BLACKROCK CREDIT ALLOCATION INCOME TRUST

Trust Name

Purchases

$ 236,678,461

N-CSRS 1 d519261dncsrs.htm BLACKROCK CREDIT ALLOCATION INCOME TRUST BLACKROCK CREDIT ALLOCATION INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21972

Name of Fund:

BlackRock Credit Allocation Income Trust (BTZ)

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 06/30/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JUNE 30, 2023

2023 Semi-Annual Report

(Unaudited)

BlackRock Core Bond Trust (BHK)

BlackRock Corporate High Yield Fund, Inc. (HYT)

BlackRock Credit Allocation Income Trust (BTZ)

BlackRock Floating Rate Income Trust (BGT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information (unaudited)

Section 19(a) Notices

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

June 30, 2023


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

^(a)

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

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at blackrock.com.

Section 19(b) Disclosure

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


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

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).

Shareholders should not draw any conclusions about each Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table.

The Board may amend, suspend or terminate a Trust’s Plan at any time without prior notice to the Trust’s shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to BHK, HYT and BGT’s prospectus for a more complete description of each Trust’s risks.


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The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended June 30, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. Inflation remained elevated as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated substantially as the period continued, while ongoing strength in consumer spending backstopped the economy.

Equity returns were strong, as continued job growth eased investors’ concerns about the economy’s durability. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced significantly, including large- and small-capitalization U.S. stocks and international equities from developed markets. Emerging market equities also gained, although at a substantially slower pace, pressured by high interest rates and falling commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, which made it the first meeting without a rate increase since the tightening cycle began in early 2022.

Supply constraints have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population exacerbate these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and most recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions, however there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of June 30, 2023
	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		16.89	%		19.59	%

U.S. small cap equities (Russell 2000^® Index)		8.09			12.31

International equities (MSCI Europe, Australasia, Far East Index)		11.67			18.77

Emerging market equities (MSCI Emerging Markets Index)		4.89			1.75

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.25			3.60

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.70			(3.97	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.09			(0.94	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		2.67			3.19

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		5.38			9.07
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


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


4

The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.

To illustrate these concepts, assume a Trust’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is significantly lower than the income earned on a Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Trust’s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Trust had not used leverage. Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Trust’s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Trust’s intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trust’s shares than if the Trust were not leveraged. In addition, each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trust to incur losses. The use of leverage may limit a Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Trust incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of each Trust’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts’ investment adviser will be higher than if the Trusts did not use leverage.

Each Trust may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Trust is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.

Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.


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


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

Investment Objective

BlackRock Core Bond Trust’s (BHK) (the “Trust”) investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 75% of its managed assets in bonds that are investment grade quality at the time of investment. Under normal market conditions, the Trust intends to invest its assets primarily in a diversified portfolio of investment grade bonds, which may include, but are not limited to, corporate bonds, U.S. government and agency securities and mortgage-related securities. The Trust may invest up to 25% of its total managed assets in bonds that, at the time of investment, are rated Ba/BB or below by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”) or another nationally recognized rating agency or bonds that are unrated but judged to be of comparable quality by the investment adviser. The Trust may invest up to 10% of its total managed assets in bonds issued in foreign currencies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information


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

^(a)

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

^(b)

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

^(c)

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

Market Price and Net Asset Value Per Share Summary


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

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

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

^(a)

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

^(b)

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

^(c)

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

^(d)

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

^(e)

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

^(f)

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

^(g)

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

^(h)

An unmanaged index that is the CMBS component of the Bloomberg U.S. Aggregate Index.


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

⁽ⁱ⁾

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

^(j)

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Exposure to credit-oriented sectors including investment grade corporate bonds and collateralized loan obligations contributed to the Trust’s performance over the reporting period. Holdings of U.S. Treasuries and mortgage-backed securities (“MBS”) also proved additive.

Derivatives are utilized by the Trust in order to hedge and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the portfolio. The Trust’s use of derivatives detracted from performance during the period.

Describe recent portfolio activity.

The Trust continued to favor agency MBS as a high-quality source of income as well as due to more attractive valuations driven by the spike in interest rate volatility in March and MBS selling by regional banks. The Trust remained cautious on credit risk but opportunistically added senior debt from larger, well-capitalized banks. The Trust reduced exposure to subordinated bank debt.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

Describe portfolio positioning at period end.

At period end, the Trust maintained diversified exposure across non-government spread sectors, including investment grade and high yield corporate bonds, CMBS, ABS and, to a lesser degree, non-agency MBS. The Trust also held exposure to government-related sectors such as U.S. Treasuries, agency debt and agency MBS.

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

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION



Asset Type^(a)	Percentage of Total Investments

Corporate Bonds		45.6	%
U.S. Government Sponsored Agency Securities		15.7
Asset-Backed Securities		10.7
Non-Agency Mortgage-Backed Securities		9.2
U.S. Treasury Obligations		9.0
Preferred Securities		3.8
Municipal Bonds		2.4
Floating Rate Loan Interests		2.3
Foreign Agency Obligations		1.3

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(b)	Percentage of Total Investments

AAA/Aaa^(c)		34.0	%
AA/Aa		3.9
A		12.5
BBB/Baa		19.7
BB/Ba		11.1
B		10.6
CCC/Caa		2.8
CC		0.2
C		—	^(d)
N/R^(e)		5.2


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


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

^(a)

Excludes short-term securities.

^(b)

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

^(c)

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

^(d)

Rounds to less than 0.1% of total investments.

^(e)

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


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

Investment Objective

BlackRock Corporate High Yield Fund, Inc.’s (HYT) (the “Trust”) primary investment objective is to provide shareholders with current income. The Trust’s secondary investment objective is to provide shareholders with capital appreciation. The Trust seeks to achieve its objectives by investing primarily in a diversified portfolio of fixed income securities which are rated at the time of investment to be below investment grade or, if unrated, are considered by the investment adviser to be of comparable quality. The Trust may invest directly in fixed income securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information



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

^(a)

^(b)

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

^(c)

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

Market Price and Net Asset Value Per Share Summary


	06/30/23		12/31/22		Change			High		Low

Closing Market Price	$	8.92	$	8.74		2.06	%	$	9.43	$	8.28
Net Asset Value		9.38		9.25		1.41			9.85		9.13

Performance

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


				Average Annual Total Returns
	6-month			1 Year			5 Years			10 Years

Trust at NAV^(a)(b)		6.88	%		10.09	%		4.25	%		5.97	%
Trust at Market Price^(a)(b)		7.57			3.82			5.75			5.88
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index^(c)		5.38			9.07			3.34			4.43

^(a)

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

^(b)

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

^(c)

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

High-yield corporate bonds experienced strong positive returns in the period, as credit sentiment was supported by continued declines in inflation and resilient economic data.

The Trust’s overweight to issues in the B ratings category was the strongest contributor to performance on an absolute basis, followed by the overweight to CCC-rated issues. An underweight to BB issues also contributed to performance. A tactical allocation to bank loans contributed to performance as well as the asset class outperformed high yield corporates over the period. From a sector perspective, technology, leisure and independent energy exposures were the most accretive to performance.

There was very little that negatively impacted performance on an absolute basis. Some currency and interest rate exposures were held as hedges and detracted from performance on a standalone basis.


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


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

Describe recent portfolio activity.

The Trust maintained an underweight to BB-rated issues, while maintaining slight overweights to Bs and CCCs. With expected near-term volatility, the portfolio’s beta (market sensitivity) was held below that of the broader high yield market, despite a constructive stance on opportunities within the asset class based on attractive incremental income. The Trust tactically managed sector-level exposures, although arguably individual security positioning is a more important driver of the portfolio’s composition. The Trust was an active user of liquid high yield products such as exchange-traded funds to manage overall credit exposure and tactically shifted these exposures throughout the period.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

Describe portfolio positioning at period end.

By credit rating, the Trust’s largest allocation was to issues in the B category, followed by BB and then CCC. While the high yield corporate allocation remained at the core of the portfolio, the Trust ended the period with notable off-benchmark tactical allocations to bank loans and investment grade corporate bonds as a relative value play versus the underweight to BB issues. The largest sector allocations included technology, independent energy and cable & satellite, while the Trust had no exposure to railroads, life insurance and office REITs.

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION


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

CREDIT QUALITY ALLOCATION


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

^(a)	Excludes short-term securities.

^(b)

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

^(d)

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


10		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Investment Objective

BlackRock Credit Allocation Income Trust’s (BTZ) (the “Trust”) investment objective is to provide current income, current gains and capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in credit-related securities, including, but not limited to, investment grade corporate bonds, high yield bonds (commonly referred to as “junk” bonds), bank loans, preferred securities or convertible bonds or derivatives with economic characteristics similar to these credit-related securities. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information


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

^(a)

^(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)

Market Price and Net Asset Value Per Share Summary


	06/30/23		12/31/22		Change			High		Low

Closing Market Price	$	10.15	$	10.10		0.50	%	$	11.46	$	9.97
Net Asset Value		11.21		11.19		0.18			12.00		11.07

Performance

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


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

^(a)

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

^(b)

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

^(c)

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

^(d)

^(e)

^(f)

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

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.


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


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

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Contributions to the Trust’s performance over the reporting period were led by broad U.S. credit exposures, in particular investment grade corporate bonds, high yield corporate bonds, preferred securities, and floating rate exposure in the form of bank loans and collateralized loan obligations (“CLOs”). Exposure to European corporate credit, emerging market bonds and Asian corporate credit also contributed, although to a lesser extent.

The Trust’s stance with respect to duration and corresponding interest rate sensitivity detracted from performance, along with exposure to equity downside hedges. Positioning in securitized assets, specifically uniform mortgage-backed securities (“UMBS”), also detracted over the period.

In addition to employing leverage, the Trust used derivatives as part of its investment strategy, including forward contracts to hedge foreign currency exposure of non-U.S. positions back to U.S. dollars and interest rate futures to adjust duration positioning tactically as needed. The use of derivatives over the period had a negative impact on performance.

Describe recent portfolio activity.

Over the period, the Trust raised the overall credit quality of the portfolio, increasing exposure to investment grade corporate bonds and higher quality bonds within high yield corporates. The Trust also increased exposure to UMBS and CLOs which continue to offer attractive yields and incremental resilience to economic weakness. The Trust decreased exposure to preferred securities, European corporate credit and emerging markets on a weaker view of the fundamental market backdrop. The Trust’s use of leverage decreased over the period.

Describe portfolio positioning at period end.

At period end, the Trust was positioned conservatively in anticipation that interest rates would likely stay “higher for longer”. Holdings were tilted toward domestic assets given elevated geopolitical risks, particularly in Europe and Asia. The Trust was focused on utilizing credit selection across sectors to drive performance in the face of structural headwinds. The Trust maintained a core allocation to the broader U.S. credit markets, with a preference for BB-rated corporate bonds, bank loans and CLOs, in addition to select non-U.S. exposures.

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION


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

CREDIT QUALITY ALLOCATION


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

^(a)	Excludes short-term securities.

^(b)

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

^(d)

*	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.


12		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Investment Objective

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

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information


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

^(a)

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

^(b)

The distribution rate is not constant and is subject to change.

^(c)

Market Price and Net Asset Value Per Share Summary


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

Performance

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


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

^(a)

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

^(b)

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

^(c)

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

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Bank loans performed well in the first half of 2023, as the backdrop of falling inflation and continued economic growth fueled positive returns for the credit-sensitive areas of the fixed-income market.

From a sector perspective, information technology, consumer cyclical services and healthcare were the largest contributors to absolute performance. In terms of credit tiers, B, BB and CCC rated issues contributed to returns, while CC and C rated securities detracted.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.


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


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

Describe recent portfolio activity.

The Trust maintained an overweight in CCCs given market pricing and issuer-specific opportunities. It also maintained an overweight in B rated debt, but it was underweight in B2s since yield spreads did not reflect the fundamental headwinds for this cohort. BBs remained a slight underweight.

The Trust continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.

Describe portfolio positioning at period end.

The Trust remained predominately invested in bank loans, with a weighting of over 95% of assets held in the category. The rest of the portfolio was allocated to high yield bonds and cash.

The Trust was overweight in B and CCC rated issues. In the CCC space, it focused on avoiding the lowest-quality and most distressed segments of the market.

The Trust’s sector positioning continued to be largely informed by bottom-up security selection. With that said, top-down considerations have become an increasingly important factor in the current market environment. The investment adviser is particularly cautious on sectors and issuers that have high fixed operating costs, above-average economic sensitivity, limited pricing power, and outsized exposure to wage pressures. The Trust maintained its underweights in the healthcare, electric utilities and transportation services sectors.

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION


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

CREDIT QUALITY ALLOCATION


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

^(a)	Excludes short-term securities.

^(b)

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

^(d)

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


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

Schedule of Investments (unaudited)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

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


Security	Par (000)		Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

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


Security	Par (000)		Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

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


Security	Par (000)		Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities (continued)
Voya CLO Ltd.^(a)(b)
Series 2014-2A, Class A1RR, (3-mo. LIBOR US + 1.02%), 6.28%, 04/17/30	USD	208	$	206,716
Series 2017-2A, Class A2AR, (3-mo. LIBOR US + 1.65%), 6.91%, 06/07/30		250		244,394
Series 2017-4A, Class A1, (3-mo. LIBOR US + 1.13%), 6.39%, 10/15/30		227		225,833
Series 2018-2A, Class A2, (3-mo. LIBOR US + 1.25%), 6.51%, 07/15/31		1,000		965,533
Series 2022-3A, Class B, (3-mo. CME Term SOFR + 2.85%), 7.90%, 10/20/34		425		421,744
Series 2022-4A, Class C, (3-mo. CME Term SOFR + 4.05%), 9.10%, 10/20/33		1,000		1,004,033
Whetstone Park CLO Ltd., Series 2021-1A, Classs 1A, (3-mo. LIBOR US + 1.60%), 6.85%, 01/20/35^(a)(b)		725		719,222
Whitebox CLO I Ltd., Series 2019-1A, Class CR, (3-mo. LIBOR US + 3.05%), 8.32%, 07/24/32^(a)(b)		500		481,440
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3-mo. LIBOR US + 3.35%), 8.62%, 10/24/34^(a)(b)		500		478,425
Whitebox CLO III Ltd.^(a)(b)
Series 2021-3A, Class D, (3-mo. LIBOR US + 3.35%), 8.61%, 10/15/34		250		238,807
Series 2021-3A, Class E, (3-mo. LIBOR US + 6.85%), 12.11%, 10/15/34		250		239,407
York CLO 1 Ltd.^(a)(b)
Series 2014-1A, Class CRR, (3-mo. LIBOR US + 2.10%), 7.37%, 10/22/29		250		245,664
Series 2014-1A, Class DRR, (3-mo. LIBOR US + 3.01%), 8.28%, 10/22/29		250		244,011


Total Asset-Backed Securities — 16.0% (Cost: $97,636,304)				94,636,692


Corporate Bonds

Aerospace & Defense — 2.7%
Amsted Industries, Inc., 5.63%, 07/01/27^(b)		30		29,016
Boeing Co.
2.95%, 02/01/30		800		695,331
3.60%, 05/01/34		550		468,071
Bombardier, Inc.^(b)
7.50%, 03/15/25		15		15,026
7.13%, 06/15/26^(e)		846		840,300
7.88%, 04/15/27^(e)		395		393,983
6.00%, 02/15/28^(e)		667		630,384
7.50%, 02/01/29^(e)		303		299,469
7.45%, 05/01/34		100		114,000
Eaton Corp., 4.15%, 11/02/42		500		444,799
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(b)		200		181,000
L3Harris Technologies, Inc.
2.90%, 12/15/29		1,200		1,038,492
1.80%, 01/15/31		300		237,437
Lockheed Martin Corp., 3.80%, 03/01/45		800		674,068
Northrop Grumman Corp.
4.70%, 03/15/33		400		392,565
3.85%, 04/15/45		850		692,676
Raytheon Technologies Corp.
2.38%, 03/15/32		1,000		819,330
5.15%, 02/27/33		900		912,302
4.50%, 06/01/42		300		276,140


Security	Par (000)		Value

Aerospace & Defense (continued)
Rolls-Royce PLC, 5.75%, 10/15/27^(b)	USD	600	$	586,653
Spirit AeroSystems, Inc.^(b)
7.50%, 04/15/25		22		21,738
9.38%, 11/30/29		435		465,700
TransDigm, Inc.
6.25%, 03/15/26^(b)(e)		3,235		3,219,190
6.38%, 06/15/26		31		30,597
6.75%, 08/15/28^(b)		1,708		1,714,473
Triumph Group, Inc., 9.00%, 03/15/28^(b)		631		644,276


				15,837,016

Automobile Components — 0.7%
Aptiv PLC, 4.40%, 10/01/46		465		360,033
Clarios Global LP, 6.75%, 05/15/25^(b)		237		237,145
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26^(d)	EUR	200		207,677
6.25%, 05/15/26^(b)(e)	USD	743		738,215
8.50%, 05/15/27^(b)		1,562		1,564,556
6.75%, 05/15/28		538		536,118
Dana Financing Luxembourg SARL, 8.50%, 07/15/31^(d)	EUR	100		112,557
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)	USD	111		101,117
Forvia, 3.75%, 06/15/28^(d)	EUR	100		98,794
Goodyear Tire & Rubber Co.
5.00%, 07/15/29^(e)	USD	78		70,336
5.63%, 04/30/33		81		70,516
ZF Finance GmbH, 3.75%, 09/21/28^(d)	EUR	100		97,966


				4,195,030

Automobiles — 1.0%
Ford Motor Co.
4.35%, 12/08/26	USD	7		6,765
3.25%, 02/12/32^(e)		315		247,806
6.10%, 08/19/32		126		122,114
4.75%, 01/15/43		2,000		1,537,628
Ford Motor Credit Co. LLC
2.75%, 06/14/24	GBP	100		121,241
4.39%, 01/08/26	USD	200		189,281
4.95%, 05/28/27^(e)		200		188,657
4.87%, 08/03/27	EUR	100		106,959
6.80%, 05/12/28	USD	389		389,357
7.35%, 03/06/30		200		204,248
3.63%, 06/17/31		300		245,887
General Motors Co., 6.25%, 10/02/43		2,506		2,450,620
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(b)		120		95,282
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)(d)	EUR	100		101,272


				6,007,117

Banks — 1.3%
Banco Bilbao Vizcaya Argentaria SA, (5-year USD Swap + 3.87%), 6.13%^(a)(f)	USD	2,000		1,675,800
Banco BPM SpA, (3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28	EUR	150		162,540
Banco de Sabadell SA, (1-year EUR Swap + 2.40%), 5.25%, 02/07/29^(a)(d)		100		106,803
Bangkok Bank PCL, (5-year CMT + 4.73%), 5.00%	USD	200		189,676
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26^(d)(e)		252		232,253
Bank of Communications Co. Ltd., (5-year CMT + 3.35%), 3.80%^(a)(d)(f)		518		496,948
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34		290		292,527


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Credit Suisse AG/New York, 5.00%, 07/09/27	USD	900	$	868,852
Krung Thai Bank PCL, (5-year CMT + 3.53%), 4.40%^(a)(d)(e)(f)		252		231,238
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33^(a)(b)		500		452,000
Wells Fargo & Co. 5.39%, 04/24/34		1,124		1,116,822
(1-day SOFR + 2.53%), 3.07%, 04/30/41^(a)(e)		2,250		1,654,911


				7,480,370

Beverages — 1.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(e)		4,600		4,396,638
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(b)(g)		701		567,912
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(b)
6.00%, 06/15/27		372		365,440
3.25%, 09/01/28		200		171,794
4.00%, 09/01/29^(e)		866		685,867
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/25^(b)		200		195,619
2.13%, 08/15/26^(d)	EUR	200		193,709
5.25%, 08/15/27^(b)	USD	202		171,110
Ball Corp., 6.00%, 06/15/29^(e)		129		128,032
Crown Americas LLC, 5.25%, 04/01/30		91		86,541
Keurig Dr. Pepper, Inc., 2.25%, 03/15/31		400		329,022
Mauser Packaging Solutions Holding Co.^(b)
7.88%, 08/15/26		2,077		2,063,517
9.25%, 04/15/27		66		60,918
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27^(b)		27		26,735
Trivium Packaging Finance BV^(b)
5.50%, 08/15/26		305		292,847
8.50%, 08/15/27		536		515,963


				10,251,664

Biotechnology — 0.6%
Amgen, Inc.
4.20%, 03/01/33		1,000		933,228
5.25%, 03/02/33^(e)		600		600,765
4.40%, 05/01/45		650		562,972
Baxalta, Inc., 5.25%, 06/23/45		500		492,820
Cidron Aida Finco SARL, 5.00%, 04/01/28^(d)	EUR	100		98,632
Gilead Sciences, Inc., 4.80%, 04/01/44	USD	1,000		954,568


				3,642,985

Broadline Retail — 0.2%
Amazon.com, Inc., 4.05%, 08/22/47^(e)		1,500		1,345,439
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)		44		40,955


				1,386,394

Building Materials — 0.6%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28^(b)		146		137,969
Emerald Debt Merger Sub LLC
6.38%, 12/15/30^(d)	EUR	100		108,711
6.63%, 12/15/30^(b)	USD	1,738		1,722,792
Jeld-Wen, Inc.^(b)
6.25%, 05/15/25		98		98,857
4.63%, 12/15/25		78		75,562


Security	Par (000)		Value

Building Materials (continued)
Masonite International Corp., Class C, 5.38%, 02/01/28^(b)	USD	17	$	16,205
New Enterprise Stone & Lime Co., Inc.^(b)
5.25%, 07/15/28		55		50,052
9.75%, 07/15/28		26		25,082
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28^(b)		520		490,383
Standard Industries, Inc.^(b)
5.00%, 02/15/27		25		23,826
4.75%, 01/15/28		62		57,737
4.38%, 07/15/30		559		484,148
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(b)		19		17,951


				3,309,275

Building Products — 1.2%
Advanced Drainage Systems, Inc.^(b)
5.00%, 09/30/27		269		254,585
6.38%, 06/15/30		339		335,363
Beacon Roofing Supply, Inc., 4.13%, 05/15/29^(b)		86		76,110
Foundation Building Materials, Inc., 6.00%, 03/01/29^(b)		47		39,245
GYP Holdings III Corp., 4.63%, 05/01/29^(b)		253		222,640
Home Depot, Inc., 5.88%, 12/16/36		1,660		1,807,206
Lowe’s Cos., Inc.
1.70%, 10/15/30		800		641,039
5.00%, 04/15/33^(e)		1,000		989,166
4.38%, 09/15/45		1,000		836,614
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26^(b)		56		52,909
SRS Distribution, Inc.^(b)
4.63%, 07/01/28		345		308,007
6.13%, 07/01/29^(e)		340		293,635
6.00%, 12/01/29^(e)		423		365,070
White Cap Buyer LLC, 6.88%, 10/15/28^(b)(e)		855		774,844
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26^(b)(g)		142		136,026


				7,132,459

Capital Markets — 1.4%
Blackstone Private Credit Fund
7.05%, 09/29/25		56		55,855
3.25%, 03/15/27		53		45,798
Charles Schwab Corp., Series H, (10-year CMT + 3.08%), 4.00%^(a)(f)		3,000		2,189,250
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)		129		113,071
FMR LLC, 4.95%, 02/01/33^(b)		2,300		2,180,288
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32		379		306,010
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26^(e)		125		113,764
5.25%, 05/15/27		356		307,014
4.38%, 02/01/29		226		177,568
MDGH GMTN RSC Ltd., 4.38%, 11/22/33		200		193,000
Morgan Stanley, (5-year CMT + 2.43%), 5.95%, 01/19/38^(a)		70		69,093
NFP Corp.^(b)
4.88%, 08/15/28		517		461,777
6.88%, 08/15/28		1,279		1,110,198
7.50%, 10/01/30		74		71,647
Northern Trust Corp., 6.13%, 11/02/32		160		165,879
Owl Rock Capital Corp. 3.75%, 07/22/25		129		119,537


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Capital Markets (continued)
Owl Rock Capital Corp. (continued)
3.40%, 07/15/26	USD	46	$	40,745
Owl Rock Core Income Corp.
3.13%, 09/23/26		31		26,713
7.75%, 09/16/27^(b)		215		213,912
Raymond James Financial, Inc., 4.95%, 07/15/46		400		360,744
SURA Asset Management SA, 4.88%, 04/17/24^(d)		178		175,330


				8,497,193

Chemicals — 1.0%
Avient Corp., 7.13%, 08/01/30^(b)		74		74,845
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)		348		296,235
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(b)(e)		242		228,097
Braskem Idesa SAPI, 6.99%, 02/20/32^(b)		200		128,000
Chemours Co.^(b)
5.75%, 11/15/28		31		28,486
4.63%, 11/15/29		118		99,724
Element Solutions, Inc., 3.88%, 09/01/28^(b)		975		850,567
HB Fuller Co., 4.25%, 10/15/28		74		65,863
Herens Holdco SARL, 4.75%, 05/15/28^(b)		200		155,000
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)(e)		220		191,699
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(b)(g)		176		116,160
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(b)		90		75,168
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28^(d)	EUR	100		104,755
9.75%, 11/15/28^(b)	USD	363		354,034
Sasol Financing USA LLC, 6.50%, 09/27/28		200		178,900
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26^(b)(e)		400		364,656
Sherwin-Williams Co., 4.50%, 06/01/47		350		306,440
SK Invictus Intermediate II SARL, 5.00%, 10/30/29^(b)		311		247,130
WESCO Distribution, Inc.^(b)
7.13%, 06/15/25		117		118,233
7.25%, 06/15/28^(e)		590		601,833
WR Grace Holdings LLC^(b)
4.88%, 06/15/27		105		97,380
5.63%, 08/15/29^(e)		987		808,649
7.38%, 03/01/31		140		137,197


				5,629,051

Commercial Services & Supplies — 0.8%
ADT Security Corp.^(b)
4.13%, 08/01/29		19		16,411
4.88%, 07/15/32		27		23,085
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26^(b)		200		188,000
APX Group, Inc.^(b)
6.75%, 02/15/27		123		120,538
5.75%, 07/15/29		181		157,090
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28^(d)	EUR	100		92,725
Cablevision Lightpath LLC, 3.88%, 09/15/27^(b)	USD	220		184,250
Fortress Transportation and Infrastructure Investors LLC^(b)
6.50%, 10/01/25		379		373,377
9.75%, 08/01/27		131		135,293
5.50%, 05/01/28^(e)		433		396,196
Garda World Security Corp., 9.50%, 11/01/27^(b)		46		44,440


Security	Par (000)		Value

Commercial Services & Supplies (continued)
Herc Holdings, Inc., 5.50%, 07/15/27^(b)(e)	USD	333	$	319,063
Hertz Corp.^(b)
4.63%, 12/01/26		85		76,713
5.00%, 12/01/29		70		57,864
LABL, Inc., 9.50%, 11/01/28^(b)		301		306,233
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)		82		70,734
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)		146		130,670
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)
5.75%, 04/15/26		209		205,160
6.25%, 01/15/28^(e)		172		161,130
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)(e)		400		311,000
United Rentals North America, Inc., 6.00%, 12/15/29^(b)		1,223		1,219,992
Verisure Holding AB, 9.25%, 10/15/27^(d)	EUR	100		115,940
Williams Scotsman International, Inc., 6.13%, 06/15/25^(b)	USD	175		173,702


				4,879,606

Communications Equipment^(b)— 0.2%
CommScope Technologies LLC, 6.00%, 06/15/25^(e)		530		493,997
CommScope, Inc.
8.25%, 03/01/27		96		76,798
7.13%, 07/01/28		171		121,410
4.75%, 09/01/29^(e)		355		279,882
Viasat, Inc., 5.63%, 09/15/25		320		310,077


				1,282,164

Construction & Engineering — 0.7%
ITR Concession Co. LLC, 4.20%, 07/15/25^(b)		4,000		3,834,363


Construction Materials^(b)— 0.1%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27		210		195,301
Resideo Funding, Inc., 4.00%, 09/01/29		42		34,843
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28		56		56,444


				286,588

Consumer Discretionary — 1.1%
Carnival Corp.^(b)
10.50%, 02/01/26		387		406,820
7.63%, 03/01/26^(e)		103		100,878
5.75%, 03/01/27		804		740,154
9.88%, 08/01/27		223		232,284
4.00%, 08/01/28		285		252,658
6.00%, 05/01/29		425		379,455
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28^(b)		1,129		1,234,820
CoreLogic, Inc., 4.50%, 05/01/28^(b)(e)		480		387,000
Life Time, Inc.^(b)
5.75%, 01/15/26		231		225,117
8.00%, 04/15/26		178		175,754
Lindblad Expeditions LLC, 6.75%, 02/15/27^(b)		208		198,120
NCL Corp. Ltd.^(b)
5.88%, 03/15/26		210		196,468
8.38%, 02/01/28		95		99,270
7.75%, 02/15/29		46		43,691
NCL Finance Ltd., 6.13%, 03/15/28^(b)		177		159,303
Neptune Bidco U.S., Inc., 9.29%, 04/15/29^(b)		59		54,163
Royal Caribbean Cruises Ltd.^(b)
11.50%, 06/01/25		59		62,599
5.50%, 08/31/26		93		88,174
5.38%, 07/15/27		138		129,038
11.63%, 08/15/27		124		134,843
5.50%, 04/01/28		121		112,837
8.25%, 01/15/29		136		142,800


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Consumer Discretionary (continued)
Royal Caribbean Cruises Ltd.^(b)(continued)
9.25%, 01/15/29		USD	186	$	198,167
7.25%, 01/15/30			192		194,466
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26^(d)		EUR	88		93,945
Viking Cruises Ltd.^(b)
5.88%, 09/15/27		USD	95		87,316
9.13%, 07/15/31			410		414,100
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(b)			111		101,565

					6,645,805

Consumer Finance — 0.9%
Block, Inc.^(e)
2.75%, 06/01/26			446		406,080
3.50%, 06/01/31			620		513,498
Capital One Financial Corp.^(a)
(1-day SOFR + 2.60%), 5.82%, 02/01/34			440		419,793
(1-day SOFR + 2.64%), 6.31%, 06/08/29			95		94,360
(1-day SOFR + 2.86%), 6.38%, 06/08/34			70		69,498
Discover Financial Services, 6.70%, 11/29/32			65		66,965
Ford Motor Credit Co. LLC, 7.20%, 06/10/30			236		238,174
Global Payments, Inc.
3.20%, 08/15/29			400		347,674
5.40%, 08/15/32			172		167,603
Moody’s Corp., 2.75%, 08/19/41			350		245,610
Navient Corp.
7.25%, 09/25/23			28		28,000
6.13%, 03/25/24			51		50,601
5.88%, 10/25/24			39		38,328
5.50%, 03/15/29			30		25,577
9.38%, 07/25/30			101		100,460
OneMain Finance Corp.
6.88%, 03/15/25			53		52,477
7.13%, 03/15/26^(e)			168		165,059
3.50%, 01/15/27			206		176,736
6.63%, 01/15/28			165		155,639
5.38%, 11/15/29			42		35,706
4.00%, 09/15/30			74		56,980
Sabre Global, Inc.^(b)(e)
9.25%, 04/15/25			124		115,642
7.38%, 09/01/25			168		149,118
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)			395		370,419
Shift4 Payments, Inc., 0.00%, 12/15/25^(h)(i)			112		121,632
Verscend Escrow Corp., 9.75%, 08/15/26^(b)(e)			1,355		1,359,190

					5,570,819

Consumer Staples Distribution & Retail — 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
3.25%, 03/15/26			41		37,866
7.50%, 03/15/26			65		66,102
4.63%, 01/15/27			222		210,346
5.88%, 02/15/28			219		212,811
6.50%, 02/15/28			109		109,181
3.50%, 03/15/29			69		59,729
4.88%, 02/15/30^(e)			194		179,105
Bellis Acquisition Co. PLC, 3.25%, 02/16/26^(d)		GBP	100		106,046
Darling Ingredients, Inc., 6.00%, 06/15/30^(b)		USD	297		290,066
Kraft Heinz Foods Co.
5.00%, 06/04/42			500		467,912


Security	Par (000)			Value

Consumer Staples Distribution & Retail (continued)
Kraft Heinz Foods Co. (continued)
4.38%, 06/01/46		USD	200	$	169,971
Lamb Weston Holdings, Inc.^(b)
4.88%, 05/15/28			229		219,322
4.13%, 01/31/30^(e)			172		153,719
4.38%, 01/31/32			75		66,996
Performance Food Group, Inc.^(b)
5.50%, 10/15/27			28		26,979
4.25%, 08/01/29			279		248,397
Post Holdings, Inc.^(b)
4.63%, 04/15/30			159		139,341
4.50%, 09/15/31			9		7,686
U.S. Foods, Inc.^(b)
4.75%, 02/15/29			290		265,509
4.63%, 06/01/30			27		24,198
United Natural Foods, Inc., 6.75%, 10/15/28^(b)			24		19,893

					3,081,175

Containers & Packaging — 0.4%
Clydesdale Acquisition Holdings, Inc.^(b)
6.63%, 04/15/29			591		563,636
8.75%, 04/15/30			382		337,200
Crown European Holdings SA, 5.00%, 05/15/28		EUR	100		110,075
International Paper Co., 6.00%, 11/15/41		USD	870		891,822
LABL, Inc., 5.88%, 11/01/28^(b)			148		134,603
OI European Group BV, 6.25%, 05/15/28		EUR	100		111,416
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/31		USD	158		159,975
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28^(b)			113		112,167

					2,420,894

Diversified Consumer Services — 0.8%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)(e)
6.63%, 07/15/26			605		574,111
9.75%, 07/15/27			249		220,104
6.00%, 06/01/29			898		662,639
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL^(b)
4.63%, 06/01/28			571		483,334
4.63%, 06/01/28^(e)			400		336,500
Clarivate Science Holdings Corp.^(b)
3.88%, 07/01/28			755		669,267
4.88%, 07/01/29^(e)			393		348,633
Garda World Security Corp.^(b)
4.63%, 02/15/27			169		154,635
7.75%, 02/15/28			370		367,270
Graham Holdings Co., 5.75%, 06/01/26^(b)			27		26,460
Rekeep SpA, 7.25%, 02/01/26^(d)		EUR	100		102,004
Sotheby’s, 7.38%, 10/15/27^(b)(e)		USD	665		598,096

					4,543,053

Diversified REITs — 1.8%
Alexandria Real Estate Equities, Inc.
4.75%, 04/15/35			140		129,897
4.00%, 02/01/50			550		410,196
American Tower Corp., 2.90%, 01/15/30^(e)			1,500		1,293,751
Crown Castle, Inc.
2.10%, 04/01/31			1,000		799,812
2.90%, 04/01/41			350		245,418
Equinix, Inc., 2.50%, 05/15/31			500		407,098
ERP Operating LP, 4.50%, 06/01/45			1,155		969,345


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified REITs (continued)
Healthpeak OP LLC, 4.00%, 06/01/25	USD		2,000	$	1,931,807
Iron Mountain, Inc., 5.63%, 07/15/32^(b)			62		55,464
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29^(e)			345		260,806
3.50%, 03/15/31			634		436,837
Prologis LP, 4.63%, 01/15/33^(e)			1,000		976,247
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			245		228,095
7.25%, 07/15/28			223		225,281
Service Properties Trust, 7.50%, 09/15/25			64		62,848
Simon Property Group LP, 4.75%, 03/15/42			1,670		1,467,800
Ventas Realty LP, 4.13%, 01/15/26			870		832,119
VICI Properties LP, 4.95%, 02/15/30			138		129,455
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29^(b)			34		29,837

					10,892,113

Diversified Telecommunication Services — 2.2%
AT&T, Inc.
6.38%, 03/01/41			520		553,489
5.15%, 03/15/42			1,200		1,122,182
4.75%, 05/15/46^(e)			1,500		1,324,030
British Telecommunications PLC, (5-year UK Government Bond + 3.82%), 8.38%, 12/20/83	GBP		100		124,672
Level 3 Financing, Inc.^(b)
3.40%, 03/01/27	USD		748		634,678
10.50%, 05/15/30^(e)			665		674,731
Lumen Technologies, Inc., 4.00%, 02/15/27^(b)			772		575,302
SoftBank Group Corp.^(d)
3.13%, 09/19/25	EUR		100		102,300
3.88%, 07/06/32			100		82,522
Telecom Italia Capital SA
6.00%, 09/30/34	USD		189		152,420
7.20%, 07/18/36			48		41,258
7.72%, 06/04/38			69		61,010
Telecom Italia SpA/Milano, 6.88%, 02/15/28^(d)	EUR		100		108,498
Verizon Communications, Inc., 6.55%, 09/15/43^(e)	USD		5,000		5,521,391
Zayo Group Holdings, Inc.^(b)
4.00%, 03/01/27			2,034		1,436,521
6.13%, 03/01/28^(e)			864		539,886

					13,054,890

Education — 0.1%
Grand Canyon University, 5.13%, 10/01/28			702		635,661


Electric Utilities — 4.7%
Baltimore Gas and Electric Co.
3.50%, 08/15/46			800		603,551
3.75%, 08/15/47			500		390,394
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/32			750		720,768
Cleveland Electric Illuminating Co., 5.95%, 12/15/36			434		428,300
Comision Federal de Electricidad, 4.88%, 01/15/24			200		197,654
Duke Energy Carolinas LLC
6.10%, 06/01/37			640		670,683
6.00%, 01/15/38			1,675		1,754,390
Duke Energy Florida LLC
6.35%, 09/15/37			2,775		3,009,225
6.40%, 06/15/38			770		844,544
E.ON International Finance BV, 6.65%, 04/30/38^(b)			2,000		2,116,316
Electricite de France SA^(b)
5.60%, 01/27/40			2,800		2,575,178
(5-year CMT + 5.41%), 9.13%^(a)(f)			200		205,096


Security		Par (000)		Value

Electric Utilities (continued)
Eversource Energy, 2.55%, 03/15/31	USD		350	$	290,857
FirstEnergy Transmission LLC, 5.45%, 07/15/44^(b)			280		258,917
Mong Duong Finance Holdings BV, 5.13%, 05/07/29^(d)			576		504,495
Ohio Power Co., Series D, 6.60%, 03/01/33			3,000		3,235,432
Oncor Electric Delivery Co. LLC
4.15%, 06/01/32			1,000		949,346
4.55%, 09/15/32			1,000		970,421
Pacific Gas and Electric Co.
6.10%, 01/15/29			165		162,346
6.40%, 06/15/33			240		238,686
6.75%, 01/15/53			120		118,427
PacifiCorp., 6.25%, 10/15/37^(e)			1,225		1,224,203
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/30			750		599,854
Southern California Edison Co., 5.63%, 02/01/36			1,300		1,285,668
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33^(d)(e)			211		206,702
Tierra Mojada Luxembourg II SARL, 5.75%, 12/01/40			182		155,641
Virginia Electric and Power Co., Series A, 6.00%, 05/15/37^(e)			3,920		4,078,385
Vistra Operations Co. LLC^(b)
5.50%, 09/01/26			12		11,547
5.00%, 07/31/27			12		11,232

					27,818,258

Electrical Equipment^(b)— 0.2%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			406		399,506
Regal Rexnord Corp.
6.05%, 02/15/26			65		65,082
6.05%, 04/15/28			411		408,003
6.30%, 02/15/30			145		144,571
6.40%, 04/15/33			150		149,873

					1,167,035

Electronic Equipment, Instruments & Components — 0.4%
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29			191		163,655
Corning, Inc., 4.38%, 11/15/57^(e)			2,000		1,619,918
Imola Merger Corp., 4.75%, 05/15/29^(b)			203		176,550
Vertiv Group Corp., 4.13%, 11/15/28^(b)			412		371,201

					2,331,324

Energy Equipment & Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27			331		317,760
6.25%, 04/01/28			347		325,785
Halliburton Co., 5.00%, 11/15/45^(e)			500		452,403
Noble Finance II LLC, 8.00%, 04/15/30			227		230,786
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			315		308,572
6.88%, 09/01/27			291		277,874
Valaris Ltd., 8.38%, 04/30/30			366		367,230
Vallourec SA, 8.50%, 06/30/26^(d)	EUR		23		25,074
Weatherford International Ltd.^(b)
6.50%, 09/15/28	USD		119		119,512
8.63%, 04/30/30			220		223,353

					2,648,349

Environmental, Maintenance & Security Service — 0.3%
Clean Harbors, Inc., 6.38%, 02/01/31^(b)			77		77,482
Covanta Holding Corp.
4.88%, 12/01/29^(b)			92		79,580


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Environmental, Maintenance & Security Service (continued)
Covanta Holding Corp. (continued)
5.00%, 09/01/30	USD		48	$	40,710
GFL Environmental, Inc.^(b)
3.75%, 08/01/25			120		114,164
4.00%, 08/01/28			174		155,565
3.50%, 09/01/28			111		98,788
4.75%, 06/15/29			267		243,934
4.38%, 08/15/29			252		224,368
Tervita Corp., 11.00%, 12/01/25^(b)			77		81,686
Waste Management, Inc., 2.95%, 06/01/41			350		259,290
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)			634		587,717

					1,963,284

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


Security		Par (000)		Value

Financial Services (continued)
Nationstar Mortgage Holdings, Inc.^(b)(continued)
5.13%, 12/15/30	USD		69	$	55,973
5.75%, 11/15/31			78		64,073
NatWest Group PLC, (1-year CMT + 2.27%), 5.52%, 09/30/28^(a)			1,000		980,239
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26^(b)			569		503,565
Spectrum Brands, Inc.^(b)
5.00%, 10/01/29			53		47,306
5.50%, 07/15/30			104		94,900

					28,138,256

Food Products — 0.4%
Aramark International Finance SARL, 3.13%, 04/01/25^(d)	EUR		100		104,630
Aramark Services, Inc.^(b)
5.00%, 04/01/25	USD		73		71,931
6.38%, 05/01/25			14		13,987
5.00%, 02/01/28^(e)			541		509,914
BRF SA, 4.88%, 01/24/30^(d)			200		161,250
Chobani LLC/Chobani Finance Corp., Inc.^(b)
7.50%, 04/15/25^(e)			803		798,994
4.63%, 11/15/28			628		571,480
Darling Global Finance BV, 3.63%, 05/15/26^(d)	EUR		100		106,392

					2,338,578

Gas Utilities — 0.0%
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28	USD		179		179,895


Ground Transportation — 1.1%
Burlington Northern Santa Fe LLC, 5.75%, 05/01/40			1,890		1,998,939
Danaos Corp., 8.50%, 03/01/28^(b)			100		100,320
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(b)			2,294		2,237,052
Norfolk Southern Corp., 2.30%, 05/15/31			1,800		1,495,278
Union Pacific Corp.
3.38%, 02/14/42			350		279,657
3.84%, 03/20/60			800		636,365

					6,747,611

Health Care Equipment & Supplies — 0.5%
Avantor Funding, Inc.
2.63%, 11/01/25^(d)	EUR		100		104,544
4.63%, 07/15/28^(b)(e)	USD		379		351,304
3.88%, 11/01/29^(b)			17		14,884
Becton Dickinson & Co.
4.30%, 08/22/32			750		711,421
4.69%, 12/15/44			600		543,950
Embecta Corp., 6.75%, 02/15/30^(b)			50		44,808
Garden Spinco Corp., 8.63%, 07/20/30^(b)			136		146,166
Thermo Fisher Scientific, Inc., 5.30%, 02/01/44			1,000		1,010,272

					2,927,349

Health Care Providers & Services — 1.9%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28^(b)			37		35,385
AdaptHealth LLC^(b)
6.13%, 08/01/28			49		42,445
5.13%, 03/01/30			18		14,580
Aetna, Inc., 4.50%, 05/15/42			575		493,299
AHP Health Partners, Inc., 5.75%, 07/15/29^(b)			219		188,828
Cano Health LLC, 6.25%, 10/01/28^(b)			53		33,125
CHS/Community Health Systems, Inc.^(b)
5.63%, 03/15/27			92		81,074
6.00%, 01/15/29			332		279,295
5.25%, 05/15/30^(e)			468		368,656
4.75%, 02/15/31			223		168,540


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
Elevance Health, Inc., 4.65%, 08/15/44	USD		1,500	$	1,346,895
Encompass Health Corp., 4.75%, 02/01/30			279		254,030
HCA, Inc., 5.50%, 06/15/47			1,090		1,026,660
HealthEquity, Inc., 4.50%, 10/01/29^(b)			355		312,873
IQVIA, Inc., 6.50%, 05/15/30^(b)			200		201,975
Legacy LifePoint Health LLC, 6.75%, 04/15/25^(b)(e)			202		187,622
Medline Borrower LP^(b)
3.88%, 04/01/29			281		244,207
5.25%, 10/01/29^(e)			1,044		905,878
ModivCare, Inc., 5.88%, 11/15/25^(b)			173		160,222
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28			32		29,499
3.88%, 11/15/30			122		104,817
3.88%, 05/15/32			13		10,899
Northwell Healthcare, Inc., 4.26%, 11/01/47			725		594,990
Surgery Center Holdings, Inc., 6.75%, 07/01/25^(b)(e)			189		188,327
Teleflex, Inc., 4.63%, 11/15/27			14		13,195
Tenet Healthcare Corp.
4.88%, 01/01/26			300		292,197
6.25%, 02/01/27			123		121,742
5.13%, 11/01/27			379		361,823
4.63%, 06/15/28			55		51,369
6.13%, 10/01/28^(e)			122		117,449
6.13%, 06/15/30			122		120,255
6.75%, 05/15/31			550		551,340
UnitedHealth Group, Inc.
5.80%, 03/15/36			1,750		1,870,716
3.05%, 05/15/41			600		463,791

					11,237,998

Health Care Technology^(b)— 0.2%
AthenaHealth Group, Inc., 6.50%, 02/15/30^(e)			1,232		1,036,901
Catalent Pharma Solutions, Inc., 3.50%, 04/01/30^(e)			328		265,680
Fortrea Holdings, Inc., 7.50%, 07/01/30			132		135,164

					1,437,745

Hotels, Restaurants & Leisure — 1.9%
Accor SA, (5-year EUR Swap + 4.56%), 4.38%^(a)(d)(f)	EUR		100		107,245
Boyd Gaming Corp., 4.75%, 12/01/27	USD		88		83,378
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.^(b)
3.88%, 01/15/28			39		35,653
4.38%, 01/15/28^(e)			214		197,559
4.00%, 10/15/30			70		59,908
Caesars Entertainment, Inc.^(b)
6.25%, 07/01/25			820		816,203
8.13%, 07/01/27^(e)			876		896,559
4.63%, 10/15/29^(e)			134		117,010
7.00%, 02/15/30			925		928,922
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(b)			103		104,218
CDI Escrow Issuer, Inc., 5.75%, 04/01/30^(b)			418		389,082
Churchill Downs, Inc.
5.50%, 04/01/27^(b)			244		234,589
4.75%, 01/15/28^(b)			309		286,567
6.75%, 05/01/31			280		276,850
Corvias Campus Living - USG LLC, 5.30%, 07/01/50^(c)			5,581		1,864,288
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.^(b)
4.63%, 01/15/29			156		136,890
6.75%, 01/15/30			46		39,148


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Fortune Star BVI Ltd., 6.75%, 07/02/23^(d)	USD		200	$	199,880
Hilton Domestic Operating Co., Inc.^(b)
5.75%, 05/01/28			112		110,288
3.75%, 05/01/29			99		87,874
4.00%, 05/01/31			79		68,610
3.63%, 02/15/32			77		64,198
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			44		42,684
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28			166		168,428
Lottomatica SpA/Roma, (3-mo. EURIBOR + 4.13%), 7.59%, 06/01/28^(a)(d)	EUR		100		109,529
Melco Resorts Finance Ltd.
4.88%, 06/06/25^(b)	USD		200		188,790
5.25%, 04/26/26^(d)			250		232,010
5.75%, 07/21/28^(b)			200		174,875
5.38%, 12/04/29^(b)			200		164,750
Merlin Entertainments Ltd., 5.75%, 06/15/26^(b)			200		192,748
MGM China Holdings Ltd.
5.88%, 05/15/26^(d)(e)			450		428,472
4.75%, 02/01/27^(b)			200		180,250
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(b)
5.63%, 09/01/29			63		47,719
5.88%, 09/01/31			79		58,282
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/30^(b)			50		44,000
Scientific Games International, Inc.^(b)
8.63%, 07/01/25			136		138,890
7.00%, 05/15/28^(e)			100		99,466
7.25%, 11/15/29			96		96,120
Six Flags Entertainment Corp., 7.25%, 05/15/31^(b)			263		256,149
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(b)			135		135,675
Station Casinos LLC, 4.50%, 02/15/28^(b)			123		110,401
Vail Resorts, Inc., 6.25%, 05/15/25^(b)			105		105,125
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)(e)			125		118,407
Wynn Macau Ltd.
4.88%, 10/01/24^(d)			200		194,208
5.50%, 10/01/27^(d)			200		177,125
5.63%, 08/26/28^(b)(e)			200		172,500
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b)
5.13%, 10/01/29			503		450,785
7.13%, 02/15/31^(e)			230		228,607

					11,420,914

Household Durables — 0.1%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29^(b)			141		112,903
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)			173		160,144
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26^(b)			88		86,240
NCR Corp., 5.13%, 04/15/29^(b)			91		80,559
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(b)(e)			223		133,806
Taylor Morrison Communities, Inc., 5.88%, 06/15/27^(b)			125		122,774
Tempur Sealy International, Inc., 3.88%, 10/15/31^(b)			76		61,913
Tri Pointe Homes, Inc., 5.25%, 06/01/27			28		26,487

					784,826


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Household Products — 0.0%
Central Garden & Pet Co.
5.13%, 02/01/28	USD		35	$	32,880
4.13%, 10/15/30^(e)			105		87,958

					120,838

Independent Power and Renewable Electricity Producers — 0.3%
Calpine Corp.^(b)
5.13%, 03/15/28^(e)			539		481,005
5.00%, 02/01/31			41		33,910
Clearway Energy Operating LLC, 4.75%, 03/15/28^(b)			124		114,405
Greenko Dutch BV, 3.85%, 03/29/26^(d)(e)			188		168,503
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26^(d)(e)			200		186,484
India Cleantech Energy, 4.70%, 08/10/26^(b)			229		200,073
NRG Energy, Inc.
5.75%, 01/15/28			45		42,644
7.00%, 03/15/33^(b)			150		151,243
SCC Power PLC^(b)(g)
(4.00% Cash and 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28			250		83,606
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32			135		12,569
Talen Energy Supply LLC, 8.63%, 06/01/30			91		94,185
TransAlta Corp., 7.75%, 11/15/29			77		79,271

