year CMT + 4.73%), 5.00% (a)(j) |  | 922 | 896,645
Bank Mandiri Persero Tbk PT, 5.50%, 04/04/26 (h) |  | 200 | 199,625
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26 (h) |  | 200 | 191,125
Bank of America Corp. (a)(g) |  |  |
(1-day SOFR + 1.83%), 4.57%, 04/27/33 |  | 9,380 | 8,845,921
(1-day SOFR + 1.99%), 6.20%, 11/10/28 |  | 3,090 | 3,182,169
Bank of China Ltd./London, 0.97%, 11/02/24 (h) |  | 200 | 196,870
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26 (h) |  | 200 | 186,836
Bank of East Asia Ltd. (a)(h) |  |  |
(1-year CMT + 2.30%), 6.63%, 03/13/27 |  | 250 | 250,927
(5-year CMT + 2.30%), 4.88%, 04/22/32 |  | 750 | 712,455
China CITIC Bank International Ltd., (5-year CMT + 1.65%), 6.00%, 12/05/33 (a)(h) |  | 250 | 256,406
China Construction Bank Corp., (5-year CMT + 2.15%), 2.45%, 06/24/30 (a)(h) |  | 200 | 193,986
Citigroup, Inc. (g) |  |  |
6.68%, 09/13/43 |  | 4,125 | 4,496,752
(1-day SOFR + 2.66%), 6.17%, 05/25/34 (a) |  | 2,740 | 2,786,553
Deutsche Bank AG/New York (a)(g) |  |  |
(1-day SOFR + 1.87%), 2.13%, 11/24/26 |  | 3,260 | 3,093,751
(1-day SOFR + 2.51%), 6.82%, 11/20/29 |  | 3,975 | 4,133,949

76
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Banks (continued)
First Abu Dhabi Bank PJSC, 5.00%, 02/28/29 (h) | USD | 200 | $ 198,750
Freedom Mortgage Corp., 12.25%, 10/01/30 (b) |  | 147 | 158,132
Goldman Sachs Group, Inc., (1-day SOFR + 1.85%), 3.62%, 03/15/28 (a)(g) |  | 1,830 | 1,749,803
Industrial & Commercial Bank of China Ltd./Hong Kong, 2.95%, 06/01/25 (h) |  | 200 | 195,600
Industrial & Commercial Bank of China Macau Ltd., (5-year CMT + 1.65%), 2.88%, 09/12/29 (a)(h) |  | 200 | 198,863
Intesa Sanpaolo SpA, 5.71%, 01/15/26 (b)(g) |  | 9,840 | 9,746,455
JPMorgan Chase & Co., (1-day SOFR + 2.58%), 5.72%, 09/14/33 (a)(g) |  | 11,000 | 11,152,272
Kasikornbank PCL/Hong Kong, (5-year CMT + 1.70%), 3.34%, 10/02/31 (a)(h) |  | 468 | 436,410
KeyCorp, (1-day SOFR Index + 2.42%), 6.40%, 03/06/35 (a) |  | 1,995 | 2,022,607
Kookmin Bank, 5.25%, 05/08/29 (h) |  | 200 | 202,146
Macquarie Bank Ltd., 6.80%, 01/18/33 (b)(g) |  | 5,110 | 5,349,525
Metropolitan Bank & Trust Co. (h) |  |  |
5.38%, 03/06/29 |  | 320 | 320,600
5.50%, 03/06/34 |  | 275 | 273,281
NongHyup Bank, 4.00%, 01/06/26 (h) |  | 200 | 196,062
QNB Finance Ltd., 2.63%, 05/12/25 (h) |  | 200 | 194,500
Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26 (h) |  | 200 | 187,875
SNB Funding Ltd., 2.75%, 10/02/24 (h) |  | 200 | 198,546
Standard Chartered PLC, (1-year CMT + 2.10%), 6.10%, 01/11/35 (a)(h) |  | 200 | 202,938
Toronto-Dominion Bank, 07/31/84 (a)(c) |  | 8,570 | 8,548,575
Truist Financial Corp., (1-day SOFR + 2.05%), 6.05%, 06/08/27 (a)(g) |  | 9,310 | 9,375,206
UBS Group AG, (1-year CMT + 1.55%), 4.49%, 05/12/26 (a)(b) |  | 2,585 | 2,554,514
UniCredit SpA, (5-year CMT + 4.75%), 5.46%, 06/30/35 (a)(b) |  | 6,135 | 5,747,113
United Overseas Bank Ltd., 1.25%, 04/14/26 (h) |  | 200 | 186,792
Wells Fargo & Co. (g) |  |  |
5.61%, 01/15/44 |  | 4,119 | 3,951,399
(1-day SOFR + 1.51%), 3.53%, 03/24/28 (a) |  | 4,075 | 3,886,929
Westpac Banking Corp., (1-day SOFR + 0.81%), 6.16%, 04/16/29 (a) |  | 200 | 200,726
|  |  | 102,489,965
Beverages (g) — 1.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 |  | 6,170 | 5,688,491
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49 |  | 5,000 | 5,037,382
|  |  | 10,725,873
Biotechnology — 0.5%
Baxalta, Inc., 5.25%, 06/23/45 (g) |  | 6,000 | 5,638,338
Broadline Retail — 0.2%
Alibaba Group Holding Ltd. |  |  |
3.60%, 11/28/24 |  | 200 | 198,318
2.70%, 02/09/41 |  | 200 | 135,254
LCM Investments Holdings II LLC (b)(g) |  |  |
4.88%, 05/01/29 |  | 535 | 500,081
8.25%, 08/01/31 |  | 532 | 555,131
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (b) |  | 222 | 219,322

Security |  | Par (000) | Value
Broadline Retail (continued)
Rakuten Group, Inc. |  |  |
9.75%, 04/15/29 (b) | USD | 522 | $ 538,052
9.75%, 04/15/29 (h) |  | 200 | 206,150
|  |  | 2,352,308
Building Materials — 1.1%
Builders FirstSource, Inc., 6.38%, 03/01/34 (b) |  | 274 | 271,263
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (b)(g) |  | 336 | 329,413
EMRLD Borrower LP/Emerald Co-Issuer, Inc. (b) |  |  |
6.38%, 12/15/30 | EUR | 240 | 266,667
6.63%, 12/15/30 (g) | USD | 4,324 | 4,357,736
07/15/31 (c) |  | 321 | 325,013
Jeld-Wen, Inc., 4.63%, 12/15/25 (b) |  | 163 | 160,106
Masterbrand, Inc., 7.00%, 07/15/32 (b) |  | 202 | 204,283
New Enterprise Stone & Lime Co., Inc. (b) |  |  |
5.25%, 07/15/28 (g) |  | 163 | 153,892
9.75%, 07/15/28 |  | 28 | 28,466
Smyrna Ready Mix Concrete LLC (b) |  |  |
6.00%, 11/01/28 (g) |  | 1,146 | 1,119,602
8.88%, 11/15/31 |  | 1,013 | 1,074,718
Standard Industries, Inc. |  |  |
2.25%, 11/21/26 (h) | EUR | 156 | 157,788
5.00%, 02/15/27 (b) | USD | 412 | 400,490
4.38%, 07/15/30 (b) |  | 1,443 | 1,303,775
3.38%, 01/15/31 (b) |  | 393 | 331,114
Summit Materials LLC/Summit Materials Finance Corp. (b) |  |  |
5.25%, 01/15/29 |  | 90 | 86,690
7.25%, 01/15/31 (g) |  | 659 | 682,496
|  |  | 11,253,512
Building Products — 0.7%
Beacon Roofing Supply, Inc. (b) |  |  |
4.13%, 05/15/29 |  | 23 | 20,952
6.50%, 08/01/30 |  | 265 | 267,387
Lowe ’ s Cos., Inc., 5.63%, 04/15/53 (g) |  | 4,345 | 4,207,130
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (b) |  | 113 | 111,026
White Cap Buyer LLC, 6.88%, 10/15/28 (b) |  | 2,338 | 2,255,915
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26 (b)(g)(i) |  | 290 | 290,007
|  |  | 7,152,417
Capital Markets — 1.2%
Apollo Debt Solutions BDC, 6.90%, 04/13/29 (b) |  | 4,525 | 4,547,554
Aretec Group, Inc., 10.00%, 08/15/30 (b) |  | 140 | 152,262
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b)(g) |  | 447 | 423,967
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
6.25%, 05/15/26 |  | 788 | 781,778
5.25%, 05/15/27 (g) |  | 2,860 | 2,684,462
9.75%, 01/15/29 (b) |  | 426 | 441,335
4.38%, 02/01/29 (g) |  | 374 | 319,786
9.00%, 06/15/30 (b) |  | 282 | 280,577
State Street Corp., (1-day SOFR + 1.72%), 5.82%, 11/04/28 (a)(g) |  | 2,925 | 2,984,258
|  |  | 12,615,979
Chemicals — 2.6%
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31 (b) |  | 384 | 398,763
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b)(g) |  | 940 | 841,001

Schedule of Investments
77

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Chemicals (continued)
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (b) | USD | 305 | $ 296,559
Bluestar Finance Holdings Ltd., 3.38%, 07/16/24 (h) |  | 200 | 199,800
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 328 | 311,344
5.75%, 11/15/28 (b) |  | 365 | 336,985
4.63%, 11/15/29 (b) |  | 348 | 299,628
CNAC HK Finbridge Co. Ltd., 2.00%, 09/22/25 (h) |  | 300 | 286,969
DuPont de Nemours, Inc., 5.42%, 11/15/48 (g) |  | 7,500 | 7,768,775
Element Solutions, Inc., 3.88%, 09/01/28 (b) |  | 3,039 | 2,792,871
GC Treasury Center Co. Ltd., 2.98%, 03/18/31 (h) |  | 200 | 168,875
Herens Holdco SARL, 4.75%, 05/15/28 (b) |  | 200 | 173,488
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b)(g) |  | 445 | 448,524
Ingevity Corp., 3.88%, 11/01/28 (b) |  | 100 | 90,730
LG Chem Ltd., 2.38%, 07/07/31 (h) |  | 200 | 165,125
LYB Finance Co. BV, 8.10%, 03/15/27 (b) |  | 6,000 | 6,347,096
Olympus Water U.S. Holding Corp. (b) |  |  |
9.75%, 11/15/28 (g) |  | 1,466 | 1,550,985
7.25%, 06/15/31 |  | 853 | 847,891
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b) |  | 1,061 | 960,855
UPL Corp. Ltd., (5-year CMT + 3.87%), 5.25% (a)(h)(j) |  | 500 | 360,156
WR Grace Holdings LLC (b) |  |  |
4.88%, 06/15/27 |  | 224 | 216,010
5.63%, 08/15/29 (g) |  | 2,575 | 2,373,366
7.38%, 03/01/31 |  | 373 | 378,022
|  |  | 27,613,818
Commercial Services & Supplies — 3.6%
ADT Security Corp. (b) |  |  |
4.13%, 08/01/29 |  | 91 | 83,922
4.88%, 07/15/32 |  | 518 | 475,680
AerCap Global Aviation Trust, (3-mo. CME Term SOFR + 4.56%), 6.50%, 06/15/45 (a)(b)(g) |  | 5,000 | 4,988,466
Allied Universal Holdco LLC, 7.88%, 02/15/31 (b) |  | 1,579 | 1,583,109
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b)(g) |  |  |
6.63%, 07/15/26 |  | 176 | 175,467
9.75%, 07/15/27 |  | 958 | 952,152
6.00%, 06/01/29 |  | 200 | 175,077
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28 (b) |  | 2,588 | 2,358,949
APX Group, Inc., 5.75%, 07/15/29 (b)(g) |  | 555 | 532,484
Block, Inc. |  |  |
2.75%, 06/01/26 |  | 1,258 | 1,188,303
3.50%, 06/01/31 |  | 189 | 163,042
6.50%, 05/15/32 (b)(g) |  | 2,991 | 3,031,050
Boost Newco Borrower LLC, 7.50%, 01/15/31 (b) |  | 1,442 | 1,503,504
Brink ’ s Co. (b) |  |  |
6.50%, 06/15/29 |  | 225 | 227,359
6.75%, 06/15/32 |  | 340 | 342,495
CMHI Finance BVI Co. Ltd., (5-year CMT + 6.62%), 3.88% (a)(h)(j) |  | 200 | 194,250
Fortress Transportation and Infrastructure Investors LLC (b) |  |  |
5.50%, 05/01/28 (g) |  | 1,306 | 1,266,227
7.88%, 12/01/30 |  | 967 | 1,011,607
7.00%, 05/01/31 |  | 1,437 | 1,468,123
7.00%, 06/15/32 |  | 903 | 915,774
Garda World Security Corp. (b) |  |  |
4.63%, 02/15/27 |  | 194 | 185,379
9.50%, 11/01/27 |  | 165 | 165,763

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Garda World Security Corp. (b) (continued) |  |  |
7.75%, 02/15/28 | USD | 860 | $ 875,899
6.00%, 06/01/29 |  | 148 | 135,024
Global Payments, Inc., 5.95%, 08/15/52 (g) |  | 4,547 | 4,380,122
Herc Holdings, Inc. (b) |  |  |
5.50%, 07/15/27 (g) |  | 1,057 | 1,040,459
6.63%, 06/15/29 |  | 395 | 400,539
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29 (b) |  | 310 | 289,009
NESCO Holdings II, Inc., 5.50%, 04/15/29 (b) |  | 121 | 112,073
Prime Security Services Borrower LLC/Prime Finance, Inc. (b) |  |  |
5.75%, 04/15/26 |  | 19 | 18,856
6.25%, 01/15/28 (g) |  | 879 | 866,187
Service Corp. International |  |  |
5.13%, 06/01/29 |  | 468 | 454,741
3.38%, 08/15/30 |  | 1,318 | 1,147,050
4.00%, 05/15/31 |  | 364 | 324,170
Shanghai Port Group BVI Development 2 Co. Ltd., 1.50%, 07/13/25 (h) |  | 200 | 191,875
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (b) |  | 665 | 643,892
Sotheby ’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b)(g) |  | 882 | 656,364
United Rentals North America, Inc., 6.13%, 03/15/34 (b) |  | 255 | 254,070
Wand NewCo 3, Inc., 7.63%, 01/30/32 (b) |  | 867 | 895,431
Williams Scotsman, Inc. (b) |  |  |
6.13%, 06/15/25 |  | 823 | 821,621
4.63%, 08/15/28 |  | 269 | 254,360
6.63%, 06/15/29 |  | 278 | 280,200
7.38%, 10/01/31 |  | 589 | 606,145
|  |  | 37,636,269
Communications Equipment (b) — 0.0%
CommScope, Inc., 4.75%, 09/01/29 |  | 284 | 196,616
Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 227 | 191,715
|  |  | 388,331
Construction & Engineering — 0.3%
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) |  | 2,257 | 2,439,127
Dycom Industries, Inc., 4.50%, 04/15/29 (b) |  | 26 | 24,331
Pike Corp., 8.63%, 01/31/31 (b) |  | 126 | 133,474
Summit Digitel Infrastructure Ltd., 2.88%, 08/12/31 (h) |  | 200 | 165,750
|  |  | 2,762,682
Construction Materials (b) — 0.1%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29 |  | 24 | 21,468
Gates Corp., 6.88%, 07/01/29 |  | 419 | 426,307
H&E Equipment Services, Inc., 3.88%, 12/15/28 (g) |  | 132 | 119,099
Resideo Funding, Inc., 4.00%, 09/01/29 |  | 97 | 85,493
Velocity Vehicle Group LLC, 8.00%, 06/01/29 |  | 184 | 189,253
|  |  | 841,620
Consumer Finance — 0.5%
Bread Financial Holdings, Inc., 9.75%, 03/15/29 (b) |  | 198 | 208,002
China Ping An Insurance Overseas Holdings Ltd., 6.13%, 05/16/34 (h) |  | 200 | 202,750
Hyundai Card Co. Ltd., 5.75%, 04/24/29 (h) |  | 345 | 346,739
KB Kookmin Card Co. Ltd., 4.00%, 06/09/25 (h) |  | 200 | 197,092
Muthoot Finance Ltd., 7.13%, 02/14/28 (h) |  | 275 | 277,836
Navient Corp. |  |  |
5.50%, 03/15/29 (g) |  | 480 | 438,249
9.38%, 07/25/30 |  | 414 | 435,310

78
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Consumer Finance (continued)
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 (g) | USD | 295 | $ 296,046
9.00%, 01/15/29 (g) |  | 573 | 604,528
5.38%, 11/15/29 (g) |  | 1,090 | 1,022,262
7.88%, 03/15/30 |  | 532 | 548,522
4.00%, 09/15/30 |  | 109 | 93,548
7.50%, 05/15/31 |  | 154 | 155,829
Shinhan Card Co. Ltd., 1.38%, 10/19/25 (h) |  | 200 | 189,313
SLM Corp., 3.13%, 11/02/26 |  | 347 | 323,220
|  |  | 5,339,246
Consumer Staples Distribution & Retail — 2.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (b) |  |  |
3.25%, 03/15/26 |  | 1,147 | 1,101,808
4.63%, 01/15/27 |  | 1,961 | 1,894,165
5.88%, 02/15/28 |  | 898 | 887,573
6.50%, 02/15/28 |  | 118 | 118,559
3.50%, 03/15/29 |  | 158 | 142,128
4.88%, 02/15/30 (g) |  | 264 | 249,480
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 (b) |  | 685 | 663,767
CK Hutchison International 21 Ltd., 2.50%, 04/15/31 (h) |  | 200 | 168,732
CK Hutchison International 23 Ltd. (h) |  |  |
4.75%, 04/21/28 |  | 400 | 394,684
4.88%, 04/21/33 |  | 400 | 386,472
CK Hutchison International 24 Ltd., 5.50%, 04/26/34 (h) |  | 200 | 199,858
General Mills, Inc. (g) |  |  |
5.24%, 11/18/25 |  | 935 | 931,516
4.20%, 04/17/28 |  | 620 | 600,523
Kraft Heinz Foods Co. |  |  |
4.25%, 03/01/31 |  | 68 | 64,480
5.00%, 07/15/35 (g) |  | 214 | 207,607
7.13%, 08/01/39 (b)(g) |  | 4,415 | 4,971,940
4.63%, 10/01/39 |  | 100 | 88,580
5.00%, 06/04/42 |  | 12 | 10,850
4.38%, 06/01/46 |  | 158 | 128,498
5.50%, 06/01/50 (g) |  | 2,825 | 2,702,629
Lamb Weston Holdings, Inc. (b) |  |  |
4.88%, 05/15/28 |  | 460 | 445,492
4.13%, 01/31/30 (g) |  | 515 | 467,673
4.38%, 01/31/32 (g) |  | 643 | 573,472
Performance Food Group, Inc., 4.25%, 08/01/29 (b) |  | 851 | 774,758
Post Holdings, Inc. (b) |  |  |
4.63%, 04/15/30 (g) |  | 434 | 398,810
4.50%, 09/15/31 |  | 72 | 64,537
6.25%, 02/15/32 |  | 388 | 388,504
U.S. Foods, Inc. (b) |  |  |
6.88%, 09/15/28 |  | 132 | 134,959
4.75%, 02/15/29 (g) |  | 595 | 564,346
4.63%, 06/01/30 |  | 67 | 62,247
7.25%, 01/15/32 (g) |  | 338 | 350,774
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |  | 123 | 111,040
Walgreens Boots Alliance, Inc., 3.20%, 04/15/30 (g) |  | 52 | 43,530
Walmart, Inc., 5.25%, 09/01/35 (g) |  | 5,150 | 5,287,808
|  |  | 25,581,799
Containers & Packaging — 1.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b) |  |  |
6.00%, 06/15/27 |  | 509 | 500,155

Security |  | Par (000) | Value
Containers & Packaging (continued)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b) (continued) |  |  |
3.25%, 09/01/28 | USD | 200 | $ 175,720
4.00%, 09/01/29 (g) |  | 2,400 | 2,031,013
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26 (h) | EUR | 304 | 269,900
4.13%, 08/15/26 (b) | USD | 700 | 607,577
Ball Corp., 3.13%, 09/15/31 (g) |  | 234 | 197,911
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25 (b) |  | 228 | 218,691
Clydesdale Acquisition Holdings, Inc. (b) |  |  |
6.63%, 04/15/29 |  | 287 | 282,073
8.75%, 04/15/30 (g) |  | 1,046 | 1,023,673
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |  | 224 | 215,835
LABL, Inc. (b) |  |  |
6.75%, 07/15/26 |  | 97 | 95,788
5.88%, 11/01/28 |  | 438 | 399,393
9.50%, 11/01/28 |  | 710 | 715,593
Mauser Packaging Solutions Holding Co. (b) |  |  |
7.88%, 04/15/27 (g) |  | 5,124 | 5,226,435
9.25%, 04/15/27 |  | 102 | 102,065
OI European Group BV, 6.25%, 05/15/28 (b) | EUR | 175 | 193,742
Owens-Brockway Glass Container, Inc. (b) |  |  |
6.63%, 05/13/27 | USD | 59 | 58,880
7.25%, 05/15/31 (g) |  | 264 | 263,542
Sealed Air Corp. (b) |  |  |
4.00%, 12/01/27 |  | 109 | 102,441
5.00%, 04/15/29 |  | 86 | 81,848
6.50%, 07/15/32 |  | 268 | 266,496
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28 (b) |  | 121 | 120,708
Trivium Packaging Finance BV, 5.50%, 08/15/26 (b) |  | 1,000 | 979,787
|  |  | 14,129,266
Diversified Consumer Services (b) — 0.1%
Match Group Holdings II LLC |  |  |
4.13%, 08/01/30 |  | 383 | 338,871
3.63%, 10/01/31 (g) |  | 217 | 183,805
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 |  | 447 | 386,537
|  |  | 909,213
Diversified REITs — 2.0%
American Tower Corp., 3.60%, 01/15/28 (g) |  | 4,000 | 3,774,397
Crown Castle, Inc., 3.65%, 09/01/27 (g) |  | 8,000 | 7,602,437
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (b) |  | 197 | 172,599
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 (g) |  | 725 | 609,248
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27 (b) |  | 292 | 303,574
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |  | 534 | 487,777
SBA Communications Corp. |  |  |
3.13%, 02/01/29 (g) |  | 3,003 | 2,677,317
3.88%, 02/15/27 |  | 30 | 28,591
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC (b) |  |  |
10.50%, 02/15/28 (g) |  | 2,385 | 2,335,588

Schedule of Investments
79

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified REITs (continued)
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC (b) (continued) |  |  |
10.50%, 02/15/28 | USD | 418 | $ 409,340
VICI Properties LP, 5.13%, 05/15/32 |  | 3,155 | 3,005,881
|  |  | 21,406,749
Diversified Telecommunication Services — 8.4%
Altice Financing SA (b) |  |  |
9.63%, 07/15/27 |  | 491 | 449,901
5.75%, 08/15/29 |  | 1,080 | 784,142
Altice France SA/France (b) |  |  |
5.13%, 01/15/29 |  | 1,546 | 1,008,759
5.13%, 07/15/29 |  | 1,196 | 786,491
AT&T, Inc. |  |  |
4.65%, 06/01/44 |  | 28 | 23,927
4.35%, 06/15/45 |  | 95 | 78,779
3.50%, 09/15/53 (g) |  | 15,960 | 10,834,251
Cablevision Lightpath LLC (b) |  |  |
3.88%, 09/15/27 |  | 368 | 325,368
5.63%, 09/15/28 |  | 540 | 435,413
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (b)(g) |  | 800 | 772,121
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd/Difl U.S., (9.00% Cash and 3.00% PIK), 12.00%, 05/25/27 (i) |  | 665 | 655,887
Frontier Communications Holdings LLC (b) |  |  |
5.88%, 10/15/27 |  | 68 | 66,389
5.00%, 05/01/28 (g) |  | 640 | 602,940
8.75%, 05/15/30 (g) |  | 3,345 | 3,446,830
8.63%, 03/15/31 |  | 395 | 406,900
GCI LLC, 4.75%, 10/15/28 (b) |  | 160 | 146,045
Globe Telecom, Inc., (5-year CMT + 5.53%), 4.20% (a)(h)(j) |  | 700 | 672,656
HKT Capital No. 4 Ltd., 3.00%, 07/14/26 (h) |  | 200 | 190,500
Iliad Holding SASU (b) |  |  |
6.50%, 10/15/26 |  | 719 | 715,815
7.00%, 10/15/28 (g) |  | 735 | 728,847
8.50%, 04/15/31 |  | 1,185 | 1,199,858
Level 3 Financing, Inc. (b) |  |  |
10.50%, 04/15/29 |  | 1,205 | 1,201,988
4.88%, 06/15/29 |  | 882 | 502,799
11.00%, 11/15/29 (g) |  | 1,874 | 1,917,388
10.50%, 05/15/30 (g) |  | 2,491 | 2,467,122
10.75%, 12/15/30 |  | 83 | 82,793
Lumen Technologies, Inc. (b) |  |  |
4.13%, 04/15/29 |  | 370 | 240,638
4.13%, 04/15/30 |  | 370 | 231,396
Network i2i Ltd., (5-year CMT + 4.27%), 5.65% (a)(h)(j) |  | 695 | 687,703
Sprint Capital Corp. (g) |  |  |
6.88%, 11/15/28 |  | 3,063 | 3,247,092
8.75%, 03/15/32 |  | 2,041 | 2,454,940
Sprint LLC, 7.63%, 03/01/26 |  | 1,096 | 1,126,228
Telecom Italia Capital SA, 6.00%, 09/30/34 (b) |  | 840 | 813,242
Telefonica Emisiones SA, 5.21%, 03/08/47 (g) |  | 5,000 | 4,416,248
T-Mobile U.S., Inc. |  |  |
4.75%, 02/01/28 (g) |  | 1,013 | 997,534
2.63%, 02/15/29 |  | 438 | 392,305
3.38%, 04/15/29 (g) |  | 676 | 624,268
2.88%, 02/15/31 (g) |  | 235 | 203,794
3.50%, 04/15/31 (g) |  | 990 | 889,432
5.05%, 07/15/33 (g) |  | 2,000 | 1,956,616
Verizon Communications, Inc. (g) |  |  |
6.40%, 09/15/33 |  | 9,475 | 10,282,662

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (g) (continued) |  |  |
6.55%, 09/15/43 | USD | 13,225 | $ 14,517,814
5.01%, 04/15/49 |  | 6,998 | 6,761,589
Vmed O2 U.K. Financing I PLC (b) |  |  |
4.75%, 07/15/31 |  | 934 | 787,713
7.75%, 04/15/32 |  | 276 | 269,222
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (b) |  | 197 | 185,583
Zayo Group Holdings, Inc. (b) |  |  |
4.00%, 03/01/27 (g) |  | 7,102 | 5,679,937
6.13%, 03/01/28 |  | 990 | 662,859
|  |  | 87,932,724
Electric Utilities — 4.7%
Abu Dhabi National Energy Co. PJSC, 4.38%, 04/23/25 (h) |  | 200 | 197,875
China Huaneng Group Hong Kong Treasury Management Holding Ltd., 1.60%, 01/20/26 (h) |  | 200 | 188,938
Clearway Energy Operating LLC (b) |  |  |
4.75%, 03/15/28 |  | 592 | 565,671
3.75%, 01/15/32 |  | 307 | 261,014
Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27 (h) |  | 200 | 205,625
Edison International, Series A, (5-year CMT + 4.70%), 5.38% (a)(j) |  | 217 | 211,390
Emera, Inc., Series 16-A, (3-mo. LIBOR US + 5.44%), 6.75%, 06/15/76 (a) |  | 7,500 | 7,443,323
FirstEnergy Corp. |  |  |
4.00%, 05/01/26 (k) |  | 905 | 895,045
2.65%, 03/01/30 |  | 73 | 63,455
JERA Co., Inc., 3.67%, 04/14/27 (h) |  | 200 | 191,245
Korea Western Power Co. Ltd., 4.13%, 06/28/25 (h) |  | 200 | 197,250
LLPL Capital Pte. Ltd., 6.88%, 02/04/39 (h) |  | 155 | 155,029
Minejesa Capital BV, 4.63%, 08/10/30 (h) |  | 186 | 178,173
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (h) |  | 510 | 485,791
NextEra Energy Capital Holdings, Inc., (3-mo. LIBOR US + 2.41%), 4.80%, 12/01/77 (a)(g) |  | 5,000 | 4,610,203
NextEra Energy Operating Partners LP (b) |  |  |
4.25%, 07/15/24 |  | 712 | 710,879
4.25%, 09/15/24 |  | 26 | 25,708
3.88%, 10/15/26 |  | 92 | 87,486
7.25%, 01/15/29 |  | 239 | 245,087
NRG Energy, Inc., 6.63%, 01/15/27 |  | 618 | 616,767
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42 (g) |  | 2,750 | 2,649,527
Pacific Gas and Electric Co. |  |  |
6.95%, 03/15/34 |  | 1,020 | 1,098,259
4.20%, 06/01/41 (g) |  | 2,310 | 1,809,484
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28 (b) |  | 542 | 501,684
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 3.00%, 06/30/30 (h) |  | 350 | 302,386
PG&E Corp. |  |  |
4.25%, 12/01/27 (b)(k) |  | 319 | 321,711
5.25%, 07/01/30 |  | 226 | 215,836
Progress Energy, Inc., 7.00%, 10/30/31 (g) |  | 12,000 | 13,023,010
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (h) |  | 550 | 500,672
Sempra, (5-year CMT + 4.55%), 4.88% (a)(j) |  | 4,375 | 4,291,069
Southern California Edison Co., 5.88%, 12/01/53 (g) |  | 4,000 | 3,990,238
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (h) |  | 200 | 182,813
State Grid Overseas Investment BVI Ltd. (h) |  |  |
1.00%, 08/05/25 |  | 200 | 190,702
3.50%, 05/04/27 |  | 200 | 192,274

80
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Electric Utilities (continued)
Talen Energy Supply LLC, 8.63%, 06/01/30 (b) | USD | 202 | $ 215,377
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26 (h) |  | 200 | 192,812
TransAlta Corp., 7.75%, 11/15/29 |  | 72 | 75,133
Vistra Corp., (5-year CMT + 6.93%), 8.00% (a)(b)(j) |  | 247 | 249,100
Vistra Operations Co. LLC (b) |  |  |
5.50%, 09/01/26 |  | 23 | 22,682
5.63%, 02/15/27 |  | 812 | 798,392
5.00%, 07/31/27 |  | 23 | 22,249
7.75%, 10/15/31 |  | 718 | 747,719
6.88%, 04/15/32 |  | 556 | 564,436
|  |  | 49,693,519
Electrical Equipment (b) — 0.2%
WESCO Distribution, Inc. |  |  |
7.25%, 06/15/28 (g) |  | 1,043 | 1,061,710
6.38%, 03/15/29 |  | 189 | 189,683
6.63%, 03/15/32 |  | 315 | 318,315
|  |  | 1,569,708
Electronic Equipment, Instruments & Components (b) — 0.4%
Coherent Corp., 5.00%, 12/15/29 (g) |  | 687 | 650,160
EquipmentShare.com, Inc., 8.63%, 05/15/32 |  | 114 | 118,209
Imola Merger Corp., 4.75%, 05/15/29 (g) |  | 573 | 535,664
Sensata Technologies BV, 4.00%, 04/15/29 |  | 207 | 190,047
Sensata Technologies, Inc. |  |  |
4.38%, 02/15/30 |  | 2,150 | 1,974,563
3.75%, 02/15/31 (g) |  | 416 | 362,585
6.63%, 07/15/32 |  | 612 | 616,378
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 166 | 167,869
|  |  | 4,615,475
Energy Equipment & Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp. (b) |  |  |
6.88%, 04/01/27 |  | 1,154 | 1,158,599
6.25%, 04/01/28 |  | 98 | 97,058
Kodiak Gas Services LLC, 7.25%, 02/15/29 (b)(g) |  | 757 | 775,983
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 101 | 99,845
USA Compression Partners LP/USA Compression Finance Corp. |  |  |
6.88%, 09/01/27 |  | 473 | 473,886
7.13%, 03/15/29 (b) |  | 611 | 615,648
Weatherford International Ltd., 8.63%, 04/30/30 (b)(g) |  | 761 | 788,576
|  |  | 4,009,595
Entertainment — 0.8%
Boyne USA, Inc., 4.75%, 05/15/29 (b) |  | 611 | 570,124
Live Nation Entertainment, Inc. (b) |  |  |
4.88%, 11/01/24 |  | 136 | 135,436
6.50%, 05/15/27 (g) |  | 2,284 | 2,297,078
4.75%, 10/15/27 (g) |  | 580 | 555,829
3.75%, 01/15/28 |  | 155 | 143,976
Motion Bondco DAC, 6.63%, 11/15/27 (b) |  | 200 | 193,715
Netflix, Inc. |  |  |
3.63%, 06/15/25 (b) |  | 210 | 206,198
5.88%, 11/15/28 (g) |  | 1,698 | 1,749,481
5.38%, 11/15/29 (b)(g) |  | 2,007 | 2,026,595
4.88%, 06/15/30 (b) |  | 461 | 453,751
Playtika Holding Corp., 4.25%, 03/15/29 (b) |  | 114 | 100,030
|  |  | 8,432,213

