Name of Fund: |
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
DECEMBER 31, 2022 |
2022 Annual Report |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Total Cumulative Distributions for the Fiscal Period |
% Breakdown of the Total Cumulative Distributions for the Fiscal Period |
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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 |
$ | 0.656210 | $ | — | $ | — | $ | 0.164390 | $ | 0.820600 | 80 | % | — | % | — | % | 20 | % | 100% | |||||||||||||||||||||||||||
HYT |
0.581882 | — | — | 0.275018 | 0.856900 | 68 | — | — | 32 | 100 | ||||||||||||||||||||||||||||||||||||
BTZ |
0.768465 | — | — | 0.154435 | 0.922900 | 83 | — | — | 17 | 100 | ||||||||||||||||||||||||||||||||||||
BGT |
0.751900 | — | — | — | 0.751900 | 100 | — | — | — | 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. |
Exchange Symbol |
Amount Per Common Share | |
BHK |
$ 0.0746 | |
HYT |
0.0779 | |
BTZ |
0.0839 | |
BGT |
0.0781 |
2 |
2 0 2 2 B L A C K R O C K 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 |
Total Returns as of December 31, 2022 | ||||
6-Month |
12-Month | |||
U.S. large cap equities (S&P 500 ® Index) |
2.31% | (18.11)% | ||
U.S. small cap equities (Russell 2000 ® Index) |
3.91 | (20.44) | ||
International equities (MSCI Europe, Australasia, Far East Index) |
6.36 | (14.45) | ||
Emerging market equities (MSCI Emerging Markets Index) |
(2.99) | (20.09) | ||
3-month Treasury bills(ICE BofA 3-Month U.S. Treasury Bill Index) |
1.32 | 1.47 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
(5.58) | (16.28) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(2.97) | (13.01) | ||
Tax-exempt municipal bonds(Bloomberg Municipal Bond Index) |
0.50 | (8.53) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
3.50 | (11.18) | ||
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 |
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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 December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
Symbol on New York Stock Exchange |
BHK | |
Initial Offering Date |
November 27, 2001 | |
Current Distribution Rate on Closing Market Price as of December 31, 2022 ($10.38) (a) |
8.62% | |
Current Monthly Distribution per Common Share (b) |
$0.0746 | |
Current Annualized Distribution per Common Share (b) |
$0.8952 | |
Leverage as of December 31, 2022 (c) |
40% |
(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
(b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(c) |
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
12/31/22 |
12/31/21 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | 10.38 | $ | 16.51 | (37.13 | )% | $ | 16.51 | $ | 9.56 | ||||||||||
Net Asset Value |
10.89 | 15.47 | (29.61 | ) | 15.47 | 10.31 |
(a) |
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
An index that measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities. |
6 |
2 0 2 2 B L A C K R O C K 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 December 31, 2022 (continued) |
BlackRock Core Bond Trust (BHK) |
Average Annual Total Returns | ||||||||||||||
1 Year |
5 Years |
10 Years |
||||||||||||
Trust at NAV (a)(b) |
(24.44 | )% | (0.09 | )% | 3.02 | % | ||||||||
Trust at Market Price (a)(b) |
(32.52 | ) | 0.09 | 2.78 | ||||||||||
Bloomberg U.S. Credit Index |
(15.26 | ) | 0.42 | 1.82 | ||||||||||
Reference Benchmark (c) |
(17.07 | ) | 0.33 | 2.02 | ||||||||||
Bloomberg U.S. Long Government/Credit Index (d) |
(27.09 | ) | (1.21 | ) | 1.57 | |||||||||
Bloomberg Intermediate Credit Index (e) |
(9.10 | ) | 1.08 | 1.76 | ||||||||||
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (f) |
(11.18 | ) | 2.30 | 4.03 | ||||||||||
Bloomberg CMBS, Eligible for U.S. Aggregate Index (g) |
(10.91 | ) | 0.77 | 1.55 | ||||||||||
Bloomberg MBS Index (h) |
(11.81 | ) | (0.53 | ) | 0.74 | |||||||||
Bloomberg ABS Index (i) |
(4.30 | ) | 1.18 | 1.23 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage. |
(b) |
The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
The Reference Benchmark is comprised of the Bloomberg U.S. Long Government/Credit Index (40%); Bloomberg Intermediate Credit Index (24%); Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (16%); Bloomberg CMBS, Eligible for U.S. Aggregate Index (8%); Bloomberg MBS Index (8%); and Bloomberg ABS Index (4%). The Reference Benchmark’s index content and weightings may have varied over past periods. |
(d) |
An unmanaged index that is the long component of the Bloomberg U.S. Government/Credit Index. It includes publicly issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt and supranational debt. |
(e) |
An unmanaged index that is the intermediate component of the Bloomberg U.S. Credit Index. The Bloomberg U.S. Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. |
(f) |
An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |
(g) |
An unmanaged index that is the CMBS component of the Bloomberg U.S. Aggregate Index. |
(h) |
An unmanaged index is a market value-weighted index, which covers the mortgage-backed securities component of the Bloomberg U.S. Aggregate Bond Index. It is comprised of agency mortgage-backed pass-through securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum $150 million par amount outstanding and a weighted-average maturity of at least 1 year. The index includes reinvestment of income. |
(i) |
An unmanaged index that is the asset-backed securities component of the Bloomberg U.S. Aggregate Index. |
T R U S T S U M M A R Y |
7 |
Trust Summary as of December 31, 2022 (continued) |
BlackRock Core Bond Trust (BHK) |
Asset Type (a) |
12/31/22 | |
Corporate Bonds |
43.6% | |
U.S. Treasury Obligations |
16.9 | |
U.S. Government Sponsored Agency Securities |
15.1 | |
Asset-Backed Securities |
8.0 | |
Non-Agency Mortgage-Backed Securities |
6.8 | |
Preferred Securities |
3.7 | |
Floating Rate Loan Interests |
2.3 | |
Municipal Bonds |
2.0 | |
Foreign Agency Obligations |
1.6 |
Credit Rating (a)(b) |
12/31/22 | |||||
AAA/Aaa (c) |
38.1% | |||||
AA/Aa |
2.9 | |||||
A |
9.3 | |||||
BBB/Baa |
23.0 | |||||
BB/Ba |
10.6 | |||||
B |
8.7 | |||||
CCC/Caa |
2.5 | |||||
CC |
0.2 | |||||
C |
— (d) | |||||
D |
— (d) | |||||
N/R (e) |
4.7 |
(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%. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments. |
8 |
2 0 2 2 B L A C K R O C K 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 December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
Symbol on New York Stock Exchange |
HYT | |
Initial Offering Date |
May 30, 2003 | |
Current Distribution Rate on Closing Market Price as of December 31, 2022 ($8.74) (a) |
10.70% | |
Current Monthly Distribution per Common Share (b) |
$0.0779 | |
Current Annualized Distribution per Common Share (b) |
$0.9348 | |
Leverage as of December 31, 2022 (c) |
29% |
(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
(b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(c) |
Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Fund (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. |
12/31/22 |
12/31/21 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | 8.74 | $ | 12.34 | (29.17 | )% | $ | 12.34 | $ | 8.15 | ||||||||||
Net Asset Value |
9.25 | 11.99 | (22.85 | ) | 11.99 | 9.03 |
(a) |
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
An unmanaged index comprised of issues that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |
T R U S T S U M M A R Y |
9 |
Trust Summary as of December 31, 2022 (continued) |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
Average Annual Total Returns | ||||||||||||
1 Year |
5 Years |
10 Years |
||||||||||
Trust at NAV (a)(b) |
(15.71 | )% | 2.92 | % | 5.53 | % | ||||||
Trust at Market Price (a)(b) |
(22.62 | ) | 3.97 | 5.12 | ||||||||
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index |
(11.18 | ) | 2.30 | 4.03 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage. |
(b) |
The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
10 |
2 0 2 2 B L A C K R O C K 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 December 31, 2022 (continued) |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
Asset Type (a) |
12/31/22 | |
Corporate Bonds |
86.4% | |
Floating Rate Loan Interests |
11.4 | |
Preferred Securities |
1.6 | |
Other* |
0.6 |
Credit Rating (a)(b) |
12/31/22 | |||||
A |
0.8% | |||||
BBB/Baa |
12.5 | |||||
BB/Ba |
35.5 | |||||
B |
38.4 | |||||
CCC/Caa |
10.3 | |||||
CC |
— (c) | |||||
C |
— (c) | |||||
N/R |
2.5 |
(a) |
Excludes short-term securities. |
(b) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) |
Rounds to less than 0.1%. |
* | 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. |
T R U S T S U M M A R Y |
11 |
Trust Summary as of December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) |
Symbol on New York Stock Exchange |
BTZ | |
Initial Offering Date |
December 27, 2006 | |
Current Distribution Rate on Closing Market Price as of December 31, 2022 ($10.10) (a) |
9.97% | |
Current Monthly Distribution per Common Share (b) |
$0.0839 | |
Current Annualized Distribution per Common Share (b) |
$1.0068 | |
Leverage as of December 31, 2022 (c) |
36% |
(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
(b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(c) |
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
12/31/22 |
12/31/21 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | 10.10 | $ | 15.05 | (32.89 | )% | $ | 15.05 | $ | 9.37 | ||||||||||
Net Asset Value |
11.19 | 15.10 | (25.89 | ) | 15.10 | 10.56 |
(a) |
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
An index that measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities. |
12 |
2 0 2 2 B L A C K R O C K 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 December 31, 2022 (continued) |
BlackRock Credit Allocation Income Trust (BTZ) |
Average Annual Total Returns | ||||||||||||
1 Year |
5 Years |
10 Years |
||||||||||
Trust at NAV (a)(b) |
(19.50 | )% | 1.54 | % | 4.00 | % | ||||||
Trust at Market Price (a)(b) |
(27.10 | ) | 1.53 | 4.04 | ||||||||
Reference Benchmark (c) |
(13.72 | ) | 1.20 | 2.83 | ||||||||
Bloomberg U.S. Credit Index |
(15.26 | ) | 0.42 | 1.82 | ||||||||
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (d) |
(11.18 | ) | 2.30 | 4.03 | ||||||||
Bloomberg USD Capital Securities Index (e) |
(13.84 | ) | 1.35 | 3.49 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage. |
(b) |
The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
The Reference Benchmark is comprised of the Bloomberg U.S. Credit Index (50.36%), the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (29.93%), and the Bloomberg USD Capital Securities Index (19.71%). |
(d) |
An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |
(e) |
An unmanaged index that tracks fixed-rate, investment grade capital securities denominated in USD. |
T R U S T S U M M A R Y |
13 |
Trust Summary as of December 31, 2022 (continued) |
BlackRock Credit Allocation Income Trust (BTZ) |
Asset Type (a) |
12/31/22 | |
Corporate Bonds |
69.8% | |
Preferred Securities |
11.1 | |
Asset-Backed Securities |
9.0 | |
Floating Rate Loan Interests |
4.1 | |
U.S. Government Sponsored Agency Securities |
3.9 | |
Foreign Agency Obligations |
1.5 | |
Other* |
0.6 |
Credit Rating (a)(b) |
12/31/22 | |||||
AAA/Aaa (c) |
7.9% | |||||
AA/Aa |
2.7 | |||||
A |
11.2 | |||||
BBB/Baa |
40.0 | |||||
BB/Ba |
19.8 | |||||
B |
14.2 | |||||
CCC/Caa |
3.1 | |||||
C |
— (d) | |||||
N/R (e) |
1.1 |
(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) |
Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser. |
(d) |
Rounds to less than 0.1%. |
(e) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments. |
* | Includes one or more investment categories that individually represents less than 1.0% of the Trusts’ net assets. Please refer to the Schedule of Investments for details. |
14 |
2 0 2 2 B L A C K R O C K 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 December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) |
Symbol on New York Stock Exchange |
BGT | |
Initial Offering Date |
August 30, 2004 | |
Current Distribution Rate on Closing Market Price as of December 31, 2022 ($10.94) (a) |
8.57% | |
Current Monthly Distribution per Common Share (b) |
$0.0781 | |
Current Annualized Distribution per Common Share (b) |
$0.9372 | |
Leverage as of December 31, 2022 (c) |
25% |
(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results. |
(b) |
The distribution rate is not constant and is subject to change. |
(c) |
Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Fund (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. |
12/31/22 |
12/31/21 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | 10.94 | $ | 13.99 | (21.80 | )% | $ | 14.13 | $ | 10.60 | ||||||||||
Net Asset Value |
12.43 | 13.44 | (7.51 | ) | 13.57 | 12.03 |
(a) |
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
Morningstar LSTA Leveraged Loan Index (formerly S&P ® /LSTA Leveraged Loan Index), 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. |
T R U S T S U M M A R Y |
15 |
Trust Summary as of December 31, 2022 (continued) |
BlackRock Floating Rate Income Trust (BGT) |
Average Annual Total Returns | ||||||||||||
1 Year |
5 Years |
10 Years |
||||||||||
Trust at NAV (a)(b) |
(1.32 | )% | 3.74 | % | 4.74 | % | ||||||
Trust at Market Price (a)(b) |
(16.56 | ) | 1.74 | 3.01 | ||||||||
Morningstar LSTA Leveraged Loan Index |
(0.60 | ) | 3.31 | 3.67 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage. |
(b) |
The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
16 |
2 0 2 2 B L A C K R O C K 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 December 31, 2022 (continued) |
BlackRock Floating Rate Income Trust (BGT) |
Asset Type (a) |
12/31/22 | |
Floating Rate Loan Interests |
97.9% | |
Corporate Bonds |
1.7 | |
Other* |
0.4 |
Credit Rating (a)(b) |
12/31/22 | |
BBB/Baa |
5.1% | |
BB/Ba |
25.6 | |
B |
61.6 | |
CCC/Caa |
5.8 | |
C |
— (c) | |
N/R |
1.9 |
(a) |
Excludes short-term securities. |
(b) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) |
Rounds to less than 0.1% of total investments. |
* | 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. |
T R U S T S U M M A R Y |
17 |
Schedule of Investments December 31, 2022 |
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%), 6.64%, 04/20/30 |
USD | 500 | $ | 476,062 | ||||||||
Series 2019-4A, Class DR, (3 mo. LIBOR US + 3.65%), 7.89%, 04/20/30 |
600 | 544,368 | ||||||||||
AGL CLO 3 Ltd., Series 2020-3A, Class D, (3 mo. LIBOR US + 3.30%), 7.38%, 01/15/33 (a)(b) |
250 | 223,255 | ||||||||||
ALM Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 6.00%), 10.08%, 10/15/29 (a)(b) |
285 | 248,259 | ||||||||||
AMMC CLO 20 Ltd., Series 2017-20A, Class AR, (3 mo. LIBOR US + 0.87%), 4.95%, 04/17/29 (a)(b) |
373 | 370,699 | ||||||||||
Anchorage Capital CLO Ltd. (a)(b) |
||||||||||||
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.65%), 5.59%, 10/13/30 |
380 | 370,894 | ||||||||||
Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.20%), 7.14%, 10/13/30 |
720 | 673,663 | ||||||||||
Apidos CLO XXII, Series 2015-22A, Class CR, (3 mo. LIBOR US + 2.95%), 7.19%, 04/20/31 (a)(b) |
250 | 233,967 | ||||||||||
Apidos CLO XXIV, Series 2016-24A, Class A1AL, (3 mo. LIBOR US + 0.95%), 5.19%, 10/20/30 (a)(b) |
500 | 490,250 | ||||||||||
Apidos CLO XXVI, Series 2017-26A, Class A1AR, (3 mo. LIBOR US + 0.90%), 5.09%, 07/18/29 (a)(b) |
1,090 | 1,076,564 | ||||||||||
Apidos CLO XXVII, Series 2017-27A, Class A1R, (3 mo. LIBOR US + 0.93%), 5.01%, 07/17/30 (a)(b) |
250 | 247,141 | ||||||||||
ASSURANT CLO I Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.15%), 6.39%, 10/20/34 (a)(b) |
500 | 457,186 | ||||||||||
Bain Capital Credit CLO Ltd. (a)(b) |
||||||||||||
Series 2021-3A, Class D, (3 mo. LIBOR US + 3.10%), 7.42%, 07/24/34 |
250 | 224,592 | ||||||||||
Series 2021-5A, Class B, (3 mo. LIBOR US + 1.65%), 5.97%, 10/23/34 |
500 | 477,264 | ||||||||||
Barings CLO Ltd., Series 2017-1A, Class D, 7.79%, 07/18/29 |
250 | 237,314 | ||||||||||
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A1R2, (3 mo. LIBOR US + 0.87%), 4.95%, 07/15/29 (a)(b) |
267 | 264,864 | ||||||||||
Birch Grove CLO 3 Ltd., Series 2021-3A, Class D1, (3 mo. LIBOR US + 3.20%), 7.43%, 01/19/35 (a)(b) |
250 | 226,413 | ||||||||||
Birch Grove CLO Ltd., Series 19A, Class DR, (3 mo. LIBOR US + 3.35%), 8.12%, 06/15/31 (a)(b) |
1,000 | 941,549 | ||||||||||
BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class D, (3 mo. LIBOR US + 2.90%), 6.98%, 04/15/34 (a)(b) |
500 | 454,783 | ||||||||||
Buttermilk Park CLO Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 3.10%), 7.18%, 10/15/31 (a)(b) |
250 | 220,951 | ||||||||||
Canyon Capital CLO Ltd. (a)(b) |
||||||||||||
Series 2016-1A, Class CR, (3 mo. LIBOR US + 1.90%), 5.98%, 07/15/31 |
250 | 234,598 | ||||||||||
Series 2021-2A, Class D, (3 mo. LIBOR US + 3.35%), 7.43%, 04/15/34 |
500 | 460,893 | ||||||||||
Carlyle Global Market Strategies CLO Ltd. (a)(b) |
||||||||||||
Series 2013-1A, Class A1RR, (3 mo. LIBOR US + 0.95%), 5.60%, 08/14/30 |
247 | 244,358 | ||||||||||
Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.35%), 8.00%, 08/14/30 |
1,000 | 902,476 | ||||||||||
Carlyle U.S. CLO Ltd., Series 2022-6A, Class C, 8.60%, 10/25/34 |
250 | 249,632 | ||||||||||
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 7.44%, 04/20/32 (a)(b) |
500 | 470,032 |
Security |
Par (000) |
Value |
||||||||||
Asset-Backed Securities (continued) |
||||||||||||
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 10.68%, 07/20/32 (a)(b) |
USD | 500 | $ | 432,980 | ||||||||
CarVal CLO VC Ltd., Series 2021-2A, Class D, (3 mo. LIBOR US + 3.25%), 7.33%, 10/15/34 (a)(b) |
250 | 229,744 | ||||||||||
CBAM Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.40%), 6.64%, 07/20/30 (a)(b) |
350 | 332,943 | ||||||||||
Cedar Funding IX CLO Ltd. (a)(b) |
||||||||||||
Series 2018-9A, Class A1, (3 mo. LIBOR US + 0.98%), 5.22%, 04/20/31 |
250 | 246,432 | ||||||||||
Series 2018-9A, Class D, (3 mo. LIBOR US + 2.60%), 6.84%, 04/20/31 |
250 | 233,203 | ||||||||||
Cedar Funding VII CLO Ltd., Series 2018-7A, Class A1, (3 mo. LIBOR US + 1.00%), 5.24%, 01/20/31 (a)(b) |
500 | 493,840 | ||||||||||
Cedar Funding X CLO Ltd., Series 2019-10A, Class BR, (3 mo. LIBOR US + 1.60%), 5.84%, 10/20/32 (a)(b) |
930 | 899,606 | ||||||||||
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B, (3 mo. LIBOR US + 1.60%), 5.68%, 07/15/33 (a)(b) |
500 | 483,433 | ||||||||||
CIFC Funding I Ltd. (a)(b) |
||||||||||||
Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.10%), 7.34%, 04/20/32 |
500 | 473,933 | ||||||||||
Series 2020-1A, Class DR, (3 mo. LIBOR US + 3.10%), 7.18%, 07/15/36 |
500 | 467,075 | ||||||||||
CIFC Funding II Ltd., Series 2017-2A, Class AR, (3 mo. LIBOR US + 0.95%), 5.19%, 04/20/30 (a)(b) |
497 | 491,018 | ||||||||||
CIFC Funding III Ltd., Series 2015-3A, Class AR, (3 mo. LIBOR US + 0.87%), 5.10%, 04/19/29 (a)(b) |
241 | 238,092 | ||||||||||
CIFC Funding IV Ltd., Series 2017-4A, Class A1R, (3 mo. LIBOR US + 0.95%), 5.27%, 10/24/30 (a)(b) |
500 | 494,549 | ||||||||||
CIFC Funding Ltd. (a)(b) |
||||||||||||
Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.55%), 7.63%, 07/16/30 |
500 | 445,641 | ||||||||||
Series 2014-2RA, Class B1, (3 mo. LIBOR US + 2.80%), 7.12%, 04/24/30 |
750 | 700,171 | ||||||||||
Series 2014-3A, Class BR2, (3 mo. LIBOR US + 1.80%), 6.12%, 10/22/31 |
250 | 242,041 | ||||||||||
Series 2015-1A, Class ARR, (3 mo. LIBOR US + 1.11%), 5.43%, 01/22/31 |
1,000 | 986,993 | ||||||||||
CIFC Funding VII Ltd. |
||||||||||||
Series 2022-7A, Class C, 8.06%, 10/22/35 |
500 | 497,207 | ||||||||||
Series 2022-7A, Class D, 9.56%, 10/22/35 |
600 | 587,136 | ||||||||||
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. LIBOR US + 0.14%), 4.46%, 01/15/37 (a) |
1,167 | 1,071,509 | ||||||||||
Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3 mo. LIBOR US + 2.85%), 6.93%, 10/15/30 (a)(b) |
280 | 249,861 | ||||||||||
Dryden 106 CLO Ltd., 8.46%, 10/15/35 |
500 | 496,928 | ||||||||||
Dryden 37 Senior Loan Fund, Series 2015-37A, Class AR, (3 mo. LIBOR US + 1.10%), 5.18%, 01/15/31 (a)(b) |
250 | 246,717 | ||||||||||
Dryden 50 Senior Loan Fund, Series 2017-50A, Class B, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/30 (a)(b) |
250 | 241,900 | ||||||||||
Dryden 53 CLO Ltd., Series 2017-53A, Class B, (3 mo. LIBOR US + 1.40%), 5.48%, 01/15/31 (a)(b) |
1,320 | 1,274,761 | ||||||||||
Dryden 64 CLO Ltd., Series 2018-64A, Class D, (3 mo. LIBOR US + 2.65%), 6.84%, 04/18/31 (a)(b) |
1,250 | 1,153,890 |
18 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Asset-Backed Securities (continued) |
||||||||||||
Dryden 78 CLO Ltd., Series 2020-78A, Class D, (3 mo. LIBOR US + 3.00%), 7.08%, 04/17/33 (a)(b) |
USD | 250 | $ | 228,392 | ||||||||
Dryden XXVIII Senior Loan Fund (a)(b) |
||||||||||||
Series 2013-28A, Class A1LR, (3 mo. LIBOR US + 1.20%), 5.81%, 08/15/30 |
250 | 247,995 | ||||||||||
Series 2013-28A, Class B1LR, (3 mo. LIBOR US + 3.15%), 7.76%, 08/15/30 |
1,000 | 936,880 | ||||||||||
Eaton Vance CLO Ltd., Series 2015-1A, Class A2R, (3 mo. LIBOR US + 1.25%), 5.49%, 01/20/30 (a)(b) |
1,000 | 966,129 | ||||||||||
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B, 3.50%, 11/25/50 (b) |
110 | 85,226 | ||||||||||
Elmwood CLO 21 Ltd., Series 2022-8A, Class C, 8.42%, 11/20/35 |
500 | 497,026 | ||||||||||
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3 mo. LIBOR US + 1.70%), 5.78%, 04/15/33 (a)(b) |
250 | 241,375 | ||||||||||
Elmwood CLO V Ltd., Series 2020-2A, Class CR, (3 mo. LIBOR US + 2.00%), 6.24%, 10/20/34 (a)(b) |
436 | 406,624 | ||||||||||
Elmwood CLO VI Ltd., Series 2020-3A, Class BR, (3 mo. LIBOR US + 1.65%), 5.89%, 10/20/34 (a)(b) |
250 | 241,383 | ||||||||||
Fairstone Financial Issuance Trust I, Series 2020-1A, Class C, 5.16%, 10/20/39 (b) |
CAD | 170 | 113,525 | |||||||||
Galaxy XX CLO Ltd., Series 2015-20A, Class CR, (3 mo. LIBOR US + 1.75%), 5.99%, 04/20/31 (a)(b) |
USD | 250 | 235,605 | |||||||||
Galaxy XXIII CLO Ltd., Series 2017-23A, Class AR, (3 mo. LIBOR US + 0.87%), 5.19%, 04/24/29 (a)(b) |
465 | 460,628 | ||||||||||
Galaxy XXVII CLO Ltd., Series 2018-27A, Class A, (3 mo. LIBOR US + 1.02%), 5.66%, 05/16/31 (a)(b) |
2,000 | 1,972,115 | ||||||||||
Generate CLO 2 Ltd., Series 2A, Class AR, (3 mo. LIBOR US + 1.15%), 5.47%, 01/22/31 (a)(b) |
250 | 246,920 | ||||||||||
Generate CLO 3 Ltd., Series 3A, Class DR, (3 mo. LIBOR US + 3.60%), 7.84%, 10/20/29 (a)(b) |
1,750 | 1,599,701 | ||||||||||
Generate CLO 4 Ltd., Series 4A, Class DR, (3 mo. LIBOR US + 3.15%), 7.39%, 04/20/32 (a)(b) |
1,500 | 1,383,408 | ||||||||||
Generate CLO 6 Ltd., Series 6A, Class DR, (3 mo. LIBOR US + 3.50%), 7.82%, 01/22/35 (a)(b) |
750 | 664,406 | ||||||||||
GoldenTree Loan Management U.S. CLO 3 Ltd., Series 2018-3A, Class B1, (3 mo. LIBOR US + 1.55%), 5.79%, 04/20/30 (a)(b) |
250 | 243,139 | ||||||||||
GoldenTree Loan Management U.S. CLO 4 Ltd., Series 2019-5A, Class BR, (3 mo. LIBOR US + 1.60%), 5.92%, 04/24/31 (a)(b) |
500 | 488,571 | ||||||||||
GoldenTree Loan Opportunities IX Ltd., Series 2014- 9A, Class BR2, (3 mo. LIBOR US + 1.60%), 6.01%, 10/29/29 (a)(b) |
1,500 | 1,465,345 | ||||||||||
GoldenTree Loan Opportunities X Ltd., Series 2015- 10A, Class DR, (3 mo. LIBOR US + 3.05%), 7.29%, 07/20/31 (a)(b) |
250 | 235,452 | ||||||||||
Golub Capital Partners CLO 55B Ltd., Series 2021- 55A, Class E, (3 mo. LIBOR US + 6.56%), 10.80%, 07/20/34 (a)(b) |
250 | 220,129 | ||||||||||
Grippen Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 3.30%), 7.54%, 01/20/30 (a)(b) |
250 | 231,506 | ||||||||||
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 10.53%, 04/15/33 (a)(b) . |
500 | 433,479 | ||||||||||
Highbridge Loan Management, Series 3A-2014, Class CR, (3 mo. LIBOR US + 3.60%), 7.79%, 07/18/29 (a)(b) |
1,000 | 894,660 | ||||||||||
Jay Park CLO Ltd., Series 2016-1A, Class CR, (3 mo. LIBOR US + 2.65%), 6.89%, 10/20/27 (a)(b) |
500 | 473,622 |
Security |
Par (000) |
Value |
||||||||||
Asset-Backed Securities (continued) |
||||||||||||
Litigation Fee Residual, 4.00%, 10/30/27 (c) |
USD | 918 | $ | 877,906 | ||||||||
Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A4, (1 mo. LIBOR US + 0.48%), 4.87%, 09/25/36 (a) |
6,188 | 1,737,763 | ||||||||||
Madison Park Funding LXII Ltd., Series 2022-62A, Class A1, (3 mo. SOFR + 2.25%), 4.76%, 07/17/33 (a)(b) |
760 | 756,320 | ||||||||||
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3 mo. LIBOR US + 3.60%), 7.88%, 07/21/30 (a)(b) |
1,000 | 938,554 | ||||||||||
Madison Park Funding XXIII Ltd. (a)(b) |
||||||||||||
Series 2017-23A, Class AR, (3 mo. LIBOR US + 0.97%), 5.33%, 07/27/31 |
1,000 | 987,920 | ||||||||||
Series 2017-23A, Class CR, (3 mo. LIBOR US + 2.00%), 6.36%, 07/27/31 |
600 | 572,090 | ||||||||||
Madison Park Funding XXV Ltd. (a)(b) |
||||||||||||
Series 2017-25A, Class A1R, (3 mo. LIBOR US + 0.97%), 5.33%, 04/25/29 |
1,478 | 1,456,821 | ||||||||||
Series 2017-25A, Class A2R, (3 mo. LIBOR US + 1.65%), 6.01%, 04/25/29 |
250 | 242,678 | ||||||||||
Madison Park Funding XXXI Ltd., Series 2018-31A, Class D, (3 mo. LIBOR US + 3.00%), 7.32%, 01/23/31 (a)(b) |
625 | 588,297 | ||||||||||
Madison Park Funding XXXIV Ltd., Series 2019-34A, Class DR, (3 mo. LIBOR US + 3.35%), 7.71%, 04/25/32 (a)(b) |
250 | 238,349 | ||||||||||
Madison Park Funding XXXVIII Ltd., Series 2021- 38A, Class C, (3 mo. LIBOR US + 1.90%), 5.98%, 07/17/34 (a)(b) |
250 | 230,252 | ||||||||||
Marble Point CLO XVII Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 3.75%), 7.99%, 04/20/33 (a)(b) |
250 | 223,364 | ||||||||||
Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3 mo. LIBOR US + 3.65%), 7.97%, 01/22/35 (a)(b) |
250 | 227,808 | ||||||||||
Mariner Finance Issuance Trust, Series 2022-AA, Class A, 6.45%, 10/20/37 |
515 | 511,358 | ||||||||||
Navient Private Education Refi Loan Trust (b) |
||||||||||||
Series 2021-DA, Class C, 3.48%, 04/15/60 |
770 | 645,265 | ||||||||||
Series 2021-DA, Class D, 4.00%, 04/15/60 |
440 | 372,571 | ||||||||||
Nelnet Student Loan Trust (b) |
||||||||||||
Series 2021-A, Class D, 4.93%, 04/20/62 |
460 | 375,588 | ||||||||||
Series 2021-BA, Class B, 2.68%, 04/20/62 |
1,983 | 1,574,961 | ||||||||||
Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 10/17/30 (a)(b) |
250 | 242,578 | ||||||||||
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3 mo. LIBOR US + 1.80%), 6.04%, 07/20/31 (a)(b) |
1,163 | 1,099,600 | ||||||||||
Neuberger Berman Loan Advisers NBLA CLO 52 Ltd., Series 2022-52A, Class D, 10.33%, 10/24/35 (c) |
568 | 568,000 | ||||||||||
OCP CLO Ltd. (a)(b) |
||||||||||||
Series 2015-9A, Class BR2, (3 mo. SOFR + 1.75%), 5.61%, 01/15/33 |
250 | 239,990 | ||||||||||
Series 2017-13A, Class A1AR, (3 mo. LIBOR US + 0.96%), 5.04%, 07/15/30 |
1,000 | 986,840 | ||||||||||
Series 2017-14A, Class A2, (3 mo. LIBOR US + 1.50%), 6.18%, 11/20/30 |
1,320 | 1,278,872 | ||||||||||
Octagon 54 Ltd., Series 2021-1A, Class D, (3 mo. LIBOR US + 3.05%), 7.13%, 07/15/34 (a)(b) |
250 | 231,309 |
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Asset-Backed Securities (continued) |