					1,647,898

Industrial Conglomerates — 0.4%
Emerald Debt Merger Sub LLC, 6.38%, 12/15/30	EUR		110		119,582
General Electric Co., 6.15%, 08/07/37	USD		2,150		2,249,493

					2,369,075

Insurance — 2.4%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(b)			82		70,997
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer^(b)
4.25%, 10/15/27			319		286,268
6.75%, 10/15/27^(e)			1,419		1,333,860
6.75%, 04/15/28			397		393,720
5.88%, 11/01/29^(e)			1,342		1,167,433
Aon Global Ltd., 4.60%, 06/14/44			500		436,025
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42^(e)			500		476,150
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)			148		145,076
HUB International Ltd.^(b)
7.00%, 05/01/26			938		935,519
7.25%, 06/15/30			993		1,025,372
Jones Deslauriers Insurance Management, Inc.^(b)
8.50%, 03/15/30			352		359,114
10.50%, 12/15/30			183		183,563
Liberty Mutual Group, Inc., 6.50%, 05/01/42^(b)			2,000		2,009,838
Marsh & McLennan Cos., Inc., 5.88%, 08/01/33			1,500		1,590,359
Progressive Corp., 3.00%, 03/15/32			750		652,620
Prudential Financial, Inc.
5.90%, 03/17/36			500		511,042
5.70%, 12/14/36			1,625		1,688,448
Ryan Specialty Group LLC, 4.38%, 02/01/30^(b)			132		116,846
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47^(b)			700		578,759

					13,961,009

Interactive Media & Services — 0.1%
Cablevision Lightpath LLC, 5.63%, 09/15/28^(b)			200		148,160
iliad SA^(d)
5.38%, 06/14/27	EUR		100		107,581


Security		Par (000)		Value

Interactive Media & Services (continued)
iliad SA^(d)(continued)
5.63%, 02/15/30	EUR		100	$	105,465
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,
4.75%, 04/30/27^(b)	USD		200		176,640

					537,846

Internet Software & Services — 0.5%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27^(b)			27		25,650
Match Group Holdings II LLC^(b)
5.63%, 02/15/29			6		5,626
4.13%, 08/01/30			20		17,130
3.63%, 10/01/31^(e)			209		171,786
Uber Technologies, Inc.
0.00%, 12/15/25^(h)(i)			884		806,231
8.00%, 11/01/26^(b)			265		270,065
7.50%, 09/15/27^(b)(e)			788		806,008
6.25%, 01/15/28^(b)			190		189,061
4.50%, 08/15/29^(b)(e)			588		541,194

					2,832,751

IT Services — 0.9%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(b)			99		80,514
CA Magnum Holdings, 5.38%, 10/31/26^(b)			258		230,435
Camelot Finance SA, 4.50%, 11/01/26^(b)			279		262,829
Dun & Bradstreet Corp., 5.00%, 12/15/29^(b)			534		470,844
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28^(d)	EUR		100		109,456
Fidelity National Information Services, Inc., 4.50%, 08/15/46	USD		1,000		797,046
Fiserv, Inc., 4.40%, 07/01/49			500		422,486
International Business Machines Corp.
4.40%, 07/27/32			500		479,370
4.75%, 02/06/33			550		539,618
2.95%, 05/15/50			750		502,357
KBR, Inc., 4.75%, 09/30/28^(b)			136		123,423
McAfee Corp., 7.38%, 02/15/30^(b)(e)			734		638,229
Presidio Holdings, Inc., 4.88%, 02/01/27^(b)			32		30,020
Twilio, Inc.
3.63%, 03/15/29			117		99,538
3.88%, 03/15/31^(e)			214		178,180
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,
3.88%, 02/01/29^(b)			657		565,080

					5,529,425

Leisure Products — 0.1%
Mattel, Inc.
6.20%, 10/01/40			194		173,447
5.45%, 11/01/41			149		123,525

					296,972

Machinery — 0.6%
Chart Industries, Inc.^(b)
7.50%, 01/01/30			445		454,013
9.50%, 01/01/31			66		70,027
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28			192		190,560
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(g)			241		219,310
Madison IAQ LLC, 5.88%, 06/30/29^(b)(e)			232		187,899
OT Merger Corp., 7.88%, 10/15/29^(b)			78		48,751
Terex Corp., 5.00%, 05/15/29^(b)			110		102,265


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Machinery (continued)
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(b)	USD		514	$	466,455
TK Elevator Holdco GmbH, 7.63%, 07/15/28^(b)(e)			400		362,834
TK Elevator Midco GmbH, 4.38%, 07/15/27^(d)	EUR		200		194,786
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(b)(e)	USD		1,207		1,115,114

					3,412,014

Marine Transportation — 0.0%
Huntington Ingalls Industries, Inc., 4.20%, 05/01/30			126		116,747


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


Security		Par (000)		Value

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

					28,151,985

Metals & Mining — 1.2%
ABJA Investment Co. Pte. Ltd.^(d)
5.95%, 07/31/24			250		248,430
5.45%, 01/24/28			200		198,046
Arconic Corp.^(b)
6.00%, 05/15/25			89		89,708
6.13%, 02/15/28^(e)			393		397,875


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Metals & Mining (continued)
ATI, Inc.
5.88%, 12/01/27	USD		121	$	117,100
5.13%, 10/01/31			187		166,600
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)			862		851,496
Carpenter Technology Corp.
6.38%, 07/15/28			180		176,400
7.63%, 03/15/30			151		152,706
Constellium SE
4.25%, 02/15/26^(d)	EUR		100		106,401
5.63%, 06/15/28^(b)	USD		250		235,232
3.75%, 04/15/29^(b)			841		715,487
First Quantum Minerals Ltd., 8.63%, 06/01/31^(b)			222		226,440
JSW Steel Ltd., 5.95%, 04/18/24^(d)			200		198,348
Kaiser Aluminum Corp.^(b)
4.63%, 03/01/28			98		85,707
4.50%, 06/01/31			535		426,491
New Gold, Inc., 7.50%, 07/15/27^(b)			470		438,877
Novelis Corp.^(b)
3.25%, 11/15/26^(e)			628		568,445
4.75%, 01/30/30^(e)			296		263,057
3.88%, 08/15/31			396		325,754
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29^(d)	EUR		100		95,542
Rio Tinto Finance USA PLC, 4.75%, 03/22/42	USD		400		378,806
Stillwater Mining Co., 4.00%, 11/16/26^(d)			200		177,512
Vedanta Resources Finance II PLC, 13.88%, 01/21/24^(d)			200		182,074

					6,822,534

Multi-Utilities — 0.5%
American Water Capital Corp., 4.45%, 06/01/32			1,350		1,307,041
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28^(b)			184		186,874
KeySpan Gas East Corp., 5.82%, 04/01/41^(b)			1,010		969,907
NiSource, Inc., 1.70%, 02/15/31			400		312,748

					2,776,570

Offshore Drilling & Other Services — 0.2%
Entegris Escrow Corp., 4.75%, 04/15/29^(b)			786		729,664
Entegris, Inc., 4.38%, 04/15/28^(b)			201		181,901
KLA Corp., 3.30%, 03/01/50			500		374,971

					1,286,536

Oil, Gas & Consumable Fuels — 7.6%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)			461		452,932
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)
5.75%, 03/01/27			203		195,781
5.75%, 01/15/28			39		37,178
5.38%, 06/15/29^(e)			140		130,085
Antero Resources Corp., 7.63%, 02/01/29^(b)			83		84,213
Apache Corp.
4.25%, 01/15/30^(e)			39		34,737
5.10%, 09/01/40			57		46,313
5.35%, 07/01/49			97		75,418
Arcosa, Inc., 4.38%, 04/15/29^(b)			117		104,832
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27			479		595,502
8.25%, 12/31/28			593		583,159
5.88%, 06/30/29			44		39,254


Security		Par (000)		Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

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


Security	Par (000)		Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Transocean, Inc.^(b)(continued)
8.75%, 02/15/30	USD	689	$	699,335
Venture Global Calcasieu Pass LLC^(b)
3.88%, 08/15/29		200		174,718
4.13%, 08/15/31		301		258,850
3.88%, 11/01/33^(e)		575		470,859
Venture Global LNG, Inc.^(b)
8.13%, 06/01/28		890		903,915
8.38%, 06/01/31		1,365		1,376,148
Vermilion Energy, Inc., 6.88%, 05/01/30^(b)		108		99,543
Vivo Energy Investments BV, 5.13%, 09/24/27^(b)		200		180,192
Western Midstream Operating LP
6.15%, 04/01/33		50		50,395
5.45%, 04/01/44		137		115,734
5.30%, 03/01/48		75		62,604
5.50%, 08/15/48		69		57,702
5.50%, 02/01/50		545		446,393


				44,834,253

Passenger Airlines — 1.3%
ABRA Global Finance, (6.00% Cash & 5.50% PIK), 11.50%, 03/02/28^(b)(g)		188		153,243
Air Canada, 3.88%, 08/15/26^(b)		83		76,929
Allegiant Travel Co., 7.25%, 08/15/27^(b)		80		79,705
American Airlines Pass-Through Trust
Series 2015-2, Class A, 4.00%, 03/22/29		1,003		900,183
Series 2015-2, Class AA, 3.60%, 09/22/27		1,003		931,878
American Airlines, Inc.^(b)
11.75%, 07/15/25		551		604,187
7.25%, 02/15/28		47		46,720
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)
5.50%, 04/20/26		212		210,543
5.75%, 04/20/29		411		399,477
Avianca Midco 2 PLC, 9.00%, 12/01/28^(b)		150		125,564
Deutsche Lufthansa AG, 2.88%, 05/16/27^(d)	EUR	100		100,258
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(b)(e)	USD	138		130,622
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)		610		611,294
United Airlines Pass-Through Trust
Series 2013-1, Class A, 4.30%, 02/15/27		2,313		2,224,336
Series 2020-1, Class A, 5.88%, 04/15/29^(e)		225		223,016
United Airlines, Inc.^(b)
4.38%, 04/15/26		373		354,390
4.63%, 04/15/29^(e)		235		214,124
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, 05/01/27^(b)		85		76,368


				7,462,837

Pharmaceuticals — 1.6%
AbbVie, Inc.
3.20%, 05/14/26		500		473,881
4.55%, 03/15/35		2,140		2,037,864
4.45%, 05/14/46		2,095		1,844,637
Bristol-Myers Squibb Co.
3.55%, 03/15/42		350		290,194
4.35%, 11/15/47		300		271,255
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27^(d)	EUR	100		98,890
CVS Health Corp.
5.13%, 07/20/45	USD	700		647,592
5.05%, 03/25/48		1,821		1,678,493


Security	Par (000)		Value

Pharmaceuticals (continued)
Gruenenthal GmbH, 4.13%, 05/15/28^(d)	EUR	100	$	100,970
Jazz Securities DAC, 4.38%, 01/15/29^(b)	USD	200		178,438
Option Care Health, Inc., 4.38%, 10/31/29^(b)(e)		166		146,106
Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31^(b)(e)		387		319,284
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30		500		415,525
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29	EUR	100		111,328
Teva Pharmaceutical Finance Netherlands III BV
7.13%, 01/31/25	USD	200		201,258
3.15%, 10/01/26		299		266,297
4.75%, 05/09/27		200		183,777
7.88%, 09/15/29^(e)		200		205,218


				9,471,007

Real Estate — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28^(b)		68		62,478


Real Estate Management & Development — 0.4%
Agps Bondco PLC, 5.50%, 11/13/26^(d)(j)(k)	EUR	100		41,466
China SCE Group Holdings Ltd., 7.38%, 04/09/24^(d)	USD	200		58,924
CIFI Holdings Group Co. Ltd., 6.45%, 11/07/24^(d)(j)(k)		200		21,500
Country Garden Holdings Co. Ltd., 6.50%, 04/08/24^(d)(e)		200		117,528
Easy Tactic Ltd., (6.50% Cash or 7.50% PIK), 7.50%, 07/11/27^(g)		218		16,440
Fantasia Holdings Group Co. Ltd.^(j)(k)
11.75%, 04/17/22^(d)		200		12,000
10.88%, 01/09/23		307		18,420
11.88%, 06/01/23		400		24,000
9.25%, 07/28/23^(d)		300		18,000
Global Prime Capital Pte. Ltd., 5.95%, 01/23/25^(d)		200		190,442
i-595 Express LLC, 3.31%, 12/31/31^(c)		696		640,063
Modern Land China Co. Ltd., (9.00% Cash or 9.00% PIK), 9.00%, 12/30/26^(d)(g)(j)(k)		226		11,273
Realogy Group LLC/Realogy Co.-Issuer Corp.^(b)
5.75%, 01/15/29		180		134,678
5.25%, 04/15/30		91		64,672
Ronshine China Holdings Ltd., 7.35%, 12/15/23^(d)(j)(k)		200		9,000
Theta Capital Pte. Ltd., 8.13%, 01/22/25^(d)		200		166,246
VICI Properties LP, 5.13%, 05/15/32^(e)		439		410,748
Wanda Properties Overseas Ltd., 6.88%, 07/23/23^(d)		200		181,000
Yuzhou Group Holdings Co. Ltd.^(d)(j)(k)
7.70%, 02/20/25		263		14,465
7.38%, 01/13/26		200		11,000
Zhenro Properties Group Ltd., 7.88%, 04/14/24^(d)(j)(k)		200		8,000


				2,169,865

Semiconductors & Semiconductor Equipment — 1.0%
Broadcom, Inc.
4.75%, 04/15/29		2,500		2,418,494
4.15%, 04/15/32^(b)		1,500		1,358,656
Intel Corp.
5.13%, 02/10/30		750		754,600
2.00%, 08/12/31^(e)		1,000		816,903
QUALCOMM, Inc., 4.65%, 05/20/35		250		249,554
Sensata Technologies BV^(b)
5.00%, 10/01/25		70		68,532
5.88%, 09/01/30		200		194,457


				5,861,196

Software — 2.0%
ACI Worldwide, Inc., 5.75%, 08/15/26^(b)		262		255,450


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
Alteryx, Inc., 8.75%, 03/15/28^(b)(e)	USD	174	$	170,918
Boxer Parent Co., Inc.
6.50%, 10/02/25^(d)	EUR	100		107,610
7.13%, 10/02/25^(b)	USD	187		187,165
9.13%, 03/01/26^(b)		948		943,260
Capstone Borrower, Inc., 8.00%, 06/15/30		205		202,440
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29^(b)		533		527,025
Cloud Software Group, Inc.
6.50%, 03/31/29^(b)		2,143		1,908,086
9.00%, 09/30/29		989		863,827
Consensus Cloud Solutions, Inc.^(b)
6.00%, 10/15/26		48		43,560
6.50%, 10/15/28		45		38,475
Crowdstrike Holdings, Inc., 3.00%, 02/15/29		30		25,870
Elastic NV, 4.13%, 07/15/29^(b)		129		111,285
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)		65		56,110
Microsoft Corp., 2.92%, 03/17/52^(e)		1,600		1,190,348
MicroStrategy, Inc., 6.13%, 06/15/28^(b)(e)		305		273,461
Open Text Corp., 6.90%, 12/01/27^(b)		303		308,463
Oracle Corp.
5.38%, 07/15/40^(e)		3,025		2,886,934
4.00%, 11/15/47		400		307,954
3.95%, 03/25/51		600		453,673
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)		647		619,391
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)		189		153,358


				11,634,663

Specialized REITs — 0.1%
Iron Mountain, Inc., 7.00%, 02/15/29		357		357,600
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(b)		344		341,270


				698,870

Specialty Retail^(b)— 0.1%
Arko Corp., 5.13%, 11/15/29		123		99,959
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29^(e)		493		489,834
Staples, Inc., 7.50%, 04/15/26		113		93,328


				683,121

Technology Hardware, Storage & Peripherals — 0.7%
Apple, Inc.^(e)
4.65%, 02/23/46		2,400		2,367,700
3.75%, 11/13/47		1,000		865,576
Coherent Corp., 5.00%, 12/15/29^(b)(e)		404		364,655
Seagate HDD Cayman^(b)
8.25%, 12/15/29		243		253,806
8.50%, 07/15/31		307		321,948


				4,173,685

Textiles, Apparel & Luxury Goods^(b)— 0.1%
Hanesbrands, Inc.
4.88%, 05/15/26		65		60,680
9.00%, 02/15/31^(e)		203		204,597
Levi Strauss & Co., 3.50%, 03/01/31		11		9,102


				274,379

Tobacco — 0.8%
Altria Group, Inc.
2.45%, 02/04/32		200		155,971
5.38%, 01/31/44		2,000		1,880,446


Security	Par (000)		Value

Tobacco (continued)
Reynolds American, Inc.
4.45%, 06/12/25	USD	635	$	617,055
7.00%, 08/04/41		1,000		992,667
5.85%, 08/15/45		1,500		1,333,957


				4,980,096

Transportation Infrastructure — 0.4%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(b)		200		192,478
Azzurra Aeroporti SpA, 2.63%, 05/30/27^(d)	EUR	100		97,778
FedEx Corp., 4.75%, 11/15/45^(e)	USD	1,250		1,110,905
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27^(d)		200		176,988
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26^(b)		580		557,920
XPO Escrow Sub LLC, 7.50%, 11/15/27^(b)		60		61,310


				2,197,379

Wireless Telecommunication Services — 1.1%
Altice France SA/France^(b)
5.13%, 07/15/29		544		386,171
5.50%, 10/15/29		200		143,028
Crown Castle, Inc., 3.10%, 11/15/29		750		653,019
Kenbourne Invest SA, 6.88%, 11/26/24^(b)		210		182,276
Millicom International Cellular SA, 4.50%, 04/27/31^(b)		200		153,100
Rogers Communications, Inc., 7.50%, 08/15/38		2,325		2,577,531
SBA Communications Corp., 3.13%, 02/01/29^(e)		321		272,097
T-Mobile U.S., Inc.
2.55%, 02/15/31		500		415,605
4.50%, 04/15/50		500		429,023
VICI Properties LP/VICI Note Co., Inc.^(b)
5.63%, 05/01/24		37		36,772
3.50%, 02/15/25		75		71,663
4.25%, 12/01/26		73		68,290
4.63%, 12/01/29		378		343,175
4.13%, 08/15/30		174		153,195
Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/31^(d)	GBP	100		96,026
Vodafone Group PLC 4.25%, 09/17/50^(e)	USD	700		561,986
(5-year EUR Swap + 3.49%), 6.50%, 08/30/84^(a)(d)	EUR	100		109,634


				6,652,591


Total Corporate Bonds — 68.2% (Cost: $429,256,771)				402,655,727


Floating Rate Loan Interests^(a)

Aerospace & Defense — 0.2%
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.98%, 02/01/29	USD	404		391,290
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/01/28		518		507,633


				898,923

Beverages — 0.0%
Naked Juice LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 01/24/30		20		15,750


Broadline Retail — 0.0%
PUG LLC, USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27		109		96,377


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Capital Markets — 0.0%
Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.69%, 08/02/29		USD	122	$	108,523


Chemicals — 0.2%
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 09/30/28			126		116,860
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 7.75%), 12.94%, 11/24/28			64		56,672
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.99%, 08/27/26			47		46,397
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.62%, 10/04/29			360		343,870
Momentive Performance Materials USA LLC, 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.60%, 03/29/28			149		144,664
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.32%, 04/03/28			160		158,249

					866,712

Commercial Services & Supplies — 0.0%
Amentum Government Services Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.22%, 01/29/27^(c)			41		40,027
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.25%), 9.52%, 12/15/28			93		76,194
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.50%), 13.77%, 11/02/28^(c)			106		60,420

					176,641

Construction & Engineering — 0.3%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.42%, 06/21/24			1,536		1,514,207
Propulsion BC Newco LLC, Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.99%, 09/14/29			70		69,563

					1,583,770

Containers & Packaging — 0.0%
Mauser Packaging Solutions Holding Co., Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.16%, 08/14/26			96		95,613
Trident TPI Holdings, Inc., 2023 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.74%, 09/15/28			171		168,408

					264,021

Diversified Consumer Services — 0.0%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 10.95%, 12/10/29			83		70,204
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/11/28			72		67,353
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.22%, 01/08/27			117		115,023

					252,580


Security	Par (000)			Value

Diversified Telecommunication Services — 0.1%
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 9.00%, 05/01/28		USD	144	$	138,926
Radiate Holdco LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 09/25/26			39		31,949
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.22%, 03/09/27			327		256,167

					427,042

Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.22%, 06/28/24			8		6,266


Entertainment — 0.0%
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.10%, 01/15/30			63		62,968
EP Purchaser LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.00%, 11/06/28			101		98,399

					161,367

Financial Services — 0.1%
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.49%, 08/15/28			94		82,869
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.99%, 04/09/27			103		100,206
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 04/07/28			145		134,306
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 10/19/27			298		294,582

					611,963

Food Products — 0.0%
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.72%, 10/25/27			33		32,452


Health Care Equipment & Supplies — 0.1%
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 05/10/27			178		171,977
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/03/28			221		215,802

					387,779

Health Care Providers & Services — 0.1%
LifePoint Health, Inc., 2018 Term Loan B, (3-mo. LIBOR US + 3.75%), 9.02%, 11/16/25			131		121,504
Quorum Health Corp., 2020 Term Loan, (3-mo. LIBOR US at 1.00% Floor + 8.25%), 13.24%, 04/29/25			108		73,208
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.90%, 08/31/26			113		112,464

					307,176

Health Care Technology — 0.3%
AthenaHealth Group, Inc.
2022 Delayed Draw Term loan, (1-mo. CME Term SOFR + 3.50%), 8.26%, 02/15/29			150		14,188
2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 02/15/29			1,219		1,174,496


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Health Care Technology (continued)
Polaris Newco LLC, USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 06/02/28		USD	197	$	180,864
Verscend Holding Corp., 2021 Term Loan B, (1-mo. LIBOR US + 4.00%), 9.22%, 08/27/25			625		624,215

					1,993,763

Hotels, Restaurants & Leisure — 0.1%
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 01/27/29			169		166,551
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 12/15/27			110		109,578

					276,129

Household Durables — 0.1%
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.67%, 02/26/29			146		137,663
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 10/06/28			281		226,979

					364,642

Insurance — 0.0%
Alliant Holdings Intermediate LLC, 2021 Term Loan B4, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.65%, 11/06/27			93		92,429
HUB International Ltd., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.07%, 11/10/29			139		138,980

					231,409

Interactive Media & Services — 0.0%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.39%, 02/16/28			66		64,762
Grab Holdings, Inc., Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 4.50%), 9.70%, 01/29/26			23		22,945

					87,707

IT Services — 0.1%
Epicor Software Corp.
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.75%), 12.95%, 07/31/28			62		61,858
2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 07/30/27			89		87,910
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.34%, 10/01/27			300		295,108
Quartz Acquireco LLC, Term Loan B, 06/28/30^(c)(l)			100		99,875

					544,751

Leisure Products — 0.0%
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27			70		69,939


Life Sciences Tools & Services — 0.0%
Fortrea Holdings, Inc., Term Loan B, 06/12/30^(l)			71		70,965


Machinery — 0.2%
Madison IAQ LLC, Term Loan, (6-mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28			132		128,801
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.74%, 11/22/29			203		202,473


Security	Par (000)			Value

Machinery (continued)
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.70%, 04/05/29		USD	185	$	182,199
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.73%, 03/28/25			596		581,243

					1,094,716

Media — 0.3%
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1-mo. LIBOR US at 1.00% Floor + 7.25%), 12.43%, 09/01/25			156		139,348
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. LIBOR US + 3.50%), 8.81%, 08/21/26			926		878,134
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.22%, 08/02/27			556		542,531
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.44%, 02/01/29			384		381,954

					1,941,967

Metals & Mining — 0.0%
Grinding Media, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.20%, 10/12/28			63		61,028


Oil, Gas & Consumable Fuels — 0.0%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 12/21/28			170		166,655
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.68%, 09/19/29			78		77,017

					243,672

Passenger Airlines — 0.2%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28			433		441,436
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.84%, 08/11/28			208		207,468
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.76%, 06/21/27			99		102,821
United Airlines, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.29%, 04/21/28			332		332,060

					1,083,785

Pharmaceuticals — 0.0%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 05/04/25			48		46,241


Professional Services — 0.1%
CoreLogic, Inc., Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 06/02/28			86		77,332
Dun & Bradstreet Corp., Term Loan, (1-mo. CME Term SOFR + 3.25%), 8.43%, 02/06/26			109		109,232
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.85%, 04/29/29^(c)			139		130,266

					316,830

Software — 0.8%
Boxer Parent Co., Inc., 2021 USD 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.72%, 02/27/26			279		270,862
Central Parent, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 18.65%, 07/06/29.			118		117,995
Cloud Software Group, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/30/29			438		408,891
Cloudera, Inc.
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.08%, 10/08/29^(c)			234		210,277


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

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

					4,751,832

Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 03/08/30^(c)			75		75,000


Trading Companies & Distributors — 0.0%
SRS Distribution, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.70%, 06/02/28			175		170,321


Security		Par (000)		Value

Transportation Infrastructure — 0.1%
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 09/22/28	USD		115	$	113,995
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 07/02/29			225		224,131

					338,126

Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd., 2017 Term Loan B, (1-mo. LIBOR US + 3.25%), 8.98%, 05/28/24			371		339,744


Total Floating Rate Loan Interests — 3.5% (Cost: $21,005,010)					20,299,909


Foreign Agency Obligations

Bahrain — 0.0%
Bahrain Government International Bond, 5.45%, 09/16/32^(d)			200		178,142


Canada — 1.1%
CDP Financial, Inc., 5.60%, 11/25/39^(b)(e)			5,890		6,338,227


Colombia — 0.2%
Colombia Government International Bond
4.50%, 01/28/26			300		284,784
3.88%, 04/25/27			200		181,054
3.13%, 04/15/31			400		302,108
8.00%, 04/20/33^(e)			200		203,350

					971,296

Dominican Republic — 0.2%
Dominican Republic International Bond
6.88%, 01/29/26^(d)			115		115,780
5.95%, 01/25/27^(d)			228		222,943
4.50%, 01/30/30^(b)			226		197,519
7.05%, 02/03/31^(b)			150		149,418
4.88%, 09/23/32^(b)			300		255,303

					940,963

Egypt — 0.0%
Egypt Government International Bond, 7.50%, 02/16/61^(b)			219		109,165


Guatemala — 0.1%
Guatemala Government Bond^(b)
5.25%, 08/10/29			200		190,184
5.38%, 04/24/32			200		189,542

					379,726

Ivory Coast — 0.1%
Ivory Coast Government International Bond, 6.38%, 03/03/28^(d)			400		384,604


Morocco — 0.0%
Morocco Government International Bond, 2.38%, 12/15/27^(b)			200		174,420


Oman — 0.1%
Oman Government International Bond^(d)
6.50%, 03/08/47			228		211,858
6.75%, 01/17/48^(e)			200		191,706

					403,564


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Pakistan — 0.0%
Pakistan Government International Bond, 6.00%, 04/08/26^(d)	USD		200	$	96,208


Paraguay — 0.0%
Paraguay Government International Bond, 5.40%, 03/30/50^(b)			200		171,318


Romania — 0.1%
Romanian Government International Bond
5.25%, 11/25/27^(b)			204		198,906
2.50%, 02/08/30^(d)	EUR		222		199,214
2.12%, 07/16/31^(d)			226		186,248

					584,368

Senegal — 0.0%
Senegal Government International Bond, 6.25%, 05/23/33^(d)(e)	USD		200		166,820


South Africa — 0.1%
Republic of South Africa Government International Bond
4.85%, 09/30/29			200		175,668
5.88%, 04/20/32^(e)			200		177,132

					352,800

Sri Lanka — 0.0%
Sri Lanka Government International Bond^(d)(j)(k)
6.85%, 03/14/24			432		189,147
7.85%, 03/14/29^(e)			200		87,550

					276,697

Ukraine — 0.0%
Ukraine Government International Bond^(j)(k)
7.75%, 09/01/27^(d)			385		91,072
7.25%, 03/15/35^(b)			200		45,754

					136,826


Total Foreign Agency Obligations — 2.0% (Cost: $12,295,885)					11,665,144


Municipal Bonds

California — 1.2%
City of Los Angeles California, GO, Series A, 5.00%, 09/01/42			2,000		1,989,960
East Bay Municipal Utility District Water System Revenue, RB, BAB, 5.87%, 06/01/40			1,900		2,083,648
Oxnard Union High School District, Refunding GO, (BAM), 3.18%, 08/01/43			1,600		1,185,152
State of California, Refunding GO, 5.13%, 03/01/38			1,000		997,276
University of California, RB, BAB, 5.95%, 05/15/45			885		961,826

					7,217,862

Georgia — 0.4%
Municipal Electric Authority of Georgia, Refunding RB, BAB, 7.06%, 04/01/57			1,907		2,007,449


Hawaii — 0.3%
City & County Honolulu HI Wastewater System Revenue, Refunding RB, Series A, 2.62%, 07/01/45			1,000		664,624
State of Hawaii, GO, Series GK, 6.15%, 10/01/38			1,000		1,086,213

					1,750,837


Security		Par (000)		Value

Illinois — 0.3%
State of Illinois, GO, 5.10%, 06/01/33	USD		2,000	$	1,960,802


Massachusetts — 0.1%
University of Massachusetts Building Authority, Refunding RB, Series 3, 3.43%, 11/01/40			500		404,174


New York — 1.2%
Metropolitan Transportation Authority, RB, BAB, 7.34%, 11/15/39			1,295		1,609,779
New York City Industrial Development Agency, Refunding RB, (AGM), 3.19%, 03/01/40			165		125,593
New York City Municipal Water Finance Authority, Refunding RB, BAB, 5.72%, 06/15/42			1,390		1,520,164
New York State Dormitory Authority, RB, BAB
Series D, 5.60%, 03/15/40			1,900		2,015,761
Series F, 5.63%, 03/15/39			1,100		1,152,808
Port Authority of New York & New Jersey, RB, 159th Series, 6.04%, 12/01/29			780		833,100

					7,257,205


Total Municipal Bonds — 3.5% (Cost: $19,978,919)				20,598,329


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 9.0%
Alternative Loan Trust
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35			401		354,558
Series 2006-OA21, Class A1, (1-mo. LIBOR US + 0.19%), 5.35%, 03/20/47^(a)			365		298,922
Series 2007-OA10, Class 2A1, (1-mo. LIBOR US + 0.50%), 5.65%, 09/25/47^(a)			4,064		562,223
Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37			218		178,279
Bravo Residential Funding Trust
4.85%, 09/25/62			487		473,937
6.44%, 05/25/63			1,497		1,492,870
Series 2021-NQM1, Class A1, 0.94%, 02/25/49^(a)(b)			785		681,679
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A12, 6.50%, 04/25/49^(a)(b)			538		535,939
CIM TRUST
6.03%, 04/25/58			1,338		1,316,277
6.64%, 12/25/67			1,321		1,321,438
COLT Mortgage Loan Trust^(b)
Series 2020-2, Class M1, 5.25%, 03/25/65^(a)			3,050		2,906,732
Series 2020-3, Class M1, 3.36%, 04/27/65^(a)			3,820		3,359,663
Series 2022-1, Class A1, 4.55%, 04/25/67^(a)			1,591		1,527,737
Series 2022-7, Class A1, 5.16%, 04/25/67			2,211		2,151,786
Series 2022-9, Class A1, 6.79%, 12/25/67			364		363,883
Credit Suisse Mortgage Capital Certificates Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67^(a)(b)			2,810		2,726,572
Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67^(a)(b)			284		263,333
Ellington Financial Mortgage Trust^(a)(b)
Series 2020-1, Class M1, 5.24%, 05/25/65			1,500		1,403,392
Series 2021-2, Class A1, 0.93%, 06/25/66			206		162,782
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67^(a)(b)			1,161		1,097,686


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

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

					53,417,846

Commercial Mortgage-Backed Securities — 4.7%
3650R 2021-PF1 Commercial Mortgage Trust, Series 2021-PF1, Class A5, 2.52%, 11/15/54			1,250		991,087
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.72%, 04/14/33^(a)(b)			4,170		3,773,870
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1-mo. LIBOR US + 0.27%), 5.42%, 07/25/37^(a)(b)			673		595,420


Security		Par (000)		Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Commercial Mortgage-Backed Securities (continued)
UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.04%, 12/15/52	USD		1,200	$	1,028,794
Wells Fargo Commercial Mortgage Trust, Series 2016- LC25, Class A4, 3.64%, 12/15/59			1,700		1,581,024

					27,564,019

Total Non-Agency Mortgage-Backed Securities — 13.7% (Cost: $88,098,654)					80,981,865


Preferred Securities

Capital Trusts — 5.3%^(a)

Banks^(f)— 2.0%
AIB Group PLC, 5.25%^(d)	EUR		200		203,574
Banco Mercantil del Norte SA, 6.75%^(b)	USD		200		191,768
Bank of East Asia Ltd., 5.88%^(d)			250		227,828
Citigroup, Inc., Series P, 5.95%			70		67,132
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 5.46%			25		24,851
Industrial & Commercial Bank of China Ltd., 3.20%^(d)			250		232,692
ING Groep NV, Series NC10, 4.25%			1,500		997,953
Kasikornbank PCL, 5.28%^(d)			300		282,138
Nordea Bank Abp, 6.13%^(b)			2,960		2,794,306
PNC Financial Services Group, Inc. 6.25%, 12/31/99^(e)			1,705		1,530,664
Series V, 6.20%			205		191,091
Rizal Commercial Banking Corp., 6.50%^(d)			200		176,712
U.S. Bancorp, Series J, 5.30%^(e)			1,900		1,543,750
Wells Fargo & Co., Series S, 5.90%			3,390		3,343,387

					11,807,846

Capital Markets — 0.4%
Bank of New York Mellon Corp., 4.63%^(f)			2,750		2,433,750


Diversified Telecommunication Services — 0.0%
Telefonica Europe BV, 6.14%^(d)(f)	EUR		200		210,329


Electric Utilities — 0.5%
Edison International, Series B, 5.00%^(f)	USD		115		99,349
EDP - Energias de Portugal SA, 5.94%, 04/23/83^(d)	EUR		100		108,030
Electricite de France SA, 3.38%^(d)(f)			200		167,124
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79	USD		2,750		2,543,675

					2,918,178

Financial Services^(f)— 2.3%
Bank of America Corp., Series FF, 5.88%			3,500		3,206,875
Barclays PLC, 4.38%			310		210,614
HSBC Holdings PLC^(e)
6.50%			1,090		981,803
6.00%			435		388,781
JPMorgan Chase & Co., Series FF, 5.00%			2,500		2,442,188
Lloyds Banking Group PLC
8.00%			200		182,730
7.50%			1,750		1,636,513
NatWest Group PLC, 6.00%			1,575		1,456,875
Societe Generale SA, 7.88%^(b)			1,000		977,925


Security		Par (000)		Value

Financial Services (continued)
UBS Group AG, 4.88%^(b)	USD		2,000	$	1,601,100
Woori Bank, 4.25%^(d)			250		240,135

					13,325,539

Independent Power and Renewable Electricity Producers^(b)(f)— 0.1%
NRG Energy, Inc., 10.25%			325		306,465
Vistra Corp., 7.00%			162		141,345

					447,810

					31,143,452


		Shares

Preferred Stocks — 0.3%^(a)(f)

Capital Markets — 0.3%
Morgan Stanley, Series K, 5.90%			66,567		1,564,990


Financial Services — 0.0%
Federal National Mortgage Association, Series S			10,000		23,500

					1,588,490


Trust Preferred — 0.1%

Financial Services — 0.1%
Citigroup Capital XIII, 10/30/40^(a)			29,583		841,932

					841,932

Total Preferred Securities — 5.7% (Cost: $36,599,722)					33,573,874


		Par (000)

U.S. Government Sponsored Agency Securities

Agency Obligations — 1.9%
Fannie Mae, 5.63%, 07/15/37^(e)	USD		1,600		1,834,159
Fannie Mae Mortgage-Backed Securities, 3.50%, 04/01/53^(e)			5,299		4,829,862
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30⁽ⁱ⁾			6,055		4,488,992

					11,153,013

Collateralized Mortgage Obligations^(e)— 4.9%
Fannie Mae REMICS
Series 2015-47, Class GL, 3.50%, 07/25/45			1,636		1,434,320
Series 2022-25, Class KL, 4.00%, 05/25/52			14,500		13,047,057
Freddie Mac REMICS
Series 4350, Class DY, 4.00%, 06/15/44			1,730		1,620,824
Series 4398, Class ZX, 4.00%, 09/15/54			10,884		9,769,119
Series 4549, Class TZ, 4.00%, 11/15/45			3,150		2,939,965

					28,811,285

Interest Only Collateralized Mortgage Obligations — 0.1%
Fannie Mae REMICS, Series 2012-47, Class NI, 4.50%, 04/25/42			826		148,743


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Interest Only Collateralized Mortgage Obligations (continued)
Ginnie Mae^(a)
Series 2009-116, Class KS, (1-mo. LIBOR US + 6.47%), 1.31%, 12/16/39	USD		621	$	41,961
Series 2011-52, Class NS, (1-mo. LIBOR US + 6.67%), 1.51%, 04/16/41			5,139		318,620

					509,324

Mortgage-Backed Securities — 16.6%
Fannie Mae Mortgage-Backed Securities^(e)
4.50%, 07/01/55			2,861		2,814,973
4.00%, 02/01/56 - 04/01/56			3,063		2,936,865
Freddie Mac Mortgage-Backed Securities, 4.50%, 03/01/47^(e)			580		573,906
Ginnie Mae Mortgage-Backed Securities, 5.50%, 08/15/33			25		24,949
Uniform Mortgage-Backed Securities^(e)
1.50%, 05/01/31			6,788		6,136,391
5.00%, 08/01/34 - 07/13/53^(m)			23,043		22,809,634
3.50%, 09/01/34 - 07/13/53^(m)			13,214		12,076,721
4.50%, 06/01/37 - 07/13/53^(m)			17,143		16,624,657
5.50%, 12/01/37 - 07/13/53^(m)			17,939		17,969,819
6.00%, 12/01/38			214		221,981
4.00%, 10/01/49 - 07/13/53^(m)			10,483		9,918,674
3.00%, 02/01/52			7,093		6,244,462

					98,353,032

Total U.S. Government Sponsored Agency Securities — 23.5% (Cost: $143,727,586)					138,826,654


U.S. Treasury Obligations
U.S. Treasury Bonds^(e)
3.00%, 11/15/44			33,795		28,597,699
2.50%, 02/15/46			57,350		44,143,818
2.75%, 11/15/47			2,000		1,608,672
U.S. Treasury Notes, 3.63%, 05/31/28^(e)			5,000		4,890,625


Total U.S. Treasury Obligations — 13.4% (Cost: $97,869,177)					79,240,814


Total Long-Term Investments — 149.5% (Cost: $946,468,028)					882,479,008


Short-Term Securities

U.S. Treasury Obligations — 5.6%
U.S. Treasury Bills, 5.34%, 12/14/23^(e)(n)			34,000		33,190,964


Total Short-Term Securities — 5.6% (Cost: $33,195,573)					33,190,964


Total Investments Before TBA Sale Commitments — 155.1% (Cost: $979,663,601)					915,669,972


Security		Par (000)			Value

TBA Sale Commitments^(m)

Mortgage-Backed Securities — (2.5)%
Uniform Mortgage-Backed Securities
3.50%, 07/13/53	USD		(5,000	)	$	(4,556,055	)
4.00%, 07/13/53 - 08/14/53			(6,000	)		(5,632,734	)
4.50%, 07/13/53			(5,000	)		(4,807,031	)


Total TBA Sale Commitments — (2.5)% (Proceeds: $(15,070,294))						(14,995,820	)


Total Investments, Net of TBA Sale Commitments — 152.6% (Cost: $964,593,307)						900,674,152

Liabilities in Excess of Other Assets — (52.6)%						(310,281,299	)


Net Assets — 100.0%					$	590,392,853

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

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

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

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

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

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

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

^(h)	Convertible security.

⁽ⁱ⁾	Zero-coupon bond.

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

^(k)	Non-income producing security.

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

^(m)	Represents or includes a TBA transaction.

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

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

Affiliates

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


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

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

BNP Paribas SA

4.67

%^(b)

02/27/23

Open

1,810,000

1,838,864

U.S. Government Sponsored Agency Securities

Open/Demand

BNP Paribas SA

5.20

^(b)

02/27/23

Open

18,937,500

19,253,220

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

5.20

^(b)

02/27/23

Open

1,597,500

1,623,786

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

5.20

^(b)

03/10/23

Open

25,030,812

25,410,474

U.S. Treasury Obligations

Open/Demand

BNP Paribas SA

5.20

^(b)

03/28/23

Open

29,486,137

29,872,602

U.S. Treasury Obligations

Open/Demand

Barclays Capital, Inc.

(1.75

)^(b)

04/19/23

Open

168,175

167,586

Corporate Bonds

Open/Demand

BNP Paribas SA

5.07

^(b)

04/19/23

Open

439,900

444,141

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.10

^(b)

04/19/23

Open

358,065

361,538

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

04/19/23

Open

124,603

125,844

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

04/19/23

Open

896,250

905,177

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

04/19/23

Open

488,262

493,126

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

04/19/23

Open

821,677

829,861

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

04/19/23

Open

611,972

618,068

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

04/19/23

Open

972,500

982,186

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

04/19/23

Open

177,187

178,952

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

04/19/23

Open

181,750

183,560

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

04/19/23

Open

160,250

161,846

Corporate Bonds

Open/Demand

BNP Paribas SA

4.93

^(b)

04/26/23

Open

948,750

956,767

Corporate Bonds

Open/Demand

BNP Paribas SA

5.20

^(b)

05/01/23

Open

207,139

208,848

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/01/23

Open

174,150

175,595

Corporate Bonds

Open/Demand

BNP Paribas SA

5.12

^(b)

05/05/23

Open

100,200

100,970

Corporate Bonds

Open/Demand

BNP Paribas SA

5.05

^(b)

05/10/23

Open

284,500

286,535

Corporate Bonds

Open/Demand

BNP Paribas SA

5.12

^(b)

05/10/23

Open

1,311,950

1,321,466

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/10/23

Open

278,000

280,060

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/10/23

Open

161,714

162,912

Corporate Bonds

Open/Demand

BNP Paribas SA

5.05

^(b)

05/18/23

Open

561,094

564,478

Corporate Bonds

Open/Demand

BNP Paribas SA

4.25

^(b)

05/30/23

Open

146,377

146,913

Corporate Bonds

Open/Demand

BNP Paribas SA

4.90

^(b)

05/30/23

Open

109,828

110,291

Corporate Bonds

Open/Demand

BNP Paribas SA

5.00

^(b)

05/30/23

Open

706,640

709,682

Corporate Bonds

Open/Demand

BNP Paribas SA

5.10

^(b)

05/30/23

Open

216,056

217,005

Corporate Bonds

Open/Demand

BNP Paribas SA

5.14

^(b)

05/30/23

Open

1,572,876

1,579,838

Corporate Bonds

Open/Demand

BNP Paribas SA

5.20

^(b)

05/30/23

Open

1,061,415

1,066,168

Capital Trusts

Open/Demand

BNP Paribas SA

5.20

^(b)

05/30/23

Open

407,500

409,325

Corporate Bonds

Open/Demand

BNP Paribas SA

5.20

^(b)

05/30/23

Open

129,188

129,766

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

1,267,875

1,273,585

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

285,500

286,786

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

84,656

85,038

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

171,375

172,147

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

148,350

149,018

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

269,800

271,015

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/01/23

Open

117,338

117,832

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/02/23

Open

133,600

134,102

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/02/23

Open

287,767

288,848

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/05/23

Open

174,945

175,580

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/05/23

Open

483,600

485,356

Corporate Bonds

Open/Demand


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

BofA Securities, Inc.

0.00

06/06/23

07/19/23

304,500

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

2.25

06/06/23

07/19/23

413,640

414,260

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

3.25

06/06/23

07/19/23

226,729

227,220

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

3.90

06/06/23

07/19/23

89,063

89,294

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.90

06/06/23

07/19/23

497,267

498,892

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.90

06/06/23

07/19/23

259,871

260,720

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.95

06/06/23

07/19/23

241,931

242,730

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.00

06/06/23

07/19/23

284,820

285,769

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.05

06/06/23

07/19/23

138,875

139,343

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.07

06/06/23

07/19/23

133,151

133,601

Foreign Agency Obligations

Up to 30 Days

BofA Securities, Inc.

5.08

06/06/23

07/19/23

131,250

131,695

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

06/06/23

07/19/23

694,230

696,590

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

06/06/23

07/19/23

204,543

205,238

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

06/06/23

07/19/23

75,000

75,255

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

06/06/23

07/19/23

161,562

162,112

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

06/06/23

07/19/23

855,461

858,370

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

131,813

132,265

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

218,429

219,179

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

413,070

414,488

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

190,417

191,071

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

202,760

203,456

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

141,250

141,735

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

319,995

321,094

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

78,111

78,379

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

370,982

372,256

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

98,498

98,836

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

121,975

122,394

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

358,530

359,761

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

297,237

298,258

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

378,125

379,423

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

86,538

86,835

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

232,170

232,967

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

468,312

469,920

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

297,876

298,899

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

148,730

149,241

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

605,662

607,742

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

100,625

100,970

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

1,245,000

1,249,274

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

133,133

133,594

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

119,925

120,341

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

634,147

636,346

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

251,066

251,937

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

229,046

229,840

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

228,386

229,178

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.15

06/06/23

07/19/23

152,590

153,113

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.20

06/06/23

07/19/23

181,500

182,129

Foreign Agency Obligations

Up to 30 Days

BofA Securities, Inc.

5.15

06/07/23

07/19/23

184,669

185,276

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.14

^(b)

06/07/23

Open

2,229,000

2,236,320

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

560,000

561,860

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

390,625

391,923

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

2,430,000

2,438,073

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

82,180

82,453

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

470,387

471,950

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

2,741,250

2,750,357

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/07/23

Open

139,025

139,490

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

4,694,004

4,706,396

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

5,444,558

5,458,931

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,807,404

1,812,176

U.S. Government Sponsored Agency Securities

Up to 30 Days


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

2,848,739

2,856,260

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,124,447

1,127,415

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,317,159

1,320,637

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,714,406

1,718,932

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,364,719

1,368,322

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

216,197

216,768

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

263,812

264,508

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

517,043

518,408

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

2,060,474

2,065,913

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

2,165,015

2,170,731

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

293,871

294,647

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

352,456

353,386

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

678,236

680,026

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

2,743,074

2,750,316

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

2,028,363

2,033,717

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

310,326

311,145

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

831,762

833,958

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,980,611

1,985,839

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,803,961

1,808,724

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

192,343

192,851

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,807,687

1,812,459

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,820,130

1,824,935

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

2,107,652

2,113,217

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,864,749

1,869,672

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,673,171

1,677,588

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

558,955

560,431

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

6,000,932

6,016,775

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,576,690

1,580,852

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

5.28

06/08/23

07/13/23

1,964,094

1,969,280

U.S. Government Sponsored Agency Securities

Up to 30 Days

BofA Securities, Inc.

5.00

06/08/23

07/19/23

561,094

562,808

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.00

06/08/23

07/19/23

157,750

158,232

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/08/23

07/19/23

1,546,875

1,551,791

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/08/23

07/19/23

1,137,585

1,141,200

Corporate Bonds

Up to 30 Days


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

J.P. Morgan Securities LLC

4.25

06/08/23

07/21/23

138,053

138,411

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

90,055

90,338

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

248,000

248,781

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

253,207

254,004

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

111,510

111,861

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

192,750

193,357

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

88,298

88,575

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

125,750

126,146

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

596,250

598,127

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

84,844

85,111

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/08/23

07/21/23

712,500

714,764

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/08/23

07/21/23

1,072,750

1,076,159

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/08/23

07/21/23

163,505

164,025

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/08/23

07/21/23

219,725

220,423

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/08/23

07/21/23

355,781

356,912

Corporate Bonds

Up to 30 Days

Nomura Securities International, Inc.

5.23

^(b)

06/08/23

Open

1,093,730

1,097,226

Corporate Bonds

Open/Demand

Cantor Fitzgerald & Co.

5.21

06/13/23

07/13/23

6,091,386

6,107,254

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.23

06/15/23

07/17/23

1,605,062

1,608,560

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.23

06/15/23

07/17/23

2,884,113

2,890,398

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.23

06/15/23

07/17/23

13,088,242

13,101,552

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.23

06/15/23

07/17/23

1,437,811

1,440,945

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.23

06/15/23

07/17/23

9,610,476

9,620,249

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas SA

5.19

^(b)

06/15/23

Open

161,425

161,774

Corporate Bonds

Open/Demand

BNP Paribas SA

5.19

^(b)

06/15/23

Open

148,215

148,536

Corporate Bonds

Open/Demand

BofA Securities, Inc.

3.00

06/16/23

07/19/23

280,350

280,607

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.00

06/16/23

07/19/23

53,918

54,000

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.00

06/16/23

07/19/23

203,770

204,081

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/16/23

07/19/23

427,229

427,901

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/16/23

07/19/23

430,000

430,677

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/16/23

07/19/23

578,250

579,160

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/16/23

07/19/23

534,625

535,474

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/16/23

07/19/23

449,375

450,089

Corporate Bonds

Up to 30 Days

Nomura Securities International, Inc.

5.10

^(b)

06/16/23

Open

4,937,500

4,947,930

U.S. Treasury Obligations

Open/Demand

Barclays Capital, Inc.

(3.75

)

06/21/23

07/18/23

62,700

62,733

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.50

06/21/23

07/18/23

310,000

310,349

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.50

06/21/23

07/18/23

38,160

38,203

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

166,750

166,967

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

165,500

165,715

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

773,750

774,756

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

1,020,312

1,021,639

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

1,233,750

1,235,354

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

194,462

194,715

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

935,000

936,215

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

1,106,875

1,108,314

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

921,050

922,247

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

1,273,125

1,274,780

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

3,625,000

3,629,712

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

105,053

105,189

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.20

06/21/23

07/19/23

232,242

232,544

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

1.00

^(b)

06/21/23

Open

155,689

155,728

Corporate Bonds

Open/Demand

BNP Paribas SA

5.14

^(b)

06/21/23

Open

82,158

82,263

Corporate Bonds

Open/Demand

BNP Paribas SA

5.14

^(b)

06/21/23

Open

141,514

141,696

Corporate Bonds

Open/Demand

BNP Paribas SA

5.17

^(b)

06/21/23

Open

806,250

807,292

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

83,543

83,652

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

343,159

343,607

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

111,388

111,533

Corporate Bonds

Open/Demand


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

Nomura Securities International, Inc.