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service — 0.7%
Clean Harbors, Inc. (b) |  |  |
5.13%, 07/15/29 | USD | 1,142 | $ 1,096,969
6.38%, 02/01/31 |  | 100 | 100,260
Covanta Holding Corp. |  |  |
4.88%, 12/01/29 (b)(g) |  | 142 | 129,607
5.00%, 09/01/30 |  | 282 | 254,876
GFL Environmental, Inc. (b) |  |  |
3.75%, 08/01/25 (g) |  | 443 | 439,021
4.00%, 08/01/28 |  | 36 | 33,459
3.50%, 09/01/28 |  | 376 | 346,623
4.75%, 06/15/29 (g) |  | 558 | 526,620
4.38%, 08/15/29 |  | 629 | 579,665
6.75%, 01/15/31 |  | 604 | 616,191
Madison IAQ LLC, 5.88%, 06/30/29 (b)(g) |  | 884 | 822,473
Waste Pro USA, Inc., 5.50%, 02/15/26 (b) |  | 1,975 | 1,947,759
|  |  | 6,893,523
Financial Services — 1.2%
BOC Aviation Ltd., 1.75%, 01/21/26 (h) |  | 200 | 189,084
BOC Aviation USA Corp., 5.25%, 01/14/30 (h) |  | 200 | 199,040
China Cinda 2020 I Management Ltd. (h) |  |  |
3.25%, 01/28/27 |  | 200 | 188,274
3.00%, 03/18/27 |  | 200 | 186,444
CITIC Ltd., 3.70%, 06/14/26 (h) |  | 200 | 193,772
CMB International Leasing Management Ltd. (h) |  |  |
1.88%, 08/12/25 |  | 200 | 191,920
(1-day SOFR + 0.76%), 6.13%, 06/04/27 (a) |  | 200 | 200,142
Far East Horizon Ltd., 6.63%, 04/16/27 (h) |  | 290 | 290,853
Freedom Mortgage Holdings LLC (b) |  |  |
9.25%, 02/01/29 |  | 546 | 545,648
9.13%, 05/15/31 |  | 377 | 366,859
GGAM Finance Ltd. (b) |  |  |
7.75%, 05/15/26 |  | 66 | 67,348
8.00%, 02/15/27 |  | 307 | 317,107
8.00%, 06/15/28 |  | 202 | 212,756
6.88%, 04/15/29 |  | 462 | 470,085
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 (b)(i) |  | 350 | 338,265
Huarong Finance II Co. Ltd., 4.63%, 06/03/26 (h) |  | 200 | 192,500
ICBCIL Finance Co. Ltd., 1.75%, 08/25/25 (h) |  | 200 | 191,482
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (b) |  | 475 | 438,173
JIC Zhixin Ltd., 3.50%, 11/24/27 (h) |  | 200 | 190,286
Kodit Global Co. Ltd., Series 2023, Class 1, 4.95%, 05/25/26 (h) |  | 200 | 198,498
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (b) |  |  |
4.75%, 06/15/29 |  | 398 | 367,655
07/15/31 (c) |  | 319 | 321,791
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 (b) |  | 388 | 344,513
Macquarie Airfinance Holdings Ltd. (b) |  |  |
6.40%, 03/26/29 |  | 90 | 91,522
8.13%, 03/30/29 |  | 301 | 318,216
6.50%, 03/26/31 |  | 230 | 236,512
Manappuram Finance Ltd., 7.38%, 05/12/28 (h) |  | 200 | 197,750
Nationstar Mortgage Holdings, Inc. (b) |  |  |
5.00%, 02/01/26 |  | 2,402 | 2,350,989
6.00%, 01/15/27 |  | 244 | 241,399
5.13%, 12/15/30 |  | 113 | 103,620
5.75%, 11/15/31 |  | 436 | 409,803
PennyMac Financial Services, Inc. (b) |  |  |
7.88%, 12/15/29 |  | 401 | 413,504

Schedule of Investments
81

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
PennyMac Financial Services, Inc. (b) (continued) |  |  |
7.13%, 11/15/30 | USD | 396 | $ 394,780
Power Finance Corp. Ltd., 3.75%, 12/06/27 (h) |  | 200 | 188,750
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |  |  |
2.88%, 10/15/26 (g) |  | 1,095 | 1,022,606
3.88%, 03/01/31 (g) |  | 545 | 474,958
4.00%, 10/15/33 |  | 116 | 97,752
|  |  | 12,744,656
Food Products — 0.4%
Aramark International Finance SARL, 3.13%, 04/01/25 (h) | EUR | 200 | 211,780
Aramark Services, Inc., 5.00%, 02/01/28 (b)(g) | USD | 552 | 533,852
B&G Foods, Inc., 09/15/28 (b)(c) |  | 127 | 129,061
Chobani LLC/Chobani Finance Corp., Inc. (b) |  |  |
4.63%, 11/15/28 |  | 675 | 637,476
7.63%, 07/01/29 |  | 1,660 | 1,709,644
Darling Global Finance BV, 3.63%, 05/15/26 (h) | EUR | 100 | 105,866
Darling Ingredients, Inc., 6.00%, 06/15/30 (b)(g) | USD | 714 | 702,052
Fiesta Purchaser, Inc., 7.88%, 03/01/31 (b) |  | 210 | 216,990
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (b) |  | 275 | 241,824
|  |  | 4,488,545
Gas Utilities (b) — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28 |  | 453 | 464,983
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 |  | 237 | 213,428
|  |  | 678,411
Ground Transportation — 2.3%
BNSF Funding Trust I, (3-mo. LIBOR US + 2.35%), 6.61%, 12/15/55 (a)(g) |  | 6,125 | 6,120,343
Brightline East LLC, 11.00%, 01/31/30 (b) |  | 311 | 283,590
CSX Corp., 3.80%, 04/15/50 (g) |  | 770 | 587,748
Genesee & Wyoming, Inc., 6.25%, 04/15/32 (b) |  | 625 | 622,659
GN Bondco LLC, 9.50%, 10/15/31 (b)(g) |  | 218 | 203,193
Norfolk Southern Corp., 6.00%, 03/15/2105 |  | 12,700 | 12,078,638
SF Holding Investment 2021 Ltd., 2.38%, 11/17/26 (h) |  | 200 | 185,921
Uber Technologies, Inc. (b)(g) |  |  |
8.00%, 11/01/26 |  | 514 | 518,458
7.50%, 09/15/27 |  | 1,023 | 1,043,070
6.25%, 01/15/28 |  | 1,847 | 1,849,170
4.50%, 08/15/29 |  | 803 | 765,090
|  |  | 24,257,880
Health Care Equipment & Supplies — 1.0%
Avantor Funding, Inc. |  |  |
2.63%, 11/01/25 (h) | EUR | 300 | 314,085
4.63%, 07/15/28 (b)(g) | USD | 2,191 | 2,084,953
3.88%, 11/01/29 (b) |  | 395 | 359,198
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 (b) |  | 1,975 | 2,021,906
Medline Borrower LP (b) |  |  |
3.88%, 04/01/29 |  | 362 | 333,369
5.25%, 10/01/29 (g) |  | 2,905 | 2,772,320
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 (b) |  | 783 | 791,862
Medtronic, Inc., 4.63%, 03/15/45 (g) |  | 647 | 584,362
Neogen Food Safety Corp., 8.63%, 07/20/30 (b) |  | 328 | 354,106

Security |  | Par (000) | Value
Health Care Equipment & Supplies (continued)
Sotera Health Holdings LLC, 7.38%, 06/01/31 (b) | USD | 279 | $ 279,414
Teleflex, Inc., 4.25%, 06/01/28 (b)(g) |  | 637 | 600,290
|  |  | 10,495,865
Health Care Providers & Services — 3.9%
Acadia Healthcare Co., Inc., 5.00%, 04/15/29 (b) |  | 52 | 49,415
Aetna, Inc., 3.88%, 08/15/47 (g) |  | 3,500 | 2,541,272
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |  | 609 | 578,121
Catalent Pharma Solutions, Inc. (b) |  |  |
5.00%, 07/15/27 |  | 900 | 882,501
3.13%, 02/15/29 |  | 338 | 323,494
3.50%, 04/01/30 |  | 289 | 276,656
Charles River Laboratories International, Inc., 4.00%, 03/15/31 (b) |  | 68 | 60,649
CHS/Community Health Systems, Inc. (b) |  |  |
5.63%, 03/15/27 (g) |  | 690 | 642,533
6.00%, 01/15/29 (g) |  | 1,469 | 1,296,403
5.25%, 05/15/30 (g) |  | 993 | 818,721
4.75%, 02/15/31 (g) |  | 479 | 376,604
10.88%, 01/15/32 |  | 812 | 845,119
Concentra Escrow Issuer Corp., 07/15/32 (b)(c) |  | 355 | 359,672
Elevance Health, Inc., 4.55%, 03/01/48 (g) |  | 5,000 | 4,251,822
Encompass Health Corp. |  |  |
4.75%, 02/01/30 (g) |  | 795 | 743,879
4.63%, 04/01/31 |  | 409 | 375,348
Fortrea Holdings, Inc., 7.50%, 07/01/30 (b)(g) |  | 289 | 287,147
HCA, Inc. |  |  |
5.38%, 09/01/26 |  | 359 | 358,105
5.63%, 09/01/28 (g) |  | 833 | 840,430
5.25%, 06/15/49 (g) |  | 3,500 | 3,119,515
HealthEquity, Inc., 4.50%, 10/01/29 (b) |  | 1,134 | 1,059,928
IQVIA, Inc. (b) |  |  |
5.00%, 10/15/26 |  | 354 | 347,335
5.00%, 05/15/27 (g) |  | 200 | 195,141
6.50%, 05/15/30 |  | 314 | 318,722
LifePoint Health, Inc. (b) |  |  |
9.88%, 08/15/30 (g) |  | 440 | 469,227
11.00%, 10/15/30 (g) |  | 741 | 816,410
10.00%, 06/01/32 |  | 390 | 398,741
Molina Healthcare, Inc. (b) |  |  |
4.38%, 06/15/28 (g) |  | 659 | 620,274
3.88%, 11/15/30 |  | 491 | 436,501
3.88%, 05/15/32 (g) |  | 198 | 171,566
Star Parent, Inc., 9.00%, 10/01/30 (b) |  | 1,128 | 1,184,283
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (b)(g) |  | 897 | 906,091
Tenet Healthcare Corp. |  |  |
6.13%, 06/15/30 |  | 243 | 241,359
6.75%, 05/15/31 |  | 3,342 | 3,392,172
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (b)(g) |  | 357 | 351,570
UnitedHealth Group, Inc., 6.88%, 02/15/38 (g) |  | 10,000 | 11,456,239
|  |  | 41,392,965
Health Care REITs — 0.2%
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
2.50%, 03/24/26 | GBP | 100 | 108,340
5.25%, 08/01/26 | USD | 78 | 70,882
5.00%, 10/15/27 |  | 62 | 51,206
4.63%, 08/01/29 (g) |  | 278 | 201,776
3.50%, 03/15/31 |  | 1,689 | 1,100,579
|  |  | 1,532,783
Health Care Technology — 0.3%
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b)(g) |  | 3,280 | 3,019,893

82
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotel & Resort REITs — 0.6%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (b) | USD | 315 | $ 318,756
RHP Hotel Properties LP/RHP Finance Corp. |  |  |
4.75%, 10/15/27 |  | 30 | 28,883
7.25%, 07/15/28 (b) |  | 485 | 501,527
4.50%, 02/15/29 (b)(g) |  | 1,704 | 1,598,027
6.50%, 04/01/32 (b) |  | 1,132 | 1,132,082
RLJ Lodging Trust LP, 4.00%, 09/15/29 (b) |  | 199 | 175,763
Service Properties Trust |  |  |
8.63%, 11/15/31 (b) |  | 1,619 | 1,687,506
8.88%, 06/15/32 |  | 625 | 582,959
|  |  | 6,025,503
Hotels, Restaurants & Leisure — 5.1%
Boyd Gaming Corp. |  |  |
4.75%, 12/01/27 |  | 118 | 113,572
4.75%, 06/15/31 (b)(g) |  | 644 | 583,661
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. (b) |  |  |
3.88%, 01/15/28 |  | 1,128 | 1,056,479
4.38%, 01/15/28 |  | 2,509 | 2,366,423
4.00%, 10/15/30 |  | 176 | 154,933
Caesars Entertainment, Inc. (b) |  |  |
8.13%, 07/01/27 (g) |  | 2,241 | 2,286,564
4.63%, 10/15/29 (g) |  | 1,205 | 1,104,709
7.00%, 02/15/30 (g) |  | 2,875 | 2,937,333
6.50%, 02/15/32 |  | 961 | 965,713
Carnival Corp. (b) |  |  |
7.63%, 03/01/26 |  | 273 | 275,699
5.75%, 03/01/27 |  | 1,011 | 998,790
4.00%, 08/01/28 |  | 325 | 304,992
6.00%, 05/01/29 |  | 1,470 | 1,452,095
7.00%, 08/15/29 |  | 122 | 126,464
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (b) |  | 3,899 | 4,220,994
Champion Path Holdings Ltd. (h) |  |  |
4.50%, 01/27/26 |  | 500 | 479,531
4.85%, 01/27/28 |  | 500 | 456,250
Churchill Downs, Inc. (b) |  |  |
5.50%, 04/01/27 |  | 1,407 | 1,384,354
4.75%, 01/15/28 |  | 730 | 697,255
5.75%, 04/01/30 |  | 1,506 | 1,462,830
6.75%, 05/01/31 |  | 554 | 556,999
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b) |  |  |
4.63%, 01/15/29 |  | 821 | 747,653
6.75%, 01/15/30 (g) |  | 228 | 200,220
Flutter Treasury Designated Activity Co., 6.38%, 04/29/29 (b) |  | 224 | 225,418
Fortune Star BVI Ltd. (h) |  |  |
5.95%, 10/19/25 |  | 269 | 258,240
5.00%, 05/18/26 |  | 344 | 320,565
3.95%, 10/02/26 | EUR | 200 | 193,476
Haidilao International Holding Ltd., 2.15%, 01/14/26 (h) | USD | 200 | 189,000
Hilton Domestic Operating Co., Inc. |  |  |
3.75%, 05/01/29 (b) |  | 259 | 237,493
4.88%, 01/15/30 (g) |  | 833 | 799,492
4.00%, 05/01/31 (b) |  | 248 | 221,986
3.63%, 02/15/32 (b) |  | 12 | 10,385
6.13%, 04/01/32 (b)(g) |  | 291 | 292,412
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 6.63%, 01/15/32 (b) |  | 332 | 333,554

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Las Vegas Sands Corp. |  |  |
3.50%, 08/18/26 | USD | 96 | $ 91,597
3.90%, 08/08/29 |  | 88 | 80,494
Life Time, Inc. (b) |  |  |
5.75%, 01/15/26 |  | 256 | 254,872
8.00%, 04/15/26 |  | 254 | 256,988
Light & Wonder International, Inc. (b) |  |  |
7.00%, 05/15/28 |  | 451 | 453,330
7.25%, 11/15/29 |  | 218 | 222,644
7.50%, 09/01/31 |  | 655 | 676,759
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 (b) |  | 17 | 17,477
Lindblad Expeditions LLC, 6.75%, 02/15/27 (b) |  | 245 | 241,926
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) |  | 401 | 377,570
Marriott International, Inc., Series EE, 5.75%, 05/01/25 (g) |  | 1,295 | 1,295,971
McDonald ’ s Corp., 4.20%, 04/01/50 |  | 480 | 382,616
Melco Resorts Finance Ltd. |  |  |
4.88%, 06/06/25 (h) |  | 400 | 392,000
4.88%, 06/06/25 (b) |  | 200 | 196,000
5.75%, 07/21/28 (h) |  | 300 | 280,500
5.38%, 12/04/29 (b) |  | 586 | 526,225
7.63%, 04/17/32 (b) |  | 376 | 373,180
7.63%, 04/17/32 (h) |  | 200 | 198,500
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (b) |  | 423 | 430,977
Merlin Entertainments Ltd., 5.75%, 06/15/26 (b) |  | 440 | 433,490
MGM China Holdings Ltd. |  |  |
5.88%, 05/15/26 (h) |  | 200 | 197,688
4.75%, 02/01/27 (b) |  | 200 | 190,600
7.13%, 06/26/31 (b) |  | 200 | 201,020
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (b) |  | 313 | 291,557
NCL Corp. Ltd. (b) |  |  |
5.88%, 03/15/26 |  | 124 | 122,589
8.38%, 02/01/28 |  | 206 | 215,258
8.13%, 01/15/29 |  | 171 | 179,166
7.75%, 02/15/29 (g) |  | 294 | 305,672
NCL Finance Ltd., 6.13%, 03/15/28 (b)(g) |  | 530 | 523,393
Ontario Gaming GTA LP, 8.00%, 08/01/30 (b) |  | 236 | 242,195
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |  |  |
5.63%, 09/01/29 |  | 242 | 174,034
5.88%, 09/01/31 |  | 242 | 164,580
Raising Cane ’ s Restaurants LLC, 9.38%, 05/01/29 (b) |  | 195 | 210,607
Royal Caribbean Cruises Ltd. (b) |  |  |
4.25%, 07/01/26 |  | 200 | 193,559
5.38%, 07/15/27 |  | 378 | 372,187
5.50%, 04/01/28 |  | 162 | 159,933
9.25%, 01/15/29 (g) |  | 305 | 325,607
7.25%, 01/15/30 |  | 263 | 272,314
6.25%, 03/15/32 (g) |  | 468 | 471,932
Sabre GLBL, Inc. (b) |  |  |
8.63%, 06/01/27 (g) |  | 489 | 450,499
11.25%, 12/15/27 |  | 73 | 70,962
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 (b) |  | 410 | 399,675
Six Flags Entertainment Corp., 7.25%, 05/15/31 (b)(g) |  | 1,423 | 1,448,773
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/32 (b)(g) |  | 1,139 | 1,157,493
Six Flags Theme Parks, Inc., 7.00%, 07/01/25 (b)(l) |  | 224 | 224,704

Schedule of Investments
83

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Station Casinos LLC (b) |  |  |
4.63%, 12/01/31 | USD | 976 | $ 869,912
6.63%, 03/15/32 |  | 261 | 259,718
Studio City Co. Ltd., 7.00%, 02/15/27 (h) |  | 200 | 199,687
Studio City Finance Ltd. (h) |  |  |
6.50%, 01/15/28 |  | 300 | 285,375
5.00%, 01/15/29 |  | 530 | 466,566
Sunny Express Enterprises Corp., 2.95%, 03/01/27 (h) |  | 200 | 189,375
Vail Resorts, Inc., 6.50%, 05/15/32 (b)(g) |  | 518 | 524,194
Viking Cruises Ltd. (b) |  |  |
5.88%, 09/15/27 (g) |  | 350 | 346,379
7.00%, 02/15/29 |  | 74 | 74,394
9.13%, 07/15/31 |  | 1,253 | 1,357,080
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |  | 283 | 276,649
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (b) |  | 3 | 2,926
Wynn Macau Ltd. |  |  |
4.88%, 10/01/24 (h) |  | 200 | 199,092
5.50%, 01/15/26 (h) |  | 230 | 225,189
5.50%, 01/15/26 (b) |  | 200 | 195,817
5.63%, 08/26/28 (b) |  | 1,501 | 1,404,936
5.13%, 12/15/29 (b) |  | 614 | 554,711
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b) |  |  |
5.13%, 10/01/29 |  | 1,337 | 1,271,572
7.13%, 02/15/31 (g) |  | 700 | 725,847
|  |  | 53,194,066
Household Durables — 0.4%
Beazer Homes USA, Inc., 7.50%, 03/15/31 (b) |  | 129 | 128,731
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30 (b) |  | 699 | 625,239
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25 (b)(g) |  | 225 | 223,572
Dream Finders Homes, Inc., 8.25%, 08/15/28 (b) |  | 168 | 172,018
Empire Communities Corp., 9.75%, 05/01/29 (b) |  | 111 | 112,942
Lennar Corp., 5.25%, 06/01/26 (g) |  | 890 | 887,484
LGI Homes, Inc., 8.75%, 12/15/28 (b) |  | 183 | 190,614
Mattamy Group Corp., 4.63%, 03/01/30 (b) |  | 427 | 394,706
Meritage Homes Corp., 1.75%, 05/15/28 (b)(k) |  | 36 | 35,748
New Home Co., Inc., 9.25%, 10/01/29 (b) |  | 324 | 324,791
PulteGroup, Inc. |  |  |
5.00%, 01/15/27 |  | 55 | 54,577
7.88%, 06/15/32 |  | 56 | 64,056
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 45 | 41,133
4.00%, 04/01/31 |  | 250 | 215,694
4.38%, 02/01/32 |  | 187 | 161,097
STL Holding Co. LLC, 8.75%, 02/15/29 (b) |  | 171 | 178,473
Tempur Sealy International, Inc. (b) |  |  |
4.00%, 04/15/29 |  | 563 | 507,722
3.88%, 10/15/31 |  | 9 | 7,523
Toll Brothers Finance Corp., 4.35%, 02/15/28 |  | 35 | 33,802
|  |  | 4,359,922
Household Products — 0.0%
Central Garden & Pet Co. |  |  |
5.13%, 02/01/28 |  | 80 | 77,807
4.13%, 10/15/30 (g) |  | 246 | 219,242
Kronos Acquisition Holdings, Inc., 06/30/31 (b)(c) |  | 83 | 83,083
Spectrum Brands, Inc., 3.88%, 03/15/31 (b) |  | 20 | 16,714
|  |  | 396,846

Security |  | Par (000) | Value
Independent Power and Renewable Electricity Producers — 0.6%
Alexander Funding Trust II, 7.47%, 07/31/28 (b) | USD | 520 | $ 550,238
Calpine Corp. (b) |  |  |
5.25%, 06/01/26 |  | 379 | 374,804
5.13%, 03/15/28 (g) |  | 2,807 | 2,699,628
5.00%, 02/01/31 |  | 136 | 126,928
Greenko Dutch BV, 3.85%, 03/29/26 (h) |  | 734 | 692,432
India Green Power Holdings, 4.00%, 02/22/27 (h) |  | 653 | 607,987
NextEra Energy Partners LP (b)(k) |  |  |
0.00%, 11/15/25 (m) |  | 424 | 382,872
2.50%, 06/15/26 |  | 284 | 259,151
ReNew Pvt Ltd., 5.88%, 03/05/27 (h) |  | 200 | 193,706
|  |  | 5,887,746
Insurance — 5.7%
Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/30 (b) |  | 385 | 385,267
AIA Group Ltd., (5-year CMT + 1.76%), 2.70% (a)(h)(j) |  | 200 | 187,875
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer (b) |  |  |
4.25%, 10/15/27 |  | 41 | 38,390
6.75%, 10/15/27 (g) |  | 2,734 | 2,696,707
6.75%, 04/15/28 (g) |  | 961 | 962,525
5.88%, 11/01/29 |  | 11 | 10,293
7.00%, 01/15/31 |  | 1,333 | 1,346,629
Allstate Corp., Series B, (3-mo. CME Term SOFR + 3.20%), 8.52%, 08/15/53 (a)(g) |  | 5,000 | 4,996,146
AmWINS Group, Inc. (b) |  |  |
6.38%, 02/15/29 |  | 330 | 330,900
4.88%, 06/30/29 |  | 380 | 353,501
Aon Global Ltd., 4.25%, 12/12/42 (g) |  | 6,500 | 5,263,504
Aon North America, Inc., 5.75%, 03/01/54 (g) |  | 3,330 | 3,256,924
Ardonagh Finco Ltd., 7.75%, 02/15/31 (b) |  | 987 | 975,713
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (b) |  | 882 | 861,459
AssuredPartners, Inc., 7.50%, 02/15/32 (b) |  | 544 | 546,052
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/31 (b) |  | 112 | 113,301
Farmers Exchange Capital II, (3-mo. LIBOR US + 3.74%), 6.15%, 11/01/53 (a)(b)(g) |  | 4,890 | 4,400,677
FWD Group Holdings Ltd., 07/02/31 (c)(h) |  | 400 | 406,220
Guoren Property & Casualty Insurance Co. Ltd., 3.35%, 06/01/26 (h) |  | 200 | 188,500
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (b) |  |  |
7.25%, 02/15/31 |  | 2,447 | 2,428,707
8.13%, 02/15/32 |  | 1,360 | 1,351,153
HUB International Ltd. (b) |  |  |
7.25%, 06/15/30 |  | 4,862 | 4,984,187
7.38%, 01/31/32 (g) |  | 5,433 | 5,509,508
Jones Deslauriers Insurance Management, Inc. (b) |  |  |
8.50%, 03/15/30 |  | 816 | 850,984
10.50%, 12/15/30 |  | 400 | 429,541
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40 (b) |  | 12,000 | 12,467,016
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (b) |  | 4,107 | 4,153,959
Ryan Specialty LLC, 4.38%, 02/01/30 (b) |  | 226 | 209,312
USI, Inc./New York, 7.50%, 01/15/32 (b)(g) |  | 670 | 680,481
|  |  | 60,385,431
Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (b) |  | 724 | 642,983

84
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Interactive Media & Services (continued)
Baidu, Inc., 1.63%, 02/23/27 | USD | 200 | $ 182,158
Tencent Holdings Ltd. (h) |  |  |
3.60%, 01/19/28 |  | 200 | 189,937
3.68%, 04/22/41 (g) |  | 200 | 154,750
Weibo Corp., 3.50%, 07/05/24 |  | 200 | 199,940
|  |  | 1,369,768
IT Services — 1.0%
Booking Holdings, Inc., 3.55%, 03/15/28 (g) |  | 3,375 | 3,209,198
CA Magnum Holdings |  |  |
5.38%, 10/31/26 (b) |  | 964 | 922,126
5.38%, 10/31/26 (h) |  | 700 | 669,594
Camelot Finance SA, 4.50%, 11/01/26 (b) |  | 1,176 | 1,136,854
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b)(g) |  | 661 | 671,143
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b)(g) |  | 765 | 761,220
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (b) |  | 837 | 857,548
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29 (b) |  | 777 | 701,676
Insight Enterprises, Inc., 6.63%, 05/15/32 (b) |  | 226 | 229,495
KBR, Inc., 4.75%, 09/30/28 (b) |  | 93 | 86,490
Twilio, Inc. |  |  |
3.63%, 03/15/29 |  | 259 | 232,967
3.88%, 03/15/31 |  | 558 | 490,752
Wipro IT Services LLC, 1.50%, 06/23/26 (h) |  | 200 | 185,436
|  |  | 10,154,499
Leisure Products — 0.1%
Acushnet Co., 7.38%, 10/15/28 (b) |  | 48 | 49,741
Amer Sports Co., 6.75%, 02/16/31 (b)(g) |  | 418 | 415,325
Mattel, Inc. |  |  |
3.75%, 04/01/29 (b) |  | 122 | 112,512
6.20%, 10/01/40 |  | 513 | 505,659
|  |  | 1,083,237
Machinery — 0.9%
BWX Technologies, Inc. (b) |  |  |
4.13%, 06/30/28 |  | 70 | 65,336
4.13%, 04/15/29 |  | 248 | 228,887
Chart Industries, Inc. (b) |  |  |
7.50%, 01/01/30 (g) |  | 946 | 977,564
9.50%, 01/01/31 |  | 93 | 100,762
Esab Corp., 6.25%, 04/15/29 (b) |  | 405 | 407,429
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28 (b) |  | 200 | 147,413
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29 (b) |  | 1,057 | 1,094,538
Regal Rexnord Corp., 6.40%, 04/15/33 (g) |  | 510 | 521,825
Terex Corp., 5.00%, 05/15/29 (b) |  | 688 | 652,840
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (b) |  | 796 | 789,928
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b) |  | 3,002 | 2,909,887
Vertiv Group Corp., 4.13%, 11/15/28 (b) |  | 1,191 | 1,112,241
|  |  | 9,008,650
Media — 6.6%
Banijay Entertainment SASU, 8.13%, 05/01/29 (b) |  | 200 | 204,540
Cable One, Inc. |  |  |
0.00%, 03/15/26 (k)(m) |  | 136 | 119,000
4.00%, 11/15/30 (b)(g) |  | 325 | 242,564
CCO Holdings LLC/CCO Holdings Capital Corp. (b) |  |  |
5.38%, 06/01/29 |  | 131 | 119,179
6.38%, 09/01/29 (g) |  | 7,991 | 7,595,681
4.75%, 03/01/30 (g) |  | 229 | 198,343
4.50%, 08/15/30 |  | 113 | 95,663

Security |  | Par (000) | Value
Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. (b) (continued) |  |  |
4.25%, 02/01/31 | USD | 1,618 | $ 1,321,001
7.38%, 03/01/31 (g) |  | 3,146 | 3,101,972
4.75%, 02/01/32 |  | 100 | 81,897
4.25%, 01/15/34 (g) |  | 1,209 | 917,701
Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
6.38%, 10/23/35 |  | 479 | 467,025
6.48%, 10/23/45 |  | 9,584 | 8,753,838
5.38%, 05/01/47 |  | 1,500 | 1,198,360
6.83%, 10/23/55 |  | 3,540 | 3,346,972
Clear Channel Outdoor Holdings, Inc. (b)(g) |  |  |
5.13%, 08/15/27 |  | 2,099 | 2,004,513
7.75%, 04/15/28 |  | 1,309 | 1,145,380
9.00%, 09/15/28 |  | 4,791 | 5,015,966
7.88%, 04/01/30 |  | 954 | 960,245
Comcast Corp., 3.75%, 04/01/40 (g) |  | 545 | 443,340
Cox Communications, Inc., 8.38%, 03/01/39 (b)(g) |  | 5,000 | 5,879,079
CSC Holdings LLC (b) |  |  |
11.25%, 05/15/28 |  | 2,000 | 1,741,771
11.75%, 01/31/29 (g) |  | 600 | 511,713
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27 (b) |  | 1,309 | 1,231,228
Discovery Communications LLC, 4.88%, 04/01/43 (g) |  | 4,000 | 3,134,933
DISH DBS Corp. (b) |  |  |
5.25%, 12/01/26 |  | 1,214 | 957,594
5.75%, 12/01/28 |  | 77 | 53,385
DISH Network Corp., 11.75%, 11/15/27 (b) |  | 1,698 | 1,664,888
Gray Television, Inc. (b) |  |  |
7.00%, 05/15/27 (g) |  | 438 | 403,268
10.50%, 07/15/29 |  | 598 | 601,217
Interpublic Group of Cos., Inc., 5.40%, 10/01/48 (g) |  | 2,215 | 2,046,399
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (b) |  | 860 | 805,420
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |  |  |
5.00%, 08/15/27 (g) |  | 869 | 841,208
4.25%, 01/15/29 (g) |  | 373 | 340,109
4.63%, 03/15/30 |  | 176 | 158,478
7.38%, 02/15/31 |  | 412 | 428,772
Paramount Global, 5.85%, 09/01/43 (g) |  | 1,300 | 1,022,318
Radiate Holdco LLC/Radiate Finance, Inc. (b) |  |  |
4.50%, 09/15/26 |  | 586 | 446,526
6.50%, 09/15/28 |  | 243 | 120,432
Sirius XM Radio, Inc. (b) |  |  |
3.13%, 09/01/26 |  | 62 | 58,332
5.00%, 08/01/27 |  | 651 | 623,151
Sunrise FinCo I BV, 4.88%, 07/15/31 (b) |  | 768 | 697,356
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (b) |  | 1,000 | 947,303
Time Warner Cable LLC, 6.55%, 05/01/37 |  | 3,519 | 3,332,508
Univision Communications, Inc. (b) |  |  |
6.63%, 06/01/27 |  | 325 | 311,136
8.00%, 08/15/28 (g) |  | 1,253 | 1,221,961
8.50%, 07/31/31 |  | 648 | 629,428
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (b) |  | 1,452 | 1,291,998
Ziggo BV, 4.88%, 01/15/30 (b) |  | 605 | 537,850
|  |  | 69,372,941

Schedule of Investments
85

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Metals & Mining — 2.3%
ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28 (h) | USD | 306 | $ 303,705
Advanced Drainage Systems, Inc. (b) |  |  |
5.00%, 09/30/27 |  | 90 | 87,990
6.38%, 06/15/30 |  | 724 | 726,617
Arsenal AIC Parent LLC (b) |  |  |
8.00%, 10/01/30 |  | 268 | 281,238
11.50%, 10/01/31 (g) |  | 1,202 | 1,345,064
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 253 | 249,632
7.25%, 08/15/30 |  | 657 | 678,193
5.13%, 10/01/31 |  | 656 | 606,361
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b) |  | 2,424 | 2,429,396
Carpenter Technology Corp., 7.63%, 03/15/30 (g) |  | 108 | 111,188
Chinalco Capital Holdings Ltd., 2.13%, 06/03/26 (h) |  | 200 | 187,875
Constellium SE (b) |  |  |
5.88%, 02/15/26 |  | 830 | 825,660
3.75%, 04/15/29 (g) |  | 1,731 | 1,569,371
First Quantum Minerals Ltd., 9.38%, 03/01/29 (b) |  | 826 | 864,203
JSW Steel Ltd., 3.95%, 04/05/27 (h) |  | 500 | 467,813
Kaiser Aluminum Corp. (b)(g) |  |  |
4.63%, 03/01/28 |  | 1,058 | 989,932
4.50%, 06/01/31 |  | 1,017 | 900,597
New Gold, Inc., 7.50%, 07/15/27 (b) |  | 1,547 | 1,556,873
Novelis Corp. (b) |  |  |
3.25%, 11/15/26 |  | 599 | 563,662
4.75%, 01/30/30 (g) |  | 3,350 | 3,107,811
3.88%, 08/15/31 |  | 1,265 | 1,095,216
Periama Holdings LLC, 5.95%, 04/19/26 (h) |  | 200 | 197,500
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (b) |  | 249 | 229,139
Southern Copper Corp., 5.88%, 04/23/45 (g) |  | 3,870 | 3,836,138
Steel Dynamics, Inc., 3.25%, 10/15/50 |  | 1,145 | 754,262
Vallourec SACA, 7.50%, 04/15/32 (b) |  | 449 | 464,945
|  |  | 24,430,381
Mortgage Real Estate Investment Trusts (REITs) (b) — 0.0%
Starwood Property Trust, Inc. |  |  |
4.38%, 01/15/27 |  | 70 | 66,274
7.25%, 04/01/29 |  | 250 | 252,680
|  |  | 318,954
Oil, Gas & Consumable Fuels — 13.4%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (b) |  | 521 | 526,696
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |  |  |
5.75%, 01/15/28 |  | 127 | 124,851
5.38%, 06/15/29 |  | 1,095 | 1,061,446
6.63%, 02/01/32 |  | 417 | 420,752
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |  |  |
9.00%, 11/01/27 |  | 377 | 466,811
8.25%, 12/31/28 (g) |  | 1,220 | 1,249,886
Baytex Energy Corp., 8.50%, 04/30/30 (b) |  | 340 | 355,572
Blue Racer Midstream LLC/Blue Racer Finance Corp. (b) |  |  |
7.00%, 07/15/29 |  | 321 | 326,903
7.25%, 07/15/32 |  | 258 | 265,262
Borr IHC Ltd./Borr Finance LLC (b) |  |  |
10.00%, 11/15/28 (g) |  | 242 | 252,315
10.38%, 11/15/30 |  | 265 | 276,333
Buckeye Partners LP |  |  |
4.13%, 03/01/25 (b) |  | 399 | 393,603