||||||||||||
Octagon Investment Partners XV Ltd., Series 2013- 1A, Class A1RR, (3 mo. LIBOR US + 0.97%), 5.20%, 07/19/30 (a)(b) |
USD | 2,880 | $ | 2,842,498 | ||||||||
Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class BR2, (3 mo. LIBOR US + 1.40%), 5.76%, 01/25/31 (a)(b) |
500 | 481,883 | ||||||||||
Octagon Investment Partners XXI Ltd., Series 2014- 1A, Class AAR3, (3 mo. LIBOR US + 1.00%), 5.65%, 02/14/31 (a)(b) |
250 | 245,298 | ||||||||||
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3 mo. LIBOR US + 2.75%), 7.07%, 01/22/30 (a)(b) |
500 | 441,109 | ||||||||||
OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 05/14/32 (b) |
900 | 893,614 | ||||||||||
OZLM VIII Ltd., Series 2014-8A, Class CRR, (3 mo. LIBOR US + 3.15%), 7.23%, 10/17/29 (a)(b) |
875 | 805,253 | ||||||||||
OZLM XXI Ltd., Series 2017-21A, Class C, (3 mo. LIBOR US + 2.67%), 6.91%, 01/20/31 (a)(b) |
1,000 | 874,845 | ||||||||||
Palmer Square CLO Ltd. |
||||||||||||
Series 2013-2A, Class A2R3, (3 mo. LIBOR US + 1.50%), 5.73%, 10/17/31 (a)(b) |
250 | 241,171 | ||||||||||
Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 6.99%, 07/20/30 (a)(b) |
250 | 230,260 | ||||||||||
Series 2020-3A, Class A2R, (3 mo. LIBOR US + 1.60%), 6.21%, 11/15/31 (a)(b) |
250 | 241,842 | ||||||||||
Series 2022-4A, Class C, 8.07%, 10/20/35 |
1,000 | 995,427 | ||||||||||
Palmer Square Loan Funding Ltd. (a)(b) |
||||||||||||
Series 2020-1A, Class C, (3 mo. LIBOR US + 2.50%), 7.18%, 02/20/28 |
250 | 244,049 | ||||||||||
Series 2021-1A, Class A1, (3 mo. LIBOR US + 0.90%), 5.14%, 04/20/29 |
142 | 140,555 | ||||||||||
Series 2021-2A, Class A1, (3 mo. LIBOR US + 0.80%), 5.48%, 05/20/29 |
169 | 166,039 | ||||||||||
Series 2021-3A, Class A1, (3 mo. LIBOR US + 0.80%), 5.04%, 07/20/29 |
569 | 561,189 | ||||||||||
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class DR, (3 mo. LIBOR US + 6.81%), 11.46%, 02/14/34 (a)(b) |
1,300 | 1,111,899 | ||||||||||
PPM CLO 2 Ltd., Series 2019-2A, Class DR, (3 mo. LIBOR US + 3.40%), 7.63%, 04/16/32 (a)(b) |
250 | 229,033 | ||||||||||
Prodigy Finance DAC, Series 2021-1A, Class C, (1 mo. LIBOR US + 3.75%), 8.14%, 07/25/51 (a)(b) |
250 | 245,682 | ||||||||||
Rad CLO 3 Ltd., Series 2019-3A, Class DR, (3 mo. LIBOR US + 2.75%), 6.83%, 04/15/32 (a)(b) |
400 | 368,056 | ||||||||||
Regatta XI Funding Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.85%), 6.93%, 07/17/31 (a)(b) |
370 | 345,791 | ||||||||||
Regional Management Issuance Trust, Series 2021-A, Class A, 6.57%, 11/17/32 |
200 | 201,111 | ||||||||||
Republic Finance Issuance Trust, Series 2020-A, Class C, 4.05%, 11/20/30 (b) |
240 | 217,912 | ||||||||||
Romark CLO Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 2.15%), 6.47%, 10/23/30 (a)(b) |
500 | 477,624 | ||||||||||
Shackleton CLO Ltd., Series 2015-7RA, Class C, (3 mo. LIBOR US + 2.35%), 6.43%, 07/15/31 (a)(b) |
250 | 234,705 | ||||||||||
SMB Private Education Loan Trust (b) |
||||||||||||
Series 2021-C, Class C, 3.00%, 01/15/53 (c) |
190 | 158,572 | ||||||||||
Series 2021-C, Class D, 3.93%, 01/15/53 |
160 | 141,530 | ||||||||||
Sterling Coofs Trust (c) |
||||||||||||
Series 2004-1, Class A, 2.36%, 04/15/29 |
776 | 8,296 |
Security |
Par (000) |
Value |
||||||||||
Asset-Backed Securities (continued) |
||||||||||||
Sterling Coofs Trust (c) (continued) |
||||||||||||
Series 2004-2, Class Note, 2.08%, 03/30/30 (b) |
USD | 721 | $ | 7,207 | ||||||||
Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A2, 3.45%, 02/25/32 |
67 | 61,308 | ||||||||||
TCW CLO Ltd., Series 2020-1A, Class DRR, (3 mo. LIBOR US + 3.40%), 7.64%, 04/20/34 (a)(b) |
250 | 227,852 | ||||||||||
TICP CLO I-2 Ltd., Series 2018-IA, Class C, (3 mo. LIBOR US + 3.04%), 7.37%, 04/26/28 (a)(b) |
500 | 481,299 | ||||||||||
TICP CLO IX Ltd., Series 2017-9A, Class D, (3 mo. LIBOR US + 2.90%), 7.14%, 01/20/31 (a)(b) |
500 | 474,596 | ||||||||||
TICP CLO XV Ltd., Series 2020-15A, Class D, (3 mo. LIBOR US + 3.15%), 7.39%, 04/20/33 (a)(b) |
250 | 231,815 | ||||||||||
Trestles CLO Ltd. (a)(b) |
||||||||||||
Series 2017-1A, Class B1R, (3 mo. LIBOR US + 1.75%), 6.11%, 04/25/32 |
1,750 | 1,616,266 | ||||||||||
Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 7.26%, 04/25/32 |
250 | 232,319 | ||||||||||
Trimaran CAVU Ltd. |
||||||||||||
Series 2019-2A, Class C, (3 mo. LIBOR US + 4.72%), 8.91%, 11/26/32 (a)(b) |
500 | 463,069 | ||||||||||
Series 2021-2A, Class D1, (3 mo. LIBOR US + 3.25%), 7.61%, 10/25/34 (a)(b) |
500 | 453,243 | ||||||||||
Series 2022-2A, Class D, 10.47%, 01/20/36 |
400 | 396,319 | ||||||||||
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32 (d) |
GBP | 100 | 120,901 | |||||||||
Voya CLO Ltd. |
||||||||||||
Series 2014-2A, Class A1RR, (3 mo. LIBOR US + 1.02%), 5.10%, 04/17/30 (a)(b) |
USD | 237 | 233,539 | |||||||||
Series 2017-2A, Class A2AR, (3 mo. LIBOR US + 1.65%), 5.73%, 06/07/30 (a)(b) |
250 | 242,376 | ||||||||||
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.13%), 5.21%, 10/15/30 (a)(b) |
250 | 246,896 | ||||||||||
Series 2018-2A, Class A2, (3 mo. LIBOR US + 1.25%), 5.33%, 07/15/31 (a)(b) |
1,000 | 961,165 | ||||||||||
Series 2022-4A, Class C, 8.24%, 10/20/33 |
1,000 | 996,564 | ||||||||||
Whetstone Park CLO Ltd., Series 2021-1A, Classs 1A, (3 mo. LIBOR US + 1.60%), 5.84%, 01/20/35 (a)(b) |
725 | 693,318 | ||||||||||
Whitebox CLO I Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 3.05%), 7.37%, 07/24/32 (a)(b) |
500 | 464,754 | ||||||||||
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.35%), 7.67%, 10/24/34 (a)(b) |
500 | 453,309 | ||||||||||
Whitebox CLO III Ltd. (a)(b) |
||||||||||||
Series 2021-3A, Class D, (3 mo. LIBOR US + 3.35%), 7.43%, 10/15/34 |
250 | 233,839 | ||||||||||
Series 2021-3A, Class E, (3 mo. LIBOR US + 6.85%), 10.93%, 10/15/34 |
250 | 227,048 | ||||||||||
York CLO 1 Ltd. (a)(b) |
||||||||||||
Series 2014-1A, Class CRR, (3 mo. LIBOR US + 2.10%), 6.42%, 10/22/29 |
250 | 241,100 | ||||||||||
Series 2014-1A, Class DRR, (3 mo. LIBOR US + 3.01%), 7.33%, 10/22/29 |
250 | 237,110 | ||||||||||
Total Asset-Backed Securities — 13.7% (Cost: $84,705,242) |
80,294,380 | |||||||||||
20 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Corporate Bonds |
||||||||||||
Advertising Agencies — 0.1% |
||||||||||||
Interpublic Group of Cos., Inc., 5.40%, 10/01/48 |
USD | 500 | $ | 456,893 | ||||||||
Aerospace & Defense — 2.5% |
||||||||||||
Amsted Industries, Inc., 5.63%, 07/01/27 (b) |
30 | 28,460 | ||||||||||
Boeing Co. |
||||||||||||
2.95%, 02/01/30 |
800 | 677,538 | ||||||||||
5.15%, 05/01/30 |
1,140 | 1,112,229 | ||||||||||
3.63%, 02/01/31 |
69 | 60,456 | ||||||||||
Bombardier, Inc. (b) |
||||||||||||
7.50%, 03/15/25 |
35 | 34,661 | ||||||||||
7.13%, 06/15/26 (e) |
846 | 820,801 | ||||||||||
7.88%, 04/15/27 (e) |
395 | 383,140 | ||||||||||
6.00%, 02/15/28 (e) |
667 | 616,788 | ||||||||||
7.45%, 05/01/34 |
100 | 100,000 | ||||||||||
Eaton Corp., 4.15%, 11/02/42 |
500 | 427,290 | ||||||||||
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (b) |
200 | 163,500 | ||||||||||
General Electric Co., 6.15%, 08/07/37 |
2,150 | 2,197,819 | ||||||||||
Lockheed Martin Corp., 4.09%, 09/15/52 (e) |
1,410 | 1,180,824 | ||||||||||
Northrop Grumman Corp., 3.85%, 04/15/45 |
350 | 279,149 | ||||||||||
Raytheon Technologies Corp., 2.38%, 03/15/32 |
1,000 | 809,816 | ||||||||||
Rolls-Royce PLC, 5.75%, 10/15/27 (b) |
1,000 | 952,500 | ||||||||||
Spirit AeroSystems, Inc. |
||||||||||||
7.50%, 04/15/25 (b) |
22 | 21,740 | ||||||||||
9.38%, 11/30/29 |
329 | 346,338 | ||||||||||
TransDigm, Inc. |
||||||||||||
8.00%, 12/15/25 (b) |
130 | 131,923 | ||||||||||
6.25%, 03/15/26 (b)(e) |
3,355 | 3,308,667 | ||||||||||
6.38%, 06/15/26 |
31 | 30,162 | ||||||||||
7.50%, 03/15/27 |
71 | 70,248 | ||||||||||
4.63%, 01/15/29 |
393 | 345,553 | ||||||||||
4.88%, 05/01/29 (e) |
203 | 177,067 | ||||||||||
Triumph Group, Inc., 8.88%, 06/01/24 (b) |
509 | 517,907 | ||||||||||
14,794,576 | ||||||||||||
Airlines — 1.5% |
||||||||||||
Air Canada, 3.88%, 08/15/26 (b)(e) |
324 | 286,977 | ||||||||||
Allegiant Travel Co., 7.25%, 08/15/27 (b) |
80 | 76,093 | ||||||||||
American Airlines Pass-Through Trust |
||||||||||||
Series 2013-2, Class A, 4.95%, 07/15/24 |
759 | 757,934 | ||||||||||
Series 2015-2, Class A, 4.00%, 03/22/29 |
1,038 | 843,028 | ||||||||||
Series 2015-2, Class AA, 3.60%, 03/22/29 |
1,038 | 931,183 | ||||||||||
American Airlines, Inc., 11.75%, 07/15/25 (b) |
325 | 348,595 | ||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (b) |
||||||||||||
5.50%, 04/20/26 |
179 | 171,876 | ||||||||||
5.75%, 04/20/29 |
677 | 619,050 | ||||||||||
Avianca Midco 2 PLC, 9.00%, 12/01/28 (b) |
150 | 109,774 | ||||||||||
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28 (b) |
6 | 5,321 | ||||||||||
Deutsche Lufthansa AG, 2.88%, 05/16/27 (d) |
EUR | 100 | 92,862 | |||||||||
Gol Finance SA, 7.00%, 01/31/25 (b) |
USD | 200 | 87,038 | |||||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (b) |
168 | 152,040 | ||||||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (b) |
740 | 735,958 | ||||||||||
United Airlines Pass-Through Trust |
||||||||||||
Series 2013-1, Class A, 4.30%, 02/15/27 |
2,413 | 2,244,070 | ||||||||||
Series 2020-1, Class A, 5.88%, 10/15/27 |
379 | 374,052 |
Security |
Par (000) |
Value |
||||||||||
Airlines (continued) |
||||||||||||
United Airlines Pass-Through Trust (continued) |
||||||||||||
Series 2020-1, Class B, 4.88%, 01/15/26 |
USD | 27 | $ | 25,373 | ||||||||
United Airlines, Inc. (b) |
||||||||||||
4.38%, 04/15/26 (e) |
423 | 392,090 | ||||||||||
4.63%, 04/15/29 |
627 | 545,926 | ||||||||||
8,799,240 | ||||||||||||
Auto Components — 0.6% |
||||||||||||
Aptiv PLC, 4.40%, 10/01/46 |
465 | 344,204 | ||||||||||
Clarios Global LP, 6.75%, 05/15/25 (b) |
154 | 154,356 | ||||||||||
Clarios Global LP/Clarios U.S. Finance Co. (b) |
||||||||||||
6.25%, 05/15/26 |
743 | 726,284 | ||||||||||
8.50%, 05/15/27 |
1,774 | 1,732,305 | ||||||||||
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (b) |
111 | 97,666 | ||||||||||
Goodyear Tire & Rubber Co. |
||||||||||||
5.00%, 07/15/29 |
78 | 65,064 | ||||||||||
5.63%, 04/30/33 |
81 | 66,120 | ||||||||||
ZF Finance GmbH, 3.75%, 09/21/28 (d) |
EUR | 100 | 89,732 | |||||||||
3,275,731 | ||||||||||||
Automobiles — 1.4% |
||||||||||||
Asbury Automotive Group, Inc. |
||||||||||||
4.50%, 03/01/28 |
USD | 18 | 15,847 | |||||||||
4.75%, 03/01/30 |
84 | 70,254 | ||||||||||
5.00%, 02/15/32 (b) |
106 | 87,206 | ||||||||||
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (d) |
GBP | 100 | 78,788 | |||||||||
Ford Motor Co. |
||||||||||||
0.00%, 03/15/26 (f) |
USD | 216 | 203,796 | |||||||||
4.35%, 12/08/26 |
7 | 6,638 | ||||||||||
3.25%, 02/12/32 (e) |
420 | 314,976 | ||||||||||
6.10%, 08/19/32 (e) |
126 | 116,343 | ||||||||||
4.75%, 01/15/43 |
2,000 | 1,435,586 | ||||||||||
Ford Motor Credit Co. LLC |
||||||||||||
4.69%, 06/09/25 |
200 | 190,293 | ||||||||||
4.39%, 01/08/26 |
200 | 186,292 | ||||||||||
2.70%, 08/10/26 |
200 | 173,680 | ||||||||||
4.95%, 05/28/27 (e) |
401 | 374,093 | ||||||||||
4.13%, 08/17/27 |
200 | 179,000 | ||||||||||
2.90%, 02/16/28 (e) |
200 | 165,184 | ||||||||||
3.63%, 06/17/31 |
300 | 235,667 | ||||||||||
General Motors Co. |
||||||||||||
5.40%, 10/15/29 |
414 | 395,079 | ||||||||||
5.60%, 10/15/32 |
69 | 64,101 | ||||||||||
6.25%, 10/02/43 (e) |
2,506 | 2,316,868 | ||||||||||
General Motors Financial Co., Inc., 4.25%, 05/15/23 |
807 | 803,662 | ||||||||||
Group 1 Automotive, Inc., 4.00%, 08/15/28 (b) |
30 | 25,393 | ||||||||||
Ken Garff Automotive LLC, 4.88%, 09/15/28 (b) |
82 | 68,595 | ||||||||||
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (b) . |
182 | 145,744 | ||||||||||
Lithia Motors, Inc., 3.88%, 06/01/29 (b) |
89 | 73,168 | ||||||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) |
120 | 89,543 | ||||||||||
Penske Automotive Group, Inc. |
||||||||||||
3.50%, 09/01/25 |
29 | 26,914 | ||||||||||
3.75%, 06/15/29 |
46 | 37,336 | ||||||||||
RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30 (a)(d) |
EUR | 100 | 95,116 | |||||||||
Wabash National Corp., 4.50%, 10/15/28 (b) |
USD | 149 | 126,886 | |||||||||
8,102,048 |
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Banks — 1.1% |
||||||||||||
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13% (a)(g) |
USD | 2,000 | $ | 1,702,859 | ||||||||
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00% |
200 | 189,350 | ||||||||||
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26 (d) |
252 | 229,348 | ||||||||||
Bank of Communications Co. Ltd., (5 year CMT + 3.35%), 3.80% (a)(d)(g) |
518 | 494,690 | ||||||||||
Grupo Aval Ltd., 4.38%, 02/04/30 (b) |
200 | 161,600 | ||||||||||
Krung Thai Bank PCL, (5 year CMT + 3.53%), 4.40% (a)(d)(g) |
252 | 224,563 | ||||||||||
NBK Tier 1 Ltd., (6 year CMT + 2.88%), 3.63% (a)(b)(g) |
209 | 181,935 | ||||||||||
Northern Trust Corp., 6.13%, 11/02/32 |
160 | 168,711 | ||||||||||
PNC Financial Services Group, Inc., 6.04%, 10/28/33 |
132 | 137,425 | ||||||||||
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33 (a)(b) |
500 | 440,469 | ||||||||||
SVB Financial Group, Series D, (5 year CMT + 3.07%), 4.25% (a)(g) |
1,275 | 836,462 | ||||||||||
Wells Fargo & Co. |
||||||||||||
3.90%, 05/01/45 |
2,250 | 1,733,030 | ||||||||||
Series BB, (5 year CMT + 3.45%), 3.90% (a)(g) |
245 | 214,440 | ||||||||||
6,714,882 | ||||||||||||
Beverages — 1.4% |
||||||||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 (e) |
4,600 | 4,181,746 | ||||||||||
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27 (b)(h) |
701 | 487,568 | ||||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b) |
||||||||||||
6.00%, 06/15/27 |
372 | 364,168 | ||||||||||
3.25%, 09/01/28 |
200 | 169,889 | ||||||||||
4.00%, 09/01/29 |
1,466 | 1,161,845 | ||||||||||
Ball Corp. |
||||||||||||
5.25%, 07/01/25 |
12 | 11,843 | ||||||||||
2.88%, 08/15/30 |
25 | 19,953 | ||||||||||
3.13%, 09/15/31 (e) |
254 | 203,995 | ||||||||||
Crown Americas LLC, 5.25%, 04/01/30 (b) |
91 | 86,042 | ||||||||||
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26 |
23 | 23,679 | ||||||||||
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24 (b) |
431 | 419,082 | ||||||||||
Silgan Holdings, Inc., 4.13%, 02/01/28 |
25 | 23,129 | ||||||||||
Trivium Packaging Finance BV (b) |
||||||||||||
5.50%, 08/15/26 |
505 | 463,053 | ||||||||||
8.50%, 08/15/27 |
738 | 677,133 | ||||||||||
8,293,125 | ||||||||||||
Biotechnology — 0.5% |
||||||||||||
Amgen, Inc. |
||||||||||||
4.20%, 03/01/33 |
1,000 | 925,128 | ||||||||||
4.40%, 05/01/45 |
500 | 418,910 | ||||||||||
Baxalta, Inc., 5.25%, 06/23/45 |
500 | 477,787 | ||||||||||
Cidron Aida Finco SARL, 5.00%, 04/01/28 (d) |
EUR | 100 | 91,256 | |||||||||
Gilead Sciences, Inc., 4.80%, 04/01/44 |
USD | 1,000 | 916,997 | |||||||||
2,830,078 | ||||||||||||
Building Materials (b) — 0.3% |
||||||||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 |
146 | 133,974 | ||||||||||
Jeld-Wen, Inc., 6.25%, 05/15/25 |
98 | 91,664 | ||||||||||
Masonite International Corp. |
||||||||||||
Class C, 5.38%, 02/01/28 |
17 | 15,718 | ||||||||||
Class C, 3.50%, 02/15/30 |
145 | 117,294 |
Security |
Par (000) |
Value |
||||||||||
Building Materials (continued) |
||||||||||||
New Enterprise Stone & Lime Co., Inc. |
||||||||||||
5.25%, 07/15/28 |
USD | 55 | $ | 48,839 | ||||||||
9.75%, 07/15/28 |
26 | 24,023 | ||||||||||
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28 |
509 | 455,402 | ||||||||||
Standard Industries, Inc. |
||||||||||||
5.00%, 02/15/27 |
25 | 23,068 | ||||||||||
4.75%, 01/15/28 |
62 | 55,793 | ||||||||||
4.38%, 07/15/30 |
550 | 448,209 | ||||||||||
3.38%, 01/15/31 |
64 | 48,160 | ||||||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 |
117 | 108,930 | ||||||||||
1,571,074 | ||||||||||||
Building Products — 1.0% |
||||||||||||
Advanced Drainage Systems, Inc. (b) |
||||||||||||
5.00%, 09/30/27 |
202 | 188,365 | ||||||||||
6.38%, 06/15/30 |
513 | 498,462 | ||||||||||
Beacon Roofing Supply, Inc., 4.13%, 05/15/29 (b) |
86 | 71,465 | ||||||||||
Foundation Building Materials, Inc., 6.00%, 03/01/29 (b) |
63 | 47,168 | ||||||||||
GYP Holdings III Corp., 4.63%, 05/01/29 (b) |
159 | 129,818 | ||||||||||
Home Depot, Inc., 5.88%, 12/16/36 |
1,660 | 1,775,230 | ||||||||||
LBM Acquisition LLC, 6.25%, 01/15/29 (b) |
25 | 15,909 | ||||||||||
Lowe’s Cos., Inc. |
||||||||||||
5.00%, 04/15/33 (e) |
1,000 | 976,211 | ||||||||||
4.38%, 09/15/45 |
1,000 | 821,791 | ||||||||||
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (b) |
56 | 45,089 | ||||||||||
SRS Distribution, Inc. (b) |
||||||||||||
4.63%, 07/01/28 |
362 | 320,902 | ||||||||||
6.13%, 07/01/29 |
340 | 274,897 | ||||||||||
6.00%, 12/01/29 (e) |
423 | 336,646 | ||||||||||
White Cap Buyer LLC, 6.88%, 10/15/28 (b)(e) |
644 | 557,066 | ||||||||||
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26 (b)(h) |
142 | 122,758 | ||||||||||
6,181,777 | ||||||||||||
Capital Markets — 1.7% |
||||||||||||
Blackstone Private Credit Fund |
||||||||||||
7.05%, 09/29/25 (b) |
56 | 55,556 | ||||||||||
3.25%, 03/15/27 |
53 | 44,624 | ||||||||||
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00% (a)(e)(g) |
5,195 | 4,142,753 | ||||||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b)(e) |
129 | 110,397 | ||||||||||
FMR LLC, 4.95%, 02/01/33 (b) |
2,300 | 2,133,966 | ||||||||||
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |
379 | 302,967 | ||||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||||||
4.75%, 09/15/24 |
112 | 107,380 | ||||||||||
6.25%, 05/15/26 |
101 | 97,051 | ||||||||||
5.25%, 05/15/27 |
356 | 325,954 | ||||||||||
4.38%, 02/01/29 |
207 | 175,050 | ||||||||||
NFP Corp. (b) |
||||||||||||
4.88%, 08/15/28 (e) |
658 | 560,153 | ||||||||||
6.88%, 08/15/28 (e) |
1,270 | 1,046,834 | ||||||||||
7.50%, 10/01/30 |
74 | 69,588 | ||||||||||
Owl Rock Capital Corp. |
||||||||||||
3.75%, 07/22/25 |
129 | 119,184 | ||||||||||
4.25%, 01/15/26 |
12 | 11,016 | ||||||||||
3.40%, 07/15/26 |
46 | 40,165 |
22 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Capital Markets (continued) |
||||||||||||
Owl Rock Core Income Corp. |
||||||||||||
3.13%, 09/23/26 |
USD | 31 | $ | 26,380 | ||||||||
7.75%, 09/16/27 (b) |
215 | 214,304 | ||||||||||
Raymond James Financial, Inc., 4.95%, 07/15/46 |
400 | 355,609 | ||||||||||
SURA Asset Management SA, 4.88%, 04/17/24 (d) |
178 | 176,665 | ||||||||||
10,115,596 | ||||||||||||
Chemicals — 1.2% |
||||||||||||
Air Liquide Finance SA, 3.50%, 09/27/46 (b) |
360 | 274,299 | ||||||||||
Alpek SAB de CV, 3.25%, 02/25/31 (b) |
200 | 166,163 | ||||||||||
Ashland LLC, 3.38%, 09/01/31 (b) |
186 | 148,664 | ||||||||||
Avient Corp., 7.13%, 08/01/30 (b) |
116 | 113,394 | ||||||||||
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b) |
498 | 410,932 | ||||||||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (b)(e) |
242 | 223,705 | ||||||||||
Braskem Idesa SAPI, 6.99%, 02/20/32 (b) |
200 | 142,500 | ||||||||||
Celanese U.S. Holdings LLC, 6.17%, 07/15/27 |
190 | 187,402 | ||||||||||
Diamond BC BV, 4.63%, 10/01/29 (b) |
428 | 343,470 | ||||||||||
Element Solutions, Inc., 3.88%, 09/01/28 (b)(e) |
1,211 | 1,029,350 | ||||||||||
Equate Petrochemical BV, 4.25%, 11/03/26 (d) |
200 | 190,850 | ||||||||||
HB Fuller Co., 4.25%, 10/15/28 |
74 | 65,490 | ||||||||||
Herens Holdco SARL, 4.75%, 05/15/28 (b) |
400 | 298,964 | ||||||||||
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b) |
230 | 192,562 | ||||||||||
Ingevity Corp., 3.88%, 11/01/28 (b) |
57 | 49,012 | ||||||||||
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(h) |
176 | 123,200 | ||||||||||
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (b) |
76 | 62,784 | ||||||||||
Minerals Technologies, Inc., 5.00%, 07/01/28 (b) |
114 | 101,528 | ||||||||||
Monitchem HoldCo 3 SA, 5.25%, 03/15/25 (d) |
EUR | 100 | 102,619 | |||||||||
NOVA Chemicals Corp., 4.88%, 06/01/24 (b) |
USD | 41 | 39,667 | |||||||||
Sasol Financing USA LLC, 6.50%, 09/27/28 |
200 | 180,725 | ||||||||||
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26 (b)(e) |
200 | 169,500 | ||||||||||
Scotts Miracle-Gro Co. |
||||||||||||
4.00%, 04/01/31 |
122 | 93,201 | ||||||||||
4.38%, 02/01/32 |
18 | 13,567 | ||||||||||
Sherwin-Williams Co., 4.50%, 06/01/47 |
350 | 293,714 | ||||||||||
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29 (b) |
372 | 305,040 | ||||||||||
WESCO Distribution, Inc. (b) |
||||||||||||
7.13%, 06/15/25 |
117 | 118,464 | ||||||||||
7.25%, 06/15/28 (e) |
590 | 597,655 | ||||||||||
WR Grace Holdings LLC (b) |
||||||||||||
5.63%, 10/01/24 |
21 | 20,685 | ||||||||||
4.88%, 06/15/27 |
105 | 93,044 | ||||||||||
5.63%, 08/15/29 (e) |
987 | 796,776 | ||||||||||
6,948,926 | ||||||||||||
Commercial Services & Supplies — 0.4% |
||||||||||||
ADT Security Corp. (b) |
||||||||||||
4.13%, 08/01/29 |
19 | 16,192 | ||||||||||
4.88%, 07/15/32 |
29 | 24,645 | ||||||||||
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26 (b) |
200 | 178,362 | ||||||||||
APX Group, Inc. (b) |
||||||||||||
6.75%, 02/15/27 |
123 | 118,394 | ||||||||||
5.75%, 07/15/29 |
181 | 149,902 | ||||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29 (b)(e) |
26 | 22,241 |
Security |
Par (000) |
Value |
||||||||||
Commercial Services & Supplies (continued) |
||||||||||||
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (d) |
EUR | 100 | $ | 89,383 | ||||||||
Fortress Transportation & Infrastructure Investors LLC (b) |
||||||||||||
6.50%, 10/01/25 |
USD | 38 | 35,728 | |||||||||
5.50%, 05/01/28 (e) |
194 | 165,503 | ||||||||||
Herc Holdings, Inc., 5.50%, 07/15/27 (b)(e) |
164 | 152,971 | ||||||||||
Hertz Corp. (b) |
||||||||||||
4.63%, 12/01/26 |
85 | 71,187 | ||||||||||
5.00%, 12/01/29 |
70 | 53,102 | ||||||||||
Metis Merger Sub LLC, 6.50%, 05/15/29 (b) |
82 | 68,838 | ||||||||||
NESCO Holdings II, Inc., 5.50%, 04/15/29 (b) |
146 | 127,750 | ||||||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. (b) |
||||||||||||
5.75%, 04/15/26 |
118 | 113,575 | ||||||||||
6.25%, 01/15/28 (e) |
172 | 156,547 | ||||||||||
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b) |
400 | 335,880 | ||||||||||
United Rentals North America, Inc., 5.25%, 01/15/30 |
40 | 37,583 | ||||||||||
Williams Scotsman International, Inc. (b) |
||||||||||||
6.13%, 06/15/25 |
175 | 173,250 | ||||||||||
4.63%, 08/15/28 |
146 | 131,765 | ||||||||||
2,222,798 | ||||||||||||
Communications Equipment — 0.3% |
||||||||||||
Ciena Corp., 4.00%, 01/31/30 (b) |
71 | 62,488 | ||||||||||
CommScope Technologies LLC, 6.00%, 06/15/25 (b)(e) . |
530 | 482,300 | ||||||||||
CommScope, Inc. (b) |
||||||||||||
8.25%, 03/01/27 |
96 | 74,400 | ||||||||||
7.13%, 07/01/28 |
171 | 122,242 | ||||||||||
4.75%, 09/01/29 |
355 | 286,201 | ||||||||||
Nokia OYJ |
||||||||||||
4.38%, 06/12/27 |
31 | 29,266 | ||||||||||
6.63%, 05/15/39 |
88 | 83,526 | ||||||||||
Viasat, Inc. (b) |
||||||||||||
5.63%, 09/15/25 |
169 | 156,796 | ||||||||||
6.50%, 07/15/28 |
35 | 26,258 | ||||||||||
Viavi Solutions, Inc., 3.75%, 10/01/29 (b) |
237 | 199,188 | ||||||||||
1,522,665 | ||||||||||||
Construction & Engineering — 0.7% |
||||||||||||
ITR Concession Co. LLC, 4.20%, 07/15/25 (b) |
4,000 | 3,847,614 | ||||||||||
Construction Materials (b) — 0.0% |
||||||||||||
American Builders & Contractors Supply Co., Inc. |
||||||||||||
4.00%, 01/15/28 |
63 | 56,208 | ||||||||||
3.88%, 11/15/29 |
46 | 37,603 | ||||||||||
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |
74 | 66,362 | ||||||||||
H&E Equipment Services, Inc., 3.88%, 12/15/28 |
37 | 31,516 | ||||||||||
Resideo Funding, Inc., 4.00%, 09/01/29 |
42 | 33,959 | ||||||||||
225,648 | ||||||||||||
Consumer Discretionary — 0.7% |
||||||||||||
APi Group DE, Inc. (b) |
||||||||||||
4.13%, 07/15/29 |
89 | 73,765 | ||||||||||
4.75%, 10/15/29 |
68 | 58,946 | ||||||||||
Carnival Corp. (b) |
||||||||||||
10.50%, 02/01/26 |
387 | 388,842 | ||||||||||
7.63%, 03/01/26 |
48 | 38,045 | ||||||||||
5.75%, 03/01/27 |
711 | 507,682 | ||||||||||
9.88%, 08/01/27 |
223 | 210,735 | ||||||||||
4.00%, 08/01/28 |
447 | 364,488 | ||||||||||
6.00%, 05/01/29 (e) |
342 | 227,903 |
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Consumer Discretionary (continued) |
||||||||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (b)(e) |
USD | 224 | $ | 229,961 | ||||||||
CoreLogic, Inc., 4.50%, 05/01/28 (b) |
350 | 268,520 | ||||||||||
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26 (b) |
60 | 53,400 | ||||||||||
Life Time, Inc. (b) |
||||||||||||
5.75%, 01/15/26 |
174 | 161,907 | ||||||||||
8.00%, 04/15/26 |
146 | 131,400 | ||||||||||
Lindblad Expeditions LLC, 6.75%, 02/15/27 (b) |
208 | 188,691 | ||||||||||
NCL Corp. Ltd. (b) |
||||||||||||
5.88%, 03/15/26 |
156 | 122,533 | ||||||||||
7.75%, 02/15/29 |
74 | 55,688 | ||||||||||
NCL Finance Ltd., 6.13%, 03/15/28 (b) |
177 | 130,665 | ||||||||||
Royal Caribbean Cruises Ltd. (b) |
||||||||||||
11.50%, 06/01/25 |
82 | 87,945 | ||||||||||
5.50%, 08/31/26 |
61 | 51,316 | ||||||||||
5.38%, 07/15/27 |
138 | 111,739 | ||||||||||
11.63%, 08/15/27 |
124 | 124,525 | ||||||||||
5.50%, 04/01/28 |
89 | 71,026 | ||||||||||
8.25%, 01/15/29 |
136 | 136,340 | ||||||||||
9.25%, 01/15/29 (e) |
186 | 191,134 | ||||||||||
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (d) |
EUR | 88 | 88,267 | |||||||||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |
USD | 39 | 31,395 | |||||||||
4,106,858 | ||||||||||||
Consumer Finance — 0.9% |
||||||||||||
American Express Co., (5 year CMT + 2.85%), 3.55% (a)(g) |
500 | 410,750 | ||||||||||
Block, Inc., 3.50%, 06/01/31 |
1,275 | 1,017,354 | ||||||||||
Discover Financial Services, 6.70%, 11/29/32 |
65 | 66,071 | ||||||||||
Global Payments, Inc. |
||||||||||||
4.95%, 08/15/27 |
70 | 67,900 | ||||||||||
3.20%, 08/15/29 |
400 | 340,021 | ||||||||||
2.90%, 05/15/30 |
408 | 334,302 | ||||||||||
5.40%, 08/15/32 |
172 | 163,804 | ||||||||||
HealthEquity, Inc., 4.50%, 10/01/29 (b) |
288 | 251,683 | ||||||||||
MPH Acquisition Holdings LLC, 5.50%, 09/01/28 (b)(e) |
139 | 108,434 | ||||||||||
Navient Corp. |
||||||||||||
7.25%, 09/25/23 |
28 | 27,977 | ||||||||||
6.13%, 03/25/24 |
51 | 49,961 | ||||||||||
5.88%, 10/25/24 |
39 | 37,734 | ||||||||||
5.50%, 03/15/29 |
30 | 24,480 | ||||||||||
OneMain Finance Corp. |
||||||||||||
7.13%, 03/15/26 (e) |
150 | 142,632 | ||||||||||
3.50%, 01/15/27 |
206 | 170,562 | ||||||||||
6.63%, 01/15/28 |
165 | 151,937 | ||||||||||
5.38%, 11/15/29 |
42 | 34,352 | ||||||||||
4.00%, 09/15/30 |
74 | 55,214 | ||||||||||
Sabre Global, Inc. (b) |
||||||||||||
9.25%, 04/15/25 |
99 | 98,617 | ||||||||||
7.38%, 09/01/25 |
64 | 61,507 | ||||||||||
11.25%, 12/15/27 |
64 | 65,902 | ||||||||||
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (b) |
314 | 296,664 | ||||||||||
Shift4 Payments, Inc., 0.00%, 12/15/25 (f) |
112 | 110,950 |
Security |
Par (000) |
Value |
||||||||||
Consumer Finance (continued) |
||||||||||||
SLM Corp., 3.13%, 11/02/26 |
USD | 117 | $ | 99,503 | ||||||||
Verscend Escrow Corp., 9.75%, 08/15/26 (b)(e) |
1,355 | 1,327,507 | ||||||||||
5,515,818 | ||||||||||||
Containers & Packaging — 0.4% |
||||||||||||
Clydesdale Acquisition Holdings, Inc. (b) |
||||||||||||
6.63%, 04/15/29 |
591 | 561,894 | ||||||||||
8.75%, 04/15/30 |