5.23

%^(b)

06/21/23

Open

127,613

127,779

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

618,395

619,204

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

197,625

197,883

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.23

^(b)

06/21/23

Open

5,312,500

5,319,446

Corporate Bonds

Open/Demand

BNP Paribas SA

5.12

^(b)

06/22/23

Open

1,122,000

1,123,277

Corporate Bonds

Open/Demand

BNP Paribas SA

5.16

^(b)

06/22/23

Open

364,999

365,417

Corporate Bonds

Open/Demand

BNP Paribas SA

5.16

^(b)

06/22/23

Open

258,100

258,396

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.12

^(b)

06/23/23

Open

33,170,400

33,205,761

U.S. Treasury Obligations

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/23/23

Open

4,249,250

4,254,198

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/23/23

Open

3,920,000

3,924,565

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/26/23

Open

152,000

152,132

Corporate Bonds

Open/Demand

BofA Securities, Inc.

4.45

06/27/23

07/19/23

272,500

272,601

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.07

06/27/23

07/19/23

517,435

517,654

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/27/23

07/19/23

163,735

163,806

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

4.25

06/27/23

07/21/23

107,250

107,288

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

4.25

06/27/23

07/21/23

171,925

171,986

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

4.75

06/27/23

07/21/23

156,750

156,812

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.00

06/27/23

07/21/23

139,000

139,058

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.05

06/27/23

07/21/23

138,500

138,558

Foreign Agency Obligations

Up to 30 Days

J.P. Morgan Securities LLC

5.05

06/27/23

07/21/23

354,375

354,524

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.10

06/27/23

07/21/23

64,000

64,027

Foreign Agency Obligations

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/27/23

07/21/23

162,500

162,570

Foreign Agency Obligations

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/27/23

07/21/23

192,644

192,726

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

192,465

192,549

Corporate Bonds

Up to 30 Days

Nomura Securities International, Inc.

5.23

^(b)

06/27/23

Open

182,250

182,329

Corporate Bonds

Open/Demand

BofA Securities, Inc.

3.00

06/28/23

07/19/23

172,727

172,756

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

3.50

06/28/23

07/19/23

158,847

158,878

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/28/23

07/19/23

379,186

379,296

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/28/23

07/19/23

826,250

826,489

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/28/23

07/19/23

1,308,625

1,309,003

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.20

06/28/23

07/19/23

807,500

807,733

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/28/23

07/19/23

697,744

697,947

Corporate Bonds

Up to 30 Days

TD Securities (USA) LLC

5.24

^(b)

06/29/23

Open

2,508,750

2,509,115

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/30/23

Open

6,000,437

6,001,311

Foreign Agency Obligations

Open/Demand

303,494,156

305,139,899

^(a)

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

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year U.S. Ultra Long Treasury Note		418		09/20/23	$	49,546	$	(532,745	)
Ultra U.S. Treasury Bond		507		09/20/23		69,063		710,915
5-Year U.S. Treasury Note		106		09/29/23		11,357		(83,436	)

								94,734

Short Contracts
10-Year Japanese Government Treasury Bonds		19		09/12/23		19,560		(86,634	)
10-Year U.S. Treasury Note		801		09/20/23		89,962		1,538,409
2-Year U.S. Treasury Note		16		09/29/23		3,254		45,905

								1,497,680

							$	1,592,414


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	119,131	CAD	157,000	Natwest Markets PLC	09/20/23	$	476
USD	5,553,830	EUR	5,061,000	BNP Paribas SA	09/20/23		10,149
USD	193,626	GBP	151,000	BNP Paribas SA	09/20/23		1,815
USD	220,028	JPY	30,687,000	The Bank of New York Mellon	09/20/23		4,810

							17,250

USD	370,403	EUR	342,243	State Street Bank and Trust Co.	09/14/23		(4,366	)
JPY	30,687,807	USD	217,685	Toronto-Dominion Bank	09/20/23		(2,461	)
USD	107,572	EUR	100,000	Morgan Stanley & Co. International PLC	09/20/23		(1,965	)
USD	113,579	EUR	105,000	Royal Bank of Canada	09/20/23		(1,436	)
USD	3,265	EUR	3,000	State Street Bank and Trust Co.	09/20/23		(21	)
USD	36,842	EUR	34,000	State Street Bank and Trust Co.	09/20/23		(401	)
USD	124,430	GBP	99,000	Bank of America N.A.	09/20/23		(1,327	)
USD	122,789	GBP	97,000	State Street Bank and Trust Co.	09/20/23		(427	)

							(12,404	)

						$	4,846

Centrally Cleared Credit Default Swaps — Buy Protection


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

										$	(535,045	)	$	(168,622	)	$	(366,423	)

Centrally Cleared Interest Rate Swaps


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

										$	51,233		$	206	$	51,027

OTC Credit Default Swaps — Sell Protection



Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Counterparty	Termination Date	Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

OTC Credit Default Swaps — Sell Protection (continued)



Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Counterparty	Termination Date	Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

Adler Real Estate AG	5.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/27	CCC+	EUR	6	$	(661	)	$	(566	)	$	(95)
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/27	CCC+	EUR	4		(2,278	)		(1,900	)		(378)
United Group B.V.	5.00		Quarterly	Bank of America N.A.	12/20/27	B	EUR	14		(4,028	)		(199	)		(3,829)
United Group B.V.	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/27	B	EUR	6		(189	)		(898	)		709
Casino, Guichard-Perrachon S.A.	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/28	CC	EUR	4		21			(98	)		119
K&S AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	06/20/28	BBB-	EUR	3		123			(261	)		384
CMBX.NA.15	3.00		Monthly	Morgan Stanley & Co. International PLC	11/15/64	N/R	USD	4,710		(1,338	)		(1,906	)		568

									$	(1,374,026	)	$	(893,160	)	$	(480,866)

^(a)

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

^(b)

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

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


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

^(a)

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

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


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

	$	—	$	11,032	$	—	$	17,250	$	2,468,983	$	—	$	2,497,265

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	702,815	$	—	$	702,815
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		12,404		—		—		12,404


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

Derivative Financial Instruments Categorized by Risk Exposure (continued)


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)	$	—	$	366,423	$	—	$	—	$	122,727	$	—	$	489,150
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		1,385,058		—		—		—		—		1,385,058

	$	—	$	1,751,481	$	—	$	12,404	$	825,542	$	—	$	2,589,427

^(a)

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

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


	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	—	$	—		$	(2,455,995	)	$	—	$	(2,455,995	)
Forward foreign currency exchange contracts		—		—			—		(12,942	)		—			—		(12,942	)
Swaps		—		(1,023,785	)		—		—			5,753,983			—		4,730,198

	$	—	$	(1,023,785	)	$	—	$	(12,942	)	$	3,297,988		$	—	$	2,261,261

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	—	$	—		$	1,483,328		$	—	$	1,483,328
Forward foreign currency exchange contracts		—		—			—		16,441			—			—		16,441
Swaps		—		50,697			—		—			(5,425,960	)		—		(5,375,263	)

	$	—	$	50,697		$	—	$	16,441			$(3,942,632)		$	—	$	(3,875,494	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

^(a)

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

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative assets and liabilities (by type) were as follows:


	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	816,484		$	160,404
Forward foreign currency exchange contracts		17,250			12,404
Swaps — centrally cleared		—			11,407
Swaps — OTC^(a)		11,032			1,385,058


Total derivative assets and liabilities in the Statements of Assets and Liabilities		844,766			1,569,273

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(816,484	)		(171,811	)

Total derivative assets and liabilities subject to an MNA	$	28,282		$	1,397,462

^(a)

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

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


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets	^(b)(c)
BNP Paribas SA	$	15,696	$	(4,296	)	$	—	$	—		$	11,400
Citibank N.A.		334		(334	)		—		—			—
Credit Suisse International		3,898		(874	)		—		—			3,024
JPMorgan Chase Bank N.A.		2,116		(2,116	)		—		—			—
Morgan Stanley & Co. International PLC		952		(952	)		—		—			—
Natwest Markets PLC		476		—			—		—			476
The Bank of New York Mellon		4,810		—			—		—			4,810

	$	28,282	$	(8,572	)	$	—	$	—		$	19,710


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	^(d)		Net Amount of Derivative Liabilities	^(b)(e)
Bank of America N.A.	$	1,370,064	$	—		$	—	$	—		$	1,370,064
Barclays Bank PLC		2,351		—			—		(2,351	)		—
BNP Paribas SA		4,296		(4,296	)		—		—			—
Citibank N.A.		969		(334	)		—		—			635
Credit Suisse International		874		(874	)		—		—			—
JPMorgan Chase Bank N.A.		3,386		(2,116	)		—		—			1,270
Morgan Stanley & Co. International PLC		6,410		(952	)		—		(5,458	)		—
Royal Bank of Canada		1,436		—			—		—			1,436
State Street Bank and Trust Co.		5,215		—			—		—			5,215
Toronto-Dominion Bank		2,461		—			—		—			2,461

	$	1,397,462	$	(8,572	)	$	—	$	(7,809	)	$	1,381,081

^(a)

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

^(b)

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

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

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

^(e)

Net amount represents the net amount payable due to counterparty in the event of default.


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.


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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Corporate Bonds (continued)
Passenger Airlines	$	—		$	7,462,837		$	—	$	7,462,837
Pharmaceuticals		—			9,471,007			—		9,471,007
Real Estate		—			62,478			—		62,478
Real Estate Management & Development		—			1,529,802			640,063		2,169,865
Semiconductors & Semiconductor Equipment		—			5,861,196			—		5,861,196
Software		—			11,634,663			—		11,634,663
Specialized REITs		—			698,870			—		698,870
Specialty Retail		—			683,121			—		683,121
Technology Hardware, Storage & Peripherals		—			4,173,685			—		4,173,685
Textiles, Apparel & Luxury Goods		—			274,379			—		274,379
Tobacco		—			4,980,096			—		4,980,096
Transportation Infrastructure		—			2,197,379			—		2,197,379
Wireless Telecommunication Services		—			6,652,591			—		6,652,591
Floating Rate Loan Interests		—			19,684,044			615,865		20,299,909
Foreign Agency Obligations		—			11,665,144			—		11,665,144
Municipal Bonds		—			20,598,329			—		20,598,329
Non-Agency Mortgage-Backed Securities		—			80,981,865			—		80,981,865
Preferred Securities
Capital Trusts		—			31,143,452			—		31,143,452
Preferred Stocks
Capital Markets		1,564,990			—			—		1,564,990
Financial Services		—			23,500			—		23,500
Trust Preferred		841,932			—			—		841,932
U.S. Government Sponsored Agency Securities		—			138,826,654			—		138,826,654
U.S. Treasury Obligations		—			79,240,814			—		79,240,814
Short-Term Securities
U.S. Treasury Obligations		—			33,190,964			—		33,190,964
Unfunded Floating Rate Loan Interests^(a)		—			719			—		719
Liabilities
Investments
TBA Sale Commitments		—			(14,995,820	)		—		(14,995,820	)

	$	2,493,950		$	892,986,886		$	5,194,035	$	900,674,871

Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—		$	7,692		$	—	$	7,692
Foreign Currency Exchange Contracts		—			17,250			—		17,250
Interest Rate Contracts		2,295,229			173,754			—		2,468,983
Liabilities
Credit Contracts		—			(854,981	)		—		(854,981	)
Foreign Currency Exchange Contracts		—			(12,404	)		—		(12,404	)
Interest Rate Contracts		(702,815	)		(122,727	)		—		(825,542	)

	$	1,592,414		$	(791,416	)	$	—	$	800,998

^(a)

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

^(b)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $305,139,899 are categorized as Level 2 within the fair value hierarchy.

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


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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Core Bond Trust (BHK)


	Asset-Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities		Total
Accrued discounts/premiums	$	(20,953	)	$	—		$	581		$	—	$	(20,372	)
Net realized gain (loss)		1,395			—			26			—		1,421
Net change in unrealized appreciation (depreciation)^(a)(b)		33,329			(377,959	)		5,452			—		(339,178	)
Purchases		—			—			173,252			—		173,252
Sales		(224,356	)		(60,153	)		(1,448	)		—		(285,957	)

Closing balance, as of June 30, 2023	$	682,824		$	3,895,346		$	615,865		$	—	$	5,194,035

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023^(b)	$	33,329		$	(377,959	)	$	5,452		$	—	$	(339,178	)

^(a)

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

^(b)

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

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

See notes to financial statements.


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

Consolidated Schedule of Investments (unaudited)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class B, (3-mo. LIBOR US + 1.80%), 7.12%, 05/15/30^(a)(b)	USD		500	$	483,147
BlueMountain Fuji Eur CLO IV DAC, Series 4X, Class ER, (3-mo. EURIBOR + 6.21%), 9.63%, 02/25/34^(a)(c)	EUR		100		98,199
Contego CLO VIII DAC, Series 8X, Class ER, (3-mo. EURIBOR + 6.06%), 9.32%, 01/25/34^(a)(c)			100		97,092
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, (3-mo. EURIBOR + 3.15%), 6.68%, 12/15/34^(a)(c)			100		97,302
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class C, (3-mo. LIBOR US + 1.95%), 7.21%, 07/15/31^(a)(b)	USD		250		238,252
Greene King Finance PLC^(a)
Series B1, (3-mo. LIBOR GBP + 1.92%), 6.80%, 12/15/34	GBP		100		93,679
Series B2, (1-day SONIA + 2.20%), 6.63%, 03/15/36^(c)			100		93,949
Margay CLO I DAC, (3-mo. EURIBOR + 6.40%), 9.95%, 07/15/36	EUR		100		108,303
Neuberger Berman Loan Advisers Euro CLO 2 DAC, Series 2021-2X, Class E, (3-mo. EURIBOR + 6.06%), 9.24%, 04/15/34^(a)(c)			100		98,372
Palmer Square European CLO DAC, (3-mo. EURIBOR + 6.20%), 10.05%, 07/15/36			100		107,788
Rockfield Park CLO DAC, Series 1X, Class D, (3-mo. EURIBOR + 5.95%), 9.13%, 07/16/34^(a)(c)			100		97,337
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32^(c)	GBP		89		108,299


Total Asset-Backed Securities — 0.1% (Cost: $1,888,621)					1,721,719


		Shares

Common Stocks

Capital Markets — 0.0%
ARDAGH MP USA INC, (Acquired 08/02/21, Cost: $1,599,352)^(d)			162,646		611,549


Chemicals — 0.1%
Element Solutions, Inc.^(e)			37,305		716,256


Electrical Equipment — 0.0%
SunPower Corp.^(f)			1,025		10,045


Energy Equipment & Services — 0.0%
Nine Energy Service, Inc.^(f)			2,390		9,154


Financial Services — 0.0%
Block, Inc.^(f)			4,614		307,154
UCI International Remainco LLC^(g)			109,729		1

					307,155

Ground Transportation — 0.0%
Uber Technologies, Inc.^(f)			14,860		641,506


Security		Shares		Value

Hotels, Restaurants & Leisure — 0.1%
Carnival Corp.^(f)			54,231	$	1,021,170


IT Services — 0.0%
Twilio, Inc., Class A^(f)			2,522		160,450


Metals & Mining — 0.2%
Constellium SE^(f)			138,993		2,390,679


Oil, Gas & Consumable Fuels — 0.0%
Kcad Holdings I Ltd.^(g)			2,223,465,984		22,235


Pharmaceuticals — 0.1%
Catalent, Inc.^(f)			19,494		845,260


Real Estate Management & Development — 0.0%
ADLER Group SA^(b)(f)			8,254		4,976
ADLER Group SA			3,728		2,152

					7,128

Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.^(f)			128		3,604


Software — 0.1%
Informatica, Inc., Class A^(f)			62,173		1,150,200

Total Common Stocks — 0.6% (Cost: $32,788,118)					7,896,391


		Par (000)

Corporate Bonds

Aerospace & Defense — 6.3%
Bombardier, Inc.^(b)
7.50%, 03/15/25	USD		166		166,285
7.13%, 06/15/26			6,036		5,995,334
7.88%, 04/15/27			4,116		4,105,403
6.00%, 02/15/28			3,089		2,919,426
7.50%, 02/01/29			4,951		4,893,296
7.45%, 05/01/34			434		494,760
F-Brasile SpA/F-Brasile U.S. LLC, Series XR,
7.38%, 08/15/26^(b)			2,695		2,438,975
Rolls-Royce PLC^(b)
3.63%, 10/14/25			4,941		4,667,911
5.75%, 10/15/27			1,584		1,548,763
Spirit AeroSystems, Inc.^(b)
7.50%, 04/15/25			126		124,502
9.38%, 11/30/29			3,295		3,527,544
TransDigm, Inc.
6.25%, 03/15/26^(b)			32,149		31,991,881
6.38%, 06/15/26			417		411,582
7.50%, 03/15/27			2,638		2,641,746
6.75%, 08/15/28^(b)			13,672		13,723,817
Triumph Group, Inc., 9.00%, 03/15/28^(b)			4,764		4,864,230

					84,515,455

Air Freight & Logistics — 0.1%
XPO, Inc., 6.25%, 06/01/28^(b)			758		745,286


Automobile Components — 2.6%
Adient Global Holdings Ltd., 3.50%, 08/15/24^(c)	EUR		15		15,979
Clarios Global LP, 6.75%, 05/15/25^(b)	USD		1,456		1,456,891
Clarios Global LP/Clarios U.S. Finance Co. 4.38%, 05/15/26^(c)	EUR		1,777		1,845,204


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobile Components (continued)
Clarios Global LP/Clarios U.S. Finance Co. (continued)
6.25%, 05/15/26^(b)	USD		6,305	$	6,264,398
8.50%, 05/15/27^(b)			13,945		13,967,814
6.75%, 05/15/28			7,569		7,542,526
Dana Financing Luxembourg SARL, 8.50%, 07/15/31^(c)	EUR		200		225,115
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)	USD		1,030		938,293
Dometic Group AB, 3.00%, 05/08/26^(c)	EUR		100		101,536
Forvia, 2.75%, 02/15/27^(c)			167		164,826
Goodyear Tire & Rubber Co.
9.50%, 05/31/25	USD		1,085		1,109,491
5.00%, 07/15/29			520		468,903
5.63%, 04/30/33			311		270,747
IHO Verwaltungs GmbH, (8.75% Cash or 9.50% PIK), 8.75%, 05/15/28^(c)(h)	EUR		116		130,468
Titan International, Inc., 7.00%, 04/30/28	USD		348		325,361
ZF Finance GmbH^(c)
5.75%, 08/03/26	EUR		200		218,750
2.00%, 05/06/27			200		189,596
2.75%, 05/25/27			100		97,111

					35,333,009

Automobiles — 2.2%
Asbury Automotive Group, Inc., 5.00%, 02/15/32^(b)	USD		1,694		1,474,957
Constellation Automotive Financing PLC, 4.88%, 07/15/27^(c)	GBP		100		97,155
Ford Motor Co.
3.25%, 02/12/32	USD		2,054		1,615,850
6.10%, 08/19/32			3,623		3,511,252
Ford Motor Credit Co. LLC
3.81%, 01/09/24			713		702,839
4.54%, 03/06/25	GBP		200		240,792
5.13%, 06/16/25	USD		263		255,775
4.13%, 08/04/25			2,166		2,054,238
4.39%, 01/08/26			507		479,826
6.86%, 06/05/26	GBP		108		133,664
4.95%, 05/28/27	USD		640		603,704
4.87%, 08/03/27	EUR		175		187,179
6.80%, 05/12/28	USD		7,889		7,896,234
6.13%, 05/15/28	EUR		100		111,781
5.11%, 05/03/29	USD		200		185,482
7.35%, 03/06/30			4,545		4,641,545
3.63%, 06/17/31			200		163,925
Ken Garff Automotive LLC, 4.88%, 09/15/28^(b)			680		598,075
LCM Investments Holdings II LLC, 4.88%, 05/01/29^(b)			1,552		1,328,110
Lithia Motors, Inc., 3.88%, 06/01/29^(b)			721		626,445
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(b)			975		774,170
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)(c)	EUR		600		607,631
Wabash National Corp., 4.50%, 10/15/28^(b)	USD		1,072		929,551

					29,220,180

Banks — 0.7%
Banco BPM SpA (3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28	EUR		175		189,630


Security		Par (000)		Value

Banks (continued)
Banco BPM SpA (continued)
(5-year EUR Swap + 4.67%), 4.25%, 10/01/29^(a)(c)	EUR		250	$	264,625
Banco de Sabadell SA^(a)(c)
(1-year EUR Swap + 2.40%), 5.25%, 02/07/29			100		106,803
(5-year EUR Swap + 2.95%), 2.50%, 04/15/31			100		95,344
Banco Espirito Santo SA^(f)(i)
4.75%, 01/15/18			1,900		476,855
4.00%, 01/21/19			1,100		276,074
Bank of Ireland Group PLC, (5-year EUR Swap + 7.92%), 7.50%^(a)(c)(j)			200		213,618
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34	USD		2,175		2,193,949
Commerzbank AG, (5-year EUR Swap + 6.36%), 6.13%^(a)(c)(j)	EUR		400		397,197
First-Citizens Bank & Trust Co., 6.00%, 04/01/36	USD		3,261		2,925,589
Intesa Sanpaolo SpA
5.71%, 01/15/26^(b)			400		380,812
5.15%, 06/10/30^(c)	GBP		125		127,906
(1-year CMT + 2.60%), 4.20%, 06/01/32^(a)(b)	USD		855		637,221
(1-year CMT + 2.75%), 4.95%, 06/01/42^(a)(b)			630		414,904
Macquarie Bank Ltd., 6.80%, 01/18/33^(b)			623		625,111

					9,325,638

Beverages — 3.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(b)(h)			3,679		2,980,762
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
6.00%, 06/15/27^(b)			2,141		2,103,242
3.25%, 09/01/28^(b)			1,708		1,467,117
3.00%, 09/01/29^(c)	EUR		464		375,981
4.00%, 09/01/29^(b)	USD		10,956		8,677,084
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/25^(b)			200		195,619
2.13%, 08/15/26^(c)	EUR		1,239		1,200,030
4.13%, 08/15/26^(b)	USD		1,200		1,117,724
4.75%, 07/15/27^(c)	GBP		100		100,517
5.25%, 08/15/27^(b)	USD		868		735,266
Ball Corp., 6.00%, 06/15/29			1,028		1,020,290
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25^(b)			584		532,900
Crown European Holdings SA, 3.38%, 05/15/25^(c)	EUR		100		106,796
Mauser Packaging Solutions Holding Co.^(b)
7.88%, 08/15/26	USD		15,705		15,603,050
9.25%, 04/15/27			557		514,112
OI European Group BV, 6.25%, 05/15/28^(c)	EUR		100		111,416
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27^(b)	USD		211		208,927
Trivium Packaging Finance BV
5.50%, 08/15/26^(b)			3,921		3,764,765
8.50%, 08/15/27^(b)			5,459		5,254,925
(3-mo. EURIBOR + 3.75%), 7.07%, 08/15/26^(a)(c)	EUR		100		107,210

					46,177,733


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Biotechnology^(c)— 0.0%
Cidron Aida Finco SARL
5.00%, 04/01/28	EUR		163	$	160,771
6.25%, 04/01/28	GBP		133		146,825
Grifols Escrow Issuer SA, 3.88%, 10/15/28	EUR		100		93,161

					400,757

Broadline Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)	USD		697		648,761


Building Materials — 2.2%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28^(b)			1,004		948,774
Emerald Debt Merger Sub LLC
6.38%, 12/15/30^(c)	EUR		100		108,711
6.63%, 12/15/30^(b)	USD		13,876		13,754,585
HT Troplast GmbH, 9.25%, 07/15/25^(c)	EUR		100		110,678
Jeld-Wen, Inc.^(b)
6.25%, 05/15/25	USD		852		859,455
4.63%, 12/15/25			930		900,938
New Enterprise Stone & Lime Co., Inc.^(b)
5.25%, 07/15/28			435		395,863
9.75%, 07/15/28			640		617,395
PCF GmbH, 4.75%, 04/15/26^(c)	EUR		100		83,641
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28^(b)	USD		4,882		4,603,940
Standard Industries, Inc.
2.25%, 11/21/26^(c)	EUR		511		494,300
5.00%, 02/15/27^(b)			128		121,990
4.75%, 01/15/28^(b)	USD		100		93,125
4.38%, 07/15/30^(b)			2,772		2,400,821
3.38%, 01/15/31^(b)			4,471		3,599,348

					29,093,564

Building Products^(b)— 1.7%
Advanced Drainage Systems, Inc.
5.00%, 09/30/27			547		517,689
6.38%, 06/15/30			4,547		4,498,211
Beacon Roofing Supply, Inc., 4.13%, 05/15/29			552		488,520
Foundation Building Materials, Inc., 6.00%, 03/01/29			440		367,400
GYP Holdings III Corp., 4.63%, 05/01/29			2,104		1,851,520
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			386		364,695
SRS Distribution, Inc.
4.63%, 07/01/28			1,999		1,784,657
6.13%, 07/01/29			1,746		1,507,902
6.00%, 12/01/29			3,566		3,077,636
White Cap Buyer LLC, 6.88%, 10/15/28			6,735		6,103,594
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26^(h)			2,051		1,964,714

					22,526,538

Capital Markets — 2.2%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27^(b)			708		725,674
Blackstone Holdings Finance Co. LLC, 6.20%, 04/22/33^(b)			1,774		1,811,951
Blackstone Private Credit Fund
7.05%, 09/29/25			432		430,880
3.25%, 03/15/27			590		509,831
Compass Group Diversified Holdings LLC,
5.25%, 04/15/29^(b)			1,129		989,589


Security		Par (000)		Value

Capital Markets (continued)
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32	USD		1,733	$	1,399,248
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26			308		280,315
5.25%, 05/15/27			3,545		3,057,207
4.38%, 02/01/29			3,191		2,507,169
Lehman Brothers Holdings, Inc.
5.38%, 10/17/12	EUR		350		1,604
1.00%, 05/17/13	USD		1,535		2,302
4.75%, 01/16/14	EUR		1,890		8,662
1.00%, 02/05/14			3,950		18,103
1.00%, 12/31/49	USD		430		645
Morgan Stanley, (5-year CMT + 2.43%), 5.95%, 01/19/38^(a)			505		498,456
NFP Corp.^(b)
6.88%, 08/15/28			7,807		6,776,634
7.50%, 10/01/30			4,085		3,955,119
Northern Trust Corp., 6.13%, 11/02/32			1,435		1,487,726
Owl Rock Capital Corp.
3.75%, 07/22/25			1,102		1,021,156
3.40%, 07/15/26			785		695,327
Owl Rock Core Income Corp.
5.50%, 03/21/25			873		840,069
3.13%, 09/23/26			540		465,318
7.75%, 09/16/27^(b)			1,852		1,842,626

					29,325,611

Chemicals — 3.1%
Avient Corp., 7.13%, 08/01/30^(b)			440		445,026
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25^(c)	EUR		242		258,800
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)	USD		2,011		1,711,864
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(b)			2,464		2,322,438
Chemours Co.^(b)
5.75%, 11/15/28			855		785,651
4.63%, 11/15/29			462		390,443
Element Solutions, Inc., 3.88%, 09/01/28^(b)			7,277		6,348,281
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27^(c)	EUR		100		96,758
HB Fuller Co., 4.25%, 10/15/28	USD		606		539,364
Herens Holdco SARL, 4.75%, 05/15/28^(b)			4,049		3,137,975
Herens Midco SARL, 5.25%, 05/15/29^(c)	EUR		102		63,665
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)	USD		1,557		1,356,707
INEOS Finance PLC, 6.63%, 05/15/28^(c)	EUR		100		107,020
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26^(c)			215		209,613
Ingevity Corp., 3.88%, 11/01/28^(b)	USD		494		421,761
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(b)(h)			1,348		889,680
Kronos International, Inc., 3.75%, 09/15/25^(c)	EUR		100		99,161
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(b)	USD		725		605,519
Minerals Technologies, Inc., 5.00%, 07/01/28^(b)			878		798,980
NOVA Chemicals Corp., 4.88%, 06/01/24^(b)			456		445,503
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28^(c)	EUR		179		187,512
9.75%, 11/15/28^(b)	USD		3,576		3,487,673


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
SCIL IV LLC/SCIL USA Holdings LLC
5.38%, 11/01/26^(b)	USD		1,495	$	1,362,904
9.50%, 07/15/28	EUR		100		107,885
(3-mo. EURIBOR + 4.38%), 7.63%, 11/01/26^(a)(c)			100		106,474
Scotts Miracle-Gro Co., 4.38%, 02/01/32	USD		1,734		1,365,323
SK Invictus Intermediate II SARL, 5.00%, 10/30/29^(b)			3,950		3,138,788
Synthomer PLC, 3.88%, 07/01/25^(c)	EUR		133		133,914
WESCO Distribution, Inc.^(b)
7.13%, 06/15/25	USD		1,940		1,960,438
7.25%, 06/15/28			2,820		2,876,558
WR Grace Holdings LLC^(b)
4.88%, 06/15/27			733		679,807
5.63%, 08/15/29			5,346		4,379,978
7.38%, 03/01/31			1,068		1,046,620

					41,868,083

Commercial Services & Supplies — 3.1%
ADT Security Corp.^(b)
4.13%, 08/01/29			1,619		1,398,411
4.88%, 07/15/32			339		289,845
Albion Financing 1 SARL/Aggreko Holdings, Inc.,
6.13%, 10/15/26^(b)			940		883,600
APX Group, Inc.^(b)
6.75%, 02/15/27			1,620		1,587,568
5.75%, 07/15/29			1,478		1,282,760
BCP V Modular Services Finance II PLC^(c)
4.75%, 11/30/28	EUR		200		185,450
6.13%, 11/30/28	GBP		100		104,775
Cablevision Lightpath LLC, 3.88%, 09/15/27^(b)	USD		866		725,275
EC Finance PLC, 3.00%, 10/15/26^(c)	EUR		109		110,674
Fortress Transportation and Infrastructure Investors LLC^(b)
6.50%, 10/01/25	USD		3,129		3,082,577
9.75%, 08/01/27			1,544		1,594,599
5.50%, 05/01/28			3,594		3,288,521
Garda World Security Corp., 9.50%, 11/01/27^(b)			328		316,879
Herc Holdings, Inc., 5.50%, 07/15/27^(b)			4,178		4,003,139
Hertz Corp.^(b)
4.63%, 12/01/26			666		601,065
5.00%, 12/01/29			476		393,478
Inter Media and Communication SpA, 6.75%, 02/09/27^(c)	EUR		200		210,850
LABL, Inc., 9.50%, 11/01/28^(b)	USD		2,391		2,432,570
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)			763		658,167
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)			1,353		1,210,935
Paprec Holding SA, 3.50%, 07/01/28^(c)	EUR		100		96,194
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)
5.75%, 04/15/26	USD		1,037		1,017,948
6.25%, 01/15/28			3,124		2,926,568
Q-Park Holding I BV, 1.50%, 03/01/25^(c)	EUR		100		104,394
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)	USD		2,072		1,610,980
United Rentals North America, Inc., 6.00%, 12/15/29^(b)			8,933		8,911,030
Verisure Holding AB^(c)
3.88%, 07/15/26	EUR		140		143,213
9.25%, 10/15/27			100		115,940


Security		Par (000)		Value

Commercial Services & Supplies (continued)

Verisure Holding AB^(c)(continued)
7.13%, 02/01/28	EUR		100	$	109,284
Williams Scotsman International, Inc.^(b)
6.13%, 06/15/25	USD		1,652		1,639,743
4.63%, 08/15/28			1,196		1,093,226

					42,129,658

Communications Equipment^(b)— 1.0%
CommScope Technologies LLC, 6.00%, 06/15/25			3,219		3,000,331
CommScope, Inc.
6.00%, 03/01/26			4,383		4,084,839
8.25%, 03/01/27			1,785		1,427,969
4.75%, 09/01/29			1,804		1,422,275
Viasat, Inc.
5.63%, 09/15/25			2,321		2,249,026
5.63%, 04/15/27			837		781,473
Viavi Solutions, Inc., 3.75%, 10/01/29			1,269		1,078,274

					14,044,187

Construction Materials^(b)— 0.3%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29			1,630		1,391,475
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			1,897		1,764,218
H&E Equipment Services, Inc., 3.88%, 12/15/28			358		309,950
Resideo Funding, Inc., 4.00%, 09/01/29			290		240,584
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28			412		415,263

					4,121,490

Consumer Discretionary — 4.0%
APi Group DE, Inc., 4.75%, 10/15/29^(b)			1,283		1,155,470
Carnival Corp.
10.13%, 02/01/26^(c)	EUR		201		229,969
10.50%, 02/01/26^(b)	USD		3,051		3,207,251
7.63%, 03/01/26^(b)			842		824,654
5.75%, 03/01/27^(b)			5,401		4,972,107
9.88%, 08/01/27^(b)			1,240		1,291,626
6.00%, 05/01/29^(b)			2,706		2,416,010
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28^(b)			10,283		11,246,811
CoreLogic, Inc., 4.50%, 05/01/28^(b)			1,332		1,073,925
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26^(b)			561		504,900
Life Time, Inc.^(b)
5.75%, 01/15/26			1,652		1,609,928
8.00%, 04/15/26			1,262		1,246,075
Lindblad Expeditions LLC, 6.75%, 02/15/27^(b)			1,551		1,477,327
NCL Corp. Ltd.^(b)
5.88%, 03/15/26			2,002		1,872,998
8.38%, 02/01/28			719		751,315
7.75%, 02/15/29			1,692		1,607,078
NCL Finance Ltd., 6.13%, 03/15/28^(b)			849		764,116
Neptune Bidco U.S., Inc., 9.29%, 04/15/29^(b)			1,612		1,479,836
Royal Caribbean Cruises Ltd.^(b)
11.50%, 06/01/25			521		552,781
4.25%, 07/01/26			462		424,093
5.50%, 08/31/26			258		244,613
5.38%, 07/15/27			868		811,627
11.63%, 08/15/27			860		935,198
5.50%, 04/01/28			2,640		2,461,905
8.25%, 01/15/29			923		969,150


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Consumer Discretionary (continued)
Royal Caribbean Cruises Ltd.^(b)(continued)
9.25%, 01/15/29	USD		1,695	$	1,805,873
7.25%, 01/15/30			1,455		1,473,688
Techem Verwaltungsgesellschaft 674 mbH,
6.00%, 07/30/26^(c)	EUR		88		93,945
TUI Cruises GmbH, 6.50%, 05/15/26^(c)			100		100,390
Viking Cruises Ltd.^(b)
5.88%, 09/15/27	USD		1,436		1,319,856
9.13%, 07/15/31			3,191		3,222,910
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(b)			886		810,690

					52,958,115

Consumer Finance — 3.6%
American Express Co., (5-year CMT + 2.85%), 3.55%^(a)(j)			4,020		3,336,600
Block, Inc.
2.75%, 06/01/26			3,632		3,306,910
3.50%, 06/01/31			8,304		6,877,556
Capital One Financial Corp.^(a)
(1-day SOFR + 2.64%), 6.31%, 06/08/29			725		720,116
(1-day SOFR + 2.86%), 6.38%, 06/08/34			520		516,274
Discover Financial Services, 6.70%, 11/29/32			445		458,454
Encore Capital Group, Inc., 5.38%, 02/15/26^(c)	GBP		100		110,934
Ford Motor Credit Co. LLC, 7.20%, 06/10/30	USD		3,760		3,794,630
Global Payments, Inc.
3.20%, 08/15/29			671		583,223
5.40%, 08/15/32			2,892		2,818,071
5.95%, 08/15/52			1,413		1,352,027
Iron Mountain U.K. PLC, 3.88%, 11/15/25^(c)	GBP		100		118,375
Navient Corp.
5.88%, 10/25/24	USD		1,965		1,931,131
9.38%, 07/25/30			805		800,693
Nexi SpA, 0.00%, 02/24/28^(c)(k)(l)	EUR		200		164,144
OneMain Finance Corp.
6.88%, 03/15/25	USD		1,060		1,049,539
7.13%, 03/15/26			809		794,836
6.63%, 01/15/28			3,592		3,388,226
5.38%, 11/15/29			705		599,354
Sabre Global, Inc.^(b)
9.25%, 04/15/25			152		141,755
7.38%, 09/01/25			1,829		1,623,439
Shift4 Payments LLC/Shift4 Payments Finance
Sub, Inc., 4.63%, 11/01/26^(b)			3,237		3,035,562
SLM Corp., 3.13%, 11/02/26			930		804,450
Verscend Escrow Corp., 9.75%, 08/15/26^(b)			10,288		10,319,811

					48,646,110

Consumer Staples Distribution & Retail — 1.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
4.63%, 01/15/27			373		353,419
5.88%, 02/15/28			1,328		1,290,471
6.50%, 02/15/28			4,762		4,769,905
3.50%, 03/15/29			449		388,672
4.88%, 02/15/30			801		739,499
Bellis Acquisition Co. PLC^(c)
3.25%, 02/16/26	GBP		100		106,046
4.50%, 02/16/26			328		356,242
Darling Ingredients, Inc., 6.00%, 06/15/30^(b)	USD		1,415		1,381,966


Security		Par (000)		Value

Consumer Staples Distribution & Retail (continued)
Lamb Weston Holdings, Inc.^(b)
4.88%, 05/15/28	USD		100	$	95,774
4.13%, 01/31/30			205		183,211
4.38%, 01/31/32			744		664,597
Performance Food Group, Inc.^(b)
5.50%, 10/15/27			2,744		2,643,935
4.25%, 08/01/29			86		76,567
Picard Groupe SAS, 3.88%, 07/01/26^(c)	EUR		112		111,826
Post Holdings, Inc.^(b)
5.50%, 12/15/29	USD		937		864,635
4.50%, 09/15/31			141		120,419
Premier Foods Finance PLC, 3.50%, 10/15/26^(c)	GBP		100		110,627
U.S. Foods, Inc.^(b)
6.25%, 04/15/25	USD		841		840,651
4.75%, 02/15/29			224		205,083
4.63%, 06/01/30			149		133,540
United Natural Foods, Inc., 6.75%, 10/15/28^(b)			454		376,311

					15,813,396

Containers & Packaging — 1.0%
Clydesdale Acquisition Holdings, Inc.^(b)
6.63%, 04/15/29			4,060		3,872,017
8.75%, 04/15/30			3,713		3,277,554
Crown European Holdings SA, 5.00%, 05/15/28	EUR		100		110,075
Fiber Bidco SpA, 11.00%, 10/25/27^(c)			100		116,540
Graphic Packaging International LLC
4.75%, 07/15/27^(b)	USD		574		545,739
3.50%, 03/15/28^(b)			35		31,298
2.63%, 02/01/29^(c)	EUR		556		531,616
Kleopatra Finco SARL, 4.25%, 03/01/26^(c)			100		90,984
LABL, Inc., 5.88%, 11/01/28^(b)	USD		1,085		986,786
OI European Group BV, 6.25%, 05/15/28	EUR		620		690,777
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/31	USD		1,256		1,271,700
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28^(b)			903		896,343
Trident TPI Holdings, Inc., 12.75%, 12/31/28			565		585,905

					13,007,334

Diversified Consumer Services — 3.3%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)
6.63%, 07/15/26			11,899		11,291,477
9.75%, 07/15/27			3,520		3,111,516
6.00%, 06/01/29			7,236		5,339,483
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
4.63%, 06/01/28^(b)			5,681		4,791,069
4.88%, 06/01/28^(c)	GBP		100		98,425
Cedacri Mergeco SpA, (3-mo. EURIBOR + 5.50%), 8.88%, 05/15/28	EUR		100		104,755
Clarivate Science Holdings Corp.^(b)
3.88%, 07/01/28	USD		6,415		5,686,550
4.88%, 07/01/29			4,846		4,298,914
Garda World Security Corp.^(b)
4.63%, 02/15/27			595		544,426
7.75%, 02/15/28			2,744		2,723,752
Graham Holdings Co., 5.75%, 06/01/26^(b)			705		690,900
Macquarie Airfinance Holdings Ltd., 8.38%, 05/01/28			579		587,071


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Consumer Services (continued)
Rekeep SpA, 7.25%, 02/01/26^(c)	EUR		100	$	102,004
Sotheby’s, 7.38%, 10/15/27^(b)	USD		5,001		4,497,862

					43,868,204

Diversified REITs — 1.5%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27^(b)			866		729,300
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)			590		432,825
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26^(b)			1,021		915,064
Iron Mountain, Inc., 5.63%, 07/15/32^(b)			3,252		2,909,173
MPT Operating Partnership LP/MPT Finance Corp.
2.55%, 12/05/23	GBP		556		678,668
4.63%, 08/01/29	USD		4,629		3,499,339
3.50%, 03/15/31			87		59,945
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			1,591		1,481,221
7.25%, 07/15/28			1,748		1,765,882
4.50%, 02/15/29^(b)			5,411		4,788,735
RLJ Lodging Trust LP, 4.00%, 09/15/29^(b)			1,279		1,071,145
Service Properties Trust, 7.50%, 09/15/25			524		514,566
VICI Properties LP, 4.95%, 02/15/30			1,185		1,111,625
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29^(b)			241		211,493

					20,168,981

Diversified Telecommunication Services — 2.5%
British Telecommunications PLC, (5-year UK Government Bond + 3.82%), 8.38%, 12/20/83	GBP		150		187,008
Level 3 Financing, Inc.^(b)
3.40%, 03/01/27	USD		7,197		6,106,654
10.50%, 05/15/30			6,143		6,232,891
Lumen Technologies, Inc., 4.00%, 02/15/27^(b)			5,093		3,795,355
SoftBank Group Corp.^(c)
2.13%, 07/06/24	EUR		249		261,520
4.75%, 07/30/25			100		106,954
3.88%, 07/06/32			200		165,044
Telecom Italia Capital SA
6.38%, 11/15/33	USD		1,453		1,232,595
6.00%, 09/30/34			2,290		1,846,778
7.20%, 07/18/36			196		168,470
7.72%, 06/04/38			185		163,579
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR		83		94,538
Telecom Italia SpA
5.30%, 05/30/24^(b)	USD		322		312,970
2.75%, 04/15/25^(c)	EUR		139		142,955
3.00%, 09/30/25^(c)			100		102,736
1.63%, 01/18/29^(c)			143		119,387
Telecom Italia SpA/Milano, 6.88%, 02/15/28^(c)			218		236,526
Zayo Group Holdings, Inc.^(b)
4.00%, 03/01/27	USD		12,949		9,145,286
6.13%, 03/01/28			5,556		3,471,769

					33,893,015

Electric Utilities — 0.6%
Edison International, Series A, (5-year CMT + 4.70%), 5.38%^(a)(j)			2,200		1,922,580
EDP - Energias de Portugal SA^(a)(c)
(5-year EUR Swap + 1.84%), 1.70%, 07/20/80	EUR		100		99,545


Security		Par (000)		Value

Electric Utilities (continued)
EDP - Energias de Portugal SA^(a)(c)(continued)
(5-year EUR Swap + 2.38%), 1.88%, 08/02/81	EUR		200	$	191,578
Electricite de France SA, (5-year CMT + 5.41%), 9.13%^(a)(b)(j)	USD		774		793,721
Enel SpA, (5-year EURIBOR ICE Swap + 3.49%), 6.38%^(a)(c)(j)	EUR		100		109,787
Pacific Gas and Electric Co.
6.10%, 01/15/29	USD		1,285		1,264,328
6.40%, 06/15/33			1,890		1,879,654
6.75%, 01/15/53			885		873,402
Palomino Funding Trust I, 7.23%, 05/17/28^(b)			682		682,336

					7,816,931

Electrical Equipment^(b)— 0.6%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			2,205		2,169,730
GrafTech Finance, Inc., 4.63%, 12/15/28			532		432,262
Regal Rexnord Corp.
6.05%, 02/15/26			460		460,584
6.05%, 04/15/28			3,214		3,190,562
6.30%, 02/15/30			1,055		1,051,877
6.40%, 04/15/33			1,095		1,094,077

					8,399,092

Electronic Equipment, Instruments & Components — 0.5%
BWX Technologies, Inc., 4.13%, 06/30/28^(b)			1,495		1,363,962
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29			1,306		1,119,025
Imola Merger Corp., 4.75%, 05/15/29^(b)			107		93,058
Vertiv Group Corp., 4.13%, 11/15/28^(b)			5,085		4,581,451

					7,157,496

Energy Equipment & Services — 1.4%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27			3,608		3,463,680
6.25%, 04/01/28			801		752,027
Enerflex Ltd., 9.00%, 10/15/27^(b)			1,227		1,193,834
Nine Energy Service, Inc., 13.00%, 02/01/28			478		419,791
Noble Finance II LLC, 8.00%, 04/15/30			1,765		1,794,440
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			3,626		3,552,009
6.88%, 09/01/27			1,338		1,277,649
Valaris Ltd., 8.38%, 04/30/30			2,924		2,933,825
Vallourec SA, 8.50%, 06/30/26^(c)	EUR		138		150,444
Weatherford International Ltd.^(b)
6.50%, 09/15/28	USD		728		731,130
8.63%, 04/30/30			1,785		1,812,207

					18,081,036

Entertainment — 0.1%
Allwyn Entertainment Financing U.K. PLC
7.88%, 04/30/29^(b)			800		812,312
7.25%, 04/30/30^(c)	EUR		100		110,620

					922,932

Environmental, Maintenance & Security Service — 1.5%
Clean Harbors, Inc., 6.38%, 02/01/31^(b)	USD		1,231		1,238,706
Covanta Holding Corp.
4.88%, 12/01/29^(b)			2,689		2,325,985
5.00%, 09/01/30			520		441,025
GFL Environmental, Inc.^(b)
3.75%, 08/01/25			964		917,119
5.13%, 12/15/26			218		210,324
4.00%, 08/01/28			3,809		3,405,441


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Environmental, Maintenance & Security Service (continued)
GFL Environmental, Inc.^(b)(continued)
3.50%, 09/01/28	USD		280	$	249,196
4.75%, 06/15/29			2,070		1,891,176
4.38%, 08/15/29			3,161		2,814,388
Tervita Corp., 11.00%, 12/01/25^(b)			415		440,257
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)			6,819		6,321,198

					20,254,815

Financial Services — 2.0%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28^(b)			2,432		1,882,334
Bank of America Corp., (1-day SOFR + 1.99%), 6.20%, 11/10/28^(a)			1,563		1,606,528
Barclays PLC, 5.20%, 05/12/26			800		771,798
Enact Holdings, Inc., 6.50%, 08/15/25^(b)			2,158		2,119,861
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25^(c)	EUR		100		79,658
GGAM Finance Ltd.^(b)
7.75%, 05/15/26	USD		237		237,889
8.00%, 06/15/28			237		237,121
Global Aircraft Leasing Co. Ltd.^(b)(h)
(6.50% Cash or 7.25% PIK), 6.50%, 09/15/24			708		644,926
Series 2021, (6.50% Cash or 7.25% PIK), 7.25%, 09/15/24			1,563		1,430,385
Home Point Capital, Inc., 5.00%, 02/01/26^(b)			4,175		3,743,240
HSBC Holdings PLC, (1-day SOFR + 3.35%), 7.39%, 11/03/28^(a)			1,270		1,340,337
Intrum AB, 4.88%, 08/15/25^(c)	EUR		100		90,098
ION Trading Technologies SARL, 5.75%, 05/15/28^(b)	USD		1,268		1,094,550
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28^(b)			1,679		1,376,468
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(b)
5.25%, 10/01/25			241		227,574
4.75%, 06/15/29			1,196		973,348
Lloyds Banking Group PLC, (5-year EURIBOR ICE Swap + 5.29%), 4.95%^(a)(c)(j)	EUR		200		198,577
Nationstar Mortgage Holdings, Inc.^(b)
6.00%, 01/15/27	USD		85		79,074
5.75%, 11/15/31			1,420		1,166,452
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26^(b)			6,248		5,529,480
Spectrum Brands, Inc., 5.50%, 07/15/30^(b)			996		908,850
UBS Group AG^(a)
(1-year EURIBOR ICE Swap + 4.95%), 7.75%, 03/01/29^(c)	EUR		112		135,289
(5-year CMT + 3.31%), 4.38%^(b)(j)	USD		950		669,218
UniCredit SpA, (5-year EUR Swap + 2.80%), 2.73%, 01/15/32^(a)(c)	EUR		200		190,349

					26,733,404

Food Products — 1.4%
Aramark International Finance SARL, 3.13%, 04/01/25^(c)			582		608,945
Aramark Services, Inc.^(b)
5.00%, 04/01/25	USD		338		333,048
6.38%, 05/01/25			1,513		1,511,605
5.00%, 02/01/28			5,051		4,760,769
Chobani LLC/Chobani Finance Corp., Inc.^(b)
7.50%, 04/15/25			6,490		6,457,623


Security		Par (000)		Value

Food Products (continued)
Chobani LLC/Chobani Finance Corp., Inc.^(b)(continued)
4.63%, 11/15/28	USD		3,990	$	3,630,900
Darling Global Finance BV, 3.63%, 05/15/26^(c)	EUR		457		486,212
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29^(b)	USD		512		410,222
Tereos Finance Groupe I SA, 7.25%, 04/15/28^(c)	EUR		100		110,915

					18,310,239

Gas Utilities — 0.1%
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28	USD		1,391		1,397,955
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31^(b)			537		449,549

					1,847,504

Health Care Equipment & Supplies — 0.7%
Avantor Funding, Inc.
2.63%, 11/01/25^(c)	EUR		527		550,946
3.88%, 07/15/28^(c)			100		99,779
4.63%, 07/15/28^(b)	USD		2,380		2,206,076
3.88%, 11/01/29^(b)			6,485		5,677,802
Embecta Corp., 6.75%, 02/15/30^(b)			376		336,957
Garden Spinco Corp., 8.63%, 07/20/30^(b)			963		1,034,985

					9,906,545

Health Care Providers & Services — 3.5%
Acadia Healthcare Co., Inc.^(b)
5.50%, 07/01/28			286		273,516
5.00%, 04/15/29			146		134,627
AdaptHealth LLC, 6.13%, 08/01/28^(b)			1,120		970,172
AHP Health Partners, Inc., 5.75%, 07/15/29^(b)			1,951		1,682,211
Cano Health LLC, 6.25%, 10/01/28^(b)			484		302,500
Centene Corp., 2.63%, 08/01/31			5		3,984
CHS/Community Health Systems, Inc.^(b)
6.00%, 01/15/29			2,656		2,234,360
5.25%, 05/15/30			3,975		3,131,216
4.75%, 02/15/31			1,945		1,469,999
Encompass Health Corp.
4.50%, 02/01/28			2,223		2,068,176
4.75%, 02/01/30			251		228,536
4.63%, 04/01/31			1,228		1,088,574
HealthEquity, Inc., 4.50%, 10/01/29^(b)			3,489		3,074,966
IQVIA, Inc., 6.50%, 05/15/30^(b)			1,412		1,425,941
Legacy LifePoint Health LLC^(b)
6.75%, 04/15/25			1,553		1,442,457
4.38%, 02/15/27			664		513,780
Medline Borrower LP^(b)
3.88%, 04/01/29			1,055		916,862
5.25%, 10/01/29			5,836		5,063,892
ModivCare, Inc., 5.88%, 11/15/25^(b)			1,322		1,224,358
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28			294		271,024
3.88%, 05/15/32			149		124,914
Surgery Center Holdings, Inc.^(b)
6.75%, 07/01/25			997		993,448
10.00%, 04/15/27			1,948		1,991,830
Teleflex, Inc., 4.63%, 11/15/27			80		75,400
Tenet Healthcare Corp.
4.88%, 01/01/26			3,460		3,370,003