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Buckeye Partners LP (continued) |  |  |
6.88%, 07/01/29 (b) | USD | 139 | $ 139,519
5.85%, 11/15/43 |  | 383 | 328,684
5.60%, 10/15/44 |  | 191 | 150,513
Chesapeake Energy Corp., 5.88%, 02/01/29 (b) |  | 80 | 79,196
CITGO Petroleum Corp., 8.38%, 01/15/29 (b) |  | 733 | 755,513
Civitas Resources, Inc. (b) |  |  |
8.38%, 07/01/28 |  | 596 | 624,506
8.63%, 11/01/30 (g) |  | 280 | 300,222
8.75%, 07/01/31 |  | 1,029 | 1,102,008
CNOOC Finance 2014 ULC, Series 2014, 4.88%, 04/30/44 |  | 250 | 238,840
CNOOC Finance 2015 USA LLC, Series 2015, 3.50%, 05/05/25 |  | 250 | 245,950
CNX Resources Corp., 7.38%, 01/15/31 (b) |  | 166 | 169,721
Comstock Resources, Inc. (b) |  |  |
6.75%, 03/01/29 (g) |  | 528 | 511,695
6.75%, 03/01/29 |  | 197 | 189,400
5.88%, 01/15/30 |  | 1,078 | 1,003,100
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b) |  | 2,468 | 2,339,481
Crescent Energy Finance LLC (b) |  |  |
7.63%, 04/01/32 (g) |  | 366 | 373,024
7.38%, 01/15/33 |  | 548 | 549,182
Devon Energy Corp. |  |  |
5.25%, 09/15/24 |  | 100 | 99,936
5.25%, 10/15/27 |  | 130 | 129,589
5.88%, 06/15/28 |  | 204 | 204,663
4.50%, 01/15/30 |  | 117 | 112,574
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (b) |  | 318 | 333,793
Diamondback Energy, Inc. (g) |  |  |
3.50%, 12/01/29 |  | 692 | 638,160
6.25%, 03/15/33 |  | 2,880 | 3,012,203
DT Midstream, Inc. (b) |  |  |
4.13%, 06/15/29 (g) |  | 591 | 545,993
4.38%, 06/15/31 |  | 568 | 517,348
Enbridge, Inc. |  |  |
6.70%, 11/15/53 (g) |  | 5,595 | 6,109,461
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78 (a) |  | 5,000 | 4,794,441
Series 16-A, (3-mo. CME Term SOFR + 4.15%), 6.00%, 01/15/77 (a)(g) |  | 5,880 | 5,710,714
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31 (b) |  | 323 | 336,790
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28 (b) |  | 518 | 522,867
Energy Transfer LP |  |  |
5.50%, 06/01/27 |  | 406 | 407,154
7.38%, 02/01/31 (b) |  | 417 | 435,135
6.13%, 12/15/45 (g) |  | 3,579 | 3,508,888
Series B, (3-mo. LIBOR US + 4.16%), 6.63% (a)(j) |  | 5,000 | 4,852,151
Series H, (5-year CMT + 5.69%), 6.50% (a)(j) |  | 121 | 119,348
EnLink Midstream Partners LP, 4.85%, 07/15/26 |  | 35 | 34,349
Enterprise Products Operating LLC (g) |  |  |
4.90%, 05/15/46 |  | 5,375 | 4,847,181
Series E, (3-mo. CME Term SOFR + 3.29%), 5.25%, 08/16/77 (a) |  | 4,800 | 4,590,323
EQM Midstream Partners LP (b) |  |  |
6.38%, 04/01/29 |  | 481 | 485,861
7.50%, 06/01/30 |  | 141 | 150,473
4.75%, 01/15/31 (g) |  | 802 | 749,906

86
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp., 3.45%, 04/15/51 (g) | USD | 3,890 | $ 2,807,366
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 393 | 397,172
8.25%, 01/15/29 |  | 463 | 477,973
8.88%, 04/15/30 |  | 270 | 284,019
7.88%, 05/15/32 |  | 525 | 530,004
Harbour Energy PLC, 5.50%, 10/15/26 (b) |  | 200 | 196,054
Harvest Midstream I LP, 7.50%, 05/15/32 (b) |  | 308 | 312,727
Hess Midstream Operations LP, 6.50%, 06/01/29 (b) |  | 368 | 373,065
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |  |  |
6.25%, 11/01/28 |  | 238 | 235,059
5.75%, 02/01/29 |  | 272 | 263,206
6.00%, 04/15/30 |  | 32 | 30,910
8.38%, 11/01/33 |  | 876 | 933,603
6.88%, 05/15/34 |  | 484 | 478,766
Howard Midstream Energy Partners LLC (b) |  |  |
8.88%, 07/15/28 |  | 390 | 412,670
7.38%, 07/15/32 |  | 450 | 457,000
ITT Holdings LLC, 6.50%, 08/01/29 (b)(g) |  | 711 | 644,170
Kinder Morgan, Inc. |  |  |
7.80%, 08/01/31 |  | 197 | 222,726
7.75%, 01/15/32 (g) |  | 4,586 | 5,175,631
Kinetik Holdings LP (b) |  |  |
6.63%, 12/15/28 |  | 83 | 84,325
5.88%, 06/15/30 (g) |  | 179 | 176,389
Marathon Petroleum Corp., 5.13%, 12/15/26 (g) |  | 937 | 933,472
Matador Resources Co. (b) |  |  |
6.88%, 04/15/28 |  | 274 | 278,120
6.50%, 04/15/32 |  | 437 | 437,032
Medco Bell Pte. Ltd., 6.38%, 01/30/27 (h) |  | 300 | 294,844
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 (h) |  | 400 | 390,744
MPLX LP |  |  |
5.20%, 03/01/47 (g) |  | 3,500 | 3,125,279
4.70%, 04/15/48 (g) |  | 5,000 | 4,112,728
5.50%, 02/15/49 (g) |  | 2,640 | 2,435,293
5.65%, 03/01/53 |  | 885 | 832,655
Murphy Oil Corp., 5.88%, 12/01/42 |  | 47 | 41,679
Nabors Industries Ltd., 7.50%, 01/15/28 (b)(g) |  | 788 | 751,913
Nabors Industries, Inc. (b) |  |  |
7.38%, 05/15/27 |  | 126 | 128,166
9.13%, 01/31/30 |  | 262 | 271,415
New Fortress Energy, Inc. (b) |  |  |
6.75%, 09/15/25 |  | 496 | 481,489
8.75%, 03/15/29 (g) |  | 906 | 827,058
NGL Energy Operating LLC/NGL Energy Finance Corp. (b) |  |  |
8.13%, 02/15/29 (g) |  | 726 | 739,729
8.38%, 02/15/32 |  | 1,470 | 1,492,631
NGPL PipeCo LLC, 7.77%, 12/15/37 (b) |  | 1,117 | 1,289,038
Noble Finance II LLC, 8.00%, 04/15/30 (b) |  | 486 | 505,788
Northern Oil & Gas, Inc. |  |  |
8.13%, 03/01/28 (b) |  | 1,220 | 1,233,768
3.63%, 04/15/29 (k) |  | 212 | 244,012
8.75%, 06/15/31 (b) |  | 470 | 493,163
Northriver Midstream Finance LP, 07/15/32 (b)(c) |  | 244 | 244,427
NuStar Logistics LP, 6.00%, 06/01/26 |  | 163 | 162,747
Occidental Petroleum Corp., 6.20%, 03/15/40 |  | 568 | 569,107
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |  | 269 | 275,382
Permian Resources Operating LLC (b) |  |  |
7.75%, 02/15/26 |  | 154 | 155,254
8.00%, 04/15/27 |  | 444 | 453,963
5.88%, 07/01/29 |  | 1,002 | 986,657

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Permian Resources Operating LLC (b) (continued) |  |  |
9.88%, 07/15/31 | USD | 459 | $ 508,070
7.00%, 01/15/32 (g) |  | 472 | 484,870
Pertamina Persero PT (h) |  |  |
1.40%, 02/09/26 |  | 250 | 233,672
2.30%, 02/09/31 |  | 200 | 166,063
Petroleos Mexicanos, 6.70%, 02/16/32 |  | 695 | 581,486
Petronas Capital Ltd. (h) |  |  |
2.48%, 01/28/32 |  | 200 | 165,838
4.50%, 03/18/45 |  | 200 | 172,134
Plains All American Pipeline LP, Series B, (3-mo. CME Term SOFR + 4.37%), 9.69% (a)(j) |  | 2,215 | 2,205,272
Prairie Acquiror LP, 9.00%, 08/01/29 (b) |  | 269 | 277,243
Precision Drilling Corp., 6.88%, 01/15/29 (b) |  | 18 | 17,807
Reliance Industries Ltd., 3.67%, 11/30/27 (h) |  | 300 | 284,719
Rockcliff Energy II LLC, 5.50%, 10/15/29 (b) |  | 376 | 351,956
Rockies Express Pipeline LLC, 6.88%, 04/15/40 (b) |  | 580 | 554,409
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 (g) |  | 1,481 | 1,486,932
Saturn Oil & Gas, Inc., 9.63%, 06/15/29 (b) |  | 288 | 290,692
Seadrill Finance Ltd., 8.38%, 08/01/30 (b) |  | 222 | 232,030
Sinopec Group Overseas Development 2018 Ltd., 2.30%, 01/08/31 (h) |  | 500 | 434,980
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (b) |  | 574 | 593,499
SM Energy Co., 6.75%, 09/15/26 |  | 393 | 393,130
Southwestern Energy Co. |  |  |
5.70%, 01/23/25 |  | 29 | 28,910
5.38%, 02/01/29 |  | 308 | 299,379
4.75%, 02/01/32 |  | 8 | 7,359
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 |  | 317 | 315,619
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |  |  |
6.00%, 03/01/27 |  | 150 | 147,839
5.50%, 01/15/28 |  | 108 | 103,328
7.38%, 02/15/29 |  | 672 | 675,284
6.00%, 12/31/30 |  | 70 | 65,219
6.00%, 09/01/31 |  | 239 | 223,357
Talos Production, Inc. (b) |  |  |
9.00%, 02/01/29 |  | 261 | 273,931
9.38%, 02/01/31 |  | 218 | 230,167
TransCanada PipeLines Ltd., 4.88%, 05/15/48 (g) |  | 4,000 | 3,512,970
Transcanada Trust, (3-mo. LIBOR US + 3.53%), 5.63%, 05/20/75 (a)(g) |  | 2,755 | 2,709,646
Transocean Aquila Ltd., 8.00%, 09/30/28 (b) |  | 184 | 186,864
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b) |  | 269 | 277,631
Transocean, Inc. (b) |  |  |
8.00%, 02/01/27 |  | 445 | 443,458
8.25%, 05/15/29 |  | 965 | 967,392
8.75%, 02/15/30 (g) |  | 1,446 | 1,517,493
8.50%, 05/15/31 |  | 1,227 | 1,227,526
Valaris Ltd., 8.38%, 04/30/30 (b) |  | 1,224 | 1,267,137
Venture Global Calcasieu Pass LLC (b) |  |  |
3.88%, 08/15/29 |  | 1,535 | 1,397,986
4.13%, 08/15/31 |  | 312 | 279,978
3.88%, 11/01/33 |  | 786 | 669,756
Venture Global LNG, Inc. (b) |  |  |
8.13%, 06/01/28 |  | 582 | 599,586
9.50%, 02/01/29 (g) |  | 3,121 | 3,417,796
8.38%, 06/01/31 (g) |  | 2,216 | 2,298,504
9.88%, 02/01/32 |  | 2,244 | 2,442,426
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |  | 270 | 265,364
Vital Energy, Inc. |  |  |
9.75%, 10/15/30 (g) |  | 480 | 524,107

Schedule of Investments
87

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Vital Energy, Inc. (continued) |  |  |
7.88%, 04/15/32 (b) | USD | 859 | $ 873,251
Williams Cos., Inc. (g) |  |  |
8.75%, 03/15/32 |  | 2,478 | 2,960,812
5.10%, 09/15/45 |  | 5,075 | 4,572,223
Woodside Finance Ltd., 3.70%, 09/15/26 (h) |  | 200 | 192,281
|  |  | 141,160,054
Paper & Forest Products (g) — 1.5%
International Paper Co. |  |  |
8.70%, 06/15/38 |  | 4,000 | 4,926,195
7.30%, 11/15/39 |  | 10,000 | 11,285,517
|  |  | 16,211,712
Passenger Airlines — 1.0%
Air Canada, 3.88%, 08/15/26 (b) |  | 549 | 522,204
American Airlines, Inc., 8.50%, 05/15/29 (b)(g) |  | 606 | 629,614
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 (b)(g) |  | 897 | 872,628
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (b)(g) |  | 749 | 750,939
Singapore Airlines Ltd., 3.00%, 07/20/26 (h) |  | 200 | 190,483
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 09/15/28 (b) |  | 1,208 | 1,131,168
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 04/15/29 (g) |  | 3,741 | 3,751,061
United Airlines, Inc. (b)(g) |  |  |
4.38%, 04/15/26 |  | 932 | 900,319
4.63%, 04/15/29 |  | 1,362 | 1,268,444
|  |  | 10,016,860
Personal Care Products (b) — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30 |  | 250 | 253,700
Prestige Brands, Inc., 3.75%, 04/01/31 |  | 233 | 202,794
|  |  | 456,494
Pharmaceuticals — 3.8%
1375209 BC Ltd., 9.00%, 01/30/28 (b) |  | 550 | 528,867
AbbVie, Inc. (g) |  |  |
4.75%, 03/15/45 |  | 5,485 | 4,978,615
4.70%, 05/14/45 |  | 3,255 | 2,940,221
Bausch Health Cos., Inc., 11.00%, 09/30/28 (b) |  | 738 | 656,820
Bayer U.S. Finance LLC, 6.88%, 11/21/53 (b) |  | 715 | 734,543
CVS Health Corp. (g) |  |  |
5.13%, 07/20/45 |  | 3,879 | 3,413,764
5.05%, 03/25/48 |  | 8,205 | 7,069,486
Endo Finance Holdings, Inc., 8.50%, 04/15/31 (b)(g) |  | 445 | 459,230
Jazz Securities DAC, 4.38%, 01/15/29 (b) |  | 853 | 791,890
Merck & Co., Inc., 6.50%, 12/01/33 (g) |  | 6,420 | 7,127,087
Option Care Health, Inc., 4.38%, 10/31/29 (b)(g) |  | 461 | 423,156
Organon & Co./Organon Foreign Debt Co-Issuer BV (b) |  |  |
4.13%, 04/30/28 (g) |  | 1,233 | 1,145,083
7.88%, 05/15/34 |  | 323 | 331,884
PRA Health Sciences, Inc., 2.88%, 07/15/26 (b) |  | 707 | 671,943
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 (g) |  | 8,270 | 6,979,193
Teva Pharmaceutical Finance Netherlands III BV |  |  |
3.15%, 10/01/26 |  | 1,174 | 1,103,560
4.75%, 05/09/27 |  | 200 | 192,875

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III BV (continued) |  |  |
7.88%, 09/15/29 | USD | 451 | $ 484,684
8.13%, 09/15/31 |  | 200 | 221,812
|  |  | 40,254,713
Professional Services (b) — 0.2%
CoreLogic, Inc., 4.50%, 05/01/28 |  | 1,488 | 1,350,208
Dun & Bradstreet Corp., 5.00%, 12/15/29 (g) |  | 592 | 549,867
|  |  | 1,900,075
Real Estate Management & Development — 0.6%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30 (b) |  | 408 | 333,945
Series AI, 7.00%, 04/15/30 |  | 320 | 261,662
AYC Finance Ltd., 3.90% (h)(j) |  | 300 | 186,937
China Overseas Finance Cayman VII Ltd., 4.75%, 04/26/28 (h) |  | 200 | 193,306
China Resources Land Ltd., 3.75%, 08/26/24 (h) |  | 200 | 199,294
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 (b) |  | 216 | 227,242
Fantasia Holdings Group Co. Ltd., 7.95%, 07/05/22 (h) |  | 1,050 | 10,500
Howard Hughes Corp., 4.13%, 02/01/29 (b) |  | 176 | 157,394
New Metro Global Ltd., 4.50%, 05/02/26 (h) |  | 349 | 212,345
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29 (b) |  | 4,485 | 4,170,748
Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26 (h) |  | 200 | 183,312
Sunac China Holdings Ltd. (h)(i) |  |  |
(1.00 % PIK), 1.00%, 09/30/32 (k) |  | 22 | 1,409
(5.00% Cash or 6.00% PIK), 6.00%, 09/30/26 |  | 18 | 2,328
(5.25% Cash or 6.25% PIK), 6.25%, 09/30/27 |  | 18 | 2,036
(5.50% Cash or 6.50% PIK), 6.50%, 09/30/27 |  | 37 | 3,801
(5.75% Cash or 6.75% PIK), 6.75%, 09/30/28 |  | 55 | 5,360
(6.00% Cash or 7.00% PIK), 7.00%, 09/30/29 |  | 55 | 4,953
(6.25% Cash or 7.25% PIK), 7.25%, 09/30/30 |  | 26 | 2,201
Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30 (h) |  | 200 | 176,062
Yango Justice International Ltd. (h) |  |  |
8.25%, 11/25/23 |  | 200 | 500
7.50%, 04/15/24 |  | 200 | 500
|  |  | 6,335,835
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) |  | 328 | 305,257
Semiconductors & Semiconductor Equipment — 2.2%
Broadcom, Inc., 5.00%, 04/15/30 (g) |  | 10,970 | 10,974,504
Entegris, Inc., 4.75%, 04/15/29 (b) |  | 258 | 246,843
Lam Research Corp., 4.88%, 03/15/49 (g) |  | 875 | 800,038
NVIDIA Corp. (g) |  |  |
3.50%, 04/01/50 |  | 2,785 | 2,137,905
3.70%, 04/01/60 |  | 1,760 | 1,330,935
NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
4.40%, 06/01/27 |  | 750 | 733,492
3.40%, 05/01/30 |  | 1,755 | 1,586,169
QUALCOMM, Inc. (g) |  |  |
4.30%, 05/20/47 |  | 3,500 | 2,987,247
6.00%, 05/20/53 |  | 1,993 | 2,150,068

88
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Semiconductors & Semiconductor Equipment (continued)
Synaptics, Inc., 4.00%, 06/15/29 (b) | USD | 16 | $ 14,498
TSMC Global Ltd., 2.25%, 04/23/31 (h) |  | 250 | 210,469
|  |  | 23,172,168
Software — 2.6%
Boxer Parent Co., Inc. (b) |  |  |
7.13%, 10/02/25 (g) |  | 764 | 764,578
9.13%, 03/01/26 |  | 392 | 392,305
Capstone Borrower, Inc., 8.00%, 06/15/30 (b) |  | 717 | 740,445
Clarivate Science Holdings Corp. (b)(g) |  |  |
3.88%, 07/01/28 |  | 1,831 | 1,700,590
4.88%, 07/01/29 |  | 1,122 | 1,041,286
Cloud Software Group, Inc. (b) |  |  |
6.50%, 03/31/29 (g) |  | 4,381 | 4,207,139
9.00%, 09/30/29 (g) |  | 2,593 | 2,515,781
8.25%, 06/30/32 |  | 2,744 | 2,796,811
Dye & Durham Ltd., 8.63%, 04/15/29 (b) |  | 167 | 169,408
Elastic NV, 4.13%, 07/15/29 (b) |  | 718 | 655,579
Fair Isaac Corp., 4.00%, 06/15/28 (b) |  | 393 | 367,612
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL (b) |  |  |
4.63%, 05/01/28 |  | 205 | 183,046
8.75%, 05/01/29 |  | 219 | 222,989
ION Trading Technologies SARL, 9.50%, 05/30/29 (b) |  | 200 | 203,710
McAfee Corp., 7.38%, 02/15/30 (b)(g) |  | 779 | 719,681
MicroStrategy, Inc., 6.13%, 06/15/28 (b)(g) |  | 217 | 210,329
Oracle Corp. (g) |  |  |
3.95%, 03/25/51 |  | 4,425 | 3,271,736
5.55%, 02/06/53 |  | 1,280 | 1,211,077
PTC, Inc. (b) |  |  |
3.63%, 02/15/25 |  | 166 | 163,953
4.00%, 02/15/28 |  | 365 | 343,546
SS&C Technologies, Inc. (b) |  |  |
5.50%, 09/30/27 (g) |  | 3,632 | 3,576,452
6.50%, 06/01/32 |  | 1,008 | 1,016,766
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b) |  | 1,112 | 1,009,714
|  |  | 27,484,533
Specialized REITs — 0.2%
Crown Castle, Inc., 4.15%, 07/01/50 (g) |  | 820 | 636,798
Iron Mountain, Inc. (b) |  |  |
4.88%, 09/15/27 (g) |  | 606 | 587,633
7.00%, 02/15/29 |  | 798 | 812,038
5.63%, 07/15/32 |  | 493 | 468,135
|  |  | 2,504,604
Specialty Retail (b) — 0.3%
ANGI Group LLC, 3.88%, 08/15/28 |  | 432 | 371,190
eG Global Finance PLC, 12.00%, 11/30/28 |  | 418 | 445,035
PetSmart, Inc./PetSmart Finance Corp. |  |  |
4.75%, 02/15/28 |  | 481 | 446,790
7.75%, 02/15/29 (g) |  | 1,567 | 1,526,052
Staples, Inc., 10.75%, 09/01/29 |  | 303 | 287,949
|  |  | 3,077,016
Technology Hardware, Storage & Peripherals — 0.5%
Dell International LLC/EMC Corp. (g) |  |  |
5.85%, 07/15/25 |  | 2,395 | 2,400,803
8.35%, 07/15/46 |  | 1,005 | 1,270,906
NCR Atleos Corp., 9.50%, 04/01/29 (b) |  | 355 | 383,663

Security |  | Par (000) | Value
Technology Hardware, Storage & Peripherals (continued)
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 (g) | USD | 589 | $ 631,703
8.50%, 07/15/31 |  | 701 | 754,994
|  |  | 5,442,069
Textiles, Apparel & Luxury Goods (b) — 0.1%
Crocs, Inc., 4.13%, 08/15/31 |  | 244 | 212,447
Hanesbrands, Inc. |  |  |
4.88%, 05/15/26 (g) |  | 196 | 191,747
9.00%, 02/15/31 |  | 21 | 22,003
Levi Strauss & Co., 3.50%, 03/01/31 |  | 523 | 452,432
|  |  | 878,629
Tobacco (g) — 2.1%
Altria Group, Inc., 10.20%, 02/06/39 |  | 13,392 | 18,456,211
BAT Capital Corp., 4.54%, 08/15/47 |  | 1,999 | 1,539,198
Reynolds American, Inc., 5.85%, 08/15/45 |  | 2,335 | 2,153,642
|  |  | 22,149,051
Trading Companies & Distributors — 0.0%
GYP Holdings III Corp., 4.63%, 05/01/29 (b) |  | 350 | 323,903
Total Corporate Bonds — 112.0% (Cost: $1,201,665,401) | 1,177,833,432
Fixed Rate Loan Interests
Health Care Technology — 0.0%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 145 | 144,155
Media — 0.0%
Morgan Stanley & Co. International PLC, 2024 CCIBV Fixed Term Loan, 15.00% (d)(j) |  | 130 | 126,425
Total Fixed Rate Loan Interests — 0.0% (Cost: $273,766) | 270,580
Floating Rate Loan Interests (a)
Aerospace & Defense — 0.3%
Barnes Group, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 09/03/30 |  | 176 | 176,050
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 10/31/30 |  | 187 | 187,812
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.26%, 08/03/29 |  | 160 | 154,835
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 507 | 368,558
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 78 | 56,289
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 455 | 456,163
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 04/21/31 |  | 162 | 162,810
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 13.18%, 02/01/29 |  | 112 | 112,676

Schedule of Investments
89

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Aerospace & Defense (continued)
Peraton Corp. (continued) |  |  |
Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/01/28 | USD | 330 | $ 329,851
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.08%, 11/05/28 |  | 75 | 75,375
Standard Aero Ltd., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 175 | 175,885
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 7.84%, 02/28/31 |  | 431 | 432,090
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 03/22/30 |  | 41 | 40,955
|  |  | 2,729,349
Air Freight & Logistics — 0.0%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.58%, 03/17/30 |  | 43 | 43,225
Automobile Components — 0.1%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 02/23/29 |  | 346 | 347,297
Clarios Global LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 05/06/30 |  | 317 | 317,652
2024 USD Term Loan B, 05/06/30 (n) |  | 14 | 14,017
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 10.43%, 11/17/28 |  | 166 | 159,005
|  |  | 837,971
Automobiles — 0.0%
Dealer Tire Financial LLC |  |  |
2024 Term Loan B, 07/02/31 (d)(n) |  | 182 | 181,542
2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 12/14/27 |  | 220 | 219,298
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/08/28 |  | 22 | 20,006
|  |  | 420,846
Banks — 0.0%
Ascensus Holdings, Inc., Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 08/02/28 |  | 434 | 433,420
Beverages — 0.1%
Naked Juice LLC |  |  |
2nd Lien Term Loan, (3-mo. CME Term SOFR + 6.10%), 11.43%, 01/24/30 |  | 225 | 179,842
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 01/24/29 |  | 554 | 512,800
|  |  | 692,642
Broadline Retail — 0.1%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/24/28 |  | 131 | 130,114
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 10.09%, 03/15/30 |  | 567 | 566,749
|  |  | 696,863

Security |  | Par (000) | Value
Building Materials — 0.2%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR + 4.51%), 9.85%, 05/17/28 | USD | 169 | $ 142,612
Chariot Buyer LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/03/28 |  | 82 | 81,965
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.69%, 11/03/28 |  | 368 | 367,304
Emrld Borrower LP, 2024 Term Loan B, 06/18/31 (n) |  | 173 | 172,784
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.58%, 04/29/29 |  | 244 | 243,700
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/02/29 (d) |  | 66 | 66,422
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 09/22/28 |  | 72 | 72,194
Summit Materials LLC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.80%, 01/12/29 |  | 90 | 90,336
Wilsonart LLC, 2021 Term Loan E, (3-mo. CME Term SOFR at 1.00% Floor + 3.35%), 8.68%, 12/31/26 |  | 336 | 336,049
|  |  | 1,573,366
Building Products — 0.2%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 05/13/29 |  | 32 | 32,182
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 05/19/28 |  | 223 | 223,678
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 11/23/27 |  | 175 | 170,604
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 10/02/28 |  | 62 | 61,610
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 2.60%), 7.94%, 04/28/29 |  | 87 | 87,497
Emerald Debt Merger Sub LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 05/31/30 |  | 250 | 249,414
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 01/29/31 |  | 303 | 301,472
Gulfside Supply, Inc., Term Loan B, 06/17/31 (d)(n) |  | 71 | 71,355
Peer Holding III BV, 2024 USD Term Loan B5, 06/20/31 (n) |  | 97 | 97,041
White Cap Buyer LLC |  |  |
2024 Term Loan B, 10/19/29 (n) |  | 101 | 101,132
Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.59%, 10/19/27 |  | 231 | 231,063
|  |  | 1,627,048
Capital Markets — 0.1%
Aretec Group, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/09/30 |  | 82 | 82,262
Azalea Topco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/30/31 |  | 85 | 84,894
Castlelake Aviation One DAC |  |  |
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 10/22/27 |  | 80 | 79,885

90
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Capital Markets (continued)
Castlelake Aviation One DAC (continued) |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 10/22/26 | USD | 253 | $ 252,956
Focus Financial Partners LLC |  |  |
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.85%, 06/30/28 |  | 181 | 180,514
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 06/30/28 |  | 168 | 167,640
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 08/11/28 |  | 27 | 27,016
Osaic Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/17/28 |  | 274 | 275,327
|  |  | 1,150,494
Chemicals — 0.3%
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.94%, 09/30/28 |  | 213 | 211,953
Aruba Investments Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR + 4.10%), 9.44%, 11/24/27 |  | 73 | 72,450
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.85%), 10.07%, 08/27/26 |  | 64 | 63,723
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 12/20/29 |  | 178 | 178,630
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 08/18/28 |  | 147 | 146,156
Derby Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/01/30 |  | 317 | 318,493
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.60%, 06/12/31 |  | 183 | 183,047
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 12/18/30 |  | 246 | 245,991
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 02/15/30 |  | 121 | 121,243
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 4.03%), 9.36%, 07/03/28 |  | 137 | 132,109
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.35%), 8.60%, 02/18/30 |  | 71 | 70,978
LSF11 A5 Holdco LLC, Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 10/15/28 (d) |  | 236 | 231,330
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 03/29/28 (d) |  | 284 | 282,951
Nouryon USA LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 |  | 163 | 163,390
Olympus Water U.S. Holding Corp., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.85%, 06/20/31 |  | 107 | 109,231

Security |  | Par (000) | Value
Chemicals (continued)
OQ Chemicals Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.70%), 8.91%, 10/14/24 | USD | 200 | $ 184,855
Potters Borrower LP, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.08%, 12/14/27 |  | 63 | 63,059
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 03/16/27 |  | 79 | 78,889
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-week CME Term SOFR at 0.75% Floor + 3.50%), 8.58%, 08/02/30 |  | 231 | 230,440
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.25%), 8.59%, 09/22/28 |  | 198 | 198,247
|  |  | 3,287,165
Commercial Services & Supplies — 0.4%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.33%, 10/24/30 (d) |  | 75 | 75,184
Albion Financing 3 SARL, USD Term Loan, (3-mo. CME Term SOFR + 5.51%), 10.84%, 08/17/26 |  | 219 | 219,087
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 02/04/28 |  | 243 | 243,237
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 05/12/28 |  | 631 | 628,167
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.34%, 02/15/29 |  | 53 | 53,232
AVSC Holding Corp., 2020 Term Loan B1, (1-mo. CME Term SOFR + 3.35%, 0.25% PIK), 9.19%, 03/03/25 (i) |  | 182 | 180,494
Boost Newco Borrower LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 01/31/31 |  | 407 | 406,943
Garda World Security Corp., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.59%, 02/01/29 |  | 112 | 113,122
Grant Thornton LLP/Chicago, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.60%, 06/02/31 |  | 44 | 44,110
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 10/17/30 |  | 69 | 68,712
Mavis Tire Express Services Topco Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.09%, 05/04/28 |  | 356 | 356,886
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, (1-mo. CME Term SOFR at 0.75% Floor + 2.86%), 8.21%, 07/31/28 |  | 26 | 25,837
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 9.84%, 12/15/28 |  | 130 | 85,842
Prime Security Services Borrower LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.58%, 10/13/30 |  | 110 | 109,620
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/14/30 |  | 11 | 11,003

Schedule of Investments
91

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Sotheby ’ s, 2021 Term Loan B, (3-mo. CME Term SOFR + 4.76%), 10.09%, 01/15/27 | USD | 365 | $ 333,501
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 9.44%, 11/02/27 |  | 234 | 225,533
Vestis Corp., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.58%, 02/22/31 |  | 160 | 158,670
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.59%, 07/30/28 |  | 128 | 128,122
Wand NewCo 3, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 01/30/31 |  | 334 | 336,027
|  |  | 3,803,329
Communications Equipment — 0.0%
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 10/24/30 |  | 203 | 203,370
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR + 4.61%), 9.94%, 05/30/30 |  | 73 | 65,158
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/02/29 |  | 149 | 132,439
|  |  | 400,967
Construction & Engineering — 0.2%
AECOM, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.88%), 7.22%, 04/17/31 |  | 157 | 157,818
Apple Bidco LLC |  |  |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.86%), 8.21%, 09/22/28 |  | 153 | 152,988
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 09/22/28 |  | 157 | 157,434
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 08/01/30 |  | 560 | 561,703
Brown Group Holding LLC (n) |  |  |
2022 Incremental Term Loan B2, 07/02/29 |  | 210 | 209,470
Term Loan B, 06/07/28 |  | 167 | 166,658
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 8.94%, 12/16/27 |  | 61 | 61,425
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.46%, 01/21/28 |  | 125 | 125,174
Propulsion BC Newco LLC, Term Loan, 09/14/29 (n) |  | 29 | 29,066
USIC Holdings, Inc., 2021 Term Loan, (3-mo. CME Term SOFR + 3.61%), 9.08%, 05/12/28 |  | 146 | 141,092
|  |  | 1,762,828
Construction Materials — 0.1%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/31/31 |  | 121 | 121,085
Gates Corp., 2024 Term Loan B5, 06/04/31 (n) |  | 177 | 177,110
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 03/08/29 |  | 96 | 91,574
Quikrete Holdings, Inc. |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 04/14/31 |  | 99 | 98,907
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 03/19/29 |  | 74 | 74,244
|  |  | 562,920