382 | 326,981 | ||||||||||
Graphic Packaging International LLC (b) |
||||||||||||
4.75%, 07/15/27 |
53 | 49,886 | ||||||||||
3.50%, 03/15/28 |
11 | 9,573 | ||||||||||
International Paper Co., 6.00%, 11/15/41 |
870 | 867,207 | ||||||||||
Klabin Austria GmbH, 3.20%, 01/12/31 (b) |
200 | 161,000 | ||||||||||
LABL, Inc., 5.88%, 11/01/28 (b) |
176 | 153,344 | ||||||||||
Sealed Air Corp., 4.00%, 12/01/27 (b) |
49 | 44,450 | ||||||||||
Suzano Austria GmbH, 3.75%, 01/15/31 |
80 | 66,790 | ||||||||||
2,241,125 | ||||||||||||
Diversified Consumer Services — 0.8% |
||||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b)(e) |
||||||||||||
6.63%, 07/15/26 |
719 | 657,885 | ||||||||||
9.75%, 07/15/27 |
200 | 174,000 | ||||||||||
6.00%, 06/01/29 |
939 | 681,488 | ||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28 (b) |
1,241 | 1,014,804 | ||||||||||
Clarivate Science Holdings Corp. (b) |
||||||||||||
3.88%, 07/01/28 |
815 | 706,113 | ||||||||||
4.88%, 07/01/29 (e) |
435 | 369,902 | ||||||||||
Garda World Security Corp., 4.63%, 02/15/27 (b) |
81 | 71,521 | ||||||||||
Graham Holdings Co., 5.75%, 06/01/26 (b) |
27 | 26,530 | ||||||||||
Rekeep SpA, 7.25%, 02/01/26 (d) |
EUR | 100 | 88,979 | |||||||||
Service Corp. International, 4.00%, 05/15/31 (e) |
USD | 263 | 221,505 | |||||||||
Sotheby’s, 7.38%, 10/15/27 (b)(e) |
865 | 811,050 | ||||||||||
4,823,777 | ||||||||||||
Diversified Financial Services — 5.2% |
||||||||||||
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (b) |
272 | 216,920 | ||||||||||
ASG Finance Designated Activity Co., 7.88%, 12/03/24 (b) |
200 | 193,000 | ||||||||||
Bank of America Corp. |
||||||||||||
3.25%, 10/21/27 (e) |
4,000 | 3,693,278 | ||||||||||
(1 day SOFR + 1.99%), 6.20%, 11/10/28 (a) |
310 | 320,066 | ||||||||||
Barclays PLC, 3.65%, 03/16/25 |
4,320 | 4,149,978 | ||||||||||
Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/27 |
448 | 451,354 | ||||||||||
BNP Paribas SA, (5 year CMT + 3.34%), 4.63% (a)(b)(g) |
2,000 | 1,545,201 | ||||||||||
Citigroup, Inc. (a)(g) |
||||||||||||
(5 year CMT + 3.42%), 3.88% |
3,160 | 2,693,900 | ||||||||||
Series W, (5 year CMT + 3.60%), 4.00% |
105 | 91,468 | ||||||||||
Series Y, (5 year CMT + 3.00%), 4.15% |
335 | 273,504 | ||||||||||
Credit Agricole SA, (5 year USD Swap + 4.90%), 7.88% (a)(b)(g) |
1,000 | 990,800 | ||||||||||
Credit Suisse Group AG, (1 year EURIBOR ICE Swap Rate + 4.95%), 7.75%, 03/01/29 (a)(d) |
EUR | 100 | 106,291 | |||||||||
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25 (d) |
GBP | 100 | 93,932 | |||||||||
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 (b)(h) |
USD | 225 | 191,105 |
24 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Diversified Financial Services (continued) |
||||||||||||
Goldman Sachs Group, Inc. |
||||||||||||
3.75%, 05/22/25 (e) |
USD | 8,965 | $ | 8,670,555 | ||||||||
Series R, (5 year CMT + 3.22%), 4.95% (a)(g) |
465 | 423,143 | ||||||||||
HSBC Holdings PLC |
||||||||||||
6.10%, 01/14/42 |
610 | 635,946 | ||||||||||
(5 year CMT + 3.25%), 4.70% (a)(e)(g) |
275 | 217,908 | ||||||||||
(5 year USD ICE Swap + 4.37%), 6.38% (a)(g) |
1,000 | 969,077 | ||||||||||
(1 day SOFR + 3.35%), 7.39%, 11/03/28 (a) |
200 | 210,190 | ||||||||||
Intrum AB, 3.00%, 09/15/27 (d) |
EUR | 100 | 84,903 | |||||||||
ION Trading Technologies SARL, 5.75%, 05/15/28 (b) |
USD | 200 | 166,750 | |||||||||
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28 (b) |
220 | 179,461 | ||||||||||
JPMorgan Chase & Co., (1 day SOFR + 2.58%), 5.72%, 09/14/33 (a)(e) |
138 | 134,695 | ||||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (b) |
||||||||||||
4.25%, 02/01/27 |
42 | 35,281 | ||||||||||
4.75%, 06/15/29 |
46 | 37,139 | ||||||||||
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75% (a)(g) |
595 | 564,666 | ||||||||||
Morgan Stanley |
||||||||||||
4.00%, 07/23/25 |
905 | 883,724 | ||||||||||
3.13%, 07/27/26 |
2,000 | 1,865,544 | ||||||||||
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25 (b) |
200 | 98,912 | ||||||||||
Spectrum Brands, Inc. (b) |
||||||||||||
5.00%, 10/01/29 |
53 | 45,868 | ||||||||||
5.50%, 07/15/30 |
104 | 91,783 | ||||||||||
UBS Group AG, (5 year CMT + 3.31%), 4.38% (a)(b)(g) |
200 | 151,952 | ||||||||||
30,478,294 | ||||||||||||
Diversified Telecommunication Services — 3.0% |
||||||||||||
AT&T, Inc. |
||||||||||||
6.38%, 03/01/41 |
520 | 540,957 | ||||||||||
5.15%, 03/15/42 |
1,200 | 1,086,869 | ||||||||||
4.75%, 05/15/46 (e) |
2,710 | 2,291,072 | ||||||||||
3.65%, 06/01/51 |
350 | 246,509 | ||||||||||
Consolidated Communications, Inc., 6.50%, 10/01/28 (b) |
229 | 177,947 | ||||||||||
Level 3 Financing, Inc. (b) |
||||||||||||
3.40%, 03/01/27 |
324 | 273,775 | ||||||||||
4.63%, 09/15/27 |
76 | 63,270 | ||||||||||
4.25%, 07/01/28 (e) |
454 | 357,616 | ||||||||||
3.63%, 01/15/29 |
108 | 79,082 | ||||||||||
3.75%, 07/15/29 |
96 | 69,059 | ||||||||||
3.88%, 11/15/29 |
28 | 22,096 | ||||||||||
Lumen Technologies, Inc. (b) |
||||||||||||
4.00%, 02/15/27 |
718 | 608,471 | ||||||||||
4.50%, 01/15/29 |
277 | 191,189 | ||||||||||
5.38%, 06/15/29 |
36 | 25,917 | ||||||||||
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25 (h) |
148 | 24,771 | ||||||||||
SoftBank Group Corp., 3.13%, 09/19/25 (d) |
EUR | 100 | 96,237 | |||||||||
Sprint Capital Corp. |
||||||||||||
6.88%, 11/15/28 |
USD | 867 | 899,894 | |||||||||
8.75%, 03/15/32 |
767 | 912,807 | ||||||||||
Telecom Italia Capital SA |
||||||||||||
6.38%, 11/15/33 |
131 | 107,170 | ||||||||||
6.00%, 09/30/34 |
337 | 254,671 | ||||||||||
7.20%, 07/18/36 |
60 | 48,714 |
Security |
Par (000) |
Value |
||||||||||
Diversified Telecommunication Services (continued) |
||||||||||||
Telecom Italia Capital SA (continued) |
||||||||||||
7.72%, 06/04/38 |
USD | 79 | $ | 65,570 | ||||||||
Telecom Italia SpA, 1.63%, 01/18/29 (d) |
EUR | 100 | 81,329 | |||||||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28 (b) |
USD | 50 | 40,000 | |||||||||
Verizon Communications, Inc., 6.55%, 09/15/43 (e) |
6,751 | 7,333,012 | ||||||||||
Zayo Group Holdings, Inc. (b) |
||||||||||||
4.00%, 03/01/27 |
1,037 | 765,897 | ||||||||||
6.13%, 03/01/28 |
1,617 | 916,966 | ||||||||||
17,580,867 | ||||||||||||
Education — 0.1% |
||||||||||||
Grand Canyon University, 5.13%, 10/01/28 |
702 | 660,435 | ||||||||||
Electric Utilities — 4.0% |
||||||||||||
CenterPoint Energy Houston Electric LLC, Series ai, 4.45%, 10/01/32 |
750 | 723,023 | ||||||||||
Cleveland Electric Illuminating Co., 5.95%, 12/15/36 |
434 | 430,543 | ||||||||||
Comision Federal de Electricidad, 4.88%, 01/15/24 |
200 | 197,663 | ||||||||||
Duke Energy Carolinas LLC |
||||||||||||
6.10%, 06/01/37 |
640 | 662,067 | ||||||||||
6.00%, 01/15/38 (e) |
1,675 | 1,755,642 | ||||||||||
Duke Energy Florida LLC |
||||||||||||
6.35%, 09/15/37 (e) |
2,775 | 2,974,860 | ||||||||||
6.40%, 06/15/38 |
770 | 844,567 | ||||||||||
E.ON International Finance BV, 6.65%, 04/30/38 (b)(e) |
3,100 | 3,128,477 | ||||||||||
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29 (b) |
201 | 159,205 | ||||||||||
FirstEnergy Corp. |
||||||||||||
2.65%, 03/01/30 |
101 | 82,349 | ||||||||||
Series B, 2.25%, 09/01/30 |
14 | 11,112 | ||||||||||
Series C, 3.40%, 03/01/50 |
403 | 265,899 | ||||||||||
FirstEnergy Transmission LLC (b) |
||||||||||||
5.45%, 07/15/44 |
391 | 363,718 | ||||||||||
4.55%, 04/01/49 |
109 | 88,197 | ||||||||||
NextEra Energy Operating Partners LP, 4.25%, 09/15/24 (b) |
3 | 2,789 | ||||||||||
Ohio Power Co., Series D, 6.60%, 03/01/33 |
3,000 | 3,151,220 | ||||||||||
Oncor Electric Delivery Co. LLC |
||||||||||||
2.75%, 05/15/30 |
1,150 | 1,001,505 | ||||||||||
4.55%, 09/15/32 (b) |
1,000 | 979,018 | ||||||||||
PacifiCorp., 6.25%, 10/15/37 |
1,225 | 1,304,530 | ||||||||||
Southern California Edison Co., 5.63%, 02/01/36 |
1,300 | 1,264,374 | ||||||||||
Virginia Electric and Power Co., Series A, 6.00%, 05/15/37 (e) |
3,920 | 4,054,754 | ||||||||||
23,445,512 | ||||||||||||
Electrical Equipment (b) — 0.1% |
||||||||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 |
406 | 391,790 | ||||||||||
GrafTech Finance, Inc., 4.63%, 12/15/28 |
91 | 74,731 | ||||||||||
466,521 | ||||||||||||
Electronic Equipment, Instruments & Components — 0.4% |
||||||||||||
BWX Technologies, Inc. (b) |
||||||||||||
4.13%, 06/30/28 |
181 | 162,674 | ||||||||||
4.13%, 04/15/29 |
24 | 21,005 | ||||||||||
CDW LLC/CDW Finance Corp. |
||||||||||||
3.28%, 12/01/28 |
91 | 77,910 | ||||||||||
3.25%, 02/15/29 |
191 | 162,673 | ||||||||||
Corning, Inc., 4.38%, 11/15/57 |
2,000 | 1,550,627 |
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Electronic Equipment, Instruments & Components (continued) |
||||||||||||
Imola Merger Corp., 4.75%, 05/15/29 (b) |
USD | 203 | $ | 176,125 | ||||||||
Vertiv Group Corp., 4.13%, 11/15/28 (b) |
412 | 350,200 | ||||||||||
2,501,214 | ||||||||||||
Energy Equipment & Services — 0.3% |
||||||||||||
Archrock Partners LP/Archrock Partners Finance Corp. (b) |
||||||||||||
6.88%, 04/01/27 |
233 | 222,437 | ||||||||||
6.25%, 04/01/28 |
464 | 424,566 | ||||||||||
Halliburton Co., 5.00%, 11/15/45 |
500 | 442,723 | ||||||||||
USA Compression Partners LP/USA Compression Finance Corp. |
||||||||||||
6.88%, 04/01/26 |
208 | 199,532 | ||||||||||
6.88%, 09/01/27 |
259 | 242,165 | ||||||||||
Vallourec SA, 8.50%, 06/30/26 (d) |
EUR | 17 | 17,841 | |||||||||
Weatherford International Ltd. (b) |
||||||||||||
11.00%, 12/01/24 (i) |
USD | 5 | 5,100 | |||||||||
6.50%, 09/15/28 |
151 | 148,025 | ||||||||||
8.63%, 04/30/30 (e) |
220 | 211,268 | ||||||||||
1,913,657 | ||||||||||||
Environmental, Maintenance & Security Service — 0.3% |
||||||||||||
Clean Harbors, Inc., 5.13%, 07/15/29 (b) |
78 | 72,341 | ||||||||||
Covanta Holding Corp. |
||||||||||||
4.88%, 12/01/29 (b) |
92 | 75,373 | ||||||||||
5.00%, 09/01/30 |
48 | 38,762 | ||||||||||
GFL Environmental, Inc. (b) |
||||||||||||
4.25%, 06/01/25 |
98 | 93,609 | ||||||||||
3.75%, 08/01/25 |
8 | 7,560 | ||||||||||
5.13%, 12/15/26 |
139 | 132,927 | ||||||||||
4.00%, 08/01/28 |
295 | 252,225 | ||||||||||
3.50%, 09/01/28 |
131 | 115,170 | ||||||||||
4.75%, 06/15/29 |
287 | 251,197 | ||||||||||
4.38%, 08/15/29 |
252 | 213,557 | ||||||||||
Stericycle, Inc., 3.88%, 01/15/29 (b) |
92 | 80,270 | ||||||||||
Tervita Corp., 11.00%, 12/01/25 (b) |
77 | 82,780 | ||||||||||
Waste Pro USA, Inc., 5.50%, 02/15/26 (b) |
509 | 449,498 | ||||||||||
1,865,269 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) — 1.9% |
||||||||||||
Alexandria Real Estate Equities, Inc., 4.00%, 02/01/50 |
550 | 416,806 | ||||||||||
American Tower Corp. |
||||||||||||
2.90%, 01/15/30 |
1,584 | 1,341,435 | ||||||||||
2.70%, 04/15/31 |
63 | 51,279 | ||||||||||
4.05%, 03/15/32 |
243 | 216,706 | ||||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) |
120 | 100,298 | ||||||||||
Crown Castle, Inc., 2.90%, 04/01/41 |
350 | 239,771 | ||||||||||
Digital Realty Trust LP, 5.55%, 01/15/28 |
85 | 85,562 | ||||||||||
Equinix, Inc. |
||||||||||||
3.20%, 11/18/29 |
151 | 131,434 | ||||||||||
3.90%, 04/15/32 |
241 | 214,115 | ||||||||||
ERP Operating LP, 4.50%, 06/01/45 |
1,155 | 970,891 | ||||||||||
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (b) |
95 | 78,557 | ||||||||||
Healthpeak Properties, Inc., 4.00%, 06/01/25 |
2,000 | 1,947,625 | ||||||||||
Iron Mountain, Inc. (b) |
||||||||||||
5.00%, 07/15/28 |
21 | 18,862 | ||||||||||
5.25%, 07/15/30 |
66 | 57,354 | ||||||||||
5.63%, 07/15/32 |
108 | 93,595 |
Security |
Par (000) |
Value |
||||||||||
Equity Real Estate Investment Trusts (REITs) (continued) |
||||||||||||
LMIRT Capital Pte. Ltd., 7.25%, 06/19/24 (d) |
USD | 250 | $ | 165,000 | ||||||||
MPT Operating Partnership LP/MPT Finance Corp. |
||||||||||||
5.00%, 10/15/27 |
28 | 23,535 | ||||||||||
4.63%, 08/01/29 |
571 | 435,436 | ||||||||||
3.50%, 03/15/31 |
889 | 609,395 | ||||||||||
Prologis LP, 4.63%, 01/15/33 |
1,000 | 968,067 | ||||||||||
RHP Hotel Properties LP/RHP Finance Corp. |
||||||||||||
4.75%, 10/15/27 |
226 | 204,532 | ||||||||||
4.50%, 02/15/29 (b) |
69 | 59,519 | ||||||||||
RLJ Lodging Trust LP (b) |
||||||||||||
3.75%, 07/01/26 |
76 | 67,685 | ||||||||||
4.00%, 09/15/29 |
66 | 53,504 | ||||||||||
Simon Property Group LP, 4.75%, 03/15/42 |
1,670 | 1,432,035 | ||||||||||
Ventas Realty LP, 4.13%, 01/15/26 |
870 | 843,852 | ||||||||||
VICI Properties LP |
||||||||||||
4.75%, 02/15/28 |
31 | 29,409 | ||||||||||
4.95%, 02/15/30 |
138 | 131,365 | ||||||||||
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29 (b) |
34 | 29,799 | ||||||||||
11,017,423 | ||||||||||||
Food & Staples Retailing — 0.5% |
||||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons |
||||||||||||
LP/Albertsons LLC (b) |
||||||||||||
3.25%, 03/15/26 |
94 | 85,733 | ||||||||||
7.50%, 03/15/26 |
65 | 66,374 | ||||||||||
4.63%, 01/15/27 |
104 | 96,602 | ||||||||||
5.88%, 02/15/28 |
219 | 208,199 | ||||||||||
4.88%, 02/15/30 (e) |
194 | 173,137 | ||||||||||
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (d) |
GBP | 100 | 98,167 | |||||||||
Darling Ingredients, Inc., 6.00%, 06/15/30 (b)(e) |
USD | 297 | 290,317 | |||||||||
Kraft Heinz Foods Co. |
||||||||||||
4.88%, 10/01/49 |
161 | 139,755 | ||||||||||
5.50%, 06/01/50 |
339 | 323,981 | ||||||||||
Lamb Weston Holdings, Inc. (b) |
||||||||||||
4.88%, 05/15/28 |
229 | 216,978 | ||||||||||
4.13%, 01/31/30 |
172 | 151,910 | ||||||||||
4.38%, 01/31/32 (e) |
103 | 89,991 | ||||||||||
Ocado Group PLC, 3.88%, 10/08/26 (d) |
GBP | 100 | 93,089 | |||||||||
Performance Food Group, Inc. (b) |
||||||||||||
5.50%, 10/15/27 |
USD | 28 | 26,409 | |||||||||
4.25%, 08/01/29 |
349 | 302,450 | ||||||||||
Post Holdings, Inc. (b) |
||||||||||||
5.50%, 12/15/29 |
22 | 19,908 | ||||||||||
4.63%, 04/15/30 |
159 | 137,176 | ||||||||||
4.50%, 09/15/31 |
28 | 23,539 | ||||||||||
U.S. Foods, Inc. (b) |
||||||||||||
4.75%, 02/15/29 |
290 | 257,497 | ||||||||||
4.63%, 06/01/30 |
27 | 23,777 | ||||||||||
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |
24 | 23,060 | ||||||||||
2,848,049 | ||||||||||||
Food Products — 0.4% |
||||||||||||
Aramark International Finance SARL, 3.13%, 04/01/25 (d) |
EUR | 100 | 102,228 | |||||||||
Aramark Services, Inc. (b) |
||||||||||||
5.00%, 04/01/25 |
USD | 32 | 31,225 | |||||||||
6.38%, 05/01/25 |
14 | 13,828 | ||||||||||
5.00%, 02/01/28 (e) |
413 | 385,302 | ||||||||||
BRF SA, 4.88%, 01/24/30 (d) |
200 | 168,413 | ||||||||||
Chobani LLC/Chobani Finance Corp., Inc. (b) |
||||||||||||
7.50%, 04/15/25 (e) |
791 | 770,236 |
26 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Food Products (continued) |
||||||||||||
Chobani LLC/Chobani Finance Corp., Inc. (b) (continued) |
||||||||||||
4.63%, 11/15/28 |
USD | 541 | $ | 471,000 | ||||||||
Grupo Bimbo SAB de CV, (5 year CMT + 3.28%), 5.95% (a)(b)(g) |
200 | 198,162 | ||||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31 (b) |
233 | 190,338 | ||||||||||
Pilgrim’s Pride Corp., 3.50%, 03/01/32 (b) |
117 | 91,553 | ||||||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (b) |
96 | 78,149 | ||||||||||
2,500,434 | ||||||||||||
Gas Utilities — 0.0% |
||||||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (b) |
62 | 52,699 | ||||||||||
Health Care Equipment & Supplies — 0.4% |
||||||||||||
Avantor Funding, Inc. (b) |
||||||||||||
4.63%, 07/15/28 (e) |
327 | 297,125 | ||||||||||
3.88%, 11/01/29 |
179 | 150,315 | ||||||||||
Becton Dickinson and Co., 4.30%, 08/22/32 |
750 | 702,017 | ||||||||||
Embecta Corp., 6.75%, 02/15/30 (b) |
50 | 45,125 | ||||||||||
Garden Spinco Corp., 8.63%, 07/20/30 (b) |
136 | 144,160 | ||||||||||
Thermo Fisher Scientific, Inc., 5.30%, 02/01/44 |
1,000 | 1,006,807 | ||||||||||
2,345,549 | ||||||||||||
Health Care Providers & Services — 2.0% |
||||||||||||
Acadia Healthcare Co., Inc. (b) |
||||||||||||
5.50%, 07/01/28 |
37 | 35,095 | ||||||||||
5.00%, 04/15/29 |
56 | 51,503 | ||||||||||
AdaptHealth LLC (b) |
||||||||||||
6.13%, 08/01/28 |
49 | 44,918 | ||||||||||
5.13%, 03/01/30 |
18 | 15,323 | ||||||||||
Aetna, Inc., 4.50%, 05/15/42 |
575 | 495,955 | ||||||||||
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |
219 | 171,094 | ||||||||||
Cano Health LLC, 6.25%, 10/01/28 (b) |
71 | 42,955 | ||||||||||
Centene Corp. |
||||||||||||
2.45%, 07/15/28 |
485 | 409,364 | ||||||||||
3.00%, 10/15/30 |
557 | 456,600 | ||||||||||
2.50%, 03/01/31 |
655 | 512,520 | ||||||||||
2.63%, 08/01/31 |
460 | 361,468 | ||||||||||
CHS/Community Health Systems, Inc. (b) |
||||||||||||
5.63%, 03/15/27 |
92 | 78,886 | ||||||||||
6.00%, 01/15/29 (e) |
332 | 277,711 | ||||||||||
5.25%, 05/15/30 |
303 | 228,473 | ||||||||||
4.75%, 02/15/31 |
82 | 59,534 | ||||||||||
Elevance Health, Inc. |
||||||||||||
2.75%, 10/15/42 |
12 | 87,752 | ||||||||||
4.38%, 12/01/47 |
1,000 | 854,287 | ||||||||||
3.60%, 03/15/51 |
600 | 448,495 | ||||||||||
Encompass Health Corp. |
||||||||||||
4.50%, 02/01/28 |
10 | 9,084 | ||||||||||
4.75%, 02/01/30 |
336 | 295,056 | ||||||||||
4.63%, 04/01/31 |
141 | 121,192 | ||||||||||
HCA, Inc., 5.50%, 06/15/47 |
1,090 | 968,052 | ||||||||||
Legacy LifePoint Health LLC (b) |
||||||||||||
6.75%, 04/15/25 |
130 | 122,342 | ||||||||||
4.38%, 02/15/27 |
47 | 39,754 | ||||||||||
Medline Borrower LP (b)(e) |
||||||||||||
3.88%, 04/01/29 |
349 | 281,280 |
Security |
Par (000) |
Value |
||||||||||
Health Care Providers & Services (continued) |
||||||||||||
Medline Borrower LP (b)(e) (continued) |
||||||||||||
5.25%, 10/01/29 |
USD | 847 | $ | 672,747 | ||||||||
Molina Healthcare, Inc. (b) |
||||||||||||
4.38%, 06/15/28 (e) |
55 | 50,192 | ||||||||||
3.88%, 11/15/30 |
122 | 103,388 | ||||||||||
3.88%, 05/15/32 (e) |
72 | 59,792 | ||||||||||
Northwell Healthcare, Inc., RB, 4.26%, 11/01/47 |
725 | 575,831 | ||||||||||
Surgery Center Holdings, Inc. (b) |
||||||||||||
6.75%, 07/01/25 (e) |
189 | 186,308 | ||||||||||
10.00%, 04/15/27 |
255 | 259,462 | ||||||||||
Teleflex, Inc., 4.63%, 11/15/27 |
14 | 13,343 | ||||||||||
Tenet Healthcare Corp. (b) |
||||||||||||
4.63%, 09/01/24 |
98 | 95,183 | ||||||||||
4.88%, 01/01/26 |
330 | 312,062 | ||||||||||
6.25%, 02/01/27 |
123 | 118,143 | ||||||||||
5.13%, 11/01/27 (e) |
363 | 337,677 | ||||||||||
4.63%, 06/15/28 |
55 | 49,211 | ||||||||||
6.13%, 10/01/28 |
122 | 109,229 | ||||||||||
4.25%, 06/01/29 |
34 | 29,454 | ||||||||||
6.13%, 06/15/30 (e) |
243 | 231,530 | ||||||||||
UnitedHealth Group, Inc., 5.80%, 03/15/36 (e) |
1,750 | 1,845,870 | ||||||||||
11,518,115 | ||||||||||||
Health Care Technology — 0.3% |
||||||||||||
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b)(e) |
1,048 | 772,305 | ||||||||||
Catalent Pharma Solutions, Inc. (b) |
||||||||||||
3.13%, 02/15/29 |
131 | 104,305 | ||||||||||
3.50%, 04/01/30 |
328 | 258,986 | ||||||||||
Charles River Laboratories International, Inc. (b) |
||||||||||||
4.25%, 05/01/28 |
67 | 61,705 | ||||||||||
3.75%, 03/15/29 |
23 | 20,341 | ||||||||||
Chrome Bidco SASU, 3.50%, 05/31/28 (d) |
EUR | 100 | 89,650 | |||||||||
IQVIA, Inc. (b) |
||||||||||||
5.00%, 10/15/26 |
USD | 280 | 267,358 | |||||||||
5.00%, 05/15/27 |
266 | 253,578 | ||||||||||
Syneos Health, Inc., 3.63%, 01/15/29 (b) |
131 | 104,321 | ||||||||||
1,932,549 | ||||||||||||
Hotels, Restaurants & Leisure — 1.8% |
||||||||||||
Accor SA, (5 year EUR Swap + 4.56%), 4.38% (a)(d)(g) |
EUR | 100 | 100,494 | |||||||||
Boyd Gaming Corp. |
||||||||||||
4.75%, 12/01/27 |
USD | 121 | 112,697 | |||||||||
4.75%, 06/15/31 (b)(e) |
219 | 190,530 | ||||||||||
Boyne USA, Inc., 4.75%, 05/15/29 (b) |
233 | 206,215 | ||||||||||
Burger King (Restaurant Brands Int)/New Red Finance, Inc. (b) |
||||||||||||
3.88%, 01/15/28 |
84 | 75,142 | ||||||||||
4.38%, 01/15/28 (e) |
214 | 191,617 | ||||||||||
4.00%, 10/15/30 |
101 | 81,791 | ||||||||||
Caesars Entertainment, Inc. (b) |
||||||||||||
6.25%, 07/01/25 |
728 | 707,380 | ||||||||||
8.13%, 07/01/27 (e) |
876 | 860,714 | ||||||||||
4.63%, 10/15/29 |
433 | 352,380 | ||||||||||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25 (b) |
103 | 100,827 | ||||||||||
CDI Escrow Issuer, Inc., 5.75%, 04/01/30 (b) |
393 | 352,297 | ||||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (b) |
432 | 427,298 |
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Hotels, Restaurants & Leisure (continued) |
||||||||||||
Churchill Downs, Inc. (b) |
||||||||||||
5.50%, 04/01/27 |
USD | 230 | $ | 217,938 | ||||||||
4.75%, 01/15/28 |
202 | 180,764 | ||||||||||
Corvias Campus Living - USG LLC, 5.30%, 07/01/50 (c) |
5,602 | 2,243,169 | ||||||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b) |
||||||||||||
4.63%, 01/15/29 |
156 | 132,013 | ||||||||||
6.75%, 01/15/30 |
46 | 37,104 | ||||||||||
Fortune Star BVI Ltd., 6.75%, 07/02/23 (d) |
200 | 188,000 | ||||||||||
Hilton Domestic Operating Co., Inc. |
||||||||||||
5.38%, 05/01/25 (b) |
39 | 38,602 | ||||||||||
3.75%, 05/01/29 (b) |
99 | 85,635 | ||||||||||
4.88%, 01/15/30 (e) |
206 | 186,679 | ||||||||||
4.00%, 05/01/31 (b) |
144 | 120,475 | ||||||||||
3.63%, 02/15/32 (b) |
77 | 61,662 | ||||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |
44 | 41,880 | ||||||||||
Melco Resorts Finance Ltd., 5.25%, 04/26/26 (d) |
250 | 219,375 | ||||||||||
Merlin Entertainments Ltd., 5.75%, 06/15/26 (b) |
200 | 187,247 | ||||||||||
MGM China Holdings Ltd., 5.88%, 05/15/26 (d) |
450 | 416,756 | ||||||||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (b) |
144 | 122,524 | ||||||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |
||||||||||||
5.63%, 09/01/29 |
63 | 46,456 | ||||||||||
5.88%, 09/01/31 |
79 | 55,885 | ||||||||||
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26 (b) |
121 | 107,496 | ||||||||||
Scientific Games International, Inc. (b) |
||||||||||||
8.63%, 07/01/25 |
136 | 138,747 | ||||||||||
7.00%, 05/15/28 |
100 | 95,391 | ||||||||||
7.25%, 11/15/29 |
96 | 92,160 | ||||||||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/25 (b) |
135 | 135,920 | ||||||||||
Station Casinos LLC (b) |
||||||||||||
4.50%, 02/15/28 |
123 | 106,934 | ||||||||||
4.63%, 12/01/31 |
155 | 124,337 | ||||||||||
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25 (d) |
GBP | 100 | 109,047 | |||||||||
Vail Resorts, Inc., 6.25%, 05/15/25 (b) |
USD | 105 | 105,000 | |||||||||
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28 (b) |
104 | 93,309 | ||||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (b)(e) |
125 | 112,809 | ||||||||||
Wynn Macau Ltd. (d) |
||||||||||||
4.88%, 10/01/24 |
200 | 187,900 | ||||||||||
5.50%, 10/01/27 |
200 | 173,250 | ||||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b)(e) |
||||||||||||
7.75%, 04/15/25 |
163 | 162,096 | ||||||||||
5.13%, 10/01/29 |
480 | 411,422 | ||||||||||
Yum! Brands, Inc. |
||||||||||||
4.75%, 01/15/30 (b) |
2 | 1,835 | ||||||||||
3.63%, 03/15/31 |
62 | 51,987 | ||||||||||
5.38%, 04/01/32 |
26 | 24,083 | ||||||||||
5.35%, 11/01/43 |
44 | 36,190 | ||||||||||
10,611,459 | ||||||||||||
Household Durables — 0.2% |
||||||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co. (b) |
||||||||||||
4.63%, 08/01/29 |
68 | 54,450 |
Security |
Par (000) |
Value |
||||||||||
Household Durables (continued) |
||||||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co. (b) (continued) |
||||||||||||
4.63%, 04/01/30 |
USD | 98 | $ | 78,656 | ||||||||
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (b) |
||||||||||||
5.00%, 06/15/29 |
141 | 110,173 | ||||||||||
4.88%, 02/15/30 |
143 | 111,493 | ||||||||||
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25 (b) |
173 | 148,455 | ||||||||||
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26 (b) |
147 | 141,120 | ||||||||||
Mattamy Group Corp., 4.63%, 03/01/30 (b)(e) |
135 | 109,413 | ||||||||||
Meritage Homes Corp., 5.13%, 06/06/27 |
35 | 32,907 | ||||||||||
NCR Corp. (b) |
||||||||||||
5.00%, 10/01/28 |
73 | 62,235 | ||||||||||
5.13%, 04/15/29 |
91 | 76,105 | ||||||||||
6.13%, 09/01/29 |
57 | 53,298 | ||||||||||
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (b)(e) |
223 | 129,217 | ||||||||||
Taylor Morrison Communities, Inc. (b) |
||||||||||||
5.88%, 06/15/27 |
119 | 114,254 | ||||||||||
5.13%, 08/01/30 |
37 | 32,051 | ||||||||||
Tempur Sealy International, Inc. (b) |
||||||||||||
4.00%, 04/15/29 |
137 | 115,102 | ||||||||||
3.88%, 10/15/31 |
111 | 87,138 | ||||||||||
Tri Pointe Homes, Inc., 5.25%, 06/01/27 |
28 | 24,996 | ||||||||||
1,481,063 | ||||||||||||
Household Products — 0.0% |
||||||||||||
Central Garden & Pet Co. |
||||||||||||
5.13%, 02/01/28 |
35 | 32,560 | ||||||||||
4.13%, 10/15/30 |
116 | 95,283 | ||||||||||
4.13%, 04/30/31 (b) |
119 | 98,511 | ||||||||||
226,354 | ||||||||||||
Independent Power and Renewable Electricity Producers — 0.4% |
||||||||||||
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24 (d) |
200 | 175,000 | ||||||||||
Calpine Corp. (b) |
||||||||||||
5.13%, 03/15/28 |
539 | 480,946 | ||||||||||
4.63%, 02/01/29 |
46 | 39,470 | ||||||||||
5.00%, 02/01/31 |
41 | 34,395 | ||||||||||
Clearway Energy Operating LLC (b) |
||||||||||||
4.75%, 03/15/28 |
124 | 114,445 | ||||||||||
3.75%, 01/15/32 |
203 | 163,177 | ||||||||||
Greenko Dutch BV, 3.85%, 03/29/26 (d) |
191 | 165,693 | ||||||||||
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26 (d) |
200 | 181,250 | ||||||||||
India Cleantech Energy, 4.70%, 08/10/26 (b) |
237 | 202,421 | ||||||||||
NRG Energy, Inc. |
||||||||||||
5.75%, 01/15/28 |
45 | 42,240 | ||||||||||
5.25%, 06/15/29 (b) |
73 | 64,440 | ||||||||||
3.63%, 02/15/31 (b) |
215 | 163,442 | ||||||||||
3.88%, 02/15/32 (b) |
73 | 54,827 | ||||||||||
SCC Power PLC (b)(h) |
||||||||||||
(4.00% PIK), 4.00%, 05/17/32 |
132 | 3,976 | ||||||||||
(8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28 |
245 | 83,367 | ||||||||||
TerraForm Power Operating LLC, 4.75%, 01/15/30 (b) |
121 | 105,270 | ||||||||||
2,074,359 | ||||||||||||
Insurance — 4.3% |
||||||||||||
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29 (b) |
140 | 114,412 |
28 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Insurance (continued) |
||||||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (b) |
||||||||||||
4.25%, 10/15/27 |
USD | 1,035 | $ | 926,975 | ||||||||
6.75%, 10/15/27 (e) |
1,419 | 1,275,482 | ||||||||||
5.88%, 11/01/29 (e) |
1,379 | 1,134,090 | ||||||||||
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 |
1,495 | 1,431,550 | ||||||||||
Allstate Corp. (a) |
||||||||||||
(3 mo. LIBOR US + 2.12%), 6.50%, 05/15/67 (e) |
1,750 | 1,706,250 | ||||||||||
Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53 |
2,000 | 1,880,000 | ||||||||||
AmWINS Group, Inc., 4.88%, 06/30/29 (b) |
189 | 160,300 | ||||||||||
Aon Global Ltd. |
||||||||||||
3.88%, 12/15/25 |
1,445 | 1,408,780 | ||||||||||
4.60%, 06/14/44 |
500 | 426,885 | ||||||||||
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42 |
500 | 456,017 | ||||||||||
Five Corners Funding Trust, 4.42%, 11/15/23 (b)(e) |
2,050 | 2,032,342 | ||||||||||
Galaxy Bidco Ltd., 6.50%, 07/31/26 (d) |
GBP | 100 | 102,398 | |||||||||
GTCR AP Finance, Inc., 8.00%, 05/15/27 (b) |
USD | 161 | 154,219 | |||||||||
HUB International Ltd. (b) |
||||||||||||
7.00%, 05/01/26 |
938 | 918,293 | ||||||||||
5.63%, 12/01/29 |
35 | 30,568 | ||||||||||
Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/30 |
191 | 188,107 | ||||||||||