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
Tenet Healthcare Corp. (continued)
6.25%, 02/01/27	USD		2,018	$	1,997,352
5.13%, 11/01/27			140		133,655
6.13%, 10/01/28			596		573,769
6.13%, 06/15/30			3,898		3,842,259
6.75%, 05/15/31			6,830		6,846,637

					47,470,418

Health Care Technology — 1.0%
AthenaHealth Group, Inc., 6.50%, 02/15/30^(b)			9,684		8,150,443
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27^(b)			727		666,941
2.38%, 03/01/28^(c)	EUR		100		87,717
3.13%, 02/15/29^(b)	USD		2,537		2,062,758
Fortrea Holdings, Inc., 7.50%, 07/01/30^(b)			1,036		1,060,833
IQVIA, Inc.
1.75%, 03/15/26^(c)	EUR		330		332,639
5.00%, 10/15/26^(b)	USD		1,054		1,017,713
2.25%, 03/15/29^(c)	EUR		100		93,167

					13,472,211

Hotels, Restaurants & Leisure — 6.4%
Accor SA, (5-year EUR Swap + 4.56%), 4.38%^(a)(c)(j)			200		214,490
Boyne USA, Inc., 4.75%, 05/15/29^(b)	USD		1,752		1,578,830
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.^(b) 3.88%, 01/15/28			495		452,516
4.38%, 01/15/28			1,545		1,426,303
4.00%, 10/15/30			416		356,026
Caesars Entertainment, Inc.^(b)
6.25%, 07/01/25			8,780		8,739,342
8.13%, 07/01/27			8,705		8,909,298
4.63%, 10/15/29			3,544		3,094,658
7.00%, 02/15/30			6,747		6,775,607
CCM Merger, Inc., 6.38%, 05/01/26^(b)			485		470,450
CDI Escrow Issuer, Inc., 5.75%, 04/01/30^(b)			526		489,610
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27			406		386,010
6.50%, 10/01/28			293		285,737
Churchill Downs, Inc.
5.50%, 04/01/27^(b)			850		817,217
4.75%, 01/15/28^(b)			4,469		4,144,555
6.75%, 05/01/31			10,340		10,223,675
Cirsa Finance International SARL, 4.75%, 05/22/25^(c)	EUR		147		157,766
Codere Finance 2 Luxembourg SA^(c)(h)
(2.00% Cash or 10.75% PIK), 12.75%, 11/30/27			59		19,576
(8.00% Cash and 3.00% PIK), 11.00%, 09/30/26			132		115,654
CPUK Finance Ltd., 4.50%, 08/28/27^(c)	GBP		100		108,172
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.^(b)
4.63%, 01/15/29	USD		1,524		1,337,310
6.75%, 01/15/30			318		270,630
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28^(b)			1,133		1,115,680


Security		Par (000)		Value

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

					86,123,339

Household Durables — 1.1%
Ashton Woods USA LLC/Ashton Woods Finance Co.^(b)
6.63%, 01/15/28			406		388,063
4.63%, 08/01/29			547		466,170


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Household Durables (continued)
Ashton Woods USA LLC/Ashton Woods Finance Co.^(b)(continued)
4.63%, 04/01/30	USD		636	$	542,890
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(b)
5.00%, 06/15/29			1,154		924,041
4.88%, 02/15/30			1,424		1,117,110
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)			1,328		1,229,313
Installed Building Products, Inc., 5.75%, 02/01/28^(b)			723		680,947
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26^(b)			1,136		1,113,280
KB Home, 7.25%, 07/15/30			328		332,133
Mattamy Group Corp., 4.63%, 03/01/30^(b)			1,582		1,367,630
NCR Corp., 5.13%, 04/15/29^(b)			2,760		2,443,319
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(b)			1,738		1,042,849
Taylor Morrison Communities, Inc., 5.88%, 06/15/27^(b)			1,431		1,405,514
Tempur Sealy International, Inc.^(b)
4.00%, 04/15/29			19		16,448
3.88%, 10/15/31			1,724		1,404,462

					14,474,169

Household Products — 0.0%
Central Garden & Pet Co.
5.13%, 02/01/28			280		263,042
4.13%, 10/15/30			349		292,356

					555,398

Independent Power and Renewable Electricity Producers — 0.4%
Calpine Corp.^(b)
5.25%, 06/01/26			136		131,335
5.13%, 03/15/28			300		267,721
4.63%, 02/01/29			2,297		1,937,938
Clearway Energy Operating LLC^(b)
4.75%, 03/15/28			133		122,708
3.75%, 01/15/32			89		72,438
Cullinan Holdco Scsp, 4.63%, 10/15/26^(c)	EUR		100		92,082
NRG Energy, Inc.
5.75%, 01/15/28	USD		234		221,750
7.00%, 03/15/33^(b)			980		988,119
Talen Energy Supply LLC, 8.63%, 06/01/30			716		741,060
TransAlta Corp., 7.75%, 11/15/29			590		607,405

					5,182,556

Industrial Conglomerates — 0.1%
Emerald Debt Merger Sub LLC, 6.38%, 12/15/30	EUR		840		913,171


Insurance — 3.4%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(b)	USD		706		611,266
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(b)
4.25%, 10/15/27			2,522		2,263,225
6.75%, 10/15/27			12,437		11,690,780
6.75%, 04/15/28			3,067		3,041,662
5.88%, 11/01/29			6,180		5,376,106
AmWINS Group, Inc., 4.88%, 06/30/29^(b)			1,494		1,349,057
Ardonagh Midco 2 PLC, (11.50% Cash or 12.75% PIK), 11.50%, 01/15/27^(b)(h)			284		261,431
Galaxy Bidco Ltd., 6.50%, 07/31/26^(c)	GBP		100		115,227


Security		Par (000)		Value

Insurance (continued)
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)	USD		1,586	$	1,554,664
HUB International Ltd.^(b)
7.00%, 05/01/26			6,921		6,902,694
7.25%, 06/15/30			7,599		7,846,727
Jones Deslauriers Insurance Management, Inc.^(b)
8.50%, 03/15/30			2,698		2,752,527
10.50%, 12/15/30			1,397		1,401,300
Liberty Mutual Group, Inc., (5-year EUR Swap + 3.70%), 3.63%, 05/23/59^(a)(c)	EUR		100		103,391
Ryan Specialty Group LLC, 4.38%, 02/01/30^(b)	USD		168		148,714

					45,418,771

Interactive Media & Services — 0.1%
Cablevision Lightpath LLC, 5.63%, 09/15/28^(b)			1,201		889,704
iliad SA^(c)
5.38%, 06/14/27	EUR		100		107,581
5.63%, 02/15/30			100		105,465
United Group BV, 4.00%, 11/15/27^(c)			100		89,226

					1,191,976

Internet Software & Services — 1.7%
ANGI Group LLC, 3.88%, 08/15/28^(b)	USD		869		709,544
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29^(b)			298		255,339
Match Group Holdings II LLC^(b)
4.63%, 06/01/28			2,149		1,974,071
5.63%, 02/15/29			2,261		2,119,934
4.13%, 08/01/30			872		746,868
3.63%, 10/01/31			464		381,380
Uber Technologies, Inc.
7.50%, 05/15/25^(b)			2,820		2,853,727
0.00%, 12/15/25^(k)(l)			1,757		1,602,431
8.00%, 11/01/26^(b)			2,453		2,499,882
7.50%, 09/15/27^(b)			2,568		2,626,687
6.25%, 01/15/28^(b)			1,356		1,349,301
4.50%, 08/15/29^(b)			5,966		5,491,095

					22,610,259

IT Services — 2.3%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(b)			886		720,557
Atos SE, 2.50%, 11/07/28^(c)	EUR		100		80,274
Banff Merger Sub, Inc., 8.38%, 09/01/26^(c)			100		104,438
Booz Allen Hamilton, Inc., 4.00%, 07/01/29^(b)	USD		2,334		2,090,673
CA Magnum Holdings, 5.38%, 10/31/26^(b)			2,652		2,368,660
Camelot Finance SA, 4.50%, 11/01/26^(b)			334		314,641
Dun & Bradstreet Corp., 5.00%, 12/15/29^(b)			5,191		4,577,061
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28^(c)	EUR		100		109,456
Gartner, Inc., 4.50%, 07/01/28^(b)	USD		105		98,092
KBR, Inc., 4.75%, 09/30/28^(b)			1,071		971,959
La Financiere Atalian SASU, 5.13%, 05/15/25^(c)	EUR		100		74,872
McAfee Corp., 7.38%, 02/15/30^(b)	USD		7,292		6,340,557
Presidio Holdings, Inc., 4.88%, 02/01/27^(b)			265		248,599
Science Applications International Corp., 4.88%, 04/01/28^(b)			1,024		952,357
Twilio, Inc.
3.63%, 03/15/29			4,541		3,863,259
3.88%, 03/15/31			2,101		1,749,324
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)			6,563		5,644,779

					30,309,558


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Leisure Products — 0.1%
Mattel, Inc.
6.20%, 10/01/40	USD		169	$	151,095
5.45%, 11/01/41			727		602,704

					753,799

Machinery — 1.7%
Chart Industries, Inc.^(b)
7.50%, 01/01/30			3,372		3,440,300
9.50%, 01/01/31			502		532,629
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28			1,500		1,488,750
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(h)			1,662		1,512,420
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28^(c)	EUR		100		95,480
Loxam SAS, 6.38%, 05/15/28			115		124,021
Madison IAQ LLC, 5.88%, 06/30/29^(b)	USD		1,905		1,542,876
OT Merger Corp., 7.88%, 10/15/29^(b)			621		388,135
Renk AG/Frankfurt am Main, 5.75%, 07/15/25^(c)	EUR		129		138,329
Terex Corp., 5.00%, 05/15/29^(b)	USD		1,766		1,641,814
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(b)			4,542		4,121,865
TK Elevator Holdco GmbH
6.63%, 07/15/28^(c)	EUR		90		83,487
7.63%, 07/15/28^(b)	USD		2,645		2,399,239
TK Elevator Midco GmbH, 4.38%, 07/15/27^(c)	EUR		568		553,192
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(b)	USD		4,635		4,282,149

					22,344,686

Marine Transportation — 0.0%
Huntington Ingalls Industries, Inc., 4.20%, 05/01/30			265		245,540


Media — 11.5%
Altice Financing SA
2.25%, 01/15/25^(c)	EUR		100		101,482
5.00%, 01/15/28^(b)	USD		3,307		2,642,834
4.25%, 08/15/29^(c)	EUR		101		84,345
5.75%, 08/15/29^(b)	USD		3,543		2,744,623
Altice France Holding SA, 10.50%, 05/15/27^(b)			2,428		1,470,227
AMC Networks, Inc.
4.75%, 08/01/25			1,038		907,908
4.25%, 02/15/29			684		367,696
Block Communications, Inc., 4.88%, 03/01/28^(b)			495		409,613
Cable One, Inc.
0.00%, 03/15/26^(k)(l)			475		388,313
1.13%, 03/15/28^(k)			1,164		875,910
4.00%, 11/15/30^(b)			2,710		2,117,188
CCO Holdings LLC/CCO Holdings Capital Corp.^(b)
4.75%, 03/01/30			492		420,701
4.25%, 02/01/31			1,212		980,471
7.38%, 03/01/31			22,313		21,742,481
4.75%, 02/01/32			3,977		3,243,164
4.25%, 01/15/34			128		96,738
Clear Channel International BV, 6.63%, 08/01/25^(b)			1,965		1,955,152
Clear Channel Outdoor Holdings, Inc.^(b)
5.13%, 08/15/27			3,195		2,900,718
7.50%, 06/01/29			9,625		7,122,272
CMG Media Corp., 8.88%, 12/15/27^(b)			1,482		1,038,654


Security		Par (000)		Value

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


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Media (continued)
Virgin Media Secured Finance PLC, 5.00%, 04/15/27^(c)	GBP		142	$	163,311
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28^(c)			100		100,441
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(b)	USD		2,360		2,064,369
VZ Secured Financing BV, 3.50%, 01/15/32^(c)	EUR		170		142,601
Warnermedia Holdings, Inc.
5.14%, 03/15/52	USD		4,489		3,655,159
5.39%, 03/15/62			2,348		1,913,552
Ziggo Bond Co. BV^(b)
6.00%, 01/15/27			291		267,086
5.13%, 02/28/30			868		657,276
Ziggo BV, 4.88%, 01/15/30^(b)			1,165		966,868


					153,834,809

Metals & Mining — 3.8%
Arconic Corp.^(b)
6.00%, 05/15/25			1,484		1,495,802
6.13%, 02/15/28			3,194		3,233,618
ATI, Inc.
5.88%, 12/01/27			1,060		1,025,833
4.88%, 10/01/29			550		495,104
5.13%, 10/01/31			1,063		947,038
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)			6,251		6,174,825
Carpenter Technology Corp.
6.38%, 07/15/28			379		371,420
7.63%, 03/15/30			1,152		1,165,019
Constellium SE
4.25%, 02/15/26^(c)	EUR		394		419,219
5.63%, 06/15/28^(b)	USD		4,620		4,347,087
3.75%, 04/15/29^(b)			5,957		5,067,959
ERO Copper Corp., 6.50%, 02/15/30^(b)			1,008		867,122
First Quantum Minerals Ltd., 8.63%, 06/01/31^(b)			1,764		1,799,280
Kaiser Aluminum Corp.^(b)
4.63%, 03/01/28			5,292		4,628,172
4.50%, 06/01/31			2,662		2,122,093
New Gold, Inc., 7.50%, 07/15/27^(b)			2,345		2,189,714
Novelis Corp.^(b)
3.25%, 11/15/26			1,542		1,395,769
4.75%, 01/30/30			7,524		6,686,631
3.88%, 08/15/31			6,036		4,965,284
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29^(c)	EUR		1,029		983,130
Vedanta Resources Finance II PLC, 8.95%, 03/11/25^(b)	USD		577		435,456


					50,815,575

Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 5.50%, 11/01/23^(b)			157		155,643


Multi-Utilities — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28^(b)			1,438		1,460,461
UGI International LLC, 2.50%, 12/01/29^(c)	EUR		100		85,435


					1,545,896


Security	Par (000)		Value


Offshore Drilling & Other Services^(b)— 0.6%
Entegris Escrow Corp., 4.75%, 04/15/29	USD	8,811	$	8,179,481
Entegris, Inc., 4.38%, 04/15/28		511		462,445


				8,641,926

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


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


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


Security	Par (000)		Value


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


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Oil, Gas & Consumable Fuels (continued)
Transocean, Inc.^(b)(continued)
8.75%, 02/15/30	USD	4,552	$	4,620,280
Vantage Drilling International, 9.50%, 02/15/28^(b)		2,353		2,310,340
Venture Global Calcasieu Pass LLC^(b)
3.88%, 08/15/29		4,589		4,008,907
4.13%, 08/15/31		34		29,239
3.88%, 11/01/33		7,564		6,194,052
Venture Global LNG, Inc.^(b)
8.13%, 06/01/28		6,959		7,067,802
8.38%, 06/01/31		10,557		10,643,223
Vermilion Energy, Inc., 6.88%, 05/01/30^(b)		807		743,804
Western Midstream Operating LP
6.15%, 04/01/33		350		352,762
5.45%, 04/01/44		1,001		845,621
5.30%, 03/01/48		1,851		1,545,077
5.50%, 08/15/48		703		587,892
5.50%, 02/01/50		3,466		2,838,897


				224,639,535

Passenger Airlines — 2.2%
Air France-KLM, 8.13%, 05/31/28^(c)	EUR	100		112,803
Allegiant Travel Co., 7.25%, 08/15/27^(b)	USD	553		550,959
American Airlines, Inc.^(b)
11.75%, 07/15/25		7,195		7,889,519
7.25%, 02/15/28		345		342,945
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)
5.50%, 04/20/26		659		652,584
5.75%, 04/20/29		4,463		4,333,295
Deutsche Lufthansa AG, 3.50%, 07/14/29^(c)	EUR	100		98,724
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(b)	USD	1,196		1,132,059
International Consolidated Airlines Group SA, 3.75%, 03/25/29^(c)	EUR	100		95,071
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)	USD	3,195		3,203,693
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25^(b)		1,166		1,174,715
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 04/15/29		2,421		2,400,452
Series 2020-1, Class B, 4.88%, 07/15/27		192		183,064
United Airlines, Inc.^(b)
4.38%, 04/15/26		215		204,273
4.63%, 04/15/29		6,123		5,579,081
VistaJet Malta Finance PLC/Vista Management Holding, Inc.^(b)
7.88%, 05/01/27		700		628,915
6.38%, 02/01/30		862		694,110


				29,276,262

Personal Care Products — 0.0%
Coty, Inc., 3.88%, 04/15/26^(c)	EUR	106		111,908
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29^(b)	USD	83		76,526


				188,434


Security	Par (000)		Value


Pharmaceuticals — 0.9%
Bayer AG, (5-year EUR Swap + 3.75%), 4.50%, 03/25/82^(a)(c)	EUR	300	$	308,704
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28^(b)	USD	743		672,415
Gruenenthal GmbH, 4.13%, 05/15/28^(c)	EUR	117		118,135
Option Care Health, Inc., 4.38%, 10/31/29^(b)	USD	1,054		927,687
Organon & Co./Organon Foreign Debt Co-Issuer BV^(b)
4.13%, 04/30/28		400		355,012
5.13%, 04/30/31		2,127		1,754,827
Rossini SARL, 6.75%, 10/30/25^(c)	EUR	101		110,903
Teva Pharmaceutical Finance Netherlands II BV
3.75%, 05/09/27		100		98,402
7.38%, 09/15/29		192		213,749
7.88%, 09/15/31		100		112,750
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26	USD	4,163		3,707,672
4.75%, 05/09/27		513		471,388
6.75%, 03/01/28		531		520,863
7.88%, 09/15/29		1,670		1,713,570
8.13%, 09/15/31		912		950,076


				12,036,153

Real Estate — 0.2%
VICI Properties LP, 5.63%, 05/15/52		2,051		1,827,031
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28^(b)		323		296,771


				2,123,802

Real Estate Management & Development — 0.4%
Adler Financing SARL, 12.50%, 06/30/25	EUR	120		133,825
Agps Bondco PLC^(c)(f)(i)
6.00%, 08/05/25		200		93,861
5.50%, 11/13/26		200		82,931
Aroundtown SA, (5-year GBP Swap + 4.38%), 4.75%^(a)(c)(j)	GBP	215		95,567
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28^(b)	USD	1,451		1,313,155
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24^(c)	EUR	100		80,749
Heimstaden Bostad AB, (5-year EUR Swap + 3.15%), 2.63%^(a)(c)(j)		375		189,542
Howard Hughes Corp., 4.38%, 02/01/31^(b)	USD	2,347		1,873,000
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.25%, 04/15/30^(b)		2,339		1,662,291
Starwood Property Trust, Inc., 4.38%, 01/15/27^(b)		334		287,657


				5,812,578

Semiconductors & Semiconductor Equipment^(b)— 0.4%
Sensata Technologies BV, 5.88%, 09/01/30		1,209		1,175,493
Sensata Technologies, Inc., 4.38%, 02/15/30		3,077		2,751,599
Synaptics, Inc., 4.00%, 06/15/29		1,613		1,352,285


				5,279,377

Software — 4.3%
Alteryx, Inc., 8.75%, 03/15/28^(b)		1,309		1,285,811
Boxer Parent Co., Inc.
6.50%, 10/02/25^(c)	EUR	173		186,165
7.13%, 10/02/25^(b)	USD	3,099		3,101,743
9.13%, 03/01/26^(b)		4,443		4,420,785
Capstone Borrower, Inc., 8.00%, 06/15/30		1,656		1,635,317


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Software (continued)
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29^(b)	USD	5,945	$	5,878,360
Cloud Software Group, Inc.
6.50%, 03/31/29^(b)		17,659		15,723,235
9.00%, 09/30/29		7,891		6,892,271
Consensus Cloud Solutions, Inc.^(b)
6.00%, 10/15/26		386		350,295
6.50%, 10/15/28		475		406,125
Crowdstrike Holdings, Inc., 3.00%, 02/15/29		138		119,002
Elastic NV, 4.13%, 07/15/29^(b)		3,665		3,161,702
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28^(b)		400		340,000
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)		526		454,056
MicroStrategy, Inc., 6.13%, 06/15/28^(b)		2,441		2,188,588
Open Text Corp., 6.90%, 12/01/27^(b)		4,576		4,658,505
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)		6,271		6,003,403
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)		165		133,884


				56,939,247

Specialized REITs — 0.4%
Iron Mountain, Inc., 7.00%, 02/15/29		3,092		3,097,201
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(b)		2,647		2,625,992


				5,723,193

Specialty Retail — 0.4%
Arko Corp., 5.13%, 11/15/29^(b)		981		797,229
Goldstory SASU, 5.38%, 03/01/26^(c)	EUR	100		104,799
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29^(b)	USD	3,269		3,248,007
Staples, Inc., 7.50%, 04/15/26^(b)		1,051		868,035


				5,018,070

Technology Hardware, Storage & Peripherals^(b)— 0.5%
Coherent Corp., 5.00%, 12/15/29		1,682		1,518,190
Seagate HDD Cayman
8.25%, 12/15/29		1,902		1,986,582
8.50%, 07/15/31		2,409		2,526,294


				6,031,066

Textiles, Apparel & Luxury Goods — 0.2%
Crocs, Inc.^(b)
4.25%, 03/15/29		217		184,493
4.13%, 08/15/31		282		227,715
European TopSoho SARL, Series SMCP, 4.00%, 09/21/21^(c)(f)(i)(k)	EUR	200		189,022
Hanesbrands, Inc.^(b)
4.88%, 05/15/26	USD	521		486,372
9.00%, 02/15/31		1,541		1,553,122
Kontoor Brands, Inc., 4.13%, 11/15/29^(b)		525		438,395
Levi Strauss & Co., 3.50%, 03/01/31^(b)		318		263,145


				3,342,264

Transportation Infrastructure — 0.1%
Azzurra Aeroporti SpA, 2.13%, 05/30/24^(c)	EUR	288		303,861
Gatwick Airport Finance PLC, 4.38%, 04/07/26^(c)	GBP	100		115,034
XPO Escrow Sub LLC, 7.50%, 11/15/27^(b)	USD	412		420,994


				839,889

Wireless Telecommunication Services — 1.4%
Altice France SA/France
2.13%, 02/15/25^(c)	EUR	200		199,962


Security	Par (000)		Value


Wireless Telecommunication Services (continued)
Altice France SA/France (continued)
5.88%, 02/01/27^(c)	EUR	100	$	90,570
8.13%, 02/01/27^(b)	USD	4,519		3,913,100
5.13%, 01/15/29^(b)		1,181		841,931
5.50%, 10/15/29^(b)		1,541		1,102,034
Cellnex Finance Co. SA, 1.50%, 06/08/28^(c)	EUR	100		93,148
Eutelsat SA, 1.50%, 10/13/28^(c)		200		160,227
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31^(b)	USD	643		635,207
SBA Communications Corp.
3.13%, 02/01/29		3,693		3,130,390
3.88%, 02/15/27		87		80,145
VICI Properties LP/VICI Note Co., Inc.^(b)
5.63%, 05/01/24		300		298,151
3.50%, 02/15/25		401		383,156
4.25%, 12/01/26		425		397,580
4.63%, 12/01/29		3,379		3,067,693
4.13%, 08/15/30		1,219		1,073,244
Vmed O2 U.K. Financing I PLC
4.00%, 01/31/29^(c)	GBP	200		200,761
4.25%, 01/31/31^(b)	USD	3,172		2,564,747
4.50%, 07/15/31^(c)	GBP	201		193,012
4.75%, 07/15/31^(b)	USD	324		269,406
Vodafone Group PLC^(a)(c)
(5-year EUR Swap + 3.48%), 3.00%, 08/27/80	EUR	100		87,845
(5-year EUR Swap + 3.49%), 6.50%, 08/30/84		100		109,634


				18,891,943


Total Corporate Bonds — 120.9% (Cost: $1,672,633,188)				1,619,462,612


Floating Rate Loan Interests^(a)

Aerospace & Defense — 0.4%
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.98%, 02/01/29	USD	2,790		2,699,416
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/01/28		2,888		2,831,386


				5,530,802

Beverages — 0.0%
Naked Juice LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.06%, 01/24/30		156		122,850


Broadline Retail — 0.1%
PUG LLC, USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27		1,075		952,678


Capital Markets — 0.1%
Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.69%, 08/02/29		994		884,723


Chemicals — 0.7%
Arc Falcon I, Inc.
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.00%), 12.20%, 09/30/29		2,814		2,405,970
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 09/30/28		1,005		936,100


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Chemicals (continued)
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 7.75%), 12.94%, 11/24/28	USD	443	$	389,928
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.99%, 08/27/26		229		223,654
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.62%, 10/04/29		2,501		2,388,090
Momentive Performance Materials USA LLC, 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.60%, 03/29/28		1,172		1,143,663
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.32%, 04/03/28		1,251		1,237,314
W.R. Grace Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.75%), 9.31%, 09/22/28		481		477,145


				9,201,864

Commercial Services & Supplies — 0.3%
Amentum Government Services Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.22%, 01/29/27^(g)		358		351,666
Garda World Security Corp., 2022 Term Loan B, 02/01/29^(m)(n)		819		809,016
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.20%, 10/29/28		972		961,698
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.25%), 9.52%, 12/15/28		1,283		1,045,301
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.50%), 13.77%, 11/02/28^(g)		868		494,760


				3,662,441

Construction & Engineering — 0.9%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.42%, 06/21/24		11,864		11,729,717
Propulsion BC Newco LLC, Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.99%, 09/14/29		150		149,155


				11,878,872

Containers & Packaging — 0.2%
Mauser Packaging Solutions Holding Co., Term Loan B, 08/14/26		2,089		2,087,553
Trident TPI Holdings, Inc., 2023 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.74%, 09/15/28		1,354		1,333,316


				3,420,869


Security	Par (000)		Value


Diversified Consumer Services — 0.2%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 10.95%, 12/10/29	USD	657	$	555,710
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/11/28		591		553,796
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.22%, 01/08/27		1,219		1,194,762


				2,304,268

Diversified Telecommunication Services — 0.6%
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 9.00%, 05/01/28		698		674,751
Lumen Technologies, Inc., 2020 Term Loan B, 03/15/27^(m)(n)		1,966		1,508,694
Northwest Fiber LLC, 2021 Term Loan, 04/30/27^(m)(n)		1,147		1,120,493
Radiate Holdco LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 09/25/26		1,750		1,455,097
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.22%, 03/09/27		3,955		3,095,535


				7,854,570

Electronic Equipment, Instruments & Components — 0.1%
Ingram Micro, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 9.04%, 06/30/28		1,025		1,020,863


Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.22%, 06/28/24		90		67,799


Entertainment — 0.0%
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.10%, 01/15/30		138		137,931
EP Purchaser LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.00%, 11/06/28		365		356,415


				494,346

Financial Services — 0.2%
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 04/07/28		1,206		1,117,057
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 10/19/27		1,253		1,240,391


				2,357,448

Food Products — 0.0%
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.72%, 10/25/27		270		267,824


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Health Care Equipment & Supplies — 0.4%
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 05/10/27	USD	1,388	$	1,344,902
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/03/28		1,047		1,021,752
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.47%, 10/23/28		2,758		2,724,397


				5,091,051

Health Care Providers & Services — 0.3%
EyeCare Partners LLC, 2020 Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.25%, 02/18/27		731		535,809
LifePoint Health, Inc., 2018 Term Loan B, (3-mo. LIBOR US + 3.75%), 9.02%, 11/16/25		1,264		1,168,408
Quorum Health Corp., 2020 Term Loan, (3-mo. LIBOR US at 1.00% Floor + 8.25%), 13.24%, 04/29/25		1,360		920,232
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.90%, 08/31/26		807		805,244


				3,429,693

Health Care Technology — 1.9%
AthenaHealth Group, Inc.
2022 Delayed Draw Term loan, (1-mo. CME Term SOFR + 3.50%), 8.26%, 02/15/29⁽ⁿ⁾		1,204		86,684
2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 02/15/29		9,773		9,128,123
Polaris Newco LLC, USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 06/02/28		1,351		1,240,211
Verscend Holding Corp.
2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 7.00%), 12.22%, 04/02/29^(g)		9,376		9,376,345
2021 Term Loan B, (1-mo. LIBOR US + 4.00%), 9.22%, 08/27/25		5,441		5,432,916


				25,264,279

Hotels, Restaurants & Leisure — 0.8%
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., Term Loan B4, (1-mo. LIBOR US + 1.75%), 6.94%, 11/19/26		4,068		4,036,238
Carnival Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 10/18/28		2,888		2,858,794
Fertitta Entertainment LLC, 2022 Term Loan B, 01/27/29		3,218		3,171,894
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 12/15/27		837		830,228


				10,897,154


Security	Par (000)			Value


Household Durables — 0.2%
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.67%, 02/26/29	USD	1,123		$	1,062,905
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 10/06/28		2,063			1,663,719


					2,726,624

Insurance — 0.8%
Alliant Holdings Intermediate LLC
2021 Term Loan B4, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.65%, 11/06/27		835			828,812
2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.65%, 11/05/27⁽ⁿ⁾		6,917			6,868,412
HUB International Ltd., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.07%, 11/10/29		691			689,903
NFP Corp., 2020 Term Loan, 02/15/27^(m)(n)		2,099			2,052,849
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 09/01/27		537			536,296


					10,976,272

Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.39%, 02/16/28		543			535,456
Arches Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 12/06/27		721			694,786
Grab Holdings, Inc., Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 4.50%), 9.70%, 01/29/26		149			148,402


					1,378,644

IT Services — 0.2%
Epicor Software Corp., 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.75%), 12.95%, 07/31/28		506			504,841
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.34%, 10/01/27		1,771			1,741,715
Quartz Acquireco LLC, Term Loan B, 06/28/30^(g)(m)(n)		765			764,044
TierPoint LLC, 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 9.23%, 05/05/26		339			336,470


					3,347,070

Leisure Products — 0.0%
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27		507			504,346


Life Sciences Tools & Services — 0.0%
Fortrea Holdings, Inc., Term Loan B, 06/12/30^(m)(n)		553			552,723
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28		—	^(o)		2


					552,725


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Machinery — 1.4%
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 03/31/27	USD	1,219	$	1,211,242
Madison IAQ LLC, Term Loan, (6-mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28		1,021		999,179
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.74%, 11/22/29		1,547		1,539,387
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.70%, 04/05/29		1,277		1,259,067
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.73%, 03/28/25		8,620		8,401,409
Vertical U.S. Newco, Inc., Term Loan B, 07/30/27^(m)(n)		4,808		4,772,427


				18,182,711

Media — 1.6%
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1-mo. LIBOR US at 1.00% Floor + 7.25%), 12.43%, 09/01/25		639		569,547
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.81%, 08/21/26⁽ⁿ⁾		12,153		11,574,818
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.22%, 08/02/27		5,950		5,810,543
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, 02/01/29		2,270		2,257,573
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.75%), 8.95%, 04/21/29^(g)		841		632,760


				20,845,241

Oil, Gas & Consumable Fuels — 0.1%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 12/21/28		1,339		1,309,774
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.68%, 09/19/29		425		420,679


				1,730,453

Passenger Airlines — 0.6%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28		2,902		2,960,675
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.84%, 08/11/28		782		780,631
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.76%, 06/21/27		340		352,443
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.80%, 10/20/27		1,483		1,539,161
United Airlines, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.29%, 04/21/28		1,822		1,818,568


				7,451,478


Security	Par (000)		Value


Pharmaceuticals — 0.0%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 05/04/25	USD	397	$	381,921


Professional Services — 0.3%
CoreLogic, Inc.
2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.75%, 06/04/29		1,107		888,546
Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 06/02/28		2,499		2,252,526
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.85%, 04/29/29^(g)		480		450,347


				3,591,419

Software — 3.7%
Boxer Parent Co., Inc.
2021 USD 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.72%, 02/27/26		2,250		2,184,367
2021 USD Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 10/02/25		1,279		1,267,523
Central Parent, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.49%, 07/06/29		623		620,715
Cloud Software Group, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/30/29		5,114		4,775,368
Cloudera, Inc.
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.08%, 10/08/29^(g)		1,896		1,705,932
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 10/08/28		996		969,610
Delta TopCo, Inc., 2020 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.07%, 12/01/27		1,284		1,240,790
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.14%, 03/11/28		303		298,982
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.03%, 07/27/28		3,476		2,605,726
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.25%), 13.53%, 07/27/29		2,293		1,478,985
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.01%, 03/01/29		2,726		2,602,353
MH Sub I LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.35%, 02/23/29		288		249,661
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.35%, 05/03/28		3,383		3,240,914
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.59%, 12/18/28		850		748,000
Proofpoint, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.25%), 11.47%, 08/31/29		2,070		2,003,064


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Software (continued)
RealPage, Inc., 2nd Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 6.50%), 11.69%, 04/23/29	USD	7,231	$	6,984,249
Sabre Global, Inc.
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 12/17/27		342		265,825
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 12/17/27		534		415,676
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.05%, 08/01/25		2,143		2,140,433
Sophia LP
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.00%), 13.20%, 10/09/28		10,251		10,199,745
2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 9.04%, 10/07/27		1,111		1,097,741
UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.27%, 05/03/27		2,177		2,105,228


				49,200,887

Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 03/08/30^(g)		563		563,996


Trading Companies & Distributors — 0.2%
SRS Distribution, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.70%, 06/02/28		3,417		3,329,076


Transportation Infrastructure — 0.2%
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 09/22/28		903		897,090
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 07/02/29		1,294		1,291,092

				2,188,182

Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd., 2017 Term Loan B, (1-mo. LIBOR US + 3.25%), 8.98%, 05/28/24		1,916		1,752,994


Total Floating Rate Loan Interests — 16.7% (Cost: $228,792,073)				223,408,433


Preferred Securities

Capital Trusts — 1.2%

Automobiles — 0.1%
General Motors Financial Co., Inc., Series C, 5.70%^(a)(j)		655		574,988


Banks^(a)(j)— 0.3%
AIB Group PLC, 5.25%^(c)	EUR	210		213,753
Citigroup, Inc., Series P, 5.95%	USD	600		575,417


Security	Par (000)		Value


Banks (continued)
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 5.46%	USD	60	$	59,643
PNC Financial Services Group, Inc.
6.25%, 12/31/99		1,572		1,411,263
Series V, 6.20%		1,417		1,320,857


				3,580,933

Consumer Staples Distribution & Retail — 0.0%
Casino Guichard Perrachon SA, 3.99%^(c)(f)(i)(j)	EUR	100		600


Diversified Telecommunication Services^(a)— 0.1%
British Telecommunications PLC, 4.88%, 11/23/81^(b)	USD	200		162,567
Telefonica Europe BV^(c)(j)
7.13%	EUR	200		222,602
6.14%		300		315,493


				700,662

Electric Utilities^(a)— 0.1%
Edison International, Series B, 5.00%^(j)	USD	940		812,066
EDP - Energias de Portugal SA, 5.94%, 04/23/83^(c)	EUR	100		108,030
Electricite de France SA^(c)(j)
3.00%		200		184,369
3.38%		200		167,124
Naturgy Finance BV, 2.37%^(c)(j)		200		191,672


				1,463,261

Financial Services^(a)(j)— 0.3%
Barclays PLC
4.38%	USD	2,490		1,691,706
8.00%		980		875,532
8.00%		200		188,980
BNP Paribas SA, 6.88%^(c)	EUR	200		208,923
Lloyds Banking Group PLC, 8.00%	USD	1,320		1,206,018
Societe Generale SA, 7.88%^(c)	EUR	100		104,291


				4,275,450

Health Care Providers & Services — 0.0%
Clariane SE, 4.13%^(a)(c)(j)	GBP	200		203,131


Independent Power and Renewable Electricity Producers^(a)(b)(j)— 0.3%
NRG Energy, Inc., 10.25%	USD	2,427		2,288,588
Vistra Corp., 7.00%		1,272		1,109,820

				3,398,408

Media — 0.0%
SES SA, 2.88%^(a)(c)(j)	EUR	134		123,739


Oil, Gas & Consumable Fuels^(a)(c)(j)— 0.0%
Abertis Infraestructuras Finance BV, 3.25%		200		195,641
Repsol International Finance BV, 4.25%		124		121,630

				317,271

Transportation Infrastructure — 0.0%
Poste Italiane SpA, 2.63%^(a)(c)(j)		200		165,317


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 2.63%, 08/27/80^(a)(c)	EUR	400	$	392,776

				15,196,536


	Shares


Preferred Stocks — 1.0%

Commercial Services & Supplies — 0.1%
Verscend Intermediate Holding^(g)		790		1,036,072


Financial Services — 0.1%
Alliant Holdings, Inc.^(g)		1,431		1,359,579


IT Services — 0.8%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $6,755,577)^(d)(g)		61,653		10,838,848


Wireless Telecommunication Services — 0.0%
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $674,329)^(d)		688,714		6,887
Ligado Networks LLC^(p)		32,168		321,684

				328,571

				13,563,070


Total Preferred Securities — 2.2% (Cost: $31,922,244)				28,759,606


Total Long-Term Investments — 140.5% (Cost: $1,968,024,244)				1,881,248,761


Options Purchased — 0.0% (Cost: $448,059)				270,369


Total Investments Before Options Written — 140.5% (Cost: $1,968,472,303)				1,881,519,130


Options Written — (0.0)% (Premiums Received: $(141,072))				(87,588	)


Total Investments, Net of Options Written — 140.5% (Cost: $1,968,331,231)				1,881,431,542

Liabilities in Excess of Other Assets — (40.5)%				(542,195,263	)


Net Assets — 100.0%			$	1,339,236,279

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

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

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

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

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

^(f)	Non-income producing security.

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

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

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

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

^(k)	Convertible security.

^(l)	Zero-coupon bond.

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

⁽ⁿ⁾	When-issued security.

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

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

Affiliates



Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/23		Shares Held at 06/30/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class^(a)	$	723,084	$	—	$	(723,084	)^(b)	$	—	$	—	$	—		—	$	37,586	$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Short Contracts
U.S. Long Bond		6		09/20/23	$	763	$	(2,071	)
Ultra U.S. Treasury Bond		29		09/20/23		3,950		(28,370	)

							$	(30,441	)

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	19,763,741		EUR	18,009,966	BNP Paribas SA		09/20/23	$	36,115
USD	93,803		EUR	85,000	Morgan Stanley & Co. International PLC		09/20/23		697
USD	195,948		EUR	178,000	Nomura International PLC		09/20/23		972
USD	131,937		EUR	120,000	Royal Bank of Canada		09/20/23		492
USD	11,217,772		EUR	10,221,034	Toronto-Dominion Bank		09/20/23		21,930
USD	4,589,316		GBP	3,579,000	BNP Paribas SA		09/20/23		43,020

									103,226

USD	202,714		EUR	188,000	Bank of America N.A.		09/20/23		(3,216	)
USD	15,072		EUR	14,000	Royal Bank of Canada		09/20/23		(263	)
USD	213,429		EUR	198,000	Royal Bank of Canada		09/20/23		(3,454	)
USD	91,787		EUR	85,000	State Street Bank and Trust Co.		09/20/23		(1,320	)
USD	192,555		EUR	179,000	Toronto-Dominion Bank		09/20/23		(3,517	)
USD	64,559		GBP	51,000	State Street Bank and Trust Co.		09/20/23		(225	)

									(11,995	)

								$	91,231

Exchange-Traded Options Purchased

Description

Number of
Contracts

Expiration
Date

Exercise Price

Notional
Amount (000)

Value

Put

SPDR S&P 500 ETF Trust

389

08/18/23

USD 425.00

USD 17,244

96,083

SPDR S&P 500 ETF Trust

413

09/15/23

USD 425.00

USD 18,307

174,286

270,369

Exchange-Traded Options Written



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value

Put
SPDR S&P 500 ETF Trust		389		08/18/23		USD 390.00		USD 17,244	$	(26,258	)
SPDR S&P 500 ETF Trust		413		09/15/23		USD 390.00		USD 18,307		(61,330	)

									$	(87,588	)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing
Rate Received
by the Trust

Payment
Frequency

Termination
Date

Credit
Rating

Notional
Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

CDX.NA.HY.40.V1

5.00

Quarterly

06/20/28

USD 16,772

498,719

9,936

488,783


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

OTC Credit Default Swaps — Buy Protection


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

OTC Credit Default Swaps — Sell Protection


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

									$	(117,031)		$	(131,217)		$	14,186

^(a)

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

^(b)

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

OTC Total Return Swaps

Paid by the Trust

Received by the Trust

Upfront
Premium

Unrealized

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Effective
Date

Termination
Date

Notional

Amount (000)

Value

Paid
(Received)

Appreciation
(Depreciation)

1-Day SOFR, 1.09%

Quarterly

Markit iBoxx $ Liquid
High Yield Index

Monthly

JPMorgan Chase Bank N.A.

N/A

03/20/24

USD

1,535

6,130

(16,550

)

22,680

1-Day SOFR, 1.09%

Quarterly

Markit iBoxx $ Liquid
High Yield Index

Monthly

Morgan Stanley & Co. International PLC

N/A

03/20/24

USD

9,430

133,105

(55,170

)

188,275

1-Day SOFR, 1.09%

Quarterly

Markit iBoxx $ Liquid
High Yield Index

Monthly

Morgan Stanley & Co. International PLC

N/A

03/20/24

USD

346

3,592

(2,408

)

6,000

1-Day SOFR, 1.09%

Quarterly

Markit iBoxx $ Liquid
High Yield Index

Monthly

Morgan Stanley & Co. International PLC

N/A

03/20/24

USD

693

10,186

(5,019

)

15,205

1-Day SOFR, 1.09%

Quarterly

Markit iBoxx $ Liquid
High Yield Index

Monthly

Morgan Stanley & Co. International PLC

N/A

03/20/24

USD

1,386

34,018

(12,387

)

46,405

1-Day SOFR, 1.09%

Quarterly

Markit iBoxx $ Liquid
High Yield Index

Monthly

Morgan Stanley & Co. International PLC

N/A

03/20/24

USD

624

2,635

(6,728

)

9,363

189,666

(98,262

)

287,928


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

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



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

^(a)

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

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	103,226	$	—	$	—	$	103,226
Options purchased
Investments at value — unaffiliated^(a)		—		—		270,369		—		—		—		270,369
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(b)		—		488,783		—		—		—		—		488,783
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		82,331		—		—		287,928		—		370,259


	$	—	$	571,114	$	270,369	$	103,226	$	287,928	$	—	$	1,232,637

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(b)	$	—	$	—	$	—	$	—	$	30,441	$	—	$	30,441
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		11,995		—		—		11,995
Options written
Options written at value		—		—		87,588		—		—		—		87,588
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		186,891		—		—		98,262		—		285,153


	$	—	$	186,891	$	87,588	$	11,995	$	128,703	$	—	$	415,177

^(a)

Includes options purchased at value as reported in the Consolidated Schedule of Investments.

^(b)

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

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



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(1,412,063	)	$	—		$	(758,810	)	$	—	$	(2,170,873	)
Forward foreign currency exchange contracts		—		—		—			(305,526	)		—			—		(305,526	)
Options purchased^(a)		—		—		(2,027,113	)		—			—			—		(2,027,113	)
Options written		—		—		1,155,118			—			—			—		1,155,118
Swaps		—		362,414		—			—			(1,929	)		—		360,485


	$	—	$	362,414	$	(2,284,058	)	$	(305,526	)	$	(760,739	)	$	—	$	(2,987,909	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(188,778	)	$	—		$	(495,022	)	$	—	$	(683,800	)
Forward foreign currency exchange contracts		—		—		—			157,845			—			—		157,845
Options purchased^(b)		—		—		(197,450	)		—			—			—		(197,450	)


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Options written	$	—	$	—	$	(85,337	)	$	—	$	—		$	—	$	(85,337	)
Swaps		—		517,333		—			—		433,882			—		951,215


	$	—	$	517,333	$	(471,565	)	$	157,845	$	(61,140	)	$	—	$	142,473

^(a)

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

^(b)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments



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

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

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative assets and liabilities (by type) were as follows:


	Assets			Liabilities

Derivative Financial Instruments
Futures contracts	$	—		$	42,103
Forward foreign currency exchange contracts		103,226			11,995
Options		270,369			87,588
Swaps — centrally cleared		112,936			—
Swaps — OTC^(a)		370,259			285,153

Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities		856,790			426,839

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(383,305	)		(129,691	)


Total derivative assets and liabilities subject to an MNA	$	473,485		$	297,148

^(a)

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



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets	^(b)(c)

Bank of America N.A.	$	6,168	$	(6,168)		$	—	$	—		$	—
Barclays Bank PLC		1,264		(1,264)			—		—			—
BNP Paribas SA		79,135		—			—		—			79,135
Credit Suisse International		15,074		(3,393)			—		—			11,681
Goldman Sachs International		13,260		(789)			—		—			12,471
JPMorgan Chase Bank N.A.		69,245		(69,245)			—		—			—
Morgan Stanley & Co. International PLC		265,945		(88,238)			—		(20,000	)		157,707
Nomura International PLC		972		—			—		—			972


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets	^(b)(c)

Royal Bank of Canada	$	492	$	(492)		$	—	$	—		$	—
Toronto-Dominion Bank		21,930		(3,517)			—		—			18,413


	$	473,485	$	(173,106)		$	—	$	(20,000	)	$	280,379



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	^(d)		Net Amount of Derivative Liabilities	^(b)(e)

Bank of America N.A.	$	24,259	$	(6,168)		$	—	$	—		$	18,091

Barclays Bank PLC		21,539		(1,264)			—		—			20,275

Citibank N.A.		4,301		—			—		—			4,301

Credit Suisse International		3,393		(3,393)			—		—			—

Deutsche Bank AG		59,192		—			—		—			59,192

Goldman Sachs International		789		(789)			—		—			—

JPMorgan Chase Bank N.A.		86,658		(69,245)			—		(17,413	)		—

Morgan Stanley & Co. International PLC		88,238		(88,238)			—		—			—

Royal Bank of Canada		3,717		(492)			—		—			3,225

State Street Bank and Trust Co.		1,545		—			—		—			1,545
Toronto-Dominion Bank		3,517		(3,517)			—		—			—


	$	297,148	$	(173,106)		$	—	$	(17,413	)	$	106,629

^(a)

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

^(b)

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

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

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

^(e)

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

Fair Value Hierarchy as of Period End



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


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

Fair Value Hierarchy as of Period End (continued)



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


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

Corporate Bonds (continued)
Transportation Infrastructure	$	—		$	839,889		$	—	$	839,889
Wireless Telecommunication Services		—			18,891,943			—		18,891,943
Floating Rate Loan Interests		—			209,068,583			14,339,850		223,408,433
Preferred Securities
Capital Trusts		—			15,196,536			—		15,196,536
Preferred Stocks		321,684			—			13,234,499		13,556,183
Options Purchased
Equity Contracts		270,369			—			—		270,369
Liabilities
Unfunded Floating Rate Loan Interests^(a)		—			(20,170	)		—		(20,170	)

	$	8,379,728		$	1,845,515,760		$	27,596,585		1,881,492,073

Investments Valued at NAV^(b)										6,887

									$	1,881,498,960

Derivative Financial Instruments^(c)
Assets
Credit Contracts	$	—		$	538,211		$	—	$	538,211
Foreign Currency Exchange Contracts		—			103,226			—		103,226
Interest Rate Contracts		—			287,928			—		287,928
Liabilities
Credit Contracts		—			(36,031	)		—		(36,031	)
Equity Contracts		(87,588	)		—			—		(87,588	)
Foreign Currency Exchange Contracts		—			(11,995	)		—		(11,995	)
Interest Rate Contracts		(30,441	)		—			—		(30,441	)

	$	(118,029	)	$	881,339		$	—	$	763,310

^(a)

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

^(b)

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

^(c)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $551,000,000 are categorized as Level 2 within the fair value hierarchy.



	Common Stocks		Floating Rate Loan Interests			Preferred Stocks		Total

Assets
Opening balance, as of December 31, 2022	$	22,236	$	12,296,415		$	12,439,882	$	24,758,533
Transfers into Level 3		—		2,364,303			—		2,364,303
Transfers out of Level 3		—		(2,427,075	)		—		(2,427,075	)
Accrued discounts/premiums		—		15,640			—		15,640
Net realized gain (loss)		—		549			—		549
Net change in unrealized appreciation (depreciation)^(a)(b)		—		118,401			794,617		913,018
Purchases		—		1,980,625			—		1,980,625
Sales		—		(9,008	)		—		(9,008	)


Closing balance, as of June 30, 2023	$	22,236	$	14,339,850		$	13,234,499	$	27,596,585


Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023^(b)	$	—	$	118,401		$	794,618	$	913,019

^(a)

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

^(b)


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Corporate High Yield Fund, Inc. (HYT)

See notes to financial statements.