Security |  | Par (000) | Value
Consumer Finance — 0.0%
Edelman Financial Engines Center LLC, 2024 Term Loan B, 04/07/28 (n) | USD | 78 | $ 77,960
Consumer Staples Distribution & Retail — 0.0%
U.S. Foods, Inc. |  |  |
2019 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 7.46%, 09/13/26 |  | 40 | 40,241
2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 11/22/28 |  | 91 | 90,764
|  |  | 131,005
Containers & Packaging — 0.1%
Charter Next Generation, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.84%, 12/01/27 |  | 456 | 456,221
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.44%, 10/29/28 |  | 145 | 142,702
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/15/27 |  | 158 | 158,663
Pregis TopCo LLC, 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 07/31/26 |  | 77 | 77,593
Trident TPI Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 09/15/28 |  | 149 | 149,037
|  |  | 984,216
Distributors — 0.0%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 9.34%, 10/28/27 |  | 201 | 183,466
Diversified Consumer Services — 0.1%
Ascend Learning LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.94%, 12/11/28 |  | 82 | 81,441
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.71%, 11/24/28 |  | 215 | 215,120
KUEHG Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 06/12/30 |  | 166 | 166,268
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 10/04/30 |  | 193 | 193,912
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME Term SOFR + 5.11%), 10.46%, 09/01/25 |  | 137 | 119,128
|  |  | 775,869
Diversified Telecommunication Services — 0.2%
Altice Financing SA, USD 2017 1st Lien Term Loan, (3-mo. LIBOR US at 0.00% Floor + 2.75%), 8.34%, 01/31/26 (d) |  | 246 | 226,699
Altice France SA/France, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.83%, 08/15/28 |  | 288 | 210,645
Connect Finco SARL |  |  |
2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 09/27/29 |  | 155 | 145,479
2024 Non-Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 12/11/26 |  | 151 | 148,846
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 7.59%, 09/20/30 |  | 91 | 90,583

92
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Level 3 Financing Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/29 | USD | 90 | $ 87,668
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/30 |  | 90 | 87,845
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/29 |  | 101 | 69,459
2024 Extended Term Loan B2, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/30 |  | 103 | 69,012
2024 Term Loan A, 06/01/28 (n) |  | 12 | 9,906
ORBCOMM, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.36%), 9.78%, 09/01/28 |  | 147 | 126,383
Sunrise Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR + 3.11%), 8.44%, 01/31/29 |  | 45 | 44,796
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 8.69%, 01/31/29 |  | 225 | 214,594
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.46%, 03/09/27 |  | 585 | 507,316
|  |  | 2,039,231
Electric Utilities — 0.0%
Hamilton Projects Acquiror LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 05/22/31 |  | 37 | 37,198
NRG Energy, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 04/16/31 |  | 172 | 171,484
|  |  | 208,682
Electrical Equipment — 0.0%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 10.35%, 06/23/28 |  | 296 | 296,218
Electronic Equipment, Instruments & Components — 0.1%
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 06/20/31 (d) |  | 56 | 55,930
Coherent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 07/02/29 |  | 106 | 106,373
Roper Industrial Products Investment Co., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.58%, 11/22/29 |  | 356 | 356,228
|  |  | 518,531
Entertainment — 0.3%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.44%, 04/22/26 |  | 161 | 152,323
Aristocrat Technologies, Inc., 2022 Term Loan B, (3- mo. CME Term SOFR + 2.35%), 7.68%, 05/24/29 |  | 12 | 11,520
Creative Artists Agency LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 11/27/28 |  | 429 | 430,747
Delta 2 Lux SARL, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.58%, 01/15/30 |  | 284 | 284,415

Security |  | Par (000) | Value
Entertainment (continued)
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR + 1.85%), 7.19%, 10/19/26 | USD | 447 | $ 446,325
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 11/12/29 |  | 236 | 236,347
OVG Business Services LLC, 2024 Term Loan B, 06/25/31 (n) |  | 91 | 91,229
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.86%), 8.21%, 03/13/28 |  | 229 | 228,286
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.93%), 8.09%, 01/23/25 |  | 150 | 149,866
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.01%), 8.34%, 04/29/26 |  | 356 | 356,753
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.86%), 8.21%, 05/18/25 |  | 458 | 457,900
WMG Acquisition Corp., 2024 Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/24/31 |  | 438 | 438,206
|  |  | 3,283,917
Environmental, Maintenance & Security Service — 0.1%
Clean Harbors, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 1.86%), 7.21%, 10/08/28 |  | 160 | 161,098
Covanta Holding Corp. |  |  |
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 11/30/28 |  | 82 | 81,742
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 11/30/28 |  | 6 | 6,264
Filtration Group Corp., 2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 10/21/28 |  | 425 | 426,847
GFL Environmental, Inc. |  |  |
2023 First Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/31/27 |  | 159 | 158,908
2024 Term Loan B, 06/27/31 (d)(n) |  | 96 | 96,000
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.09%, 06/21/28 |  | 447 | 447,086
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 8.69%, 03/09/28 |  | 125 | 67,476
|  |  | 1,445,421
Financial Services — 0.2%
ABG Intermediate Holdings 2 LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.93%, 12/21/28 |  | 153 | 153,210
Belron Finance U.S. LLC |  |  |
2018 Term Loan B, (3-mo. CME Term SOFR + 2.51%), 7.84%, 11/13/25 |  | 367 | 367,278
2023 1st Lien Term Loan, (3-mo. CME Term SOFR + 2.35%), 7.68%, 04/18/29 |  | 54 | 53,662
2023 USD Term Loan, (3-mo. CME Term SOFR + 2.26%), 7.51%, 04/13/28 |  | 178 | 177,536
Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 09/01/28 |  | 124 | 119,838

Schedule of Investments
93

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
CPI Holdco B LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/17/31 | USD | 133 | $ 132,793
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.08%, 04/09/27 |  | 746 | 744,806
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.01%), 12.35%, 04/07/28 |  | 190 | 189,525
Hyperion Refinance SARL, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/15/31 |  | 176 | 175,797
LBM Acquisition LLC, Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 12/17/27 |  | 95 | 95,194
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.69%, 03/24/25 |  | 187 | 186,945
Oxea Holding Drei GmbH, 2024 Tranche B Term Loan, (3-mo. CME Term SOFR at 3.00% Floor + 8.00%), 13.34%, 06/22/25 |  | 41 | 37,776
|  |  | 2,434,360
Food Products — 0.2%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 9.21%, 10/01/25 |  | 178 | 168,631
Aramark Services, Inc. |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 04/06/28 |  | 113 | 113,047
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 06/22/30 |  | 241 | 241,504
B&G Foods, Inc., 2019 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 10/10/26 |  | 85 | 84,368
Chobani LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 10/25/27 |  | 582 | 583,219
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 10/25/27 |  | 93 | 92,882
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.35%), 7.69%, 01/29/27 |  | 558 | 556,897
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.95%), 9.30%, 05/23/25 |  | 54 | 39,472
Nomad Foods U.S. LLC, Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.81%, 11/12/29 |  | 74 | 74,250
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.85%, 03/31/28 |  | 121 | 121,049
UTZ Quality Foods LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/20/28 |  | 308 | 309,065
|  |  | 2,384,384
Ground Transportation — 0.1%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 4.85%), 10.18%, 04/06/28 |  | 98 | 97,518
Avis Budget Car Rental LLC, 2020 Term Loan B, (1- mo. CME Term SOFR + 1.86%), 7.21%, 08/06/27 |  | 70 | 69,204

Security |  | Par (000) | Value
Ground Transportation (continued)
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 04/10/31 | USD | 233 | $ 232,678
Hertz Corp. |  |  |
2021 Term Loan B, (3-mo. CME Term SOFR + 3.51%), 8.86%, 06/30/28 |  | 58 | 52,699
2021 Term Loan C, (3-mo. CME Term SOFR + 3.51%), 8.86%, 06/30/28 |  | 11 | 10,239
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (Defaulted), 0.00%, 08/04/25 |  | 76 | 53,252
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 03/03/30 |  | 275 | 276,340
|  |  | 791,930
Health Care Equipment & Supplies — 0.2%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.10%), 7.44%, 11/08/27 |  | 200 | 199,973
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 09/29/28 |  | 111 | 110,813
Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 05/10/27 |  | 316 | 312,536
Insulet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 05/04/28 |  | 109 | 109,413
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.33%, 10/19/27 |  | 241 | 238,167
Medline Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 10/23/28 |  | 684 | 685,028
2024 USD Add-on Term Loan B, 10/23/28 (n) |  | 224 | 224,000
Sotera Health Holdings LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/30/31 |  | 290 | 289,034
|  |  | 2,168,964
Health Care Providers & Services — 0.2%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR + 2.11%), 7.46%, 02/22/28 |  | 240 | 240,032
CHG Healthcare Services, Inc. |  |  |
2021 Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.69%, 09/29/28 |  | 182 | 182,465
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 09/29/28 |  | 36 | 35,880
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 11/08/27 |  | 256 | 256,463
Concentra Health Services, Inc., Term Loan B, 06/26/31 (d)(n) |  | 22 | 22,055
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 11/01/28 |  | 334 | 333,733
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.61%), 10.04%, 11/30/28 |  | 176 | 107,022
2024 Superpriority New Money 1st Out Term Loan A, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 11.08%, 08/31/28 |  | 57 | 56,758
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 07/01/30 |  | 22 | 21,528

94
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
ICON Luxembourg SARL |  |  |
2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 07/03/28 | USD | 57 | $ 57,306
2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 07/03/28 |  | 14 | 14,502
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 01/02/31 |  | 158 | 158,724
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/15/28 |  | 365 | 365,046
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 11/01/28 |  | 116 | 87,160
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 09/27/30 |  | 163 | 162,938
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 12/19/30 |  | 157 | 156,564
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.35%), 7.69%, 05/16/29 |  | 31 | 31,466
WCG Intermediate Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.84%, 01/08/27 |  | 118 | 117,851
|  |  | 2,407,493
Health Care Technology — 0.2%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 02/15/29 |  | 454 | 452,179
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/01/31 |  | 239 | 237,904
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 4.10%), 9.43%, 10/01/27 |  | 363 | 350,582
PointClickCare Technologies, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.33%, 12/29/27 |  | 98 | 98,367
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR + 4.26%), 9.59%, 06/02/28 |  | 623 | 621,824
Waystar Technologies, Inc., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 10/22/29 |  | 93 | 93,294
|  |  | 1,854,150
Hotel & Resort REITs — 0.0%
RHP Hotel Properties LP, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 05/18/30 |  | 79 | 79,491
Hotels, Restaurants & Leisure — 0.6%
1011778 B.C. Unlimited Liability Company, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 09/20/30 |  | 276 | 275,463
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 02/02/26 |  | 249 | 242,595
Alterra Mountain Co. |  |  |
2024 Add-on Term Loan B, 05/31/30 (n) |  | 27 | 27,118
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 05/31/30 |  | 123 | 123,103
Bally ’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.84%, 10/02/28 |  | 148 | 140,697
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.10%, 02/06/31 |  | 342 | 341,872

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Caesars Entertainment, Inc. (continued) |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.10%, 02/06/30 | USD | 133 | $ 132,488
Carnival Corp., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 08/08/27 |  | 123 | 123,388
Cedar Fair LP, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 05/01/31 |  | 160 | 159,501
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.10%), 7.44%, 03/17/28 |  | 182 | 182,043
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.59%, 07/21/28 |  | 293 | 291,997
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.08%, 01/27/29 |  | 634 | 634,146
Flutter Financing BV, Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.58%, 11/25/30 |  | 461 | 460,399
Four Seasons Hotels Ltd., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 11/30/29 |  | 438 | 438,870
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.10%, 11/08/30 |  | 330 | 330,539
IRB Holding Corp., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 8.19%, 12/15/27 |  | 381 | 380,934
Light & Wonder International, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.07%, 04/14/29 |  | 191 | 190,738
2024 Term Loan B2, 04/14/29 (n) |  | 8 | 7,994
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 8.19%, 05/03/29 |  | 192 | 192,339
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.09%, 01/05/29 |  | 56 | 56,152
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 34 | 30,275
2021 Term Loan B2, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 53 | 47,447
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.31%, 04/04/29 |  | 74 | 73,815
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 08/25/28 |  | 55 | 55,172
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 03/14/31 |  | 344 | 343,738
Whatabrands LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 08/03/28 |  | 414 | 413,985
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 05/24/30 |  | 159 | 158,831
|  |  | 5,855,639
Household Durables — 0.1%
AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/31/28 |  | 223 | 223,167
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.84%, 02/26/29 |  | 326 | 322,455

Schedule of Investments
95

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Household Durables (continued)
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.11%), 9.46%, 10/06/28 | USD | 310 | $ 264,988
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 10/30/27 |  | 440 | 407,832
|  |  | 1,218,442
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 07/31/30 |  | 146 | 145,365
Calpine Corp., Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/31/31 |  | 80 | 79,700
Constellation Renewables LLC, 2020 Term Loan, (3- mo. CME Term SOFR + 2.76%), 8.11%, 12/15/27 |  | 225 | 225,386
|  |  | 450,451
Insurance — 0.4%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/06/30 |  | 749 | 750,575
AmWINS Group, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.59%, 02/19/28 |  | 385 | 384,357
Amynta Agency Borrower, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.10%, 02/28/28 |  | 328 | 328,227
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/14/31 |  | 546 | 546,729
Baldwin Insurance Group Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/26/31 (d) |  | 88 | 87,555
HUB International Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.57%, 06/20/30 |  | 537 | 538,449
Jones Deslauriers Insurance Management, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 03/15/30 |  | 143 | 142,571
Ryan Specialty LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 09/01/27 |  | 159 | 159,698
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 02/24/28 |  | 509 | 509,133
Truist Insurance Holdings LLC |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/06/31 |  | 409 | 409,364
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 05/06/32 |  | 107 | 108,918
USI, Inc. |  |  |
2024 Term Loan (2029), (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 11/22/29 |  | 430 | 430,124
2024 Term Loan (2030), (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 09/27/30 |  | 131 | 130,957
|  |  | 4,526,657
Interactive Media & Services — 0.0%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 4.15%), 9.48%, 02/16/28 |  | 50 | 49,979
IT Services — 0.3%
Asurion LLC |  |  |
2020 Term Loan B8, (1-mo. CME Term SOFR + 3.36%), 8.71%, 12/23/26 |  | 289 | 286,435

Security |  | Par (000) | Value
IT Services (continued)
Asurion LLC (continued) |  |  |
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 10.71%, 01/31/28 | USD | 175 | $ 162,341
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 10.71%, 01/20/29 |  | 44 | 40,466
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.35%), 9.69%, 08/19/28 |  | 74 | 73,552
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/31/31 |  | 404 | 404,848
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 07/06/29 |  | 432 | 425,150
Epicor Software Corp. |  |  |
2024 Delayed Draw Term Loan, 05/30/31 (n) |  | 4 | 4,216
2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/23/31 |  | 182 | 182,317
Fortress Intermediate 3, Inc, Term Loan B, 06/27/31 (d)(n) |  | 75 | 75,000
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 11/09/29 |  | 185 | 185,155
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 05/30/31 |  | 209 | 208,849
Magenta Buyer LLC |  |  |
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 10.59%, 07/27/28 |  | 128 | 70,732
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.51%), 13.84%, 07/27/29 |  | 193 | 56,687
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 06/17/31 |  | 295 | 292,050
2024 2nd Lien Term Loan, 06/17/32 (n) |  | 71 | 70,601
Venga Finance SARL, 2021 USD Term Loan B, (3-mo. CME Term SOFR + 5.01%), 10.36%, 06/28/29 |  | 82 | 81,585
|  |  | 2,619,984
Leisure Products — 0.0%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.10%), 9.44%, 12/01/28 |  | 74 | 73,064
Machinery — 0.2%
Columbus McKinnon Corp./New York, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/14/28 |  | 58 | 58,568
Doosan Bobcat North America, Inc. |  |  |
2022 Term Loan B, (3-mo. CME Term SOFR + 2.35%), 7.68%, 04/20/29 |  | 36 | 36,228
2024 Term Loan, 04/20/29 (n) |  | 16 | 16,004
Generac Power Systems, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.85%), 7.18%, 12/13/26 |  | 40 | 39,975
SPX Flow, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 04/05/29 |  | 267 | 268,344
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6- mo. CME Term SOFR at 0.00% Floor + 5.00%), 10.33%, 02/15/29 |  | 734 | 735,608

96
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Machinery (continued)
TK Elevator U.S. Newco, Inc., USD Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.79%, 04/30/30 | USD | 534 | $ 536,728
Vertiv Group Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 03/02/27 |  | 345 | 345,170
Wec US Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/27/31 |  | 198 | 198,044
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.11%), 7.46%, 10/04/28 |  | 97 | 97,014
|  |  | 2,331,683
Media — 0.1%
A L Parent LLC, 2023 Take Back Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 5.50%), 10.84%, 06/30/28 |  | 118 | 118,466
Charter Communications Operating LLC, 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.30%, 12/07/30 |  | 156 | 153,905
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 9.46%, 08/23/28 |  | 83 | 83,517
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US at 0.00% Floor + 2.50%), 7.94%, 04/15/27 |  | 177 | 146,720
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.11%), 10.46%, 08/02/27 |  | 143 | 143,455
ECL Entertainment LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/31/30 |  | 94 | 93,924
Gray Television, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 06/04/29 |  | 45 | 42,694
NEP Group, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.25%, 1.50% PIK), 10.21%, 08/19/26 (i) |  | 254 | 239,152
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 8.71%, 09/25/26 |  | 373 | 301,338
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.85%), 9.19%, 04/21/29 |  | 68 | 45,822
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR + 2.61%), 7.94%, 04/30/28 |  | 126 | 121,660
|  |  | 1,490,653
Oil, Gas & Consumable Fuels — 0.1%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.09%, 12/21/28 |  | 437 | 435,618
GIP Pilot Acquisition Partners LP, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.83%, 10/04/30 |  | 34 | 33,993
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR + 4.60%), 9.94%, 09/19/29 |  | 26 | 25,623
Medallion Midland Acquisition LP, 2023 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 10/18/28 |  | 258 | 259,302

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.33%, 10/27/28 | USD | 228 | $ 221,753
Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 10/05/28 |  | 361 | 360,921
|  |  | 1,337,210
Paper & Forest Products — 0.0%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 7.19%, 09/07/27 |  | 294 | 293,754
Passenger Airlines — 0.1%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR + 5.01%), 10.34%, 04/20/28 |  | 349 | 359,750
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.85%, 03/21/31 |  | 205 | 205,549
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.85%), 7.07%, 01/29/27 |  | 299 | 297,598
2023 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.77%, 06/04/29 |  | 62 | 61,845
Series AA, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.19%, 02/15/28 |  | 161 | 160,027
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. CME Term SOFR + 5.25%), 10.74%, 06/21/27 |  | 224 | 228,746
United Airlines, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 02/22/31 |  | 177 | 177,713
WestJet Airlines Ltd., Term Loan B, (1-mo. CME Term SOFR + 3.10%), 8.44%, 12/11/26 |  | 10 | 10,013
|  |  | 1,501,241
Pharmaceuticals — 0.1%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.84%, 05/04/28 |  | 122 | 122,715
Bausch Health Americas, Inc., 2022 Term Loan B, (1- mo. CME Term SOFR + 5.35%), 10.69%, 02/01/27 |  | 135 | 123,080
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 7.18%, 08/01/27 |  | 294 | 293,168
Jazz Financing Lux S.a.r.l., 2024 1st Lien Term Loan B, 05/05/28 (n) |  | 148 | 147,997
Jazz Financing Lux SARL, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.46%, 05/05/28 |  | 263 | 262,407
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 10/27/28 |  | 127 | 127,205
Organon & Co., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/19/31 |  | 120 | 119,419
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.69%, 04/20/29 |  | 114 | 113,558
Precision Medicine Group LLC, 2021 Term Loan, (3- mo. CME Term SOFR at 0.75% Floor + 3.10%), 8.43%, 11/18/27 |  | 151 | 150,610
|  |  | 1,460,159

Schedule of Investments
97

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Professional Services — 0.3%
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.96%, 06/04/29 | USD | 100 | $ 97,500
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 06/02/28 |  | 429 | 421,919
Dayforce, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 02/26/31 (d) |  | 296 | 296,370
Dun & Bradstreet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.10%, 01/18/29 |  | 1,202 | 1,167,029
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR + 4.35%), 9.68%, 07/06/29 |  | 239 | 240,013
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.85%), 7.19%, 04/28/28 |  | 221 | 221,333
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.08%, 04/29/29 |  | 110 | 88,956
Trans Union LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 12/01/28 |  | 315 | 314,228
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.19%, 06/24/31 |  | 111 | 110,209
|  |  | 2,957,557
Real Estate Management & Development — 0.0%
Cushman & Wakefield U.S. Borrower LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.21%, 08/21/25 |  | 6 | 5,942
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 01/31/30 (d) |  | 74 | 74,184
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.34%, 01/31/30 (d) |  | 63 | 63,218
|  |  | 143,344
Semiconductors & Semiconductor Equipment — 0.1%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.08%, 07/06/29 |  | 120 | 119,970
MKS Instruments, Inc. |  |  |
2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 08/17/29 |  | 195 | 194,718
2024 USD Term Loan B, 08/17/29 (n) |  | 32 | 31,993
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.51%), 7.85%, 12/02/28 |  | 109 | 108,975
|  |  | 455,656
Software — 0.7%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 02/24/31 |  | 421 | 423,746
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.81%, 08/15/29 |  | 72 | 71,443
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.36%), 7.71%, 09/21/28 |  | 308 | 307,796
Cloud Software Group, Inc. |  |  |
2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 03/21/31 |  | 147 | 147,298
2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 03/30/29 |  | 848 | 846,968
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR + 6.10%), 11.44%, 10/08/29 |  | 113 | 111,729

Security |  | Par (000) | Value
Software (continued)
Cloudera, Inc. (continued) |  |  |
2021 Term Loan, (1-mo. CME Term SOFR + 3.85%), 9.19%, 10/08/28 (d) | USD | 88 | $ 88,400
Drake Software LLC, 2024 Term Loan B, 06/26/31 (d)(n) |  | 76 | 75,240
Ellucian Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.94%, 10/09/29 |  | 361 | 362,249
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 7.09%, 09/12/29 |  | 278 | 277,095
Genesys Cloud Services Holdings II LLC |  |  |
First Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.84%, 12/01/27 |  | 411 | 413,269
Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 12/01/27 |  | 154 | 154,575
Helios Software Holdings, Inc., 2024 Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 07/18/30 |  | 152 | 152,072
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 10/27/28 |  | 418 | 418,501
ION Trading Finance Ltd, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.35%, 04/01/28 |  | 55 | 54,468
McAfee Corp., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 03/01/29 |  | 432 | 431,396
MH Sub I LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 6.25%), 9.59%, 02/23/29 |  | 108 | 107,005
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 05/03/28 |  | 248 | 247,873
Modena Buyer LLC, Term Loan, 07/01/31 (n) |  | 110 | 107,216
Planview Parent, Inc., 2024 Term Loan, 12/17/27 (n) |  | 36 | 35,860
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.34%, 08/31/28 |  | 640 | 640,773
RealPage, Inc., 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 04/24/28 |  | 462 | 448,095
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 08/01/27 |  | 156 | 156,165
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/09/31 |  | 166 | 166,692
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 02/10/31 |  | 504 | 505,459
VS Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 04/14/31 |  | 329 | 329,275
|  |  | 7,080,658
Specialty Retail — 0.1%
EG America LLC, 2021 Term Loan, (3-mo. SOFR OIS CMPD + 4.51%), 9.82%, 03/31/26 (d) |  | 159 | 158,289
LS Group OpCo Acquistion LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 04/23/31 |  | 65 | 64,970
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/11/28 |  | 209 | 208,172
Restoration Hardware, Inc. |  |  |
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 10/20/28 |  | 88 | 85,966
Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 10/20/28 |  | 90 | 86,353
|  |  | 603,750

98
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Technology Hardware, Storage & Peripherals — 0.1%
Tempo Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 08/31/28 | USD | 579 | $ 580,065
Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 03/08/30 |  | 57 | 57,371
Trading Companies & Distributors — 0.1%
Core & Main LP |  |  |
2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 02/09/31 |  | 93 | 92,826
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 07/27/28 |  | 550 | 550,485
TMK Hawk Parent Corp. (d) |  |  |
2024 PIK Term Loan, (3-mo. CME Term SOFR + 11.00%), 11.00%, 12/15/31 |  | 2 | 1,763
2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.59%, 06/30/29 |  | 67 | 45,746
|  |  | 690,820
Transportation Infrastructure — 0.0%
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR + 6.35%), 11.69%, 12/15/26 |  | 121 | 120,124
Wireless Telecommunication Services — 0.0%
GOGO Intermediate Holdings LLC, Term Loan B, (1- mo. CME Term SOFR + 3.86%), 9.21%, 04/30/28 |  | 63 | 62,475
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 01/25/31 |  | 198 | 198,160
|  |  | 260,635
Total Floating Rate Loan Interests — 7.5% (Cost: $79,045,967) | 78,246,617
Foreign Agency Obligations
Brazil — 0.5% |
Brazilian Government International Bond, 5.00%, 01/27/45 |  | 6,525 | 4,994,887
China — 0.0% |
China Development Bank/Hong Kong, 2.00%, 02/16/27 (h) |  | 200 | 186,664
Export-Import Bank of China, 3.38%, 03/14/27 (h) |  | 200 | 193,182
|  |  | 379,846
Colombia — 0.3% |
Colombia Government International Bond, 5.63%, 02/26/44 (g) |  | 4,000 | 3,064,000
Hong Kong — 0.0% |
Airport Authority, 3.25%, 01/12/52 (h) |  | 200 | 143,338
India — 0.0% |
Export-Import Bank of India, 3.88%, 02/01/28 (h) |  | 200 | 191,125
Indonesia — 0.2% |
Indonesia Government International Bond |  |  |
4.65%, 09/20/32 |  | 250 | 240,859

Security |  | Par (000) | Value
Indonesia (continued) |
Indonesia Government International Bond (continued) |  |  |
4.85%, 01/11/33 (g) | USD | 200 | $ 195,437
5.25%, 01/17/42 (h) |  | 200 | 196,022
4.75%, 07/18/47 (h) |  | 200 | 183,272
3.70%, 10/30/49 |  | 200 | 152,313
3.50%, 02/14/50 (g) |  | 200 | 146,670
Perusahaan Penerbit SBSN Indonesia III (h) |  |  |
1.50%, 06/09/26 |  | 200 | 185,923
4.40%, 06/06/27 |  | 200 | 195,798
|  |  | 1,496,294
Mexico — 0.5% |
Mexico Government International Bond, 4.75%, 03/08/44 (g) |  | 5,800 | 4,648,700
Pakistan — 0.1% |
Pakistan Government International Bond (h) |  |  |
6.00%, 04/08/26 |  | 450 | 404,578
7.38%, 04/08/31 |  | 200 | 157,313
|  |  | 561,891
Philippines — 0.0% |
Philippines Government International Bond |  |  |
3.70%, 03/01/41 |  | 300 | 243,033
2.65%, 12/10/45 |  | 200 | 131,062
|  |  | 374,095
Republic of Korea — 0.0% |
Korea National Oil Corp., 4.88%, 04/03/29 (h) |  | 200 | 197,802
Saudi Arabia — 0.0% |
Saudi Government International Bond (h) |  |  |
4.00%, 04/17/25 |  | 200 | 197,625
4.50%, 10/26/46 |  | 200 | 169,563
|  |  | 367,188
South Korea — 0.1% |
Export-Import Bank of Korea, 1.63%, 01/18/27 |  | 200 | 184,164
Korea Development Bank |  |  |
2.00%, 02/24/25 |  | 200 | 195,636
4.38%, 02/15/33 |  | 200 | 190,560
Korea Expressway Corp., 1.13%, 05/17/26 (h) |  | 200 | 185,314
|  |  | 755,674
United Arab Emirates — 0.0% |
Sharjah Sukuk Program Ltd., 6.09%, 03/19/34 (h) |  | 250 | 254,766
Uruguay — 0.3% |
Uruguay Government International Bond, 5.10%, 06/18/50 (g) |  | 3,500 | 3,303,125
Total Foreign Agency Obligations — 2.0% (Cost: $24,233,500) | 20,732,731

Schedule of Investments
99

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Investment Companies
Fixed Income Funds — 0.4% |
Invesco Senior Loan ETF |  | 170,000 | $ 3,576,800
Total Investment Companies — 0.4% (Cost: $3,564,061) | 3,576,800

|  | Par (000) |
Municipal Bonds
New York — 1.0% |
Metropolitan Transportation Authority, RB, BAB, 6.55%, 11/15/31 | USD | 10,000 | 10,566,118
Total Municipal Bonds — 1.0% (Cost: $9,833,900) | 10,566,118
Preferred Securities
Capital Trusts — 11.9%
Automobiles — 0.2% |
General Motors Financial Co., Inc., Series C, 5.70% (a)(j) |  | 2,565 | 2,407,812
Banks — 8.1% |
Barclays PLC (a)(j) |  |  |
4.38% |  | 1,630 | 1,368,718
9.63% |  | 3,340 | 3,620,867
BNP Paribas SA (a)(b)(j) |  |  |
4.63% |  | 13,999 | 11,210,031
7.38% |  | 4,535 | 4,523,685
Citigroup, Inc., Series BB, 7.20% (a)(j) |  | 6,750 | 6,917,008
HDFC Bank Ltd., 3.70% (a)(h)(j) |  | 200 | 185,250
HSBC Capital Funding Dollar 1 LP, 10.18% (a)(b)(j) |  | 11,835 | 14,291,058
Industrial & Commercial Bank of China Ltd., 3.20% (a)(h)(j) |  | 300 | 284,796
JPMorgan Chase & Co., 8.75%, 09/01/30 (g) |  | 2,000 | 2,337,136
Kasikornbank PCL/Hong Kong, 4.00% (a)(h)(j) |  | 300 | 276,000
Lloyds Banking Group PLC, 7.50% (a)(j) |  | 8,285 | 8,282,006
Macquarie Bank Ltd., 6.13% (a)(b)(j) |  | 1,885 | 1,854,711
Mitsubishi UFJ Financial Group, Inc., 8.20% (a)(j) |  | 425 | 456,614
NatWest Group PLC (a)(j) |  |  |
8.13% |  | 5,275 | 5,329,570
8.00% |  | 970 | 976,407
Nordea Bank Abp, 6.63% (a)(b)(j) |  | 5,540 | 5,497,935
PNC Financial Services Group, Inc. (a)(j) |  |  |
Series V, 6.20% (g) |  | 5,529 | 5,507,489
Series W, 6.25% |  | 1,250 | 1,218,088
Rizal Commercial Banking Corp., 6.50% (a)(h)(j) |  | 700 | 691,688
Standard Chartered PLC, 7.88% (a)(h)(j) |  | 400 | 400,500
UBS Group AG (a)(b)(j) |  |  |
7.75% |  | 4,845 | 4,942,128
Series NC10, 9.25% |  | 4,807 | 5,383,321
|  |  | 85,555,006

Security |  | Par (000) | Value
Commercial Services & Supplies — 0.0% |
Royal Capital BV, 5.00% (a)(h)(j) | USD | 200 | $ 197,187
Diversified Telecommunication Services — 0.5% |
Vodafone Group PLC, 7.00%, 04/04/79 (a) |  | 4,745 | 4,889,239
Electric Utilities (a) — 1.1% |
Dominion Energy, Inc., Series B, 7.00%, 06/01/54 |  | 1,810 | 1,883,240
PPL Capital Funding, Inc., Series A, 8.26%, 03/30/67 |  | 8,300 | 8,234,419
Vistra Corp., 7.00% (b)(j) |  | 1,155 | 1,144,964
|  |  | 11,262,623
Insurance — 1.8% |
ACE Capital Trust II, 9.70%, 04/01/30 (g) |  | 7,000 | 8,303,956
Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, 04/01/27 |  | 5,000 | 4,739,145
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52 (a)(h) |  | 200 | 199,250
MetLife, Inc., 6.40%, 12/15/66 (g) |  | 5,000 | 5,060,775
|  |  | 18,303,126
Oil, Gas & Consumable Fuels — 0.2% |
Enterprise Products Operating LLC, 8.39%, 06/01/67 (a) |  | 2,500 | 2,473,699
Passenger Airlines (a)(h)(j) — 0.0% |
Airport Authority |  |  |
2.10% |  | 200 | 188,000
2.40% |  | 200 | 180,000
|  |  | 368,000
Real Estate Management & Development — 0.0% |
NWD Finance BVI Ltd., 4.13% (a)(h)(j) |  | 209 | 125,400
| 125,582,092

|  | Shares |
Preferred Stocks — 0.5%
Interactive Media & Services — 0.5% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $3,189,595) (d)(e)(f) |  | 29,109 | 4,919,712
| 4,919,712
Total Preferred Securities — 12.4% (Cost: $133,170,619) | 130,501,804
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 — 153.8% (Cost: $1,643,714,036) | 1,616,334,726