Liberty Mutual Group, Inc., 6.50%, 05/01/42 (b) |
2,000 | 1,971,389 | ||||||||||
Marsh & McLennan Cos., Inc., 5.88%, 08/01/33 |
1,000 | 1,053,872 | ||||||||||
Progressive Corp., 3.00%, 03/15/32 |
750 | 651,207 | ||||||||||
Prudential Financial, Inc. |
||||||||||||
5.90%, 03/17/36 |
500 | 486,376 | ||||||||||
5.70%, 12/14/36 (e) |
1,625 | 1,677,984 | ||||||||||
Ryan Specialty Group LLC, 4.38%, 02/01/30 (b) |
92 | 79,662 | ||||||||||
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47 (b) |
700 | 572,365 | ||||||||||
Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53 (a)(e) |
4,500 | 4,377,150 | ||||||||||
25,216,673 | ||||||||||||
Interactive Media & Services — 0.2% |
||||||||||||
Arches Buyer, Inc., 4.25%, 06/01/28 (b) |
73 | 57,093 | ||||||||||
Cablevision Lightpath LLC (b) |
||||||||||||
3.88%, 09/15/27 |
220 | 181,311 | ||||||||||
5.63%, 09/15/28 |
400 | 297,171 | ||||||||||
iliad SA, 5.38%, 06/14/27 (d) |
EUR | 100 | 106,189 | |||||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. (b) |
||||||||||||
4.75%, 04/30/27 |
USD | 328 | 288,595 | |||||||||
6.00%, 02/15/28 |
147 | 113,820 | ||||||||||
1,044,179 | ||||||||||||
Internet Software & Services — 0.6% |
||||||||||||
ANGI Group LLC, 3.88%, 08/15/28 (b) |
174 | 129,123 | ||||||||||
Booking Holdings, Inc., 0.75%, 05/01/25 |
34 | 45,285 | ||||||||||
Gen Digital, Inc., 7.13%, 09/30/30 (b) |
164 | 161,130 | ||||||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (b) |
||||||||||||
5.25%, 12/01/27 |
27 | 25,554 | ||||||||||
3.50%, 03/01/29 |
138 | 115,532 | ||||||||||
Match Group Holdings II LLC (b) |
||||||||||||
5.63%, 02/15/29 |
6 | 5,580 | ||||||||||
4.13%, 08/01/30 |
20 | 16,327 | ||||||||||
3.63%, 10/01/31 (e) |
247 | 189,415 |
Security |
Par (000) |
Value |
||||||||||
Internet Software & Services (continued) |
||||||||||||
Uber Technologies, Inc. |
||||||||||||
0.00%, 12/15/25 (f) |
USD | 884 | $ | 744,555 | ||||||||
8.00%, 11/01/26 (b) |
265 | 265,912 | ||||||||||
7.50%, 09/15/27 (b)(e) |
788 | 788,552 | ||||||||||
6.25%, 01/15/28 (b) |
190 | 182,400 | ||||||||||
4.50%, 08/15/29 (b)(e) |
791 | 689,163 | ||||||||||
3,358,528 | ||||||||||||
IT Services — 0.8% |
||||||||||||
Ahead DB Holdings LLC, 6.63%, 05/01/28 (b) |
99 | 79,571 | ||||||||||
Booz Allen Hamilton, Inc. (b) |
||||||||||||
3.88%, 09/01/28 |
137 | 121,377 | ||||||||||
4.00%, 07/01/29 |
242 | 212,995 | ||||||||||
CA Magnum Holdings, 5.38%, 10/31/26 (b) |
258 | 233,524 | ||||||||||
Camelot Finance SA, 4.50%, 11/01/26 (b) |
238 | 223,066 | ||||||||||
Condor Merger Sub, Inc., 7.38%, 02/15/30 (b) |
734 | 590,159 | ||||||||||
Dun & Bradstreet Corp., 5.00%, 12/15/29 (b) |
473 | 404,776 | ||||||||||
Fair Isaac Corp., 4.00%, 06/15/28 (b) |
322 | 292,217 | ||||||||||
Fidelity National Information Services, Inc., 4.50%, 08/15/46 |
1,000 | 775,123 | ||||||||||
Fiserv, Inc., 4.40%, 07/01/49 |
500 | 405,647 | ||||||||||
Gartner, Inc. (b) |
||||||||||||
4.50%, 07/01/28 |
189 | 176,210 | ||||||||||
3.75%, 10/01/30 |
50 | 43,098 | ||||||||||
KBR, Inc., 4.75%, 09/30/28 (b) |
134 | 118,364 | ||||||||||
Science Applications International Corp., 4.88%, 04/01/28 (b) |
73 | 67,525 | ||||||||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (b) |
112 | 112,192 | ||||||||||
Twilio, Inc., 3.88%, 03/15/31 |
359 | 284,814 | ||||||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b) |
874 | 734,494 | ||||||||||
4,875,152 | ||||||||||||
Leisure Products — 0.1% |
||||||||||||
Mattel, Inc. |
||||||||||||
3.75%, 04/01/29 (b) |
49 | 43,038 | ||||||||||
6.20%, 10/01/40 |
218 | 188,169 | ||||||||||
5.45%, 11/01/41 |
149 | 121,285 | ||||||||||
352,492 | ||||||||||||
Machinery — 0.6% |
||||||||||||
ATS Corp., 4.13%, 12/15/28 (b) |
71 | 61,256 | ||||||||||
Chart Industries, Inc. |
||||||||||||
7.50%, 01/01/30 (b) |
425 | 427,248 | ||||||||||
9.50%, 01/01/31 |
66 | 67,690 | ||||||||||
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25 (b)(h) |
241 | 213,285 | ||||||||||
Madison IAQ LLC, 5.88%, 06/30/29 (b)(e) |
199 | 136,394 | ||||||||||
Mueller Water Products, Inc., 4.00%, 06/15/29 (b) |
94 | 82,603 | ||||||||||
OT Merger Corp., 7.88%, 10/15/29 (b) |
78 | 41,340 | ||||||||||
Stevens Holding Co., Inc., 6.13%, 10/01/26 (b) |
90 | 90,225 | ||||||||||
Terex Corp., 5.00%, 05/15/29 (b) |
205 | 184,244 | ||||||||||
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26 (b) |
514 | 462,902 | ||||||||||
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (b) |
400 | 326,606 | ||||||||||
TK Elevator Midco GmbH, 4.38%, 07/15/27 (d) |
EUR | 200 | 189,405 | |||||||||
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b) |
USD | 1,207 | 1,071,261 | |||||||||
3,354,459 | ||||||||||||
Marine — 0.0% |
||||||||||||
Huntington Ingalls Industries, Inc., 4.20%, 05/01/30 |
126 | 114,361 | ||||||||||
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Media — 6.2% |
||||||||||||
Altice Financing SA |
||||||||||||
3.00%, 01/15/28 (d) |
EUR | 100 | $ | 84,351 | ||||||||
5.75%, 08/15/29 (b)(e) |
USD | 1,251 | 983,990 | |||||||||
Altice France Holding SA, 10.50%, 05/15/27 (b) |
688 | 524,600 | ||||||||||
AMC Networks, Inc. |
||||||||||||
4.75%, 08/01/25 |
115 | 87,400 | ||||||||||
4.25%, 02/15/29 |
83 | 51,717 | ||||||||||
Bell Telephone Co. of Canada or Bell Canada, Series US-4, 3.65%, 03/17/51 |
335 | 242,244 | ||||||||||
Block Communications, Inc., 4.88%, 03/01/28 (b) |
87 | 75,907 | ||||||||||
Cable One, Inc. |
||||||||||||
0.00%, 03/15/26 (f) |
62 | 48,701 | ||||||||||
1.13%, 03/15/28 |
492 | 365,556 | ||||||||||
4.00%, 11/15/30 (b)(e) |
199 | 156,158 | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||||||
5.13%, 05/01/27 (b) |
228 | 212,512 | ||||||||||
5.00%, 02/01/28 (b) |
210 | 190,678 | ||||||||||
5.38%, 06/01/29 (b) |
49 | 44,309 | ||||||||||
6.38%, 09/01/29 (b)(e) |
517 | 485,846 | ||||||||||
4.75%, 03/01/30 (b)(e) |
262 | 225,953 | ||||||||||
4.50%, 08/15/30 (b)(e) |
269 | 222,236 | ||||||||||
4.25%, 02/01/31 (b)(e) |
431 | 345,712 | ||||||||||
4.75%, 02/01/32 (b) |
492 | 398,864 | ||||||||||
4.50%, 05/01/32 |
206 | 163,976 | ||||||||||
4.50%, 06/01/33 (b)(e) |
227 | 174,161 | ||||||||||
4.25%, 01/15/34 (b) |
936 | 690,810 | ||||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital |
||||||||||||
4.91%, 07/23/25 |
4,700 | 4,606,475 | ||||||||||
4.40%, 04/01/33 |
535 | 457,778 | ||||||||||
5.38%, 05/01/47 (e) |
1,100 | 862,887 | ||||||||||
4.80%, 03/01/50 (e) |
1,000 | 725,949 | ||||||||||
Clear Channel International BV, 6.63%, 08/01/25 (b)(e) |
256 | 244,276 | ||||||||||
Clear Channel Outdoor Holdings, Inc. (b) |
||||||||||||
5.13%, 08/15/27 (e) |
1,043 | 903,759 | ||||||||||
7.75%, 04/15/28 |
775 | 565,757 | ||||||||||
7.50%, 06/01/29 |
847 | 621,927 | ||||||||||
CMG Media Corp., 8.88%, 12/15/27 (b) |
478 | 359,791 | ||||||||||
Comcast Corp. |
||||||||||||
6.45%, 03/15/37 (e) |
790 | 867,847 | ||||||||||
4.60%, 08/15/45 |
2,000 | 1,764,807 | ||||||||||
4.70%, 10/15/48 (e) |
3,000 | 2,679,584 | ||||||||||
Connect Finco SARL/Connect U.S. Finco LLC, |
||||||||||||
6.75%, 10/01/26 (b) |
1,055 | 977,731 | ||||||||||
CSC Holdings LLC |
||||||||||||
5.25%, 06/01/24 (e) |
276 | 256,960 | ||||||||||
4.13%, 12/01/30 (b)(e) |
600 | 423,498 | ||||||||||
4.50%, 11/15/31 (b) |
813 | 564,071 | ||||||||||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27 (b)(e) |
299 | 267,503 | ||||||||||
Discovery Communications LLC, 3.45%, 03/15/25 |
210 | 199,195 | ||||||||||
DISH DBS Corp. |
||||||||||||
7.75%, 07/01/26 (e) |
343 | 276,592 | ||||||||||
5.25%, 12/01/26 (b) |
654 | 550,887 | ||||||||||
5.75%, 12/01/28 (b) |
686 | 547,514 | ||||||||||
5.13%, 06/01/29 |
79 | 50,964 | ||||||||||
Frontier Communications Holdings LLC (b) |
||||||||||||
5.88%, 10/15/27 (e) |
152 | 141,143 | ||||||||||
5.00%, 05/01/28 |
520 | 453,450 | ||||||||||
6.75%, 05/01/29 (e) |
249 | 205,988 | ||||||||||
6.00%, 01/15/30 |
157 | 123,335 |
Security |
Par (000) |
Value |
||||||||||
Media (continued) |
||||||||||||
Frontier Communications Holdings LLC (b) (continued) |
||||||||||||
8.75%, 05/15/30 |
USD | 446 | $ | 453,470 | ||||||||
GCI LLC, 4.75%, 10/15/28 (b) |
72 | 60,486 | ||||||||||
iHeartCommunications, Inc. |
||||||||||||
6.38%, 05/01/26 |
91 | 84,058 | ||||||||||
5.25%, 08/15/27 (b) |
66 | 55,907 | ||||||||||
4.75%, 01/15/28 (b) |
50 | 40,717 | ||||||||||
Iliad Holding SASU (b) |
||||||||||||
6.50%, 10/15/26 (e) |
529 | 490,623 | ||||||||||
7.00%, 10/15/28 |
802 | 724,840 | ||||||||||
Lamar Media Corp., 3.75%, 02/15/28 |
38 | 34,014 | ||||||||||
LCPR Senior Secured Financing DAC, 5.13%, 07/15/29 (b) |
673 | 557,519 | ||||||||||
Liberty Broadband Corp. (b) |
||||||||||||
1.25%, 09/30/50 |
279 | 269,235 | ||||||||||
2.75%, 09/30/50 |
379 | 369,128 | ||||||||||
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (b)(h) |
167 | 49,028 | ||||||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (b) |
510 | 295,696 | ||||||||||
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (b) |
200 | 143,225 | ||||||||||
Live Nation Entertainment, Inc. (b) |
||||||||||||
4.88%, 11/01/24 |
21 | 20,333 | ||||||||||
6.50%, 05/15/27 (e) |
631 | 617,465 | ||||||||||
4.75%, 10/15/27 (e) |
339 | 301,820 | ||||||||||
3.75%, 01/15/28 |
132 | 112,474 | ||||||||||
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (d) |
EUR | 100 | 95,538 | |||||||||
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (b) |
USD | 108 | 97,782 | |||||||||
Network i2i Ltd., (5 year CMT + 4.27%), 5.65% (a)(d)(g) |
400 | 379,700 | ||||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |
||||||||||||
5.00%, 08/15/27 (e) |
191 | 171,947 | ||||||||||
4.25%, 01/15/29 |
141 | 116,992 | ||||||||||
4.63%, 03/15/30 |
26 | 21,510 | ||||||||||
Paramount Global, 5.85%, 09/01/43 |
645 | 535,599 | ||||||||||
Radiate Holdco LLC/Radiate Finance, Inc. (b) |
||||||||||||
4.50%, 09/15/26 |
355 | 260,818 | ||||||||||
6.50%, 09/15/28 |
776 | 325,156 | ||||||||||
Sable International Finance Ltd., 5.75%, 09/07/27 (b) |
200 | 184,750 | ||||||||||
Sinclair Television Group, Inc., 4.13%, 12/01/30 (b)(e) |
666 | 499,291 | ||||||||||
Sirius XM Radio, Inc. (b) |
||||||||||||
3.13%, 09/01/26 (e) |
331 | 293,908 | ||||||||||
5.00%, 08/01/27 |
261 | 241,258 | ||||||||||
4.00%, 07/15/28 |
96 | 83,549 | ||||||||||
4.13%, 07/01/30 |
57 | 47,037 | ||||||||||
3.88%, 09/01/31 |
185 | 144,331 | ||||||||||
Stagwell Global LLC, 5.63%, 08/15/29 (b) |
69 | 56,896 | ||||||||||
Summer BC Holdco B SARL, 5.75%, 10/31/26 (d) |
EUR | 100 | 90,052 | |||||||||
TCI Communications, Inc., 7.88%, 02/15/26 |
USD | 610 | 660,338 | |||||||||
Univision Communications, Inc. (b) |
||||||||||||
5.13%, 02/15/25 |
52 | 49,524 | ||||||||||
6.63%, 06/01/27 |
70 | 67,537 | ||||||||||
7.38%, 06/30/30 |
144 | 137,621 | ||||||||||
UPC Broadband Finco BV, 4.88%, 07/15/31 (b) |
303 | 252,034 | ||||||||||
Videotron Ltd., 3.63%, 06/15/29 (b) |
178 | 149,965 | ||||||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (b) |
307 | 268,351 | ||||||||||
VZ Secured Financing BV, 3.50%, 01/15/32 (d) |
EUR | 100 | 83,495 | |||||||||
Walt Disney Co., 7.63%, 11/30/28 |
USD | 385 | 434,354 | |||||||||
Warnermedia Holdings, Inc., 4.28%, 03/15/32 (b)(e) |
534 | 439,890 |
30 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Media (continued) |
||||||||||||
WMG Acquisition Corp., 3.88%, 07/15/30 (b) |
USD | 37 | $ | 31,870 | ||||||||
Ziggo Bond Co. BV, 6.00%, 01/15/27 (b)(e) |
150 | 139,563 | ||||||||||
Ziggo BV, 4.88%, 01/15/30 (b) |
200 | 167,354 | ||||||||||
36,683,397 | ||||||||||||
Metals & Mining — 1.2% |
||||||||||||
ABJA Investment Co. Pte. Ltd. (d) |
||||||||||||
5.95%, 07/31/24 |
250 | 249,063 | ||||||||||
5.45%, 01/24/28 |
200 | 193,500 | ||||||||||
Arconic Corp. (b) |
||||||||||||
6.00%, 05/15/25 |
89 | 87,496 | ||||||||||
6.13%, 02/15/28 |
393 | 368,738 | ||||||||||
ATI, Inc. |
||||||||||||
5.88%, 12/01/27 |
12 | 11,475 | ||||||||||
4.88%, 10/01/29 |
68 | 60,094 | ||||||||||
5.13%, 10/01/31 |
187 | 164,672 | ||||||||||
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b) |
941 | 896,515 | ||||||||||
Carpenter Technology Corp. |
||||||||||||
6.38%, 07/15/28 |
154 | 146,459 | ||||||||||
7.63%, 03/15/30 |
151 | 151,360 | ||||||||||
Commercial Metals Co. |
||||||||||||
4.13%, 01/15/30 |
48 | 42,473 | ||||||||||
4.38%, 03/15/32 |
51 | 44,366 | ||||||||||
Constellium SE |
||||||||||||
4.25%, 02/15/26 (d) |
EUR | 100 | 102,603 | |||||||||
5.63%, 06/15/28 (b) |
USD | 250 | 231,055 | |||||||||
3.75%, 04/15/29 (b) |
1,091 | 886,369 | ||||||||||
JSW Steel Ltd., 5.95%, 04/18/24 (d) |
200 | 197,500 | ||||||||||
Kaiser Aluminum Corp. (b) |
||||||||||||
4.63%, 03/01/28 |
119 | 103,842 | ||||||||||
4.50%, 06/01/31 |
535 | 430,006 | ||||||||||
New Gold, Inc., 7.50%, 07/15/27 (b) |
470 | 412,450 | ||||||||||
Novelis Corp. (b) |
||||||||||||
3.25%, 11/15/26 (e) |
595 | 533,423 | ||||||||||
4.75%, 01/30/30 (e) |
534 | 473,426 | ||||||||||
3.88%, 08/15/31 |
528 | 431,055 | ||||||||||
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (d) |
EUR | 100 | 90,922 | |||||||||
Rio Tinto Finance USA PLC, 4.75%, 03/22/42 |
USD | 400 | 373,040 | |||||||||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (b) |
82 | 70,905 | ||||||||||
Stillwater Mining Co., 4.00%, 11/16/26 (d) |
200 | 175,788 | ||||||||||
Vedanta Resources Finance II PLC, 13.88%, 01/21/24 (d) |
200 | 173,413 | ||||||||||
7,102,008 | ||||||||||||
Multiline Retail — 0.0% |
||||||||||||
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (b) |
112 | 104,974 | ||||||||||
Multi-Utilities — 0.2% |
||||||||||||
Edison International, 6.95%, 11/15/29 |
75 | 78,321 | ||||||||||
KeySpan Gas East Corp., 5.82%, 04/01/41 (b) |
1,010 | 972,260 | ||||||||||
TransAlta Corp., 7.75%, 11/15/29 |
77 | 78,639 | ||||||||||
1,129,220 | ||||||||||||
Offshore Drilling & Other Services — 0.3% |
||||||||||||
Entegris Escrow Corp., 4.75%, 04/15/29 (b) |
1,279 | 1,166,368 | ||||||||||
Entegris, Inc. (b) |
||||||||||||
4.38%, 04/15/28 |
294 | 259,965 |
Security |
Par (000) |
Value |
||||||||||
Offshore Drilling & Other Services (continued) |
||||||||||||
Entegris, Inc. (b) (continued) |
||||||||||||
3.63%, 05/01/29 |
USD | 79 | $ | 64,325 | ||||||||
KLA Corp., 3.30%, 03/01/50 |
500 | 362,072 | ||||||||||
1,852,730 | ||||||||||||
Oil, Gas & Consumable Fuels — 8.7% |
||||||||||||
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (b) |
559 | 554,498 | ||||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |
||||||||||||
5.75%, 03/01/27 |
203 | 191,908 | ||||||||||
5.75%, 01/15/28 |
39 | 36,177 | ||||||||||
5.38%, 06/15/29 |
140 | 127,994 | ||||||||||
Antero Resources Corp., 7.63%, 02/01/29 (b) |
83 | 83,457 | ||||||||||
Apache Corp. |
||||||||||||
4.25%, 01/15/30 |
133 | 117,693 | ||||||||||
5.10%, 09/01/40 |
202 | 167,400 | ||||||||||
5.35%, 07/01/49 |
97 | 78,366 | ||||||||||
Arcosa, Inc., 4.38%, 04/15/29 (b) |
238 | 206,389 | ||||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |
||||||||||||
9.00%, 11/01/27 |
648 | 797,040 | ||||||||||
5.88%, 06/30/29 |
152 | 135,528 | ||||||||||
Buckeye Partners LP |
||||||||||||
4.13%, 03/01/25 (b) |
179 | 170,480 | ||||||||||
5.85%, 11/15/43 |
94 | 70,037 | ||||||||||
5.60%, 10/15/44 |
59 | 43,082 | ||||||||||
Burlington Resources LLC, 5.95%, 10/15/36 (e) |
685 | 705,386 | ||||||||||
Callon Petroleum Co. |
||||||||||||
6.38%, 07/01/26 |
80 | 74,564 | ||||||||||
8.00%, 08/01/28 (b)(e) |
407 | 387,986 | ||||||||||
7.50%, 06/15/30 (b) |
375 | 343,125 | ||||||||||
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31 (d) |
EUR | 100 | 77,168 | |||||||||
Cheniere Energy Partners LP |
||||||||||||
4.50%, 10/01/29 (e) |
USD | 870 | 782,323 | |||||||||
4.00%, 03/01/31 |
470 | 400,139 | ||||||||||
3.25%, 01/31/32 |
625 | 496,692 | ||||||||||
Chesapeake Energy Corp. (b) |
||||||||||||
5.88%, 02/01/29 |
28 | 26,530 | ||||||||||
6.75%, 04/15/29 |
319 | 310,578 | ||||||||||
Civitas Resources, Inc., 5.00%, 10/15/26 (b) |
60 | 54,855 | ||||||||||
CNX Midstream Partners LP, 4.75%, 04/15/30 (b) |
66 | 54,164 | ||||||||||
CNX Resources Corp. |
||||||||||||
2.25%, 05/01/26 |
226 | 331,316 | ||||||||||
6.00%, 01/15/29 (b) |
74 | 68,091 | ||||||||||
7.38%, 01/15/31 (b) |
149 | 142,815 | ||||||||||
Colgate Energy Partners III LLC (b) |
||||||||||||
7.75%, 02/15/26 |
312 | 302,652 | ||||||||||
5.88%, 07/01/29 |
421 | 361,580 | ||||||||||
Comstock Resources, Inc. (b)(e) |
||||||||||||
6.75%, 03/01/29 |
472 | 425,980 | ||||||||||
5.88%, 01/15/30 |
537 | 461,659 | ||||||||||
ConocoPhillips, 6.50%, 02/01/39 |
600 | 672,316 | ||||||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b) |
1,000 | 873,510 | ||||||||||
Crescent Energy Finance LLC, 7.25%, 05/01/26 (b) |
496 | 467,401 | ||||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (b) |
||||||||||||
5.63%, 05/01/27 |
34 | 31,620 | ||||||||||
6.00%, 02/01/29 |
188 | 172,492 |
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (b) (continued) |
||||||||||||
8.00%, 04/01/29 |
USD | 59 | $ | 58,710 | ||||||||
CrownRock LP/CrownRock Finance, Inc. (b) |
||||||||||||
5.63%, 10/15/25 |
673 | 649,445 | ||||||||||
5.00%, 05/01/29 |
29 | 26,057 | ||||||||||
DCP Midstream Operating LP |
||||||||||||
5.63%, 07/15/27 |
35 | 34,719 | ||||||||||
6.45%, 11/03/36 (b) |
106 | 103,872 | ||||||||||
6.75%, 09/15/37 (b) |
172 | 173,374 | ||||||||||
Devon Energy Corp. |
||||||||||||
5.85%, 12/15/25 |
1,000 | 1,018,049 | ||||||||||
4.75%, 05/15/42 |
300 | 253,946 | ||||||||||
Diamondback Energy, Inc., 6.25%, 03/15/33 |
556 | 564,321 | ||||||||||
DT Midstream, Inc. (b) |
||||||||||||
4.13%, 06/15/29 (e) |
260 | 223,369 | ||||||||||
4.38%, 06/15/31 |
409 | 343,110 | ||||||||||
Dycom Industries, Inc., 4.50%, 04/15/29 (b) |
80 | 69,632 | ||||||||||
Earthstone Energy Holdings LLC, 8.00%, |
||||||||||||
04/15/27 (b)(e) |
243 | 232,466 | ||||||||||
Ecopetrol SA |
||||||||||||
4.13%, 01/16/25 |
188 | 178,694 | ||||||||||
4.63%, 11/02/31 |
130 | 99,125 | ||||||||||
eG Global Finance PLC (b) |
||||||||||||
6.75%, 02/07/25 |
241 | 210,400 | ||||||||||
8.50%, 10/30/25 |
200 | 186,325 | ||||||||||
EIG Pearl Holdings SARL, 3.55%, 08/31/36 (b) |
208 | 174,434 | ||||||||||
El Paso Natural Gas Co. LLC, 3.50%, 02/15/32 (b) |
101 | 84,680 | ||||||||||
Enbridge, Inc. (a) |
||||||||||||
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78 |
1,935 | 1,760,422 | ||||||||||
Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80 |
950 | 859,007 | ||||||||||
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28 (b) |
239 | 228,847 | ||||||||||
Energy Transfer LP |
||||||||||||
4.05%, 03/15/25 |
500 | 484,297 | ||||||||||
4.75%, 01/15/26 |
1,250 | 1,217,523 | ||||||||||
3.90%, 07/15/26 |
310 | 292,892 | ||||||||||
5.55%, 02/15/28 |
115 | 114,072 | ||||||||||
3.75%, 05/15/30 |
642 | 566,042 | ||||||||||
5.75%, 02/15/33 |
130 | 127,187 | ||||||||||
5.30%, 04/15/47 |
540 | 449,274 | ||||||||||
Series H, (5 year CMT + 5.69%), 6.50% (a)(e)(g) |
473 | 406,780 | ||||||||||
EnLink Midstream LLC |
||||||||||||
5.63%, 01/15/28 (b) |
235 | 223,837 | ||||||||||
5.38%, 06/01/29 |
327 | 302,566 | ||||||||||
6.50%, 09/01/30 (b) |
164 | 162,311 | ||||||||||
EnLink Midstream Partners LP |
||||||||||||
4.15%, 06/01/25 |
4 | 3,780 | ||||||||||
4.85%, 07/15/26 |
67 | 62,982 | ||||||||||
5.60%, 04/01/44 |
155 | 127,839 | ||||||||||
5.05%, 04/01/45 |
33 | 25,008 | ||||||||||
5.45%, 06/01/47 |
42 | 33,737 | ||||||||||
Enterprise Products Operating LLC, 6.13%, 10/15/39 |
1,400 | 1,433,349 | ||||||||||
EOG Resources, Inc., 5.10%, 01/15/36 |
200 | 189,953 | ||||||||||
EQM Midstream Partners LP |
||||||||||||
6.00%, 07/01/25 (b) |
89 | 85,885 | ||||||||||
4.13%, 12/01/26 |
68 | 60,482 | ||||||||||
6.50%, 07/01/27 (b) |
245 | 234,159 | ||||||||||
4.50%, 01/15/29 (b) |
13 | 10,919 | ||||||||||
7.50%, 06/01/30 (b) |
57 | 54,921 |
Security |
Par (000) |
Value |
||||||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||||||
EQM Midstream Partners LP (continued) |
||||||||||||
4.75%, 01/15/31 (b)(e) |
USD | 348 | $ | 284,490 | ||||||||
EQT Corp., 1.75%, 05/01/26 |
55 | 127,710 | ||||||||||
Genesis Energy LP/Genesis Energy Finance Corp. |
||||||||||||
6.50%, 10/01/25 |
72 | 68,811 | ||||||||||
7.75%, 02/01/28 |
97 | 89,287 | ||||||||||
Gulfport Energy Corp., 8.00%, 05/17/26 (b) |
25 | 24,375 | ||||||||||
Harvest Midstream I LP, 7.50%, 09/01/28 (b) |
40 | 38,178 | ||||||||||
Hess Corp., 4.30%, 04/01/27 |
1,100 | 1,050,559 | ||||||||||
Hess Midstream Operations LP, 4.25%, 02/15/30 (b) |
162 | 138,497 | ||||||||||
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |
||||||||||||
6.25%, 11/01/28 |
70 | 63,350 | ||||||||||
5.75%, 02/01/29 |
146 | 129,950 | ||||||||||
6.00%, 04/15/30 |
12 | 10,671 | ||||||||||
6.00%, 02/01/31 |
11 | 9,488 | ||||||||||
6.25%, 04/15/32 |
5 | 4,315 | ||||||||||
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26 (d) |
200 | 186,750 | ||||||||||
HTA Group Ltd., 7.00%, 12/18/25 (b) |
200 | 183,600 | ||||||||||
IHS Holding Ltd., 6.25%, 11/29/28 (b) |
200 | 160,788 | ||||||||||
Impulsora Pipeline LLC, 6.05%, 12/31/42 (a)(c) |
1,637 | 1,438,181 | ||||||||||
ITT Holdings LLC, 6.50%, 08/01/29 (b) |
232 | 195,376 | ||||||||||
Kinder Morgan, Inc. |
||||||||||||
4.80%, 02/01/33 |
276 | 255,884 | ||||||||||
5.05%, 02/15/46 (e) |
1,400 | 1,187,349 | ||||||||||
Kinetik Holdings LP, 5.88%, 06/15/30 (b)(e) |
378 | 354,482 | ||||||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (b) |
22 | 21,120 | ||||||||||
Marathon Petroleum Corp., 6.50%, 03/01/41 |
1,150 | 1,181,304 | ||||||||||
Matador Resources Co., 5.88%, 09/15/26 |
413 | 397,083 | ||||||||||
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26 (d) |
288 | 273,240 | ||||||||||
MPLX LP, 4.25%, 12/01/27 |
250 | 236,230 | ||||||||||
Murphy Oil Corp. |
||||||||||||
5.75%, 08/15/25 |
9 | 8,843 | ||||||||||
5.88%, 12/01/27 |
40 | 38,492 | ||||||||||
6.13%, 12/01/42 |
18 | 14,040 | ||||||||||
Murphy Oil USA, Inc., 4.75%, 09/15/29 |
95 | 86,928 | ||||||||||
Nabors Industries Ltd. (b) |
||||||||||||
7.25%, 01/15/26 |
140 | 131,936 | ||||||||||
7.50%, 01/15/28 |
170 | 155,532 | ||||||||||
Nabors Industries, Inc. |
||||||||||||
5.75%, 02/01/25 |
468 | 446,289 | ||||||||||
7.38%, 05/15/27 (b)(e) |
226 | 218,925 | ||||||||||
New Fortress Energy, Inc. (b) |
||||||||||||
6.75%, 09/15/25 |
625 | 591,125 | ||||||||||
6.50%, 09/30/26 |
928 | 861,834 | ||||||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (b)(e) |
115 | 102,395 | ||||||||||
NGPL PipeCo LLC, 7.77%, 12/15/37 (b) |
138 | 143,591 | ||||||||||
Northern Oil & Gas, Inc., 8.13%, 03/01/28 (b) |
660 | 633,728 | ||||||||||
NuStar Logistics LP |
||||||||||||
6.00%, 06/01/26 |
99 | 95,328 | ||||||||||
6.38%, 10/01/30 |
17 | 15,719 | ||||||||||
Occidental Petroleum Corp. |
||||||||||||
6.95%, 07/01/24 |
20 | 20,380 | ||||||||||
5.88%, 09/01/25 |
79 | 78,714 | ||||||||||
8.88%, 07/15/30 |
67 | 75,643 | ||||||||||
6.63%, 09/01/30 |
666 | 688,231 | ||||||||||
7.50%, 05/01/31 |
64 | 68,382 | ||||||||||
6.45%, 09/15/36 |
103 | 105,060 | ||||||||||
6.20%, 03/15/40 |
489 | 478,533 | ||||||||||
6.60%, 03/15/46 |
44 | 45,276 |
32 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||||||
Oil & Gas Holding Co. BSCC, 7.63%, 11/07/24 (d) |
USD | 200 | $ | 203,288 | ||||||||
ONEOK, Inc., 4.35%, 03/15/29 |
198 | 182,990 | ||||||||||
OQ SAOC, 5.13%, 05/06/28 (b) |
200 | 188,600 | ||||||||||
PDC Energy, Inc. |
||||||||||||
6.13%, 09/15/24 |
58 | 57,669 | ||||||||||
5.75%, 05/15/26 |
164 | 156,549 | ||||||||||
Permian Resources Operating LLC |
||||||||||||
6.88%, 04/01/27 (b) |
31 | 29,209 | ||||||||||
3.25%, 04/01/28 |
95 | 160,408 | ||||||||||
Pertamina Persero PT, 3.65%, 07/30/29 (d) |
239 | 218,114 | ||||||||||
Petroleos Mexicanos |
||||||||||||
6.50%, 03/13/27 |
212 | 192,655 | ||||||||||
8.75%, 06/02/29 (e) |
204 | 191,057 | ||||||||||
5.95%, 01/28/31 |
245 | 185,220 | ||||||||||
6.70%, 02/16/32 |
235 | 184,181 | ||||||||||
6.38%, 01/23/45 |
48 | 29,628 | ||||||||||
Pioneer Natural Resources Co., 0.25%, 05/15/25 |
62 | 144,584 | ||||||||||
Plains All American Pipeline LP/PAA Finance Corp. |
||||||||||||
3.55%, 12/15/29 |
116 | 100,580 | ||||||||||
3.80%, 09/15/30 |
198 | 172,078 | ||||||||||
Precision Drilling Corp., 6.88%, 01/15/29 (b) |
9 | 8,379 | ||||||||||
Puma International Financing SA, 5.13%, 10/06/24 (b) |
200 | 185,000 | ||||||||||
Range Resources Corp. |
||||||||||||
4.88%, 05/15/25 |
10 | 9,499 | ||||||||||
4.75%, 02/15/30 (b) |
12 | 10,573 | ||||||||||
Rockcliff Energy II LLC, 5.50%, 10/15/29 (b) |
257 | 235,142 | ||||||||||
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (b) |
36 | 32,305 | ||||||||||
Sabine Pass Liquefaction LLC |
||||||||||||
5.88%, 06/30/26 |
1,750 | 1,770,723 | ||||||||||
5.90%, 09/15/37 |
100 | 100,069 | ||||||||||
SM Energy Co. |
||||||||||||
5.63%, 06/01/25 |
38 | 36,480 | ||||||||||
6.75%, 09/15/26 |
85 | 82,522 | ||||||||||
6.63%, 01/15/27 |
14 | 13,485 | ||||||||||
6.50%, 07/15/28 |
66 | 63,279 | ||||||||||
Southwestern Energy Co. |
||||||||||||
5.38%, 02/01/29 |
232 | 215,078 | ||||||||||
4.75%, 02/01/32 |
109 | 93,150 | ||||||||||
Suncor Energy, Inc., 6.50%, 06/15/38 |
1,000 | 1,025,479 | ||||||||||
Sunoco LP/Sunoco Finance Corp. |
||||||||||||
6.00%, 04/15/27 |
38 | 37,419 | ||||||||||
5.88%, 03/15/28 |
4 | 3,788 | ||||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |
||||||||||||
6.00%, 03/01/27 |
29 | 27,075 | ||||||||||
5.50%, 01/15/28 |
24 | 21,284 | ||||||||||
6.00%, 12/31/30 |
20 | 17,295 | ||||||||||
6.00%, 09/01/31 |
88 | 75,661 | ||||||||||
Tap Rock Resources LLC, 7.00%, 10/01/26 (b) |
519 | 482,722 | ||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.88%, 01/15/29 |
373 | 375,968 | ||||||||||
TransCanada PipeLines Ltd., 4.63%, 03/01/34 |
500 | 455,642 | ||||||||||
Transocean, Inc., 11.50%, 01/30/27 (b) |
81 | 81,203 | ||||||||||
Venture Global Calcasieu Pass LLC (b) |
||||||||||||
3.88%, 08/15/29 |
590 | 516,250 | ||||||||||
4.13%, 08/15/31 |
564 | 480,525 | ||||||||||
3.88%, 11/01/33 |
1,367 | 1,116,702 | ||||||||||
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |
108 | 98,559 | ||||||||||
Vivo Energy Investments BV, 5.13%, 09/24/27 (b) |
200 | 178,225 |
Security |
Par (000) |
Value |
||||||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||||||
Western Midstream Operating LP |
||||||||||||
4.75%, 08/15/28 |
USD | 25 | $ | 22,832 | ||||||||
5.45%, 04/01/44 |
229 | 190,235 | ||||||||||
5.30%, 03/01/48 |
75 | 61,667 | ||||||||||
5.50%, 08/15/48 |
69 | 57,268 | ||||||||||
5.50%, 02/01/50 |
678 | 558,536 | ||||||||||
Williams Cos., Inc. |
||||||||||||
3.90%, 01/15/25 |
1,150 | 1,119,905 | ||||||||||
4.00%, 09/15/25 |
750 | 728,975 | ||||||||||
51,209,491 | ||||||||||||
Pharmaceuticals — 2.3% |
||||||||||||
AbbVie, Inc. |
||||||||||||
3.80%, 03/15/25 |
3,250 | 3,167,481 | ||||||||||
3.60%, 05/14/25 |
870 | 843,158 | ||||||||||
3.20%, 05/14/26 |
500 | 473,414 | ||||||||||
4.55%, 03/15/35 |
2,140 | 2,001,069 | ||||||||||
4.45%, 05/14/46 |
2,095 | 1,800,507 | ||||||||||
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27 (d) |
EUR | 100 | 93,450 | |||||||||
CVS Health Corp. |
||||||||||||
5.13%, 07/20/45 |
USD | 700 | 637,983 | |||||||||
5.05%, 03/25/48 (e) |
1,821 | 1,634,429 | ||||||||||
Elanco Animal Health, Inc., 6.40%, 08/28/28 |