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

Schedule of Investments (unaudited)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

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


Security	Par (000)		Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

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


Security	Par (000)		Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

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


Security		Par (000)		Value

Asset-Backed Securities (continued)
Whitebox CLO IV Ltd.^(a)(b)(continued)
Series 2023-4A, Class B1, (3-mo. CME Term SOFR + 2.60%), 7.38%, 04/20/36	USD		1,000	$	988,629
York CLO 1 Ltd., Series 2014-1A, Class ARR, (3-mo. LIBOR US + 1.12%), 6.39%, 10/22/29^(a)(b)			1,563		1,548,832


Total Asset-Backed Securities — 15.7% (Cost: $165,212,405)					164,496,555


Corporate Bonds

Aerospace & Defense — 4.8%
Boeing Co., 5.15%, 05/01/30^(d)			6,775		6,709,622
Bombardier, Inc.^(b)
7.50%, 03/15/25			42		42,072
7.13%, 06/15/26^(d)			1,322		1,313,093
7.88%, 04/15/27^(d)			1,347		1,343,532
7.50%, 02/01/29^(d)			1,713		1,693,035
7.45%, 05/01/34			327		372,780
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(b)			1,000		905,000
General Dynamics Corp., 4.25%, 04/01/50^(d)			1,260		1,154,978
Howmet Aerospace, Inc., 5.13%, 10/01/24			39		38,562
Moog, Inc., 4.25%, 12/15/27^(b)			320		296,123
Northrop Grumman Corp.^(d)
4.03%, 10/15/47			2,400		2,061,860
5.25%, 05/01/50			3,050		3,099,655
Raytheon Technologies Corp.^(d)
4.63%, 11/16/48			2,805		2,616,902
3.13%, 07/01/50			3,545		2,567,148
Rolls-Royce PLC^(b)
3.63%, 10/14/25			200		188,946
5.75%, 10/15/27			1,933		1,889,999
Spirit AeroSystems, Inc.^(b)
7.50%, 04/15/25			332		328,052
9.38%, 11/30/29			974		1,042,740
TransDigm, Inc.
6.25%, 03/15/26^(b)(d)			16,639		16,557,682
6.38%, 06/15/26			8		7,896
7.50%, 03/15/27			432		432,614
6.75%, 08/15/28^(b)			3,929		3,943,891
Triumph Group, Inc., 9.00%, 03/15/28^(b)			1,348		1,376,361

					49,982,543

Automobile Components — 1.4%
Clarios Global LP, 6.75%, 05/15/25^(b)			631		631,386
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26^(e)	EUR		246		255,442
6.25%, 05/15/26^(b)(d)	USD		4,933		4,901,233
8.50%, 05/15/27^(b)(d)			6,981		6,992,421
6.75%, 05/15/28			1,200		1,195,803
Goodyear Tire & Rubber Co.
5.00%, 07/15/29^(d)			207		186,659
5.63%, 04/30/33			53		46,140
SK On Co. Ltd., 5.38%, 05/11/26^(e)			200		198,600

					14,407,684

Automobiles — 1.5%
Asbury Automotive Group, Inc.
4.50%, 03/01/28			197		180,611
5.00%, 02/15/32^(b)			293		255,114


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobiles (continued)
Ford Motor Co.
3.25%, 02/12/32^(d)	USD		908	$	714,309
6.10%, 08/19/32			5,265		5,102,607
Ford Motor Credit Co. LLC
5.13%, 06/16/25			1,270		1,235,113
2.70%, 08/10/26			613		547,271
4.95%, 05/28/27^(d)			400		377,315
6.80%, 05/12/28			886		886,812
5.11%, 05/03/29			200		185,482
7.35%, 03/06/30			635		648,489
3.63%, 06/17/31			256		209,824
General Motors Co.^(d)
6.25%, 10/02/43			940		919,227
5.95%, 04/01/49			3,455		3,228,267
Hyundai Capital America^(e)
5.50%, 03/30/26			200		198,194
2.38%, 10/15/27			200		174,979
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27^(e)			500		439,299
LCM Investments Holdings II LLC, 4.88%, 05/01/29^(b)			456		390,218
Lithia Motors, Inc., 3.88%, 06/01/29^(b)			269		233,722
TML Holdings Pte. Ltd., 4.35%, 06/09/26^(d)(e)			200		186,282

					16,113,135

Banks — 4.1%
ABQ Finance Ltd., 3.13%, 09/24/24^(d)(e)			200		192,938
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27^(e)			212		200,206
Agricultural Bank of China Ltd., 1.25%, 01/19/26^(e)			200		181,364
Australia & New Zealand Banking Group Ltd., (5-year CMT + 1.70%), 2.57%, 11/25/35^(a)(b)(d)			5,445		4,136,102
Bangkok Bank PCL
4.45%, 09/19/28^(e)			200		193,030
(5-year CMT + 1.90%), 3.73%, 09/25/34^(a)(e)			200		170,366
(5-year CMT + 4.73%), 5.00%			222		210,540
Bank Mandiri Persero Tbk PT, 5.50%, 04/04/26^(e)			200		199,272
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26^(d)(e)			200		184,328
Bank of China Ltd.^(e)
1.00%, 11/02/24			200		188,336
1.40%, 04/28/26			200		180,074
Bank of East Asia Ltd., (5-year CMT + 5.53%), 5.83%^(a)(e)(f)			750		653,738
China Construction Bank Corp., (5-year CMT + 2.15%), 2.45%, 06/24/30^(a)(e)			200		187,878
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34^(d)			2,740		2,763,872
Industrial & Commercial Bank of China Ltd., 2.95%, 06/01/25^(e)			200		190,926
Industrial & Commercial Bank of China Macau Ltd., (5-year CMT + 1.65%), 2.88%, 09/12/29^(a)(e)			200		192,734
Intesa Sanpaolo SpA, 5.71%, 01/15/26^(b)(d)			9,840		9,367,977
Kasikornbank PCL^(a)(e)
(5-year CMT + 1.70%), 3.34%, 10/02/31^(d)			468		413,244
(5-year CMT + 3.34%), 4.00%^(f)			300		254,295
Kasikornbank PCL/Hong Kong, 5.46%, 03/07/28^(e)			200		200,564
Macquarie Bank Ltd., 6.80%, 01/18/33^(b)(d)			5,110		5,127,314
NongHyup Bank, 4.00%, 01/06/26^(e)			200		192,314
QNB Finance Ltd., 2.63%, 05/12/25^(e)			200		189,304
Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26^(e)			200		180,242


Security		Par (000)		Value

Banks (continued)
SNB Funding Ltd., 2.75%, 10/02/24^(e)	USD		200	$	192,490
Truist Financial Corp., (1-day SOFR + 2.05%), 6.05%, 06/08/27^(d)			9,310		9,313,865
United Overseas Bank Ltd., 1.25%, 04/14/26^(e)			200		179,496
Wells Fargo & Co.^(d)
5.61%, 01/15/44			4,119		3,954,313
(1-day SOFR + 1.51%), 3.53%, 03/24/28^(a)			4,075		3,803,399

					43,394,521

Beverages — 2.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(d)			6,170		5,897,229
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49^(d)			5,000		5,269,968
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(b)(d)(g)			2,781		2,253,016
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(b)
6.00%, 06/15/27			509		500,024
3.25%, 09/01/28			200		171,794
4.00%, 09/01/29^(d)			3,414		2,703,867
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/25^(b)			200		195,619
2.13%, 08/15/26^(e)	EUR		304		294,438
5.25%, 08/15/27^(b)	USD		200		169,416
Ball Corp.
5.25%, 07/01/25			30		29,741
6.00%, 06/15/29^(d)			290		287,825
3.13%, 09/15/31^(d)			234		192,481
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25^(b)			228		208,050
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			151		156,100
Mauser Packaging Solutions Holding Co.^(b)
7.88%, 08/15/26^(d)			4,571		4,541,327
9.25%, 04/15/27			154		142,142
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27^(b)			59		58,420
Trivium Packaging Finance BV^(b)
5.50%, 08/15/26			2,830		2,717,237
8.50%, 08/15/27			2,393		2,303,542

					28,092,236

Biotechnology — 0.6%
Baxalta, Inc., 5.25%, 06/23/45^(d)			6,000		5,913,841


Broadline Retail — 0.1%
Alibaba Group Holding Ltd.
3.60%, 11/28/24			200		193,608
2.70%, 02/09/41			200		134,218
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)			222		206,636

					534,462

Building Materials — 0.8%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28^(b)			336		317,518
Emerald Debt Merger Sub LLC, 6.63%, 12/15/30^(b)			3,889		3,854,971
Jeld-Wen, Inc., 4.63%, 12/15/25^(b)			257		248,969
Masonite International Corp., Class C, 5.38%, 02/01/28^(b)			235		224,007
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28^(b)			163		148,335


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Building Materials (continued)
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28^(b)	USD		1,232	$	1,161,830
Standard Industries, Inc.
2.25%, 11/21/26^(e)	EUR		156		150,902
5.00%, 02/15/27^(b)	USD		412		392,656
4.75%, 01/15/28^(b)			26		24,212
4.38%, 07/15/30^(b)			1,513		1,310,405
3.38%, 01/15/31^(b)			350		281,765
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(b)			90		85,029

					8,200,599

Building Products — 1.0%
Advanced Drainage Systems, Inc.^(b)
5.00%, 09/30/27			173		163,730
6.38%, 06/15/30			724		716,232
Beacon Roofing Supply, Inc., 4.13%, 05/15/29^(b)			86		76,110
GYP Holdings III Corp., 4.63%, 05/01/29^(b)			350		308,000
Lowe’s Cos., Inc., 5.63%, 04/15/53^(d)			4,345		4,342,397
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26^(b)			113		106,763
SRS Distribution, Inc.^(b)
4.63%, 07/01/28			904		807,069
6.13%, 07/01/29^(d)			1,046		903,359
6.00%, 12/01/29^(d)			763		658,507
White Cap Buyer LLC, 6.88%, 10/15/28^(b)(d)			2,117		1,918,531
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26^(b)(g)			96		91,961

					10,092,659

Capital Markets — 1.3%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)			447		391,803
Gaci First Investment Co., 4.88%, 02/14/35^(e)			200		190,988
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32			725		585,375
Huarong Finance 2019 Co. Ltd., 2.13%, 09/30/23^(e)			200		197,024
Huarong Finance II Co. Ltd., 4.63%, 06/03/26^(e)			200		177,456
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26^(d)			807		734,463
5.25%, 05/15/27^(d)			2,570		2,216,367
4.38%, 02/01/29			651		511,491
Jefferies Financial Group, Inc., 5.50%, 10/18/23^(d)			4,000		3,986,128
NFP Corp.^(b)
4.88%, 08/15/28^(d)			112		100,037
6.88%, 08/15/28			784		680,528
7.50%, 10/01/30			170		164,595
State Street Corp., (1-day SOFR + 1.72%), 5.82%, 11/04/28^(a)(d)			2,925		2,995,963
Temasek Financial I Ltd., 2.38%, 08/02/41^(e)			250		191,920

					13,124,138

Chemicals — 2.7%
Avient Corp., 7.13%, 08/01/30^(b)			180		182,056
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)			940		800,175
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(b)(d)			597		562,701
Bluestar Finance Holdings Ltd., 3.38%, 07/16/24^(e)			200		194,398
Chemours Co.^(b)
5.75%, 11/15/28			68		62,485
4.63%, 11/15/29			261		220,575
CNAC HK Finbridge Co. Ltd., 2.00%, 09/22/25^(e)			300		273,954


Security		Par (000)		Value

Chemicals (continued)
DuPont de Nemours, Inc., 5.42%, 11/15/48^(d)	USD		7,500	$	7,394,231
Element Solutions, Inc., 3.88%, 09/01/28^(b)			3,039		2,651,151
GC Treasury Center Co. Ltd., 2.98%, 03/18/31^(e)			200		165,364
Herens Holdco SARL, 4.75%, 05/15/28^(b)			490		379,750
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)(d)			445		387,755
Ingevity Corp., 3.88%, 11/01/28^(b)			100		85,377
LG Chem Ltd., 2.38%, 07/07/31^(e)			200		162,960
LYB Finance Co. BV, 8.10%, 03/15/27^(b)			6,000		6,472,366
NOVA Chemicals Corp., 4.88%, 06/01/24^(b)			240		234,475
Olympus Water U.S. Holding Corp., 9.75%, 11/15/28^(b)			796		776,339
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26^(b)(d)			480		437,588
Scotts Miracle-Gro Co., 4.00%, 04/01/31			250		195,499
SK Invictus Intermediate II SARL, 5.00%, 10/30/29^(b)			877		696,891
UPL Corp. Ltd., (5-year CMT + 3.87%), 5.25%^(a)(e)(f)			500		407,055
WESCO Distribution, Inc.^(b)
7.13%, 06/15/25			1,485		1,500,644
7.25%, 06/15/28^(d)			1,384		1,411,757
WR Grace Holdings LLC^(b)
4.88%, 06/15/27			224		207,745
5.63%, 08/15/29^(d)			2,101		1,721,349
7.38%, 03/01/31			345		338,093

					27,922,733

Commercial Services & Supplies^(b)— 1.4%
ADT Security Corp.
4.13%, 08/01/29			91		78,601
4.88%, 07/15/32			77		65,835
AerCap Global Aviation Trust, (3-mo. CME Term SOFR + 4.56%), 6.50%, 06/15/45^(a)			5,000		4,832,893
APX Group, Inc., 5.75%, 07/15/29			555		481,686
Cablevision Lightpath LLC, 3.88%, 09/15/27			368		308,200
Fortress Transportation and Infrastructure Investors LLC
6.50%, 10/01/25			966		951,668
9.75%, 08/01/27			298		307,766
5.50%, 05/01/28^(d)			1,180		1,079,704
Garda World Security Corp., 9.50%, 11/01/27			84		81,152
Herc Holdings, Inc., 5.50%, 07/15/27^(d)			1,117		1,070,250
Hertz Corp., 5.00%, 12/01/29^(d)			439		362,893
LABL, Inc., 9.50%, 11/01/28			710		722,344
Metis Merger Sub LLC, 6.50%, 05/15/29			310		267,407
NESCO Holdings II, Inc., 5.50%, 04/15/29			356		318,620
Prime Security Services Borrower LLC/Prime Finance, Inc.
5.75%, 04/15/26			637		625,297
6.25%, 01/15/28^(d)			804		753,188
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(d)			882		685,755
Williams Scotsman International, Inc.
6.13%, 06/15/25			823		816,894
4.63%, 08/15/28			541		494,511

					14,304,664

Communications Equipment^(b)— 0.4%
CommScope Technologies LLC, 6.00%, 06/15/25^(d)			942		878,009
CommScope, Inc.
8.25%, 03/01/27			506		404,791
4.75%, 09/01/29^(d)			1,098		865,664


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Communications Equipment (continued)
Viasat, Inc.
5.63%, 09/15/25	USD		1,078	$	1,044,571
5.63%, 04/15/27			243		226,880
Viavi Solutions, Inc., 3.75%, 10/01/29			561		476,684

					3,896,599
Construction Materials^(b)— 0.1%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29			24		20,488
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			568		528,242
H&E Equipment Services, Inc., 3.88%, 12/15/28			132		114,283
Resideo Funding, Inc., 4.00%, 09/01/29			97		80,471
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28			117		117,927

					861,411

Consumer Discretionary^(b)— 1.4%
Carnival Corp.
10.50%, 02/01/26			733		770,539
7.63%, 03/01/26^(d)			273		267,376
5.75%, 03/01/27			1,311		1,206,893
9.88%, 08/01/27			957		996,844
4.00%, 08/01/28			434		384,750
6.00%, 05/01/29^(d)			936		835,693
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28			3,281		3,588,524
CoreLogic, Inc., 4.50%, 05/01/28^(d)			1,155		931,219
Life Time, Inc.
5.75%, 01/15/26			256		249,480
8.00%, 04/15/26			254		250,795
Lindblad Expeditions LLC, 6.75%, 02/15/27			480		457,200
NCL Corp. Ltd.
5.88%, 03/15/26			244		228,278
8.38%, 02/01/28			206		215,258
7.75%, 02/15/29			78		74,085
NCL Finance Ltd., 6.13%, 03/15/28^(d)			530		477,010
Neptune Bidco U.S., Inc., 9.29%, 04/15/29			128		117,506
Royal Caribbean Cruises Ltd.
4.25%, 07/01/26			200		183,590
5.50%, 08/31/26			313		296,759
5.38%, 07/15/27			378		353,450
11.63%, 08/15/27			284		308,833
5.50%, 04/01/28			162		151,071
8.25%, 01/15/29			302		317,100
9.25%, 01/15/29			566		603,023
7.25%, 01/15/30			415		420,330
Viking Cruises Ltd.
5.88%, 09/15/27			350		321,692
9.13%, 07/15/31			896		904,960
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29			283		258,945

					15,171,203

Consumer Finance — 2.4%
Block, Inc.^(d)
2.75%, 06/01/26			1,181		1,075,292
3.50%, 06/01/31			2,228		1,845,278
Capital One Financial Corp., (1-day SOFR + 2.64%), 6.31%, 06/08/29^(a)(d)			6,980		6,932,979
Ford Motor Credit Co. LLC, 7.20%, 06/10/30			1,209		1,220,135
Global Payments, Inc., 5.95%, 08/15/52^(d)			4,850		4,640,717
KB Kookmin Card Co. Ltd., 4.00%, 06/09/25^(e)			200		192,548
Navient Corp.
7.25%, 09/25/23			299		299,000
5.50%, 03/15/29			480		409,233


Security		Par (000)		Value

Consumer Finance (continued)
Navient Corp. (continued)
9.38%, 07/25/30	USD		228	$	226,780
OneMain Finance Corp.
6.88%, 03/15/25			112		110,895
7.13%, 03/15/26^(d)			781		767,326
6.63%, 01/15/28			295		278,265
5.38%, 11/15/29^(d)			1,233		1,048,232
Sabre Global, Inc., 7.38%, 09/01/25^(b)(d)			483		428,716
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)(d)			788		738,963
Shinhan Card Co. Ltd., 1.38%, 10/19/25^(e)			200		180,026
Shriram Finance Ltd., 4.40%, 03/13/24			500		489,360
SLM Corp., 3.13%, 11/02/26			347		300,155
Verscend Escrow Corp., 9.75%, 08/15/26^(b)			3,791		3,802,722

					24,986,622

Consumer Staples Distribution & Retail — 2.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
3.25%, 03/15/26			1,389		1,282,838
4.63%, 01/15/27			1,961		1,858,056
5.88%, 02/15/28			928		901,775
6.50%, 02/15/28			237		237,393
4.88%, 02/15/30^(d)			387		357,286
CK Hutchison International 21 Ltd., 2.50%, 04/15/31^(d)(e)			200		169,314
CK Hutchison International 23 Ltd.^(e)
4.75%, 04/21/28^(d)			400		395,576
4.88%, 04/21/33			400		396,096
Darling Ingredients, Inc., 6.00%, 06/15/30^(b)			714		697,331
General Mills, Inc.^(d)
5.24%, 11/18/25			935		935,112
4.20%, 04/17/28			620		601,730
Kraft Heinz Foods Co.
4.25%, 03/01/31			68		64,686
5.00%, 07/15/35			214		210,794
7.13%, 08/01/39^(b)(d)			4,415		4,916,226
4.63%, 10/01/39			100		90,358
5.00%, 06/04/42			12		11,230
4.38%, 06/01/46			158		134,277
5.50%, 06/01/50^(d)			2,825		2,801,757
Lamb Weston Holdings, Inc.^(b)
4.88%, 05/15/28			460		440,558
4.13%, 01/31/30^(d)			515		460,263
4.38%, 01/31/32^(d)			266		237,611
Performance Food Group, Inc., 4.25%, 08/01/29^(b)			700		623,217
Post Holdings, Inc.^(b)
4.63%, 04/15/30^(d)			434		380,340
4.50%, 09/15/31			19		16,227
U.S. Foods, Inc.^(b)
4.75%, 02/15/29			595		544,752
4.63%, 06/01/30			67		60,048
United Natural Foods, Inc., 6.75%, 10/15/28^(b)			53		43,931
Walmart, Inc., 5.25%, 09/01/35^(d)			5,150		5,491,075

					24,359,857

Containers & Packaging — 1.9%
Clydesdale Acquisition Holdings, Inc.^(b)
6.63%, 04/15/29			988		942,254
8.75%, 04/15/30			633		558,764
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			224		212,126


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Containers & Packaging (continued)
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26	USD		355	$	344,054
International Paper Co.^(d)
8.70%, 06/15/38			4,000		5,084,000
7.30%, 11/15/39			10,000		11,328,677
LABL, Inc., 5.88%, 11/01/28^(b)			418		380,163
OI European Group BV, 6.25%, 05/15/28	EUR		175		194,977
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/31	USD		353		357,413
Sealed Air Corp., 4.00%, 12/01/27^(b)			109		99,489
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28^(b)			229		227,312

					19,729,229

Diversified Consumer Services — 1.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)
6.63%, 07/15/26^(d)			5,356		5,082,541
9.75%, 07/15/27^(d)			3,786		3,346,647
6.00%, 06/01/29			200		147,581
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL^(b)
4.63%, 06/01/28^(d)			1,226		1,031,373
4.63%, 06/01/28			1,128		954,818
Clarivate Science Holdings Corp.^(b)
3.88%, 07/01/28			1,602		1,420,086
4.88%, 07/01/29^(d)			771		683,959
Garda World Security Corp.^(b)
4.63%, 02/15/27			194		177,510
7.75%, 02/15/28			804		798,067
Kodit Global Co. Ltd., 4.95%, 05/25/26			200		196,802
Service Corp. International
5.13%, 06/01/29			468		440,959
3.38%, 08/15/30^(d)			1,318		1,102,243

					15,382,586

Diversified REITs — 1.3%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27^(b)			328		276,224
Crown Castle, Inc.^(d)
1.05%, 07/15/26			925		809,794
3.65%, 09/01/27			8,000		7,477,308
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)			197		144,519
Iron Mountain, Inc.^(b)
4.88%, 09/15/27			606		572,431
5.63%, 07/15/32			493		441,028
MPT Operating Partnership LP/MPT Finance Corp.
2.55%, 12/05/23	GBP		158		192,859
4.63%, 08/01/29^(d)	USD		449		339,426
3.50%, 03/15/31			2,043		1,407,663
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			146		135,926
7.25%, 07/15/28			485		489,962
4.50%, 02/15/29^(b)			1,704		1,508,040
RLJ Lodging Trust LP, 4.00%, 09/15/29^(b)			199		166,660
Service Properties Trust, 7.50%, 09/15/25			142		139,444

					14,101,284


Security		Par (000)		Value

Diversified Telecommunication Services — 6.3%
AT&T, Inc.
4.65%, 06/01/44	USD		28	$	24,393
4.35%, 06/15/45			95		79,612
3.50%, 09/15/53^(d)			15,960		11,298,334
Level 3 Financing, Inc.^(b)
3.40%, 03/01/27			1,197		1,015,654
10.50%, 05/15/30^(d)			2,436		2,471,646
Lumen Technologies, Inc., 4.00%, 02/15/27^(b)			2,133		1,589,533
Sprint Capital Corp.
6.88%, 11/15/28^(d)			3,063		3,246,760
8.75%, 03/15/32			2,041		2,466,767
Telecom Italia Capital SA
6.38%, 11/15/33			393		333,386
6.00%, 09/30/34			763		615,324
7.20%, 07/18/36			115		98,847
7.72%, 06/04/38			195		172,421
Telecom Italia SpA, 5.30%, 05/30/24^(b)			1,062		1,032,219
Telefonica Emisiones SA, 5.21%, 03/08/47^(d)			5,000		4,348,694
Verizon Communications, Inc.^(d)
6.40%, 09/15/33			9,475		10,149,903
6.55%, 09/15/43			13,225		14,604,080
5.01%, 04/15/49			6,998		6,570,989
Zayo Group Holdings, Inc.^(b)(d)
4.00%, 03/01/27			7,103		5,016,523
6.13%, 03/01/28			1,734		1,083,522

					66,218,607

Electric Utilities — 4.8%
China Huaneng Group Hong Kong Treasury Management Holding Ltd., 1.60%, 01/20/26^(e)			200		181,882
Dominion Energy, Inc., Series C, (5-year CMT + 3.20%), 4.35%^(a)(f)			2,020		1,697,046
Edison International, Series A, (5-year CMT + 4.70%), 5.38%^(a)(f)			6,851		5,987,089
Emera, Inc., Series 16-A, (3-mo. LIBOR US + 5.44%), 6.75%, 06/15/76^(a)			7,500		7,252,350
FirstEnergy Transmission LLC, 5.45%, 07/15/44^(b)			699		646,367
Korea Western Power Co. Ltd., 4.13%, 06/28/25^(e)			200		193,674
Minejesa Capital BV, 4.63%, 08/10/30^(e)			200		178,848
Mong Duong Finance Holdings BV, 5.13%, 05/07/29^(e)			605		529,895
NextEra Energy Capital Holdings, Inc., (3-mo. LIBOR US + 2.41%), 4.80%, 12/01/77^(a)(d)			5,000		4,375,228
NextEra Energy Operating Partners LP^(b)
4.25%, 07/15/24			712		696,360
4.25%, 09/15/24			26		24,830
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42^(d)			2,750		2,816,188
Pacific Gas and Electric Co., 4.20%, 06/01/41^(d)			2,310		1,720,268
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)			566		516,946
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 3.00%, 06/30/30^(e)			350		299,212
PG&E Corp., 5.25%, 07/01/30			226		202,562
Progress Energy, Inc., 7.00%, 10/30/31^(d)			12,000		13,151,619
Sempra Energy, (5-year CMT + 4.55%), 4.88%^(a)(f)			4,375		4,069,049
Southern California Edison Co., 5.88%, 12/01/53^(d)			4,000		4,079,459
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38^(e)			200		180,400
State Grid Overseas Investment BVI Ltd.^(e) 1.00%, 08/05/25			200		182,550


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric Utilities (continued)
State Grid Overseas Investment BVI Ltd.^(e)(continued)
3.50%, 05/04/27	USD	200	$	190,912
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26^(e)		200		188,410
Vistra Operations Co. LLC^(b)
5.50%, 09/01/26		23		22,132
5.63%, 02/15/27^(d)		812		778,283
5.00%, 07/31/27		23		21,528


				50,183,087

Electrical Equipment^(b)— 0.3%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26		714		702,579
GrafTech Finance, Inc., 4.63%, 12/15/28		99		80,440
Regal Rexnord Corp.
6.05%, 02/15/26		155		155,197
6.05%, 04/15/28		940		933,145
6.30%, 02/15/30		350		348,964
6.40%, 04/15/33		510		509,570


				2,729,895

Electronic Equipment, Instruments & Components^(b)— 0.2%
BWX Technologies, Inc.
4.13%, 06/30/28		70		63,864
4.13%, 04/15/29		248		223,820
Imola Merger Corp., 4.75%, 05/15/29		784		681,849
Vertiv Group Corp., 4.13%, 11/15/28		1,191		1,073,060


				2,042,593

Energy Equipment & Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27		1,295		1,243,200
6.25%, 04/01/28		98		92,008
Noble Finance II LLC, 8.00%, 04/15/30		525		533,757
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26		927		908,084
6.88%, 09/01/27		621		592,990
Valaris Ltd., 8.38%, 04/30/30		820		822,755
Weatherford International Ltd.^(b)
6.50%, 09/15/28		111		111,477
8.63%, 04/30/30^(d)		505		512,697


				4,816,968

Environmental, Maintenance & Security Service — 0.7%
Clean Harbors, Inc.^(b)
5.13%, 07/15/29		1,142		1,080,450
6.38%, 02/01/31		168		169,052
Covanta Holding Corp.
4.88%, 12/01/29^(b)		142		122,830
5.00%, 09/01/30		282		239,171
GFL Environmental, Inc.^(b)
4.25%, 06/01/25		26		25,090
3.75%, 08/01/25		443		421,456
5.13%, 12/15/26^(d)		2,367		2,283,653
4.00%, 08/01/28		36		32,186
3.50%, 09/01/28		376		334,634
4.75%, 06/15/29		558		509,795
4.38%, 08/15/29		508		452,297


Security	Par (000)		Value

Environmental, Maintenance & Security Service (continued)
Tervita Corp., 11.00%, 12/01/25^(b)	USD	182	$	193,076
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)		1,749		1,621,319


				7,485,009

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Financial Services (continued)
UBS Group AG, (1-year CMT + 1.55%), 4.49%, 05/12/26^(a)(b)	USD	2,585	$	2,499,096
UniCredit SpA, (5-year CMT + 4.75%), 5.46%, 06/30/35^(a)(b)		6,135		5,206,465


				63,398,034

Food Products — 0.6%
Aramark International Finance SARL, 3.13%, 04/01/25^(e)	EUR	200		209,260
Aramark Services, Inc.^(b)
5.00%, 04/01/25	USD	1,049		1,033,632
6.38%, 05/01/25		1,567		1,565,555
5.00%, 02/01/28^(d)		686		646,582
China Modern Dairy Holdings Ltd., 2.13%, 07/14/26^(e)		200		170,754
Chobani LLC/Chobani Finance Corp., Inc.^(b)
7.50%, 04/15/25		1,562		1,554,208
4.63%, 11/15/28		675		614,250
Darling Global Finance BV, 3.63%, 05/15/26^(e)	EUR	100		106,392
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29^(b)	USD	275		220,334
Tingyi Cayman Islands Holding Corp., 1.63%, 09/24/25^(e)		200		181,624


				6,302,591

Gas Utilities — 0.1%
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28		390		391,950
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31^(b)		237		198,404


				590,354

Ground Transportation — 1.8%
BNSF Funding Trust I, (3-mo. LIBOR US + 2.35%), 6.61%, 12/15/55^(a)(d)		6,125		5,909,948
CMHI Finance BVI Co. Ltd., (5-year CMT + 6.62%), 3.88%^(a)(e)(f)		200		190,750
CSX Corp., 3.80%, 04/15/50^(d)		770		614,081
Norfolk Southern Corp., 6.00%, 03/15/2105		12,700		12,198,342


				18,913,121

Health Care Equipment & Supplies — 0.4%
Avantor Funding, Inc.
2.63%, 11/01/25^(e)	EUR	300		313,631
4.63%, 07/15/28^(b)(d)	USD	2,191		2,030,888
3.88%, 11/01/29^(b)		395		345,834
Embecta Corp., 6.75%, 02/15/30^(b)		129		115,605
Garden Spinco Corp., 8.63%, 07/20/30^(b)		328		352,518
Medtronic, Inc., 4.63%, 03/15/45^(d)		647		629,504


				3,787,980

Health Care Providers & Services — 4.4%
Acadia Healthcare Co., Inc., 5.00%, 04/15/29^(b)		52		47,949
AdaptHealth LLC, 5.13%, 03/01/30^(b)		55		44,550
Aetna, Inc., 3.88%, 08/15/47^(d)		3,500		2,727,926
AHP Health Partners, Inc., 5.75%, 07/15/29^(b)		580		500,093
Centene Corp.
2.45%, 07/15/28^(d)		640		547,044
3.00%, 10/15/30^(d)		1,673		1,394,106
2.50%, 03/01/31^(d)		1,345		1,072,597
2.63%, 08/01/31		363		289,268


Security	Par (000)		Value

Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc.^(b)
6.00%, 01/15/29^(d)	USD	1,376	$	1,157,560
5.25%, 05/15/30^(d)		588		463,184
4.75%, 02/15/31		174		131,506
Elevance Health, Inc., 4.55%, 03/01/48^(d)		5,000		4,388,307
Encompass Health Corp.
4.50%, 02/01/28		35		32,562
4.75%, 02/01/30^(d)		928		844,945
4.63%, 04/01/31		354		313,807
HCA, Inc.
5.38%, 09/01/26		359		356,179
5.63%, 09/01/28^(d)		833		833,637
5.25%, 06/15/49^(d)		3,500		3,158,157
HealthEquity, Inc., 4.50%, 10/01/29^(b)		1,134		999,430
IQVIA, Inc., 6.50%, 05/15/30^(b)		314		317,100
Legacy LifePoint Health LLC^(b)
6.75%, 04/15/25^(d)		622		577,726
4.38%, 02/15/27		509		393,846
Medline Borrower LP^(b)
3.88%, 04/01/29		362		314,601
5.25%, 10/01/29^(d)		2,815		2,442,573
ModivCare, Inc., 5.88%, 11/15/25^(b)		266		246,354
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28^(d)		659		607,500
3.88%, 11/15/30		491		421,847
3.88%, 05/15/32^(d)		198		165,993
Surgery Center Holdings, Inc.^(b)(d)
6.75%, 07/01/25		188		187,330
10.00%, 04/15/27		524		535,790
Teleflex, Inc.
4.63%, 11/15/27		70		65,975
4.25%, 06/01/28^(b)(d)		637		582,055
Tenet Healthcare Corp.
4.88%, 01/01/26		4,122		4,014,784
6.25%, 02/01/27		171		169,250
5.13%, 11/01/27^(d)		427		407,647
6.13%, 06/15/30		243		239,525
6.75%, 05/15/31^(d)		3,342		3,350,141
UnitedHealth Group, Inc., 6.88%, 02/15/38^(d)		10,000		11,902,295


				46,245,139

Health Care Technology^(b)— 0.4%
AthenaHealth Group, Inc., 6.50%, 02/15/30^(d)		2,565		2,158,807
Catalent Pharma Solutions, Inc., 5.00%, 07/15/27^(d)		733		672,445
Charles River Laboratories International, Inc.
4.25%, 05/01/28		324		296,646
4.00%, 03/15/31		68		59,062
Fortrea Holdings, Inc., 7.50%, 07/01/30		289		295,927
IQVIA, Inc.
5.00%, 10/15/26		554		534,927
5.00%, 05/15/27^(d)		592		569,424


				4,587,238

Hotels, Restaurants & Leisure — 3.7%
Boyd Gaming Corp.
4.75%, 12/01/27		254		240,659
4.75%, 06/15/31^(b)(d)		643		574,427
Boyne USA, Inc., 4.75%, 05/15/29^(b)		584		526,277
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.^(b)
5.75%, 04/15/25		552		551,167
3.88%, 01/15/28		1,128		1,031,188


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

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


Security	Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(b)
5.63%, 09/01/29	USD	242	$	183,303
5.88%, 09/01/31		242		178,536
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/30^(b)		109		95,920
Scientific Games International, Inc.^(b)
8.63%, 07/01/25		442		451,392
7.00%, 05/15/28^(d)		451		448,592
7.25%, 11/15/29^(d)		218		218,273
Six Flags Entertainment Corp., 7.25%, 05/15/31^(b)		609		593,136
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(b)		591		593,953
Station Casinos LLC, 4.63%, 12/01/31^(b)		611		514,768
Studio City Finance Ltd.^(e)
6.50%, 01/15/28		300		250,338
5.00%, 01/15/29		530		393,361
Sunny Express Enterprises Corp., 2.95%, 03/01/27^(e)		200		186,542
Vail Resorts, Inc., 6.25%, 05/15/25^(b)		341		341,408
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)(d)		602		570,246
Wynn Macau Ltd.
4.88%, 10/01/24^(e)		200		194,208
5.50%, 01/15/26^(e)		230		213,181
5.63%, 08/26/28^(b)(d)		1,267		1,092,787
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b)(d)
5.13%, 10/01/29		1,337		1,198,210
7.13%, 02/15/31		559		555,613
Yum! Brands, Inc., 3.63%, 03/15/31		134		115,766


				38,893,759

Household Durables — 0.4%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30^(b)		699		548,357
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)		507		469,323
Lennar Corp., 5.25%, 06/01/26^(d)		890		881,279
Mattamy Group Corp., 4.63%, 03/01/30^(b)(d)		427		369,139
NCR Corp.^(b)
5.00%, 10/01/28		241		215,076
5.13%, 04/15/29		913		808,243
PulteGroup, Inc.
5.00%, 01/15/27		55		54,186
7.88%, 06/15/32		56		63,456
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(b)(d)		684		410,419
Taylor Morrison Communities, Inc., 5.88%, 06/15/27^(b)		15		14,733
Tempur Sealy International, Inc.^(b)
4.00%, 04/15/29		429		371,384
3.88%, 10/15/31		70		57,026
Toll Brothers Finance Corp., 4.35%, 02/15/28		35		32,866


				4,295,487

Household Products — 0.0%
Central Garden & Pet Co.
5.13%, 02/01/28		80		75,155
4.13%, 10/15/30^(d)		246		206,073


				281,228

Independent Power and Renewable Electricity Producers — 0.7%
Calpine Corp.^(b)
5.25%, 06/01/26		379		366,000
5.13%, 03/15/28^(d)		2,807		2,504,972


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Independent Power and Renewable Electricity Producers (continued)
Calpine Corp.^(b)(continued)
5.00%, 02/01/31	USD	3	$	2,481
Clearway Energy Operating LLC^(b)
4.75%, 03/15/28		747		689,197
3.75%, 01/15/32		307		249,870
Greenko Dutch BV, 3.85%, 03/29/26^(d)(e)		758		679,065
India Green Energy Holdings, 5.38%, 04/29/24^(e)		250		244,375
India Green Power Holdings, 4.00%, 02/22/27^(e)		700		611,100
JERA Co., Inc., 3.67%, 04/14/27^(e)		200		185,555
NRG Energy, Inc.
6.63%, 01/15/27		618		613,476
5.75%, 01/15/28		52		49,278
3.88%, 02/15/32^(b)		317		244,244
ReNew Power Pvt Ltd., 5.88%, 03/05/27^(e)		200		186,602
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28^(d)(e)		550		464,657
Talen Energy Supply LLC, 8.63%, 06/01/30		202		209,070
TerraForm Power Operating LLC^(b)
5.00%, 01/31/28		231		212,672
4.75%, 01/15/30		127		112,078
TransAlta Corp., 7.75%, 11/15/29		165		169,868


				7,794,560

Industrial Conglomerates — 0.0%
Emerald Debt Merger Sub LLC, 6.38%, 12/15/30	EUR	240		260,906
Shanghai Port Group BVI Development 2 Co. Ltd., 1.50%, 07/13/25^(e)	USD	200		183,762


				444,668

Insurance — 4.1%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(b)		280		242,429
AIA Group Ltd., (5-year CMT + 1.76%), 2.70%^(a)(e)(f)		200		177,044
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(b)
4.25%, 10/15/27		41		36,793
6.75%, 10/15/27^(d)		2,839		2,668,660
6.75%, 04/15/28		871		863,804
5.88%, 11/01/29		66		57,415
Allstate Corp., Series B, (3-mo. LIBOR US + 2.94%), 5.75%, 08/15/53^(a)		5,000		4,920,347
AmWINS Group, Inc., 4.88%, 06/30/29^(b)		551		497,544
Aon Global Ltd., 4.25%, 12/12/42^(d)		6,500		5,168,560
Farmers Exchange Capital II, (3-mo. LIBOR US + 3.74%), 6.15%, 11/01/53^(a)(b)(d)		4,890		4,749,608
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)		80		78,419
Guoren Property & Casualty Insurance Co. Ltd., 3.35%, 06/01/26^(e)		200		171,982
HUB International Ltd.^(b)
7.00%, 05/01/26		1,900		1,894,974
7.25%, 06/15/30		2,246		2,319,220
Jones Deslauriers Insurance Management, Inc.^(b)
8.50%, 03/15/30		764		779,440
10.50%, 12/15/30		400		401,231
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40^(b)(d)		12,000		12,432,246
Progressive Corp., Series B, (3-mo. LIBOR US + 2.54%), 8.09%^(a)(f)		5,000		4,922,100
Ryan Specialty Group LLC, 4.38%, 02/01/30^(b)		308		272,642


				42,654,458


Security	Par (000)		Value

Interactive Media & Services — 0.6%
Baidu, Inc., 1.63%, 02/23/27	USD	200	$	175,524
Cablevision Lightpath LLC, 5.63%, 09/15/28^(b)		540		400,033
Netflix, Inc.
3.63%, 06/15/25^(b)		210		202,305
5.88%, 11/15/28^(d)		1,698		1,753,698
5.38%, 11/15/29^(b)		2,007		2,014,434
4.88%, 06/15/30^(b)		461		453,667
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27^(b)		552		487,527
Tencent Holdings Ltd.^(e)
1.81%, 01/26/26		200		182,478
3.60%, 01/19/28		200		185,679
3.68%, 04/22/41		200		154,636
Weibo Corp., 3.50%, 07/05/24		200		194,228


				6,204,209

Internet Software & Services — 1.1%
ANGI Group LLC, 3.88%, 08/15/28^(b)		432		352,731
Booking Holdings, Inc., 3.55%, 03/15/28^(d)		3,375		3,170,733
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29^(b)		777		665,767
Match Group Holdings II LLC^(b)
4.13%, 08/01/30		383		328,040
3.63%, 10/01/31^(d)		217		178,361
Uber Technologies, Inc.^(b)
7.50%, 05/15/25		1,590		1,609,016
8.00%, 11/01/26		645		657,327
7.50%, 09/15/27^(d)		1,443		1,475,977
6.25%, 01/15/28		2,220		2,209,033
4.50%, 08/15/29^(d)		926		852,289


				11,499,274

IT Services — 0.8%
Booz Allen Hamilton, Inc.^(b)
3.88%, 09/01/28		561		507,402
4.00%, 07/01/29		945		846,481
CA Magnum Holdings
5.38%, 10/31/26^(b)		964		861,006
5.38%, 10/31/26^(e)		700		625,212
Camelot Finance SA, 4.50%, 11/01/26^(b)		1,348		1,269,870
Dun & Bradstreet Corp., 5.00%, 12/15/29^(b)		592		521,984
Fair Isaac Corp., 4.00%, 06/15/28^(b)		393		360,541
Gartner, Inc., 4.50%, 07/01/28^(b)		545		509,145
KBR, Inc., 4.75%, 09/30/28^(b)		15		13,613
McAfee Corp., 7.38%, 02/15/30^(b)(d)		1,273		1,106,902
Presidio Holdings, Inc., 4.88%, 02/01/27^(b)		73		68,482
Twilio, Inc.
3.63%, 03/15/29		259		220,344
3.88%, 03/15/31^(d)		558		464,599
Wipro IT Services LLC, 1.50%, 06/23/26^(e)		200		177,808
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)		989		850,630


				8,404,019

Leisure Products — 0.1%
Mattel, Inc.
3.75%, 04/01/29^(b)		122		107,340
6.20%, 10/01/40		513		458,650
5.45%, 11/01/41		753		624,258


				1,190,248


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery — 0.7%
Chart Industries, Inc.^(b)
7.50%, 01/01/30	USD	946	$	965,161
9.50%, 01/01/31		143		151,725
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28		418		414,865
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(g)		166		151,060
Madison IAQ LLC, 5.88%, 06/30/29^(b)(d)		658		532,920
Terex Corp., 5.00%, 05/15/29^(b)(d)		688		639,619
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(b)		1,550		1,406,625
TK Elevator Holdco GmbH, 7.63%, 07/15/28^(b)(d)		596		540,623
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(b)(d)		2,602		2,403,917


				7,206,515

Media — 8.2%
Altice Financing SA, 5.75%, 08/15/29^(b)(d)		2,677		2,073,767
AMC Networks, Inc., 4.25%, 02/15/29		263		141,380
Cable One, Inc.
0.00%, 03/15/26^(h)(i)		136		111,180
4.00%, 11/15/30^(b)		493		385,156
CCO Holdings LLC/CCO Holdings Capital Corp.^(b)
5.00%, 02/01/28		7		6,378
6.38%, 09/01/29^(d)		7,984		7,522,195
4.75%, 03/01/30^(d)		229		195,814
4.50%, 08/15/30^(d)		113		94,094
4.25%, 02/01/31		1,749		1,414,888
7.38%, 03/01/31^(d)		2,503		2,439,001
4.75%, 02/01/32		229		186,745
4.25%, 01/15/34		1,579		1,193,357
Charter Communications Operating LLC/Charter Communications Operating Capital
6.38%, 10/23/35		479		466,874
6.48%, 10/23/45		9,584		9,010,091
5.38%, 05/01/47		1,500		1,239,833
6.83%, 10/23/55		3,540		3,337,255
Clear Channel Outdoor Holdings, Inc.^(b)(d)
5.13%, 08/15/27		6,338		5,754,225
7.75%, 04/15/28		1,309		1,027,565
Comcast Corp., 3.75%, 04/01/40^(d)		545		459,183
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)		4,099		3,981,426
Cox Communications, Inc., 8.38%, 03/01/39^(b)(d)		5,000		6,042,793
CSC Holdings LLC
5.25%, 06/01/24		1,125		1,046,298
5.38%, 02/01/28^(b)		336		269,990
11.25%, 05/15/28^(b)		2,282		2,212,924
4.13%, 12/01/30^(b)(d)		272		190,271
4.50%, 11/15/31^(b)		1,651		1,151,104
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27^(b)(d)		807		730,848
Discovery Communications LLC, 4.88%, 04/01/43^(d)		4,000		3,244,273
DISH DBS Corp.
7.75%, 07/01/26^(d)		1,110		680,391
5.25%, 12/01/26^(b)		1,142		916,081
5.75%, 12/01/28^(b)		189		140,575
DISH Network Corp., 11.75%, 11/15/27^(b)		276		269,351
Frontier Communications Holdings LLC^(b)
5.00%, 05/01/28		640		552,199
8.75%, 05/15/30		2,693		2,632,068
GCI LLC, 4.75%, 10/15/28^(b)		160		136,416
Globe Telecom, Inc., (5-year CMT + 5.53%), 4.20%^(a)(d)(e)(f)		700		648,970


Security	Par (000)		Value

Media (continued)
HKT Capital No. 4 Ltd., 3.00%, 07/14/26^(e)	USD	200	$	184,656
Iliad Holding SASU^(b)
6.50%, 10/15/26^(d)		1,020		962,699
7.00%, 10/15/28		1,735		1,599,053
Interpublic Group of Cos., Inc., 5.40%, 10/01/48		2,215		2,061,507
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(b)		860		806,037
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(b)(g)		539		190,460
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(b)		388		280,990
Live Nation Entertainment, Inc.^(b)
4.88%, 11/01/24		136		133,888
5.63%, 03/15/26		25		24,420
6.50%, 05/15/27^(d)		2,865		2,880,250
4.75%, 10/15/27^(d)		711		663,007
3.75%, 01/15/28		155		138,338
Network i2i Ltd., (5-year CMT + 4.27%), 5.65%^(a)(e)(f)		695		673,219
Outfront Media Capital LLC/Outfront Media Capital Corp.^(b)
5.00%, 08/15/27^(d)		998		905,885
4.25%, 01/15/29^(d)		461		387,406
4.63%, 03/15/30		151		125,799
Paramount Global, 5.85%, 09/01/43^(d)		1,300		1,107,845
Radiate Holdco LLC/Radiate Finance, Inc.^(b)
4.50%, 09/15/26^(d)		1,066		849,885
6.50%, 09/15/28		2,175		1,269,254
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)(d)		735		481,425
Sirius XM Radio, Inc., 5.00%, 08/01/27^(b)		651		603,991
Stagwell Global LLC, 5.63%, 08/15/29^(b)		209		178,848
TEGNA, Inc., 4.75%, 03/15/26^(b)		64		61,108
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28^(b)		1,000		917,000
Time Warner Cable LLC, 6.55%, 05/01/37		3,519		3,373,574
Univision Communications, Inc.^(b)
6.63%, 06/01/27		60		57,993
7.38%, 06/30/30^(d)		242		230,412
UPC Broadband Finco BV, 4.88%, 07/15/31^(b)		534		439,530
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(b)		1,452		1,270,112
Ziggo Bond Co. BV, 6.00%, 01/15/27^(b)(d)		955		876,518
Ziggo BV, 4.88%, 01/15/30^(b)		605		502,107


				86,142,175

Metals & Mining — 2.0%
ABJA Investment Co. Pte. Ltd.^(e)
4.45%, 07/24/23		200		199,500
5.45%, 01/24/28		306		303,010
Arconic Corp.^(b)
6.00%, 05/15/25		705		710,607
6.13%, 02/15/28^(d)		607		614,529
ATI, Inc.
5.88%, 12/01/27		374		361,945
5.13%, 10/01/31		656		584,437
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)		2,606		2,574,243
Carpenter Technology Corp.
6.38%, 07/15/28		58		56,840
7.63%, 03/15/30^(d)		108		109,221
Chinalco Capital Holdings Ltd., 2.13%, 06/03/26^(e)		200		181,398
Constellium SE^(b)
5.88%, 02/15/26^(j)		830		813,177
3.75%, 04/15/29		1,731		1,472,660


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Metals & Mining (continued)
First Quantum Minerals Ltd., 8.63%, 06/01/31^(b)	USD		495	$	504,900
JSW Steel Ltd., 3.95%, 04/05/27^(d)(e)			500		442,735
Kaiser Aluminum Corp.^(b)
4.63%, 03/01/28^(d)			944		825,585
4.50%, 06/01/31			700		558,026
New Gold, Inc., 7.50%, 07/15/27^(b)			1,357		1,267,139
Novelis Corp.^(b)
3.25%, 11/15/26			538		486,980
4.75%, 01/30/30^(d)			3,326		2,955,839
3.88%, 08/15/31			932		766,674
Periama Holdings LLC, 5.95%, 04/19/26^(e)			200		191,890
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29^(b)			249		223,081
Southern Copper Corp., 5.88%, 04/23/45^(d)			3,870		3,938,209
Steel Dynamics, Inc., 3.25%, 10/15/50^(d)			1,145		752,442
Vedanta Resources Finance II PLC^(e)
13.88%, 01/21/24			400		364,148
8.95%, 03/11/25			200		150,938

					21,410,153

Multi-Utilities — 0.1%
Abu Dhabi National Energy Co. PJSC, 4.38%, 04/23/25^(e)			200		197,044
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28^(b)			416		422,498

					619,542

Offshore Drilling & Other Services — 0.1%
Entegris Escrow Corp., 4.75%, 04/15/29^(b)			258		239,508
Entegris, Inc., 4.38%, 04/15/28^(b)			120		108,598
Lam Research Corp., 4.88%, 03/15/49^(d)			875		847,042

					1,195,148

Oil, Gas & Consumable Fuels — 14.2%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)			557		547,252
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)
5.75%, 03/01/27			95		91,621
5.75%, 01/15/28			127		121,068
5.38%, 06/15/29^(d)			1,095		1,017,453
Apache Corp.
4.25%, 01/15/30^(d)			131		116,682
5.10%, 09/01/40			6		4,875
5.35%, 07/01/49			198		153,945
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27			680		845,390
8.25%, 12/31/28			1,334		1,311,861
Baytex Energy Corp., 8.50%, 04/30/30			110		107,423
Buckeye Partners LP
4.13%, 03/01/25^(b)			594		564,300
5.85%, 11/15/43			383		283,420
5.60%, 10/15/44			191		137,520
Callon Petroleum Co.
8.25%, 07/15/25			69		68,483
6.38%, 07/01/26			245		238,481
8.00%, 08/01/28^(b)(d)			1,054		1,042,310
7.50%, 06/15/30^(b)(d)			859		810,786
Cheniere Energy Partners LP
4.50%, 10/01/29			1,312		1,204,096