100
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 1.0% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19% (o)(p) |  | 10,963,298 | $ 10,963,298
Total Short-Term Securities — 1.0% (Cost: $10,963,298) | 10,963,298
Options Purchased — 0.1% (Cost: $1,488,890) | 1,440,381
Total Investments Before Options Written — 154.9% (Cost: $1,656,166,224) | 1,628,738,405
Options Written — (0.1)% (Premiums Received: $(829,772)) | (843,150 )
Total Investments, Net of Options Written — 154.8% (Cost: $1,655,336,452) | 1,627,895,255
Liabilities in Excess of Other Assets — (54.8)% | (576,587,107 )
Net Assets — 100.0% | $ 1,051,308,148

(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 $4,991,134, representing 0.5% of its net assets as of period end, and an original cost of $3,299,073.
(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) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(m) | Zero-coupon bond.
(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 six months ended June 30, 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 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 16,341,334 | $ — | $ (5,378,036 ) (a) | $ — | $ — | $ 10,963,298 | 10,963,298 | $ 272,118 | $ —

(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)
Barclays Capital, Inc. | 5.37 % (b) | 01/29/24 | Open | $ 3,449,137 | $ 3,527,855 | Corporate Bonds | Open/Demand
Barclays Capital, Inc. | 5.50 (b) | 01/29/24 | Open | 159,500 | 163,228 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 02/05/24 | Open | 7,006,747 | 7,157,638 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 03/21/24 | Open | 857,371 | 870,578 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 03/21/24 | Open | 563,920 | 572,606 | Corporate Bonds | Open/Demand
Morgan Stanley & Co. International PLC | 5.15 (b) | 04/01/24 | Open | 853,760 | 864,752 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 04/08/24 | Open | 3,123,656 | 3,163,194 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 04/08/24 | Open | 210,790 | 213,371 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 5.31 (b) | 04/08/24 | Open | 1,380,000 | 1,396,895 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.00 (b) | 04/12/24 | Open | 186,429 | 188,423 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 3,113,954 | 3,149,587 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 5.35 (b) | 04/12/24 | Open | 489,375 | 494,975 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.40 (b) | 04/12/24 | Open | 630,089 | 637,367 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 550,094 | 556,541 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 488,255 | 493,978 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 554,588 | 561,088 | Corporate Bonds | Open/Demand

Schedule of Investments
101

Schedule of Investments
(unaudited)
(continued)
June 30, 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. | 5.48 % (b) | 04/12/24 | Open | $ 383,125 | $ 387,616 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 186,615 | 188,802 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 172,250 | 174,269 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 500,108 | 505,969 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 440,325 | 445,486 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 703,575 | 711,822 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 1,845,000 | 1,866,625 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 215,683 | 218,211 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 284,665 | 288,002 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 886,250 | 896,638 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 204,488 | 206,884 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 161,618 | 163,512 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 171,973 | 173,988 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 04/12/24 | Open | 183,773 | 185,927 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/18/24 | Open | 8,395,100 | 8,489,839 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 286,057 | 289,056 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 925,710 | 935,415 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 161,000 | 162,688 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 113,850 | 115,044 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 207,681 | 209,859 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 677,206 | 684,306 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 695,858 | 703,153 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 418,425 | 422,812 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 174,420 | 176,249 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 734,419 | 742,119 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 04/22/24 | Open | 147,108 | 148,650 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.30 (b) | 04/29/24 | Open | 643,860 | 649,737 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.32 (b) | 04/29/24 | Open | 1,894,750 | 1,912,110 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.35 (b) | 04/29/24 | Open | 518,000 | 522,773 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.35 (b) | 04/29/24 | Open | 2,611,180 | 2,634,340 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.39 (b) | 04/29/24 | Open | 690,413 | 696,821 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.39 (b) | 04/29/24 | Open | 2,012,930 | 2,031,616 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.39 (b) | 04/29/24 | Open | 80,845 | 81,595 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/29/24 | Open | 723,284 | 730,010 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 04/29/24 | Open | 1,864,912 | 1,882,320 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.44 (b) | 04/29/24 | Open | 363,231 | 366,634 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.44 (b) | 04/29/24 | Open | 1,900,000 | 1,917,801 | Capital Trusts | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 374,500 | 378,015 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 529,690 | 534,662 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 300,873 | 303,697 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 321,500 | 324,518 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 685,294 | 691,726 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 526,692 | 531,636 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 4,612,500 | 4,655,793 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 325,848 | 328,906 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.45 (b) | 04/29/24 | Open | 190,938 | 192,730 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 04/29/24 | Open | 677,988 | 684,375 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 04/29/24 | Open | 1,019,940 | 1,029,548 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.48 (b) | 04/29/24 | Open | 709,091 | 715,784 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.48 (b) | 04/29/24 | Open | 310,538 | 313,468 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 345,573 | 348,840 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 202,500 | 204,415 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 274,050 | 276,641 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 1,418,567 | 1,431,980 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 1,471,380 | 1,485,292 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 541,450 | 546,569 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 04/29/24 | Open | 233,269 | 235,474 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.50 (b) | 04/29/24 | Open | 4,487,500 | 4,530,007 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.50 (b) | 04/29/24 | Open | 2,375,625 | 2,398,127 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 163,575 | 165,072 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.40 (b) | 04/30/24 | Open | 2,235,390 | 2,255,844 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 285,044 | 287,681 | Corporate Bonds | Open/Demand

102
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 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 | 5.46 % (b) | 04/30/24 | Open | $ 273,904 | $ 276,438 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 464,781 | 469,081 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.46 (b) | 04/30/24 | Open | 320,314 | 323,277 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 04/30/24 | Open | 1,441,902 | 1,455,316 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 04/30/24 | Open | 1,360,162 | 1,372,815 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 04/30/24 | Open | 2,647,797 | 2,672,429 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 04/30/24 | Open | 1,540,582 | 1,554,914 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 05/01/24 | Open | 776,782 | 783,864 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 05/01/24 | Open | 996,975 | 1,006,064 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/01/24 | Open | 1,446,776 | 1,460,235 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.47 (b) | 05/03/24 | Open | 489,067 | 493,451 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/06/24 | Open | 629,483 | 634,849 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.48 (b) | 05/06/24 | Open | 5,887,656 | 5,936,949 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 4,125,937 | 4,160,544 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 6,616,000 | 6,671,492 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 6,957,675 | 7,016,033 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 5,490,000 | 5,536,047 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,344,599 | 2,364,264 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 840,262 | 847,310 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 5,619,375 | 5,666,508 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 1,237,406 | 1,247,785 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,471,875 | 2,492,608 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 3,306,847 | 3,334,584 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 614,150 | 619,301 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,840,906 | 2,864,734 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 861,075 | 868,297 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 7,857,500 | 7,923,405 | Capital Trusts | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 3,041,394 | 3,066,903 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 3,030,000 | 3,055,414 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 3,610,000 | 3,640,279 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 3,962,500 | 3,995,735 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 804,886 | 811,637 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 4,785,662 | 4,825,802 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 1,233,487 | 1,243,833 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 908,119 | 915,736 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 3,698,062 | 3,729,080 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,255,000 | 2,273,914 | Capital Trusts | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 615,000 | 620,158 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 9,158,712 | 9,235,531 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 10,407,787 | 10,495,083 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 4,806,831 | 4,847,149 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 558,250 | 562,932 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,372,700 | 2,392,601 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 1,443,975 | 1,456,086 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 770,000 | 776,458 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 3,014,375 | 3,039,658 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,598,750 | 2,620,547 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 904,205 | 911,789 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 14,068,094 | 14,186,090 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 419,650 | 423,170 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 3,054,375 | 3,079,994 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 11,150,000 | 11,243,521 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 4,310,625 | 4,346,780 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,954,375 | 2,979,155 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,818,725 | 2,842,367 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 1,761,375 | 1,776,149 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,098,581 | 2,116,183 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 4,998,740 | 5,040,667 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 3,431,366 | 3,460,147 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 562,081 | 566,796 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,326,144 | 2,345,654 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 1,017,250 | 1,025,782 | Corporate Bonds | Open/Demand

Schedule of Investments
103

Schedule of Investments
(unaudited)
(continued)
June 30, 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 | 5.49 % (b) | 05/06/24 | Open | $ 570,400 | $ 575,184 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 4,260,712 | 4,296,449 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 4,310,775 | 4,346,932 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/06/24 | Open | 2,705,750 | 2,728,445 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/09/24 | Open | 1,021,849 | 1,030,108 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.41 (b) | 05/10/24 | Open | 918,325 | 925,501 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/10/24 | Open | 8,350,000 | 8,416,336 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 05/10/24 | Open | 1,956,375 | 1,971,889 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 05/13/24 | Open | 590,655 | 595,012 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.42 (b) | 05/13/24 | Open | 6,022,522 | 6,066,952 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/13/24 | Open | 243,870 | 245,692 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.35 (b) | 05/20/24 | Open | 1,252,032 | 1,259,661 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.35 (b) | 05/20/24 | Open | 469,560 | 472,421 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 826,250 | 831,379 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 1,830,000 | 1,841,359 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/20/24 | Open | 813,750 | 818,801 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 249,288 | 250,798 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 605,475 | 609,144 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 172,351 | 173,396 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 241,474 | 242,937 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 201,880 | 203,103 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.32 (b) | 05/20/24 | Open | 164,705 | 165,703 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/20/24 | Open | 711,811 | 716,254 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 422,453 | 424,965 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 177,573 | 178,629 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 1,481,527 | 1,490,339 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 1,033,805 | 1,039,954 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 669,263 | 673,243 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/22/24 | Open | 124,960 | 125,703 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 5.45 (b) | 05/22/24 | Open | 144,320 | 145,194 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.44 (b) | 05/23/24 | Open | 813,170 | 817,962 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.47 (b) | 05/23/24 | Open | 169,275 | 170,278 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.48 (b) | 05/23/24 | Open | 176,500 | 177,548 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/23/24 | Open | 148,086 | 148,967 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.48 (b) | 05/23/24 | Open | 138,173 | 138,993 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/23/24 | Open | 2,409,825 | 2,421,653 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.15 (b) | 05/23/24 | Open | 1,286,036 | 1,293,027 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.25 (b) | 05/23/24 | Open | 160,250 | 161,138 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.45 (b) | 05/23/24 | Open | 4,357,187 | 4,382,253 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 4,781,250 | 4,809,008 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 1,961,842 | 1,973,232 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 05/23/24 | Open | 11,012,500 | 11,076,434 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 05/30/24 | Open | 1,491,855 | 1,499,135 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 06/04/24 | Open | 299,880 | 301,115 | Corporate Bonds | Open/Demand
BNP Paribas SA | 5.49 (b) | 06/04/24 | Open | 533,280 | 535,476 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/07/24 | Open | 680,000 | 682,457 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/07/24 | Open | 1,353,809 | 1,358,701 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/07/24 | Open | 1,089,000 | 1,092,935 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 5.50 (b) | 06/07/24 | Open | 3,963,937 | 3,978,472 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 5.49 (b) | 06/07/24 | Open | 620,310 | 622,580 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/12/24 | Open | 1,302,400 | 1,306,126 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/12/24 | Open | 329,065 | 330,006 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 5.42 (b) | 06/12/24 | Open | 407,318 | 408,483 | Corporate Bonds | Open/Demand
Barclays Capital, Inc. | 2.00 | 06/13/24 | 08/01/24 | 42,445 | 42,487 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 3.50 | 06/13/24 | 08/01/24 | 131,432 | 131,662 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 4.00 | 06/13/24 | 08/01/24 | 658,399 | 659,715 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.00 | 06/13/24 | 08/01/24 | 142,888 | 143,174 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.25 | 06/13/24 | 08/01/24 | 207,594 | 208,035 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.50 | 06/13/24 | 08/01/24 | 635,056 | 636,485 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.50 | 06/13/24 | 08/01/24 | 178,488 | 178,889 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.50 | 06/13/24 | 08/01/24 | 167,136 | 167,512 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 5.40 | 06/13/24 | 08/01/24 | 2,783,523 | 2,791,039 | Foreign Agency Obligations | 31 - 90 Days

104
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 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. | 5.45 % | 06/13/24 | 08/01/24 | $ 4,206,250 | $ 4,217,712 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.45 | 06/13/24 | 08/01/24 | 2,531,156 | 2,538,054 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.49 | 06/13/24 | 08/01/24 | 2,050,000 | 2,055,627 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.49 | 06/13/24 | 08/01/24 | 1,250,625 | 1,254,058 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.49 | 06/13/24 | 08/01/24 | 3,028,200 | 3,036,512 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.49 | 06/13/24 | 08/01/24 | 3,162,969 | 3,171,651 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.49 | 06/13/24 | 08/01/24 | 3,184,312 | 3,193,053 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 5.50 | 06/13/24 | 08/01/24 | 3,751,201 | 3,761,517 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 5.00 (b) | 06/14/24 | Open | 714,608 | 716,295 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.25 | 06/17/24 | 07/17/24 | 3,277,931 | 3,283,349 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 416,620 | 417,454 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.15 | 06/17/24 | 07/17/24 | 791,010 | 792,594 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.20 | 06/17/24 | 07/17/24 | 417,600 | 418,445 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.25 | 06/17/24 | 07/17/24 | 146,970 | 147,270 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.25 | 06/17/24 | 07/17/24 | 486,911 | 487,905 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.30 | 06/17/24 | 07/17/24 | 346,544 | 347,258 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 374,060 | 374,838 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 958,507 | 960,502 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 333,125 | 333,818 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 1,036,750 | 1,038,907 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 1,775,992 | 1,779,688 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 4,234,394 | 4,243,204 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 968,681 | 970,697 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 7,890,000 | 7,906,416 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 2,811,444 | 2,817,293 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 894,200 | 896,060 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 1,991,199 | 1,995,342 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 1,013,512 | 1,015,621 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 2,235,000 | 2,239,650 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 1,522,180 | 1,525,347 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 582,175 | 583,386 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 732,195 | 733,718 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 470,576 | 471,555 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.35 | 06/17/24 | 07/17/24 | 1,161,238 | 1,163,654 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,580,259 | 1,583,577 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 514,500 | 515,580 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,776,524 | 1,780,254 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 103,075 | 103,291 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 238,688 | 239,189 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 240,295 | 240,800 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 393,765 | 394,591 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 181,878 | 182,259 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,590,724 | 1,594,064 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,138,125 | 1,140,515 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 986,104 | 988,175 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,454,942 | 1,457,998 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 796,591 | 798,264 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 318,090 | 318,758 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 302,006 | 302,640 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,200,000 | 1,202,520 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,681,312 | 1,684,843 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,545,019 | 1,548,263 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 389,550 | 390,368 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 641,550 | 642,897 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 339,660 | 340,373 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 589,820 | 591,059 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 1,633,312 | 1,636,742 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 458,250 | 459,212 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 796,661 | 798,334 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 608,000 | 609,277 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 176,700 | 177,071 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/17/24 | 07/17/24 | 407,051 | 407,906 | Corporate Bonds | Up to 30 Days

Schedule of Investments
105

Schedule of Investments
(unaudited)
(continued)
June 30, 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. (c) | 5.40 % | 06/17/24 | 07/17/24 | $ 491,472 | $ 491,472 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 80,719 | 80,890 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 318,488 | 319,163 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 2,413,241 | 2,418,356 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,053,750 | 1,055,983 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 295,850 | 296,477 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 406,830 | 407,692 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 394,975 | 395,812 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 421,358 | 422,251 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 3,356,250 | 3,363,363 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 361,744 | 362,510 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 289,795 | 290,409 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 358,136 | 358,895 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 199,080 | 199,502 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 862,356 | 864,184 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 332,804 | 333,509 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 407,231 | 408,094 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 796,714 | 798,402 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 251,404 | 251,937 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 349,375 | 350,115 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,258,425 | 1,261,092 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 5,385,000 | 5,396,413 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 645,975 | 647,344 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,917,500 | 1,921,564 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,624,507 | 1,627,951 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,396,997 | 1,399,958 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 4,193,750 | 4,202,638 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 7,546,875 | 7,562,870 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 5,073,250 | 5,084,002 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 395,966 | 396,806 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 547,748 | 548,908 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 260,820 | 261,373 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,651,815 | 1,655,316 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 527,305 | 528,423 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 163,850 | 164,197 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 527,468 | 528,585 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 500,830 | 501,892 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 84,645 | 84,824 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 1,556,625 | 1,559,924 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 973,350 | 975,413 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 285,285 | 285,890 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 283,193 | 283,793 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 771,975 | 773,611 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 5,401,018 | 5,412,465 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 3,525,384 | 3,532,856 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 319,983 | 320,661 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 505,339 | 506,410 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 131,789 | 132,068 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 544,898 | 546,052 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 716,495 | 718,014 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.45 | 06/17/24 | 07/17/24 | 3,915,000 | 3,923,298 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. (c) | 5.45 | 06/17/24 | 07/17/24 | 582,284 | 582,284 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.48 | 06/17/24 | 07/17/24 | 2,748,750 | 2,754,608 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.48 | 06/17/24 | 07/17/24 | 2,895,000 | 2,901,170 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 5.49 | 06/17/24 | 07/17/24 | 5,488,425 | 5,500,143 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 912,535 | 914,487 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 2,141,040 | 2,145,619 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 760,372 | 761,998 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 4,998,600 | 5,009,291 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 1,571,680 | 1,575,042 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 1,337,987 | 1,340,849 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 1,027,090 | 1,029,287 | Corporate Bonds | Up to 30 Days

106
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 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. | 5.50 % | 06/17/24 | 07/17/24 | $ 2,363,212 | $ 2,368,267 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 10,067,187 | 10,088,720 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 5,965,669 | 5,978,429 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 710,205 | 711,724 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 4,458,000 | 4,467,535 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 5,273,724 | 5,285,004 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 2,930,400 | 2,936,668 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 4,655,000 | 4,664,957 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 4,378,400 | 4,387,765 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.50 | 06/17/24 | 07/17/24 | 5,624,942 | 5,636,973 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 5.25 | 06/18/24 | 08/07/24 | 1,517,500 | 1,520,377 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.30 | 06/18/24 | 08/07/24 | 689,569 | 690,889 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.35 | 06/18/24 | 08/07/24 | 868,849 | 870,527 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.40 | 06/18/24 | 08/07/24 | 174,688 | 175,028 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 491,768 | 492,735 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 260,415 | 260,928 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 140,425 | 140,701 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 558,090 | 559,188 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 625,110 | 626,340 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 331,785 | 332,438 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 262,021 | 262,537 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 257,113 | 257,619 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 2,823,750 | 2,829,307 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 304,201 | 304,800 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 728,611 | 730,045 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 892,500 | 894,257 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 320,498 | 321,128 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 260,005 | 260,517 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 259,050 | 259,560 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 323,925 | 324,563 | Corporate Bonds | 31 - 90 Days
J.P. Morgan Securities LLC | 5.45 | 06/18/24 | 08/07/24 | 366,902 | 367,624 | Corporate Bonds | 31 - 90 Days
BofA Securities, Inc. | 5.40 | 06/21/24 | 07/17/24 | 559,548 | 560,387 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 5.40 | 06/25/24 | 07/17/24 | 746,042 | 746,714 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/28/24 | 07/17/24 | 304,410 | 304,524 | Corporate Bonds | Up to 30 Days
|  |  |  | $ 590,065,645 | $ 593,653,858 |  |

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

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 | 544 | 09/19/24 | $ 59,755 | $ 279,591
5-Year U.S. Treasury Note | 974 | 09/30/24 | 103,746 | 659,204
|  |  |  | 938,795
Short Contracts |  |  |  |
10-Year U.S. Ultra Long Treasury Note | 494 | 09/19/24 | 55,961 | (407,928 )
U.S. Long Bond | 843 | 09/19/24 | 99,369 | (336,411 )
Ultra U.S. Treasury Bond | 84 | 09/19/24 | 10,463 | (39,466 )
2-Year U.S. Treasury Note | 78 | 09/30/24 | 15,929 | (27,932 )
|  |  |  | (811,737 )
|  |  |  | $ 127,058

Schedule of Investments
107

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 2,009,289 | EUR | 1,865,000 | Deutsche Bank AG | 09/18/24 | $ 4,518
USD | 7,611 | GBP | 6,000 | Citibank N.A. | 09/18/24 | 22
USD | 25,363 | GBP | 20,000 | Goldman Sachs International | 09/18/24 | 66
USD | 25,376 | GBP | 20,000 | HSBC Bank PLC | 09/18/24 | 80
USD | 31,698 | GBP | 25,000 | JPMorgan Chase Bank N.A. | 09/18/24 | 78
|  |  |  |  |  | $ 4,764

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 | 1,344,684 | $ 1,440,381

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 | 1,344,684 | $ (843,150 )

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 | $ (3,543,825 ) | $ (385,503 ) | $ (3,158,322 )

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

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Centrally Cleared Swaps (a) | $ — | $ (385,503 ) | $ — | $ (3,158,322 ) | $ —
Options Written | N/A | N/A | — | (13,378 ) | (843,150 )

(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) | $ — | $ — | $ — | $ — | $ 938,795 | $ — | $ 938,795
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 4,764 | — | — | 4,764
Options purchased Investments at value — unaffiliated (b) | — | — | — | — | 1,440,381 | — | 1,440,381
| $ — | $ — | $ — | $ 4,764 | $ 2,379,176 | $ — | $ 2,383,940

108
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Derivative Financial Instruments Categorized by Risk Exposure (continued)

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 811,737 | $ — | $ 811,737
Options written Options written at value | — | — | — | — | 843,150 | — | 843,150
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) | — | 3,158,322 | — | — | — | — | 3,158,322
| $ — | $ 3,158,322 | $ — | $ — | $ 1,654,887 | $ — | $ 4,813,209

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

For the period ended June 30, 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 | $ — | $ — | $ (163,761 ) | $ — | $ 374,893 | $ — | $ 211,132
Forward foreign currency exchange contracts | — | — | — | 56,064 | — | — | 56,064
Options purchased (a) | — | — | (665,484 ) | — | (752,734 ) | — | (1,418,218 )
Options written | — | — | 205,893 | — | 248,266 | — | 454,159
Swaps | — | (1,174,542 ) | — | — | — | — | (1,174,542 )
| $ — | $ (1,174,542 ) | $ (623,352 ) | $ 56,064 | $ (129,575 ) | $ — | $ (1,871,405 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $ — | $ — | $ — | $ — | $ 7,538,424 | $ — | $ 7,538,424
Forward foreign currency exchange contracts | — | — | — | 16,625 | — | — | 16,625
Options purchased (b) | — | — | 148,747 | — | 596,163 | — | 744,910
Options written | — | — | (44,986 ) | — | (227,519 ) | — | (272,505 )
Swaps | — | (303,402 ) | — | — | — | — | (303,402 )
| $ — | $ (303,402 ) | $ 103,761 | $ 16,625 | $ 7,907,068 | $ — | $ 7,724,052

(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 | $ 179,216,782
Average notional value of contracts — short | $ 232,181,540
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $ 2,032,891
Average amounts sold — in USD | $ — (a)
Options: |
Average value of option contracts purchased | $ 720,191
Average value of option contracts written | $ 421,575
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.
Schedule of Investments
109

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Futures contracts | $ 1,781,172 | $ 412,233
Forward foreign currency exchange contracts | 4,764 | —
Options | 1,440,381 (a) | 843,150
Swaps — centrally cleared | 46,380 | —
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 3,272,697 | 1,255,383
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (3,267,933 ) | (1,255,383 )
Total derivative assets and liabilities subject to an MNA | $ 4,764 | $ —

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

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

Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets (a)(b)
Citibank N.A. | $ 22 | $ — | $ — | $ — | $ 22
Deutsche Bank AG | 4,518 | — | — | — | 4,518
Goldman Sachs International | 66 | — | — | — | 66
HSBC Bank PLC | 80 | — | — | — | 80
JPMorgan Chase Bank N.A. | 78 | — | — | — | 78
| $ 4,764 | $ — | $ — | $ — | $ 4,764

(a) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(b) | Net amount represents the net amount receivable from the counterparty in the event of default.

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

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $ — | $ 194,459,578 | $ — | $ 194,459,578
Common Stocks | — | 33,169 | 113,897 | 147,066
Corporate Bonds | — | 1,177,833,432 | — | 1,177,833,432
Fixed Rate Loan Interests | — | 144,155 | 126,425 | 270,580
Floating Rate Loan Interests | — | 75,971,384 | 2,275,233 | 78,246,617
Foreign Agency Obligations | — | 20,732,731 | — | 20,732,731
Investment Companies | 3,576,800 | — | — | 3,576,800
Municipal Bonds | — | 10,566,118 | — | 10,566,118
Preferred Securities |  |  |  |
Capital Trusts | — | 125,582,092 | — | 125,582,092
Preferred Stocks | — | — | 4,919,712 | 4,919,712
Warrants | — | — | — | —
Short-Term Securities |  |  |  |
Money Market Funds | 10,963,298 | — | — | 10,963,298
Options Purchased |  |  |  |
Interest Rate Contracts | 1,440,381 | — | — | 1,440,381
Unfunded Floating Rate Loan Interests (a) | — | 27 | 150 | 177
| $ 15,980,479 | $ 1,605,322,686 | $ 7,435,417 | $ 1,628,738,582

110
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Derivative Financial Instruments (b) |  |  |  |
Assets |  |  |  |
Foreign Currency Exchange Contracts | $ — | $ 4,764 | $ — | $ 4,764
Interest Rate Contracts | 938,795 | — | — | 938,795
Liabilities |  |  |  |
Credit Contracts | — | (3,158,322 ) | — | (3,158,322 )
Interest Rate Contracts | (1,654,887 ) | — | — | (1,654,887 )
| $ (716,092 ) | $ (3,153,558 ) | $ — | $ (3,869,650 )

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes.
As of period end, reverse repurchase agreements of $593,653,858 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
Schedule of Investments
111

Schedule of Investments
(unaudited)
June 30, 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%), 10.02%, 01/25/36 (a)(b) | $ | 1,000 | $ 1,015,189
Bryant Park Funding Ltd., Series 2024-23A, Class D1, (3-mo. CME Term SOFR + 3.85%), 9.18%, 05/15/37 (a)(b) |  | 1,000 | 1,012,491
Golub Capital Partners CLO Ltd., Series 2023-66B, Class D, (3-mo. CME Term SOFR + 5.50%), 10.82%, 04/25/36 (a)(b) |  | 1,000 | 1,020,795
Palmer Square CLO Ltd., Series 2023-2A, Class D, (3- mo. CME Term SOFR + 5.00%), 10.32%, 04/20/36 (a)(b) |  | 1,000 | 1,024,165
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo. CME Term SOFR + 5.45%), 10.77%, 04/20/36 (a)(b) |  | 1,000 | 1,043,721
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3-mo. CME Term SOFR + 4.25%), 9.57%, 04/20/37 (a)(b) |  | 1,880 | 1,901,483
Symphony CLO Ltd., Series 2023-40A, Class D, (3-mo. CME Term SOFR + 5.00%), 10.33%, 01/14/34 (a)(b) |  | 1,000 | 1,016,008
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 10.47%, 04/20/36 (a)(b) |  | 1,000 | 1,031,207
Total Asset-Backed Securities — 3.1% (Cost: $8,880,000) | 9,065,059

|  | Shares |
Common Stocks
Automobile Components — 0.0% |
Lear Corp. |  | 178 | 20,329
Construction & Engineering — 0.0% |
McDermott International Ltd. (c) |  | 76,644 | 22,227
Energy Equipment & Services — 0.0% |
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0) (c)(d)(e) |  | 3,738 | —
Entertainment — 0.1% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $52,679) (c)(d)(e) |  | 4,192 | 224,272
Financial Services (c) — 0.2% |
NMG Parent LLC |  | 2,218 | 221,800
Travelport Finance Luxembourg SARL (d) |  | 165 | 445,277
|  |  | 667,077
Health Care Providers & Services — 0.1% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $610,403) (c)(e) |  | 19,653 | 201,443
Household Products — 0.0% |
Berkline Benchcraft Equity LLC (c)(d) |  | 6,155 | —
Industrial Conglomerates — 0.0% |
Ameriforge Group, Inc. (c)(d) |  | 832 | 8

Security |  | Shares | Value
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp. (c)(d) |  | 14,592 | $ 127,676
Total Common Stocks — 0.4% (Cost: $2,735,680) | 1,263,032

|  | Par (000) |
Corporate Bonds
Automobile Components (b) — 0.2%
Champions Financing, Inc., 8.75%, 02/15/29 | $ | 135 | 138,439
Clarios Global LP, 6.75%, 05/15/25 |  | 275 | 274,916
|  |  | 413,355
Building Materials — 0.0%
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (b) |  | 73 | 70,315
Building Products — 0.1%
White Cap Buyer LLC, 6.88%, 10/15/28 (b) |  | 155 | 149,558
Chemicals (b) — 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 |  | 32 | 32,253
WR Grace Holdings LLC, 5.63%, 08/15/29 |  | 409 | 376,974
|  |  | 409,227
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) |  | 154 | 166,427
Construction Materials — 0.1%
Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26 (b) |  | 926 | 324,100
Diversified REITs — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25 (b) |  | 85 | 83,889
Diversified Telecommunication Services (b) — 0.2%
Level 3 Financing, Inc., 11.00%, 11/15/29 |  | 322 | 329,351
Zayo Group Holdings, Inc., 6.13%, 03/01/28 |  | 155 | 103,781
|  |  | 433,132
Electric Utilities — 0.0%
Texas Competitive Electric Holdings, Series M, 5.03%, 11/10/17 (c)(d)(f) |  | 1,050 | —
Entertainment — 0.1%
Odeon Finco PLC, 12.75%, 11/01/27 (b) |  | 374 | 391,998
Environmental, Maintenance & Security Service — 0.2%
Madison IAQ LLC, 5.88%, 06/30/29 (b) |  | 742 | 690,356
Ground Transportation (b) — 0.1%
Uber Technologies, Inc. |  |  |
6.25%, 01/15/28 |  | 137 | 137,161
4.50%, 08/15/29 |  | 235 | 223,906
|  |  | 361,067
Health Care Equipment & Supplies — 0.1%
Medline Borrower LP, 5.25%, 10/01/29 (b) |  | 237 | 226,175

112
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (b) — 0.2%
Caesars Entertainment, Inc., 4.63%, 10/15/29 | $ | 240 | $ 220,025
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30 |  | 395 | 346,872
|  |  | 566,897
Household Durables — 0.1%
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (b) |  | 230 | 123,892
Household Products — 0.0%
Berkline Benchcraft LLC, 4.50%, 05/03/12 (a)(d) |  | 400 | —
Insurance — 0.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27 (b) |  | 220 | 216,999
IT Services — 0.0%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b) |  | 118 | 119,811
Machinery (b) — 0.3%
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 |  | 216 | 223,671
Vertiv Group Corp., 4.13%, 11/15/28 |  | 556 | 519,233
|  |  | 742,904
Media — 0.1%
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26 (b) |  | 353 | 268,982
Real Estate Management & Development — 0.0%
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29 (b) |  | 29 | 17,849
Software — 0.1%
Cloud Software Group, Inc., 9.00%, 09/30/29 (b) |  | 379 | 367,714
Specialty Retail — 0.1%
eG Global Finance PLC, 12.00%, 11/30/28 (b) |  | 285 | 303,433
Wireless Telecommunication Services — 0.0%
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (b)(g) |  | 163 | 23,196
Total Corporate Bonds — 2.3% (Cost: $7,158,710) | 6,471,276
Fixed Rate Loan Interests
Commercial Services & Supplies — 0.2%
AVSC Holding Corp., 2020 Term Loan B3, (10.00% PIK), 15.00%, 10/15/26 (g) |  | 657 | 678,217
Health Care Technology — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 667 | 663,111
Media — 0.2%
Morgan Stanley & Co. International PLC, 2024 CCIBV Fixed Term Loan, 15.00% (d)(h) |  | 460 | 447,350
Total Fixed Rate Loan Interests — 0.6% (Cost: $1,767,792) | 1,788,678
Floating Rate Loan Interests (a)
Aerospace & Defense — 4.7%
Barnes Group, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 09/03/30 |  | 641 | 642,358

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 + 3.25%), 8.58%, 10/31/30 | $ | 678 | $ 680,372
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6- mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.26%, 08/03/29 |  | 226 | 218,773
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 2,181 | 1,586,252
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.86%, 05/25/28 |  | 439 | 319,589
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 2,645 | 2,653,136
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 5.70%), 10.94%, 04/09/26 |  | 447 | 429,331
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 04/21/31 |  | 184 | 184,920
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 13.18%, 02/01/29 |  | 1,044 | 1,046,271
Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/01/28 |  | 1,895 | 1,894,027
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.08%, 11/05/28 |  | 413 | 415,065
Standard Aero Ltd., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 08/24/28 |  | 1,020 | 1,022,981
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 7.84%, 02/28/31 |  | 2,304 | 2,308,288
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 03/22/30 |  | 73 | 72,920
|  |  | 13,474,283
Air Freight & Logistics — 0.1%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.58%, 03/17/30 |  | 149 | 149,199
Automobile Components — 1.2%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 02/23/29 |  | 1,438 | 1,443,392
Clarios Global LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 05/06/30 |  | 1,437 | 1,438,321
2024 USD Term Loan B, 05/06/30 (i) |  | 24 | 24,030
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 10.43%, 11/17/28 |  | 691 | 661,881
|  |  | 3,567,624
Automobiles — 0.8%
Dealer Tire Financial LLC |  |  |
2024 Term Loan B, 07/02/31 (d)(i) |  | 721 | 719,185
2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 12/14/27 |  | 1,545 | 1,540,206
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/08/28 |  | 147 | 135,823
|  |  | 2,395,214