2 | 1,903 | ||||||||||
Gruenenthal GmbH, 4.13%, 05/15/28 (d) |
EUR | 100 | 96,073 | |||||||||
Jazz Securities DAC, 4.38%, 01/15/29 (b) |
USD | 200 | 178,230 | |||||||||
Option Care Health, Inc., 4.38%, 10/31/29 (b) |
166 | 145,202 | ||||||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV (b) |
||||||||||||
4.13%, 04/30/28 |
240 | 212,496 | ||||||||||
5.13%, 04/30/31 (e) |
387 | 335,096 | ||||||||||
PRA Health Sciences, Inc., 2.88%, 07/15/26 (b)(e) |
400 | 362,021 | ||||||||||
Prestige Brands, Inc., 3.75%, 04/01/31 (b) |
101 | 83,292 | ||||||||||
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 |
EUR | 100 | 105,024 | |||||||||
Teva Pharmaceutical Finance Netherlands III BV |
||||||||||||
7.13%, 01/31/25 |
USD | 200 | 197,288 | |||||||||
4.75%, 05/09/27 |
200 | 180,225 | ||||||||||
Utah Acquisition Sub, Inc., 3.95%, 06/15/26 |
750 | 701,149 | ||||||||||
13,249,490 | ||||||||||||
Real Estate — 0.0% |
||||||||||||
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28 (b) |
68 | 62,399 | ||||||||||
Real Estate Management & Development — 0.5% |
||||||||||||
Adler Group SA, 2.75%, 11/13/26 (d)(j)(k) |
EUR | 100 | 42,283 | |||||||||
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26 (b) |
USD | 200 | 181,100 | |||||||||
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (d) |
200 | 98,000 | ||||||||||
CIFI Holdings Group Co. Ltd., 6.45%, 11/07/24 (d)(j)(k) |
200 | 50,162 | ||||||||||
Country Garden Holdings Co. Ltd., 6.50%, 04/08/24 (d) |
200 | 149,600 | ||||||||||
DIC Asset AG, 2.25%, 09/22/26 (d) |
EUR | 100 | 61,016 | |||||||||
Easy Tactic Ltd., (6.50% Cash or 7.50% PIK), 7.50%, 07/11/27 (h) |
USD | 210 | 42,378 | |||||||||
Fantasia Holdings Group Co. Ltd. (d)(j)(k) |
||||||||||||
11.75%, 04/17/22 |
200 | 15,500 | ||||||||||
10.88%, 01/09/23 |
307 | 23,793 | ||||||||||
11.88%, 06/01/23 |
400 | 31,000 | ||||||||||
9.25%, 07/28/23 |
300 | 23,250 | ||||||||||
Global Prime Capital Pte. Ltd., 5.95%, 01/23/25 (d) |
200 | 189,350 | ||||||||||
Howard Hughes Corp. (b) |
||||||||||||
4.13%, 02/01/29 |
74 | 61,975 |
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Real Estate Management & Development (continued) |
||||||||||||
Howard Hughes Corp. (b) (continued) |
||||||||||||
4.38%, 02/01/31 |
USD | 80 | $ | 64,726 | ||||||||
MAF Sukuk Ltd. (d) |
||||||||||||
4.64%, 05/14/29 |
200 | 194,037 | ||||||||||
3.93%, 02/28/30 |
200 | 185,100 | ||||||||||
Modern Land China Co. Ltd., 9.80%, 04/11/23 (d)(j)(k) |
200 | 11,500 | ||||||||||
Realogy Group LLC/Realogy Co.-Issuer Corp. (b) |
||||||||||||
5.75%, 01/15/29 |
180 | 136,150 | ||||||||||
5.25%, 04/15/30 |
91 | 66,385 | ||||||||||
Ronshine China Holdings Ltd., 7.35%, 12/15/23 (d)(j)(k) |
200 | 10,000 | ||||||||||
Starwood Property Trust, Inc., 4.38%, 01/15/27 (b) |
52 | 45,504 | ||||||||||
Theta Capital Pte. Ltd., 8.13%, 01/22/25 (d) |
200 | 150,787 | ||||||||||
VICI Properties LP, 5.13%, 05/15/32 |
439 | 406,492 | ||||||||||
Wanda Properties Overseas Ltd., 6.88%, 07/23/23 (d) |
200 | 189,000 | ||||||||||
Yanlord Land HK Co. Ltd., 6.75%, 04/23/23 (d) |
250 | 247,500 | ||||||||||
Yuzhou Group Holdings Co. Ltd. (d)(j)(k) |
||||||||||||
7.70%, 02/20/25 |
263 | 23,013 | ||||||||||
7.38%, 01/13/26 |
200 | 17,500 | ||||||||||
Zhenro Properties Group Ltd., 7.88%, 04/14/24 (d)(j)(k) |
200 | 5,000 | ||||||||||
2,722,101 | ||||||||||||
Road & Rail — 1.3% |
||||||||||||
Burlington Northern Santa Fe LLC, 5.75%, 05/01/40 |
1,890 | 1,977,320 | ||||||||||
CSX Corp., 4.75%, 05/30/42 |
350 | 319,301 | ||||||||||
Danaos Corp., 8.50%, 03/01/28 (b) |
100 | 96,000 | ||||||||||
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34 (b)(e) |
2,365 | 2,291,305 | ||||||||||
Norfolk Southern Corp., 3.00%, 03/15/32 |
1,250 | 1,067,210 | ||||||||||
Seaspan Corp., 5.50%, 08/01/29 (b) |
205 | 155,349 | ||||||||||
Union Pacific Corp., 3.84%, 03/20/60 |
800 | 617,985 | ||||||||||
United Rentals North America, Inc., 6.00%, 12/15/29 |
1,110 | 1,103,062 | ||||||||||
7,627,532 | ||||||||||||
Semiconductors & Semiconductor Equipment — 0.9% |
||||||||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 |
2,850 | 2,695,787 | ||||||||||
Broadcom, Inc. |
||||||||||||
4.11%, 09/15/28 |
103 | 95,789 | ||||||||||
4.15%, 11/15/30 |
61 | 54,665 | ||||||||||
2.45%, 02/15/31 (b) |
120 | 94,514 | ||||||||||
4.30%, 11/15/32 |
466 | 410,705 | ||||||||||
2.60%, 02/15/33 (b) |
153 | 114,841 | ||||||||||
3.42%, 04/15/33 (b) |
287 | 230,090 | ||||||||||
3.47%, 04/15/34 (b) |
7 | 5,584 | ||||||||||
3.14%, 11/15/35 (b) |
162 | 119,113 | ||||||||||
Marvell Technology, Inc., 2.95%, 04/15/31 |
230 | 184,998 | ||||||||||
Microchip Technology, Inc. |
||||||||||||
0.13%, 11/15/24 |
110 | 117,975 | ||||||||||
1.63%, 02/15/25 |
21 | 65,421 | ||||||||||
Qorvo, Inc., 4.38%, 10/15/29 |
116 | 102,572 | ||||||||||
QUALCOMM, Inc., 4.65%, 05/20/35 |
250 | 242,750 | ||||||||||
Sensata Technologies BV (b) |
||||||||||||
5.00%, 10/01/25 |
70 | 68,363 | ||||||||||
4.00%, 04/15/29 |
53 | 45,713 | ||||||||||
5.88%, 09/01/30 |
200 | 189,545 | ||||||||||
Sensata Technologies, Inc. (b) |
||||||||||||
4.38%, 02/15/30 |
479 | 416,972 | ||||||||||
3.75%, 02/15/31 |
13 | 10,694 | ||||||||||
Synaptics, Inc., 4.00%, 06/15/29 (b) |
151 | 127,225 | ||||||||||
5,393,316 |
Security |
Par (000) |
Value |
||||||||||
Software — 2.5% |
||||||||||||
ACI Worldwide, Inc., 5.75%, 08/15/26 (b) |
USD | 262 | $ | 253,813 | ||||||||
Black Knight InfoServ LLC, 3.63%, 09/01/28 (b) |
255 | 221,213 | ||||||||||
Boxer Parent Co., Inc. |
||||||||||||
6.50%, 10/02/25 (d) |
EUR | 100 | 101,636 | |||||||||
7.13%, 10/02/25 (b) |
USD | 187 | 181,860 | |||||||||
9.13%, 03/01/26 (b) |
948 | 894,357 | ||||||||||
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b) |
563 | 550,683 | ||||||||||
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29 (b) |
1,794 | 1,511,053 | ||||||||||
Elastic NV, 4.13%, 07/15/29 (b) |
254 | 205,156 | ||||||||||
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28 (b) |
200 | 151,995 | ||||||||||
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |
76 | 63,133 | ||||||||||
Microsoft Corp., 3.50%, 11/15/42 (e) |
4,000 | 3,351,611 | ||||||||||
MicroStrategy, Inc., 6.13%, 06/15/28 (b)(e) |
305 | 218,090 | ||||||||||
MSCI, Inc. (b) |
||||||||||||
4.00%, 11/15/29 |
51 | 44,423 | ||||||||||
3.63%, 09/01/30 |
81 | 67,331 | ||||||||||
3.88%, 02/15/31 |
14 | 11,640 | ||||||||||
3.63%, 11/01/31 |
96 | 79,390 | ||||||||||
Open Text Corp., 6.90%, 12/01/27 |
590 | 590,000 | ||||||||||
Oracle Corp. |
||||||||||||
6.15%, 11/09/29 |
380 | 394,427 | ||||||||||
2.95%, 04/01/30 |
215 | 183,309 | ||||||||||
2.88%, 03/25/31 |
329 | 272,783 | ||||||||||
6.25%, 11/09/32 (e) |
556 | 581,921 | ||||||||||
5.38%, 07/15/40 (e) |
3,025 | 2,775,872 | ||||||||||
4.00%, 11/15/47 |
400 | 292,358 | ||||||||||
3.60%, 04/01/50 |
1,250 | 841,583 | ||||||||||
PTC, Inc., 4.00%, 02/15/28 (b) |
35 | 31,501 | ||||||||||
SS&C Technologies, Inc., 5.50%, 09/30/27 (b) |
576 | 539,364 | ||||||||||
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (b) |
189 | 130,168 | ||||||||||
14,540,670 | ||||||||||||
Specialty Retail (b) — 0.1% |
||||||||||||
Arko Corp., 5.13%, 11/15/29 |
123 | 96,579 | ||||||||||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (e) |
493 | 463,022 | ||||||||||
Staples, Inc., 7.50%, 04/15/26 |
157 | 135,127 | ||||||||||
694,728 | ||||||||||||
Technology Hardware, Storage & Peripherals — 0.5% |
||||||||||||
Apple, Inc., 4.65%, 02/23/46 (e) |
2,400 | 2,272,139 | ||||||||||
Coherent Corp., 5.00%, 12/15/29 (b) |
574 | 495,035 | ||||||||||
2,767,174 | ||||||||||||
Textiles, Apparel & Luxury Goods (b) — 0.0% |
||||||||||||
Crocs, Inc. |
||||||||||||
4.25%, 03/15/29 |
15 | 12,707 | ||||||||||
4.13%, 08/15/31 |
99 | 80,680 | ||||||||||
Kontoor Brands, Inc., 4.13%, 11/15/29 |
67 | 54,679 | ||||||||||
Levi Strauss & Co., 3.50%, 03/01/31 |
154 | 122,228 | ||||||||||
270,294 | ||||||||||||
Thrifts & Mortgage Finance (b) — 0.1% |
||||||||||||
Home Point Capital, Inc., 5.00%, 02/01/26 |
116 | 80,213 | ||||||||||
Nationstar Mortgage Holdings, Inc. 6.00%, 01/15/27 |
33 | 29,535 |
34 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Thrifts & Mortgage Finance (continued) |
||||||||||||
Nationstar Mortgage Holdings, Inc. (continued) |
||||||||||||
5.13%, 12/15/30 |
USD | 69 | $ | 53,291 | ||||||||
5.75%, 11/15/31 |
78 | 60,645 | ||||||||||
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26 (e) |
302 | 258,863 | ||||||||||
482,547 | ||||||||||||
Tobacco — 0.9% |
||||||||||||
Altria Group, Inc. |
||||||||||||
5.38%, 01/31/44 (e) |
2,000 | 1,762,799 | ||||||||||
3.88%, 09/16/46 |
1,250 | 835,808 | ||||||||||
Reynolds American, Inc. |
||||||||||||
4.45%, 06/12/25 |
635 | 621,194 | ||||||||||
7.00%, 08/04/41 |
1,000 | 988,334 | ||||||||||
5.85%, 08/15/45 |
1,500 | 1,277,695 | ||||||||||
5,485,830 | ||||||||||||
Transportation — 0.0% |
||||||||||||
XPO Escrow Sub LLC, 7.50%, 11/15/27 |
75 | 75,894 | ||||||||||
Transportation Infrastructure — 0.5% |
||||||||||||
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29 (b) |
200 | 193,750 | ||||||||||
DP World Salaam, (5 year CMT + 5.75%), 6.00% (a)(d)(g) |
200 | 197,500 | ||||||||||
FedEx Corp., 4.75%, 11/15/45 |
1,250 | 1,055,424 | ||||||||||
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27 (d) |
200 | 172,100 | ||||||||||
i-595 Express LLC, 3.31%, 12/31/31 (a)(c) |
712 | 652,108 | ||||||||||
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26 (b) |
580 | 557,100 | ||||||||||
2,827,982 | ||||||||||||
Utilities — 1.5% |
||||||||||||
American Water Capital Corp., 4.45%, 06/01/32 |
750 | 717,531 | ||||||||||
Consensus Cloud Solutions, Inc. (b) |
||||||||||||
6.00%, 10/15/26 |
48 | 44,891 | ||||||||||
6.50%, 10/15/28 |
45 | 41,390 | ||||||||||
Electricite de France SA (b) |
||||||||||||
5.60%, 01/27/40 |
2,800 | 2,554,198 | ||||||||||
(10 year USD Swap + 3.71%), 5.25% (a)(g) |
4,200 | 4,185,602 | ||||||||||
FEL Energy VI SARL, 5.75%, 12/01/40 |
185 | 157,453 | ||||||||||
Genneia SA, 8.75%, 09/02/27 (b) |
92 | 89,296 | ||||||||||
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (d) |
576 | 478,008 | ||||||||||
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28 (b) |
69 | 61,868 | ||||||||||
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (d) |
211 | 198,858 | ||||||||||
Thames Water Kemble Finance PLC, 4.63%, 05/19/26 (d) |
GBP | 168 | 171,228 | |||||||||
Vistra Operations Co. LLC (b) |
||||||||||||
5.50%, 09/01/26 |
USD | 12 | 11,561 | |||||||||
5.00%, 07/31/27 |
12 | 11,137 | ||||||||||
4.38%, 05/01/29 |
58 | 49,974 | ||||||||||
8,772,995 | ||||||||||||
Wireless Telecommunication Services — 1.2% |
||||||||||||
Altice France SA/France, 5.13%, 07/15/29 (b) |
544 | 407,860 | ||||||||||
Crown Castle, Inc. |
||||||||||||
4.30%, 02/15/29 |
151 | 142,595 | ||||||||||
3.10%, 11/15/29 |
1,000 | 871,646 | ||||||||||
Kenbourne Invest SA, 6.88%, 11/26/24 (b) |
210 | 198,358 | ||||||||||
Millicom International Cellular SA, 4.50%, 04/27/31 (b) |
200 | 167,913 |
Security |
Par (000) |
Value |
||||||||||
Wireless Telecommunication Services (continued) |
||||||||||||
Rogers Communications, Inc., 7.50%, 08/15/38 |
USD | 2,325 | $ | 2,579,278 | ||||||||
SBA Communications Corp. |
||||||||||||
3.13%, 02/01/29 |
321 | 266,908 | ||||||||||
3.88%, 02/15/27 |
367 | 331,590 | ||||||||||
Sprint LLC, 7.63%, 03/01/26 |
234 | 246,240 | ||||||||||
T-Mobile USA, Inc., 4.50%, 04/15/50 |
500 | 411,069 | ||||||||||
VICI Properties LP/VICI Note Co., Inc. (b) |
||||||||||||
5.63%, 05/01/24 |
37 | 36,640 | ||||||||||
3.50%, 02/15/25 |
75 | 70,712 | ||||||||||
4.63%, 06/15/25 |
33 | 31,639 | ||||||||||
4.50%, 09/01/26 |
6 | 5,647 | ||||||||||
4.25%, 12/01/26 |
73 | 68,103 | ||||||||||
4.63%, 12/01/29 |
378 | 343,980 | ||||||||||
4.13%, 08/15/30 |
267 | 233,669 | ||||||||||
Vmed O2 U.K. Financing I PLC |
||||||||||||
4.50%, 07/15/31 (d) |
GBP | 100 | 91,892 | |||||||||
4.75%, 07/15/31 (b)(e) |
USD | 252 | 204,712 | |||||||||
Vodafone Group PLC, 4.25%, 09/17/50 |
700 | 533,802 | ||||||||||
7,244,253 | ||||||||||||
Total Corporate Bonds — 74.3% (Cost: $484,434,319) |
436,724,940 | |||||||||||
Floating Rate Loan Interests (a) |
||||||||||||
Aerospace & Defense — 0.2% |
||||||||||||
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.06%, 08/03/29 |
52 | 50,314 | ||||||||||
Peraton Corp. |
||||||||||||
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 12.09%, 02/01/29 |
404 | 383,605 | ||||||||||
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/01/28 |
538 | 524,379 | ||||||||||
958,298 | ||||||||||||
Air Freight & Logistics — 0.0% |
||||||||||||
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.49%, 04/06/28 |
76 | 69,574 | ||||||||||
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 8.63%, 12/15/28 |
227 | 188,749 | ||||||||||
258,323 | ||||||||||||
Airlines — 0.2% |
||||||||||||
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.99%, 04/20/28 |
433 | 430,413 | ||||||||||
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 8.13%, 08/11/28 |
236 | 231,989 | ||||||||||
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 10.00%, 06/21/27 |
126 | 129,916 | ||||||||||
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.11%, 04/21/28 |
431 | 425,089 | ||||||||||
1,217,407 | ||||||||||||
Auto Components — 0.0% |
||||||||||||
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/30/26 |
69 | 67,440 | ||||||||||
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Banks — 0.1% |
||||||||||||
DirecTV Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 9.38%, 08/02/27 |
USD | 629 | $ | 611,401 | ||||||||
Beverages — 0.0% |
||||||||||||
Naked Juice LLC, 2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 10.68%, 01/24/30 |
20 | 15,731 | ||||||||||
Capital Markets — 0.1% |
||||||||||||
Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%, 0.50% Floor), 10.25%, 08/02/29 |
122 | 105,880 | ||||||||||
Deerfield Dakota Holding LLC |
||||||||||||
2020 USD Term Loan B, (1 mo. SOFR CME + 3.75%, 1.00% Floor), 8.07%, 04/09/27 |
104 | 96,939 | ||||||||||
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 11.13%, 04/07/28 |
145 | 137,388 | ||||||||||
340,207 | ||||||||||||
Chemicals — 0.1% |
||||||||||||
Arc Falcon I, Inc. |
||||||||||||
2021 Delayed Draw Term Loan, 0.00%, 10/02/28 |
16 | 14,184 | ||||||||||
2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 09/30/28 |
110 | 96,188 | ||||||||||
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26 |
249 | 233,008 | ||||||||||
Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME + 4.33%, 0.50% Floor), 7.97%, 10/04/29 |
362 | 329,148 | ||||||||||
W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 8.50%, 09/22/28 |
211 | 206,522 | ||||||||||
879,050 | ||||||||||||
Commercial Services & Supplies — 0.1% |
||||||||||||
Propulsion BC Newco. LLC, Term Loan, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.58%, 09/14/29 |
138 | 133,860 | ||||||||||
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 8.38%, 08/27/25 |
628 | 623,045 | ||||||||||
756,905 | ||||||||||||
Construction & Engineering — 0.2% |
||||||||||||
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 8.49%, 06/21/24 |
1,330 | 1,187,043 | ||||||||||
Construction Materials — 0.0% |
||||||||||||
BCPE Empire Holdings, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 4.63%, 0.50% Floor), 9.05%, 06/11/26 |
27 | 25,994 | ||||||||||
Containers & Packaging — 0.1% |
||||||||||||
Clydesdale Acquisition Holdings, Inc., Term Loan B, (1 mo. SOFR CME + 4.13%, 0.50% Floor), 8.60%, 04/13/29 |
111 | 105,915 | ||||||||||
Mauser Packaging Solutions Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.37%, 04/03/24 |
205 | 199,586 | ||||||||||
305,501 | ||||||||||||
Diversified Consumer Services — 0.1% |
||||||||||||
Amentum Government Services Holdings LLC, Term Loan B, (3 mo. LIBOR + 4.00%), 8.33%, 01/29/27 |
41 | 39,960 |
Security |
Par (000) |
Value |
||||||||||
Diversified Consumer Services (continued) |
||||||||||||
Ascend Learning LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 12/10/29 |
USD | 83 | $ | 70,862 | ||||||||
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 8.58%, 01/15/27 |
112 | 109,238 | ||||||||||
TruGreen LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%, 0.75% Floor), 13.43%, 11/02/28 (c) |
106 | 77,380 | ||||||||||
297,440 | ||||||||||||
Diversified Financial Services — 0.2% |
||||||||||||
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.73%, 02/16/28 |
66 | 64,446 | ||||||||||
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 8.88%, 07/31/26 |
— | (l) |
33 | |||||||||
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.15%, 12/01/27 |
114 | 104,878 | ||||||||||
EP Purchaser LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 11/06/28 |
101 | 100,025 | ||||||||||
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 10/01/27 |
331 | 309,737 | ||||||||||
KKR Apple Bidco LLC |
||||||||||||
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 09/21/29 |
18 | 17,306 | ||||||||||
2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 09/23/28 |
65 | 64,593 | ||||||||||
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 09/25/26 |
39 | 31,223 | ||||||||||
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 9.73%, 09/01/25 |
185 | 129,620 | ||||||||||
White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.07%, 10/19/27 |
299 | 288,786 | ||||||||||
1,110,647 | ||||||||||||
Diversified Telecommunication Services — 0.1% |
||||||||||||
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.50%, 05/01/28 |
194 | 185,156 | ||||||||||
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (6 mo. SOFRTE + 4.50%, 0.50% Floor), 7.44%, 02/01/29 |
342 | 328,763 | ||||||||||
513,919 | ||||||||||||
Entertainment — 0.0% |
||||||||||||
Delta 2 Lux SARL, Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 7.57%, 01/15/30 |
93 | 92,884 | ||||||||||
Food Products — 0.0% |
||||||||||||
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.88%, 10/25/27 |
33 | 32,126 | ||||||||||
Gas Utilities — 0.0% |
||||||||||||
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 12/21/28 |
171 | 162,474 | ||||||||||
Health Care Providers & Services — 0.1% |
||||||||||||
Envision Healthcare Corp., 2022 First Out Term Loan, (3 mo. SOFR CME + 7.875%, 1.00% Floor), 12.61%, 03/31/27 |
40 | 35,196 | ||||||||||
LifePoint Health, Inc., 2018 Term Loan B, (3 mo. LIBOR + 3.75%), 8.16%, 11/16/25 |
76 | 71,924 |
36 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Health Care Providers & Services (continued) |
||||||||||||
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 11.78%, 04/29/25 |
USD | 118 | $ | 81,057 | ||||||||
Surgery Center Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.05%, 08/31/26 |
113 | 111,120 | ||||||||||
WCG Purchaser Corp., 2019 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 8.38%, 01/08/27 |
118 | 106,767 | ||||||||||
406,064 | ||||||||||||
Health Care Technology — 0.2% |
||||||||||||
AthenaHealth Group, Inc. |
||||||||||||
2022 Delayed Draw Term loan, (3 mo. SOFR CME + 3.50%), 7.82%, 02/15/29 |
136 | 105,762 | ||||||||||
2022 Term Loan B, (1 mo. SOFR CME + 3.50%, 0.50% Floor), 7.82%, 02/15/29 |
1,113 | 960,794 | ||||||||||
Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 8.73%, 06/02/28 |
119 | 108,735 | ||||||||||
1,175,291 | ||||||||||||
Hotels, Restaurants & Leisure — 0.0% |
||||||||||||
Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE + 4.00%, 0.50% Floor), 8.32%, 01/27/29 |
170 | 161,153 | ||||||||||
Great Canadian Gaming Corp., 2021 Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 11/01/26 |
38 | 37,038 | ||||||||||
198,191 | ||||||||||||
Household Durables — 0.1% |
||||||||||||
Hunter Douglas, Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 7.86%, 02/26/29 |
146 | 128,112 | ||||||||||
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 10/06/28 |
283 | 230,392 | ||||||||||
358,504 | ||||||||||||
Industrial Conglomerates — 0.0% |
||||||||||||
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 1.00% Floor), 11.42%, 09/01/25 |
156 | 125,338 | ||||||||||
Insurance — 0.1% |
||||||||||||
Alliant Holdings Intermediate LLC, 2021 Term Loan B4, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.85%, 11/06/27 |
94 | 91,296 | ||||||||||
Hub International Ltd., 2022 Term Loan B, (3 mo. SOFR CME + 4.00%, 0.75% Floor), 8.22%, 11/10/29 |
180 | 177,851 | ||||||||||
Sedgwick Claims Management Services, Inc. |
||||||||||||
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 12/31/25 |
91 | 88,910 | ||||||||||
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 09/03/26 |
139 | 136,231 | ||||||||||
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 8.63%, 09/03/26 |
51 | 50,364 | ||||||||||
544,652 | ||||||||||||
Interactive Media & Services — 0.0% |
||||||||||||
Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.89%, 01/29/26 |
79 | 77,205 | ||||||||||
Security |
Par (000) |
Value |
||||||||||
IT Services — 0.1% |
||||||||||||
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, 11/24/28 (m) |
USD | 65 | $ | 58,282 | ||||||||
Boxer Parent Co., Inc. |
||||||||||||
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.50%, 0.50% Floor), 9.88%, 02/27/26 |
279 | 255,983 | ||||||||||
2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/02/25 |
45 | 43,323 | ||||||||||
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 12/01/27 |
233 | 222,808 | ||||||||||
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 |
109 | 89,998 | ||||||||||
670,394 | ||||||||||||
Leisure Products — 0.0% |
||||||||||||
Peloton Interactive, Inc., Term Loan, (2 mo. SOFR CME + 6.50%, 0.50% Floor), 11.76%, 05/25/27 |
71 | 69,291 | ||||||||||
Machinery — 0.2% |
||||||||||||
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 9.38%, 09/21/26 |
227 | 224,209 | ||||||||||
SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.92%, 04/05/29 |
211 | 197,046 | ||||||||||
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 8.15%, 03/28/25 |
574 | 534,781 | ||||||||||
956,036 | ||||||||||||
Media — 0.2% |
||||||||||||
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 6.83%, 07/15/25 |
23 | 22,014 | ||||||||||
Altice France SA/France, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 8.65%, 08/14/26 |
94 | 86,951 | ||||||||||
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 7.91%, 08/21/26 |
587 | 533,863 | ||||||||||
MH Sub I LLC |
||||||||||||
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 09/13/24 |
89 | 86,590 | ||||||||||
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 8.13%, 09/13/24 |
206 | 199,729 | ||||||||||
2021 2nd Lien Term Loan, (3 mo. SOFR CME + 6.25%), 10.65%, 02/23/29 |
35 | 31,194 | ||||||||||
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/09/27 |
546 | 440,397 | ||||||||||
1,400,738 | ||||||||||||
Metals & Mining — 0.0% |
||||||||||||
Grinding Media, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.07%, 10/12/28 (c) |
63 | 58,455 | ||||||||||
Oil, Gas & Consumable Fuels — 0.3% |
||||||||||||
Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 12.94%, 11/01/25 |
1,541 | 1,624,456 | ||||||||||
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 06/28/24 |
8 | 5,222 | ||||||||||
M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.16%, 09/19/29 |
118 | 117,594 | ||||||||||
1,747,272 |
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Professional Services — 0.1% |
||||||||||||
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 7.64%, 02/06/26 |
USD | 110 | $ | 108,585 | ||||||||
Element Materials Technology Group U.S. Holdings, Inc. |
||||||||||||
2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |
39 | 38,387 | ||||||||||
2022 USD Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |
85 | 83,171 | ||||||||||
Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME + 4.75%, 0.50% Floor), 9.07%, 04/29/29 |
140 | 126,350 | ||||||||||
356,493 | ||||||||||||
Real Estate Management & Development — 0.0% |
||||||||||||
Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/03/28 |
248 | 232,855 | ||||||||||
Software — 0.8% |
||||||||||||
Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 07/06/29 |
119 | 117,783 | ||||||||||
Cloudera, Inc. |
||||||||||||
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 10.38%, 10/08/29 |
234 | 194,312 | ||||||||||
2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/08/28 |
228 | 213,398 | ||||||||||
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/28/24 |
373 | 312,804 | ||||||||||
Epicor Software Corp. |
||||||||||||
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 12.13%, 07/31/28 |
62 | 60,977 | ||||||||||
2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 07/30/27 |
90 | 85,836 | ||||||||||
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 3.75%), 8.48%, 03/11/28 |
80 | 78,697 | ||||||||||
Magenta Buyer LLC |
||||||||||||
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.17%, 07/27/28 |
566 | 481,670 | ||||||||||
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 12.67%, 07/27/29 |
280 | 219,332 | ||||||||||
McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME + 3.75%), 7.97%, 03/01/29 |
474 | 440,109 | ||||||||||
Planview Parent, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 11.98%, 12/18/28 |
103 | 91,155 | ||||||||||
Proofpoint, Inc. |
||||||||||||
1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.98%, 08/31/28 |
19 | 18,340 | ||||||||||
2nd Lien Term Loan, (3 mo. LIBOR + 6.25%, 0.50% Floor), 10.98%, 08/31/29 |
250 | 238,976 | ||||||||||
RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.38%, 04/24/28 |
217 | 206,170 | ||||||||||
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 7.63%, 05/30/25 |
9 | 8,896 | ||||||||||
Sabre Global, Inc. |
||||||||||||
2021 Term Loan B1, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/17/27 |
48 | 43,763 | ||||||||||
2021 Term Loan B2, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/17/27 |
77 | 70,083 | ||||||||||
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 10/07/27 |
488 | 469,971 |
Security |
Par (000) |
Value |
||||||||||
Software (continued) |
||||||||||||
Sovos Compliance LLC, 2021 Term Loan, (1 mo. LIBOR + 4.50%, 0.50% Floor), 8.88%, 08/11/28 |
USD | 118 | $ | 108,172 | ||||||||
TIBCO Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 03/30/29 |
439 | 391,259 | ||||||||||
Ultimate Software Group, Inc. |
||||||||||||
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.00%, 05/03/27 |
295 | 270,021 | ||||||||||
2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.00%, 05/04/26 |
186 | 177,017 | ||||||||||
Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 05/04/26 |
144 | 138,515 | ||||||||||
4,437,256 | ||||||||||||
Specialty Retail — 0.0% |
||||||||||||
PetSmart, Inc., 2021 Term Loan B, 8.13%, 02/11/28 |
26 | 25,879 | ||||||||||
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 9.44%, 04/16/26 |
49 | 44,969 | ||||||||||
70,848 | ||||||||||||
Textiles, Apparel & Luxury Goods — 0.1% |
||||||||||||
Crocs, Inc., Term Loan B, (3 mo. SOFRTE + 3.50%, 0.50% Floor), 7.80%, 02/20/29 |
475 | 464,969 | ||||||||||
Trading Companies & Distributors — 0.0% |
||||||||||||
Foundation Building Materials, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.66%, 01/31/28 |