Security		Par (000)		Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

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


Security		Par (000)		Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Sunoco LP/Sunoco Finance Corp. (continued)
5.88%, 03/15/28	USD		317	$	304,835
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(b)
7.50%, 10/01/25			41		40,921
6.00%, 03/01/27			150		140,761
5.50%, 01/15/28			52		47,527
6.00%, 12/31/30			102		89,862
6.00%, 09/01/31			239		205,644
Tap Rock Resources LLC, 7.00%, 10/01/26^(b)			1,355		1,395,650
TransCanada PipeLines Ltd., 4.88%, 05/15/48^(d)			4,000		3,581,970
Transcanada Trust, (3-mo. LIBOR US + 3.53%), 5.63%, 05/20/75^(a)(d)			2,755		2,630,336
Transocean Titan Financing Ltd., 8.38%, 02/01/28^(b)			269		274,716
Transocean, Inc.^(b)
7.50%, 01/15/26			700		665,000
11.50%, 01/30/27			53		54,921
8.75%, 02/15/30			1,606		1,630,090
Venture Global Calcasieu Pass LLC^(b)
3.88%, 08/15/29			1,575		1,375,905
4.13%, 08/15/31			910		782,569
3.88%, 11/01/33^(d)			1,141		934,349
Venture Global LNG, Inc.^(b)
8.13%, 06/01/28			1,960		1,990,644
8.38%, 06/01/31			3,132		3,157,580
Vermilion Energy, Inc., 6.88%, 05/01/30^(b)			270		248,856
Western Midstream Operating LP
5.45%, 04/01/44			12		10,137
5.30%, 03/01/48^(d)			945		788,815
5.50%, 08/15/48			117		97,843
5.50%, 02/01/50			1,039		851,014
Williams Cos., Inc.
4.55%, 06/24/24^(d)			527		519,864
8.75%, 03/15/32^(d)			2,478		2,941,740
5.10%, 09/15/45			5,075		4,564,213
Woodside Finance Ltd., 3.70%, 09/15/26^(e)			200		188,135

					148,862,901

Passenger Airlines — 1.5%
Air Canada, 3.88%, 08/15/26^(b)			549		508,842
Allegiant Travel Co., 7.25%, 08/15/27^(b)			183		182,325
American Airlines, Inc.
5.18%, 10/15/23^(c)			588		583,401
11.75%, 07/15/25^(b)			1,475		1,617,379
7.25%, 02/15/28^(b)			137		136,184
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)
5.50%, 04/20/26			403		399,634
5.75%, 04/20/29			1,764		1,713,058
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(b)(d)			396		374,829
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)(d)			1,793		1,797,333
Singapore Airlines Ltd., 3.00%, 07/20/26^(e)			200		186,406
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 09/15/28^(b)			1,548		1,399,027
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 04/15/29^(d)			4,879		4,837,241


Security		Par (000)		Value

Passenger Airlines (continued)
United Airlines, Inc.^(b)
4.38%, 04/15/26	USD		1,097	$	1,042,266
4.63%, 04/15/29^(d)			1,362		1,241,011
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, 05/01/27^(b)			192		172,502

					16,191,438

Pharmaceuticals — 4.2%
AbbVie, Inc.^(d)
4.75%, 03/15/45			5,485		5,015,243
4.70%, 05/14/45			3,255		2,973,877
CVS Health Corp.^(d)
5.13%, 07/20/45			3,879		3,588,585
5.05%, 03/25/48			8,205		7,562,899
Jazz Securities DAC, 4.38%, 01/15/29^(b)			853		761,038
Merck & Co., Inc., 6.50%, 12/01/33^(d)			6,420		7,364,073
Option Care Health, Inc., 4.38%, 10/31/29^(b)(d)			461		405,753
Organon & Co./Organon Foreign Debt Co-Issuer BV^(b)
4.13%, 04/30/28			1,633		1,449,338
5.13%, 04/30/31^(d)			1,599		1,319,214
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 05/19/53			3,070		3,191,822
PRA Health Sciences, Inc., 2.88%, 07/15/26^(b)			1,021		924,448
Prestige Brands, Inc., 3.75%, 04/01/31^(b)			233		192,899
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30			8,270		6,872,789
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26			1,174		1,045,594
4.75%, 05/09/27			200		183,777
7.88%, 09/15/29^(d)			451		462,767
8.13%, 09/15/31			200		208,350

					43,522,466

Real Estate — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28^(b)			430		395,082


Real Estate Management & Development — 1.1%
Agile Group Holdings Ltd.^(e)
5.75%, 01/02/25			200		60,102
6.05%, 10/13/25			200		43,106
AYC Finance Ltd., 3.90%^(e)(f)			300		189,000
China Overseas Finance Cayman VII Ltd., 4.75%, 04/26/28^(d)(e)			200		194,590
China Resources Land Ltd., 3.75%, 08/26/24^(e)			200		194,394
Fantasia Holdings Group Co. Ltd., 7.95%, 07/05/22^(k)(l)			1,050		67,851
Global Prime Capital Pte. Ltd., 5.95%, 01/23/25^(e)			200		190,442
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(b)			360		351,546
Howard Hughes Corp.^(b)
5.38%, 08/01/28			399		355,140
4.13%, 02/01/29			176		145,594
Modern Land China Co. Ltd.^(e)(g)(k)(l)
(8.00% Cash or 8.00% PIK), 8.00%, 12/30/24			219		12,050
(9.00% Cash or 9.00% PIK), 9.00%, 12/30/25			253		13,717
(9.00% Cash or 9.00% PIK), 9.00%, 12/30/26			337		16,854
(9.00% Cash or 9.00% PIK), 9.00%, 12/30/27			492		27,057
New Metro Global Ltd., 4.50%, 05/02/26^(e)			349		137,855
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29^(b)(d)			4,485		4,135,473


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Real Estate Management & Development (continued)
Pakuwon Jati Tbk PT, 4.88%, 04/29/28^(e)	USD		500	$	447,485
Realogy Group LLC/Realogy Co.-Issuer Corp.^(b)
5.75%, 01/15/29			362		270,853
5.25%, 04/15/30			263		186,910
RKPF Overseas Ltd.^(e)
Series 2019-A, 5.90%, 03/05/25^(d)			200		125,584
Series 2020-A, 5.20%, 01/12/26			306		159,503
Shimao Group Holdings Ltd., 3.45%, 01/11/31^(e)(k)(l)			200		17,000
Shui On Development Holding Ltd.^(e)
5.75%, 11/12/23			225		217,217
5.50%, 03/03/25^(d)			230		188,292
Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26^(e)			200		174,572
Starwood Property Trust, Inc., 4.38%, 01/15/27^(b)			123		105,934
Sunac China Holdings Ltd., 7.00%, 07/09/25^(e)(k)(l)			200		32,000
Theta Capital Pte. Ltd., 8.13%, 01/22/25^(e)			200		166,246
VICI Properties LP, 5.13%, 05/15/32^(d)			3,155		2,951,957
Wanda Properties International Co. Ltd., 7.25%, 01/29/24^(e)			285		177,056
Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30^(e)			200		174,950
Yango Justice International Ltd.^(e)(k)(l)
8.25%, 11/25/23			200		2,000
7.50%, 04/15/24			200		2,000
Yanlord Land HK Co. Ltd.^(e)
6.80%, 02/27/24^(d)			200		194,000
5.13%, 05/20/26			200		161,000
Yuzhou Group Holdings Co. Ltd., 7.38%, 01/13/26^(e)(k)(l)			550		30,250

					11,919,580

Semiconductors & Semiconductor Equipment — 2.5%
Broadcom, Inc., 5.00%, 04/15/30^(d)			10,970		10,769,816
NVIDIA Corp.^(d)
3.50%, 04/01/50			2,785		2,263,180
3.70%, 04/01/60			1,760		1,451,015
NXP BV/NXP Funding LLC/NXP USA, Inc.
4.40%, 06/01/27			750		723,262
3.40%, 05/01/30^(d)			1,755		1,552,192
QUALCOMM, Inc.^(d)
4.30%, 05/20/47			3,500		3,173,114
6.00%, 05/20/53			1,993		2,230,760
Sensata Technologies BV^(b)
5.63%, 11/01/24			695		689,756
5.00%, 10/01/25			572		560,003
4.00%, 04/15/29			207		184,289
Sensata Technologies, Inc., 4.38%, 02/15/30^(b)			2,150		1,922,632
SK Hynix, Inc., 1.50%, 01/19/26^(e)			200		176,872
Synaptics, Inc., 4.00%, 06/15/29^(b)			16		13,414
TSMC Global Ltd., 2.25%, 04/23/31^(e)			250		206,015

					25,916,320

Software — 2.3%
Alteryx, Inc., 8.75%, 03/15/28^(b)(d)			372		365,410
Black Knight InfoServ LLC, 3.63%, 09/01/28^(b)			859		768,805
Boxer Parent Co., Inc.^(b)
7.13%, 10/02/25			764		764,676
9.13%, 03/01/26			392		390,040
Capstone Borrower, Inc., 8.00%, 06/15/30			453		447,342
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29^(b)(d)			819		809,820


Security		Par (000)		Value

Software (continued)
Cloud Software Group, Inc.
6.50%, 03/31/29^(b)	USD		4,570	$	4,069,040
9.00%, 09/30/29			2,247		1,962,607
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28^(b)			286		244,530
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			61		52,603
Elastic NV, 4.13%, 07/15/29^(b)			718		619,400
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28^(b)			205		174,250
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)			201		173,508
MicroStrategy, Inc., 6.13%, 06/15/28^(b)(d)			180		161,387
MSCI, Inc.^(b)
3.63%, 09/01/30			81		69,853
3.88%, 02/15/31			707		612,634
3.25%, 08/15/33			173		139,327
Open Text Corp., 6.90%, 12/01/27^(b)			898		914,191
Oracle Corp.^(d)
6.15%, 11/09/29			2,385		2,484,139
3.95%, 03/25/51			4,425		3,345,841
5.55%, 02/06/53			1,280		1,239,479
PTC, Inc.^(b)
3.63%, 02/15/25			166		160,296
4.00%, 02/15/28			365		336,022
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)			3,719		3,560,302
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)(d)			955		774,902

					24,640,404

Specialized REITs — 0.1%
Iron Mountain, Inc., 7.00%, 02/15/29			794		795,336
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(b)			754		748,016

					1,543,352

Specialty Retail^(b)— 0.2%
PetSmart, Inc./PetSmart Finance Corp.
4.75%, 02/15/28			481		444,499
7.75%, 02/15/29^(d)			1,317		1,308,542
Staples, Inc., 7.50%, 04/15/26			276		227,952

					1,980,993

Technology Hardware, Storage & Peripherals — 0.7%
Coherent Corp., 5.00%, 12/15/29^(b)(d)			886		799,712
Dell International LLC/EMC Corp.^(d)
5.85%, 07/15/25			2,395		2,403,746
8.35%, 07/15/46			2,355		2,887,959
Seagate HDD Cayman^(b)
8.25%, 12/15/29			532		555,658
8.50%, 07/15/31			675		707,866

					7,354,941

Textiles, Apparel & Luxury Goods^(b)— 0.1%
Crocs, Inc., 4.13%, 08/15/31			244		197,030
Hanesbrands, Inc.
4.88%, 05/15/26			145		135,363
9.00%, 02/15/31^(d)			440		443,461
Levi Strauss & Co., 3.50%, 03/01/31			523		432,782
William Carter Co., 5.63%, 03/15/27			365		354,170

					1,562,806

Tobacco — 2.5%
Altria Group, Inc., 10.20%, 02/06/39			13,392		18,103,699


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Tobacco (continued)
BAT Capital Corp., 4.54%, 08/15/47^(d)	USD		3,000	$	2,207,607
BAT International Finance PLC, 1.67%, 03/25/26^(d)			4,350		3,910,951
Reynolds American, Inc., 5.85%, 08/15/45^(d)			2,335		2,076,526

					26,298,783

Transportation Infrastructure — 0.6%
FedEx Corp., 5.25%, 05/15/50^(d)			6,000		5,766,006
SF Holding Investment 2021 Ltd., 2.38%, 11/17/26^(e)			200		179,784
Signature Aviation U.S. Holdings, Inc., 4.00%, 03/01/28^(b)			541		486,927
XPO Escrow Sub LLC, 7.50%, 11/15/27^(b)			105		107,292

					6,540,009

Wireless Telecommunication Services — 1.5%
Altice France SA/France^(b)
5.13%, 01/15/29			1,346		959,559
5.13%, 07/15/29			796		565,059
American Tower Corp., 3.60%, 01/15/28^(d)			4,000		3,682,756
Crown Castle, Inc., 4.15%, 07/01/50^(d)			820		650,566
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.75%, 05/25/24^(b)			635		580,790
SBA Communications Corp.
3.13%, 02/01/29^(d)			3,072		2,603,997
3.88%, 02/15/27			30		27,636
Sprint LLC, 7.63%, 03/01/26			1,096		1,138,496
T-Mobile U.S., Inc.
4.75%, 02/01/28^(d)			1,013		984,101
2.63%, 02/15/29			438		380,415
3.38%, 04/15/29^(d)			676		610,461
2.88%, 02/15/31			235		198,636
3.50%, 04/15/31^(d)			990		873,574
5.05%, 07/15/33^(d)			2,000		1,963,797
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31^(b)			934		776,620


					15,996,463


Total Corporate Bonds — 114.3% (Cost: $1,260,986,714)					1,198,833,603


Floating Rate Loan Interests^(a)

Aerospace & Defense — 0.2%
Atlas CC Acquisition Corp.
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.78%, 05/25/28			354		306,844
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.78%, 05/25/28			47		40,654
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. LIBOR US at 0.50% Floor + 3.50%), 8.56%, 08/03/29			99		97,298
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (1-mo. CME Term SOFR + 3.50%), 8.70%, 04/06/26			69		68,404
2020 Term Loan B1, (1-mo. CME Term SOFR + 3.50%), 8.70%, 04/06/26			129		127,244
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.98%, 02/01/29			113		109,250


Security		Par (000)		Value

Aerospace & Defense (continued)
Peraton Corp. (continued)
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/01/28	USD		602	$	590,584
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3-mo. LIBOR US + 2.00%), 7.54%, 11/05/28			150		149,839
TransDigm, Inc., 2023 Term Loan I, (3-mo. CME Term SOFR + 3.25%), 8.49%, 08/24/28			314		313,798

					1,803,915

Automobile Components — 0.0%
Clarios Global LP, 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.85%, 05/06/30			298		296,975


Automobiles — 0.0%
Dealer Tire Financial LLC, Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.60%, 12/14/27			222		221,051


Beverages — 0.1%
Naked Juice LLC
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 01/24/30			213		167,739
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 01/24/29			536		497,288

					665,027

Broadline Retail — 0.1%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 11/24/28			179		178,346
Midas Intermediate Holdco II LLC, 2022 PIK Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.85%, 1.50% PIK), 5.96%, 06/30/27^(g)			307		267,546
PUG LLC, USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27			459		406,688
Sally Holdings LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.60%, 02/28/30^(c)			73		72,726

					925,306

Building Products — 0.1%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.41%, 05/13/29			28		27,729
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 11/23/27			197		184,892
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.70%, 04/28/29			88		87,854
Jeld-Wen, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.47%, 07/28/28			98		97,816
Wilsonart LLC, 2021 Term Loan E, (6-mo. LIBOR US at 1.00% Floor + 3.50%), 8.71%, 12/31/26			340		334,106

					732,397

Capital Markets — 0.2%
Advisor Group, Inc., 2021 Term Loan, (1-mo. LIBOR US + 4.50%), 9.69%, 07/31/26			368		368,316


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Capital Markets (continued)
Ascensus Holdings, Inc.
2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.69%, 08/02/29	USD		61	$	54,728
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 08/02/28			451		442,970
Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.24%, 12/20/29			132		132,082
Azalea Topco, Inc., Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 07/24/26			265		256,745
Castlelake Aviation Ltd., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 8.30%, 10/22/26			187		186,078
Castlelake Aviation One DAC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.00%, 10/22/27			81		80,125
Focus Financial Partners LLC
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 06/30/28			183		180,716
2023 Term Loan B6, 06/30/28^(m)			97		96,297
ION Trading Finance Ltd., 2021 USD Term Loan, (3-mo. LIBOR US + 4.75%), 10.09%, 04/03/28			74		72,313

					1,870,370

Chemicals — 0.2%
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 09/30/28			215		200,316
Aruba Investments Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.20%, 11/24/27			74		71,163
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.99%, 08/27/26			257		251,409
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.62%, 10/04/29			116		111,081
Element Solutions, Inc., 2019 Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.10%, 01/31/26			110		110,178
HB Fuller Co., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 02/15/30			37		37,006
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.70%, 02/18/30			72		71,524
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR + 3.93%), 9.27%, 07/03/28			18		14,944
LSF11 A5 Holdco LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 10/15/28			216		212,668
Messer Industries GmbH, 2018 USD Term Loan, (3-mo. CME Term SOFR + 2.50%), 8.00%, 03/02/26			161		160,116
Momentive Performance Materials USA LLC, 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.60%, 03/29/28			236		230,103
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.32%, 04/03/28			89		88,026
Olympus Water U.S. Holding Corp., 2023 Incremental Term Loan, 11/09/28^(m)			84		81,042
OQ Chemicals Corp., 2017 USD Term Loan B2, (1-mo. CME Term SOFR + 3.60%), 8.74%, 10/14/24			223		218,501
PQ Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.65%, 06/09/28			185		184,153


Security		Par (000)		Value

Chemicals (continued)
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 4.00%), 9.19%, 03/16/27	USD		75	$	73,420
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.54%, 08/02/28			219		217,138
W.R. Grace Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.75%), 9.31%, 09/22/28			109		108,546

					2,441,334

Commercial Services & Supplies — 0.3%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 05/12/28			381		370,034
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.15%, 02/15/29^(c)			53		52,124
Aramark Services, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.72%, 04/06/28			113		112,718
2023 Term Loan B6, 06/22/30^(c)(m)			88		87,888
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.95%, 09/07/27			297		295,971
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1-mo. LIBOR US + 2.00%), 7.19%, 10/08/28			112		111,686
Covanta Holding Corp.
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 11/30/28			6		6,210
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 11/30/28			83		81,868
GFL Environmental, Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.15%, 05/28/27			80		79,798
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.20%, 10/29/28			146		144,578
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.25%), 9.52%, 12/15/28			131		107,223
Prime Security Services Borrower LLC, 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 2.75%), 7.94%, 09/23/26			178		177,418
Tempo Acquisition LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.10%, 08/31/28			585		584,866
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.20%, 11/02/27			237		217,448
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR + 5.00%), 10.22%, 07/30/28			148		143,312

					2,573,142

Communications Equipment — 0.0%
Ciena Corp., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.59%, 01/18/30			27		26,933
ViaSat, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.60%, 03/02/29			115		110,946

					137,879


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Construction & Engineering — 0.0%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.42%, 06/21/24	USD		152	$	149,857
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 01/21/28			75		74,611
USIC Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.50%), 8.69%, 05/12/28			148		139,618

					364,086

Construction Materials — 0.1%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1-mo. CME Term SOFR + 2.00%), 7.20%, 01/15/27			122		121,339
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.10%, 03/08/29			97		81,363
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 04/29/29			122		119,127
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.69%, 09/22/28			73		73,141

					394,970

Consumer Staples Distribution & Retail — 0.0%
U.S. Foods, Inc.
2019 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.22%, 09/13/26			43		42,832
2021 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 11/22/28			200		200,128

					242,960

Containers & Packaging — 0.1%
Charter Next Generation, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 12/01/27			402		398,742
Mauser Packaging Solutions Holding Co., Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.16%, 08/14/26			125		124,496
Pregis TopCo Corp., 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 07/31/26			75		73,855

					597,093

Distributors — 0.0%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.02%, 10/28/27			163		150,608


Diversified Consumer Services — 0.2%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 10.95%, 12/10/29			100		84,583
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/11/28			148		138,419
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.47%, 11/24/28			189		187,593
KUEHG Corp., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.24%, 06/12/30			167		165,121
Sotheby’s, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.50%), 9.76%, 01/15/27			368		358,554


Security		Par (000)		Value

Diversified Consumer Services (continued)
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3-mo. LIBOR US + 4.00%), 9.54%, 07/30/25	USD		76	$	75,716
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 5.00%), 10.22%, 09/01/25			335		271,992
Wand NewCo 3, Inc., 2020 Term Loan, (1-mo. LIBOR US + 2.75%), 7.40%, 02/05/26			337		334,120
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.22%, 01/08/27			154		151,009

					1,767,107

Diversified REITs — 0.0%
RHP Hotel Properties, LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.85%, 05/18/30			135		134,466


Diversified Telecommunication Services — 0.3%
Altice Financing SA, USD 2017 1st Lien Term Loan, (3-mo. LIBOR US + 2.75%), 8.01%, 01/31/26			249		244,377
Connect Finco SARL, 2021 Term Loan B, (1-mo. LIBOR US + 3.50%), 8.70%, 12/11/26			744		742,918
Iridium Satellite LLC, 2021 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 11/04/26			207		206,688
Level 3 Financing, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.97%, 03/01/27			215		199,817
Lumen Technologies, Inc., 2020 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.47%, 03/15/27			244		199,535
Orbcomm, Inc., Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 4.25%), 9.58%, 09/01/28			148		118,196
Radiate Holdco LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 09/25/26			352		292,667
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. LIBOR US + 3.25%), 8.44%, 01/31/29			225		223,794
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.22%, 03/09/27			584		457,485

					2,685,477

Electrical Equipment — 0.0%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.25%, 06/23/28^(c)			221		214,564


Electronic Equipment, Instruments & Components — 0.0%
Coherent Corp., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 07/02/29			114		114,152


Energy Equipment & Services — 0.0%
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.54%, 10/05/28			365		363,678


Entertainment — 0.3%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. LIBOR US + 3.00%), 8.22%, 04/22/26			162		126,457
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 05/24/29			11		11,529
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.49%, 03/08/30			118		116,602


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Entertainment (continued)
City Football Group Ltd., Term Loan, (3-mo. LIBOR US at 0.50% Floor + 3.00%), 8.27%, 07/21/28	USD		223	$	218,158
Creative Artists Agency LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.60%, 11/27/28			180		178,966
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.10%, 01/15/30			151		150,925
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.00%), 8.73%, 03/08/24			538		497,975
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.93%, 10/17/26			452		450,540
Playtika Holding Corp., 2021 Term Loan, (1-mo. LIBOR US + 2.75%), 7.94%, 03/13/28			230		229,072
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. LIBOR US + 2.50%), 7.77%, 01/23/25			152		151,138
UFC Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 2.75%), 8.05%, 04/29/26			146		145,836
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. LIBOR US + 2.75%), 7.95%, 05/18/25			470		468,643
WMG Acquisition Corp., 2021 Term Loan G, (1-mo. CME Term SOFR + 2.13%), 7.33%, 01/20/28			351		349,747

					3,095,588

Financial Services — 0.3%
ABG Intermediate Holdings 2 LLC, 2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/21/28			90		89,257
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.49%, 08/15/28			200		177,444
Belron Finance U.S. LLC, 2018 Term Loan B, (3-mo. LIBOR US + 2.25%), 7.63%, 11/13/25			370		370,030
Belron Luxembourg SARL, 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.83%, 04/18/29			54		53,967
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.99%, 04/09/27			753		729,824
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 04/07/28			190		175,988
LBM Acquisition LLC, Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.94%, 12/17/27			96		92,384
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.45%, 03/24/25			257		255,447
Sotera Health Holdings LLC, 2021 Term Loan, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 8.02%, 12/11/26			267		262,386
Travelport Finance SARL, 2023 Consented Term Loan, 05/29/26^(c)(m)			144		87,317
UPC Financing Partnership, 2021 USD Term Loan AX, (1-mo. LIBOR US + 2.93%), 8.12%, 01/31/29			45		44,076
WEX, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.47%, 03/31/28			123		122,899
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 10/19/27			193		190,925

					2,651,944


Security		Par (000)		Value

Food Products — 0.2%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 10/01/25	USD		162	$	148,462
B&G Foods, Inc., 2019 Term Loan B4, (1-mo. LIBOR US + 2.50%), 7.65%, 10/10/26			92		89,756
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.72%, 10/25/27			588		584,010
Froneri International Ltd., 2020 USD Term Loan, (3-mo. CME Term SOFR + 2.25%), 7.45%, 01/29/27			563		559,487
H-Food Holdings LLC, 2018 Term Loan B, (6-mo. LIBOR US + 3.69%), 9.27%, 05/23/25			55		47,972
Hostess Brands LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.75%, 06/21/30			185		185,214
Nomad Foods U.S. LLC, 2022 Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.56%, 11/12/29			75		74,906
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.77%, 06/08/28			261		257,748
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor), 5.24%, 03/31/28			273		262,985
UTZ Quality Foods LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 01/20/28			259		258,742

					2,469,282

Ground Transportation — 0.1%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 4.75%), 9.93%, 04/06/28			98		95,197
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.97%, 08/06/27			71		69,763
Genesee & Wyoming, Inc., Term Loan, (3-mo. CME Term SOFR + 2.00%), 7.34%, 12/30/26			186		185,312
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 5.50%), 10.76%, 08/04/25			78		69,967
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.01%, 03/03/30			198		198,344

					618,583

Health Care Equipment & Supplies — 0.1%
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/03/28			371		362,711
Femur Buyer, Inc., 1st Lien Term Loan, (3-mo. LIBOR US + 4.50%), 10.00%, 03/05/26			107		97,647
Insulet Corp., Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.47%, 05/04/28			110		110,174
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.47%, 10/23/28			759		749,440

					1,319,972

Health Care Providers & Services — 0.1%
CHG Healthcare Services, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.44%, 09/29/28			184		183,129
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.46%, 11/08/27			197		196,091


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Health Care Providers & Services (continued)
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.22%, 11/01/28	USD		297		$	295,626
Envision Healthcare Corp.
2022 First Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.88%), 13.27%, 03/31/27			—	⁽ⁿ⁾		86
2022 Second Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 4.25%), 9.49%, 03/31/27			159			11,681
EyeCare Partners LLC, 2020 Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.25%, 02/18/27			198			145,047
MED ParentCo LP, 1st Lien Term Loan, (1-mo. LIBOR US + 4.25%), 9.47%, 08/31/26			182			168,828
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.94%, 10/27/28			109			108,416
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 11/01/28			152			142,729
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.90%, 08/31/26			68			67,479
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.44%, 05/16/29			32			31,632

						1,350,744

Health Care Technology — 0.1%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 02/15/29			399			384,019
Polaris Newco LLC, USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 06/02/28			529			485,545
Verscend Holding Corp., 2021 Term Loan B, (1-mo. LIBOR US + 4.00%), 9.22%, 08/27/25			331			330,423

						1,199,987

Hotels, Restaurants & Leisure — 0.4%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. LIBOR US + 3.75%), 8.94%, 02/02/26			211			204,359
Alterra Mountain Co., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.95%, 05/31/30^(c)			19			18,953
Bally’s Corp., 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.40%, 10/02/28			74			72,103
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., Term Loan B4, (1-mo. LIBOR US + 1.75%), 6.94%, 11/19/26			337			334,478
Caesars Entertainment, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 02/06/30			140			139,523
Carnival Corp., USD Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.22%, 06/30/25			255			254,212
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.20%, 03/17/28			184			181,858
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 01/27/29			591			582,488


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Flutter Financing BV, 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.75%, 07/22/28	USD		154	$	153,942
Four Seasons Hotels Ltd., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/30/29			302		302,591
Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1-mo. CME Term SOFR + 1.75%), 6.94%, 06/22/26			261		260,914
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 12/15/27			543		538,842
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.44%, 03/09/28			126		86,983
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.95%, 05/03/29			152		151,479
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.34%, 01/05/29			57		56,508
Scientific Games International, Inc., 2022 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.25%, 04/14/29			87		86,888
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.00%), 8.25%, 08/25/28			69		69,363
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3-mo. CME Term SOFR + 2.25%), 7.75%, 07/21/26			148		148,167
Station Casinos LLC, 2020 Term Loan B, (1-mo. LIBOR US at 0.25% Floor + 2.25%), 7.45%, 02/08/27			298		296,582
Whatabrands LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.47%, 08/03/28			309		306,458
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.45%, 05/24/30			19		18,941

					4,265,632

Household Durables — 0.1%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.75%, 05/17/28			171		143,026
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.67%, 02/26/29			329		311,135
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 10/06/28			110		88,543
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 10/30/27			350		306,762

					849,466

Household Products — 0.0%
Diamond BC BV, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.06%, 09/29/28			338		337,279


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Independent Power and Renewable Electricity Producers — 0.0%
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 8.03%, 12/15/27	USD		233	$	231,455


Insurance — 0.2%
Alliant Holdings Intermediate LLC
2021 Term Loan B4, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.65%, 11/06/27			118		117,393
2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.65%, 11/05/27			524		519,949
AmWINS Group, Inc.
2021 Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 2.25%), 7.44%, 02/19/28			173		171,581
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.83%, 02/19/28			55		54,531
AssuredPartners, Inc., 2020 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27			260		257,575
HUB International Ltd.
2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.07%, 11/10/29			74		74,510
2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.34%, 06/20/30			466		466,516
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 09/01/27			161		160,363
USI, Inc., 2022 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.99%, 11/22/29			325		324,644

					2,147,062

Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.39%, 02/16/28			50		49,304
Adevinta ASA, USD Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 2.75%), 8.29%, 06/26/28			139		138,707
Camelot Finance SA, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 10/30/26			250		249,282
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.22%, 10/30/26			281		280,940
GoodRx, Inc., 1st Lien Term Loan, (1-mo. LIBOR US + 2.75%), 7.94%, 10/10/25			76		75,827
Grab Holdings, Inc., Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 4.50%), 9.70%, 01/29/26			120		119,711

					913,771

IT Services — 0.2%
Asurion LLC
2020 Term Loan B8, (3-mo. LIBOR US + 3.25%), 8.79%, 12/23/26			283		272,183
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.25%), 10.51%, 01/31/28			255		216,273
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.25%), 9.45%, 08/19/28			23		21,781
Epicor Software Corp., 2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 07/30/27			111		109,407


Security		Par (000)		Value

IT Services (continued)
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.34%, 10/01/27	USD		366	$	360,321
Go Daddy Operating Co. LLC
2021 Term Loan B4, (1-mo. LIBOR US + 2.00%), 7.19%, 08/10/27			124		123,842
2022 Term Loan B5, (1-mo. CME Term SOFR + 3.00%), 8.10%, 11/09/29			161		161,407
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 02/17/28			382		379,052

					1,644,266

Leisure Products — 0.0%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.19%, 12/01/28^(c)			99		94,131
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27			40		40,387
Topgolf Callaway Brands Corp., Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.70%, 03/15/30			130		129,459

					263,977

Life Sciences Tools & Services — 0.2%
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.45%, 11/08/27			229		228,417
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 02/22/28			188		183,217
Curia Global, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.90%, 08/30/26			23		19,784
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.72%, 02/04/27			156		149,493
Fortrea Holdings, Inc., Term Loan B, 06/12/30^(m)			51		50,975
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28			229		229,375
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.03%, 10/19/27			239		238,344
Parexel International Corp., 2021 1st Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.35%, 11/15/28			368		364,892
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28			57		57,149

					1,521,646

Machinery — 0.3%
Albion Financing 3 SARL, USD Term Loan, (3-mo. LIBOR US at 0.50% Floor + 5.25%), 10.52%, 08/17/26^(c)			222		219,963
Clark Equipment Co., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 04/20/29			42		41,449
Columbus McKinnon Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.23%, 05/14/28			66		66,176


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Machinery (continued)
Filtration Group Corp., 2023 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.33%, 10/21/28	USD		297	$	296,681
Gardner Denver, Inc., 2020 USD Term Loan B2, (1-mo. CME Term SOFR + 1.75%), 6.95%, 03/01/27			142		141,761
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 03/31/27			300		298,376
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1-mo. CME Term SOFR + 1.75%), 6.95%, 03/01/27			157		156,815
Madison IAQ LLC, Term Loan, (6-mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28			452		441,778
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.74%, 11/22/29			259		258,053
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.70%, 04/05/29			230		226,574
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.73%, 03/28/25			446		434,799
Vertical U.S. Newco, Inc., Term Loan B, (6-mo. LIBOR US at 0.50% Floor + 3.50%), 8.60%, 07/30/27			327		324,629
Vertiv Group Corp., 2021 Term Loan B, (1-mo. LIBOR US + 2.75%), 7.94%, 03/02/27			302		300,460
Zurn LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 10/04/28			109		108,622

					3,316,136

Media — 0.2%
AVSC Holding Corp., 2020 Term Loan B1, (1-mo. LIBOR US at 1.00% Floor + 3.25%, 0.25% PIK), 8.68%, 03/03/25^(g)			184		179,200
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (3-mo. CME Term SOFR + 1.75%), 6.80%, 04/30/25			123		122,907
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. LIBOR US + 3.50%), 8.81%, 08/21/26			390		371,914
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.72%, 09/01/28			166		164,302
CSC Holdings LLC
2017 Term Loan B1, (1-mo. LIBOR US + 2.25%), 7.44%, 07/17/25			115		110,315
2019 Term Loan B5, (1-mo. LIBOR US + 2.50%), 7.69%, 04/15/27			315		274,335
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.22%, 08/02/27			336		328,737
Learfield Communications LLC, 2016 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.25%), 8.77%, 12/01/23			91		70,477
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.75%), 8.95%, 04/21/29^(c)			199		149,740


Security		Par (000)		Value

Media (continued)
Voyage Digital Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.36%, 05/11/29^(c)	USD		106	$	105,400
Ziggo Financing Partnership, USD Term Loan I, (1-mo. LIBOR US + 2.50%), 7.69%, 04/30/28			126		123,930

					2,001,257

Oil, Gas & Consumable Fuels — 0.1%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 12/21/28			441		431,228
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.68%, 09/19/29			26		25,563
Medallion Midland Acquisition LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.25%, 10/18/28			221		219,147

					675,938

Passenger Airlines — 0.2%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28			436		444,558
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.84%, 08/11/28			370		369,731
American Airlines, Inc.
2017 1st Lien Term Loan, (6-mo. LIBOR US + 3.50%), 7.00%, 01/29/27			302		294,041
2023 Term Loan B, (6-mo. CME Term SOFR + 2.75%), 8.15%, 02/15/28			280		274,593
Kestrel Bidco, Inc., Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.25%, 12/11/26			108		103,960
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.76%, 06/21/27			299		310,464
United Airlines, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.29%, 04/21/28			351		350,501

					2,147,848

Personal Care Products — 0.1%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.09%, 10/01/26			771		766,322


Pharmaceuticals — 0.1%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 05/04/25			124		119,276
Amynta Agency Borrower, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 5.00%), 10.20%, 02/28/28			99		96,092
Bausch Health Cos., Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.43%, 02/01/27			143		107,479
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.01%, 08/01/27			298		292,019
Jazz Financing Lux SARL, USD Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.69%, 05/05/28			265		264,984


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Pharmaceuticals (continued)
Organon & Co., USD Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.00%), 8.25%, 06/02/28	USD		197	$	196,588
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.34%, 11/18/27^(c)			153		146,443

					1,222,881

Professional Services — 0.3%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.72%, 02/04/28			185		184,603
CoreLogic, Inc.
2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.75%, 06/04/29			100		80,250
Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 06/02/28			476		429,453
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (1-mo. CME Term SOFR + 3.25%), 8.33%, 01/18/29			75		74,156
Term Loan, (1-mo. CME Term SOFR + 3.25%), 8.43%, 02/06/26			480		480,027
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/06/29			76		74,623
2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/06/29			165		161,682
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.95%, 04/28/28			224		221,625
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.85%, 04/29/29^(c)			268		251,227
Trans Union LLC
2019 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.95%, 11/16/26			111		110,952
2021 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.47%, 12/01/28			385		383,307
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.52%, 02/28/27			259		254,992

					2,706,897

Real Estate Management & Development — 0.0%
Cushman & Wakefield U.S. Borrower LLC
2020 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 08/21/25			95		94,002
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 01/31/30^(c)			238		230,156

					324,158

Semiconductors & Semiconductor Equipment — 0.0%
MKS Instruments, Inc., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.94%, 08/17/29			179		178,812
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.74%, 12/02/28			110		108,716

					287,528


Security		Par (000)			Value

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.22%, 04/24/28	USD		809	$	790,518
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.05%, 08/01/25			148		147,884
Sophia LP, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 9.04%, 10/07/27			290		286,303
UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.27%, 05/03/27			112		108,744
Ultimate Software Group, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.27%, 05/04/26			280		274,730

					6,665,466

Specialty Retail — 0.1%
EG Group Ltd., 2021 Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.41%, 03/31/26			320		317,947
Mavis Tire Express Services Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 05/04/28			312		308,632
PetSmart, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/11/28			398		396,383
Pilot Travel Centers LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.20%, 08/04/28			177		176,742
Restoration Hardware, Inc.
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 10/20/28			89		86,087
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.69%, 10/20/28			91		87,711
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 02/08/28			22		20,312

					1,393,814

Technology Hardware, Storage & Peripherals — 0.0%
Electronics for Imaging, Inc., Term Loan, (1-mo. LIBOR US + 5.00%), 10.21%, 07/23/26			66		44,725


Textiles, Apparel & Luxury Goods — 0.0%
Crocs, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 02/20/29			113		113,447
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 03/08/30^(c)			58		57,999

					171,446

Trading Companies & Distributors — 0.1%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1-mo. LIBOR US + 2.25%), 7.44%, 05/19/28			185		184,472
Core & Main LP, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.61%, 07/27/28			556		552,150
SRS Distribution, Inc.
2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.69%, 06/02/28			448		433,979


Security		Par (000)		Value

Trading Companies & Distributors (continued)
SRS Distribution, Inc. (continued)
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.70%, 06/02/28	USD		67	$	65,500
TMK Hawk Parent Corp., 2020 Super Priority Second Out Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 3.50%), 9.00%, 08/28/24^(c)			120		72,887

					1,308,988

Transportation Infrastructure — 0.0%
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 09/22/28			94		93,179
KKR Apple Bidco LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.97%, 09/23/28			39		39,020
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 11.43%, 12/15/26 .			122		114,146
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.49%, 03/17/30			39		36,471

					282,816

Wireless Telecommunication Services — 0.0%
Digicel International Finance Ltd., 2017 Term Loan B, (1-mo. LIBOR US + 3.25%), 8.98%, 05/28/24			101		92,612
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 04/30/28			64		63,314
SBA Senior Finance II LLC, 2018 Term Loan B, (1-mo. LIBOR US + 1.75%), 6.95%, 04/11/25			186		185,978

					341,904


Total Floating Rate Loan Interests — 6.4% (Cost: $68,896,288)					67,235,335


Foreign Agency Obligations

Brazil — 0.5%
Brazilian Government International Bond, 5.00%, 01/27/45^(d)			6,525		5,085,585


China — 0.0%
China Development Bank/Hong Kong, 2.00%, 02/16/27^(e)			200		183,092
Export-Import Bank of China, 3.38%, 03/14/27^(e)			200		191,514

					374,606

Colombia — 0.3%
Colombia Government International Bond, 5.63%, 02/26/44^(d)			4,000		2,975,640


Hong Kong — 0.0%
Airport Authority, 3.25%, 01/12/52^(d)			200		153,452


India — 0.0%
Export-Import Bank of India, 3.88%, 02/01/28^(e)			200		188,068


Indonesia — 0.6%
Indonesia Government International Bond
5.88%, 01/15/24^(b)(d)			4,400		4,411,704
4.65%, 09/20/32			250		244,978
4.85%, 01/11/33			200		199,438
5.25%, 01/17/42^(e)			200		199,970
4.75%, 07/18/47^(e)			200		188,490
3.70%, 10/30/49			200		158,058


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Indonesia (continued)
Indonesia Government International Bond (continued)
3.50%, 02/14/50	USD		200	$	152,362
Perusahaan Penerbit SBSN Indonesia III^(e)
1.50%, 06/09/26			200		181,396
4.40%, 06/06/27			200		196,828

					5,933,224

Mexico — 0.5%
Mexico Government International Bond, 4.75%, 03/08/44^(d)			5,800		4,971,876


Pakistan — 0.0%
Pakistan Government International Bond^(e)
6.00%, 04/08/26			450		216,468
7.38%, 04/08/31			200		90,660

					307,128

Philippines — 0.0%
Philippines Government International Bond
3.70%, 03/01/41			300		247,560
2.65%, 12/10/45			200		134,144

					381,704

Qatar — 0.0%
Qatar Government International Bond, 5.10%, 04/23/48^(e)			200		198,922


Saudi Arabia — 0.1%
Saudi Government International Bond^(e)
4.00%, 04/17/25			200		195,412
4.75%, 01/18/28			250		247,450
4.50%, 10/26/46			200		174,820

					617,682

South Korea — 0.2%
Export-Import Bank of Korea
0.63%, 06/29/24			250		237,815
1.63%, 01/18/27			200		179,144
Korea Development Bank
3.75%, 01/22/24			200		197,660
2.00%, 02/24/25			200		189,186
4.38%, 02/15/33			200		193,938
Korea Electric Power Corp., 3.63%, 06/14/25^(e)			300		288,754
Korea Expressway Corp., 1.13%, 05/17/26^(e)			200		177,332

					1,463,829

Uruguay — 0.3%
Uruguay Government International Bond, 5.10%, 06/18/50			3,500		3,493,315


Total Foreign Agency Obligations — 2.5% (Cost: $29,310,372)					26,145,031


Security		Shares		Value

Investment Companies

Fixed Income Funds — 0.1%
Invesco Senior Loan ETF^(o)			45,000	$	946,800


Total Investment Companies — 0.1% (Cost: $925,698)					946,800


		Par (000)

Municipal Bonds

New York — 1.0%
Metropolitan Transportation Authority, RB, BAB, 6.55%, 11/15/31	USD		10,000		10,472,880


Total Municipal Bonds — 1.0% (Cost: $9,833,900)					10,472,880


Preferred Securities

Capital Trusts — 10.1%

Automobiles — 0.2%
General Motors Financial Co., Inc., Series C, 5.70%^(a)(d)(f)			2,565		2,251,669


Banks^(a)(f)— 2.9%
HSBC Capital Funding Dollar 1 LP, 10.18%^(b)			11,835		14,605,987
Industrial & Commercial Bank of China Ltd., 3.20%^(e).			300		279,231
ING Groep NV, 3.88%			2,284		1,625,722
Macquarie Bank Ltd., 6.13%^(b)			1,885		1,697,949
Nordea Bank Abp, 6.13%^(b)			5,540		5,229,883
PNC Financial Services Group, Inc., Series V, 6.20%^(d)			5,529		5,153,857
Rizal Commercial Banking Corp., 6.50%^(e)			700		618,492
TMBThanachart Bank PCL, 4.90%^(e)			700		658,000
Wells Fargo & Co., Series S, 5.90%			281		277,136

					30,146,257

Capital Markets — 0.1%
State Street Corp., Series F, 9.15%^(a)(f)			618		616,467


Electric Utilities — 0.7%
PPL Capital Funding, Inc., Series A, 8.20%, 03/30/67^(a)			8,300		7,324,754


Financial Services — 3.7%
Bank of America Corp., Series U, 8.63%^(a)(f)			5,785		5,784,838
Barclays PLC^(a)(f)
4.38%			1,630		1,107,422
8.00%			4,500		4,252,050
BNP Paribas SA, 7.38%^(a)(b)(f)			4,535		4,397,015
Credit Agricole SA, 8.13%^(a)(b)(f)			5,000		5,006,250
JPMorgan Chase & Co., 8.75%, 09/01/30			2,000		2,427,744
Lloyds Banking Group PLC, 7.50%^(a)(f)			8,285		7,747,718
NatWest Group PLC, 8.00%^(a)(f)			970		944,227
UBS Group AG, 7.00%^(a)(b)(f)			7,500		7,242,364

					38,909,628

Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp., 7.00%^(a)(b)(f)			481		419,672


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Insurance — 1.7%
ACE Capital Trust II, 9.70%, 04/01/30^(d)	USD	7,000	$	8,312,500
Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, 04/01/27		5,000		4,732,805
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52^(a)(e)		200		195,454
MetLife, Inc., 6.40%, 12/15/66^(d)		5,000		4,990,232

				18,230,991

Oil, Gas & Consumable Fuels — 0.2%
Enterprise Products Operating LLC, 8.27%, 06/01/67^(a)		2,500		2,349,897


Real Estate Management & Development — 0.0%
NWD Finance BVI Ltd., 4.13%^(a)(e)(f)		409		272,954


Wireless Telecommunication Services — 0.5%
Vodafone Group PLC, 7.00%, 04/04/79^(a)		4,745		4,865,286

				105,387,575


	Shares


Preferred Stocks — 3.9%

Banks^(a)(f)— 2.5%
Citigroup, Inc., Series K		488,320		12,369,146
Wells Fargo & Co., Series Q		550,500		13,768,005

				26,137,151

Capital Markets^(a)(f)— 0.9%
Goldman Sachs Group, Inc., Series J, 5.50%		162,450		4,144,099
State Street Corp., Series D		220,495		5,609,393

				9,753,492

IT Services — 0.5%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $3,403,593)^(c)(p)		31,062		5,460,826

				41,351,469

Total Preferred Securities — 14.0% (Cost: $151,735,796)				146,739,044


	Par (000)


U.S. Government Sponsored Agency Securities

Mortgage-Backed Securities — 14.7%
Uniform Mortgage-Backed Securities, 4.50%, 07/13/53^(q)	USD	160,000		153,825,000


Total U.S. Government Sponsored Agency Securities — 14.7% (Cost: $154,150,000)				153,825,000


	Shares


Warrants

Consumer Discretionary — 0.0%
Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00)^(l)		450		—


Total Warrants — 0.0% (Cost: $ — )				—


Total Long-Term Investments — 168.7% (Cost: $1,841,051,173)				1,768,694,248


Security	Shares			Value


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%^(o)(r)		7,466,683		$	7,466,683


Total Short-Term Securities — 0.7% (Cost: $7,466,683)					7,466,683


Options Purchased — 0.1% (Cost: $2,089,125)					1,442,631


Total Investments Before TBA Sale Commitments and Options Written — 169.5% (Cost: $1,850,606,981)					1,777,603,562


	Par (000)


TBA Sale Commitments

Mortgage-Backed Securities — (7.4)%
Uniform Mortgage-Backed Securities, 4.50%, 07/13/53^(q)	USD	(80,740	)		(77,623,941	)


Total TBA Sale Commitments — (7.4)% (Proceeds: $(78,109,642))					(77,623,941	)


Options Written — (0.0)% (Premiums Received: $(755,964))					(280,459	)


Total Investments, Net of TBA Sale Commitments and Options Written — 162.1% (Cost: $1,771,741,375)					1,699,699,162

Liabilities in Excess of Other Assets — (62.1)%					(651,185,982	)


Net Assets — 100.0%				$	1,048,513,180

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

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

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

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

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

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

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

^(h)	Convertible security.

⁽ⁱ⁾	Zero-coupon bond.

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

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

^(l)	Non-income producing security.

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

⁽ⁿ⁾	Rounds to less than 1,000.

^(o)	Affiliate of the Trust.

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

^(q)	Represents or includes a TBA transaction.

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

Affiliates




Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/23		Shares Held at 06/30/23		Income		Capital Gain Distributions from Underlying Funds


BlackRock Liquidity Funds, T-Fund, Institutional Class	$	8,145,069	$	—	$	(678,386)	^(a)	$	—	$	—	$	7,466,683		7,466,683	$	173,043	$	—

^(a)

Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face
Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

BNP Paribas SA

5.24

%^(b)

04/17/23

Open

249,948

252,511

Corporate Bonds

Open/Demand

BNP Paribas SA

5.24

^(b)

04/17/23

Open

1,271,480

1,284,522

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/17/23

Open

269,625

272,385

Corporate Bonds

Open/Demand

BNP Paribas SA

5.07

^(b)

04/19/23

Open

1,826,000

1,843,603

Corporate Bonds

Open/Demand

BNP Paribas SA

5.19

^(b)

04/19/23

Open

1,877,500

1,896,050

Capital Trusts

Open/Demand

BNP Paribas SA

5.20

^(b)

04/19/23

Open

1,520,625

1,535,679

Corporate Bonds

Open/Demand

BNP Paribas SA

5.20

^(b)

04/19/23

Open

4,903,125

4,951,666

Corporate Bonds

Open/Demand

BNP Paribas SA

5.24

^(b)

04/19/23

Open

338,520

341,898

Corporate Bonds

Open/Demand

BNP Paribas SA

5.24

^(b)

04/19/23

Open

5,059,035

5,108,310

Capital Trusts

Open/Demand

BNP Paribas SA

5.25

^(b)

04/19/23

Open

2,598,750

2,623,802

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

4.25

^(b)

04/19/23

Open

5,625,000

5,679,563

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.10

^(b)

04/19/23

Open

387,495

391,254

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/19/23

Open

163,103

164,727

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/19/23

Open

224,350

226,585

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/19/23

Open

558,606

564,170

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/19/23

Open

1,283,992

1,296,781

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/19/23

Open

1,792,500

1,810,353

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/19/23

Open

369,380

373,059

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/19/23

Open

867,818

876,461

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/19/23

Open

1,186,827

1,198,648

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/19/23

Open

416,250

420,396

Corporate Bonds

Open/Demand

Nomura Securities International, Inc

5.23

^(b)

04/19/23

Open

756,175

763,707

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.20

^(b)

04/19/23

Open

6,597,156

6,648,760

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.25

^(b)

04/19/23

Open

4,651,612

4,698,129

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

4,095,162

4,136,032

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

1,107,225

1,118,275

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

813,750

821,871

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

3,861,562

3,900,101

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

5,130,587

5,181,791

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

2,182,335

2,204,115

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

3,925,000

3,964,172

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

442,131

446,544

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

2,965,219

2,994,812

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

779,313

787,090

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

4,326,094

4,369,268

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

606,563

612,616

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

5,662,500

5,719,012

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

3,790,000

3,827,824

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

3,075,469

3,106,162

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

5,950,042

6,009,424

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

909,287

918,362

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

04/19/23

Open

3,000,131

3,030,073

Corporate Bonds

Open/Demand


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

TD Securities (USA) LLC

5.24

%^(b)

04/19/23

Open

2,625,000

2,651,198

Corporate Bonds

Open/Demand

BNP Paribas SA

5.21

^(b)

04/26/23

Open

1,889,919

1,906,844

Corporate Bonds

Open/Demand

BNP Paribas SA

5.11

^(b)

05/01/23

Open

1,113,600

1,122,620

Corporate Bonds

Open/Demand

BNP Paribas SA

5.20

^(b)

05/01/23

Open

291,360

293,764

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/01/23

Open

389,118

392,347

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/01/23

Open

357,880

360,850

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/01/23

Open

389,903

393,139

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

05/01/23

Open

7,318,800

7,379,668

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/03/23

Open

626,835

631,864

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/03/23

Open

184,860

186,343

Corporate Bonds

Open/Demand

BNP Paribas SA

5.12

^(b)

05/05/23

Open

202,070

203,622

Corporate Bonds

Open/Demand

BNP Paribas SA

5.05

^(b)

05/10/23

Open

627,323

631,810

Corporate Bonds

Open/Demand

BNP Paribas SA

5.12

^(b)

05/10/23

Open

956,250

963,186

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/10/23

Open

189,040

190,441

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/10/23

Open

167,904

169,148

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.23

^(b)

05/10/23

Open

5,680,937

5,723,029

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

05/22/23

Open

4,710,244

4,737,668

Corporate Bonds

Open/Demand

BNP Paribas SA

4.25

^(b)

05/30/23

Open

312,945

314,090

Corporate Bonds

Open/Demand

BNP Paribas SA

4.90

^(b)

05/30/23

Open

336,870

338,291

Corporate Bonds

Open/Demand

BNP Paribas SA

5.10

^(b)

05/30/23

Open

281,186

282,421

Corporate Bonds

Open/Demand

BNP Paribas SA

5.17

^(b)

05/30/23

Open

1,939,406

1,948,040

Corporate Bonds

Open/Demand

BNP Paribas SA

5.19

^(b)

05/30/23

Open

500,000

502,235

Corporate Bonds

Open/Demand

BNP Paribas SA

5.20

^(b)

05/30/23

Open

672,636

675,648

Corporate Bonds

Open/Demand

BNP Paribas SA

5.20

^(b)

05/30/23

Open

326,000

327,460

Corporate Bonds

Open/Demand

BNP Paribas SA

5.25

^(b)

05/30/23

Open

4,500,000

4,520,344

Corporate Bonds

Open/Demand

BNP Paribas SA

5.25

^(b)

05/30/23

Open

3,039,787

3,053,137

Corporate Bonds

Open/Demand

BNP Paribas SA

5.25

^(b)

05/30/23

Open

3,956,250

3,974,136

Corporate Bonds

Open/Demand

BNP Paribas SA

5.25

^(b)

05/30/23

Open

3,053,250

3,066,790

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

198,338

199,231

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

444,188

446,188

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

1,698,375

1,706,024

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

114,250

114,765

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

1,760,120

1,768,047

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

834,480

838,238

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

05/30/23

Open

356,875

358,482

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.25

^(b)

05/30/23

Open

1,668,975

1,676,520

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.25

^(b)

05/30/23

Open

11,425,000

11,476,651

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.25

^(b)

05/30/23

Open

12,255,692

12,311,098

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

05/30/23

Open

3,585,000

3,601,176

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

05/30/23

Open

1,975,994

1,984,910

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

05/30/23

Open

4,568,750

4,589,365

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

05/30/23

Open

3,730,125

3,746,956

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

05/30/23

Open

3,927,206

3,944,927

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.25

^(b)

05/30/23

Open

6,166,987

6,194,867

Corporate Bonds

Open/Demand

BNP Paribas SA

5.15

^(b)

06/01/23

Open

975,125

979,170

Corporate Bonds

Open/Demand

BofA Securities, Inc.