Schedule of Investments
113

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Banks — 0.6%
Ascensus Holdings, Inc., Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 08/02/28 | $ | 1,676 | $ 1,673,847
Beverages — 1.1%
Naked Juice LLC |  |  |
2nd Lien Term Loan, (3-mo. CME Term SOFR + 6.10%), 11.43%, 01/24/30 |  | 1,157 | 922,903
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 01/24/29 |  | 2,360 | 2,184,568
|  |  | 3,107,471
Broadline Retail — 1.1%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/24/28 |  | 424 | 422,144
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 10.09%, 03/15/30 |  | 2,684 | 2,680,087
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.35%, 12/21/27 |  | 232 | 190,928
|  |  | 3,293,159
Building Materials — 2.9%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR + 4.51%), 9.85%, 05/17/28 |  | 999 | 843,178
Chariot Buyer LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/03/28 |  | 391 | 391,833
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.69%, 11/03/28 |  | 1,493 | 1,490,859
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 3.35%), 8.68%, 04/12/28 |  | 155 | 151,436
Emrld Borrower LP, 2024 Term Loan B, 06/18/31 (i) |  | 829 | 827,964
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.58%, 04/29/29 |  | 864 | 862,675
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/02/29 (d) |  | 326 | 327,681
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 09/22/28 |  | 970 | 971,899
Summit Materials LLC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.80%, 01/12/29 |  | 447 | 449,673
Wilsonart LLC, 2021 Term Loan E, (3-mo. CME Term SOFR at 1.00% Floor + 3.35%), 8.68%, 12/31/26 |  | 1,926 | 1,925,932
|  |  | 8,243,130
Building Products — 2.4%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 05/13/29 |  | 161 | 162,192
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 05/19/28 |  | 887 | 889,038
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 11/23/27 |  | 891 | 868,164
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 10/02/28 |  | 360 | 358,622
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 2.60%), 7.94%, 04/28/29 |  | 475 | 474,846

Security |  | Par (000) | Value
Building Products (continued)
Emerald Debt Merger Sub LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 05/31/30 | $ | 1,038 | $ 1,036,483
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 01/29/31 |  | 1,033 | 1,026,978
Gulfside Supply, Inc., Term Loan B, 06/17/31 (d)(i) |  | 351 | 351,878
Peer Holding III BV, 2024 USD Term Loan B5, 06/20/31 (i) |  | 406 | 406,171
White Cap Buyer LLC |  |  |
2024 Term Loan B, 10/19/29 (i) |  | 486 | 486,636
Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.59%, 10/19/27 |  | 743 | 743,942
|  |  | 6,804,950
Capital Markets — 1.9%
Aretec Group, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/09/30 |  | 372 | 372,586
Azalea Topco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 04/30/31 |  | 401 | 400,499
Castlelake Aviation One DAC |  |  |
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 10/22/27 |  | 439 | 439,859
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 10/22/26 |  | 1,341 | 1,342,425
Focus Financial Partners LLC |  |  |
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.85%, 06/30/28 |  | 890 | 888,716
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 06/30/28 |  | 625 | 623,636
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 08/11/28 |  | 135 | 136,082
Osaic Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/17/28 |  | 1,234 | 1,237,342
|  |  | 5,441,145
Chemicals — 5.6%
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.10%), 12.44%, 09/30/29 |  | 572 | 516,945
Aruba Investments Holdings LLC |  |  |
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 13.19%, 11/24/28 |  | 885 | 840,308
2020 USD Term Loan, (1-mo. CME Term SOFR + 4.10%), 9.44%, 11/24/27 |  | 463 | 459,248
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.85%), 10.07%, 08/27/26 |  | 297 | 296,021
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 12/20/29 |  | 772 | 773,248
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 08/18/28 |  | 705 | 701,152
Derby Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/01/30 |  | 1,272 | 1,276,976
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.60%, 06/12/31 |  | 1,051 | 1,049,197

114
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Chemicals (continued)
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 12/18/30 | $ | 1,207 | $ 1,207,879
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 02/15/30 |  | 178 | 178,093
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 4.03%), 9.36%, 07/03/28 |  | 652 | 631,348
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.35%), 8.60%, 02/18/30 |  | 413 | 410,093
LSF11 A5 Holdco LLC, Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 10/15/28 (d) |  | 1,105 | 1,083,014
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 9.84%, 03/29/28 (d) |  | 1,359 | 1,355,312
NIC Acquisition Corp, Term Loan, (3-mo. CME Term SOFR + 4.01%), 9.35%, 12/29/27 |  | 277 | 230,502
Nouryon USA LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/03/28 |  | 779 | 779,908
Olympus Water U.S. Holding Corp., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.85%, 06/20/31 |  | 522 | 523,850
OQ Chemicals Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.70%), 8.91%, 10/14/24 |  | 962 | 887,529
Potters Borrower LP, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.08%, 12/14/27 |  | 322 | 323,108
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 03/16/27 |  | 639 | 639,119
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-week CME Term SOFR at 0.75% Floor + 3.50%), 8.58%, 08/02/30 |  | 1,036 | 1,035,465
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.25%), 8.59%, 09/22/28 |  | 850 | 852,383
|  |  | 16,050,698
Commercial Services & Supplies — 5.7%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.33%, 10/24/30 (d) |  | 395 | 396,969
Albion Financing 3 SARL, USD Term Loan, (3-mo. CME Term SOFR + 5.51%), 10.84%, 08/17/26 |  | 1,196 | 1,197,818
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 02/04/28 |  | 1,215 | 1,214,875
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 9.19%, 05/12/28 |  | 2,498 | 2,486,504
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.34%, 02/15/29 |  | 478 | 479,833
AVSC Holding Corp., 2020 Term Loan B1, (1-mo. CME Term SOFR + 3.35%, 0.25% PIK), 9.19%, 03/03/25 (g) |  | 612 | 606,238
Boost Newco Borrower LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 01/31/31 |  | 1,566 | 1,565,781
Garda World Security Corp., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 9.59%, 02/01/29 |  | 263 | 264,647

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Grant Thornton LLP/Chicago, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.60%, 06/02/31 | $ | 202 | $ 202,507
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 10/17/30 |  | 361 | 361,485
Mavis Tire Express Services Topco Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.09%, 05/04/28 |  | 1,820 | 1,822,229
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, (1- mo. CME Term SOFR at 0.75% Floor + 2.86%), 8.21%, 07/31/28 |  | 120 | 120,239
PECF USS Intermediate Holding III Corp., Term Loan B, (1-mo. CME Term SOFR + 4.51%), 9.84%, 12/15/28 |  | 490 | 322,699
Prime Security Services Borrower LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.58%, 10/13/30 |  | 444 | 443,461
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 11/14/30 |  | 51 | 51,012
Sotheby ’ s, 2021 Term Loan B, (3-mo. CME Term SOFR + 4.76%), 10.09%, 01/15/27 |  | 1,665 | 1,523,303
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 9.44%, 11/02/27 |  | 1,002 | 963,836
Vestis Corp., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.58%, 02/22/31 |  | 614 | 610,878
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.59%, 07/30/28 |  | 597 | 597,338
Wand NewCo 3, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 01/30/31 |  | 1,176 | 1,183,138
|  |  | 16,414,790
Communications Equipment — 0.6%
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 10/24/30 |  | 857 | 859,353
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR + 4.61%), 9.94%, 05/30/30 |  | 346 | 307,184
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/02/29 |  | 701 | 625,667
|  |  | 1,792,204
Construction & Engineering — 2.5%
AECOM, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.88%), 7.22%, 04/17/31 |  | 720 | 723,751
Apple Bidco LLC |  |  |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.86%), 8.21%, 09/22/28 |  | 790 | 790,733
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 09/22/28 |  | 452 | 453,024
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 08/01/30 |  | 2,210 | 2,216,300
Brown Group Holding LLC (i) |  |  |
2022 Incremental Term Loan B2, 07/02/29 |  | 387 | 386,536
Term Loan B, 06/07/28 |  | 702 | 701,122
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 8.94%, 12/16/27 |  | 136 | 135,540
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.46%, 01/21/28 |  | 644 | 645,081

Schedule of Investments
115

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Construction & Engineering (continued)
Propulsion BC Newco LLC, Term Loan, 09/14/29 (i) | $ | 136 | $ 136,311
USIC Holdings, Inc., 2021 Term Loan, (3-mo. CME Term SOFR + 3.61%), 9.08%, 05/12/28 |  | 1,064 | 1,026,092
|  |  | 7,214,490
Construction Materials — 0.9%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/31/31 |  | 998 | 999,035
Gates Corp., 2024 Term Loan B5, 06/04/31 (i) |  | 877 | 877,544
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 03/08/29 |  | 515 | 491,313
Quikrete Holdings, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 03/19/29 |  | 381 | 381,121
|  |  | 2,749,013
Consumer Finance — 0.1%
Edelman Financial Engines Center LLC, 2024 Term Loan B, 04/07/28 (i) |  | 393 | 392,916
Consumer Staples Distribution & Retail — 0.3%
U.S. Foods, Inc. |  |  |
2019 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 7.46%, 09/13/26 |  | 574 | 574,896
2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 11/22/28 |  | 373 | 374,196
|  |  | 949,092
Containers & Packaging — 2.2%
Charter Next Generation, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.84%, 12/01/27 |  | 2,291 | 2,293,611
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.44%, 10/29/28 |  | 975 | 961,389
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 04/15/27 |  | 823 | 823,710
Pregis TopCo LLC |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 07/31/26 |  | 411 | 410,708
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 4.11%), 9.46%, 07/31/26 |  | 426 | 425,122
Reynolds Consumer Products LLC, Term Loan, (1-mo. CME Term SOFR + 1.85%), 7.19%, 02/04/27 |  | 788 | 788,582
Trident TPI Holdings, Inc., 2024 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.34%, 09/15/28 |  | 782 | 783,312
|  |  | 6,486,434
Distributors — 0.2%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 9.34%, 10/28/27 |  | 620 | 566,528
Diversified Consumer Services — 1.3%
Ascend Learning LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.94%, 12/11/28 |  | 379 | 378,569
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.71%, 11/24/28 |  | 564 | 563,020
Hoya Midco LLC, 2022 Term Loan, 02/03/29 (i) |  | 574 | 575,435

Security |  | Par (000) | Value
Diversified Consumer Services (continued)
KUEHG Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 06/12/30 | $ | 857 | $ 859,220
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 10/04/30 |  | 956 | 959,864
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME Term SOFR + 5.11%), 10.46%, 09/01/25 |  | 496 | 430,312
|  |  | 3,766,420
Diversified Telecommunication Services — 3.5%
Altice Financing SA, USD 2017 1st Lien Term Loan, (3-mo. LIBOR US at 0.00% Floor + 2.75%), 8.34%, 01/31/26 (d) |  | 935 | 860,460
Altice France SA/France, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.83%, 08/15/28 |  | 1,403 | 1,026,825
Connect Finco SARL |  |  |
2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 09/27/29 |  | 776 | 730,213
2024 Non-Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 12/11/26 |  | 778 | 766,835
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 7.59%, 09/20/30 |  | 404 | 403,145
Level 3 Financing Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/29 |  | 594 | 580,386
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.90%, 04/15/30 |  | 598 | 581,558
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/29 |  | 458 | 314,107
2024 Extended Term Loan B2, (1-mo. CME Term SOFR + 2.46%), 7.81%, 04/15/30 |  | 467 | 311,303
2024 Term Loan A, 06/01/28 (i) |  | 80 | 65,583
ORBCOMM, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.36%), 9.78%, 09/01/28 |  | 529 | 456,369
Sunrise Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR + 3.11%), 8.44%, 01/31/29 |  | 474 | 470,583
Virgin Media Bristol LLC |  |  |
2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 8.69%, 01/31/29 |  | 278 | 265,142
USD Term Loan N, (1-mo. CME Term SOFR + 2.61%), 7.94%, 01/31/28 |  | 609 | 581,581
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.46%, 03/09/27 |  | 3,113 | 2,702,280
|  |  | 10,116,370
Electric Utilities — 0.3%
Hamilton Projects Acquiror LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 05/22/31 |  | 194 | 195,040
NRG Energy, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 04/16/31 |  | 767 | 766,694
|  |  | 961,734

116
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Electrical Equipment — 0.5%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 10.35%, 06/23/28 | $ | 1,367 | $ 1,367,879
Electronic Equipment, Instruments & Components — 1.0%
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 06/20/31 (d) |  | 276 | 275,655
Coherent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 07/02/29 |  | 911 | 910,550
Roper Industrial Products Investment Co., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.58%, 11/22/29 |  | 1,674 | 1,674,784
|  |  | 2,860,989
Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 06/30/27 |  | 25 | 11,837
Entertainment — 4.4%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 8.44%, 04/22/26 |  | 917 | 866,894
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 2.35%), 7.68%, 05/24/29 |  | 62 | 62,111
Creative Artists Agency LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 11/27/28 |  | 1,815 | 1,821,983
Delta 2 Lux SARL, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.58%, 01/15/30 |  | 1,137 | 1,138,660
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR + 1.85%), 7.19%, 10/19/26 |  | 1,531 | 1,527,000
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 11/12/29 |  | 779 | 778,847
OVG Business Services LLC, 2024 Term Loan B, 06/25/31 (i) |  | 442 | 442,283
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.86%), 8.21%, 03/13/28 |  | 1,042 | 1,041,650
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.93%), 8.09%, 01/23/25 |  | 925 | 923,504
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.01%), 8.34%, 04/29/26 |  | 544 | 545,085
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.86%), 8.21%, 05/18/25 |  | 1,611 | 1,612,378
WMG Acquisition Corp., 2024 Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/24/31 |  | 1,829 | 1,829,329
|  |  | 12,589,724
Environmental, Maintenance & Security Service — 2.7%
Clean Harbors, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 1.86%), 7.21%, 10/08/28 |  | 630 | 632,584
Covanta Holding Corp. |  |  |
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 11/30/28 |  | 689 | 688,137
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 11/30/28 |  | 53 | 52,732
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.08%, 11/30/28 |  | 537 | 536,912

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service (continued)
Covanta Holding Corp. (continued) |  |  |
2024 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.08%, 11/30/28 | $ | 29 | $ 29,339
Filtration Group Corp., 2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.61%), 8.96%, 10/21/28 |  | 2,153 | 2,162,340
FinCo I LLC, 2023 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 06/27/29 |  | 377 | 378,311
GFL Environmental, Inc. |  |  |
2023 First Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/31/27 |  | 444 | 444,444
2024 Term Loan B, 06/27/31 (d)(i) |  | 459 | 459,000
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.09%, 06/21/28 |  | 2,259 | 2,259,210
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 8.69%, 03/09/28 |  | 552 | 298,102
|  |  | 7,941,111
Financial Services — 4.4%
ABG Intermediate Holdings 2 LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 12/21/28 |  | 780 | 779,820
Belron Finance U.S. LLC |  |  |
2018 Term Loan B, (3-mo. CME Term SOFR + 2.51%), 7.84%, 11/13/25 |  | 264 | 264,353
2019 USD Term Loan B3, (3-mo. CME Term SOFR + 2.51%), 7.84%, 10/30/26 |  | 646 | 646,513
2023 1st Lien Term Loan, (3-mo. CME Term SOFR + 2.35%), 7.68%, 04/18/29 |  | 287 | 287,191
2023 USD Term Loan, (3-mo. CME Term SOFR + 2.26%), 7.51%, 04/13/28 |  | 2,651 | 2,651,009
Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR + 2.61%), 7.96%, 09/01/28 |  | 621 | 599,229
CPI Holdco B LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/17/31 |  | 605 | 604,056
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.08%, 04/09/27 |  | 3,733 | 3,728,777
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.01%), 12.35%, 04/07/28 |  | 1,114 | 1,111,215
Hyperion Refinance SARL, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/15/31 |  | 1,007 | 1,007,836
LBM Acquisition LLC, Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 12/17/27 |  | 309 | 308,296
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.69%, 03/24/25 |  | 589 | 587,821
Oxea Holding Drei GmbH, 2024 Tranche B Term Loan, (3-mo. CME Term SOFR at 3.00% Floor + 8.00%), 13.34%, 06/22/25 |  | 197 | 181,369
|  |  | 12,757,485
Food Products — 2.9%
8th Avenue Food & Provisions, Inc. |  |  |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 9.21%, 10/01/25 |  | 819 | 775,147
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 4.86%), 10.21%, 10/01/25 |  | 925 | 874,206
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 06/22/30 |  | 464 | 464,269

Schedule of Investments
117

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products (continued)
Chobani LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 10/25/27 | $ | 1,953 | $ 1,957,027
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 10/25/27 |  | 503 | 505,358
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.35%), 7.69%, 01/29/27 |  | 2,145 | 2,143,270
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.95%), 9.30%, 05/23/25 |  | 306 | 222,478
Nomad Foods U.S. LLC, Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.81%, 11/12/29 |  | 617 | 617,479
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.85%, 03/31/28 |  | 573 | 572,789
UTZ Quality Foods LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/20/28 |  | 341 | 341,653
|  |  | 8,473,676
Ground Transportation — 1.2%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 4.85%), 10.18%, 04/06/28 |  | 351 | 351,160
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 7.21%, 08/06/27 |  | 400 | 395,349
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 04/10/31 |  | 1,167 | 1,165,389
Hertz Corp. |  |  |
2021 Term Loan B, (3-mo. CME Term SOFR + 3.51%), 8.86%, 06/30/28 |  | 267 | 241,010
2021 Term Loan C, (3-mo. CME Term SOFR + 3.51%), 8.86%, 06/30/28 |  | 52 | 46,826
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (Defaulted), 0.00%, 08/04/25 |  | 694 | 485,620
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 03/03/30 |  | 778 | 781,114
|  |  | 3,466,468
Health Care Equipment & Supplies — 3.0%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.10%), 7.44%, 11/08/27 |  | 654 | 656,311
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 09/29/28 |  | 576 | 573,854
Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 05/10/27 |  | 1,378 | 1,361,905
Insulet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 05/04/28 |  | 464 | 465,596
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.33%, 10/19/27 |  | 906 | 895,134
Medline Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 10/23/28 |  | 2,406 | 2,409,241

Security |  | Par (000) | Value
Health Care Equipment & Supplies (continued)
Medline Borrower LP (continued) |  |  |
2024 USD Add-on Term Loan B, 10/23/28 (i) | $ | 1,089 | $ 1,089,000
Sotera Health Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/30/31 |  | 1,372 | 1,367,431
|  |  | 8,818,472
Health Care Providers & Services — 4.4%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR + 2.11%), 7.46%, 02/22/28 |  | 1,162 | 1,160,484
CHG Healthcare Services, Inc. |  |  |
2021 Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.69%, 09/29/28 |  | 621 | 621,943
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 09/29/28 |  | 132 | 132,556
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 11/08/27 |  | 1,351 | 1,353,654
Concentra Health Services, Inc., Term Loan B, 06/26/31 (d)(i) |  | 110 | 110,275
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 11/01/28 |  | 1,331 | 1,329,584
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 08/01/29 |  | 145 | 144,043
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.61%), 10.04%, 11/30/28 |  | 1,394 | 848,519
2024 Superpriority New Money 1st Out Term Loan A, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 11.08%, 08/31/28 |  | 389 | 389,270
2024 Third Out Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 6.75%), 12.08%, 11/30/28 (d) |  | 27 | 4,568
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 07/01/30 |  | 69 | 68,708
ICON Luxembourg SARL |  |  |
2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 07/03/28 |  | 349 | 350,553
2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.33%, 07/03/28 |  | 89 | 89,417
Ingenovis Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 4.36%), 9.71%, 03/06/28 |  | 476 | 402,493
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 01/02/31 |  | 749 | 751,692
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 12.44%, 11/01/29 |  | 377 | 255,730
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.71%, 11/15/28 |  | 1,864 | 1,866,807
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 11/01/28 |  | 557 | 418,037
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 09/27/30 |  | 691 | 690,502
Surgery Center Holdings, Inc., 2024 Term Loan B, 12/19/30 (i) |  | 730 | 731,197

118
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.35%), 7.69%, 05/16/29 | $ | 205 | $ 205,514
WCG Intermediate Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.84%, 01/08/27 |  | 671 | 670,421
|  |  | 12,595,967
Health Care Technology — 3.0%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 02/15/29 |  | 1,906 | 1,897,596
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/01/31 |  | 1,216 | 1,208,353
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 4.10%), 9.43%, 10/01/27 |  | 1,879 | 1,817,664
PointClickCare Technologies, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.33%, 12/29/27 |  | 342 | 343,282
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR + 4.26%), 9.59%, 06/02/28 |  | 2,886 | 2,883,344
Waystar Technologies, Inc., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.33%, 10/22/29 |  | 330 | 329,752
Zelis Payments Buyer, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 09/28/29 |  | 144 | 143,932
|  |  | 8,623,923
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 05/18/30 |  | 302 | 302,064
Hotels, Restaurants & Leisure — 8.4%
1011778 B.C. Unlimited Liability Company, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 09/20/30 |  | 990 | 986,852
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1- mo. CME Term SOFR + 3.86%), 9.21%, 02/02/26 |  | 1,107 | 1,078,770
Alterra Mountain Co. |  |  |
2024 Add-on Term Loan B, 05/31/30 (i) |  | 137 | 137,600
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 05/31/30 |  | 431 | 433,177
Bally ’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.84%, 10/02/28 |  | 740 | 701,592
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.10%, 02/06/31 |  | 1,772 | 1,770,334
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.10%, 02/06/30 |  | 727 | 725,844
Carnival Corp., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 08/08/27 |  | 548 | 550,021
Cedar Fair LP, 2024 Term Loan B, 05/01/31 (i) |  | 208 | 207,222
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.10%), 7.44%, 03/17/28 |  | 889 | 889,928
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.59%, 07/21/28 |  | 1,351 | 1,342,189
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.08%, 01/27/29 |  | 2,508 | 2,509,430
Flutter Financing BV, Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.58%, 11/25/30 |  | 2,200 | 2,198,581

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Four Seasons Hotels Ltd., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 11/30/29 | $ | 1,944 | $ 1,949,901
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.10%, 11/08/30 |  | 485 | 485,335
IRB Holding Corp., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 8.19%, 12/15/27 |  | 1,463 | 1,461,756
Light & Wonder International, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.07%, 04/14/29 |  | 665 | 664,428
2024 Term Loan B2, 04/14/29 (i) |  | 28 | 27,980
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.85%), 8.19%, 05/03/29 |  | 901 | 901,644
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.09%, 01/05/29 |  | 292 | 291,598
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 165 | 148,156
2021 Term Loan B2, (1-mo. CME Term SOFR + 3.61%), 8.96%, 12/17/27 |  | 257 | 230,138
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.31%, 04/04/29 |  | 258 | 257,355
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 08/25/28 |  | 335 | 334,971
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 03/14/31 |  | 1,247 | 1,245,429
Whatabrands LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.09%, 08/03/28 |  | 1,878 | 1,877,182
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 05/24/30 |  | 840 | 840,168
|  |  | 24,247,581
Household Durables — 1.8%
AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/31/28 |  | 896 | 896,672
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.84%, 02/26/29 |  | 1,466 | 1,451,243
Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.61%), 12.95%, 06/29/28 |  | 307 | 243,977
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1- mo. CME Term SOFR + 4.11%), 9.46%, 10/06/28 |  | 1,061 | 906,219
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 8.71%, 10/30/27 |  | 1,896 | 1,757,655
|  |  | 5,255,766
Independent Power and Renewable Electricity Producers — 0.6%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 07/31/30 |  | 752 | 748,582
Calpine Corp., Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 01/31/31 |  | 363 | 361,639
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR + 2.76%), 8.11%, 12/15/27 |  | 703 | 703,827
|  |  | 1,814,048

Schedule of Investments
119

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Industrial Conglomerates — 0.1%
Stitch Aquisition Corporation, 2024 Term Loan, (Defaulted), 0.00%, 07/28/28 | $ | 685 | $ 273,883
Insurance — 8.0%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/06/30 |  | 4,204 | 4,213,965
AmWINS Group, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 7.59%, 02/19/28 |  | 1,809 | 1,807,176
Amynta Agency Borrower, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.10%, 02/28/28 |  | 1,400 | 1,402,329
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 02/14/31 |  | 2,410 | 2,414,804
Baldwin Insurance Group Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.59%, 05/26/31 (d) |  | 338 | 337,208
HUB International Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.57%, 06/20/30 |  | 3,051 | 3,055,997
Jones Deslauriers Insurance Management, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 03/15/30 |  | 696 | 695,907
Ryan Specialty LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.09%, 09/01/27 |  | 828 | 831,087
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.09%, 02/24/28 |  | 2,647 | 2,646,409
Truist Insurance Holdings LLC |  |  |
1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 05/06/31 |  | 1,870 | 1,871,664
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.08%, 05/06/32 |  | 618 | 629,075
USI, Inc. |  |  |
2024 Term Loan (2029), (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 11/22/29 |  | 2,486 | 2,485,025
2024 Term Loan (2030), (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.08%, 09/27/30 |  | 681 | 680,578
|  |  | 23,071,224
Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3- mo. CME Term SOFR + 4.15%), 9.48%, 02/16/28 |  | 263 | 263,260
IT Services — 4.0%
Asurion LLC |  |  |
2020 Term Loan B8, (1-mo. CME Term SOFR + 3.36%), 8.71%, 12/23/26 |  | 180 | 178,331
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 10.71%, 01/31/28 |  | 689 | 638,881
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 10.71%, 01/20/29 |  | 654 | 601,477
2021 Term Loan B9, (1-mo. CME Term SOFR + 3.36%), 8.71%, 07/31/27 |  | 150 | 146,902
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.35%), 9.69%, 08/19/28 |  | 993 | 984,804
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/31/31 |  | 2,004 | 2,006,828
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 07/06/29 |  | 1,920 | 1,891,460
Fortress Intermediate 3, Inc, Term Loan B, 06/27/31 (d)(i) |  | 358 | 358,000

Security |  | Par (000) | Value
IT Services (continued)
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 11/09/29 | $ | 904 | $ 904,498
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.09%, 05/30/31 |  | 892 | 890,955
Magenta Buyer LLC |  |  |
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 10.59%, 07/27/28 |  | 796 | 439,163
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.51%), 13.84%, 07/27/29 |  | 1,033 | 302,871
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 06/17/31 |  | 1,405 | 1,390,950
2024 2nd Lien Term Loan, 06/17/32 (i) |  | 484 | 481,280
Venga Finance SARL, 2021 USD Term Loan B, (3-mo. CME Term SOFR + 5.01%), 10.36%, 06/28/29 |  | 395 | 394,691
|  |  | 11,611,091
Leisure Products — 0.1%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.10%), 9.44%, 12/01/28 |  | 281 | 276,152
Machinery — 3.6%
Columbus McKinnon Corp./New York, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/14/28 |  | 201 | 202,402
Doosan Bobcat North America, Inc. |  |  |
2022 Term Loan B, (3-mo. CME Term SOFR + 2.35%), 7.68%, 04/20/29 |  | 162 | 162,163
2024 Term Loan, 04/20/29 (i) |  | 60 | 60,015
Generac Power Systems, Inc., 2019 Term Loan B, (1- mo. CME Term SOFR + 1.85%), 7.18%, 12/13/26 |  | 200 | 199,876
SPX Flow, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.84%, 04/05/29 |  | 1,008 | 1,013,664
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 5.00%), 10.33%, 02/15/29 |  | 3,919 | 3,924,880
TK Elevator U.S. Newco, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.79%, 04/30/30 |  | 2,408 | 2,418,996
Vertiv Group Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.33%, 03/02/27 |  | 1,541 | 1,543,514
Wec US Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 01/27/31 |  | 704 | 704,155
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.11%), 7.46%, 10/04/28 |  | 68 | 68,448
|  |  | 10,298,113
Media — 2.5%
A L Parent LLC, 2023 Take Back Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 5.50%), 10.84%, 06/30/28 |  | 295 | 295,551
Charter Communications Operating LLC, 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.30%, 12/07/30 |  | 854 | 844,024
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 9.46%, 08/23/28 |  | 439 | 438,873
CMG Media Corp., 2021 Term Loan, (3-mo. CME Term SOFR + 3.60%), 8.93%, 12/17/26 |  | — (j) | 112
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US at 0.00% Floor + 2.50%), 7.94%, 04/15/27 |  | 883 | 732,203

120
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.11%), 10.46%, 08/02/27 | $ | 592 | $ 592,204
ECL Entertainment LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.34%, 08/31/30 |  | 654 | 656,161
Gray Television, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 10.58%, 06/04/29 |  | 150 | 142,313
NEP Group, Inc. |  |  |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.36%), 8.71%, 08/19/26 |  | 100 | 94,564
2023 Term Loan B, (1-mo. CME Term SOFR + 3.25%, 1.50% PIK), 10.21%, 08/19/26 (g) |  | 1,196 | 1,126,397
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 8.71%, 09/25/26 |  | 1,604 | 1,295,297
Sinclair Television Group, Inc., 2022 Term Loan B4, (1- mo. CME Term SOFR + 3.85%), 9.19%, 04/21/29 |  | 347 | 234,062
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR + 2.61%), 7.94%, 04/30/28 |  | 733 | 707,756
|  |  | 7,159,517
Oil, Gas & Consumable Fuels — 2.5%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.09%, 12/21/28 |  | 2,243 | 2,239,219
GIP Pilot Acquisition Partners LP, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.83%, 10/04/30 |  | 171 | 170,884
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR + 4.60%), 9.94%, 09/19/29 |  | 162 | 162,605
Medallion Midland Acquisition LP, 2023 Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.84%, 10/18/28 |  | 1,319 | 1,324,319
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.86%), 7.19%, 01/31/28 |  | 388 | 388,388
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.33%, 10/27/28 |  | 1,090 | 1,059,119
Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 10/05/28 |  | 1,880 | 1,878,517
|  |  | 7,223,051
Paper & Forest Products — 0.5%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 7.19%, 09/07/27 |  | 1,311 | 1,310,858
Passenger Airlines — 1.9%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR + 5.01%), 10.34%, 04/20/28 |  | 807 | 833,008
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.85%, 03/21/31 |  | 513 | 512,874
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.85%), 7.07%, 01/29/27 |  | 166 | 164,836
2023 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.77%, 06/04/29 |  | 993 | 990,518

Security |  | Par (000) | Value
Passenger Airlines (continued)
American Airlines, Inc. (continued) |  |  |
Series AA, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.19%, 02/15/28 | $ | 782 | $ 779,564
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. CME Term SOFR + 5.25%), 10.74%, 06/21/27 |  | 1,191 | 1,214,128
United Airlines, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.09%, 02/22/31 |  | 875 | 875,586
WestJet Airlines Ltd., Term Loan B, (1-mo. CME Term SOFR + 3.10%), 8.44%, 12/11/26 |  | 47 | 46,973
|  |  | 5,417,487
Personal Care Products — 0.0%
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR + 2.11%), 7.46%, 07/03/28 |  | 29 | 28,870
Pharmaceuticals — 2.1%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.84%, 05/04/28 |  | 732 | 735,548
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 5.35%), 10.69%, 02/01/27 |  | 647 | 588,363
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 7.18%, 08/01/27 |  | 920 | 916,494
Jazz Financing Lux S.a.r.l., 2024 1st Lien Term Loan B, 05/05/28 (i) |  | 316 | 315,994
Jazz Financing Lux SARL, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.46%, 05/05/28 |  | 1,230 | 1,230,375
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 10/27/28 |  | 495 | 497,399
Organon & Co., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 05/19/31 |  | 589 | 589,135
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR + 2.35%), 7.69%, 04/20/29 |  | 571 | 567,791
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.10%), 8.43%, 11/18/27 |  | 749 | 744,922
|  |  | 6,186,021
Professional Services — 4.4%
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.96%, 06/04/29 |  | 673 | 656,565
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.96%, 06/02/28 |  | 2,047 | 2,013,824
Dayforce, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.84%, 02/26/31 (d) |  | 1,153 | 1,154,441
Dun & Bradstreet Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 8.10%, 01/18/29 |  | 3,874 | 3,873,714
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR + 4.35%), 9.68%, 07/06/29 |  | 1,170 | 1,172,972

Schedule of Investments
121

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Professional Services (continued)
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.85%), 7.19%, 04/28/28 | $ | 1,232 | $ 1,232,508
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.08%, 04/29/29 |  | 573 | 462,296
Trans Union LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.34%, 12/01/28 |  | 1,131 | 1,129,965
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.19%, 06/24/31 |  | 1,126 | 1,124,884
|  |  | 12,821,169
Real Estate Management & Development — 0.3%
Cushman & Wakefield U.S. Borrower LLC |  |  |
2020 Term Loan B, (1-mo. CME Term SOFR + 2.86%), 8.21%, 08/21/25 |  | 29 | 28,774
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 01/31/30 (d) |  | 399 | 400,995
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.34%, 01/31/30 (d) |  | 320 | 319,915
|  |  | 749,684
Semiconductors & Semiconductor Equipment — 0.6%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 7.08%, 07/06/29 |  | 575 | 574,856
MKS Instruments, Inc. |  |  |
2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.83%, 08/17/29 |  | 709 | 708,711
2024 USD Term Loan B, 08/17/29 (i) |  | 129 | 128,973
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.51%), 7.85%, 12/02/28 |  | 380 | 379,487
|  |  | 1,792,027
Software — 12.0%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.83%, 02/24/31 |  | 2,006 | 2,019,583
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.81%, 08/15/29 |  | 386 | 384,574
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.36%), 7.71%, 09/21/28 |  | 1,276 | 1,275,537
Cloud Software Group, Inc. |  |  |
2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.83%, 03/21/31 |  | 724 | 725,470
2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 03/30/29 |  | 3,330 | 3,324,954
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR + 6.10%), 11.44%, 10/08/29 |  | 482 | 476,577
2021 Term Loan, (1-mo. CME Term SOFR + 3.85%), 9.19%, 10/08/28 (d) |  | 522 | 521,609
Drake Software LLC, 2024 Term Loan B, 06/26/31 (d)(i) |  | 363 | 359,370
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 8.96%, 02/04/28 |  | 173 | 173,617
Ellucian Holdings, Inc. |  |  |
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.10%), 13.44%, 10/09/28 |  | 1,075 | 1,076,752
2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.94%, 10/09/29 |  | 1,723 | 1,730,024
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 7.09%, 09/12/29 |  | 1,250 | 1,244,853