68 | 64,208 | ||||||||||
SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.50%), 7.92%, 06/02/28 |
176 | 167,559 | ||||||||||
231,767 | ||||||||||||
Transportation — 0.0% |
||||||||||||
Brown Group Holding, LLC, 2022 Incremental Term Loan B2, (1 mo. SOFR CME + 3.75%, 0.50% Floor), 7.93%, 07/02/29 |
175 | 173,772 | ||||||||||
Total Floating Rate Loan Interests — 3.8% (Cost: $23,933,997) |
22,588,181 | |||||||||||
Foreign Agency Obligations |
||||||||||||
Bahrain — 0.0% |
||||||||||||
Bahrain Government International Bond, 5.45%, 09/16/32 (d) |
200 | 175,850 | ||||||||||
Canada — 1.1% |
||||||||||||
CDP Financial, Inc., 5.60%, 11/25/39 (b)(e) |
5,890 | 6,251,775 | ||||||||||
Chile — 0.0% |
||||||||||||
Chile Government International Bond, 4.34%, 03/07/42 |
200 | 168,475 | ||||||||||
Colombia — 0.2% |
||||||||||||
Colombia Government International Bond |
||||||||||||
4.50%, 01/28/26 |
300 | 281,587 | ||||||||||
3.88%, 04/25/27 |
200 | 176,538 | ||||||||||
3.13%, 04/15/31 |
400 | 296,450 | ||||||||||
Republic of Colombia Senior Unsecured, 8.00%, 04/20/33 |
200 | 199,600 | ||||||||||
954,175 |
38 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Dominican Republic — 0.2% |
||||||||||||
Dominican Republic International Bond |
||||||||||||
6.88%, 01/29/26 (d) |
USD | 115 | $ | 115,884 | ||||||||
5.95%, 01/25/27 (d) |
228 | 222,485 | ||||||||||
5.50%, 02/22/29 (b) |
160 | 146,530 | ||||||||||
4.50%, 01/30/30 (b) |
226 | 191,719 | ||||||||||
4.88%, 09/23/32 (b)(e) |
300 | 248,025 | ||||||||||
924,643 | ||||||||||||
Egypt — 0.0% |
||||||||||||
Egypt Government International Bond, 7.50%, 02/16/61 (b) |
219 | 133,590 | ||||||||||
Guatemala — 0.1% |
||||||||||||
Guatemala Government Bond |
||||||||||||
4.50%, 05/03/26 (d) |
200 | 191,663 | ||||||||||
5.25%, 08/10/29 (b) |
200 | 191,850 | ||||||||||
5.38%, 04/24/32 (b) |
200 | 194,912 | ||||||||||
578,425 | ||||||||||||
Hungary — 0.1% |
||||||||||||
Hungary Government International Bond |
||||||||||||
5.38%, 03/25/24 |
176 | 175,593 | ||||||||||
5.25%, 06/16/29 (b) |
200 | 190,163 | ||||||||||
365,756 | ||||||||||||
Indonesia — 0.1% |
||||||||||||
Indonesia Government International Bond, 4.10%, 04/24/28 |
500 | 489,312 | ||||||||||
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27 (b) |
200 | 197,772 | ||||||||||
687,084 | ||||||||||||
Ivory Coast — 0.1% |
||||||||||||
Ivory Coast Government International Bond, 6.38%, 03/03/28 (d) |
400 | 387,000 | ||||||||||
Mexico — 0.1% |
||||||||||||
Mexico Government International Bond |
||||||||||||
3.75%, 01/11/28 (e) |
400 | 376,800 | ||||||||||
2.66%, 05/24/31 |
269 | 217,352 | ||||||||||
594,152 | ||||||||||||
Morocco — 0.0% |
||||||||||||
Morocco Government International Bond, 2.38%, 12/15/27 (b) |
200 | 173,225 | ||||||||||
Nigeria — 0.0% |
||||||||||||
Nigeria Government International Bond, 7.88%, 02/16/32 (d) |
200 | 150,000 | ||||||||||
Oman — 0.1% |
||||||||||||
Oman Government International Bond (d) |
||||||||||||
6.50%, 03/08/47 |
228 | 206,910 | ||||||||||
6.75%, 01/17/48 |
200 | 186,162 | ||||||||||
7.00%, 01/25/51 |
200 | 192,350 | ||||||||||
585,422 | ||||||||||||
Pakistan — 0.0% |
||||||||||||
Pakistan Government International Bond, 6.00%, 04/08/26 (d) |
200 | 80,022 | ||||||||||
Security |
Par (000) |
Value |
||||||||||
Panama — 0.1% |
||||||||||||
Panama Government International Bond |
||||||||||||
3.88%, 03/17/28 |
USD | 400 | $ | 377,450 | ||||||||
3.16%, 01/23/30 |
453 | 388,957 | ||||||||||
766,407 | ||||||||||||
Paraguay — 0.1% |
||||||||||||
Paraguay Government International Bond (b) |
||||||||||||
4.95%, 04/28/31 |
200 | 193,038 | ||||||||||
5.40%, 03/30/50 |
200 | 171,725 | ||||||||||
364,763 | ||||||||||||
Peru — 0.1% |
||||||||||||
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25 (d) |
200 | 192,975 | ||||||||||
Peruvian Government International Bond |
||||||||||||
2.78%, 01/23/31 |
126 | 104,171 | ||||||||||
1.86%, 12/01/32 |
358 | 261,295 | ||||||||||
558,441 | ||||||||||||
Romania — 0.1% |
||||||||||||
Romanian Government International Bond |
||||||||||||
5.25%, 11/25/27 (b) |
204 | 195,177 | ||||||||||
2.88%, 03/11/29 (d) |
EUR | 212 | 187,264 | |||||||||
2.50%, 02/08/30 (d) |
222 | 183,250 | ||||||||||
2.12%, 07/16/31 (d) |
226 | 166,215 | ||||||||||
731,906 | ||||||||||||
Saudi Arabia — 0.1% |
||||||||||||
Saudi Government International Bond (d) |
||||||||||||
4.50%, 04/17/30 |
USD | 278 | 274,577 | |||||||||
2.25%, 02/02/33 |
222 | 179,307 | ||||||||||
453,884 | ||||||||||||
Senegal — 0.0% |
||||||||||||
Senegal Government International Bond, 6.25%, 05/23/33 (d) |
200 | 164,225 | ||||||||||
South Africa — 0.1% |
||||||||||||
Republic of South Africa Government International Bond |
||||||||||||
4.85%, 09/30/29 |
200 | 177,475 | ||||||||||
5.88%, 04/20/32 |
200 | 179,750 | ||||||||||
357,225 | ||||||||||||
Sri Lanka — 0.0% |
||||||||||||
Sri Lanka Government International Bond (d)(j)(k) |
||||||||||||
6.85%, 03/14/24 |
432 | 126,900 | ||||||||||
7.85%, 03/14/29 |
200 | 57,600 | ||||||||||
184,500 | ||||||||||||
Ukraine — 0.0% |
||||||||||||
Ukraine Government International Bond (j)(k) |
||||||||||||
7.75%, 09/01/27 (d) |
385 | 79,839 | ||||||||||
7.25%, 03/15/35 (b) |
200 | 37,288 | ||||||||||
117,127 | ||||||||||||
Uruguay — 0.0% |
||||||||||||
Uruguay Government International Bond, 5.75%, 10/28/34 |
210 | 227,550 | ||||||||||
Total Foreign Agency Obligations — 2.7% (Cost: $17,334,686) |
16,135,622 | |||||||||||
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Municipal Bonds |
||||||||||||
California — 1.0% |
||||||||||||
City of Los Angeles California, GO, Series A, 5.00%, 09/01/42 |
USD | 2,000 | $ | 1,907,204 | ||||||||
East Bay Municipal Utility District Water System Revenue, RB, BAB, 5.87%, 06/01/40 |
1,900 | 2,064,793 | ||||||||||
Oxnard Union High School District, GO, (BAM), 3.18%, 08/01/43 |
1,600 | 1,163,558 | ||||||||||
University of California, RB, BAB, 5.95%, 05/15/45 |
885 | 947,075 | ||||||||||
6,082,630 | ||||||||||||
Georgia — 0.3% |
||||||||||||
Municipal Electric Authority of Georgia, Refunding RB, BAB, 7.06%, 04/01/57 |
1,929 | 1,919,312 | ||||||||||
Hawaii — 0.3% |
||||||||||||
City & County Honolulu HI Wastewater System Revenue, Refunding RB, Series A, 2.62%, 07/01/45 |
1,000 | 640,884 | ||||||||||
State of Hawaii, GO, Series GK, 6.15%, 10/01/38 |
1,000 | 1,060,980 | ||||||||||
1,701,864 | ||||||||||||
Illinois — 0.3% |
||||||||||||
State of Illinois, GO, 5.10%, 06/01/33 |
2,000 | 1,912,590 | ||||||||||
Massachusetts — 0.1% |
||||||||||||
University of Massachusetts Building Authority, Refunding RB, Series 3, 3.43%, 11/01/40 |
500 | 389,220 | ||||||||||
New York — 1.4% |
||||||||||||
Metropolitan Transportation Authority, RB, BAB, 7.34%, 11/15/39 |
1,295 | 1,585,792 | ||||||||||
New York City Industrial Development Agency, Refunding RB, (AGM), 3.19%, 03/01/40 |
165 | 119,536 | ||||||||||
New York City Municipal Water Finance Authority, Refunding RB, 5.72%, 06/15/42 |
1,390 | 1,491,939 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series E-1, 4.00%, 02/01/41 |
1,000 | 972,193 | ||||||||||
New York State Dormitory Authority, RB, BAB |
||||||||||||
Series D, 5.60%, 03/15/40 |
1,900 | 1,951,824 | ||||||||||
Series F, 5.63%, 03/15/39 |
1,100 | 1,126,352 | ||||||||||
Port Authority of New York & New Jersey, RB, 159th Series, 6.04%, 12/01/29 |
780 | 819,080 | ||||||||||
8,066,716 | ||||||||||||
Total Municipal Bonds — 3.4% (Cost: $20,159,109) |
20,072,332 | |||||||||||
Non-Agency Mortgage-Backed Securities |
||||||||||||
Collateralized Mortgage Obligations — 6.7% |
||||||||||||
Alternative Loan Trust |
||||||||||||
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 |
429 | 374,884 | ||||||||||
Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.19%), 4.54%, 03/20/47 (a) |
380 | 299,967 | ||||||||||
Series 2007-OA10, Class 2A1, (1 mo. LIBOR US + 0.50%), 4.89%, 09/25/47 (a) |
4,180 | 604,631 | ||||||||||
Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37 |
225 | 181,073 | ||||||||||
BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, 02/25/49 (a)(b) |
864 | 716,306 |
Security |
Par (000) |
Value |
||||||||||
Collateralized Mortgage Obligations (continued) |
||||||||||||
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49 (a)(b) |
USD | 583 | $ | 580,078 | ||||||||
COLT Mortgage Loan Trust |
||||||||||||
Series 2020-2, Class M1, 5.25%, 03/25/65 (a)(b) |
3,050 | 2,650,633 | ||||||||||
Series 2020-3, Class M1, 3.36%, 04/27/65 (a)(b) |
3,820 | 3,305,558 | ||||||||||
Series 2022-1, Class A1, 4.55%, 04/25/67 (a)(b) |
1,692 | 1,632,836 | ||||||||||
Series 2022-7, Class A1, 5.16%, 04/25/67 (b) |
2,372 | 2,329,801 | ||||||||||
Series 2022-9, Class A1, 6.79%, 12/25/67 |
390 | 393,344 | ||||||||||
Credit Suisse Mortgage Capital Certificates Trust, Class A1, 5.17%, 05/25/67 (a)(b) |
2,926 | 2,853,454 | ||||||||||
Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67(a)(b) |
302 | 283,443 | ||||||||||
Ellington Financial Mortgage Trust (a)(b) |
||||||||||||
Series 2020-1, Class M1, 5.24%, 05/25/65 |
1,500 | 1,331,830 | ||||||||||
Series 2021-2, Class A1, 0.93%, 06/25/66 |
221 | 169,701 | ||||||||||
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67 (a)(b) |
1,197 | 1,144,784 | ||||||||||
GMACM Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 3.17%, 06/19/35 (a) |
110 | 96,416 | ||||||||||
GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ2, Class A4, 2.50%, 06/25/52(a)(b) |
1,108 | 889,211 | ||||||||||
GS Mortgage-Backed Securities Trust (a)(b) |
||||||||||||
Series 2021-PJ2, Class A2, 2.50%, 11/25/51 |
962 | 772,486 | ||||||||||
Series 2021-PJ7, Class A2, 2.50%, 01/25/52 |
2,505 | 2,010,631 | ||||||||||
GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 |
83 | 57,920 | ||||||||||
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67 (b) |
1,272 | 1,234,649 | ||||||||||
JP Morgan Mortgage Trust |
||||||||||||
Series 2006-S3, Class 1A12, 6.50%, 08/25/36 |
42 | 17,410 | ||||||||||
Series 2022-DSC1, Class A1, 4.75%, 01/25/63 (c) |
504 | 477,212 | ||||||||||
Series 2022-INV3, Class A3B, 3.00%, 09/25/52 (a)(b) |
786 | 656,473 | ||||||||||
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52(a)(b) |
818 | 681,452 | ||||||||||
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 3.01%, 05/25/36(a) |
148 | 108,445 | ||||||||||
MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65 (a)(b) |
2,750 | 1,936,984 | ||||||||||
OBX Trust, Series 2022-INC3, Class A1, 3.00%, 02/25/52 (a)(b) |
726 | 605,304 | ||||||||||
ONSLOW Bay Financial LLC, Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 |
577 | 573,760 | ||||||||||
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52 (a)(b) |
1,083 | 902,916 | ||||||||||
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62 (b) |
732 | 719,142 | ||||||||||
Spruce Hill Mortgage Loan Trust, Class A1A, 4.10%, 07/25/57 |
753 | 689,697 | ||||||||||
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65 (a)(b) |
2,050 | 1,518,007 | ||||||||||
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65 (a)(b) |
2,000 | 1,430,321 | ||||||||||
Verus Securitization Trust |
||||||||||||
Series 2022-3, Class A1, 4.13%, 02/25/67 (b) |
3,175 | 2,997,241 | ||||||||||
Series 2022-7, Class A1, 5.15%, 07/25/67 (b) |
1,785 | 1,735,632 | ||||||||||
Series 2022-INV2, Class A1, 6.79%, 10/25/67 |
570 | 574,247 | ||||||||||
39,537,879 |
40 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Commercial Mortgage-Backed Securities — 5.0% |
||||||||||||
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.60%, 04/14/33(a)(b) |
USD | 4,170 | $ | 3,786,056 | ||||||||
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.27%), 4.66%, 07/25/37 (a)(b) |
715 | 631,509 | ||||||||||
BX Commercial Mortgage Trust (a)(b) |
||||||||||||
Series 2019-XL, Class A, (1 mo. SOFR CME + 1.03%), 5.37%, 10/15/36 |
1,129 | 1,115,069 | ||||||||||
Series 2021-CIP, Class A, (1 mo. LIBOR US + 0.92%), 5.24%, 12/15/38 |
605 | 583,759 | ||||||||||
Series 2021-SOAR, Class A, (1 mo. LIBOR US + 0.67%), 4.99%, 06/15/38 |
1,677 | 1,615,521 | ||||||||||
Series 2021-XL2, Class A, (1 mo. LIBOR US + 0.69%), 5.01%, 10/15/38 |
463 | 445,344 | ||||||||||
Series 2022-LP2, Class A, (1 mo. SOFR CME + 1.01%), 5.35%, 02/15/39 |
1,634 | 1,574,395 | ||||||||||
BX Trust |
||||||||||||
Class A, 5.19%, 01/15/39 |
1,300 | 1,241,360 | ||||||||||
Series 2021-LBA, Class AJV, (1 mo. LIBOR US + 0.80%), 5.12%, 02/15/36 (a)(b) |
1,690 | 1,606,324 | ||||||||||
Series 2021-SDMF, Class A, 4.91%, 09/15/34 |
199 | 190,577 | ||||||||||
Series 2022-GPA, Class A, (1 mo. SOFR CME + 2.17%), 6.50%, 10/15/39 (a)(b) |
650 | 645,929 | ||||||||||
Citigroup Commercial Mortgage Trust (b) |
||||||||||||
Series 2019-SMRT, Class A, 4.15%, 01/10/36 |
700 | 682,514 | ||||||||||
Series 2020-420K, Class D, 3.31%, 11/10/42 (a) |
270 | 198,150 | ||||||||||
Cold Storage Trust, Class A, (1 mo. LIBOR US + 0.90%), 5.22%, 11/15/37 (a)(b) |
238 | 231,313 | ||||||||||
Commercial Mortgage Trust (a) |
||||||||||||
Series 2015-CR22, Class C, 4.07%, 03/10/48 |
5,000 | 4,546,882 | ||||||||||
Series 2015-LC19, Class C, 4.22%, 02/10/48 |
3,500 | 3,207,232 | ||||||||||
Credit Suisse Mortgage Capital Certificates Trust, Series 2020-FACT, Class D, (1 mo. LIBOR US + 3.71%), 8.03%, 10/15/37(a)(b) |
900 | 816,721 | ||||||||||
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 6.57%, 07/15/38 (a)(b) |
810 | 775,687 | ||||||||||
GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, (1 mo. SOFR CME + 0.73%), 5.07%, 08/15/36(a)(b) |
700 | 690,202 | ||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, (30 day SOFR + 1.40%), 5.21%, 03/15/39 (a)(b) |
1,700 | 1,642,443 | ||||||||||
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1 mo. LIBOR US + 1.00%), 5.39%, 04/25/31 (a)(b) |
1,230 | 1,212,476 | ||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-LC25, Class A4, 3.64%, 12/15/59 |
1,700 | 1,591,256 | ||||||||||
29,030,719 | ||||||||||||
Total Non-Agency Mortgage-Backed Securities — 11.7% (Cost: $77,187,097) |
68,568,598 | |||||||||||
Preferred Securities |
||||||||||||
Capital Trusts — 5.8% |
||||||||||||
Banks (a)(g) — 2.0% |
||||||||||||
Banco Mercantil del Norte SA, 6.75% (b) |
200 | 194,788 | ||||||||||
Bank of East Asia Ltd., 5.88% (d) |
250 | 229,578 | ||||||||||
Industrial & Commercial Bank of China Ltd., 3.20% (d) |
250 | 233,437 | ||||||||||
ING Groep NV, 3.88% |
2,000 | 1,457,239 |
Security |
Par (000) |
Value |
||||||||||
Banks (continued) |
||||||||||||
Kasikornbank PCL, 5.28% (d) |
USD | 300 | $ | 283,837 | ||||||||
Nordea Bank Abp, 6.13% (b) |
2,960 | 2,867,603 | ||||||||||
PNC Financial Services Group, Inc., Series V, 6.20% |
205 | 200,336 | ||||||||||
Rizal Commercial Banking Corp., 6.50% (d) |
200 | 170,225 | ||||||||||
SVB Financial Group, Series C, 4.00% |
2,000 | 1,320,040 | ||||||||||
U.S. Bancorp, 3.70% |
1,900 | 1,553,250 | ||||||||||
Wells Fargo & Co., Series S, 5.90% (e) |
3,390 | 3,036,118 | ||||||||||
11,546,451 | ||||||||||||
Capital Markets — 0.4% |
||||||||||||
Bank of New York Mellon Corp., Series I, 3.75% (a)(g) |
2,845 | 2,291,525 | ||||||||||
Diversified Financial Services (a)(g) — 2.5% |
||||||||||||
Bank of America Corp. |
||||||||||||
Series FF, 5.88% |
3,500 | 3,082,310 | ||||||||||
Series X, 6.25% |
1,050 | 1,008,379 | ||||||||||
Barclays PLC, 4.38% |
310 | 236,375 | ||||||||||
Credit Agricole SA, 4.75% (b) |
200 | 160,284 | ||||||||||
HSBC Holdings PLC |
||||||||||||
6.50% |
1,090 | 1,003,258 | ||||||||||
6.00% |
435 | 399,247 | ||||||||||
JPMorgan Chase & Co. |
||||||||||||
Series FF, 5.00% (e) |
3,027 | 2,769,495 | ||||||||||
Series HH, 4.60% |
165 | 145,406 | ||||||||||
Lloyds Banking Group PLC, 7.50% |
1,750 | 1,688,237 | ||||||||||
NatWest Group PLC, 6.00% |
1,575 | 1,454,429 | ||||||||||
Societe Generale SA, 7.88% (b) |
1,000 | 989,819 | ||||||||||
UBS Group AG, 3.88% (b) |
2,000 | 1,671,303 | ||||||||||
Woori Bank, 4.25% (d) |
250 | 234,734 | ||||||||||
14,843,276 | ||||||||||||
Diversified Telecommunication Services — 0.0% |
||||||||||||
Telefonica Europe BV, 7.13% (a)(d)(g) |
EUR | 100 | 109,186 | |||||||||
Electric Utilities (a) — 0.5% |
||||||||||||
Edison International, Series B, 5.00% (g) |
USD | 115 | 96,134 | |||||||||
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 |
2,750 | 2,497,563 | ||||||||||
2,593,697 | ||||||||||||
Independent Power and Renewable Electricity Producers — 0.0% |
||||||||||||
Vistra Corp., 7.00% (a)(b)(g) |
162 | 147,409 | ||||||||||
Insurance — 0.4% |
||||||||||||
MetLife, Inc., 6.40%, 12/15/66 (e) |
2,554 | 2,469,973 | ||||||||||
Real Estate Management & Development — 0.0% |
||||||||||||
Aroundtown SA, 3.38% (a)(d)(g) |
EUR | 100 | 49,522 | |||||||||
Utilities — 0.0% |
||||||||||||
Electricite de France SA, 3.38% (a)(d)(g) |
200 | 154,248 | ||||||||||
Wireless Telecommunication Services — 0.0% |
||||||||||||
Vodafone Group PLC, 3.10%, 01/03/79 (a)(d) |
100 | 104,636 | ||||||||||
34,309,923 | ||||||||||||
Shares |
||||||||||||
Preferred Stocks — 0.3% (a)(g) |
||||||||||||
Capital Markets — 0.3% |
||||||||||||
Morgan Stanley, Series K, 5.90% |
66,567 | 1,531,707 | ||||||||||
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Shares |
Value |
||||||||||
Thrifts & Mortgage Finance — 0.0% |
||||||||||||
Fannie Mae, Series S |
10,000 | $ | 23,400 | |||||||||
1,555,107 | ||||||||||||
Trust Preferred — 0.1% |
||||||||||||
Diversified Financial Services — 0.1% |
||||||||||||
Citigroup Capital XIII, 10.78%, 10/30/40 (a) |
29,583 | 840,157 | ||||||||||
840,157 | ||||||||||||
Total Preferred Securities — 6.2% (Cost: $42,178,498) |
36,705,187 | |||||||||||
Par (000) |
||||||||||||
U.S. Government Sponsored Agency Securities |
||||||||||||
Agency Obligations — 1.0% |
||||||||||||
Fannie Mae, 5.63%, 07/15/37 (e) |
USD | 1,600 | 1,788,451 | |||||||||
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30 (f) |
6,055 | 4,392,772 | ||||||||||
6,181,223 | ||||||||||||
Collateralized Mortgage Obligations (e) — 4.9% |
||||||||||||
Fannie Mae REMICS |
||||||||||||
Series 2015-47, Class GL, 3.50%, 07/25/45 |
1,636 | 1,427,061 | ||||||||||
Series 2022-25, Class KL, 4.00%, 05/25/52 |
14,500 | 12,982,299 | ||||||||||
Freddie Mac REMICS |
||||||||||||
Series 4350, Class DY, 4.00%, 06/15/44 |
1,869 | 1,763,021 | ||||||||||
Series 4398, Class ZX, 4.00%, 09/15/54 |
10,669 | 9,656,969 | ||||||||||
Series 4549, Class TZ, 4.00%, 11/15/45 |
3,251 | 3,042,308 | ||||||||||
28,871,658 | ||||||||||||
Interest Only Collateralized Mortgage Obligations — 0.1% |
||||||||||||
Fannie Mae REMICS, Series 2012-47, Class NI, 4.50%, 04/25/42 |
950 | 191,796 | ||||||||||
Ginnie Mae (a) |
||||||||||||
Series 2009-116, Class KS, (1 mo. LIBOR US + 6.47%), 2.14%, 12/16/39 |
673 | 47,762 | ||||||||||
Series 2011-52, Class NS, (1 mo. LIBOR US + 6.67%), 2.34%, 04/16/41 |
5,578 | 379,780 | ||||||||||
619,338 | ||||||||||||
Mortgage-Backed Securities — 19.7% |
||||||||||||
Fannie Mae Mortgage-Backed Securities |
||||||||||||
4.50%, 06/01/37 - 07/01/55 (e) |
5,587 | 5,542,453 | ||||||||||
5.50%, 12/01/37 - 01/01/38 |
6,013 | 6,143,615 | ||||||||||
4.00%, 02/01/56 - 04/01/56 (e) |
3,177 | 3,043,596 | ||||||||||
Freddie Mac Mortgage-Backed Securities (e) |
||||||||||||
3.00%, 04/01/33 |
1,808 | 1,700,137 | ||||||||||
4.50%, 08/01/37 - 03/01/47 |
1,315 | 1,306,159 | ||||||||||
4.00%, 09/01/52 |
1,755 | 1,659,573 | ||||||||||
Ginnie Mae Mortgage-Backed Securities, 5.50%, 08/15/33 |
26 | 26,108 | ||||||||||
Uniform Mortgage-Backed Securities (e) |
||||||||||||
5.00%, 08/01/34 - 02/13/53 (n) |
26,808 | 26,683,746 | ||||||||||
3.50%, 09/01/34 - 04/01/52 (n) |
11,503 | 10,641,585 | ||||||||||
5.50%, 06/01/38 |
280 | 290,781 | ||||||||||
6.00%, 12/01/38 |
231 | 240,774 | ||||||||||
4.50%, 07/01/41 - 02/13/53 (n) |
30,050 | 29,004,315 |
Security |
Par (000) |
Value |
||||||||||
Mortgage-Backed Securities (continued) |
||||||||||||
Uniform Mortgage-Backed Securities (e) (continued) |
||||||||||||
4.00%, 12/01/41 - 01/12/53 (n) |
USD | 24,559 | $ | 23,303,447 | ||||||||
3.00%, 12/01/50 |
6,791 | 6,027,973 | ||||||||||
115,614,262 | ||||||||||||
Principal Only Collateralized Mortgage Obligations (o) — 0.0% |
||||||||||||
Fannie Mae Interest Strip |
||||||||||||
Series 203, Class 1, 0.00%, 02/25/23 |
— | (l) |
4 | |||||||||
Series 228, Class 1, 0.00%, 06/25/23 |
— | (l) |
22 | |||||||||
Fannie Mae REMICS |
||||||||||||
Series 1993-51, Class E, 0.00%, 02/25/23 |
— | (l) |
15 | |||||||||
Series 1993-70, Class A, 0.00%, 05/25/23 |
— | (l) |
18 | |||||||||
59 | ||||||||||||
Total U.S. Government Sponsored Agency Securities — 25.7% (Cost: $157,929,116) |
151,286,540 | |||||||||||
U.S. Treasury Obligations |
||||||||||||
U.S. Treasury Bonds (e) |
||||||||||||
3.00%, 11/15/44 |
61,400 | 50,674,188 | ||||||||||
2.50%, 02/15/46 |
66,500 | 49,755,507 | ||||||||||
2.75%, 11/15/47 |
2,000 | 1,560,078 | ||||||||||
U.S. Treasury Notes (e) |
||||||||||||
3.00%, 07/31/24 - 09/30/25 |
50,400 | 49,138,500 | ||||||||||
2.75%, 08/31/25 |
14,800 | 14,225,922 | ||||||||||
2.88%, 08/15/28 |
1,000 | 941,680 | ||||||||||
3.13%, 11/15/28 |
3,000 | 2,861,367 | ||||||||||
Total U.S. Treasury Obligations — 28.8% (Cost: $200,170,047) |
169,157,242 | |||||||||||
Total Long-Term Investments — 170.3% (Cost: $1,108,032,111) |
1,001,533,022 | |||||||||||
Shares |
||||||||||||
Short-Term Securities |
||||||||||||
Money Market Funds — 0.4% |
||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03% (p)(q) |
2,477,689 | 2,477,689 | ||||||||||
Par (000) |
||||||||||||
U.S. Treasury Obligations — 0.5% |
||||||||||||
U.S. Treasury Notes, 2.75%, 04/30/23 (e) |
USD | 2,800 | 2,784,359 | |||||||||
Total Short-Term Securities — 0.9% (Cost: $5,274,857) |
5,262,048 | |||||||||||
Total Investments Before TBA Sale Commitments — 171.2% (Cost: $1,113,306,968) |
1,006,795,070 |
42 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
TBA Sale Commitments (n) |
||||||||||||
Mortgage-Backed Securities — (1.3)% |
||||||||||||
Uniform Mortgage-Backed Securities |
||||||||||||
4.50%, 01/12/53 |
USD | (4,800 | ) | $ | (4,618,830 | ) | ||||||
5.00%, 01/12/53 |
(2,900 | ) | (2,857,142 | ) | ||||||||
Total TBA Sale Commitments — (1.3)% (Proceeds: $(7,574,941)) |
(7,475,972 | ) | ||||||||||
Total Investments, Net of TBA Sale Commitments — 169.9% (Cost: $1,105,732,027) |
999,319,098 | |||||||||||
Liabilities in Excess of Other Assets — (69.9)% |
(411,247,782 | ) | ||||||||||
Net Assets — 100.0% |
$ | 588,071,316 | ||||||||||
(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) |
Zero-coupon bond. |
(g) |
Perpetual security with no stated maturity date. |
(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) |
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(j) |
Issuer filed for bankruptcy and/or is in default. |
(k) |
Non-income producing security. |
(l) |
Rounds to less than 1,000. |
(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) |
Represents or includes a TBA transaction. |
(o) |
Rates are discount rates or a range of discount rates as of period end. |
(p) |
Affiliate of the Trust. |
(q) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 12/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 12/31/22 |
Shares Held at 12/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class |
$ | 25,976,159 | $ | — | $ | (23,498,470 | ) (a) |
$ | — | $ | — | $ | 2,477,689 | 2,477,689 | $ | 135,746 | $ | — | ||||||||||||||||||
(a) |
Represents net amount purchased (sold). |
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 S.A |
4.43 | % (b) |
08/05/22 | Open | $ | 2,020,000 | $ | 2,042,341 | U.S. Government Sponsored Agency Securities |
Open/Demand | ||||||||||||||||
BNP Paribas S.A |
4.38 | (b) |
10/05/22 | Open | 52,036,500 | 52,456,901 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.38 | (b) |
10/05/22 | Open | 19,093,750 | 19,248,139 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.38 | (b) |
10/05/22 | Open | 2,814,000 | 2,836,754 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
Credit Agricole Corporate and Investment Bank |
4.37 | (b) |
10/05/22 | Open | 546,081 | 550,520 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.37 | (b) |
10/05/22 | Open | 946,250 | 953,950 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.37 | (b) |
10/05/22 | Open | 31,149,544 | 31,403,014 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.37 | (b) |
10/05/22 | Open | 2,898,750 | 2,922,338 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.37 | (b) |
10/05/22 | Open | 14,263,500 | 14,379,565 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.37 | (b) |
10/05/22 | Open | 1,622,500 | 1,635,703 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.37 | (b) |
10/05/22 | Open | 2,322,000 | 2,340,895 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.37 | (b) |
10/05/22 | Open | 47,220,000 | 47,600,633 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.45 | (b) |
11/09/22 | Open | 178,766 | 179,786 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/09/22 | Open | 833,295 | 838,086 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/09/22 | Open | 78,138 | 78,587 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/09/22 | Open | 56,610 | 56,935 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/09/22 | Open | 167,696 | 168,660 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/09/22 | Open | 235,875 | 237,231 | 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 |
43 |
Schedule of Investments (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a |
) | |||||||||||||||||
Nomura Securities International, Inc. |
4.48 | % (b) |
11/09/22 | Open | $ | 231,750 | $ | 233,082 | Corporate Bonds | Open/Demand | ||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 2,896,394 | 2,912,769 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 6,761,493 | 6,799,718 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 1,945,880 | 1,956,881 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 3,055,972 | 3,073,248 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 1,913,665 | 1,924,484 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 2,072,967 | 2,084,686 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 2,032,502 | 2,043,993 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 2,314,206 | 2,327,289 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 2,219,966 | 2,232,516 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 1,810,103 | 1,820,336 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 5,825,140 | 5,858,071 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 2,285,146 | 2,298,064 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
4.24 | 11/10/22 | 01/12/23 | 885,400 | 890,405 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
Credit Suisse Securities (USA) LLC |
(1.75 | ) (b) |
11/16/22 | Open | 49,940 | 49,800 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
(1.50 | ) (b) |
11/22/22 | Open | 346,459 | 345,708 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/23/22 | Open | 153,750 | 154,379 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Barclays Capital, Inc. |
(1.75 | ) (b) |