(0.25

)

06/06/23

07/19/23

802,358

802,224

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

2.25

06/06/23

07/19/23

688,921

689,955

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

3.25

06/06/23

07/19/23

573,793

575,036

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

3.90

06/06/23

07/19/23

428,925

430,040

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.25

06/06/23

07/19/23

247,126

247,826

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.75

06/06/23

07/19/23

1,893,750

1,899,747

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.90

06/06/23

07/19/23

509,824

511,489

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.95

06/06/23

07/19/23

498,589

500,234

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.00

06/06/23

07/19/23

7,031,250

7,054,688

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.00

06/06/23

07/19/23

624,630

626,712

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.00

06/06/23

07/19/23

1,291,150

1,295,454

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.05

06/06/23

07/19/23

427,625

429,065

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.08

06/06/23

07/19/23

831,469

834,285

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

06/06/23

07/19/23

936,375

939,559

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

06/06/23

07/19/23

1,778,370

1,784,416

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

06/06/23

07/19/23

1,238,186

1,242,396

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

06/06/23

07/19/23

338,250

339,400

Corporate Bonds

Up to 30 Days


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

BofA Securities, Inc.

5.15

06/06/23

07/19/23

282,645

283,615

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

182,210

182,836

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

411,090

412,501

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

226,125

226,901

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

273,910

274,850

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

400,403

401,777

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

991,042

994,445

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

1,115,625

1,119,455

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

282,500

283,470

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

756,250

758,846

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

163,800

164,362

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

485,625

487,292

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

310,399

311,464

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

1,013,617

1,017,098

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

463,125

464,715

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

1,098,550

1,102,322

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

550,778

552,669

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

396,210

397,570

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

787,031

789,733

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

574,000

575,971

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

1,248,446

1,252,733

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

1,743,755

1,749,742

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

264,749

265,658

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

1,134,559

1,138,454

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/06/23

07/19/23

1,704,965

1,710,819

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

1,868,696

1,875,174

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

1,258,425

1,262,788

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

847,880

850,819

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

107,749

108,122

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

320,000

321,109

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

499,444

501,175

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

1,291,174

1,295,650

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

1,037,351

1,040,947

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/06/23

07/19/23

1,468,416

1,473,507

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.22

06/06/23

07/19/23

4,448,814

4,464,296

Foreign Agency Obligations

Up to 30 Days

BofA Securities, Inc.

5.23

06/06/23

07/19/23

2,898,750

2,908,857

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.23

06/06/23

07/19/23

2,703,750

2,713,177

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.24

06/06/23

07/19/23

5,446,125

5,465,150

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

4,995,000

5,012,483

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

722,925

725,455

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

343,069

344,269

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

215,175

215,928

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

301,350

302,405

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

887,110

890,215

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

3,381,581

3,393,417

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

383,169

384,510

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

9,925,000

9,959,738

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

281,286

282,271

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

775,249

777,962

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

505,750

507,520

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

7,199,887

7,225,087

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

1,728,486

1,734,535

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

624,488

626,673

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

3,513,656

3,525,954

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

558,495

560,450

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

4,796,316

4,813,103

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

5,056,250

5,073,947

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

515,849

517,654

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/06/23

07/19/23

9,782,937

9,817,178

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.20

^(b)

06/07/23

Open

441,955

443,423

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

1,600,000

1,605,316

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

837,500

840,282

Corporate Bonds

Open/Demand


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

Goldman Sachs & Co. LLC

5.20

%^(b)

06/07/23

Open

390,625

391,923

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

1,311,211

1,315,567

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

4,164,290

4,178,125

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/07/23

Open

2,762,681

2,771,860

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/07/23

Open

386,088

387,378

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.25

^(b)

06/07/23

Open

4,200,000

4,214,700

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/07/23

Open

6,604,825

6,626,937

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.00

06/08/23

07/19/23

355,726

356,813

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

06/08/23

07/19/23

1,492,329

1,496,980

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/08/23

07/19/23

1,347,266

1,351,506

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

4.25

06/08/23

07/21/23

513,765

515,099

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

320,591

321,600

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

407,410

408,692

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

1,170,000

1,173,682

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

157,188

157,682

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

240,923

241,681

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

310,000

310,976

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

449,750

451,165

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

596,250

598,127

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

547,751

549,475

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/08/23

07/21/23

710,000

712,235

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/08/23

07/21/23

237,545

238,300

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/08/23

07/21/23

642,375

644,416

Capital Trusts

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/08/23

07/21/23

675,978

678,126

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/08/23

07/21/23

705,994

708,237

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/08/23

07/21/23

877,500

880,289

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/08/23

07/21/23

352,800

353,932

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/08/23

07/21/23

553,900

555,677

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/08/23

07/21/23

83,565

83,833

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/08/23

07/21/23

272,496

273,371

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/08/23

07/21/23

627,608

629,621

Corporate Bonds

Up to 30 Days

TD Securities (USA) LLC

5.24

^(b)

06/08/23

Open

2,637,250

2,645,695

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/08/23

Open

8,867,775

8,896,172

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/08/23

Open

2,905,000

2,914,302

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/08/23

Open

2,930,200

2,939,583

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/12/23

Open

2,440,350

2,446,744

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.25

06/15/23

07/19/23

76,300

76,467

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.19

^(b)

06/15/23

Open

685,946

687,430

Corporate Bonds

Open/Demand

BNP Paribas SA

5.19

^(b)

06/15/23

Open

326,519

327,225

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/15/23

Open

840,000

841,820

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.20

^(b)

06/15/23

Open

8,112,500

8,130,077

Corporate Bonds

Open/Demand

BofA Securities, Inc.

3.00

06/16/23

07/19/23

679,770

680,393

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.00

06/16/23

07/19/23

143,089

143,307

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/16/23

07/19/23

173,700

173,973

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

06/16/23

07/19/23

2,854,800

2,859,292

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/16/23

07/19/23

164,590

164,854

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/16/23

07/19/23

362,388

362,969

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/16/23

07/19/23

416,116

416,784

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/16/23

07/19/23

930,520

932,013

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/16/23

07/19/23

371,385

371,981

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/16/23

07/19/23

366,561

367,149

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/16/23

07/19/23

3,525,384

3,531,039

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/16/23

07/19/23

1,762,459

1,765,286

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

(3.75

)

06/21/23

07/18/23

128,250

128,317

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.50

06/21/23

07/18/23

118,455

118,588

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.50

06/21/23

07/18/23

461,900

462,420

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.15

06/21/23

07/18/23

2,710,000

2,713,489

Foreign Agency Obligations

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

4,031,250

4,036,491

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

5,599,275

5,606,554

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.20

06/21/23

07/18/23

2,462,281

2,465,482

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.25

06/21/23

07/18/23

4,158,000

4,163,457

Foreign Agency Obligations

Up to 30 Days

Barclays Capital, Inc.

5.25

06/21/23

07/18/23

3,284,587

3,288,898

Foreign Agency Obligations

Up to 30 Days


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

BofA Securities, Inc.

5.20

06/21/23

07/19/23

582,049

582,805

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

1.00

^(b)

06/21/23

Open

154,865

154,904

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.12

^(b)

06/21/23

Open

3,502,350

3,506,833

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.25

^(b)

06/21/23

Open

162,000

162,213

Corporate Bonds

Open/Demand

BNP Paribas SA

5.14

^(b)

06/21/23

Open

167,100

167,315

Corporate Bonds

Open/Demand

BNP Paribas SA

5.14

^(b)

06/21/23

Open

640,181

641,004

Corporate Bonds

Open/Demand

BNP Paribas SA

5.15

^(b)

06/21/23

Open

982,520

983,785

Corporate Bonds

Open/Demand

BNP Paribas SA

5.17

^(b)

06/21/23

Open

2,660,625

2,664,064

Corporate Bonds

Open/Demand

BNP Paribas SA

5.23

^(b)

06/21/23

Open

515,780

516,454

Corporate Bonds

Open/Demand

BNP Paribas SA

5.24

^(b)

06/21/23

Open

525,525

526,213

Corporate Bonds

Open/Demand

BNP Paribas SA

5.25

^(b)

06/21/23

Open

8,430,275

8,441,340

Corporate Bonds

Open/Demand

BNP Paribas SA

5.25

^(b)

06/21/23

Open

701,313

702,233

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

166,250

166,467

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

215,078

215,359

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

1,088,370

1,089,793

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

618,984

619,793

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

488,250

488,888

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

995,835

997,137

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/21/23

Open

812,000

813,062

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.25

^(b)

06/21/23

Open

3,974,831

3,980,048

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.25

^(b)

06/21/23

Open

13,902,781

13,921,029

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.25

^(b)

06/21/23

Open

5,291,625

5,298,570

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.25

^(b)

06/21/23

Open

2,455,906

2,459,130

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

3,110,000

3,114,074

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

594,255

595,033

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,393,944

2,397,080

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

1,388,200

1,390,019

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

581,360

582,122

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

884,294

885,452

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

3,657,312

3,662,104

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

3,238,995

3,243,238

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,494,794

2,498,062

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,817,169

2,820,859

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

795,794

796,836

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

806,969

808,026

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,846,602

2,850,332

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

1,248,056

1,249,691

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

505,261

505,923

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

4,956,250

4,962,743

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

8,058,750

8,069,307

Capital Trusts

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

888,300

889,464

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,137,500

2,140,300

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

5,887,856

5,895,569

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,343,000

2,346,069

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

1,464,339

1,466,257

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

1,074,125

1,075,532

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

835,313

836,407

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

3,005,625

3,009,562

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,667,500

2,670,994

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

4,498,375

4,504,268

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

4,795,794

4,802,076

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

632,425

633,253

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

1,649,287

1,651,448

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,750,625

2,754,228

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,186,225

2,189,089

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

3,118,137

3,122,222

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

843,275

844,380

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

956,019

957,271

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

3,495,949

3,500,528

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

1,971,000

1,973,582

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

4,675,000

4,681,124

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,350,094

2,353,172

Corporate Bonds

Open/Demand


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued
Interest

Type of Non-Cash Underlying
Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

TD Securities (USA) LLC

5.24

%^(b)

06/21/23

Open

578,150

578,907

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

2,979,025

2,982,928

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/21/23

Open

587,125

587,894

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.25

^(b)

06/21/23

Open

5,052,512

5,059,144

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.25

^(b)

06/21/23

Open

10,133,537

10,146,838

Corporate Bonds

Open/Demand

BNP Paribas SA

5.16

^(b)

06/22/23

Open

563,751

564,398

Corporate Bonds

Open/Demand

BNP Paribas SA

5.16

^(b)

06/22/23

Open

627,450

628,169

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.24

^(b)

06/23/23

Open

10,812,500

10,825,091

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/26/23

Open

906,250

906,777

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.23

^(b)

06/26/23

Open

340,100

340,396

Corporate Bonds

Open/Demand

BofA Securities, Inc.

4.45

06/27/23

07/19/23

273,181

273,283

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.07

06/27/23

07/19/23

1,105,972

1,106,440

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/27/23

07/19/23

70,908

70,939

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.00

06/27/23

07/21/23

560,170

560,403

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.05

06/27/23

07/21/23

163,750

163,819

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.05

06/27/23

07/21/23

157,500

157,566

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.15

06/27/23

07/21/23

1,237,472

1,238,003

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/27/23

07/21/23

368,500

368,660

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.20

06/27/23

07/21/23

157,250

157,318

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

177,204

177,281

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

168,000

168,074

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

153,500

153,567

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

179,250

179,328

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

208,550

208,641

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

342,696

342,846

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

172,750

172,826

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

152,750

152,817

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

158,125

158,194

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

110,250

110,298

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

537,250

537,485

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

259,004

259,117

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

303,000

303,133

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

366,250

366,410

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

139,500

139,561

Foreign Agency Obligations

Up to 30 Days

J.P. Morgan Securities LLC

5.25

06/27/23

07/21/23

388,438

388,607

Corporate Bonds

Up to 30 Days

Nomura Securities International, Inc.

5.23

^(b)

06/27/23

Open

185,490

185,571

Corporate Bonds

Open/Demand

BofA Securities, Inc.

3.00

06/28/23

07/19/23

426,109

426,180

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

3.50

06/28/23

07/19/23

344,300

344,367

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/28/23

07/19/23

809,775

810,009

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/28/23

07/19/23

3,885,000

3,886,122

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/28/23

07/19/23

2,725,131

2,725,919

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

06/28/23

07/19/23

948,750

949,024

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/28/23

07/19/23

1,867,864

1,868,409

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

06/28/23

07/19/23

2,531,565

2,532,303

Corporate Bonds

Up to 30 Days

616,162,047

618,555,134

^(a)

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

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
10-Year U.S. Treasury Note		471		09/20/23	$	52,899	$	(310,224	)


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

Futures Contracts (continued)



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts (continued)
2-Year U.S. Treasury Note		860		09/29/23	$	174,916	$	(2,381,332	)
5-Year U.S. Treasury Note		1,168		09/29/23		125,140		(2,774,505	)

								(5,466,061	)

Short Contracts
Russell 2000 E-Mini Index		325		09/15/23		30,935		198,521
S&P 500 E-Mini Index		94		09/15/23		21,095		(340,783	)
10-Year U.S. Ultra Long Treasury Note		367		09/20/23		43,501		495,340
U.S. Long Bond		1,064		09/20/23		135,261		1,173,165
Ultra U.S. Treasury Bond		52		09/20/23		7,083		(49,075	)

								1,477,168

							$	(3,988,893	)

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	1,112,415		EUR	1,013,703	BNP Paribas SA		09/20/23	$	2,033
USD	631,399		EUR	575,297	Toronto-Dominion Bank		09/20/23		1,234
USD	196,263		GBP	154,000	Toronto-Dominion Bank		09/20/23		641

								$	3,908

Exchange-Traded Options Purchased



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value

Call
SPDR S&P 500 ETF Trust		2,011		08/18/23	USD	455.00	USD	89,144	$	643,520
3-Month SOFR Future		910		03/15/24	USD	95.50	USD	215,886		665,437

										1,308,957


Put
Euro Stoxx 50 Index		915		07/21/23	EUR	4,225.00	EUR	40,252		90,859
SPDR S&P 500 ETF Trust		1,241		07/21/23	USD	410.00	USD	55,011		42,815

										133,674

									$	1,442,631

Exchange-Traded Options Written



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value

Call
3-Month SOFR Future		910		03/15/24	USD	97.00	USD	215,886	$	(221,813	)

Put
Euro Stoxx 50 Index		915		07/21/23	EUR	4,050.00	EUR	40,252		(34,446	)
SPDR S&P 500 ETF Trust		1,241		07/21/23	USD	390.00	USD	55,011		(24,200	)

										(58,646	)

									$	(280,459	)


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

Centrally Cleared Credit Default Swaps — Buy Protection



Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

CDX.NA.HY.40.V1		5.00	%		Quarterly		06/20/28		USD 108,600	$	(3,229,318	)	$	(662,111	)	$	(2,567,207	)

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



Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value

Centrally Cleared Swaps^(a)	$	—	$	(662,111	)	$	—	$	(2,567,207	)	$	—
Options Written		N/A		N/A			475,505		—			(280,459	)

^(a)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	198,521	$	—	$	1,668,505	$	—	$	1,867,026
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		3,908		—		—		3,908
Options purchased
Investments at value — unaffiliated^(b)		—		—		777,194		—		665,437		—		1,442,631

	$	—	$	—	$	975,715	$	3,908	$	2,333,942	$	—	$	3,313,565

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	340,783	$	—	$	5,515,136	$	—	$	5,855,919
Options written
Options written at value		—		—		58,646		—		221,813		—		280,459
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		2,567,207		—		—		—		—		2,567,207

	$	—	$	2,567,207	$	399,429	$	—	$	5,736,949	$	—	$	8,703,585

^(a)

^(b)

Includes options purchased at value as reported in the Schedule of Investments.

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



	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	(2,124,200	)	$	—		$	(301,444	)	$	—	$	(2,425,644	)
Forward foreign currency exchange contracts		—		—			—			(11,025	)		—			—		(11,025	)
Options purchased^(a)		—		—			(2,639,337	)		—			—			—		(2,639,337	)
Options written		—		—			1,158,037			—			—			—		1,158,037
Swaps		—		(2,598,677	)		—			—			(2,818,506	)		—		(5,417,183	)

	$	—	$	(2,598,677	)	$	(3,605,500	)	$	(11,025	)	$	(3,119,950	)	$	—	$	(9,335,152	)


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)



	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	(142,262	)	$	—	$	(4,986,967	)	$	—	$	(5,129,229	)
Forward foreign currency exchange contracts		—		—			—			3,908		—			—		3,908
Options purchased^(b)		—		—			(448,928	)		—		(87,251	)		—		(536,179	)
Options written		—		—			393,524			—		26,499			—		420,023
Swaps		—		(1,984,334	)		—			—		5,074,148			—		3,089,814

	$	—	$	(1,984,334	)	$	(197,666	)	$	3,908	$	26,429		$	—	$	(2,151,663	)

^(a)

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

^(b)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments



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

^(a)

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

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

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative assets and liabilities (by type) were as follows:



	Assets			Liabilities

Derivative Financial Instruments
Futures contracts	$	156,499		$	1,575,034
Forward foreign currency exchange contracts		3,908			—
Options		1,442,631	^(a)		280,459
Swaps — centrally cleared		—			812,546

Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,603,038			2,668,039

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,599,130	)		(2,668,039	)

Total derivative assets and liabilities subject to an MNA	$	3,908		$	—

^(a)

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

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



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(a)(b)

BNP Paribas SA	$	2,033	$	—	$	—	$	—	$	2,033
Toronto-Dominion Bank		1,875		—		—		—		1,875

	$	3,908	$	—	$	—	$	—	$	3,908

^(a)

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

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Credit Allocation Income Trust (BTZ)

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	163,975,595		$	520,960	$	164,496,555
Corporate Bonds		—			1,198,250,202			583,401		1,198,833,603
Floating Rate Loan Interests		—			65,272,117			1,963,218		67,235,335
Foreign Agency Obligations		—			26,145,031			—		26,145,031
Investment Companies		946,800			—			—		946,800
Municipal Bonds		—			10,472,880			—		10,472,880
Preferred Securities
Capital Trusts		—			105,387,575			—		105,387,575
Preferred Stocks		35,890,643			—			5,460,826		41,351,469
U.S. Government Sponsored Agency Securities		—			153,825,000			—		153,825,000
Warrants		—			—			—		—
Short-Term Securities
Money Market Funds		7,466,683			—			—		7,466,683
Options Purchased
Equity Contracts		777,194			—			—		777,194
Interest Rate Contracts		665,437			—			—		665,437
Liabilities
Investments
TBA Sale Commitments		—			(77,623,941	)		—		(77,623,941	)
Unfunded Floating Rate Loan Interests^(a)		—			(3,468	)		—		(3,468	)

	$	45,746,757		$	1,645,700,991		$	8,528,405	$	1,699,976,153

Derivative Financial Instruments^(b)
Assets
Equity Contracts	$	198,521		$	—		$	—	$	198,521
Foreign Currency Exchange Contracts		—			3,908			—		3,908
Interest Rate Contracts		1,668,505			—			—		1,668,505
Liabilities
Credit Contracts		—			(2,567,207	)		—		(2,567,207	)
Equity Contracts		(399,429	)		—			—		(399,429	)
Interest Rate Contracts		(5,736,949	)		—			—		(5,736,949	)

	$	(4,269,352	)	$	(2,563,299	)	$	—	$	(6,832,651	)

^(a)

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

^(b)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
Golub Capital Partners CLO 66B Ltd., Series 2023-66, Class D, (3-mo. CME Term SOFR + 5.50%), 10.48%, 04/25/36^(a)(b)	USD		1,000	$	998,106
Palmer Square CLO Ltd., (3-mo. Term SOFR + 5.00%), 6.80%, 04/20/36			1,000		1,000,645
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo. CME Term SOFR + 5.45%), 10.51%, 04/20/36^(a)(b)			1,000		1,000,956
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 9.93%, 04/20/36^(a)(b)			1,000		1,000,292


Total Asset-Backed Securities — 1.4% (Cost: $4,000,000)					3,999,999


		Shares

Common Stocks

Automobile Components — 0.0%
Lear Corp			178		25,552


Construction & Engineering — 0.0%
McDermott International Ltd.^(c)			76,644		13,796


Energy Equipment & Services — 0.0%
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0)^(d)(e)			3,738		—


Financial Services — 0.1%
NMG Parent LLC			2,218		273,553


Household Products — 0.0%
Berkline Benchcraft Equity LLC^(d)			6,155		—


Industrial Conglomerates — 0.0%
Ameriforge Group, Inc.			832		8


Total Common Stocks — 0.1% (Cost: $1,246,954)					312,909


		Par (000)

Corporate Bonds

Automobile Components — 0.1%
Clarios Global LP, 6.75%, 05/15/25^(b)	USD		275		275,168


Building Materials — 0.0%
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(b)			73		68,968


Building Products — 0.1%
White Cap Buyer LLC, 6.88%, 10/15/28^(b)			155		140,469


Capital Markets — 0.0%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27^(b)			74		75,847


Chemicals^(b)— 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28			32		27,883
WR Grace Holdings LLC, 5.63%, 08/15/29			409		335,094


					362,977


Security		Par (000)		Value

Commercial Services & Supplies — 0.1%
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28^(b)	USD		127	$	118,974


Construction Materials — 0.0%
Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26^(b)			926		87,970


Diversified Telecommunication Services — 0.0%
Zayo Group Holdings, Inc., 6.13%, 03/01/28^(b)			155		96,855


Electric Utilities — 0.0%
Texas Competitive Electric Holdings, 1.00%, 10/10/19^(d)			1,050		—


Electronic Equipment, Instruments & Components — 0.2%
Vertiv Group Corp., 4.13%, 11/15/28^(b)			556		500,941


Health Care Providers & Services — 0.1%
Medline Borrower LP, 5.25%, 10/01/29^(b)			237		205,645


Hotels, Restaurants & Leisure^(b)— 0.2%
Caesars Entertainment, Inc., 4.63%, 10/15/29			240		209,570
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30			395		336,160


					545,730

Household Durables — 0.0%
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(b)			194		116,405


Household Products — 0.0%
Berkline Benchcraft LLC, 4.50%, 05/03/12^(a)(c)(d)(f)			400		—


Insurance — 0.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27^(b)			220		206,800


Internet Software & Services^(b)— 0.1%
Uber Technologies, Inc.
6.25%, 01/15/28			137		136,323
4.50%, 08/15/29			235		216,294


					352,617

Machinery — 0.2%
Madison IAQ LLC, 5.88%, 06/30/29^(b)			742		600,952


Media^(b)— 0.3%
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(g)			163		57,511
Odeon Finco PLC, 12.75%, 11/01/27			374		366,438
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26			353		281,435


					705,384

Passenger Airlines — 0.3%
Allegiant Travel Co., 8.50%, 02/05/24^(b)			740		738,150


Real Estate Management & Development — 0.1%
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, 01/15/29^(b)			315		235,687


Software — 0.1%
Cloud Software Group, Inc., 9.00%, 09/30/29			379		331,032


Wireless Telecommunication Services — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25^(b)			85		82,131


Total Corporate Bonds — 2.1% (Cost: $7,008,824)					5,848,702


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Floating Rate Loan Interests^(a)

Aerospace & Defense — 4.4%
Atlas CC Acquisition Corp.
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.78%, 05/25/28	USD		1,813	$	1,569,299
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.78%, 05/25/28			369		319,198
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.50%, 10/31/26			436		435,732
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. LIBOR US at 0.50% Floor + 3.50%), 8.56%, 08/03/29			228		223,784
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (1-mo. CME Term SOFR + 3.50%), 8.70%, 04/06/26			837		829,299
2020 Term Loan B1, (1-mo. CME Term SOFR + 3.50%), 8.70%, 04/06/26			1,558		1,542,679
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 5.60%), 10.70%, 04/09/26			452		384,149
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 12.98%, 02/01/29			1,049		1,014,462
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/01/28			3,492		3,424,233
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3-mo. LIBOR US + 2.00%), 7.54%, 11/05/28			826		825,116
TransDigm, Inc., 2023 Term Loan I, (3-mo. CME Term SOFR + 3.25%), 8.49%, 08/24/28			1,846		1,844,332


					12,412,283

Automobile Components — 0.6%
Adient U.S. LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.47%, 04/10/28			322		321,507
Clarios Global LP, 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.85%, 05/06/30			1,390		1,385,218


					1,706,725

Automobiles — 0.5%
Dealer Tire Financial LLC, Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.60%, 12/14/27			1,560		1,552,519


Beverages — 1.1%
Naked Juice LLC
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 01/24/30			1,111		875,130
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.59%, 01/24/29			2,384		2,212,866


					3,087,996

Broadline Retail — 1.9%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 11/24/28			990		986,133
Midas Intermediate Holdco II LLC, 2022 PIK Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.85%, 1.50% PIK), 5.96%, 06/30/27^(g)			1,699		1,476,837


Security		Par (000)		Value

Broadline Retail (continued)
PUG LLC
2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.45%, 02/12/27^(d)	USD		226	$	203,377
USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27			2,319		2,055,496
Sally Holdings LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.60%, 02/28/30^(d)			391		390,531
Woof Holdings, Inc., 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 12/21/27^(d)			333		325,828


					5,438,202

Building Products — 1.7%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.41%, 05/13/29			161		160,828
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.50%, 04/12/28			157		150,106
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 11/23/27			900		845,307
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.70%, 04/28/29			479		476,779
IPS Corp.
2021 2nd Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.20%, 10/01/29^(d)			645		503,100
2021 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.00%, 10/02/28			64		1,923
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 10/02/28			368		338,618
Jeld-Wen, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.47%, 07/28/28			502		499,101
Wilsonart LLC, 2021 Term Loan E, (6-mo. LIBOR US at 1.00% Floor + 3.50%), 8.71%, 12/31/26			1,946		1,914,798


					4,890,560

Capital Markets — 3.6%
Advisor Group, Inc., 2021 Term Loan, (1-mo. LIBOR US + 4.50%), 9.69%, 07/31/26			624		623,812
Ascensus Holdings, Inc.
2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.69%, 08/02/29			1,778		1,582,450
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 08/02/28			1,742		1,710,728
Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.24%, 12/20/29			725		713,984
Azalea Topco, Inc., Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 07/24/26			594		576,267
Castlelake Aviation Ltd., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 8.30%, 10/22/26			980		974,425
Castlelake Aviation One DAC, 2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.00%, 10/22/27			444		441,183
Focus Financial Partners LLC
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 06/30/28			902		889,707


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Capital Markets (continued)
Focus Financial Partners LLC (continued) 2023 Term Loan B6, 06/30/28^(h)	USD		483	$	479,498
Greenhill & Co., Inc., Term Loan B, (3-mo. LIBOR US + 3.25%), 8.73%, 04/12/24			716		715,477
ION Trading Finance Ltd., 2021 USD Term Loan, (3-mo. LIBOR US + 4.75%), 10.09%, 04/03/28			413		404,846
Press Ganey Holdings, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 07/24/26			1,028		992,466


					10,104,843

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


Security		Par (000)		Value

Chemicals (continued)
Starfruit Finco BV, 2018 USD Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.07%, 10/01/25	USD		97	$	97,373
W.R. Grace Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.75%), 9.31%, 09/22/28			568		563,116


					16,147,147

Commercial Services & Supplies — 4.4%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 05/12/28			1,605		1,557,605
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.15%, 02/15/29^(d)			483		471,042
Aramark Services, Inc., 2023 Term Loan B6, (1-mo. CME Term SOFR + 2.50%), 7.72%, 06/22/30^(d)			469		468,138
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.95%, 09/07/27			1,204		1,200,199
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1-mo. LIBOR US + 2.00%), 7.19%, 10/08/28			427		426,849
Covanta Holding Corp.
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 11/30/28			53		52,279
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.60%, 11/30/28			696		689,197
EnergySolutions LLC, 2018 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 3.75%), 9.29%, 05/09/25			293		295,448
GFL Environmental, Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.15%, 05/28/27			448		447,471
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 10.20%, 10/29/28			985		974,027
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.25%), 9.52%, 12/15/28			495		403,078
Prime Security Services Borrower LLC, 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 2.75%), 7.94%, 09/23/26			1,205		1,204,021
Tempo Acquisition LLC, 2022 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.10%, 08/31/28			2,947		2,947,265
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.20%, 11/02/27			1,012		929,283
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR + 5.00%), 10.22%, 07/30/28			480		466,029


					12,531,931

Communications Equipment — 0.2%
Ciena Corp., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.59%, 01/18/30			131		130,672
ViaSat, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.60%, 03/02/29			588		567,903


					698,575

Construction & Engineering — 0.8%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.41%, 06/21/24			601		594,288
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 01/21/28			644		640,842
USIC Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.50%), 8.69%, 05/12/28			1,075		1,015,379


					2,250,509


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Construction Materials — 1.0%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1-mo. CME Term SOFR + 2.00%), 7.20%, 01/15/27	USD		729	$	725,862
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.10%, 03/08/29			520		436,528
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 04/29/29			678		661,493
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.69%, 09/22/28			986		984,649


					2,808,532

Consumer Staples Distribution & Retail — 0.4%
U.S. Foods, Inc.
2019 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.22%, 09/13/26			613		611,916
2021 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 11/22/28			373		372,227


					984,143

Containers & Packaging — 1.9%
Charter Next Generation, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 12/01/27			2,140		2,121,173
Mauser Packaging Solutions Holding Co., Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.16%, 08/14/26			775		771,877
Pregis TopCo Corp.
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 07/31/26			377		374,133
2021 Incremental Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.75%), 8.94%, 07/31/26			430		425,060
Reynolds Consumer Products LLC, Term Loan, (1-mo. CME Term SOFR + 1.75%), 6.95%, 02/04/27			919		917,819
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1-mo. CME Term SOFR + 3.25%), 8.47%, 02/05/26			188		188,035
Trident TPI Holdings, Inc., 2021 Incremental Term Loan, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 09/15/28			704		691,065


					5,489,162

Distributors — 0.2%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.02%, 10/28/27			627		579,228


Diversified Consumer Services — 3.2%
2U, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 6.50%), 11.32%, 12/28/26			587		562,374
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 10.95%, 12/10/29			482		407,690
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/11/28			1,179		1,105,909
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.47%, 11/24/28			569		566,723
KUEHG Corp., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.24%, 06/12/30			863		853,291
Sotheby’s
2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.50%), 9.76%, 01/15/27			1,089		1,060,179
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.76%, 01/15/27			245		238,263


Security		Par (000)		Value

Diversified Consumer Services (continued)
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3-mo. LIBOR US + 4.00%), 9.54%, 07/30/25	USD		614	$	608,399
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 5.00%), 10.22%, 09/01/25			1,821		1,532,499
Wand NewCo 3, Inc., 2020 Term Loan, (1-mo. LIBOR US + 2.75%), 7.41%, 02/05/26			1,572		1,557,098
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.22%, 01/08/27			752		736,792


					9,229,217

Diversified REITs — 0.2%
RHP Hotel Properties, LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.85%, 05/18/30			512		510,970


Diversified Telecommunication Services — 5.1%
Altice Financing SA
2017 USD Term Loan B, (3-mo. LIBOR US + 2.75%), 8.01%, 07/15/25^(d)			684		670,555
USD 2017 1st Lien Term Loan, (3-mo. LIBOR US + 2.75%), 8.01%, 01/31/26			945		927,561
Cablevision Lightpath LLC, Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.44%, 11/30/27			143		137,555
Connect Finco SARL, 2021 Term Loan B, (1-mo. LIBOR US + 3.50%), 8.70%, 12/11/26			3,443		3,438,137
Consolidated Communications, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.72%, 10/02/27			497		437,492
Iridium Satellite LLC, 2021 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 11/04/26			1,106		1,105,548
Level 3 Financing, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.97%, 03/01/27			1,082		1,005,264
Lumen Technologies, Inc., 2020 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.47%, 03/15/27			1,099		843,326
Orbcomm, Inc., Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 4.25%), 9.58%, 09/01/28			535		427,900
Radiate Holdco LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 09/25/26			1,620		1,347,400
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1-mo. LIBOR US + 3.25%), 8.44%, 01/31/29			278		276,510
USD Term Loan N, (1-mo. LIBOR US + 2.50%), 7.69%, 01/31/28			609		603,193
Virgin Media SFA Finance Ltd., GBP Term Loan L, (1-mo. SONIA + 3.25%), 7.68%, 01/15/27	GBP		600		726,856
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.22%, 03/09/27	USD		3,114		2,436,853


					14,384,150

Electric Utilities — 0.1%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1-mo. LIBOR US + 2.00%), 7.19%, 01/15/25			308		307,942


Electrical Equipment — 0.3%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.25%, 06/23/28^(d)			937		911,529


Electronic Equipment, Instruments & Components — 0.3%
Coherent Corp., 2022 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 07/02/29			981		977,139


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Energy Equipment & Services — 0.7%
Lealand Finance Co. BV
2020 Make Whole Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.22%, 06/28/24	USD		25	$	18,689
2020 Take Back Term Loan, (1-mo. LIBOR US + 1.00%, 3.00% PIK), 6.19%, 06/30/25^(g)			188		104,722
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.54%, 10/05/28			1,899		1,892,866


					2,016,277

Entertainment — 4.8%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. LIBOR US + 3.00%), 8.22%, 04/22/26			924		719,687
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.59%, 05/24/29			62		62,155
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.49%, 03/08/30			557		551,390
City Football Group Ltd., Term Loan, (3-mo. LIBOR US at 0.50% Floor + 3.00%), 8.27%, 07/21/28			1,031		1,010,141
Creative Artists Agency LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.60%, 11/27/28			961		957,471
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.10%, 01/15/30			796		795,602
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.00%), 8.73%, 03/08/24			2,395		2,218,358
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.93%, 10/17/26			1,547		1,541,423
Playtika Holding Corp., 2021 Term Loan, (1-mo. LIBOR US + 2.75%), 7.94%, 03/13/28			1,050		1,045,240
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. LIBOR US + 2.50%), 7.77%, 01/23/25			934		931,343
UFC Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 2.75%), 8.05%, 04/29/26			550		549,315
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. LIBOR US + 2.75%), 7.95%, 05/18/25			1,656		1,650,206
WMG Acquisition Corp., 2021 Term Loan G, (1-mo. CME Term SOFR + 2.13%), 7.33%, 01/20/28			1,662		1,655,538


					13,687,869

Financial Services — 5.1%
ABG Intermediate Holdings 2 LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.20%, 12/20/29			123		113,775
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 12/21/28			486		482,980
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.49%, 08/15/28			1,171		1,038,046
Belron Finance U.S. LLC
2018 Term Loan B, (3-mo. LIBOR US + 2.25%), 7.63%, 11/13/25			266		266,333
2019 USD Term Loan B3, (3-mo. LIBOR US + 2.25%), 7.56%, 10/30/26			651		650,287
2021 USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.43%), 7.80%, 04/13/28			1,693		1,689,149
Belron Luxembourg SARL, 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.83%, 04/18/29			289		288,821


Security		Par (000)		Value

Financial Services (continued)
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.99%, 04/09/27	USD		3,772	$	3,653,770
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 04/07/28			1,114		1,031,843
FinCo I LLC, 2020 Term Loan B, (6-mo. LIBOR US + 2.50%), 8.08%, 06/27/25			381		380,623
LBM Acquisition LLC, Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.94%, 12/17/27			312		299,196
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.45%, 03/24/25			807		803,215
Sotera Health Holdings LLC, 2021 Term Loan, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 8.02%, 12/11/26			1,564		1,537,615
Travelport Finance SARL, 2023 Consented Term Loan, 05/29/26^(d)(h)			931		569,306
UPC Financing Partnership, 2021 USD Term Loan AX, (1-mo. LIBOR US + 2.93%), 8.12%, 01/31/29			474		463,018
WEX, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.47%, 03/31/28			597		596,225
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 10/19/27			751		743,151


					14,607,353

Food Products — 3.5%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 10/01/25			729		668,358
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.97%, 10/01/25			935		865,925
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.72%, 10/25/27			1,973		1,959,683
Froneri International Ltd., 2020 USD Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.45%, 01/29/27			2,168		2,153,239
H-Food Holdings LLC, 2018 Term Loan B, (6-mo. LIBOR US + 3.69%), 9.27%, 05/23/25			308		270,388
Hostess Brands LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.75%, 06/21/30			622		619,897
Nomad Foods U.S. LLC, 2022 Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.56%, 11/12/29			624		622,937
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.77%, 06/08/28			1,153		1,138,993
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor), 5.24%, 03/31/28			1,400		1,351,011
UTZ Quality Foods LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 01/20/28			419		418,345


					10,068,776

Ground Transportation — 0.8%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 4.75%), 9.93%, 04/06/28			355		342,801
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.97%, 08/06/27			404		398,543
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3-mo. LIBOR US + 5.50%), 10.76%, 08/04/25			711		638,114
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.01%, 03/03/30			985		986,735


					2,366,193

Health Care Equipment & Supplies — 1.7%
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 11/03/28			1,508		1,472,219


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Health Care Equipment & Supplies (continued)
Femur Buyer, Inc., 1st Lien Term Loan, (3-mo. LIBOR US + 4.50%), 10.00%, 03/05/26	USD		422		$	386,245
Insulet Corp., Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.47%, 05/04/28			469			468,833
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.47%, 10/23/28			2,668			2,635,776


						4,963,073

Health Care Providers & Services — 2.9%
CHG Healthcare Services, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.44%, 09/29/28			628			624,208
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.46%, 11/08/27			1,127			1,121,881
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.22%, 11/01/28			1,344			1,337,069
Envision Healthcare Corp.
2022 First Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.88%), 13.27%, 03/31/27			1	⁽ⁱ⁾		345
2022 Second Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 4.25%), 9.49%, 03/31/27			969			204,778
EyeCare Partners LLC
2020 Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.25%, 02/18/27			1,029			754,109
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.75%), 12.25%, 11/15/29			358			237,912
2021 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.25%, 11/15/28			329			234,573
Ingenovis Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.97%, 03/06/28			995			955,038
MED ParentCo LP, 1st Lien Term Loan, (1-mo. LIBOR US + 4.25%), 9.47%, 08/31/26			819			758,063
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.36%, 11/01/29			377			333,174
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.94%, 10/27/28			430			429,254
PetVet Care Centers LLC, 2021 Term Loan B3, (1-mo. LIBOR US at 0.75% Floor + 3.50%), 8.69%, 02/14/25			32			31,433
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 11/01/28			681			638,357
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.90%, 08/31/26			365			364,384
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.44%, 05/16/29			207			206,595


						8,231,173

Health Care Technology — 2.9%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 02/15/29			1,840			1,768,827
Polaris Newco LLC, USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.54%, 06/02/28			2,848			2,615,580
Verscend Holding Corp.
2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 7.00%), 12.22%, 04/02/29^(d)			1,902			1,902,000
2021 Term Loan B, (1-mo. LIBOR US + 4.00%), 9.22%, 08/27/25			1,909			1,905,930


						8,192,337


Security		Par (000)		Value

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


					17,675,456

Household Durables — 1.5%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.75%, 05/17/28			1,009		845,626
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.67%, 02/26/29			1,479		1,399,337
Serta Simmons Bedding LLC, 2023 Take Back Term Loan, 0.00%, 01/23/28			285		285,302


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Household Durables (continued)
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 10/06/28	USD		506	$	407,766
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.47%, 10/30/27			1,458		1,276,721


					4,214,752

Household Products — 0.5%
Diamond BC BV, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.06%, 09/29/28			1,062		1,059,741
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 11.38%, 12/22/26			250		245,495


					1,305,236

Independent Power and Renewable Electricity Producers — 0.7%
Calpine Corp.
2019 Term Loan B10, (1-mo. LIBOR US + 2.00%), 7.19%, 08/12/26			464		462,980
Term Loan B9, (1-mo. LIBOR US + 2.00%), 7.20%, 04/05/26			862		860,929
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 8.03%, 12/15/27			728		722,779


					2,046,688

Industrial Conglomerates — 0.2%
Stitch Aquisition Corp., Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 12.29%, 07/28/28			666		492,940


Insurance — 4.7%
Alliant Holdings Intermediate LLC
2021 Term Loan B4, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.65%, 11/06/27			2,328		2,311,783
2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.65%, 11/05/27			2,384		2,366,928
AmWINS Group, Inc.
2021 Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 2.25%), 7.44%, 02/19/28			1,182		1,169,636
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.83%, 02/19/28			304		303,392
AssuredPartners, Inc.
2020 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 02/12/27			621		614,838
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.72%, 02/12/27			599		592,974
HUB International Ltd.
2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.07%, 11/10/29			286		285,125
2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.34%, 06/20/30			3,390		2,840,880
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.20%, 09/01/27			836		834,544
USI, Inc.
2019 Incremental Term Loan B, (3-mo. LIBOR US + 3.25%), 8.79%, 12/02/26			131		131,060
2022 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.99%, 11/22/29			1,977		1,972,363


					13,423,523


Security		Par (000)		Value

Interactive Media & Services — 1.6%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.39%, 02/16/28	USD		263	$	259,702
Adevinta ASA, USD Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 2.75%), 8.29%, 06/26/28			797		796,312
Camelot Finance SA, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.22%, 10/30/26			1,131		1,128,566
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.22%, 10/30/26			1,240		1,237,440
GoodRx, Inc., 1st Lien Term Loan, (1-mo. LIBOR US + 2.75%), 7.94%, 10/10/25			441		440,295
Grab Holdings, Inc., Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 4.50%), 9.70%, 01/29/26			646		644,749


					4,507,064

IT Services — 3.4%
Asurion LLC
2020 Term Loan B8, (3-mo. LIBOR US + 3.25%), 8.79%, 12/23/26			182		174,845
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.25%), 10.51%, 01/31/28			689		584,109
2021 Second Lien Term Loan B4, (1-mo. LIBOR US + 5.25%), 10.51%, 01/20/29			984		822,870
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.25%), 9.45%, 08/19/28			817		776,039
Epicor Software Corp., 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.75%), 12.95%, 07/31/28			1,316		1,312,986
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.34%, 10/01/27			1,899		1,868,156
Go Daddy Operating Co. LLC
2021 Term Loan B4, (1-mo. LIBOR US + 2.00%), 7.19%, 08/10/27			449		447,721
2022 Term Loan B5, (1-mo. CME Term SOFR + 3.00%), 8.10%, 11/09/29			912		913,647
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.85%, 02/17/28			2,461		2,444,162
Venga Finance SARL, 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.28%, 06/28/29			399		381,931


					9,726,466

Leisure Products — 0.5%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.19%, 12/01/28^(d)			599		570,037
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27			211		209,816
Topgolf Callaway Brands Corp., Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.70%, 03/15/30			704		703,059


					1,482,912

Life Sciences Tools & Services — 2.8%
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.45%, 11/08/27			938		936,744
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 02/22/28			978		955,221
Curia Global, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.90%, 08/30/26			86		73,967


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Life Sciences Tools & Services (continued)
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.72%, 02/04/27	USD		1,218	$	1,169,358
Fortrea Holdings, Inc., Term Loan B, 06/12/30^(h)			259		258,871
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28			1,415		1,414,249
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.03%, 10/19/27			916		914,617
Parexel International Corp., 2021 1st Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.35%, 11/15/28			1,883		1,866,021
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.75%, 07/03/28			353		352,362


					7,941,410
Machinery — 5.8%
Albion Financing 3 SARL, USD Term Loan, (3-mo. LIBOR US at 0.50% Floor + 5.25%), 10.52%, 08/17/26^(d)			1,212		1,202,604
Clark Equipment Co., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 04/20/29			186		185,535
Columbus McKinnon Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.23%, 05/14/28			229		228,691
Filtration Group Corp.
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.72%, 10/21/28			720		716,831
2023 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.33%, 10/21/28			1,455		1,453,234
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.70%, 03/31/27			1,484		1,474,817
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1-mo. CME Term SOFR + 1.75%), 6.95%, 03/01/27			1,371		1,368,384
Madison IAQ LLC, Term Loan, (6-mo. LIBOR US at 0.50% Floor + 3.25%), 8.30%, 06/21/28			2,276		2,226,648
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.74%, 11/22/29			1,322		1,315,079
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.70%, 04/05/29			1,197		1,180,766
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.73%, 03/28/25			2,377		2,316,306
Vertical U.S. Newco, Inc., Term Loan B, (6-mo. LIBOR US at 0.50% Floor + 3.50%), 8.60%, 07/30/27			1,391		1,377,250
Vertiv Group Corp., 2021 Term Loan B, (1-mo. LIBOR US + 2.75%), 7.94%, 03/02/27			1,490		1,483,652
Zurn LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 10/04/28			77		76,638


					16,606,435
Media — 4.7%
AVSC Holding Corp.
2020 Term Loan B1, (1-mo. LIBOR US at 1.00% Floor + 3.25%), 8.68%, 03/03/25			617		600,360
2020 Term Loan B3, 10/15/26^(h)			580		602,355
Cable One, Inc., 2021 Term Loan B4, (1-mo. LIBOR US + 2.00%), 7.19%, 05/03/28			300		293,583


Security		Par (000)			Value

Media (continued)
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (3-mo. CME Term SOFR + 1.75%), 6.80%, 04/30/25	USD		1,595		$	1,593,623
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. LIBOR US + 3.50%), 8.81%, 08/21/26			2,098			2,000,355
CMG Media Corp., 2021 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.84%, 12/17/26			—	⁽ⁱ⁾		128
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.72%, 09/01/28			980			971,412
CSC Holdings LLC
2017 Term Loan B1, (1-mo. LIBOR US + 2.25%), 7.44%, 07/17/25			936			900,114
2019 Term Loan B5, (1-mo. LIBOR US + 2.50%), 7.69%, 04/15/27			893			777,631
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.22%, 08/02/27			1,390			1,357,073
E.W. Scripps Co., 2020 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.97%, 01/07/28			336			325,831
ECL Entertainment LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.50%), 12.72%, 05/01/28			561			562,944
Learfield Communications LLC, 2016 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.25%), 8.77%, 12/01/23			535			413,490
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1-mo. CME Term SOFR + 2.50%), 7.72%, 09/18/26			489			488,145
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.75%), 8.95%, 04/21/29^(d)			1,113			837,352
Voyage Digital Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.36%, 05/11/29^(d)			622			618,611
Ziggo Financing Partnership, USD Term Loan I, (1-mo. LIBOR US + 2.50%), 7.69%, 04/30/28			1,003			986,521


						13,329,528
Oil, Gas & Consumable Fuels — 1.4%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 12/21/28			2,266			2,216,527
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.68%, 09/19/29			164			162,228
Medallion Midland Acquisition LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.25%, 10/18/28			1,182			1,171,067
Murphy USA, Inc., Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 1.75%), 6.92%, 01/31/28			392			392,165


						3,941,987
Passenger Airlines — 2.8%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28			1,009			1,029,382
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.84%, 08/11/28			1,249			1,246,704
American Airlines, Inc.
2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.75%), 7.00%, 01/29/27			167			162,867
2023 Term Loan B, (6-mo. CME Term SOFR + 2.75%), 8.15%, 02/15/28			1,485			1,456,325
Kestrel Bidco, Inc., Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.25%, 12/11/26			505			489,041


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Passenger Airlines (continued)
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.76%, 06/21/27	USD		1,588	$	1,647,865
United Airlines, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.75%), 9.29%, 04/21/28			1,799		1,795,270


					7,827,454
Personal Care Products — 1.3%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.09%, 10/01/26			3,719		3,694,843


Pharmaceuticals — 2.0%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.72%, 05/04/25			743		714,935
Amynta Agency Borrower, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 5.00%), 10.20%, 02/28/28			526		510,551
Bausch Health Cos., Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.43%, 02/01/27			683		513,784
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.01%, 08/01/27			931		912,902
Jazz Financing Lux SARL, USD Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.69%, 05/05/28			1,245		1,242,462
Organon & Co., USD Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.00%), 8.25%, 06/02/28			866		864,794
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.34%, 11/18/27^(d)			756		724,264
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. LIBOR US at 0.50% Floor + 2.00%), 7.19%, 07/03/28			95		94,951


					5,578,643
Professional Services — 4.6%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.72%, 02/04/28			1,062		1,058,912
CoreLogic, Inc.
2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.75%, 06/04/29			873		700,903
Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 06/02/28			2,069		1,864,768
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (1-mo. CME Term SOFR + 3.25%), 8.33%, 01/18/29			437		435,822
Term Loan, (1-mo. CME Term SOFR + 3.25%), 8.43%, 02/06/26			1,432		1,432,085
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/06/29			373		364,689
2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 07/06/29			808		790,160
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.95%, 04/28/28			1,245		1,234,133
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.85%, 04/29/29^(d)			1,235		1,157,503
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1-mo. LIBOR US + 3.75%), 8.94%, 07/11/25			627		625,887
Trans Union LLC
2019 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.95%, 11/16/26			1,137		1,132,471


Security		Par (000)		Value

Professional Services (continued)
Trans Union LLC (continued)
2021 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.47%, 12/01/28	USD		1,383	$	1,378,376
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.52%, 02/28/27			1,017		999,465


					13,175,174
Real Estate Management & Development — 0.5%
Cushman & Wakefield U.S. Borrower LLC
2020 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.97%, 08/21/25			460		455,154
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 01/31/30^(d)			1,125		1,088,556


					1,543,710
Semiconductors & Semiconductor Equipment — 0.4%
MKS Instruments, Inc., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.94%, 08/17/29			710		709,638
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.74%, 12/02/28			384		378,587


					1,088,225
Software — 13.5%
Applied Systems, Inc.
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 11.99%, 09/17/27			439		438,728
2022 Extended 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.74%, 09/18/26			469		469,829
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.55%, 08/15/29			471		453,339
Boxer Parent Co., Inc., 2021 USD Term Loan, (1-mo. CME Term SOFR + 3.75%), 8.97%, 10/02/25			1,244		1,233,100
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.33%, 09/21/28			1,032		1,028,409
Central Parent, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.49%, 07/06/29			848		844,807
Cloud Software Group, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.84%, 03/30/29			2,826		2,638,700
Cloudera, Inc.
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.08%, 10/08/29^(d)			482		433,800
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.95%, 10/08/28			527		513,113
Cornerstone OnDemand, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.25%, 10/16/28			733		681,896
Delta TopCo, Inc., 2020 2nd Lien Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.57%, 12/01/28			237		215,473
E2open LLC, 2020 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.76%, 02/04/28			175		173,863
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.19%, 12/01/27			2,015		2,007,561
Informatica LLC, 2021 USD Term Loan B, (1-mo. LIBOR US + 2.75%), 8.00%, 10/27/28			1,886		1,879,775
Instructure Holdings, Inc., 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 2.75%), 7.85%, 10/30/28			447		447,060


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

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


					38,534,364
Specialty Retail — 2.8%
CD&R Firefly Bidco Ltd., 2023 GBP Term Loan B5, (1-day SONIA + 6.00%), 10.28%, 06/21/28	GBP		1,000		1,226,667
EG America LLC, 2018 USD Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.16%, 02/07/25	USD		882		866,104
EG Group Ltd., 2021 Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.41%, 03/31/26			349		346,332


Security		Par (000)		Value

Specialty Retail (continued)
Mavis Tire Express Services Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 05/04/28	USD		1,839	$	1,820,095
PetSmart, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.95%, 02/11/28			2,261		2,253,255
Pilot Travel Centers LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.20%, 08/04/28			698		696,116
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.45%, 10/20/28			531		511,739
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 02/08/28			148		137,896


					7,858,204
Technology Hardware, Storage & Peripherals — 0.1%
Electronics for Imaging, Inc., Term Loan, (1-mo. LIBOR US + 5.00%), 10.21%, 07/23/26			492		332,081


Textiles, Apparel & Luxury Goods — 0.3%
Crocs, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.70%, 02/20/29			599		600,040
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.85%, 03/08/30^(d)			320		320,998


					921,038
Trading Companies & Distributors — 2.6%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1-mo. LIBOR US + 2.25%), 7.44%, 05/19/28			841		838,335
Core & Main LP, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.69%, 07/27/28			2,515		2,498,213
SRS Distribution, Inc.
2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.69%, 06/02/28			1,702		1,650,826
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.70%, 06/02/28			608		592,213
TMK Hawk Parent Corp.^(d)
2020 Super Priority First Out Term Loan A, (3-mo. LIBOR US at 1.00% Floor + 9.50%), 15.00%, 05/30/24			597		587,898
2020 Super Priority Second Out Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 3.50%), 9.00%, 08/28/24			1,881		1,137,956


					7,305,441
Transportation Infrastructure — 0.6%
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.10%, 09/22/28			457		453,997
KKR Apple Bidco LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.97%, 09/23/28			573		567,813
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 11.43%, 12/15/26			521		487,143
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.49%, 03/17/30			151		141,208


					1,650,161


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Wireless Telecommunication Services — 1.1%
Digicel International Finance Ltd., 2017 Term Loan B, (1-mo. LIBOR US + 3.25%), 8.98%, 05/28/24			USD 503	$	459,992
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.97%, 04/30/28			576		574,663
SBA Senior Finance II LLC, 2018 Term Loan B, (1-mo. LIBOR US + 1.75%), 6.95%, 04/11/25			2,042		2,041,801

					3,076,456

Total Floating Rate Loan Interests — 126.6% (Cost: $370,758,282)					360,416,544


		Shares

Investment Companies

Equity Funds — 0.1%
Janus Henderson AAA CLO ETF			5,000		249,250


Fixed Income Funds — 1.3%
Invesco Senior Loan ETF			35,400		744,816
iShares iBoxx $ High Yield Corporate Bond ETF^(j)			40,000		3,002,800

					3,747,616

Total Investment Companies — 1.4% (Cost: $4,037,247)					3,996,866


		Benefical Interest (000)

Other Interests

Capital Markets — 0.0%
Millennium Lender Claim Trust^(d)(k)	USD		991		—


Industrial Conglomerates — 0.0%
Millennium Corp. Claim^(d)(k)			930		—


Total Other Interests — 0.0% (Cost: $ — )					—


Security	Shares		Value

Warrants

Consumer Discretionary — 0.0%
Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00)^(c)		2,121	$	—


Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price USD 36.00)^(c)		617		7,318


Total Warrants — 0.0% (Cost: $ — )				7,318


Total Investments — 131.6% (Cost: $387,051,307)				374,582,338
Liabilities in Excess of Other Assets — (31.6)%				(89,977,830	)


Net Assets — 100.0%			$	284,604,508

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

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

^(c)	Non-income producing security.