Security |  | Par (000) | Value
Software (continued)
Genesys Cloud Services Holdings II LLC |  |  |
First Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.84%, 12/01/27 | $ | 1,994 | $ 2,002,697
Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 12/01/27 |  | 776 | 780,905
Helios Software Holdings, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 9.08%, 07/18/30 |  | 794 | 795,145
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 10/27/28 |  | 1,867 | 1,871,252
ION Trading Finance Ltd, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 9.35%, 04/01/28 |  | 306 | 305,705
McAfee Corp., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 03/01/29 |  | 2,165 | 2,159,874
MH Sub I LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 6.25%), 9.59%, 02/23/29 |  | 625 | 620,437
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 05/03/28 |  | 1,673 | 1,669,963
Modena Buyer LLC, Term Loan, 07/01/31 (i) |  | 523 | 509,763
Planview Parent, Inc., 2024 Term Loan, 12/17/27 (i) |  | 149 | 148,416
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.34%, 08/31/28 |  | 2,045 | 2,046,267
RealPage, Inc. |  |  |
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.46%, 04/24/28 |  | 2,047 | 1,986,906
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 11.96%, 04/23/29 |  | 1,695 | 1,648,491
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.33%, 08/01/27 |  | 793 | 795,272
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 05/09/31 |  | 581 | 581,438
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 02/10/31 |  | 2,151 | 2,157,696
Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo. CME Term SOFR + 3.76%), 9.09%, 07/20/28 |  | 144 | 143,901
VS Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 8.58%, 04/14/31 |  | 1,279 | 1,281,024
|  |  | 34,818,072
Specialty Retail — 0.8%
EG America LLC, 2021 Term Loan, (3-mo. SOFR OIS CMPD + 4.51%), 9.82%, 03/31/26 (d) |  | 173 | 172,421
LS Group OpCo Acquistion LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 8.34%, 04/23/31 |  | 351 | 350,842
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.19%, 02/11/28 |  | 1,165 | 1,159,928
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.35%), 8.69%, 10/20/28 |  | 525 | 511,019
|  |  | 2,194,210
Technology Hardware, Storage & Peripherals — 1.0%
Tempo Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 08/31/28 |  | 2,918 | 2,923,071

122
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.09%, 03/08/30 | $ | 317 | $ 317,517
Trading Companies & Distributors — 1.3%
Core & Main LP |  |  |
2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 7.59%, 02/09/31 |  | 487 | 487,087
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.34%, 07/27/28 |  | 2,489 | 2,490,682
TMK Hawk Parent Corp. (d) |  |  |
2024 PIK Term Loan, (3-mo. CME Term SOFR + 11.00%), 11.00%, 12/15/31 |  | 33 | 27,517
2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.59%, 06/30/29 |  | 1,050 | 714,209
|  |  | 3,719,495
Transportation Infrastructure — 0.2%
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR + 6.35%), 11.69%, 12/15/26 |  | 515 | 512,653
Wireless Telecommunication Services — 0.5%
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.21%, 04/30/28 |  | 569 | 567,047
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 7.35%, 01/25/31 |  | 941 | 941,741
|  |  | 1,508,788
Total Floating Rate Loan Interests — 125.0% (Cost: $365,802,325) | 361,213,914

|  | Shares |
Investment Companies
Equity Funds — 0.2% |
Janus Henderson AAA CLO ETF |  | 10,000 | 508,800
Fixed Income Funds — 2.1% |
Invesco Senior Loan ETF |  | 145,400 | 3,059,216
iShares 0-5 Year High Yield Corporate Bond ETF (k) |  | 5,000 | 211,000
iShares iBoxx $ High Yield Corporate Bond ETF (k) |  | 38,000 | 2,931,320
|  |  | 6,201,536
Total Investment Companies — 2.3% (Cost: $6,673,523) | 6,710,336

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

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) (c) |  | 1,675 | $ —
Oil, Gas & Consumable Fuels — 0.0% |
California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price USD 36.00) (c) |  | 617 | 11,004
Total Warrants — 0.0% (Cost: $ — ) | 11,004
Total Long-Term Investments — 133.7% (Cost: $393,018,030) | 386,523,299
Short-Term Securities
Money Market Funds — 0.6% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19% (k)(m) |  | 1,653,955 | 1,653,955
Total Short-Term Securities — 0.6% (Cost: $1,653,955) | 1,653,955
Total Investments — 134.3% (Cost: $394,671,985) | 388,177,254
Liabilities in Excess of Other Assets — (34.3)% | (99,094,730 )
Net Assets — 100.0% | $ 289,082,524

(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 $425,715, 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) | Perpetual security with no stated maturity date.
(i) | 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.
(j) | Rounds to less than 1,000.
(k) | Affiliate of the Trust.
(l) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(m) | 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.
Schedule of Investments
123

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 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 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ — | $ 1,653,955 (a) | $ — | $ — | $ — | $ 1,653,955 | 1,653,955 | $ 7,522 | $ —
iShares 0-5 Year High Yield Corporate Bond ETF | 211,100 | — | — | — | (100 ) | 211,000 | 5,000 | 5,980 | —
iShares iBoxx $ High Yield Corporate Bond ETF | 1,547,800 | 1,751,210 | (385,757 ) | 6,297 | 11,770 | 2,931,320 | 38,000 | 48,977 | —
|  |  |  | $ 6,297 | $ 11,670 | $ 4,796,275 |  | $ 62,479 | $ —

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

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

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 69,764 | GBP | 55,000 | Citibank N.A. | 09/18/24 | $ 199
USD | 240,945 | GBP | 190,000 | Goldman Sachs International | 09/18/24 | 629
USD | 253,764 | GBP | 200,000 | HSBC Bank PLC | 09/18/24 | 800
USD | 297,964 | GBP | 235,000 | JPMorgan Chase Bank N.A. | 09/18/24 | 731
USD | 228,299 | GBP | 180,000 | Standard Chartered Bank | 09/18/24 | 632
|  |  |  |  |  | $ 2,991

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index | Financing Rate Received by the Trust | Payment Frequency | Termination Date | Credit Rating (a) | Notional Amount (000) (b) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation)
CDX.NA.HY.39.V3 | 5.00 % | Quarterly | 12/20/27 | CCC+ | USD | 2,729 | $ 171,028 | $ (30,458 ) | $ 201,486
CDX.NA.HY.40.V2 | 5.00 | Quarterly | 06/20/28 | B- | USD | 2,732 | 175,691 | 60,427 | 115,264
|  |  |  |  |  |  | $ 346,719 | $ 29,969 | $ 316,750

(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, 5.33% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | JPMorgan Chase Bank N.A. | N/A | 09/20/24 | USD | 5,500 | $ 71,905 | $ (811 ) | $ 72,716

124
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps (a) | $ 60,427 | $ (30,458 ) | $ 316,750 | $ —
OTC Swaps | — | (811 ) | 72,716 | —

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

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

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Assets — Derivative Financial Instruments |  |  |  |  |  |  |
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | $ — | $ — | $ — | $ 2,991 | $ — | $ — | $ 2,991
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps (a) | — | 316,750 | — | — | — | — | 316,750
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | — | — | — | 72,716 | — | 72,716
| $ — | $ 316,750 | $ — | $ 2,991 | $ 72,716 | $ — | $ 392,457
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | $ — | $ — | $ — | $ — | $ 811 | $ — | $ 811

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

For the period ended June 30, 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 | $ — | $ — | $ — | $ 3,060 | $ — | $ — | $ 3,060
Swaps | — | 135,124 | — | — | 7,554 | — | 142,678
| $ — | $ 135,124 | $ — | $ 3,060 | $ 7,554 | $ — | $ 145,738
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $ — | $ — | $ — | $ 9,279 | $ — | $ — | $ 9,279
Swaps | — | 5,508 | — | — | 32,271 | — | 37,779
| $ — | $ 5,508 | $ — | $ 9,279 | $ 32,271 | $ — | $ 47,058

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $ 1,047,277
Average amounts sold — in USD | $ — (a)
Credit default swaps: |
Average notional value — sell protection | $ 5,461,700
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.
Schedule of Investments
125

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
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 | $ 2,991 | $ —
Swaps — centrally cleared | — | 3,527
Swaps — OTC (a) | 72,716 | 811
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 75,707 | 4,338
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (3,527 )
Total derivative assets and liabilities subject to an MNA | $ 75,707 | $ 811

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

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

Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets (b)(c)
Citibank N.A. | $ 199 | $ — | $ — | $ — | $ 199
Goldman Sachs International | 629 | — | — | — | 629
HSBC Bank PLC | 800 | — | — | — | 800
JPMorgan Chase Bank N.A. | 73,447 | (811 ) | — | — | 72,636
Standard Chartered Bank | 632 | — | — | — | 632
| $ 75,707 | $ (811 ) | $ — | $ — | $ 74,896

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset (a) | Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Amount of Derivative Liabilities (b)(d)
JPMorgan Chase Bank N.A. | $ 811 | $ (811 ) | $ — | $ — | $ —

(a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
(b) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(c) | Net amount represents the net amount receivable from the counterparty in the event of default.
(d) | Net amount represents the net amount payable due to counterparty in the event of default.

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

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Asset-Backed Securities | $ — | $ 9,065,059 | $ — | $ 9,065,059
Common Stocks |  |  |  |
Automobile Components | 20,329 | — | — | 20,329
Construction & Engineering | — | 22,227 | — | 22,227
Energy Equipment & Services | — | — | — | —
Entertainment | — | — | 224,272 | 224,272
Financial Services | — | 221,800 | 445,277 | 667,077
Health Care Providers & Services | — | 201,443 | — | 201,443
Household Products | — | — | — | —

126
2024
BlackRock Semi-Annual Report to Shareholders

Schedule of Investments
(unaudited)
(continued)
June 30, 2024
BlackRock Floating Rate Income Trust (BGT)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Common Stocks (continued) |  |  |  |
Industrial Conglomerates | $ — | $ — | $ 8 | $ 8
Trading Companies & Distributors | — | — | 127,676 | 127,676
Corporate Bonds | — | 6,471,276 | — | 6,471,276
Fixed Rate Loan Interests | — | 1,341,328 | 447,350 | 1,788,678
Floating Rate Loan Interests | — | 350,904,232 | 10,309,682 | 361,213,914
Investment Companies | 6,710,336 | — | — | 6,710,336
Other Interests | — | — | — | —
Warrants | 11,004 | — | — | 11,004
Short-Term Securities |  |  |  |
Money Market Funds | 1,653,955 | — | — | 1,653,955
Unfunded Floating Rate Loan Interests (a) | — | — | 737 | 737
| $ 8,395,624 | $ 368,227,365 | $ 11,555,002 | $ 388,177,991
Derivative Financial Instruments (b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $ — | $ 316,750 | $ — | $ 316,750
Foreign Currency Exchange Contracts | — | 2,991 | — | 2,991
Interest Rate Contracts | — | 72,716 | — | 72,716
| $ — | $ 392,457 | $ — | $ 392,457

(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 $90,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the
beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in
determining fair value:

| Common Stocks | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Other Interests | 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 | — | — | 3,930,157 | — | — | 3,930,165
Transfers out of Level 3 (c) | (147,398 ) | (26,858 ) | — | (4,776,493 ) | — | — | (4,950,749 )
Accrued discounts/premiums | — | — | 234 | 32,953 | — | — | 33,187
Net realized gain (loss) | — | — | — | (542,519 ) | — | — | (542,519 )
Net change in unrealized appreciation (depreciation) (d)(e) | (206,579 ) | — | (8,284 ) | 296,864 | — | 147 | 82,148
Purchases | 825,644 | — | 455,400 | 7,144,032 | — | — | 8,425,076
Sales | — | — | — | (7,464,059 ) | — | — | (7,464,059 )
Closing balance, as of June 30, 2024 | $ 797,233 | $ — | $ 447,350 | $ 10,309,682 | $ — (a) | $ 737 | $ 11,555,002
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 (e) | $ (206,579 ) | $ — | $ (8,284 ) | $ (283,443 ) | $ — | $ 147 | $ (498,159 )

(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 June 30, 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 June 30, 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 June 30, 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.
Schedule of Investments
127

Statements of Assets and Liabilities
(unaudited)
June 30, 2024

| BHK | HYT (a) | BTZ | BGT
ASSETS |  |  |  |
Investments, at value — unaffiliated (b) | $ 896,000,915 | $ 1,826,673,354 | $ 1,617,775,107 | $ 383,380,979
Investments, at value — affiliated (c) | 5,865,155 | 32,289,200 | 10,963,298 | 4,796,275
Cash | 362,905 | 1,868,026 | 1,082,103 | —
Cash pledged: |  |  |  |
Collateral — reverse repurchase agreements | 1,033,836 | — | 1,684,293 | —
Collateral — exchange-traded options written | — | — | 1,320,000 | —
Collateral — OTC derivatives | 964,000 | — | — | —
Futures contracts | 1,967,000 | 177,000 | 3,456,000 | —
Centrally cleared swaps | 566,000 | 1,373,000 | 2,717,000 | 373,000
Foreign currency, at value (d) | 478,830 | 905,244 | 1,467 | —
Receivables: |  |  |  |
Investments sold | 1,653,193 | 11,524,912 | 4,108,401 | 9,048,438
Options written | — | — | 870,388 | —
Reverse repurchase agreements | 264,977 | — | 806,453 | —
Capital shares sold | — | 796,067 | — | 114,596
Dividends — unaffiliated | 24,339 | 59,663 | — | —
Dividends — affiliated | 28,492 | 5,676 | 56,240 | 1,781
Interest — unaffiliated | 10,507,665 | 31,333,242 | 24,776,694 | 3,577,431
Variation margin on futures contracts | 588,328 | 72,464 | 1,781,172 | —
Variation margin on centrally cleared swaps | 4,843 | — | 46,380 | —
Swap premiums paid | 5,841 | 47,066 | — | —
Unrealized appreciation on: |  |  |  |
Forward foreign currency exchange contracts | 19,324 | 75,354 | 4,764 | 2,991
OTC swaps | 57,508 | 791,092 | — | 72,716
Unfunded floating rate loan interests | 48 | 410 | 177 | 737
Deferred offering costs | 154,199 | 189,164 | — | 192,470
Prepaid expenses | 11,495 | 29,954 | 27,512 | 5,385
Total assets | 920,558,893 | 1,908,210,888 | 1,671,477,449 | 401,566,799
LIABILITIES |  |  |  |
Bank overdraft | — | — | — | 2,662,242
Foreign bank overdraft (e) | — | — | — | 226,096
Due to broker | 358,254 | — | — | —
Cash received as collateral for reverse repurchase agreements | 125,000 | — | — | —
Options written, at value (f) | — | — | 843,150 | —
Reverse repurchase agreements, at value | 306,379,817 | — | 593,653,858 | —
Payables: |  |  |  |
Investments purchased | 42,474,657 | 33,850,022 | 18,110,158 | 18,602,592
Reverse repurchase agreements | — | — | 3,512,046 | —
Accounting services fees | 40,920 | 67,323 | 60,056 | 21,625
Bank borrowings | — | 480,000,000 | — | 90,000,000
Custodian fees | 21,774 | 19,389 | 27,588 | 9,147
Income dividend distributions | — | — | 347,582 | —
Interest expense | — | 2,653,789 | — | 485,979
Investment advisory fees | 349,323 | 919,384 | 833,261 | 231,233
Trustees ’ and Officer ’ s fees | 206,885 | 588,521 | 719,947 | 172,883
Options written | — | — | 1,496,555 | —
Other accrued expenses | 7,418 | 63,897 | — | 7,749
Professional fees | 60,952 | 84,841 | 38,161 | 44,319
Reorganization costs | — | — | 67,446 | —
Transfer agent fees | 35,710 | 53,343 | 47,260 | 16,072
Variation margin on futures contracts | 1,405,197 | — | 412,233 | —
Variation margin on centrally cleared swaps | — | 9,172 | — | 3,527
Swap premiums received | 873,504 | 545,537 | — | 811

128
2024
BlackRock Semi-Annual Report to Shareholders

Statements of Assets and Liabilities
(unaudited) (continued)
June 30, 2024

| BHK | HYT (a) | BTZ | BGT
Unrealized depreciation on: |  |  |  |
Forward foreign currency exchange contracts | 408 | — | — | —
OTC swaps | 1,144 | 10,458 | — | —
Total liabilities | 352,340,963 | 518,865,676 | 620,169,301 | 112,484,275
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 568,217,930 | $ 1,389,345,212 | $ 1,051,308,148 | $ 289,082,524
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital (g)(h)(i) | $ 735,855,771 | $ 1,671,092,998 | $ 1,195,243,185 | $ 331,817,268
Accumulated loss | (167,637,841) | (281,747,786) | (143,935,037) | (42,734,744)
NET ASSETS | $ 568,217,930 | $ 1,389,345,212 | $ 1,051,308,148 | $ 289,082,524
Net asset value | $ 10.51 | $ 9.60 | $ 11.27 | $ 12.74
(a) Consolidated Statement of Assets and Liabilities.
(b) Investments, at cost — unaffiliated | $947,790,595 | $1,840,211,776 | $1,645,202,926 | $389,943,750
(c) Investments, at cost — affiliated | $5,865,155 | $32,369,300 | $10,963,298 | $4,728,235
(d) Foreign currency, at cost | $499,192 | $904,708 | $1,469 | $—
(e) Foreign bank overdraft, at cost | $— | $— | $— | $226,849
(f) Premiums received | $— | $— | $829,772 | $—
(g) Shares outstanding | 54,058,073 | 144,772,118 | 93,324,457 | 22,695,386
(h) Shares authorized | Unlimited | 200 million | Unlimited | Unlimited
(i) Par value | $0.001 | $0.10 | $0.001 | $0.001

See notes to financial statements.
Financial Statements
129

Statements of Operations
(unaudited)
Six Months Ended June 30, 2024

| BHK | HYT (a) | BTZ | BGT
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $ 93,737 | $ 1,103,531 | $ 192,898 | $ 133,427
Dividends — affiliated | 185,695 | 63,641 | 272,118 | 62,479
Interest — unaffiliated | 25,538,364 | 72,755,848 | 53,496,302 | 17,091,305
Other income — unaffiliated | 148,413 | 1,436,057 | 394,059 | 221,664
Foreign taxes withheld | — | (106,137 ) | (31,248 ) | —
Total investment income | 25,966,209 | 75,252,940 | 54,324,129 | 17,508,875
EXPENSES |  |  |  |
Investment advisory | 2,132,869 | 5,578,466 | 5,157,244 | 1,413,372
Professional | 61,404 | 83,835 | 52,014 | 76,016
Accounting services | 58,115 | 100,139 | 87,128 | 31,677
Transfer agent | 43,962 | 64,992 | 53,428 | 21,643
Trustees and Officer | 31,327 | 82,097 | 81,613 | 22,484
Custodian | 29,795 | 24,975 | 34,027 | 13,414
Registration | 9,277 | 24,570 | 16,049 | 4,190
Printing and postage | 5,484 | 5,327 | 15,241 | 8,361
Miscellaneous | 26,850 | 33,120 | 25,798 | 18,371
Total expenses excluding interest expense and fees | 2,399,083 | 5,997,521 | 5,522,542 | 1,609,528
Interest expense and fees — unaffiliated | 7,771,660 | 15,480,203 | 16,504,289 | 2,865,230
Total expenses | 10,170,743 | 21,477,724 | 22,026,831 | 4,474,758
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (2,825 ) | (8,189 ) | (3,956 ) | (8,353 )
Total expenses after fees waived and/or reimbursed | 10,167,918 | 21,469,535 | 22,022,875 | 4,466,405
Net investment income | 15,798,291 | 53,783,405 | 32,301,254 | 13,042,470
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | (1,289,063 ) | 5,450,276 | (6,425,725 ) | (1,590,876 )
Investments — affiliated | — | — | — | 6,297
Forward foreign currency exchange contracts | 204,468 | 1,279,730 | 56,064 | 3,060
Foreign currency transactions | (13,544 ) | (117,995 ) | (3,460 ) | (2,622 )
Futures contracts | 1,085,714 | (472,260 ) | 211,132 | —
Options written | 131 | 127,693 | 454,159 | —
Swaps | (442,346 ) | 1,985,752 | (1,174,542 ) | 142,678
| (454,640 ) | 8,253,196 | (6,882,372 ) | (1,441,463 )
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | (13,387,669 ) | (13,259,941 ) | (16,202,348 ) | 802,533
Investments — affiliated | — | (80,100 ) | — | 11,670
Forward foreign currency exchange contracts | 88,150 | 466,139 | 16,625 | 9,279
Foreign currency translations | (37,132 ) | (17,718 ) | (274 ) | 2,022
Futures contracts | (5,366,488 ) | 75,290 | 7,538,424 | —
Options written | — | (51,791 ) | (272,505 ) | —
Swaps | 276,220 | (1,484,157 ) | (303,402 ) | 37,779
Unfunded floating rate loan interests | 4 | 410 | 57 | 147
| (18,426,915 ) | (14,351,868 ) | (9,223,423 ) | 863,430
Net realized and unrealized loss | (18,881,555 ) | (6,098,672 ) | (16,105,795 ) | (578,033 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ (3,083,264 ) | $ 47,684,733 | $ 16,195,459 | $ 12,464,437
(a) Consolidated Statement of Operations.

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

Statements of Changes in Net Assets

| BHK | HYT (a)
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $ 15,798,291 | $ 30,495,756 | $ 53,783,405 | $ 98,034,200
Net realized gain (loss) | (454,640 ) | (43,069,479 ) | 8,253,196 | (91,289,423 )
Net change in unrealized appreciation (depreciation) | (18,426,915 ) | 67,835,399 | (14,351,868 ) | 195,807,750
Net increase (decrease) in net assets resulting from operations | (3,083,264 ) | 55,261,676 | 47,684,733 | 202,552,527
DISTRIBUTIONS TO SHAREHOLDERS (b) |  |  |  |
From net investment income | (24,182,859 ) (c) | (29,123,925 ) | (66,867,491 ) (c) | (98,129,727 )
Return of capital | — | (19,226,456 ) | — | (35,266,158 )
Decrease in net assets resulting from distributions to shareholders | (24,182,859 ) | (48,350,381 ) | (66,867,491 ) | (133,395,885 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | — | — | 15,216,067 | —
Reinvestment of distributions | 501,442 | — | 4,711,649 | —
Net increase in net assets derived from capital share transactions | 501,442 | — | 19,927,716 | —
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (26,764,681 ) | 6,911,295 | 744,958 | 69,156,642
Beginning of period | 594,982,611 | 588,071,316 | 1,388,600,254 | 1,319,443,612
End of period | $ 568,217,930 | $ 594,982,611 | $ 1,389,345,212 | $ 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.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
Financial Statements
131

Statements of Changes in Net Assets
(continued)

| BTZ | BGT
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $ 32,301,254 | $ 62,833,044 | $ 13,042,470 | $ 27,159,166
Net realized loss | (6,882,372 ) | (51,972,943 ) | (1,441,463 ) | (2,265,654 )
Net change in unrealized appreciation (depreciation) | (9,223,423 ) | 121,297,601 | 863,430 | 14,206,252
Net increase in net assets resulting from operations | 16,195,459 | 132,157,702 | 12,464,437 | 39,099,764
DISTRIBUTIONS TO SHAREHOLDERS (a) |  |  |  |
From net investment income | (46,979,532 ) (b) | (59,066,496 ) | (16,148,702 ) (b) | (27,396,917 )
Return of capital | — | (35,061,131 ) | — | (1,235,218 )
Decrease in net assets resulting from distributions to shareholders | (46,979,532 ) | (94,127,627 ) | (16,148,702 ) | (28,632,135 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | — | — | 4,579,085 | —
Reinvestment of distributions | — | — | 367,040 | —
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 ) | 4,946,125 | (624,592 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (30,784,073 ) | 36,206,182 | 1,261,860 | 9,843,037
Beginning of period | 1,082,092,221 | 1,045,886,039 | 287,820,664 | 277,977,627
End of period | $ 1,051,308,148 | $ 1,082,092,221 | $ 289,082,524 | $ 287,820,664

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
132
2024
BlackRock Semi-Annual Report to Shareholders

Statements of Cash Flows
(unaudited)
Six Months Ended June 30, 2024

| BHK | HYT (a) | BTZ | BGT
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase (decrease) in net assets resulting from operations | $ (3,083,264 ) | $ 47,684,733 | $ 16,195,459 | $ 12,464,437
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |  |  |  |
Proceeds from sales of long-term investments and principal paydowns/payups | 505,379,048 | 902,848,382 | 1,610,671,873 | 82,914,270
Purchases of long-term investments | (505,529,026 ) | (785,467,816 ) | (1,605,518,041 ) | (78,030,557 )
Net proceeds from sales (purchases) of short-term securities | 6,011,206 | 151,845 | 5,365,382 | (1,645,239 )
Amortization of premium and accretion of discount on investments and other fees | (1,218,400 ) | (6,289,273 ) | (945,219 ) | (405,949 )
Paid-in-kind income | — | — | 8,408 | 22,555
Premiums paid on closing options written | (95 ) | (7,707 ) | 1,483,375 | —
Premiums received from options written | 227 | 33,197 | 84,213 | —
Net realized (gain) loss on investments and options written | 1,292,524 | (5,576,756 ) | 5,975,028 | 1,584,579
Net unrealized (appreciation) depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests | 13,284,916 | 13,552,994 | 16,458,183 | (855,900 )
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | 14,772 | 1,957 | 30,533 | (1,583 )
Dividends — unaffiliated | — | (59,663 ) | — | —
Interest — unaffiliated | 3,947 | 1,109,774 | (46,657 ) | 732,076
Variation margin on futures contracts | (557,766 ) | (51,872 ) | (1,366,414 ) | —
Variation margin on centrally cleared swaps | 3,315 | — | (17,306 ) | —
Swap premiums paid | 928 | (14,926 ) | — | —
Prepaid expenses | (6,501 ) | (17,733 ) | (17,642 ) | (2,664 )
Deferred offering costs. | (2,000 ) | 4,247 | — | 39,281
Increase (Decrease) in Liabilities |  |  |  |
Due to broker | 358,254 | — | — | —
Cash received |  |  |  |
Collateral — reverse repurchase agreements | (8,095,490 ) | — | (12,629,943 ) | —
Collateral — OTC derivatives | — | (950,000 ) | — | —
Collateral — TBA commitments | (269,000 ) | — | — | —
Payables |  |  |  |
Accounting services fees | (2,194 ) | (893 ) | (3,450 ) | (760 )
Custodian fees | 193 | (1,333 ) | (2,467 ) | 354
Interest expense | 1,844,387 | (532,463 ) | 1,224,222 | (44,259 )
Investment advisory fees | (24,367 ) | (77,521 ) | (34,127 ) | (10,967 )
Trustees ’ and Officer ’ s fees | (38,353 ) | (58,844 ) | (106,640 ) | (40,943 )
Other accrued expenses | (54,402 ) | (51,798 ) | (100,335 ) | (4,619 )
Professional fees | (20,298 ) | (36,285 ) | (11,366 ) | (29,271 )
Reorganization costs | — | — | 67,446 | —
Transfer agent fees | 16,845 | 26,811 | 22,364 | 5,364
Variation margin on futures contracts | 997,680 | — | 412,233 | —
Variation margin on centrally cleared swaps | — | (30,818 ) | — | 1,785
Swap premiums received | (8,123 ) | 395,112 | — | (16,860 )
Net cash provided by operating activities | 10,298,963 | 166,583,351 | 37,199,112 | 16,675,130
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (23,681,417 ) | (62,155,842 ) | (46,631,950 ) | (15,781,662 )
Payments for offering costs | — | — | — | (35,649 )
Payments for bank borrowings | — | (575,000,000 ) | — | (65,000,000 )
Proceeds from bank borrowings | — | 459,000,000 | — | 58,000,000
Increase (decrease) in bank overdraft | — | (27,326 ) | (29,565 ) | 1,642,692
Proceeds from issuance of capital shares | — | 14,420,000 | — | 4,464,489
Net borrowing of reverse repurchase agreements | 11,462,531 | — | 4,305,803 | —
Net cash used for financing activities | (12,218,886 ) | (163,763,168 ) | (42,355,712 ) | (16,710,130 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | (32,430 ) | 552 | (12 ) | —

Financial Statements
133

Statements of Cash Flows
(unaudited) (continued)
Six Months Ended June 30, 2024

| BHK | HYT (a) | BTZ | BGT
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | $ (1,952,353 ) | $ 2,820,735 | $ (5,156,612 ) | $ (35,000 )
Restricted and unrestricted cash and foreign currency at beginning of period | 7,324,924 | 1,502,535 | 15,417,475 | 408,000
Restricted and unrestricted cash and foreign currency at end of period | $ 5,372,571 | $ 4,323,270 | $ 10,260,863 | $ 373,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense | $ 5,927,273 | $ 16,012,666 | $ 15,280,067 | $ 2,909,489
NON-CASH FINANCING ACTIVITIES |  |  |  |
Reinvestment of distributions | $ 501,442 | $ 4,711,649 | $ — | $ 367,040
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $ 362,905 | $ 1,868,026 | $ 1,082,103 | $ —
Cash pledged |  |  |  |
Collateral — reverse repurchase agreements | 1,033,836 | — | 1,684,293 | —
Collateral — exchange-traded options written | — | — | 1,320,000 | —
Collateral — OTC derivatives | 964,000 | — | — | —
Futures contracts | 1,967,000 | 177,000 | 3,456,000 | —
Centrally cleared swaps | 566,000 | 1,373,000 | 2,717,000 | 373,000
Foreign currency at value | 478,830 | 905,244 | 1,467 | —
| $ 5,372,571 | $ 4,323,270 | $ 10,260,863 | $ 373,000

(a) | Consolidated Statement of Cash Flows.