11/29/22 | Open | 139,694 | 139,476 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Credit Agricole Corporate and Investment Bank |
4.44 | (b) |
11/29/22 | Open | 3,530,000 | 3,542,363 | Corporate Bonds | Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. |
4.50 | (b) |
11/29/22 | Open | 3,285,000 | 3,296,680 | Corporate Bonds | Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. |
4.50 | (b) |
11/29/22 | Open | 2,707,375 | 2,717,001 | Corporate Bonds | Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. |
4.50 | (b) |
11/29/22 | Open | 2,218,750 | 2,226,639 | Capital Trusts | Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. |
4.50 | (b) |
11/29/22 | Open | 8,281,419 | 8,310,864 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 1,104,924 | 1,108,833 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 177,000 | 177,626 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 371,875 | 373,191 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 967,500 | 970,923 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 811,102 | 813,972 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 871,250 | 874,332 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/29/22 | Open | 2,952,750 | 2,963,249 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/29/22 | Open | 7,240,447 | 7,266,191 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 2,327,447 | 2,335,702 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 2,621,250 | 2,630,547 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 2,269,625 | 2,277,675 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 1,716,875 | 1,722,964 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 1,932,125 | 1,938,978 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 1,627,031 | 1,632,802 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 2,879,062 | 2,889,274 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.50 | (b) |
11/29/22 | Open | 4,168,125 | 4,182,945 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.15 | (b) |
12/05/22 | Open | 111,221 | 111,514 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.30 | (b) |
12/05/22 | Open | 764,444 | 766,542 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.54 | (b) |
12/05/22 | Open | 556,000 | 557,566 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.35 | (b) |
12/08/22 | Open | 702,012 | 703,739 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.45 | (b) |
12/08/22 | Open | 421,875 | 422,940 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.50 | (b) |
12/08/22 | Open | 295,895 | 296,651 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.45 | (b) |
12/09/22 | Open | 131,250 | 131,538 | Corporate Bonds | Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
4.65 | 12/12/22 | 01/12/23 | 8,979,416 | 9,001,453 | U.S. Government Sponsored Agency Securities |
Up to 30 Days |
44 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
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 |
4.65 | % | 12/12/22 | 01/12/23 | $ | 2,816,331 | $ | 2,823,242 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | ||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 13,206,574 | 13,237,591 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 1,415,177 | 1,418,500 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 1,756,251 | 1,760,376 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 737,798 | 739,531 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 602,707 | 604,122 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 1,393,274 | 1,396,546 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 1,631,584 | 1,635,416 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 821,556 | 823,485 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 284,765 | 285,434 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 577,160 | 578,515 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 1,302,352 | 1,305,411 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 200,643 | 201,114 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 1,970,293 | 1,974,921 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 1,508,964 | 1,512,508 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 2,114,955 | 2,119,922 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 699,455 | 701,098 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 1,660,288 | 1,664,188 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 1,710,742 | 1,714,760 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
Royal Bank of Canada |
4.45 | 12/12/22 | 01/12/23 | 234,795 | 235,346 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||||||
BNP Paribas S.A |
4.39 | (b) |
12/12/22 | Open | 74,193 | 74,345 | Corporate Bonds |
Open/Demand | ||||||||||||||||||||||
BNP Paribas S.A |
4.45 | (b) |
12/13/22 | Open | 150,750 | 151,048 | Corporate Bonds |
Open/Demand | ||||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/13/22 | Open | 107,070 | 107,283 | Corporate Bonds |
Open/Demand | ||||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/13/22 | Open | 224,665 | 225,112 | Corporate Bonds |
Open/Demand | ||||||||||||||||||||||
BNP Paribas S.A |
4.48 | (b) |
12/14/22 | Open | 6,368,562 | 6,380,532 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||||||
HSBC Securities (USA), Inc. |
4.00 | (b) |
12/14/22 | Open | 4,318,750 | 4,326,908 | Corporate Bonds |
Open/Demand | ||||||||||||||||||||||
J.P. Morgan Securities LLC |
4.40 | 12/15/22 | 01/06/23 | 1,240,800 | 1,243,226 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||||||
J.P. Morgan Securities LLC |
4.40 | 12/15/22 | 01/06/23 | 1,237,250 | 1,239,670 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||||||
J.P. Morgan Securities LLC |
4.45 | 12/15/22 | 01/06/23 | 797,512 | 799,090 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||||||
J.P. Morgan Securities LLC |
0.75 | 12/15/22 | 01/11/23 | 202,813 | 202,880 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
1.50 | 12/15/22 | 02/03/23 | 170,610 | 170,724 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
3.50 | 12/15/22 | 02/03/23 | 143,514 | 143,737 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
4.25 | 12/15/22 | 02/03/23 | 160,916 | 161,220 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
4.25 | 12/15/22 | 02/03/23 | 666,491 | 667,750 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
4.25 | 12/15/22 | 02/03/23 | 271,000 | 271,512 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
4.35 | 12/15/22 | 02/03/23 | 123,629 | 123,868 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
4.35 | 12/15/22 | 02/03/23 | 108,870 | 109,080 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 210,795 | 211,207 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 70,426 | 70,564 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 299,425 | 300,011 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 452,087 | 452,972 | Corporate Bonds |
31 - 90 Days | |||||||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 133,950 | 134,212 | Corporate Bonds |
31 - 90 Days |
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a |
) | |||||||||||||||||
BofA Securities, Inc. |
4.40 | % | 12/15/22 | 02/03/23 | $ | 172,575 | $ 172,912 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 534,914 | 535,960 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 364,820 | 365,533 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 526,875 | 527,905 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 345,150 | 345,825 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 539,400 | 540,455 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 163,800 | 164,120 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 125,375 | 125,620 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 147,393 | 147,681 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 136,000 | 136,266 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 352,260 | 352,949 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 230,944 | 231,395 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 378,125 | 378,864 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 428,535 | 429,373 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 253,050 | 253,545 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 205,125 | 205,526 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 170,950 | 171,284 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 297,731 | 298,313 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 38,431 | 38,506 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 287,000 | 287,561 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 367,792 | 368,512 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 282,937 | 283,491 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 134,205 | 134,467 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 79,781 | 79,937 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 319,995 | 320,621 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 2,339,100 | 2,343,674 | Capital Trusts | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,417,500 | 1,420,272 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.42 | 12/15/22 | 02/03/23 | 972,500 | 974,410 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 146,475 | 146,765 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 120,540 | 120,778 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 132,163 | 132,424 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 631,680 | 632,929 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 93,713 | 93,898 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 272,160 | 272,698 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 372,544 | 373,281 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 670,000 | 671,325 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 839,787 | 841,448 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 262,192 | 262,711 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 175,840 | 176,188 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 89,655 | 89,832 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 360,952 | 361,666 | Foreign Agency Obligations | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 1,511,640 | 1,514,630 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.46 | 12/15/22 | 02/03/23 | 1,698,082 | 1,701,448 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.48 | 12/15/22 | 02/03/23 | 788,750 | 790,320 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 259,999 | 260,519 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 143,000 | 143,286 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 219,535 | 219,974 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 159,775 | 160,095 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 220,523 | 220,964 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 182,188 | 182,552 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 272,069 | 272,613 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 174,178 | 174,526 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 208,500 | 208,917 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 301,387 | 301,990 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 130,000 | 130,260 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 680,000 | 681,360 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 86,906 | 87,080 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 108,000 | 108,216 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 166,110 | 166,442 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 175,871 | 176,223 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 111,510 | 111,733 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 278,500 | 279,057 | Corporate Bonds | 31 - 90 Days |
46 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a |
) | |||||||||||||||||
BofA Securities, Inc. |
4.50 | % | 12/15/22 | 02/03/23 | $ | 264,784 | $ 265,313 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 444,972 | 445,862 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 174,444 | 174,793 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 220,306 | 220,747 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 225,990 | 226,442 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 361,250 | 361,972 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 313,954 | 314,582 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 96,375 | 96,568 | Foreign Agency Obligations | 31 - 90 Days | |||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/21/22 | Open | 4,209,000 | 4,214,250 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
3.75 | (b) |
12/23/22 | Open | 174,353 | 174,443 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.40 | (b) |
12/23/22 | Open | 236,692 | 236,837 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.44 | (b) |
12/27/22 | Open | 2,070,000 | 2,071,021 | Capital Trusts | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.50 | (b) |
12/27/22 | Open | 147,108 | 147,181 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Barclays Capital, Inc. |
(3.00 | ) (b) |
12/28/22 | Open | 19,403 | 19,398 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Credit Suisse Securities (USA) LLC |
2.00 | (b) |
12/28/22 | Open | 85,625 | 85,639 | Corporate Bonds | Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. |
4.50 | (b) |
12/28/22 | Open | 3,557,362 | 3,558,697 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.35 | (b) |
12/28/22 | Open | 567,000 | 567,206 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.35 | (b) |
12/28/22 | Open | 369,562 | 369,696 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 120,416 | 120,461 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 328,354 | 328,476 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 605,302 | 605,528 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 465,075 | 465,249 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 184,781 | 184,850 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 147,250 | 147,305 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 194,628 | 194,700 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 196,493 | 196,566 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 673,750 | 674,002 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
12/28/22 | Open | 3,900,400 | 3,901,863 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 1,787,187 | 1,787,856 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 2,211,000 | 2,211,827 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 843,325 | 843,641 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 684,144 | 684,400 | Corporate Bonds | Open/Demand | ||||||||||||||||||
$ | 385,163,241 | $ | 387,219,110 | |||||||||||||||||||||||
(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. |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
10-Year U.S. Ultra Long Treasury Note |
631 | 03/22/23 | $ | 74,389 | $ | (947,718 | ) | |||||||||
Ultra U.S. Treasury Bond |
428 | 03/22/23 | 57,151 | (514,438 | ) | |||||||||||
5-Year U.S. Treasury Note |
188 | 03/31/23 | 20,272 | (211,103 | ) | |||||||||||
(1,673,259 | ) | |||||||||||||||
Short Contracts |
||||||||||||||||
10-Year Japanese Government Treasury Bonds |
41 | 03/13/23 | 45,442 | 673,506 | ||||||||||||
10-Year U.S. Treasury Note |
1,340 | 03/22/23 | 150,268 | 1,048,259 | ||||||||||||
U.S. Long Bond |
114 | 03/22/23 | 14,214 | 62,947 | ||||||||||||
2-Year U.S. Treasury Note |
15 | 03/31/23 | 3,075 | (2,367 | ) | |||||||||||
1,782,345 | ||||||||||||||||
$ | 109,086 | |||||||||||||||
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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
USD | 947,909 | GBP | 775,000 | Morgan Stanley & Co. International PLC | 03/15/23 | $ | 9,343 | |||||||||||||||||
USD | 14,628 | GBP | 12,000 | Royal Bank of Canada | 03/15/23 | 96 | ||||||||||||||||||
9,439 | ||||||||||||||||||||||||
USD | 118,810 | CAD | 162,000 | Toronto-Dominion Bank | 03/15/23 | (903 | ) | |||||||||||||||||
USD | 2,945,422 | EUR | 2,751,000 | Bank of America N.A. | 03/15/23 | (13,508 | ) | |||||||||||||||||
USD | 180,511 | EUR | 168,674 | JPMorgan Chase Bank N.A. | 03/15/23 | (913 | ) | |||||||||||||||||
USD | 380,123 | EUR | 358,720 | Royal Bank of Canada | 03/15/23 | (5,710 | ) | |||||||||||||||||
(21,034 | ) | |||||||||||||||||||||||
$ | (11,595 | ) | ||||||||||||||||||||||
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.39.V1 |
5.00 | % | Quarterly | 12/20/27 | USD | 7,640 | $ | (59,351 | ) | $ | 239,959 | $ | (299,310 | ) | ||||||||||||||
CDX.NA.IG.39.V1 |
1.00 | Quarterly | 12/20/27 | USD | 31,140 | (260,285 | ) | (45,123 | ) | (215,162 | ) | |||||||||||||||||
$ | (319,636 | ) | $ | 194,836 | $ | (514,472 | ) | |||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
3-Month LIBOR, 4.77% | Quarterly | 1.59% | Semi-Annual |
N/A | 10/12/31 | USD | 26,700 | $ | (4,625,486 | ) | $ | (1,107,788 | ) | $ | (3,517,698 | ) | ||||||||||||||||
1.61% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 03/28/32 | USD | 26,000 | 4,422,980 | 1,136,714 | 3,286,266 | ||||||||||||||||||||||
1.66% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 04/25/32 | USD | 25,400 | 4,474,879 | 1,044,999 | 3,429,880 | ||||||||||||||||||||||
1.86% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 10/12/41 | USD | 14,800 | 3,900,752 | 814,697 | 3,086,055 | ||||||||||||||||||||||
3-Month LIBOR, 4.77% |
Quarterly | 1.93% | Semi-Annual |
N/A | 10/22/51 | USD | 3,550 | (1,044,869 | ) | (154,734 | ) | (890,135 | ) | |||||||||||||||||||
1-Day SOFR, 4.32% | Annual | 3.53% | Annual | N/A | 11/10/52 | USD | 3,200 | 186,314 | 99 | 186,215 | ||||||||||||||||||||||
1-Day SOFR, 4.32% | Annual | 3.06% | Annual | N/A | 11/28/52 | USD | 2,000 | (58,251 | ) | 62 | (58,313 | ) | ||||||||||||||||||||
1-Day SOFR, 4.32% | Annual | 3.05% | Annual | N/A | 12/01/52 | USD | 1,500 | (45,237 | ) | 46 | (45,283 | ) | ||||||||||||||||||||
$ | 7,211,082 | $ | 1,734,095 | $ | 5,476,987 | |||||||||||||||||||||||||||
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. |
06/20/23 | CCC+ | EUR 10 | $ | (513 | ) | $ | (423 | ) | $ (90 | ) | |||||||||||||||||||
Novafives S.A.S |
5.00 | Quarterly | Citibank N.A. |
06/20/23 | B- | EUR 10 | (314 | ) | (332 | ) | 18 | |||||||||||||||||||||||
Thyssenkrupp AG |
1.00 | Quarterly | Bank of America N.A. |
12/20/23 | BB | EUR 10 | (222 | ) | (212 | ) | (10 | ) | ||||||||||||||||||||||
Virgin Media Finance PLC |
5.00 | Quarterly | JPMorgan Chase Bank N.A. |
12/20/25 | B | EUR 10 | 397 | 836 | (439 | ) | ||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Bank of America N.A. |
12/20/26 | B+ | EUR 10 | (1,513 | ) | (351 | ) | (1,162 | ) | ||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Barclays Bank PLC |
12/20/26 | B+ | EUR 5 | (767 | ) | 179 | (946 | ) | |||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Credit Suisse International |
12/20/26 | B+ | EUR 5 | (747 | ) | 184 | (931 | ) | |||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Credit Suisse International |
12/20/26 | B+ | EUR 25 | (3,782 | ) | 866 | (4,648 | ) | |||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Morgan Stanley & Co. International PLC |
12/20/26 | B+ | EUR 25 | (3,783 | ) | 1,026 | (4,809 | ) | |||||||||||||||||||||||
K&S AG |
5.00 | Quarterly | JPMorgan Chase Bank N.A. |
12/20/26 | BB+ | EUR 10 | 955 | 722 | 233 |
48 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
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) |
|||||||||||||||||||||||||||
CMA CGM SA |
5.00 | % | Quarterly | Credit Suisse International |
06/20/27 | BB+ | EUR 40 | $ | 1,524 | $ | 1,658 | $ | (134 | ) | ||||||||||||||||||||||||
CMA CGM SA |
5.00 | Quarterly | JPMorgan Chase Bank N.A. |
06/20/27 | BB+ | EUR 2 | 76 | 66 | 10 | |||||||||||||||||||||||||||||
Ladbrokes Coral Group Ltd. |
1.00 | Quarterly | JPMorgan Chase Bank N.A. |
06/20/27 | BB | EUR 10 | (786 | ) | (1,006 | ) | 220 | |||||||||||||||||||||||||||
Ladbrokes Coral Group Ltd. |
1.00 | Quarterly | JPMorgan Chase Bank N.A. |
06/20/27 | BB | EUR 30 | (2,358 | ) | (4,815 | ) | 2,457 | |||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Bank of America N.A. |
12/20/27 | CCC- | EUR 5 | (1,396 | ) | (1,275 | ) | (121 | ) | ||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Barclays Bank PLC |
12/20/27 | CCC- | EUR 3 | (839 | ) | (756 | ) | (83 | ) | ||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Barclays Bank PLC |
12/20/27 | CCC- | EUR 9 | (2,359 | ) | (2,125 | ) | (234 | ) | ||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Citibank N.A. |
12/20/27 | CCC- | EUR 3 | (685 | ) | (633 | ) | (52 | ) | ||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | JPMorgan Chase Bank N.A. |
12/20/27 | CCC- | EUR 6 | (1,433 | ) | (1,312 | ) | (121 | ) | ||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Morgan Stanley & Co. International PLC |
12/20/27 | CCC- | EUR 4 | (1,039 | ) | (939 | ) | (100 | ) | ||||||||||||||||||||||||||
CMBX.NA.9 |
3.00 | Monthly | Credit Suisse International |
09/17/58 | N/R | USD 4,000 | (751,396 | ) | (411,564 | ) | (339,832 | ) | ||||||||||||||||||||||||||
CMBX.NA.9 |
3.00 | Monthly | Credit Suisse International |
09/17/58 | N/R | USD 199 | (37,382 | ) | (20,473 | ) | (16,909 | ) | ||||||||||||||||||||||||||
CMBX.NA.15 |
3.00 | Monthly | Morgan Stanley & Co. International PLC |
11/15/64 | N/R | USD 4,710 | (899,193 | ) | (883,362 | ) | (15,831 | ) | ||||||||||||||||||||||||||
$ | (1,707,555 | ) | $ | (1,324,041 | ) | $ | (383,514 | ) | ||||||||||||||||||||||||||||||
(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. |
Description |
Swap Premiums Paid |
Swap Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||||
Centrally Cleared Swaps (a) |
$ | 3,236,576 | $ | (1,307,645 | ) | $ | 9,988,416 | $ | (5,025,901 | ) | ||||||
OTC Swaps |
5,537 | (1,329,578 | ) | 2,938 | (386,452 | ) |
(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. |
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) |
$ | — | $ | — | $ | — | $ | — | $ | 1,784,712 | $ | — | $ | 1,784,712 | ||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts |
— | — | — | 9,439 | — | — | 9,439 | |||||||||||||||||||||
Swaps — centrally cleared |
||||||||||||||||||||||||||||
Unrealized appreciation on centrally cleared swaps (a) |
— | — | — | — | 9,988,416 | — | 9,988,416 | |||||||||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized appreciation on OTC swaps; Swap premiums paid |
— | 8,475 | — | — | — | — | 8,475 | |||||||||||||||||||||
$ | — | $ | 8,475 | $ | — | $ | 9,439 | $ | 11,773,128 | $ | — | $ | 11,791,042 | |||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | — | $ | — | $ | — | $ | — | $ | 1,675,626 | $ | — | $ | 1,675,626 | ||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
— | — | — | 21,034 | — | — | 21,034 |
S C H E D U L E O F I N V E S T M E N T S |
49 |
Schedule of Investments (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
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) |
$ | — | $ | 514,472 | $ | — | $ | — | $ | 4,511,429 | $ | — | $ | 5,025,901 | ||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized depreciation on OTC swaps; Swap premiums received |
— | 1,716,030 | — | — | — | — | 1,716,030 | |||||||||||||||||||||
$ | — | $ | 2,230,502 | $ | — | $ | 21,034 | $ | 6,187,055 | $ | — | $ | 8,438,591 | |||||||||||||||
(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). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (9,449,289 | ) | $ | — | $ | (9,449,289 | ) | ||||||||||||
Forward foreign currency exchange contracts |
— | — | — | 834,811 | — | — | 834,811 | |||||||||||||||||||||
Options purchased (a) |
— | (3,732 | ) | — | — | 1,415,045 | — | 1,411,313 | ||||||||||||||||||||
Options written |
— | (2,903 | ) | — | — | (4,116,629 | ) | — | (4,119,532 | ) | ||||||||||||||||||
Swaps |
— | 43,805 | — | — | 4,524,973 | — | 4,568,778 | |||||||||||||||||||||
$ | — | $ | 37,170 | $ | — | $ | 834,811 | $ | (7,625,900 | ) | $ | — | $ | (6,753,919 | ) | |||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (1,108,417 | ) | $ | — | $ | (1,108,417 | ) | ||||||||||||
Forward foreign currency exchange contracts |
— | — | — | 141,169 | — | — | 141,169 | |||||||||||||||||||||
Options purchased (b) |
— | — | — | — | 688,971 | — | 688,971 | |||||||||||||||||||||
Options written |
— | — | — | — | (88,306 | ) | — | (88,306 | ) | |||||||||||||||||||
Swaps |
— | (552,569 | ) | — | — | 4,311,416 | — | 3,758,847 | ||||||||||||||||||||
$ | — | $ | (552,569 | ) | $ | — | $ | 141,169 | $ | 3,803,664 | $ | — | $ | 3,392,264 | ||||||||||||||
(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. |
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 111,135,289 | ||
Average notional value of contracts — short |
$ | 198,022,903 | ||
Forward foreign currency exchange contracts: |
||||
Average amounts purchased — in USD |
$ | 8,548,141 | ||
Average amounts sold — in USD |
$ | 263,928 | ||
Options: |
||||
Average value of option contracts purchased |
$ | 3,156 | ||
Average value of option contracts written |
$ | 504 | ||
Average notional value of swaption contracts purchased |
$ | 19,134,628 | ||
Average notional value of swaption contracts written |
$ | 95,419,501 | ||
Credit default swaps: |
||||
Average notional value — buy protection |
$ | 31,476,538 | ||
Average notional value — sell protection |
$ | 22,989,440 | ||
Interest rate swaps: |
||||
Average notional value — pays fixed rate |
$ | 194,464,000 | ||
Average notional value — receives fixed rate |
$ | 147,099,375 |
50 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
Assets |
Liabilities |
|||||||
Derivative Financial Instruments |
||||||||
Futures contracts |
$ | 515,822 | $ | 823,361 | ||||
Forward foreign currency exchange contracts |
9,439 | 21,034 | ||||||
Swaps — centrally cleared |
87,160 | — | ||||||
Swaps — OTC (a) |
8,475 | 1,716,030 | ||||||
Total derivative assets and liabilities in the Statements of Assets and Liabilities |
620,896 | 2,560,425 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(602,982 | ) | (823,361 | ) | ||||
Total derivative assets and liabilities subject to an MNA |
$ | 17,914 | $ | 1,737,064 | ||||
(a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the 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 |
||||||||||||||
Barclays Bank PLC |
$ | 179 | $ | (179 | ) | $ | — | $ | — | $ | — | |||||||||
Citibank N.A. |
18 | (18 | ) | — | — | — | ||||||||||||||
Credit Suisse International |
2,708 | (2,708 | ) | — | — | — | ||||||||||||||
JPMorgan Chase Bank N.A. |
4,544 | (4,544 | ) | — | — | — | ||||||||||||||
Morgan Stanley & Co. International PLC |
10,369 | (10,369 | ) | — | — | — | ||||||||||||||
Royal Bank of Canada |
96 | (96 | ) | — | — | — | ||||||||||||||
$ | 17,914 | $ | (17,914 | ) | $ | — | $ | — | $ | — | ||||||||||
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset |
(a) |
Non-Cash Collateral Pledged |
Cash Collateral Pledged |
(b) |
Net Amount of Derivative Liabilities |
(c)(d) | ||||||||||||
Bank of America N.A. |
$ | 16,639 | $ | — | $ | — | $ | — | $ | 16,639 | ||||||||||
Barclays Bank PLC |
4,144 | (179 | ) | — | (3,965 | ) | — | |||||||||||||
Citibank N.A. |
1,017 | (18 | ) | — | — | 999 | ||||||||||||||