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

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

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

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

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

⁽ⁱ⁾	Rounds to less than 1,000.

^(j)	Affiliate of the Trust.

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

Affiliates


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

								$	(24,805	)	$	(21,990	)	$	3,002,800			$	80,421	$	—

^(a)

As of period end, the entity is no longer held.


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

USD

1,904,201

GBP

1,485,000

BNP Paribas SA

09/20/23

17,850

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing
Rate Received
by the Trust

Payment
Frequency

Termination
Date

Credit
Rating

^(a)

Notional
Amount (000)

^(b)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

CDX.NA.HY.39.V2

5.00

Quarterly

12/20/27

USD 2,757

92,759

(38,896

)

131,655

^(a)

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

^(b)

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

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

Description

Swap

Premiums

Paid

Swap
Premiums
Received

Unrealized
Appreciation

Unrealized
Depreciation

Centrally Cleared Swaps^(a)

—

(38,896

)

131,655

—

^(a)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


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

	$	—	$	131,655	$	—	$	17,850	$	—	$	—	$	149,505

^(a)

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(78,608	)	$	—	$	—	$	(78,608	)
Swaps		—		74,056		—		—			—		—		74,056

	$	—	$	74,056	$	—	$	(78,608	)	$	—	$	—	$	(4,552	)


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,090		$	—	$	—	$	1,090
Swaps		—		88,183		—		—			—		—		88,183

	$	—	$	88,183	$	—	$	1,090		$	—	$	—	$	89,273


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative assets and liabilities (by type) were as follows:


	Assets			Liabilities

Derivative Financial Instruments
Forward foreign currency exchange contracts	$	17,850		$	—
Swaps — centrally cleared		20,014			—


Total derivative assets and liabilities in the Statements of Assets and Liabilities		37,864			—


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(20,014	)		—


Total derivative assets and liabilities subject to an MNA	$	17,850		$	—

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


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

^(a)

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

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End


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

	$	4,029,736	$	355,349,395		$	15,189,748	$	374,568,879


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

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Floating Rate Income Trust (BGT)

Fair Value Hierarchy as of Period End (continued)


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

	$	—	$	149,505	$	—	$	149,505

^(a)

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

^(b)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $91,000,000 are categorized as Level 2 within the fair value hierarchy.


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


Closing balance, as of June 30, 2023	$	—		$	—	^(a)	$	15,189,748		$	—	^(a)	$	15,189,748


Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023^(e)	$	—		$	—		$	176,048		$	—		$	176,048

^(a)

Rounds to less than $1.

^(b)

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

^(c)

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

^(d)

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

^(e)

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

June 30, 2023


	BHK		HYT^(a)		BTZ		BGT

ASSETS
Investments, at value — unaffiliated^(b)	$	915,669,972	$	1,881,519,130	$	1,770,136,879	$	371,579,538
Investments, at value — affiliated^(c)		—		—		7,466,683		3,002,800
Cash		—		1,936,183		—		446,093
Cash pledged:
Collateral — reverse repurchase agreements		2,132,207		—		2,492,624		—
Collateral — exchange-traded options written		—		—		7,820,000		—
Collateral — OTC derivatives		1,379,000		—		—		—
Futures contracts		3,915,000		216,000		7,043,000		—
Centrally cleared swaps		1,309,000		1,578,000		6,770,000		245,000
Foreign currency, at value^(d)		61,065		132,125		553,256		—
Receivables:
Investments sold		2,307,109		3,471,669		1,748,713		2,392,428
Reverse repurchase agreements		9,026,623		—		3,468,847		—
TBA sale commitments		15,070,294		—		78,109,642		—
Dividends — unaffiliated		24,339		—		—		—
Dividends — affiliated		34,881		6,483		33,562		46
Interest — unaffiliated		10,131,591		29,299,767		23,414,704		2,426,461
Variation margin on futures contracts		816,484		—		156,499		—
Variation margin on centrally cleared swaps		—		112,936		—		20,014
Swap premiums paid		3,340		32,903		—		—
Unrealized appreciation on:
Forward foreign currency exchange contracts		17,250		103,226		3,908		17,850
OTC swaps		7,692		337,356		—		—
Unfunded floating rate loan interests		719		—		—		—
Deferred offering costs		147,699		186,982		—		231,751
Other assets		—		250,000		—		—


Total assets		962,054,265		1,919,182,760		1,909,218,317		380,361,981


LIABILITIES
Bank overdraft		2,500,395		—		184,112		—
Foreign bank overdraft^(e)		—		—		—		136,081
Due to broker		—		—		552,038		—
Cash received as collateral for reverse repurchase agreements		69,000		—		—		—
Options written, at value^(f)		—		87,588		280,459		—
TBA sale commitments, at value^(g)		14,995,820		—		77,623,941		—
Reverse repurchase agreements, at value		305,139,899		—		618,555,134		—
Payables:
Investments purchased		45,185,850		22,475,516		155,567,421		3,272,016
Reverse repurchase agreements		920,811		—		2,372,655		—
Swaps		—		13,159		—		—
Accounting services fees		56,952		82,674		77,836		27,411
Bank borrowings		—		551,000,000		—		91,000,000
Custodian fees		21,946		24,775		35,001		9,568
Income dividend distributions		73,079		609,216		355,664		35,166
Interest expense		—		2,595,131		—		475,353
Investment advisory fees		758,343		1,850,922		1,701,519		462,904
Offering costs		—		—		—		41,452
Trustees’ and Officer’s fees		217,548		583,553		754,630		197,408
Other accrued expenses		55,418		154,190		87,016		17,730
Professional fees		61,554		56,541		52,546		49,136
Reorganization costs		—		—		67,446		—
Transfer agent fees		35,524		53,795		46,671		19,789
Variation margin on futures contracts		160,404		42,103		1,575,034		—
Variation margin on centrally cleared swaps		11,407		—		812,546		—
Swap premiums received		896,500		249,122		—		—
Unrealized depreciation on:
Forward foreign currency exchange contracts		12,404		11,995		—		—
OTC swaps		488,558		36,031		—		—
Unfunded floating rate loan interests		—		20,170		3,468		13,459

Total liabilities		371,661,412		579,946,481		860,705,137		95,757,473


Commitments and contingent liabilities
NET ASSETS	$	590,392,853	$	1,339,236,279	$	1,048,513,180	$	284,604,508


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

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2023


	BHK			HYT^(a)			BTZ			BGT

NET ASSETS CONSIST OF
Paid-in capital^(h)(i)(j)	$	754,580,785		$	1,686,432,389		$	1,232,128,209		$	328,106,361
Accumulated loss		(164,187,932	)		(347,196,110	)		(183,615,029	)		(43,501,853	)


NET ASSETS	$	590,392,853		$	1,339,236,279		$	1,048,513,180		$	284,604,508


Net asset value^(h)(i)(j)	$	10.93		$	9.38		$	11.21		$	12.75


^(a) Consolidated Statement of Assets and Liabilities.
^(b) Investments, at cost — unaffiliated	$	979,663,601		$	1,968,472,303		$	1,843,140,298		$	384,034,898
^(c) Investments, at cost — affiliated	$	—		$	—		$	7,466,683		$	3,016,409
^(d) Foreign currency, at cost	$	61,900		$	132,124		$	553,258		$	—
^(e) Foreign bank overdraft, at cost	$	—		$	—		$	—		$	137,313
^(f) Premiums received	$	—		$	141,072		$	755,964		$	—
^(g) Proceeds from TBA sale commitments	$	15,070,294		$	—		$	78,109,642		$	—
^(h) Shares outstanding		54,010,702			142,699,920			93,507,103			22,315,637
⁽ⁱ⁾ Shares authorized		Unlimited			200 million			Unlimited			Unlimited
^(j) Par value	$	0.001		$	0.10		$	0.001		$	0.001

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended June 30, 2023


	BHK			HYT^(a)			BTZ			BGT


INVESTMENT INCOME
Dividends — unaffiliated	$	89,037		$	5,969		$	1,119,866		$	31,485
Dividends — affiliated		200,756			37,586			173,043			80,421
Interest — unaffiliated		25,349,379			67,139,088			49,732,746			16,870,234
Other income — unaffiliated		120,189			933,050			168,785			246,973
Foreign taxes withheld		(4,883	)		(7,525	)		—			—


Total investment income		25,754,478			68,108,168			51,194,440			17,229,113


EXPENSES
Investment advisory		2,330,974			5,534,088			5,082,904			1,375,215
Accounting services		64,508			98,839			88,931			32,336
Professional		54,236			57,066			41,081			55,388
Transfer agent		44,867			66,228			55,906			24,555
Custodian		41,138			29,033			46,037			11,254
Trustees and Officer		25,161			55,465			56,224			14,088
Registration		9,236			20,562			15,783			4,123
Printing and postage		6,340			7,428			1,403			4,708
Miscellaneous		68,525			40,308			35,185			7,185


Total expenses excluding interest expense		2,644,985			5,909,017			5,423,454			1,528,852
Interest expense		8,121,364			14,587,599			14,429,042			2,503,072


Total expenses		10,766,349			20,496,616			19,852,496			4,031,924
Less:
Fees waived and/or reimbursed by the Manager		(3,098	)		(671	)		(2,838	)		(10,241	)


Total expenses after fees waived and/or reimbursed		10,763,251			20,495,945			19,849,658			4,021,683


Net investment income		14,991,227			47,612,223			31,344,782			13,207,430


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(29,360,317	)		(68,254,219	)		(38,899,793	)		(1,478,692	)
Investments — affiliated		—			—			—			(24,805	)
Forward foreign currency exchange contracts		(12,942	)		(305,526	)		(11,025	)		(78,608	)
Foreign currency transactions		(24,917	)		(123,728	)		5,336			(37,124	)
Futures contracts		(2,455,995	)		(2,170,873	)		(2,425,644	)		—
Options written		—			1,155,118			1,158,037			—
Swaps		4,730,198			360,485			(5,417,183	)		74,056


		(27,123,973	)		(69,338,743	)		(45,590,272	)		(1,545,173	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		42,493,774			107,816,576			65,554,852			8,736,859
Investments — affiliated		—			—			—			(21,990	)
Forward foreign currency exchange contracts		16,441			157,845			3,908			1,090
Foreign currency translations		(3,542	)		(12,617	)		180			26,670
Futures contracts		1,483,328			(683,800	)		(5,129,229	)		—
Options written		—			(85,337	)		420,023			—
Swaps		(5,375,263	)		951,215			3,089,814			88,183
Unfunded floating rate loan interests		14,735			73,248			4,558			33,364


		38,629,473			108,217,130			63,944,106			8,864,176


Net realized and unrealized gain		11,505,500			38,878,387			18,353,834			7,319,003


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,496,727		$	86,490,610		$	49,698,616		$	20,526,433

^(a)	Consolidated Statement of Operations.

See notes to financial statements.


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

Statements of Changes in Net Assets


	BHK						HYT^(a)


	Six Months Ended 06/30/23 (unaudited)			Year Ended 12/31/22			Six Months Ended 06/30/23 (unaudited)			Year Ended 12/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,991,227		$	34,621,610		$	47,612,223		$	85,310,028
Net realized loss		(27,123,973	)		(58,306,032	)		(69,338,743	)		(48,802,949	)
Net change in unrealized appreciation (depreciation)		38,629,473			(179,504,308	)		108,217,130			(243,082,240	)


Net increase (decrease) in net assets resulting from operations		26,496,727			(203,188,730	)		86,490,610			(206,575,161	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
From net investment income		(24,175,190	)^(c)		(43,352,180	)		(66,697,943	)^(c)		(75,141,728	)
Return of capital		—			(969,019	)		—			(32,825,998	)


Decrease in net assets resulting from distributions to shareholders		(24,175,190	)		(44,321,199	)		(66,697,943	)		(107,967,726	)


CAPITAL SHARE TRANSACTIONS
Proceeds from rights offering (Note 11)		—			—			—			167,749,786
Reinvestment of distributions		—			267,474			—			1,065,866


Net increase in net assets derived from capital share transactions		—			267,474			—			168,815,652


NET ASSETS
Total increase (decrease) in net assets		2,321,537			(247,242,455	)		19,792,667			(145,727,235	)
Beginning of period		588,071,316			835,313,771			1,319,443,612			1,465,170,847


End of period	$	590,392,853		$	588,071,316		$	1,339,236,279		$	1,319,443,612

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

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

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	BTZ						BGT


	Six Months Ended 06/30/23 (unaudited)			Year Ended 12/31/22			Six Months Ended 06/30/23 (unaudited)			Year Ended 12/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	31,344,782		$	72,207,568		$	13,207,430		$	18,263,413
Net realized loss		(45,590,272	)		(26,934,855	)		(1,545,173	)		(4,197,922	)
Net change in unrealized appreciation (depreciation)		63,944,106			(325,268,939	)		8,864,176			(20,011,741	)


Net increase (decrease) in net assets resulting from operations		49,698,616			(279,996,226	)		20,526,433			(5,946,250	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(47,071,475	)^(b)		(65,195,451	)		(13,274,960	)		(16,820,514	)
Return of capital		—			(21,102,257	)		—			—


Decrease in net assets resulting from distributions to shareholders		(47,071,475	)		(86,297,708	)		(13,274,960	)		(16,820,514	)


CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of shares		—			33,408			—			—
Reinvestment of distributions		—			—			—			32,244
Redemption of shares resulting from share repurchase program (including transaction costs)		—			—			(624,592	)		—


Net increase (decrease) in net assets derived from capital share transactions		—			33,408			(624,592	)		32,244


NET ASSETS
Total increase (decrease) in net assets		2,627,141			(366,260,526	)		6,626,881			(22,734,520	)
Beginning of period		1,045,886,039			1,412,146,565			277,977,627			300,712,147


End of period	$	1,048,513,180		$	1,045,886,039		$	284,604,508		$	277,977,627

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

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

See notes to financial statements.


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

Statements of Cash Flows (unaudited)

Six Months Ended June 30, 2023


	BHK			HYT^(a)			BTZ			BGT


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


Net cash provided by operating activities		104,994,672			44,639,561			30,707,652			12,617,708


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(24,102,111	)		(66,088,727	)		(46,715,811	)		(13,239,794	)
Payments for offering costs		—			—			—			41,452
Payments for bank borrowings		—			(282,000,000	)		—			(41,000,000	)
Net payments on redemption of capital shares		—			—			—			(624,592	)
Proceeds from bank borrowings		—			304,000,000			—			41,000,000
Increase in bank overdraft		2,500,395			—			184,112			76,215
Net borrowing of reverse repurchase agreements		(89,774,897	)		—			23,042,036			—


Net cash used for financing activities		(111,376,613	)		(44,088,727	)		(23,489,663	)		(13,746,719	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(1,306	)		8			(2	)		—


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

Statements of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2023


	BHK			HYT^(a)		BTZ		BGT


CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency	$	(6,383,247	)	$	550,842	$	7,217,987	$	(1,129,011	)
Restricted and unrestricted cash and foreign currency at beginning of period		15,179,519			3,311,466		17,460,893		1,820,104


Restricted and unrestricted cash and foreign currency at end of period	$	8,796,272		$	3,862,308	$	24,678,880	$	691,093


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	8,531,490		$	14,322,553	$	14,049,690	$	2,463,097


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	—		$	1,936,183	$	—	$	446,093
Cash pledged
Collateral — reverse repurchase agreements		2,132,207			—		2,492,624		—
Collateral — exchange-traded options written		—			—		7,820,000		—
Collateral — OTC derivatives		1,379,000			—		—		—
Futures contracts		3,915,000			216,000		7,043,000		—
Centrally cleared swaps		1,309,000			1,578,000		6,770,000		245,000
Foreign currency at value		61,065			132,125		553,256		—


	$	8,796,272		$	3,862,308	$	24,678,880	$	691,093

^(a)	Consolidated Statement of Cash Flows.

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


		BHK
	Six Months Ended 06/30/23 (unaudited)				Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended 08/31/19			Year Ended 08/31/18

Net asset value, beginning of period		$	10.89		$	15.47		$	16.45		$	15.32		$	15.79		$	14.08		$	14.96


Net investment income^(a)			0.28			0.64			0.72			0.72			0.22			0.66			0.72
Net realized and unrealized gain (loss)			0.21			(4.40	)		(0.65	)		1.24			(0.36	)		1.82			(0.82	)


Net increase (decrease) from investment operations			0.49			(3.76	)		0.07			1.96			(0.14	)		2.48			(0.10	)


Distributions^(b)
From net investment income			(0.45	)^(c)		(0.69	)		(0.80	)		(0.64	)		(0.27	)		(0.73	)		(0.78	)
From net realized gain			—			(0.11	)		(0.25	)		(0.19	)		(0.04	)		(0.04	)		—
Return of capital			—			(0.02	)		—			—			(0.02	)		—			—


Total distributions			(0.45	)		(0.82	)		(1.05	)		(0.83	)		(0.33	)		(0.77	)		(0.78	)


Net asset value, end of period		$	10.93		$	10.89		$	15.47		$	16.45		$	15.32		$	15.79		$	14.08


Market price, end of period		$	10.64		$	10.38		$	16.51		$	16.30		$	14.58		$	14.56		$	12.85


Total Return^(d)
Based on net asset value			4.56	%^(e)		(24.44	)%		0.50	%^(f)		13.24	%		(0.75	)%^(e)		18.86	%		(0.24	)%


Based on market price			6.79	%^(e)		(32.52	)%		8.25	%		17.90	%		2.43	%^(e)		20.09	%		(3.40	)%


Ratios to Average Net Assets^(g)
Total expenses			3.61	%^(h)		1.95	%		0.85	%		0.91	%		1.42	%^(h)(i)		1.72	%		1.60	%


Total expenses after fees waived and/or reimbursed			3.61	%^(h)		1.95	%		0.85	%		0.90	%		1.42	%^(h)		1.72	%		1.60	%

Total expenses after fees waived and/or reimbursed and excluding interest expense			0.88	%^(h)		0.90	%		0.81	%		0.75	%		0.79	%^(h)		0.77	%		0.82	%


Net investment income			5.02	%^(h)		5.13	%		4.50	%		4.52	%		4.15	%^(h)		4.63	%		4.99	%


Supplemental Data
Net assets, end of period (000)		$	590,393		$	588,071		$	835,314		$	886,970		$	826,349		$	851,650		$	759,385


Borrowings outstanding, end of period (000)		$	305,140		$	387,219		$	405,522		$	296,921		$	271,749		$	273,621		$	316,216


Portfolio turnover rate^(j)			66	%		104	%		54	%		69	%		21	%		27	%		28	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

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

^(h)	Annualized.

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

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


	Six Months Ended 06/30/23 (unaudited)			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended 08/31/19			Year Ended 08/31/18

Portfolio turnover rate (excluding MDRs)		41	%		76	%		34	%		55	%		11	%		27	%		28	%

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	HYT^(a)
	Six Months Ended 06/30/23 (unaudited)				Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended 08/31/19			Year Ended 08/31/18

Net asset value, beginning of period		$	9.25		$	11.99		$	11.95		$	11.91		$	11.82		$	11.90		$	12.22


Net investment income^(b)			0.33			0.67			0.76			0.79			0.25			0.79			0.83
Net realized and unrealized gain (loss)			0.27			(2.42	)		0.21			0.18			0.22			(0.01	)		(0.31	)


Net increase (decrease) from investment operations			0.60			(1.75	)		0.97			0.97			0.47			0.78			0.52


Distributions^(c)
From net investment income			(0.47	)^(d)		(0.60	)		(0.80	)		(0.82	)		(0.35	)		(0.86	)		(0.84	)
Return of capital			—			(0.26	)		(0.13	)		(0.11	)		(0.03	)		—			—


Total distributions			(0.47	)		(0.86	)		(0.93	)		(0.93	)		(0.38	)		(0.86	)		(0.84	)


Dilutive effect of rights offer (Note 11)			—			(0.13	)		—			—			—			—			—


Net asset value, end of period		$	9.38		$	9.25		$	11.99		$	11.95		$	11.91		$	11.82		$	11.90


Market price, end of period		$	8.92		$	8.74		$	12.34		$	11.43		$	11.20		$	10.51		$	10.70


Total Return^(e)
Based on net asset value			6.88	%^(f)		(15.71	)%		8.42	%		9.57	%		4.28	%^(f)		8.06	%		5.25	%


Based on market price			7.57	%^(f)		(22.62	)%		16.66	%		11.45	%		10.28	%^(f)		6.86	%		3.91	%


Ratios to Average Net Assets^(g)
Total expenses			3.08	%^(h)		1.89	%		1.35	%		1.50	%		1.92	%^(h)(i)		2.19	%		1.99	%


Total expenses after fees waived and/or reimbursed			3.08	%^(h)		1.89	%		1.34	%		1.49	%		1.92	%^(h)		2.19	%		1.99	%

Total expenses after fees waived and/or reimbursed and excluding interest expense and fees			0.89	%^(h)		0.91	%		0.93	%		0.94	%		0.93	%^(h)		0.92	%		0.94	%


Net investment income			7.15	%^(h)		6.61	%		6.30	%		7.06	%		6.39	%^(h)		6.87	%		6.88	%


Supplemental Data
Net assets, end of period (000)		$	1,339,236		$	1,319,444		$	1,465,171		$	1,456,907		$	1,451,868		$	1,440,436		$	1,482,422


Borrowings outstanding, end of period (000)		$	551,000		$	529,000		$	647,000		$	685,000		$	607,000		$	486,000		$	647,000

Asset coverage, end of period per $1,000 of bank borrowings^(j)		$	3,431		$	3,494		$	3,265		$	3,127		$	3,392		$	3,965		$	3,292


Portfolio turnover rate			39	%		45	%		54	%		82	%		20	%		64	%		65	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

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


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BTZ
	Six Months Ended 06/30/23 (unaudited)				Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 11/01/19 to 12/31/19			Year Ended 10/31/19			Year Ended 10/31/18

Net asset value, beginning of period		$	11.19		$	15.10		$	15.71		$	14.97		$	14.94		$	13.72		$	14.88


Net investment income^(a)			0.34			0.77			0.85			0.84			0.13			0.79			0.81
Net realized and unrealized gain (loss)			0.18			(3.76	)		(0.45	)		0.91			0.15			1.25			(1.17	)


Net increase (decrease) from investment operations			0.52			(2.99	)		0.40			1.75			0.28			2.04			(0.36	)


Distributions^(b)
From net investment income			(0.50	)^(c)		(0.70	)		(0.86	)		(0.85	)		(0.23	)		(0.79	)		(0.80	)
Return of capital			—			(0.22	)		(0.15	)		(0.16	)		(0.02	)		(0.03	)		—


Total distributions			(0.50	)		(0.92	)		(1.01	)		(1.01	)		(0.25	)		(0.82	)		(0.80	)


Net asset value, end of period		$	11.21		$	11.19		$	15.10		$	15.71		$	14.97		$	14.94		$	13.72


Market price, end of period		$	10.15		$	10.10		$	15.05		$	14.71		$	13.98		$	13.55		$	11.72


Total Return^(d)
Based on net asset value			5.08	%^(e)		(19.50	)%		2.73	%		12.78	%		2.02	%^(e)		16.17	%		(1.72	)%


Based on market price			5.41	%^(e)		(27.10	)%		9.36	%		13.07	%		5.05	%^(e)		23.34	%		(6.49	)%


Ratios to Average Net Assets^(f)
Total expenses			3.76	%^(g)		1.79	%		1.12	%		1.35	%		1.68	%^(g)(h)		2.26	%		1.82	%


Total expenses after fees waived and/or reimbursed			3.75	%^(g)		1.79	%		1.12	%		1.35	%		1.68	%^(g)		2.25	%		1.82	%

Total expenses after fees waived and/or reimbursed and excluding interest expense			1.02	%^(g)		0.94	%		0.94	%		0.94	%		0.92	%^(g)		1.08	%		0.94	%


Net investment income			5.93	%^(g)		6.22	%		5.49	%		5.69	%		5.29	%^(g)		5.57	%		5.69	%


Supplemental Data
Net assets, end of period (000)		$	1,048,513		$	1,045,886		$	1,412,147		$	1,468,153		$	1,554,828		$	1,551,243		$	1,439,954


Borrowings outstanding, end of period (000)		$	618,555		$	589,324		$	587,017		$	614,172		$	577,231		$	568,461		$	707,102


Portfolio turnover rate			96	%		42	%		20	%		34	%		2	%		18	%		30	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BGT
	Six Months Ended 06/30/23 (unaudited)				Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 11/01/19 to 12/31/19			Year Ended 10/31/19			Year Ended 10/31/18

Net asset value, beginning of period		$	12.43		$	13.44		$	13.40		$	14.10		$	13.95		$	14.33		$	14.49


Net investment income^(a)			0.59			0.82			0.65			0.66			0.12			0.80			0.76
Net realized and unrealized gain (loss)			0.32			(1.08	)		0.17			(0.47	)		0.26			(0.37	)		(0.21	)


Net increase (decrease) from investment operations			0.91			(0.26	)		0.82			0.19			0.38			0.43			0.55


Distributions^(b)
From net investment income			(0.59	)		(0.75	)		(0.66	)		(0.69	)		(0.23	)		(0.81	)		(0.71	)
Return of capital			—			—			(0.12	)		(0.20	)		—			—			—


Total distributions			(0.59	)		(0.75	)		(0.78	)		(0.89	)		(0.23	)		(0.81	)		(0.71	)


Net asset value, end of period		$	12.75		$	12.43		$	13.44		$	13.40		$	14.10		$	13.95		$	14.33


Market price, end of period		$	11.66		$	10.94		$	13.99		$	11.79		$	12.87		$	12.42		$	12.72


Total Return^(c)
Based on net asset value			8.00	%^(d)		(1.32	)%		6.43	%		2.83	%		2.89	%^(d)		4.00	%		4.25	%


Based on market price			12.22	%^(d)		(16.56	)%		25.91	%		(0.88	)%		5.48	%^(d)		4.31	%		(6.30	)%


Ratios to Average Net Assets^(e)
Total expenses			2.88	%^(f)		2.20	%		1.61	%		1.72	%		2.11	%^(f)		2.41	%		2.29	%


Total expenses after fees waived and/or reimbursed			2.87	%^(f)		2.20	%		1.60	%		1.70	%		2.11	%^(f)		2.41	%		2.29	%

Total expenses after fees waived and/or reimbursed and excluding interest expense and fees			1.08	%^(f)		1.17	%		1.19	%		1.17	%		1.28	%^(f)		1.16	%		1.21	%


Net investment income			9.44	%^(f)		6.40	%		4.82	%		5.13	%		5.23	%^(f)		5.68	%		5.27	%


Supplemental Data
Net assets, end of period (000)		$	284,605		$	277,978		$	300,712		$	300,126		$	323,708		$	321,091		$	339,096


Borrowings outstanding, end of period (000)		$	91,000		$	91,000		$	143,000		$	129,000		$	130,000		$	123,000		$	142,000

Asset coverage, end of period per $1,000 of bank borrowings^(g)		$	4,128		$	4,055		$	3,103		$	3,327		$	3,490		$	3,610		$	3,389


Portfolio turnover rate			14	%		16	%		50	%		65	%		6	%		53	%		57	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

^(f)	Annualized.

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

See notes to financial statements.


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

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

Trust Name

Herein Referred To As

Organized

Diversification
Classification

BlackRock Core Bond Trust

BHK

Delaware

Diversified

BlackRock Corporate High Yield Fund, Inc.

HYT

Maryland

Diversified

BlackRock Credit Allocation Income Trust

BTZ

Delaware

Diversified

BlackRock Floating Rate Income Trust

BGT

Delaware

Diversified

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

Basis of Consolidation: The accompanying consolidated financial statements of HYT include the accounts of HYT Subsidiary LLC (the “Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of HYT. The Taxable Subsidiary enables HYT to hold certain pass-through investments and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investments held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for HYT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for HYT. Taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Consolidated Statement of Assets and Liabilities. HYT may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $321,684, which is 0.02% of HYT’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to HYT.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Trust does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Realized currency gains (losses) on foreign currency related transactions are reported as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. Each Trust has elected to treat realized gains (losses) from certain forward foreign currency exchange contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.


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

Notes to Financial Statements (unaudited) (continued)

The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions: Distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to the Trusts’ managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

•

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

•

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

•

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

•

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


140		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

•

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.



		Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services

Market approach		(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
		(ii) recapitalizations and other transactions across the capital structure; and
		(iii) market multiples of comparable issuers.

Income approach		(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
		(ii) quoted prices for similar investments or assets in active markets; and
		(iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

Cost approach		(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
		(ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
		(iii) relevant news and other public sources; and
		(iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and


N O T E S T O F I N A N C I A L S T A T E M E N T S		141

Notes to Financial Statements (unaudited) (continued)

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of June 30, 2023, certain investments of HYT were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	*SECURITIES AND OTHER INVESTMENTS*

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.


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Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Trusts may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Trusts had the following unfunded floating rate loan interests:



Trust Name	Borrower		Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
BHK		AthenaHealth Group, Inc.	$	140,006	$	133,862	$	134,581	$	719


									$	719


HYT		AthenaHealth Group, Inc.	$	1,113,494	$	1,090,517	$	1,070,347		(20,170	)


									$	(20,170	)


BTZ		AthenaHealth Group, Inc.	$	49,090	$	50,656	$	47,188		(3,468	)


									$	(3,468	)


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Notes to Financial Statements (unaudited) (continued)



Trust Name	Borrower		Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)

BGT		AthenaHealth Group, Inc.	$	226,591	$	226,591	$	217,811	$	(8,780	)
		IPS Corp.		63,658		63,658		58,979		(4,679	)

									$	(13,459	)

Forward Commitments, When-Issued and Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trusts’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

Mortgage Dollar Roll Transactions: The Trusts may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the six months ended June 30, 2023, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Trusts were as follows:



Trust Name	Average Amount Outstanding		Weighted Average Interest Rate

BHK	$	338,118,944		4.84	%
BTZ		588,058,583		4.95

Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a


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market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

As of period end, the following table is a summary of BHK and BTZ’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:


Trust Name/Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	^(a)		Cash Collateral Pledged/Received	^(a)		Net Amount

BHK
Barclays Capital, Inc.	$	(12,270,202	)	$	12,270,202		$	—		$	—
BNP Paribas SA		(64,541,850	)		64,541,850			—			—
BofA Securities, Inc.		(24,955,271	)		24,955,271			—			—
Cantor Fitzgerald & Co.		(6,107,254	)		6,107,254			—			—
Goldman Sachs & Co. LLC		(7,119,566	)		7,119,566			—			—
HSBC Securities (USA), Inc.		(56,275,215	)		56,275,215			—			—
J.P. Morgan Securities LLC		(6,147,092	)		6,147,092			—			—
Merrill Lynch International		(335,242	)		335,242			—			—
Nomura Securities International, Inc.		(76,717,868	)		76,717,868			—			—
Royal Bank of Canada		(28,661,704	)		28,661,704			—			—
TD Securities (USA) LLC		(22,008,635	)		22,008,635			—			—

	$	(305,139,899	)	$	305,139,899		$	—		$	—

^(a)

Net collateral, including accrued interest, if any, with a value of $320,762,200 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes.


Trust Name/Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	^(a)		Cash Collateral Pledged/Received	^(a)		Net Amount

BTZ
Barclays Capital, Inc.	$	(26,807,646	)	$	26,807,646		$	—		$	—
BNP Paribas SA		(62,234,702	)		62,234,702			—			—
BofA Securities, Inc.		(148,719,955	)		148,719,955			—			—
Goldman Sachs & Co. LLC		(20,074,970	)		20,074,970			—			—
J.P. Morgan Securities LLC		(16,950,170	)		16,950,170			—			—
Nomura Securities International, Inc.		(28,003,817	)		28,003,817			—			—
RBC Capital Markets, LLC		(66,684,635	)		66,684,635			—			—
TD Securities (USA) LLC		(249,079,239	)		249,079,239			—			—

	$	(618,555,134	)	$	618,555,134		$	—		$	—

^(a)

Collateral, if any, with a value of $682,555,601 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable)


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Notes to Financial Statements (unaudited) (continued)

on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.

Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trusts and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Trusts’ counterparty on the swap. Each Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

•

Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Trusts may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trusts will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional


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Notes to Financial Statements (unaudited) (continued)

amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trusts will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

•

Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or make a payment to the counterparty.

•

Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, BHK, BTZ and BGT pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of the Trust’s managed assets.



	BHK			BTZ			BGT

Investment advisory fees		0.50	%		0.62	%		0.75	%


N O T E S T O F I N A N C I A L S T A T E M E N T S		147

Notes to Financial Statements (unaudited) (continued)

For purposes of calculating these fees, “managed assets” are determined as total assets of the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

For such services, HYT pays the Manager a monthly fee at an annual rate equal to 0.60% of the average daily value of HYT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage.

The Manager provides investment management and other services to the Taxable Subsidiary. The Manager does not receive separate compensation from the Taxable Subsidiary for providing investment management or administrative services. However, HYT pays the Manager based on HYT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.

With respect to each Trust, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”) and, with respect to BHK and BTZ, BlackRock (Singapore) Limited (“BSL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of each Trust for which BIL and BSL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.

Distribution Fees: BHK, HYT and BGT has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BHK, HYT and BGT common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BHK, HYT and BGT’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended June 30, 2023 amounted to $0.

Expense Waivers and Reimbursements: With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2023, the amounts waived were as follows:



Trust Name		Fees Waived and/or Reimbursed by the Manager

BHK		$ 3,098
HYT		671
BTZ		2,838
BGT		47

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2023, the amount waived in investment advisory fees pursuant to these arrangements was as follows:



Trust Name		Fees Waived and/or Reimbursed by the Manager

BGT		$ 10,194

Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

7.	*PURCHASES AND SALES*

For the six months ended June 30, 2023, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls and excluding short-term securities, were as follows:




	U.S. Government Securities				Other Securities


Trust Name	Purchases		Sales		Purchases		Sales


BHK	$	11,024,711	$	106,694,040	$	610,442,145	$ 658,434,359
HYT		—		—		739,982,655	728,441,774
BTZ		—		—		1,643,797,462	1,641,811,506
BGT		—		—		55,353,011	52,851,366

For the six months ended June 30, 2023, purchases and sales related to mortgage dollar rolls were as follows:


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Notes to Financial Statements (unaudited) (continued)

8.	*INCOME TAX INFORMATION*

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required, except with respect to any taxes related to the Taxable Subsidiaries.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

As of December 31, 2022, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:


Trust Name	Non-Expiring Capital Loss Carryforwards	^(a)	Qualified Late-Year Losses	^(b)

BHK	$ (62,329,096	)	$ (1,380,292	)
HYT	(153,261,725	)	(13,209,605	)
BTZ	(37,655,037	)	—
BGT	(29,377,882	)	—

^(a)

Amounts available to offset future realized capital gains.

^(b)

The Trust has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of June 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



Trust Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BHK	$	981,083,851	$	11,541,696	$	(76,080,104	)	$ (64,538,408)
HYT		1,972,975,153		21,764,546		(112,316,185	)	(90,551,639)
BTZ		1,854,854,814		31,470,227		(114,312,467	)	(82,842,240)
BGT		387,208,173		1,484,152		(13,960,482	)	(12,476,330)

9.	*BANK BORROWINGS*

BGT and HYT are party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to HYT and BGT. As of period end, HYT and BGT have not received any notice to terminate. HYT and BGT has granted a security interest in substantially all of their assets to SSB.

The SSB Agreement allows for the maximum commitment amounts of $758,000,000 for HYT and $157,000,000 for BGT.

Prior to March 9, 2023, maximum commitment amounts were $732,000,000 for HYT and $168,000,000 for BGT.

Advances will be made by SSB to BGT and HYT, at HYT and BGT’s option of (a) Daily Simple SOFR plus 0.80% or (b) One Month Term SOFR plus 0.80%. SOFR and One Month Term SOFR are subject to a 0% floor.

In addition, BGT and HYT paid a commitment fee (based on the daily unused portion of the commitments). Advances to BGT and HYT as of period end, if any, are shown in the Statements of Assets and Liabilities as bank borrowings. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value.

BGT and HYT may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding borrowings is less than 300%.

For the six months ended June 30, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:



Trust Name	Maximum Amount Borrowed		Average Amount Outstanding		Daily Weighted Average Interest Rate

HYT	$	551,000,000	$	516,895,028		5.62	%
BGT		94,000,000		87,640,884		5.63


N O T E S T O F I N A N C I A L S T A T E M E N T S		149

Notes to Financial Statements (unaudited) (continued)

10.

PRINCIPAL RISKS

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

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.


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Notes to Financial Statements (unaudited) (continued)

With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded options purchased and exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust’s portfolio are disclosed in its Schedule of Investments.

Certain Trusts invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Trusts’ performance.

The Trusts invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.

Certain Trusts invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.

LIBOR Transition Risk: The Trusts may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Trusts is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

BHK, BTZ and BGT is authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares. HYT is authorized to issue 200 million shares, par value $0.10, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

As of the close of business on September 20, 2022, HYT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for shares of HYT’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders to purchase one new Common Share for every five rights held (1-for-5). The Offer expired on October 13, 2022. HYT received from the Offer gross proceeds of $167,749,786 for the issuance of 20,382,720 Common Shares. The rights offering resulted in $(0.13) or (1.42)% of NAV dilution since the Common Shares were issued below HYT’s NAV. HYT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related to the Offer.

BHK, HYT and BGT have filed a prospectus with the SEC allowing them to issue an additional 15,000,000, 19,617,820 and 11,000,000 Common Shares, respectively, through an equity shelf program (a “Shelf Offering”). Under the Shelf Offering, BHK, HYT and BGT, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). For the period end June 30, 2023, BHK, HYT and BGT did not issue any Common Shares. As of period end June 30, 2023, 15,000,000, 19,617,820 and 11,000,000 Common Shares, respectively, remain available for issuance under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.


N O T E S T O F I N A N C I A L S T A T E M E N T S		151

Notes to Financial Statements (unaudited) (continued)

Initial costs incurred by BHK, HYT and BGT in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:



Trust Name	Six Months Ended 06/30/23		Year Ended 12/31/22

BHK		—	17,666
HYT		—	101,463
BGT		—	2,386

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust’s NAV. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended June 30, 2023, BHK, HYT and BTZ did not repurchase any shares.

The total cost of the shares repurchased is reflected in BGT’s Statements of Changes in Net Assets. For the period shown, shares repurchased and cost, including transaction costs were as follows:



	BGT

	Shares		Amounts

Six Months Ended June 30, 2023		55,022	$624,592

For the period ended June 30, 2023, shares issued and outstanding remained constant for BHK, HYT and BTZ. For the year ended December 31, 2022, shares issued and outstanding remained constant for BTZ.

12.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name

Declaration
Date

Record
Date

Payable/
Paid Date

Dividend Per
Common Share

BHK

07/03/23

07/14/23

07/31/23

$ 0.074600

08/01/23

08/15/23

08/31/23

0.074600

HYT

07/03/23

07/14/23

07/31/23

0.077900

08/01/23

08/15/23

08/31/23

0.077900

BTZ

07/03/23

07/14/23

07/31/23

0.083900

08/01/23

08/15/23

08/31/23

0.083900

BGT

07/03/23

07/14/23

07/31/23

0.113580

08/01/23

08/15/23

08/31/23

0.113580


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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Core Bond Trust (“BHK”), BlackRock Corporate High Yield Fund, Inc. (“HYT”), BlackRock Credit Allocation Income Trust (“BTZ”) and BlackRock Floating Rate Income Trust (“BGT”) (collectively, the “Funds” and each, a “Fund”) met on May 4, 2023 (the “May Meeting”) and June 1-2, 2023 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager, BlackRock International Limited (“BIL”) and each Fund and (2) the Manager, BlackRock (Singapore) Limited (“BRS” and together with BIL, the “Sub-Advisors”) and each of BHK and BTZ. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to them on a fund-by-fund basis. The following paragraphs


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provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with BHK’s, HYT’s and BGT’s equity shelf programs, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.

The Board noted that the engagement of the Sub-Advisors with respect to each Fund, as applicable, facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.

B. The Investment Performance of each Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2022, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered BHK’s performance relative to BHK’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BHK generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BHK, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BHK’s underperformance relative to the Performance Metrics.

The Board reviewed and considered HYT’s performance relative to HYT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, HYT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for HYT, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BTZ’s performance relative to BTZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BTZ generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BTZ, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BTZ’s underperformance relative to the Performance Metrics.


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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board reviewed and considered BGT’s performance relative to BGT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGT, and that BlackRock has explained its rationale for this belief to the Board.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2022 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that BHK’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that HYT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BTZ’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the first and second quartiles, respectively, relative to the Expense Peers.

The Board noted that BGT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee was appropriate.

Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although each of BHK, HYT and BGT may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each of BHK’s, HYT’s and BGT’s assets will occur primarily through the appreciation of its investment portfolio.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to


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each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2024, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BRS and each of BHK and BTZ for a one-year term ending June 30, 2024. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.


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Additional Information

Trust Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Environmental, Social and Governance (“ESG”) Integration

Although the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors as part of the investment process for the Trusts. Trust management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Trusts’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Trusts’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Trusts’ exposure to certain companies or industries. While Trust management views ESG considerations as having the potential to contribute to the Trusts’ long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust.

The distributions paid by each Trust for any particular month may be more or less than the amount of net investment income earned by each Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

General Information

The Trusts, other than BHK, HYT and BGT, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BHK, HYT and BGT, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BHK, HYT and BGT, has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

BHK’s, HYT’s and BGT’s Statement of Additional Information includes additional information about the Board and is available, without charge, upon request by calling (800) 882-0052.

The following information is a summary of certain changes since December 31, 2022. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

Except if noted otherwise herein, there were no changes to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BHK, HYT and BGT only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BHK, HYT and BGT only, prospectuses, are available on BlackRock’s website.

To enroll in electronic delivery:


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Additional Information (continued)

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, including for BHK, HYT and BGT only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time to time, BHK, HYT and BGT may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BHK, HYT and BGT may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BHK’s, HYT’s and BGT’s NAV per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BHK, HYT and BGT to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

BHK, HYT and BGT filed final prospectuses with the SEC in connection with its Shelf Offering on February 9, 2022, December 29, 2022 and January 3,2023, respectively. This report and the prospectuses of BHK, HYT and BGT are not offers to sell BHK, HYT and BGT Common Shares or solicitations of an offer to buy BHK, HYT and BGT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BHK, HYT and BGT contain important information about BHK, HYT and BGT, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BHK, HYT and BGT carefully and in their entirety before investing. Copies of the final prospectuses for BHK, HYT and BGT can be obtained from BlackRock at blackrock.com.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.


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Additional Information (continued)


Trust and Service Providers
Investment Adviser BlackRock Advisors, LLC Wilmington, DE 19809 Sub-Adviser BlackRock International Limited Edinburgh, EH3 8BL United Kingdom BlackRock (Singapore) Limited^(a) 079912 Singapore Accounting Agent and Custodian State Street Bank and Trust Company Boston, MA 02114		Transfer Agent Computershare Trust Company, N.A. Canton, MA 02021 Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116 Legal Counsel Willkie Farr & Gallagher LLP New York, NY 10019 Address of the Trusts 100 Bellevue Parkway Wilmington, DE 19809

^(a) For BHK, HYT and BGT.


A D D I T I O N A L I N F O R M A T I O N		159

Glossary of Terms Used in this Report


Currency Abbreviation

CAD		Canadian Dollar

EUR		Euro

GBP		British Pound

JPY		Japanese Yen

USD		United States Dollar

Portfolio Abbreviation

AGM		Assured Guaranty Municipal Corp.

BAB		Build America Bond

BAM		Build America Mutual Assurance Co.

CDI		CREST Depository Interest

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

DAC		Designated Activity Company

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

GMTN		Global Medium-Term Note

GO		General Obligation Bonds

LIBOR		London Interbank Offered Rate

PCL		Public Company Limited

PIK		Payment-in-Kind

PJSC		Public Joint Stock Company

RB		Revenue Bond

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s

SG		Syncora Guarantee

SOFR		Secured Overnight Financing Rate

SONIA		Sterling Overnight Interbank Average Rate

SPDR		Standard & Poor’s Depository Receipt

TBA		To-Be-Announced


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This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

TAXBOND-06/23-SAR

(b) Not Applicable

Item 2 –

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

Item 3 –

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

Item 4 –

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

Item 5 –

Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 –

Investments

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

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

Item 7 –

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

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a) 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 9 –

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

Item 10 –

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

Item 11 –

Controls and Procedures

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

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

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies — Not Applicable to this semi-annual report

Item 13 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 2009¹

The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

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

BlackRock Credit Allocation Income Trust


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

Date: August 25, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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

Date: August 25, 2023


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

Date: August 25, 2023