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

Financial Highlights
(For a share outstanding throughout each period)

| BHK
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Period from 09/01/19 to 12/31/19 | Year Ended 08/31/19
Net asset value, beginning of period | $ 11.02 | $ 10.89 | $ 15.47 | $ 16.45 | $ 15.32 | $ 15.79 | $ 14.08
Net investment income (a) | 0.29 | 0.56 | 0.64 | 0.72 | 0.72 | 0.22 | 0.66
Net realized and unrealized gain (loss) | (0.35 ) | 0.47 | (4.40 ) | (0.65 ) | 1.24 | (0.36 ) | 1.82
Net increase (decrease) from investment operations | (0.06 ) | 1.03 | (3.76 ) | 0.07 | 1.96 | (0.14 ) | 2.48
Distributions (b) |  |  |  |  |  |  |
From net investment income | (0.45 ) (c) | (0.54 ) | (0.69 ) | (0.80 ) | (0.64 ) | (0.27 ) | (0.73 )
From net realized gain | — | — | (0.11 ) | (0.25 ) | (0.19 ) | (0.04 ) | (0.04 )
Return of capital | — | (0.36 ) | (0.02 ) | — | — | (0.02 ) | —
Total distributions | (0.45 ) | (0.90 ) | (0.82 ) | (1.05 ) | (0.83 ) | (0.33 ) | (0.77 )
Net asset value, end of period | $ 10.51 | $ 11.02 | $ 10.89 | $ 15.47 | $ 16.45 | $ 15.32 | $ 15.79
Market price, end of period | $ 10.65 | $ 10.91 | $ 10.38 | $ 16.51 | $ 16.30 | $ 14.58 | $ 14.56
Total Return (d) |  |  |  |  |  |  |
Based on net asset value | (0.52 )% (e) | 10.12 % | (24.44 )% | 0.50 % (f) | 13.24 % | (0.75 )% (e) | 18.86 %
Based on market price | 1.82 % (e) | 14.38 % | (32.52 )% | 8.25 % | 17.90 % | 2.43 % (e) | 20.09 %
Ratios to Average Net Assets (g) |  |  |  |  |  |  |
Total expenses | 3.56 % (h) | 3.69 % | 1.95 % | 0.85 % | 0.91 % | 1.42 % (h)(i) | 1.72 %
Total expenses after fees waived and/or reimbursed | 3.56 % (h) | 3.69 % | 1.95 % | 0.85 % | 0.90 % | 1.42 % (h) | 1.72 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.84 % (h) | 0.88 % | 0.90 % | 0.81 % | 0.75 % | 0.79 % (h) | 0.77 %
Net investment income | 5.53 % (h) | 5.23 % | 5.13 % | 4.50 % | 4.52 % | 4.15 % (h) | 4.63 %
Supplemental Data |  |  |  |  |  |  |
Net assets, end of period (000) | $ 568,218 | $ 594,983 | $ 588,071 | $ 835,314 | $ 886,970 | $ 826,349 | $ 851,650
Borrowings outstanding, end of period (000) | $ 306,380 | $ 292,808 | $ 387,219 | $ 405,522 | $ 296,921 | $ 271,749 | $ 273,621
Portfolio turnover rate (j) | 57 % | 133 % | 104 % | 54 % | 69 % | 21 % | 27 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) | Annualized.
(i) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.45%.
(j) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Period from 09/01/19 to 12/31/19 | Year Ended 08/31/19
Portfolio turnover rate (excluding MDRs) | 37 % | 81 % | 76 % | 34 % | 55 % | 11 % | 27 %

See notes to financial statements.
Financial Highlights
135

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

| HYT (a)
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Period from 09/01/19 to 12/31/19 | Year Ended 08/31/19
Net asset value, beginning of period | $ 9.73 | $ 9.25 | $ 11.99 | $ 11.95 | $ 11.91 | $ 11.82 | $ 11.90
Net investment income (b) | 0.38 | 0.69 | 0.67 | 0.76 | 0.79 | 0.25 | 0.79
Net realized and unrealized gain (loss) | (0.04 ) | 0.72 | (2.42 ) | 0.21 | 0.18 | 0.22 | (0.01 )
Net increase (decrease) from investment operations | 0.34 | 1.41 | (1.75 ) | 0.97 | 0.97 | 0.47 | 0.78
Distributions (c) |  |  |  |  |  |  |
From net investment income | (0.47 ) (d) | (0.68 ) | (0.60 ) | (0.80 ) | (0.82 ) | (0.35 ) | (0.86 )
Return of capital | — | (0.25 ) | (0.26 ) | (0.13 ) | (0.11 ) | (0.03 ) | —
Total distributions | (0.47 ) | (0.93 ) | (0.86 ) | (0.93 ) | (0.93 ) | (0.38 ) | (0.86 )
Dilutive effect of rights offer (Note 11) | — | — | (0.13 ) | — | — | — | —
Net asset value, end of period | $ 9.60 | $ 9.73 | $ 9.25 | $ 11.99 | $ 11.95 | $ 11.91 | $ 11.82
Market price, end of period | $ 9.69 | $ 9.43 | $ 8.74 | $ 12.34 | $ 11.43 | $ 11.20 | $ 10.51
Total Return (e) |  |  |  |  |  |  |
Based on net asset value | 3.56 % (f) | 16.80 % | (15.71 )% | 8.42 % | 9.57 % | 4.28 % (f) | 8.06 %
Based on market price | 7.85 % (f) | 19.80 % | (22.62 )% | 16.66 % | 11.45 % | 10.28 % (f) | 6.86 %
Ratios to Average Net Assets (g) |  |  |  |  |  |  |
Total expenses | 3.14 % (h) | 3.35 % | 1.89 % | 1.35 % | 1.50 % | 1.92 % (h)(i) | 2.19 %
Total expenses after fees waived and/or reimbursed | 3.14 % (h) | 3.35 % | 1.89 % | 1.34 % | 1.49 % | 1.92 % (h) | 2.19 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.88 % (h) | 0.91 % | 0.91 % | 0.93 % | 0.94 % | 0.93 % (h) | 0.92 %
Net investment income | 7.86 % (h) | 7.34 % | 6.61 % | 6.30 % | 7.06 % | 6.39 % (h) | 6.87 %
Supplemental Data |  |  |  |  |  |  |
Net assets, end of period (000) | $ 1,389,345 | $ 1,388,600 | $ 1,319,444 | $ 1,465,171 | $ 1,456,907 | $ 1,451,868 | $ 1,440,436
Borrowings outstanding, end of period (000) | $ 480,000 | $ 596,000 | $ 529,000 | $ 647,000 | $ 685,000 | $ 607,000 | $ 486,000
Asset coverage, end of period per $1,000 of bank borrowings (j) | $ 3,894 | $ 3,330 | $ 3,494 | $ 3,265 | $ 3,127 | $ 3,392 | $ 3,965
Portfolio turnover rate | 43 % | 62 % | 45 % | 54 % | 82 % | 20 % | 64 %

(a) | Consolidated Financial Highlights.
(b) | Based on average shares outstanding.
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f) | Not annualized.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) | Annualized.
(i) | Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.95%.
(j) | Calculated by subtracting the Trust ’ s total liabilities (not including bank borrowings) from the Trust ’ s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.

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

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

| BTZ
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Period from 11/01/19 to 12/31/19 | Year Ended 10/31/19
Net asset value, beginning of period | $ 11.59 | $ 11.19 | $ 15.10 | $ 15.71 | $ 14.97 | $ 14.94 | $ 13.72
Net investment income (a) | 0.35 | 0.67 | 0.77 | 0.85 | 0.84 | 0.13 | 0.79
Net realized and unrealized gain (loss) | (0.17 ) | 0.74 | (3.76 ) | (0.45 ) | 0.91 | 0.15 | 1.25
Net increase (decrease) from investment operations | 0.18 | 1.41 | (2.99 ) | 0.40 | 1.75 | 0.28 | 2.04
Distributions (b) |  |  |  |  |  |  |
From net investment income | (0.50 ) (c) | (0.63 ) | (0.70 ) | (0.86 ) | (0.85 ) | (0.23 ) | (0.79 )
Return of capital | — | (0.38 ) | (0.22 ) | (0.15 ) | (0.16 ) | (0.02 ) | (0.03 )
Total distributions | (0.50 ) | (1.01 ) | (0.92 ) | (1.01 ) | (1.01 ) | (0.25 ) | (0.82 )
Net asset value, end of period | $ 11.27 | $ 11.59 | $ 11.19 | $ 15.10 | $ 15.71 | $ 14.97 | $ 14.94
Market price, end of period | $ 10.71 | $ 10.32 | $ 10.10 | $ 15.05 | $ 14.71 | $ 13.98 | $ 13.55
Total Return (d) |  |  |  |  |  |  |
Based on net asset value | 1.93 % (e) | 14.24 % | (19.50 )% | 2.73 % | 12.78 % | 2.02 % (e) | 16.17 %
Based on market price | 8.78 % (e) | 12.70 % | (27.10 )% | 9.36 % | 13.07 % | 5.05 % (e) | 23.34 %
Ratios to Average Net Assets (f) |  |  |  |  |  |  |
Total expenses | 4.18 % (g) | 3.98 % | 1.79 % | 1.12 % | 1.35 % | 1.68 % (g)(h) | 2.26 %
Total expenses after fees waived and/or reimbursed | 4.18 % (g) | 3.97 % | 1.79 % | 1.12 % | 1.35 % | 1.68 % (g) | 2.25 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.05 % (g) | 1.03 % | 0.94 % | 0.94 % | 0.94 % | 0.92 % (g) | 1.08 %
Net investment income | 6.13 % (g) | 5.99 % | 6.22 % | 5.49 % | 5.69 % | 5.29 % (g) | 5.57 %
Supplemental Data |  |  |  |  |  |  |
Net assets, end of period (000) | $ 1,051,308 | $ 1,082,092 | $ 1,045,886 | $ 1,412,147 | $ 1,468,153 | $ 1,554,828 | $ 1,551,243
Borrowings outstanding, end of period (000) | $ 593,654 | $ 590,829 | $ 589,324 | $ 587,017 | $ 614,172 | $ 577,231 | $ 568,461
Portfolio turnover rate (i) | 91 % | 155 % | 42 % | 20 % | 34 % | 2 % | 18 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.
(h) | Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.70%.
(i) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Period from 11/01/19 to 12/31/19 | Year Ended 10/31/19
Portfolio turnover rate (excluding MDRs) | 62 % | 93 % | 42 % | 20 % | 34 % | 2 % | 18 %

See notes to financial statements.
Financial Highlights
137

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

| BGT
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Period from 11/01/19 to 12/31/19 | Year Ended 10/31/19
Net asset value, beginning of period | $ 12.90 | $ 12.43 | $ 13.44 | $ 13.40 | $ 14.10 | $ 13.95 | $ 14.33
Net investment income (a) | 0.58 | 1.22 | 0.82 | 0.65 | 0.66 | 0.12 | 0.80
Net realized and unrealized gain (loss) | (0.02 ) | 0.53 | (1.08 ) | 0.17 | (0.47 ) | 0.26 | (0.37 )
Net increase (decrease) from investment operations | 0.56 | 1.75 | (0.26 ) | 0.82 | 0.19 | 0.38 | 0.43
Distributions (b) |  |  |  |  |  |  |
From net investment income | (0.72 ) (c) | (1.22 ) | (0.75 ) | (0.66 ) | (0.69 ) | (0.23 ) | (0.81 )
Return of capital | — | (0.06 ) | — | (0.12 ) | (0.20 ) | — | —
Total distributions | (0.72 ) | (1.28 ) | (0.75 ) | (0.78 ) | (0.89 ) | (0.23 ) | (0.81 )
Net asset value, end of period | $ 12.74 | $ 12.90 | $ 12.43 | $ 13.44 | $ 13.40 | $ 14.10 | $ 13.95
Market price, end of period | $ 12.76 | $ 12.38 | $ 10.94 | $ 13.99 | $ 11.79 | $ 12.87 | $ 12.42
Total Return (d) |  |  |  |  |  |  |
Based on net asset value | 4.48 % (e) | 15.69 % | (1.32 )% | 6.43 % | 2.83 % | 2.89 % (e) | 4.00 %
Based on market price | 9.04 % (e) | 26.14 % | (16.56 )% | 25.91 % | (0.88 )% | 5.48 % (e) | 4.31 %
Ratios to Average Net Assets (f) |  |  |  |  |  |  |
Total expenses | 3.13 % (g) | 3.04 % | 2.20 % | 1.61 % | 1.72 % | 2.11 % (g) | 2.41 %
Total expenses after fees waived and/or reimbursed | 3.13 % (g) | 3.03 % | 2.20 % | 1.60 % | 1.70 % | 2.11 % (g) | 2.41 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 1.12 % (g) | 1.09 % | 1.17 % | 1.19 % | 1.17 % | 1.28 % (g) | 1.16 %
Net investment income | 9.13 % (g) | 9.57 % | 6.40 % | 4.82 % | 5.13 % | 5.23 % (g) | 5.68 %
Supplemental Data |  |  |  |  |  |  |
Net assets, end of period (000) | $ 289,083 | $ 287,821 | $ 277,978 | $ 300,712 | $ 300,126 | $ 323,708 | $ 321,091
Borrowings outstanding, end of period (000) | $ 90,000 | $ 97,000 | $ 91,000 | $ 143,000 | $ 129,000 | $ 130,000 | $ 123,000
Asset coverage, end of period per $1,000 of bank borrowings (h) | $ 4,212 | $ 3,967 | $ 4,055 | $ 3,103 | $ 3,327 | $ 3,490 | $ 3,610
Portfolio turnover rate | 23 % | 25 % | 16 % | 50 % | 65 % | 6 % | 53 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.
(h) | Calculated by subtracting the Trust ’ s total liabilities (not including bank borrowings) from the Trust ’ s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.

See notes to financial statements.
138
2024
BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements
(unaudited)
1.
ORGANIZATION
The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to
herein collectively as the “Trusts”, or individually as a “Trust”:

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

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred
to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of
funds referred to as the BlackRock Fixed-Income Complex.
Basis of Consolidation:
The accompanying consolidated financial statements of HYT include the accounts of HYT Subsidiary LLC (the “Taxable Subsidiary”), which is a
wholly-owned taxable subsidiary of HYT. The Taxable Subsidiary enables HYT to hold certain pass-through investments and satisfy regulated investment company tax
requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown
as income tax in the Consolidated Statement of Operations for HYT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or
unrealized gain (loss) in the Consolidated Statement of Operations for HYT. Taxes payable or deferred as of June 30, 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 $8,042, which
is less than 0.1% of HYT’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same
investment policies and restrictions that apply to HYT.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require
management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results
could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to
investment companies. Below is a summary of significant accounting policies:
Investment
Transactions and Income Recognition:
For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.
Realized gains and losses on investment transactions are determined using the specific identification method.
Dividend income and capital gain distributions, if any, are
recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.
Dividends from foreign securities where the ex-dividend
dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various
rates may be imposed on capital gains, dividends and interest.
Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may
be redesignated as a reduction of cost of the related investment and/or realized gain.
Interest income, including amortization and accretion of premiums and discounts on debt
securities, and payment-in-kind interest are recognized daily on an accrual basis.
For convertible securities, premiums attributable to the debt instrument are amortized, but
premiums attributable to the conversion feature are not amortized.
Foreign Currency Translation:
Each
Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies
are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are
recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the
investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each
Trust
does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes.
Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those
investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each
Trust reports realized currency gains (losses) on foreign
currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income
for U.S. federal income tax purposes. Each
Trust has elected to treat realized gains (losses) from certain forward foreign currency exchange contracts as capital gain (loss) for
U.S. federal income tax purposes.
Foreign Taxes:
The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign
currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each
Trust
invests. These foreign taxes, if any, are paid by each
Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a
reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as
“Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net
realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Notes to Financial Statements
139

Notes to Financial Statements
(unaudited) (continued)
The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on
collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims
recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
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.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment
Valuation Policies:
Each
Trust
’
s investments are valued at fair value (also referred to as “market value” within the
financial statements) each day that the Trust
is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer
a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each
Trust’s Manager as the valuation
designee for each
Trust. Each
Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies.
If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the
Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and
to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies:
The following methods and inputs are used to establish the fair value of each Trust
’
s assets and liabilities:
•
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily
traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask
(short positions) price.
•
Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided
by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or
dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot
size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may
use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and
offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed
and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a
benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method
of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent
fair value.
•
Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the
exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued
at the last available bid (long positions) or ask (short positions) price.
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Notes to Financial Statements
(unaudited) (continued)
•
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published 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.
•
Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models
that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use
current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is
designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that
application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not
available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued
Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation
techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value.
When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Trust might reasonably expect to receive or pay from
the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation
Committee deems relevant and consistent with the principles of fair value measurement.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments,
the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but
not limited to, the following inputs.

| Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
| (ii) | recapitalizations and other transactions across the capital structure; and
| (iii) | market multiples of comparable issuers.
Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
| (ii) | quoted prices for similar investments or assets in active markets; and
| (iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
| (ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
| (iii) | relevant news and other public sources; and
| (iv) | known secondary market transactions in the Private Company ’ s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such
investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an
option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate
under the circumstances. The use of these valuation techniques 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.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Typically, the most
recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the
value of the investment and the price a Trust could receive upon the sale of the investment.
Fair Value Hierarchy:
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value
hierarchy consisting of three broad levels for financial reporting purposes as follows:
•
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access;
Notes to Financial Statements
141

Notes to Financial Statements
(unaudited) (continued)
•
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or
similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and
•
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation
Committee
’
s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to
unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is
determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Investments classified within Level 3 have significant unobservable
inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may
not have a secondary market and/or may have a limited number of investors.
The categorization of a value determined for financial instruments is based on the pricing
transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
As of June 30, 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
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.
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Notes to Financial Statements
(unaudited) (continued)
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.
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,
Notes to Financial Statements
143

Notes to Financial Statements
(unaudited) (continued)
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 | Groundworks, LLC | $ 11,881 | $ 11,822 | $ 11,870 | $ 48
|  |  |  |  | $ 48
HYT | Groundworks, LLC | $ 101,053 | $ 100,548 | $ 100,958 | $ 410
|  |  |  |  | $ 410
BTZ | Action Environmental Group, Inc. | $ 11,999 | $ 11,909 | $ 12,059 | 150
| Epicor Software Corp. | 12,913 | 12,933 | 12,960 | 27
|  |  |  |  | $ 177
BGT | Action Environmental Group, Inc. | $ 58,993 | $ 58,551 | $ 59,288 | $ 737
|  |  |  |  | $ 737

Forward Commitments, When-Issued and Delayed Delivery Securities:
The Trusts may purchase securities on a when-issued basis and may purchase or sell securities
on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may
purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date.
Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, a fund is
not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the
security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trusts
’
maximum amount of loss is the unrealized appreciation of
unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the
Trusts to make future cash payments. An unfunded
commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of
Operations.
TBA Commitments:
TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment
and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet
specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed
securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases,
respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master
Securities Forward Transaction Agreements (each, an “MSFTA”).
An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event
of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and
comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund
and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments
or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is
permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized,
contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions:
The Trusts may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type,
coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest
and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions.
Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those
securities.
Reverse Repurchase Agreements:
Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or
broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes.
During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no
stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon
competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from
the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers
a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund
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.
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Notes to Financial Statements
(unaudited) (continued)
For the six months ended June 30, 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 | $ 285,483,057 | 5.46 %
BTZ | 615,211,576 | 5.39

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 | $ (2,350,184 ) | $ 2,350,184 | $ — | $ —
Barclays Capital, Inc. | (12,194,577 ) | 12,194,577 | — | —
BNP Paribas SA | (146,368,014 ) | 146,193,656 | 174,358 | —
BofA Securities, Inc. | (29,239,771 ) | 29,239,771 | — | —
Cantor Fitzgerald & Co. | (383,465 ) | 383,465 | — | —
Daiwa Capital Markets America, Inc | (20,002 ) | 20,002 | — | —
Goldman Sachs & Co. LLC | (13,077,848 ) | 13,077,848 | — | —
J.P. Morgan Securities LLC | (6,102,524 ) | 6,102,524 | — | —
Merrill Lynch International | (161,894 ) | 161,894 | — | —
Nomura Securities International, Inc. | (69,143,168 ) | 68,571,921 | 571,247 | —
RBC Capital Markets, LLC | (821,295 ) | 821,295 | — | —
TD Securities (USA) LLC | (16,277,933 ) | 16,277,933 | — | —
U.S. Bancorp Investments, Inc. | (10,239,142 ) | 10,146,003 | — | (93,139 )
| $ (306,379,817 ) | $ 305,541,073 | $ 745,605 | $ (93,139 )

(a) | Net collateral, including accrued interest, if any, with a value of $318,464,653 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 (b)
BTZ |  |  |  |
Barclays Capital, Inc. | $ (32,594,560 ) | $ 32,594,560 | $ — | $ —
BNP Paribas SA | (66,071,699 ) | 66,071,699 | — | —
BofA Securities, Inc. | (197,938,863 ) | 197,938,863 | — | —
Goldman Sachs & Co. LLC | (5,368,815 ) | 5,368,815 | — | —
J.P. Morgan Securities LLC | (12,481,108 ) | 12,481,108 | — | —
Morgan Stanley & Co. International PLC | (864,752 ) | 864,752 | — | —
Nomura Securities International, Inc. | (25,892,397 ) | 25,892,397 | — | —
RBC Capital Markets, LLC | (38,511,553 ) | 38,511,553 | — | —
TD Securities (USA) LLC | (205,162,207 ) | 205,162,207 | — | —
U.S. Bancorp Investments, Inc. | (8,767,904 ) | 8,422,094 | — | (345,810 )
| $ (593,653,858 ) | $ 593,308,048 | $ — | $ (345,810 )

(a) | Net collateral, including accrued interest, if any, with a value of $646,933,387 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.

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.
Notes to Financial Statements
145

Notes to Financial Statements
(unaudited) (continued)
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
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.
146
2024
BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements
(unaudited) (continued)
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
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.
Notes to Financial Statements
147

Notes to Financial Statements
(unaudited) (continued)
For financial reporting purposes, the Trusts do
not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets
and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory:
Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts
’
investment adviser and an indirect, wholly-owned subsidiary
of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust
’
s portfolio and
provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.
For such services, BHK, BTZ and BGT pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of the Trust
’
s
managed assets.

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

For purposes of calculating these fees, “managed assets” are determined as total assets of the Trust (including any assets attributable to money borrowed for investment
purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).
For such services, HYT pays the Manager a monthly fee at an annual rate equal to 0.60% of the average daily value of HYT’s net assets, plus the proceeds of any debt
securities or outstanding borrowings used for leverage.
For purposes of calculating this fee, “net assets” means the total assets of the Trust minus the sum of its accrued liabilities.
The Manager provides investment management and other services to the Taxable Subsidiary. The Manager does not receive separate compensation from the Taxable
Subsidiary for providing investment management or administrative services. However, HYT pays the Manager based on HYT’s net assets, plus the proceeds of any debt
securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.
With respect to each Trust, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”) and, with respect to BHK and BTZ,
BlackRock (Singapore) Limited (“BSL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that
portion of each Trust for which BIL and BSL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust
to the Manager.
Distribution Fees:
BHK, HYT and BGT has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for
distribution of BHK, HYT and BGT common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”).
Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale
of BHK, HYT and BGT’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the
period ended June 30, 2024 amounted to $0, $30,754 and $9,262 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,
2025.
The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting
securities of a
Trust.
These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2024,
the amounts waived were as follows:

Trust Name | Fees Waived and/or Reimbursed by the Manager
BHK | $ 2,825
HYT | 768
BTZ | 3,956
BGT | 106

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, 2025. The agreement can be renewed for annual periods thereafter, and
may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts
’
Independent Trustees. These amounts are included in fees waived and/or
reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 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 | $ 7,421
BGT | 8,247

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.
148
2024
BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements
(unaudited) (continued)
7.
PURCHASES AND SALES
For the six months ended June 30, 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 | $ 406,977,102 | $ 380,354,739 | $ 104,494,043 | $ 119,535,887
HYT | — | — | 810,533,081 | 905,368,016
BTZ | 1,271,413,581 | 1,343,643,901 | 271,846,120 | 270,441,553
BGT | — | — | 90,144,094 | 89,304,502

For the six months
ended June 30, 2024, purchases and sales related to mortgage dollar rolls were as follows:

Trust Name | Purchases | Sales
BHK | $ 177,956,351 | $ 177,937,341
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 June 30, 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.
As of December 31, 2023, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

Trust Name | Non-Expiring Capital Loss Carryforwards | Qualified Late-Year Ordinary Losses
BHK | $ (99,713,074 ) | $ (157,383 )
HYT | (257,494,631 ) | —
BTZ | (93,705,915 ) | (62,503 )
BGT | (31,648,106 ) | —

As of June 30, 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 | $ 954,822,561 | $ 12,088,433 | $ (65,571,849 ) | $ (53,483,416 )
HYT | 1,876,314,677 | 44,480,399 | (61,034,999 ) | (16,554,600 )
BTZ | 1,661,147,058 | 36,396,110 | (71,844,641 ) | (35,448,531 )
BGT | 394,856,690 | 3,039,313 | (9,326,292 ) | (6,286,979 )

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
(unaudited) (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 six months ended June 30, 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 | $ 493,483,516 | 6.22 %
BGT | 99,000,000 | 91,692,308 | 6.22

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.
The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust
’
s valuation of the investment, particularly for securities that trade in
thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and
assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore
a Trust
’
s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater
than expected loss or lesser than expected gain upon the sale of the investment. A Trust
’
s ability to value its investments may also be impacted by technological issues and/or
errors by pricing services or other third-party service providers.
Counterparty Credit Risk:
The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to
unsettled or open
transactions
, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by
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Notes to Financial Statements
(unaudited) (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. The
Federal Reserve has raised the federal funds rate as part of its efforts to address inflation. 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.
LIBOR Transition Risk
: The Trusts may be exposed to financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate
(“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates
LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for
certain legacy contracts. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory
fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition
process on the Trusts is uncertain.
11.
CAPITAL SHARE TRANSACTIONS
BHK, BTZ and BGT is authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares. HYT is authorized to issue
200 million shares, par value $0.10, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to
Preferred Shares without the approval of Common Shareholders.
Notes to Financial Statements
151

Notes to Financial Statements
(unaudited) (continued)
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 June 30, 2024, 15,000,000, 38,417,553 and 10,648,865 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the period ended
June 30, 2024, BHK, HYT and BGT issued 0, 1,582,447 and 351,135 shares, respectively, under the Shelf Offering. See Additional Information - Shelf Offering Program for
additional information.
Initial costs incurred by BHK, HYT and BGT in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As
shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering
period will be charged to expense.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

| Six Months Ended | Year Ended
Trust Name | 06/30/24 | 12/31/23
BHK | 47,371 | —
HYT | 489,751 | —
BGT | 28,614 | —

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2023 through November 30, 2024, each Trust may
repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30,
2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust’s NAV. There is no assurance that the
Trusts will purchase shares in any particular amounts.
For the six months ended June 30, 2024, the Trusts did not repurchase any shares.
For the six months ended June 30, 2024, shares issued and outstanding remained constant for BTZ.
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.
12.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Trusts
’
financial statements was completed through the date the financial statements were issued and
the following items were noted:
The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name | Declaration Date | Record Date | Payable/ Paid Date |  | Dividend Per Common Share
BHK | 07/01/24 | 07/15/24 | 07/31/24 |  | $ 0.074600
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.074600
HYT | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.077900
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.077900
BTZ | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.083900
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.083900
BGT | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.120280
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.120280

152
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Core Bond Trust (“BHK”),
BlackRock Corporate High Yield Fund, Inc. (“HYT”), BlackRock Credit Allocation Income Trust (“BTZ”) and BlackRock Floating Rate Income Trust (“BGT”) (collectively, the
“Funds” and each, a “Fund”) met on May 3, 2024 (the “May Meeting”) and June 6-7, 2024 (the “June Meeting”) to consider the approval to continue the investment advisory
agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the
approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager, BlackRock International Limited (“BIL”) and each Fund and
(2) the Manager, BlackRock (Singapore) Limited (“BRS” and together with BIL, the “Sub-Advisors”) and each of BHK and BTZ. The Manager and the Sub-Advisors are referred
to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each
Fund on an annual basis. The Board members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the
“Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various
services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from
the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and
executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to
consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature,
extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services;
accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and
compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and
met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements,
including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to
specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception
periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio
managers’ investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics,
as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each
Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports
relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to
applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the
estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s
implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and
liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund,
sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these
products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and
accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s
market discount/premium compared to peer funds.
Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board
Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to
better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared
by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared
with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds
(“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the
estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis
provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised
mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and
sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information
requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions
and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such
responses were reviewed by the Board Members.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment
performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated
profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and
sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors
deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending
and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to
engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
153

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
(continued)
information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as
determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services
Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services,
and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds,
relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including
the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment
strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of each Fund’s portfolio management team; research capabilities; investments by
portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and
oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered
BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk &
Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s
ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each
Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by
third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative
services including, among others: (i) responsibility for disclosure documents, registration statements in connection with BHK’s, HYT’s and BGT’s equity shelf programs, and
periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing;
(iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others,
each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal
and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing
of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management,
fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration,
shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and
regulations. The Board considered the operation of BlackRock’s business continuity plans.
The Board noted that the engagement of the Sub-Advisors with respect to each Fund, as applicable, facilitates the provision of investment advice and trading by investment
personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each
Fund and its shareholders.
B. The Investment Performance of each Fund
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In
preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of
December 31, 2023, as compared to its Performance Peers. The performance information is based on net asset value (“NAV”), and utilizes Lipper data. Lipper’s methodology
calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth,
where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the
investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance
Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided
by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers
(for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that
selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one
period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board reviewed and considered BHK’s performance relative to BHK’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BHK generally
performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BHK, and that
BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered HYT’s performance relative to HYT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, HYT generally
performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for HYT, and that
BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BTZ’s performance relative to BTZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BTZ generally
performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BTZ, and that
BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BTZ’s underperformance relative to the Performance Metrics.
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
(continued)
The Board reviewed and considered BGT’s performance relative to BGT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGT generally
performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGT, and that
BlackRock has explained its rationale for this belief to the Board.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from
their Relationship with each Fund
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual
management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also
compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any
assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to
those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives
effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board
considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses
may differ from current levels, particularly in a period of market volatility. The Board considered the services provided and the fees charged by BlackRock and its affiliates to
other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third
parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided
with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed
BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2023 compared to available
aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes
managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis,
noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including,
among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board
thus recognized that calculating and comparing profitability at the individual fund level is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating
margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms,
including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations
under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to
BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with
respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional
separate account product channels, as applicable.
The Board noted that BHK’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the
first quartile relative to the Expense Peers.
The Board noted that HYT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the
first quartile relative to the Expense Peers.
The Board noted that BTZ’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the first and
second quartiles, respectively, relative to the Expense Peers.
The Board noted that BGT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the
first quartile relative to the Expense Peers.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of
each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each
Fund’s asset levels and whether the current fee was appropriate.
Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds
generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although
each of BHK, HYT and BGT may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each of BHK’s, HYT’s and BGT’s assets
will occur primarily through the appreciation of its investment portfolio.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s
respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its
risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to
each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
155

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
(continued)
information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered
BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock
may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client
accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received
reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included
developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic
evaluation of share repurchases and other support initiatives for certain BlackRock funds; and efforts to reduce fund discounts, including continued communication efforts with
shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the
secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst
awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating
with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and
enhancing its closed-end fund website.
Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board,
including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term
ending June 30, 2025 , and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BRS and each of BHK and BTZ for a one-year term
ending June 30, 2025. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board
Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to
approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board
Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the
deliberative process.
156
2024
BlackRock Semi-Annual Report to Shareholders

Additional Information
Trust Certification
The Trusts
are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing
standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.
Environmental, Social and Governance (“ESG”) Integration
Although the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors
as part of the investment process for the Trusts. Trust management views ESG integration as the practice of incorporating financially material ESG data or information into
investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Trusts
’
particular investment strategies and
may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The
ESG characteristics utilized in the Trusts
’
investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers
that are eligible for investment. Certain of these considerations may affect the Trusts
’
exposure to certain companies or industries. While Trust management views ESG
considerations as having the potential to contribute to the Trusts
’
long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a
managed distribution plan (the "Plan"), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected
long-term returns of each Trust.
The distributions paid by each Trust for any particular month may be more or less than the amount of net investment income earned by each Trust during such month.
Furthermore, the final tax characterization of distributions is determined after the year-end of each Trust and is reported in each Trust’s annual report to shareholders.
Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust’s taxable net investment income and net realized capital gains
(“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and
profits, the excess may be treated as a non-taxable return of capital.
A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or
her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the
distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and
character of the distributions is made.
Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the
difference reduces the Trust’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the
amount of assets the Trust has available for long term investment.
General Information
BTZ does not make available copies of its Statements of Additional Information because BTZ
’
s shares are not continuously offered, which means that the Statement of
Additional Information of BTZ has not been updated after completion of BTZ’s offerings and the information contained in BTZ’s Statement of Additional Information may have
become outdated.
BHK
’
s, HYT
’
s and BGT
’
s Statement of Additional Information includes additional information about 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.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in
private transactions.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can
be accessed at
blackrock.com
. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does
not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BHK, HYT and BGT only, prospectuses, by
enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BHK, HYT and BGT only, prospectuses, are available on BlackRock’s website.
To enroll in electronic delivery:
Additional Information
157

Additional Information
(continued)
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Trusts will mail only one copy of shareholder documents, including for BHK, HYT and BGT only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and
proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and
eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do
not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts
at (800) 882-0052.
Availability of Quarterly Schedule of Investments
The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The
Trusts
’
Forms N-PORT are available on the SEC’s website at
sec.gov
. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year
available at
blackrock.com/fundreports
.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted
proxies relating to securities held in the Trusts
’
portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800)
882-0052; (2) on the BlackRock website at
blackrock.com
; and (3) on the SEC’s website at
sec.gov
.
Availability of Trust Updates
BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of
blackrock.com
as well as
certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release
of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does
not, and is not intended to, incorporate BlackRock’s website in this report.
Shelf Offering Program
From time to time, BHK, HYT and BGT may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BHK, HYT and BGT may, subject to market
conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BHK
’
s, HYT
’
s and BGT
’
s net asset
value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BHK, HYT and BGT to pursue additional investment
opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to
which the Common Shares are able to trade at a premium to NAV in the secondary market.
BHK, HYT and BGT filed final prospectuses with the SEC in connection with its Shelf Offering on February 9, 2022, December 29, 2022 and January 3,2023, respectively. This
report and the prospectuses of BHK, HYT and BGT are not offers to sell BHK, HYT and BGT Common Shares or solicitations of an offer to buy BHK, HYT and BGT Common
Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BHK, HYT and BGT contain important information about BHK, HYT and BGT,
including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BHK, HYT and BGT carefully and in their entirety before
investing. Copies of the final prospectuses for BHK, HYT and BGT can be obtained from BlackRock at
blackrock.com
.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public
personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in
certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set
forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if
applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we
receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond
to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only
for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to
you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the
information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including
procedures relating to the proper storage and disposal of such information.
158
2024
BlackRock Semi-Annual Report to Shareholders

Additional Information
(continued)
Trust and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
BlackRock (Singapore) Limited
(a)
079912 Singapore
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
(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 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
159

Glossary of Terms Used in this Report

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

Portfolio Abbreviation
AGM | Assured Guaranty Municipal Corp.
BAB | Build America Bond
BAM | Build America Mutual Assurance Co.
CLO | Collateralized Loan Obligation
CMT | Constant Maturity Treasury
DAC | Designated Activity Company
ETF | Exchange-Traded Fund
EURIBOR | Euro Interbank Offered Rate
GO | General Obligation Bonds
LIBOR | London Interbank Offered Rate
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
SPDR | Standard & Poor’s Depository Receipt

160
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BlackRock Semi-Annual Report to Shareholders

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Want to know more?
blackrock.com
|
800-882-0052
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be
considered a representation of future performance. Statements and other information herein are as dated and are subject to
change.
TAXBOND-06/24-SAR

(b) Not Applicable

Item 2 – | Code of Ethics – Not Applicable to this semi-annual report

Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – | Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

Item 6 – | Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – | Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable

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

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

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

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

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

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

(a) Not Applicable to this semi-annual report

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

Item 14 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

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

Item 16 – | Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

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

Item 19 – | Exhibits attached hereto

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

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

(a)(3) Section 302 Certifications are attached

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

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

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Floating Rate Income Trust

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

Date: August 22, 2024

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 Floating Rate Income Trust

Date: August 22, 2024

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

Date: August 22, 2024