Credit Suisse International |
794,491 | (2,708 | ) | — | (791,783 | ) | — | |||||||||||||
JPMorgan Chase Bank N.A. |
9,119 | (4,544 | ) | — | — | 4,575 | ||||||||||||||
Morgan Stanley & Co. International PLC |
905,041 | (10,369 | ) | — | (894,672 | ) | — | |||||||||||||
Royal Bank of Canada |
5,710 | (96 | ) | — | — | 5,614 | ||||||||||||||
Toronto-Dominion Bank |
903 | — | — | — | 903 | |||||||||||||||
$ | 1,737,064 | $ | (17,914 | ) | $ | — | $ | (1,690,420 | ) | $ | 28,730 | |||||||||
(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) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount payable due to counterparty in the event of default. |
S C H E D U L E O F I N V E S T M E N T S |
51 |
Schedule of Investments (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Asset-Backed Securities |
$ | — | $ | 78,674,399 | $ | 1,619,981 | $ | 80,294,380 | ||||||||
Corporate Bonds |
||||||||||||||||
Advertising Agencies |
— | 456,893 | — | 456,893 | ||||||||||||
Aerospace & Defense |
— | 14,794,576 | — | 14,794,576 | ||||||||||||
Airlines |
— | 8,799,240 | — | 8,799,240 | ||||||||||||
Auto Components |
— | 3,275,731 | — | 3,275,731 | ||||||||||||
Automobiles |
— | 8,102,048 | — | 8,102,048 | ||||||||||||
Banks |
— | 6,714,882 | — | 6,714,882 | ||||||||||||
Beverages |
— | 8,293,125 | — | 8,293,125 | ||||||||||||
Biotechnology |
— | 2,830,078 | — | 2,830,078 | ||||||||||||
Building Materials |
— | 1,571,074 | — | 1,571,074 | ||||||||||||
Building Products |
— | 6,181,777 | — | 6,181,777 | ||||||||||||
Capital Markets |
— | 10,115,596 | — | 10,115,596 | ||||||||||||
Chemicals |
— | 6,948,926 | — | 6,948,926 | ||||||||||||
Commercial Services & Supplies |
— | 2,222,798 | — | 2,222,798 | ||||||||||||
Communications Equipment |
— | 1,522,665 | — | 1,522,665 | ||||||||||||
Construction & Engineering |
— | 3,847,614 | — | 3,847,614 | ||||||||||||
Construction Materials |
— | 225,648 | — | 225,648 | ||||||||||||
Consumer Discretionary |
— | 4,106,858 | — | 4,106,858 | ||||||||||||
Consumer Finance |
— | 5,515,818 | — | 5,515,818 | ||||||||||||
Containers & Packaging |
— | 2,241,125 | — | 2,241,125 | ||||||||||||
Diversified Consumer Services |
— | 4,823,777 | — | 4,823,777 | ||||||||||||
Diversified Financial Services |
— | 30,478,294 | — | 30,478,294 | ||||||||||||
Diversified Telecommunication Services |
— | 17,580,867 | — | 17,580,867 | ||||||||||||
Education |
— | 660,435 | — | 660,435 | ||||||||||||
Electric Utilities |
— | 23,445,512 | — | 23,445,512 | ||||||||||||
Electrical Equipment |
— | 466,521 | — | 466,521 | ||||||||||||
Electronic Equipment, Instruments & Components |
— | 2,501,214 | — | 2,501,214 | ||||||||||||
Energy Equipment & Services |
— | 1,913,657 | — | 1,913,657 | ||||||||||||
Environmental, Maintenance & Security Service |
— | 1,865,269 | — | 1,865,269 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) |
— | 11,017,423 | — | 11,017,423 | ||||||||||||
Food & Staples Retailing |
— | 2,848,049 | — | 2,848,049 | ||||||||||||
Food Products |
— | 2,500,434 | — | 2,500,434 | ||||||||||||
Gas Utilities |
— | 52,699 | — | 52,699 | ||||||||||||
Health Care Equipment & Supplies |
— | 2,345,549 | — | 2,345,549 | ||||||||||||
Health Care Providers & Services |
— | 11,518,115 | — | 11,518,115 | ||||||||||||
Health Care Technology |
— | 1,932,549 | — | 1,932,549 | ||||||||||||
Hotels, Restaurants & Leisure |
— | 8,368,290 | 2,243,169 | 10,611,459 | ||||||||||||
Household Durables |
— | 1,481,063 | — | 1,481,063 | ||||||||||||
Household Products |
— | 226,354 | — | 226,354 | ||||||||||||
Independent Power and Renewable Electricity Producers |
— | 2,074,359 | — | 2,074,359 | ||||||||||||
Insurance |
— | 25,216,673 | — | 25,216,673 | ||||||||||||
Interactive Media & Services |
— | 1,044,179 | — | 1,044,179 | ||||||||||||
Internet Software & Services |
— | 3,358,528 | — | 3,358,528 | ||||||||||||
IT Services |
— | 4,875,152 | — | 4,875,152 | ||||||||||||
Leisure Products |
— | 352,492 | — | 352,492 | ||||||||||||
Machinery |
— | 3,354,459 | — | 3,354,459 | ||||||||||||
Marine |
— | 114,361 | — | 114,361 | ||||||||||||
Media |
— | 36,683,397 | — | 36,683,397 | ||||||||||||
Metals & Mining |
— | 7,102,008 | — | 7,102,008 | ||||||||||||
Multiline Retail |
— | 104,974 | — | 104,974 | ||||||||||||
Multi-Utilities |
— | 1,129,220 | — | 1,129,220 | ||||||||||||
Offshore Drilling & Other Services |
— | 1,852,730 | — | 1,852,730 | ||||||||||||
Oil, Gas & Consumable Fuels |
77,168 | 49,694,142 | 1,438,181 | 51,209,491 |
52 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Corporate Bonds (continued) |
||||||||||||||||
Pharmaceuticals |
$ | — | $ | 13,249,490 | $ | — | $ | 13,249,490 | ||||||||
Real Estate |
— | 62,399 | — | 62,399 | ||||||||||||
Real Estate Management & Development |
— | 2,722,101 | — | 2,722,101 | ||||||||||||
Road & Rail |
— | 7,627,532 | — | 7,627,532 | ||||||||||||
Semiconductors & Semiconductor Equipment |
— | 5,393,316 | — | 5,393,316 | ||||||||||||
Software |
— | 14,540,670 | — | 14,540,670 | ||||||||||||
Specialty Retail |
— | 694,728 | — | 694,728 | ||||||||||||
Technology Hardware, Storage & Peripherals |
— | 2,767,174 | — | 2,767,174 | ||||||||||||
Textiles, Apparel & Luxury Goods |
— | 270,294 | — | 270,294 | ||||||||||||
Thrifts & Mortgage Finance |
— | 482,547 | — | 482,547 | ||||||||||||
Tobacco |
— | 5,485,830 | — | 5,485,830 | ||||||||||||
Transportation |
— | 75,894 | — | 75,894 | ||||||||||||
Transportation Infrastructure |
— | 2,175,874 | 652,108 | 2,827,982 | ||||||||||||
Utilities |
— | 8,772,995 | — | 8,772,995 | ||||||||||||
Wireless Telecommunication Services |
— | 7,244,253 | — | 7,244,253 | ||||||||||||
Floating Rate Loan Interests |
— | 22,452,346 | 135,835 | 22,588,181 | ||||||||||||
Foreign Agency Obligations |
— | 16,135,622 | — | 16,135,622 | ||||||||||||
Municipal Bonds |
— | 20,072,332 | — | 20,072,332 | ||||||||||||
Non-Agency Mortgage-Backed Securities |
— | 68,091,386 | 477,212 | 68,568,598 | ||||||||||||
Preferred Securities |
||||||||||||||||
Capital Trusts |
— | 34,309,923 | — | 34,309,923 | ||||||||||||
Preferred Stocks |
1,555,107 | — | — | 1,555,107 | ||||||||||||
Trust Preferred |
840,157 | — | — | 840,157 | ||||||||||||
U.S. Government Sponsored Agency Securities |
— | 151,286,540 | — | 151,286,540 | ||||||||||||
U.S. Treasury Obligations |
— | 169,157,242 | — | 169,157,242 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
2,477,689 | — | — | 2,477,689 | ||||||||||||
U.S. Treasury Obligations |
— | 2,784,359 | — | 2,784,359 | ||||||||||||
Liabilities |
||||||||||||||||
Investments |
||||||||||||||||
TBA Sale Commitments |
— | (7,475,972 | ) | — | (7,475,972 | ) | ||||||||||
Unfunded Floating Rate Loan Interests (a) |
— | (14,016 | ) | — | (14,016 | ) | ||||||||||
$ | 4,950,121 | $ | 987,788,475 | $ | 6,566,486 | $ | 999,305,082 | |||||||||
Derivative Financial Instruments (b) |
||||||||||||||||
Assets |
||||||||||||||||
Credit Contracts |
$ | — | $ | 2,938 | $ | — | $ | 2,938 | ||||||||
Foreign Currency Exchange Contracts |
— | 9,439 | — | 9,439 | ||||||||||||
Interest Rate Contracts |
1,784,712 | 9,988,416 | — | 11,773,128 | ||||||||||||
Liabilities |
||||||||||||||||
Credit Contracts |
— | (900,924 | ) | — | (900,924 | ) | ||||||||||
Foreign Currency Exchange Contracts |
— | (21,034 | ) | — | (21,034 | ) | ||||||||||
Interest Rate Contracts |
(1,675,626 | ) | (4,511,429 | ) | — | (6,187,055 | ) | |||||||||
$ | 109,086 | $ | 4,567,406 | $ | — | $ | 4,676,492 | |||||||||
(a) |
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) |
Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |
S C H E D U L E O F I N V E S T M E N T S |
53 |
Schedule of Investments (continued) December 31, 2022 |
BlackRock Core Bond Trust (BHK) |
Asset-Backed Securities |
Corporate Bonds |
Floating Rate Loan Interests |
Non-Agency Mortgage-Backed Securities |
Total |
||||||||||||||||
Assets |
||||||||||||||||||||
Opening balance, as of December 31, 2021 |
$ | 2,843,303 | $ | 6,314,241 | 580,932 | $ | — | $ | 9,738,476 | |||||||||||
Transfers into Level 3 |
— | — | 170,740 | — | 170,740 | |||||||||||||||
Transfers out of Level 3 |
(1,350,849 | ) | — | (287,312 | ) | — | (1,638,161 | ) | ||||||||||||
Accrued discounts/premiums |
(60,431 | ) | — | 961 | — | (59,470 | ) | |||||||||||||
Net realized gain (loss) |
4,940 | — | 5,374 | 147 | 10,461 | |||||||||||||||
Net change in unrealized appreciation (depreciation) (a)(b) |
13,069 | (1,874,588 | ) | (45,114 | ) | 9,616 | (1,897,017 | ) | ||||||||||||
Purchases |
559,480 | — | — | 469,493 | 1,028,973 | |||||||||||||||
Sales |
(389,531 | ) | (106,195 | ) | (289,746 | ) | (2,044 | ) | (787,516 | ) | ||||||||||
Closing balance, as of December 31, 2022 |
$ | 1,619,981 | $ | 4,333,458 | 135,835 | $ | 477,212 | $ | 6,566,486 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 (b) |
$ | 13,069 | $ | (1,874,588 | ) | (34,472 | ) | $ | 9,616 | $ | (1,886,375 | ) | ||||||||
(a) |
Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
(b) |
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end. |
54 |
2 0 2 2 B L A C K R O C K 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 December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities |
||||||||
AlbaCore EURO CLO I DAC, Series 1X, Class ER, (3 mo. EURIBOR + 5.96%), 7.36%, 10/18/34 (a)(b) |
EUR | 100 | $ | 87,820 | ||||
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class B, (3 mo. LIBOR US + 1.80%), 6.41%, 05/15/30 (b)(c) |
USD | 500 | 466,858 | |||||
Bilbao CLO II DAC, Series 2X, Class DR, (3 mo. EURIBOR + 5.97%), 7.77%, 08/20/35 (a)(b) |
EUR | 100 | 86,813 | |||||
BlueMountain Fuji Eur CLO IV DAC, Series 4X, Class ER, (3 mo. EURIBOR + 6.21%), 8.07%, 02/25/34 (a)(b) |
100 | 87,228 | ||||||
Contego CLO VIII DAC, Series 8X, Class ER, (3 mo. EURIBOR + 6.06%), 7.60%, 01/25/34 (a)(b) |
100 | 86,568 | ||||||
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, (3 mo. EURIBOR + 3.15%), 5.20%, 12/15/34 (a)(b) |
100 | 90,358 | ||||||
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class C, (3 mo. LIBOR US + 1.95%), 6.03%, 07/15/31 (b)(c) |
USD | 250 | 233,458 | |||||
Greene King Finance PLC (b) |
||||||||
Series B1, (1 day SONIA + 1.92%), 5.32%, 12/15/34 |
GBP | 100 | 91,518 | |||||
Series B2, (1 day SONIA + 2.20%), 5.60%, 03/15/36 (a) |
100 | 90,105 | ||||||
Neuberger Berman Loan Advisers Euro CLO 2 DAC, Series 2021-2X, Class E, (3 mo. EURIBOR + 6.06%), 7.44%, 04/15/34 (a)(b) |
EUR | 100 | 86,822 | |||||
Northwoods Capital 21 Euro DAC, Series 2020- 21X, Class ER, (3 mo. EURIBOR + 6.06%), 7.56%, 07/22/34 (a)(b) |
100 | 87,238 | ||||||
Providus CLO III DAC, Series 3X, Class ER, (3 mo. EURIBOR + 6.26%), 7.66%, 07/18/34 (a)(b) |
100 | 87,576 | ||||||
Rockfield Park CLO DAC, Series 1X, Class D, (3 mo. EURIBOR + 5.95%), 8.24%, 07/16/34 (a)(b) |
100 | 88,101 | ||||||
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32 (a) |
GBP | 300 | 362,703 | |||||
Voya Euro CLO II DAC, Series 2X, Class ER, (3 mo. EURIBOR + 6.02%), 7.40%, 07/15/35 (a)(b) |
EUR | 100 | 87,010 | |||||
Total Asset-Backed Securities — 0.2% (Cost: $2,558,802) |
2,120,176 | |||||||
Shares |
||||||||
Common Stocks |
||||||||
Building Products — 0.0% |
||||||||
AZEK Co., Inc. (d) |
1,120 | 22,758 | ||||||
Chemicals — 0.2% |
||||||||
Diversey Holdings Ltd. (d) |
180,731 | 769,914 | ||||||
Element Solutions, Inc. |
63,538 | 1,155,756 | ||||||
1,925,670 |
Security |
Shares |
Value |
||||||
Consumer Finance — 0.0% |
||||||||
Ally Financial, Inc. |
1 | $ | 25 | |||||
Containers & Packaging — 0.1% |
||||||||
Ardagh Metal Packaging SA, (Acquired 08/02/21, Cost: $1,599,352) (e) |
162,646 | 782,327 | ||||||
Diversified Financial Services (f) — 0.0% |
||||||||
Kcad Holdings I Ltd. |
2,223,465,984 | 22,235 | ||||||
UCI International Remainco LLC (d) |
109,729 | 1 | ||||||
22,236 | ||||||||
Electrical Equipment — 0.0% |
||||||||
SunPower Corp. (d) |
1,025 | 18,481 | ||||||
IT Services (d) — 0.0% |
||||||||
Block, Inc. |
4,614 | 289,944 | ||||||
Twilio, Inc., Class A |
2,522 | 123,477 | ||||||
413,421 | ||||||||
Media — 0.0% |
||||||||
Clear Channel Outdoor Holdings, Inc. (d) |
106,185 | 111,494 | ||||||
Metals & Mining — 0.1% |
||||||||
Constellium SE (d) |
138,993 | 1,644,287 | ||||||
Oil, Gas & Consumable Fuels — 0.2% |
||||||||
Cheniere Energy, Inc. |
5,416 | 812,183 | ||||||
Chesapeake Energy Corp. (g) |
20,521 | 1,936,567 | ||||||
2,748,750 | ||||||||
Road & Rail — 0.0% |
||||||||
Uber Technologies, Inc. (d) |
14,860 | 367,488 | ||||||
Semiconductors & Semiconductor Equipment — 0.0% |
||||||||
Maxeon Solar Technologies Ltd. (d) |
128 | 2,056 | ||||||
Software — 0.1% |
||||||||
Informatica, Inc., Class A (d) |
62,173 | 1,012,798 | ||||||
Total Common Stocks — 0.7% (Cost: $35,334,736) |
9,071,791 | |||||||
Par (000) |
||||||||
Corporate Bonds |
||||||||
Aerospace & Defense — 6.0% |
||||||||
Amsted Industries, Inc., 5.63%, 07/01/27 (c) |
USD 890 | 844,307 | ||||||
Boeing Co. |
||||||||
5.15%, 05/01/30 |
6,654 | 6,491,904 | ||||||
3.63%, 02/01/31 |
531 | 465,245 | ||||||
5.81%, 05/01/50 |
2,051 | 1,901,638 | ||||||
5.93%, 05/01/60 |
1,952 | 1,778,163 | ||||||
Bombardier, Inc. (c) |
||||||||
7.50%, 03/15/25 |
385 | 381,271 | ||||||
7.13%, 06/15/26 |
6,036 | 5,856,214 | ||||||
7.88%, 04/15/27 |
4,116 | 3,992,421 | ||||||
6.00%, 02/15/28 |
3,651 | 3,376,153 | ||||||
7.45%, 05/01/34 |
434 | 434,000 | ||||||
EnPro Industries, Inc., 5.75%, 10/15/26 |
2,192 | 2,126,240 | ||||||
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (c) |
2,295 | 1,876,162 | ||||||
Howmet Aerospace, Inc., 5.13%, 10/01/24 |
44 | 43,509 |
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Aerospace & Defense (continued) |
||||||||
Rolls-Royce PLC, 5.75%, 10/15/27 (c) |
USD | 4,897 | $ | 4,664,392 | ||||
Spirit AeroSystems, Inc. (c) |
||||||||
7.50%, 04/15/25 |
126 | 124,508 | ||||||
9.38%, 11/30/29 |
2,518 | 2,650,699 | ||||||
TransDigm, Inc. |
||||||||
8.00%, 12/15/25 (c) |
1,221 | 1,239,058 | ||||||
6.25%, 03/15/26 (c) |
32,149 | 31,705,022 | ||||||
6.38%, 06/15/26 |
328 | 319,129 | ||||||
7.50%, 03/15/27 |
445 | 440,286 | ||||||
4.63%, 01/15/29 |
4,169 | 3,665,677 | ||||||
4.88%, 05/01/29 |
1,665 | 1,452,296 | ||||||
Triumph Group, Inc., 8.88%, 06/01/24 (c) |
3,402 | 3,461,535 | ||||||
79,289,829 | ||||||||
Airlines — 2.3% |
||||||||
Air Canada, 3.88%, 08/15/26 (c) |
1,881 | 1,666,063 | ||||||
Air France-KLM, 3.88%, 07/01/26 (a) |
EUR | 100 | 95,780 | |||||
Allegiant Travel Co., 7.25%, 08/15/27 (c) |
USD | 553 | 525,992 | |||||
American Airlines, Inc., 11.75%, 07/15/25 (c) |
5,570 | 5,974,378 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (c) |
||||||||
5.50%, 04/20/26 |
985 | 947,062 | ||||||
5.75%, 04/20/29 |
4,298 | 3,928,324 | ||||||
Delta Air Lines, Inc., 7.00%, 05/01/25 (c) |
751 | 767,477 | ||||||
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28 (c) |
949 | 892,071 | ||||||
Deutsche Lufthansa AG (a) |
||||||||
3.75%, 02/11/28 |
EUR | 200 | 190,005 | |||||
3.50%, 07/14/29 |
300 | 271,751 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (c) |
USD | 1,377 | 1,246,185 | |||||
International Consolidated Airlines Group SA (a) |
||||||||
2.75%, 03/25/25 |
EUR | 100 | 97,445 | |||||
3.75%, 03/25/29 |
100 | 81,889 | ||||||
Series IAG, 1.13%, 05/18/28 |
200 | 156,685 | ||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (c) |
USD | 3,981 | 3,958,067 | |||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (c) |
1,166 | 1,171,551 | ||||||
United Airlines Pass-Through Trust |
||||||||
Series 2020-1, Class A, 5.88%, 10/15/27 |
2,663 | 2,625,378 | ||||||
Series 2020-1, Class B, 4.88%, 01/15/26 |
213 | 202,988 | ||||||
United Airlines, Inc. (c) |
||||||||
4.38%, 04/15/26 |
2,741 | 2,540,704 | ||||||
4.63%, 04/15/29 |
3,535 | 3,077,909 | ||||||
30,417,704 | ||||||||
Auto Components — 2.0% |
||||||||
Adient Global Holdings Ltd., 3.50%, 08/15/24 (a) |
EUR | 100 | 102,139 | |||||
Clarios Global LP, 6.75%, 05/15/25 (c) |
USD | 1,189 | 1,191,748 | |||||
Clarios Global LP/Clarios U.S. Finance Co. |
||||||||
4.38%, 05/15/26 (a) |
EUR | 201 | 198,556 | |||||
6.25%, 05/15/26 (c) |
USD | 6,746 | 6,594,229 | |||||
8.50%, 05/15/27 (c) |
14,253 | 13,918,005 | ||||||
Dana Financing Luxembourg SARL, 3.00%, 07/15/29 (a) |
EUR | 100 | 81,750 | |||||
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (c) |
USD | 1,030 | 906,270 |
Security |
Par (000) |
Value |
||||||
Auto Components (continued) |
||||||||
Faurecia SE, 2.75%, 02/15/27 (a) |
EUR | 356 | $ | 320,641 | ||||
Goodyear Tire & Rubber Co. |
||||||||
9.50%, 05/31/25 |
USD | 1,085 | 1,114,840 | |||||
5.00%, 07/15/29 |
520 | 433,758 | ||||||
5.63%, 04/30/33 |
311 | 253,870 | ||||||
Grupo Antolin-Irausa SA, 3.50%, 04/30/28 (a) |
EUR | 146 | 110,359 | |||||
Titan International, Inc., 7.00%, 04/30/28 |
USD | 348 | 328,554 | |||||
ZF Finance GmbH (a) |
||||||||
2.00%, 05/06/27 |
EUR | 200 | 174,526 | |||||
2.75%, 05/25/27 |
100 | 89,918 | ||||||
25,819,163 | ||||||||
Automobiles — 2.3% |
||||||||
Asbury Automotive Group, Inc. |
||||||||
4.50%, 03/01/28 |
USD | 751 | 661,180 | |||||
4.75%, 03/01/30 |
147 | 122,944 | ||||||
5.00%, 02/15/32 (c) |
953 | 784,033 | ||||||
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (a) |
GBP | 100 | 78,789 | |||||
Ford Motor Co. |
||||||||
3.25%, 02/12/32 |
USD | 6,067 | 4,549,896 | |||||
6.10%, 08/19/32 |
876 | 808,861 | ||||||
Ford Motor Credit Co. LLC |
||||||||
3.81%, 01/09/24 |
713 | 693,412 | ||||||
4.54%, 03/06/25 |
GBP | 100 | 114,837 | |||||
4.69%, 06/09/25 |
USD | 200 | 190,293 | |||||
5.13%, 06/16/25 |
2,014 | 1,936,142 | ||||||
4.13%, 08/04/25 |
2,166 | 2,027,355 | ||||||
3.38%, 11/13/25 |
489 | 442,062 | ||||||
4.39%, 01/08/26 |
507 | 472,250 | ||||||
2.70%, 08/10/26 |
1,611 | 1,398,993 | ||||||
4.95%, 05/28/27 |
969 | 903,980 | ||||||
4.13%, 08/17/27 |
644 | 576,380 | ||||||
3.82%, 11/02/27 |
200 | 175,778 | ||||||
2.90%, 02/16/28 |
1,644 | 1,357,811 | ||||||
2.90%, 02/10/29 |
200 | 159,752 | ||||||
5.11%, 05/03/29 |
1,448 | 1,311,229 | ||||||
4.00%, 11/13/30 |
1,424 | 1,168,876 | ||||||
3.63%, 06/17/31 |
1,200 | 942,670 | ||||||
General Motors Co. |
||||||||
5.40%, 10/15/29 |
890 | 849,325 | ||||||
5.60%, 10/15/32 |
531 | 493,297 | ||||||
5.20%, 04/01/45 |
615 | 499,854 | ||||||
5.40%, 04/01/48 |
1,031 | 842,661 | ||||||
5.95%, 04/01/49 |
621 | 541,211 | ||||||
Group 1 Automotive, Inc., 4.00%, 08/15/28 (c) |
243 | 205,683 | ||||||
Jaguar Land Rover Automotive PLC (a) |
||||||||
6.88%, 11/15/26 |
EUR | 100 | 94,735 | |||||
4.50%, 07/15/28 |
138 | 111,555 | ||||||
Ken Garff Automotive LLC, 4.88%, 09/15/28 (c) |
USD | 680 | 568,839 | |||||
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (c) |
1,552 | 1,242,824 | ||||||
Lithia Motors, Inc., 3.88%, 06/01/29 (c) |
721 | 592,741 | ||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (c) |
975 | 727,536 | ||||||
Penske Automotive Group, Inc. |
||||||||
3.50%, 09/01/25 |
1,040 | 965,182 | ||||||
3.75%, 06/15/29 |
377 | 305,990 | ||||||
RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30 (a)(b) |
EUR | 600 | 570,695 |
56 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Automobiles (continued) |
||||||||
Renault SA, 2.38%, 05/25/26 (a) |
EUR | 100 | $ | 96,156 | ||||
Volvo Car AB, 2.50%, 10/07/27 (a) |
100 | 94,113 | ||||||
Wabash National Corp., 4.50%, 10/15/28 (c) |
USD | 1,072 | 912,900 | |||||
30,592,820 | ||||||||
Banks — 0.6% |
||||||||
Banco Espirito Santo SA (a)(d)(h) |
||||||||
4.75%, 01/15/22 |
EUR | 1,900 | 244,062 | |||||
4.00%, 01/21/22 |
1,100 | 141,299 | ||||||
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13% (a)(b)(i) |
200 | 198,586 | ||||||
First-Citizens Bank & Trust Co., 6.00%, 04/01/36 . |
USD | 3,261 | 3,135,398 | |||||
HSBC Bank PLC, Series 1M, (6 mo. LIBOR US + 0.25%), 5.40% (b)(i) |
170 | 117,300 | ||||||
Intesa Sanpaolo SpA |
||||||||
5.71%, 01/15/26 (c) |
600 | 576,600 | ||||||
5.15%, 06/10/30 (a) |
GBP | 125 | 122,955 | |||||
(1 year CMT + 2.60%), 4.20%, 06/01/32 (b)(c) |
USD | 855 | 628,175 | |||||
(1 year CMT + 2.75%), 4.95%, 06/01/42 (b)(c) |
630 | 404,554 | ||||||
Northern Trust Corp., 6.13%, 11/02/32 |
1,435 | 1,513,125 | ||||||
PNC Financial Services Group, Inc., 6.04%, 10/28/33 |
1,177 | 1,225,374 | ||||||
8,307,428 | ||||||||
Beverages — 2.2% |
||||||||
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27 (c)(j) |
3,279 | 2,280,852 | ||||||
Ardagh Metal Packaging Finance USA |
||||||||
LLC/Ardagh Metal Packaging Finance PLC |
||||||||
6.00%, 06/15/27 (c) |
3,141 | 3,074,867 | ||||||
3.25%, 09/01/28 (c) |
1,708 | 1,450,852 | ||||||
3.00%, 09/01/29 (a) |
EUR | 607 | 474,327 | |||||
4.00%, 09/01/29 (c) |
USD | 9,084 | 7,199,318 | |||||
Ball Corp. |
||||||||
2.88%, 08/15/30 |
151 | 120,516 | ||||||
3.13%, 09/15/31 |
2,110 | 1,694,604 | ||||||
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25 (c) |
584 | 508,262 | ||||||
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26 |
155 | 159,574 | ||||||
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24 (c) |
2,321 | 2,256,818 | ||||||
OI European Group BV, 2.88%, 02/15/25 (a) |
EUR | 100 | 102,763 | |||||
Silgan Holdings, Inc., 4.13%, 02/01/28 |
USD | 150 | 138,774 | |||||
Trivium Packaging Finance BV (c) |
||||||||
5.50%, 08/15/26 |
3,921 | 3,595,305 | ||||||
8.50%, 08/15/27 |
6,524 | 5,985,932 | ||||||
29,042,764 | ||||||||
Biotechnology (a) — 0.0% |
||||||||
Cidron Aida Finco SARL |
||||||||
5.00%, 04/01/28 |
EUR | 163 | 148,747 | |||||
6.25%, 04/01/28 |
GBP | 133 | 130,240 | |||||
278,987 | ||||||||
Building Materials — 1.2% |
||||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (c) |
USD | 1,004 | 921,301 | |||||
HT Troplast GmbH, 9.25%, 07/15/25 (a) |
EUR | 128 | 124,261 | |||||
James Hardie International Finance DAC, 5.00%, 01/15/28 (c) |
USD | 458 | 420,215 | |||||
Jeld-Wen, Inc., 6.25%, 05/15/25 (c) |
852 | 796,913 | ||||||
Masonite International Corp. (c) |
||||||||
Class C, 5.38%, 02/01/28 |
239 | 220,982 |
Security |
Par (000) |
Value |
||||||
Building Materials (continued) |
||||||||
Masonite International Corp. (c) (continued) |
||||||||
Class C, 3.50%, 02/15/30 |
USD | 1,179 | $ | 953,724 | ||||
New Enterprise Stone & Lime Co., Inc. (c) |
||||||||
5.25%, 07/15/28 |
435 | 386,267 | ||||||
9.75%, 07/15/28 |
640 | 591,321 | ||||||
PCF GmbH, 4.75%, 04/15/26 (a) |
EUR | 100 | 88,419 | |||||
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28 (c) |
USD | 5,538 | 4,954,849 | |||||
Standard Industries, Inc. |
||||||||
2.25%, 11/21/26 (a) |
EUR | 100 | 90,989 | |||||
5.00%, 02/15/27 (c) |
USD | 704 | 649,604 | |||||
4.75%, 01/15/28 (c) |
100 | 89,989 | ||||||
4.38%, 07/15/30 (c) |
4,458 | 3,632,934 | ||||||
3.38%, 01/15/31 (c) |
819 | 616,300 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (c) |
923 | 859,336 | ||||||
15,397,404 | ||||||||
Building Products (c) — 1.6% |
||||||||
Advanced Drainage Systems, Inc. |
||||||||
5.00%, 09/30/27 |
1,187 | 1,106,878 | ||||||
6.38%, 06/15/30 |
2,305 | 2,239,676 | ||||||
Beacon Roofing Supply, Inc., 4.13%, 05/15/29 |
552 | 458,707 | ||||||
Foundation Building Materials, Inc., 6.00%, 03/01/29 |
586 | 438,740 | ||||||
GYP Holdings III Corp., 4.63%, 05/01/29 |
1,296 | 1,058,142 | ||||||
LBM Acquisition LLC, 6.25%, 01/15/29 |
188 | 119,634 | ||||||
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 |
386 | 310,792 | ||||||
SRS Distribution, Inc. |
||||||||
4.63%, 07/01/28 |
4,396 | 3,896,923 | ||||||
6.13%, 07/01/29 |
2,619 | 2,117,514 | ||||||
6.00%, 12/01/29 |
2,622 | 2,086,727 | ||||||
White Cap Buyer LLC, 6.88%, 10/15/28 |
6,364 | 5,504,916 | ||||||
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26 (j) |
2,051 | 1,773,069 | ||||||
21,111,718 | ||||||||
Capital Markets — 2.2% |
||||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (c) |
708 | 711,540 | ||||||
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29 (c) |
613 | 505,868 | ||||||
Blackstone Private Credit Fund |
||||||||
7.05%, 09/29/25 (c) |
432 | 428,575 | ||||||
3.25%, 03/15/27 |
590 | 496,757 | ||||||
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00% (b)(i) |
3,275 | 2,611,649 | ||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (c) |
1,129 | 966,188 | ||||||
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |
1,733 | 1,385,334 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||
4.75%, 09/15/24 |
591 | 566,622 | ||||||
6.25%, 05/15/26 |
800 | 768,717 | ||||||
5.25%, 05/15/27 |
3,986 | 3,649,581 | ||||||
4.38%, 02/01/29 |
1,324 | 1,119,641 | ||||||
Kane Bidco Ltd., 6.50%, 02/15/27 (a) |
GBP | 165 | 165,566 | |||||
Lehman Brothers Holdings, Inc. |
||||||||
1.00% (d)(h)(i) |
USD | 1,535 | 5,372 | |||||
5.38%, 10/17/12 |
EUR | 350 | 1,686 | |||||
4.75%, 01/16/14 |
1,890 | 9,104 |
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Capital Markets (continued) |
||||||||
Lehman Brothers Holdings, Inc. (continued) |
||||||||
1.00% (d)(h)(i) |
USD | 430 | $ | 1,505 | ||||
1.00%, 02/05/22 |
EUR | 3,950 | 19,027 | |||||
NFP Corp. (c) |
||||||||
4.88%, 08/15/28 |
USD | 2,647 | 2,253,380 | |||||
6.88%, 08/15/28 |
7,738 | 6,378,271 | ||||||
7.50%, 10/01/30 |
1,700 | 1,598,652 | ||||||
Owl Rock Capital Corp. |
||||||||
3.75%, 07/22/25 |
1,102 | 1,018,149 | ||||||
4.25%, 01/15/26 |
197 | 180,850 | ||||||
3.40%, 07/15/26 |
785 | 685,428 | ||||||
Owl Rock Core Income Corp. |
||||||||
5.50%, 03/21/25 |
873 | 846,289 | ||||||
3.13%, 09/23/26 |
540 | 459,520 | ||||||
7.75%, 09/16/27 (c) |
1,852 | 1,846,008 | ||||||
Sherwood Financing PLC, 6.00%, 11/15/26 (a) |
GBP | 100 | 93,089 | |||||
28,772,368 | ||||||||
Chemicals — 3.2% |
||||||||
Ashland LLC, 3.38%, 09/01/31 (c) |
USD | 1,561 | 1,247,662 | |||||
Avient Corp., 7.13%, 08/01/30 (c) |
799 | 781,048 | ||||||
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (a) |
EUR | 242 | 247,604 | |||||
Axalta Coating Systems LLC, 3.38%, 02/15/29 (c) |
USD | 3,912 | 3,228,046 | |||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (c) |
3,148 | 2,910,011 | ||||||
Celanese U.S. Holdings LLC, 6.17%, 07/15/27 |
1,120 | 1,104,685 | ||||||
Chemours Co., 5.75%, 11/15/28 (c) |
609 | 547,022 | ||||||
Diamond BC BV, 4.63%, 10/01/29 (c) |
3,820 | 3,065,550 | ||||||
Element Solutions, Inc., 3.88%, 09/01/28 (c) |
6,997 | 5,947,450 | ||||||
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27 (a) |
EUR | 100 | 84,875 | |||||
HB Fuller Co., 4.25%, 10/15/28 |
USD | 606 | 536,310 | |||||
Herens Holdco SARL, 4.75%, 05/15/28 (c) |
4,049 | 3,026,263 | ||||||
Herens Midco SARL, 5.25%, 05/15/29 (a) |
EUR | 102 | 75,410 | |||||
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (c) |
USD | 1,619 | 1,355,470 | |||||
Ingevity Corp., 3.88%, 11/01/28 (c) |
494 | 424,773 | ||||||
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (c)(j) |
1,348 | 943,600 | ||||||
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (c) |
610 | 503,928 | ||||||
Minerals Technologies, Inc., 5.00%, 07/01/28 (c) |
878 | 781,947 | ||||||
Monitchem HoldCo 3 SA, 5.25%, 03/15/25 (a) |
EUR | 122 | 125,195 | |||||
NOVA Chemicals Corp., 4.88%, 06/01/24 (c) |
USD | 456 | 441,178 | |||||
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26 (c) |
1,284 | 1,088,190 | ||||||
Scotts Miracle-Gro Co. |
||||||||
4.00%, 04/01/31 |
843 | 644,003 | ||||||
4.38%, 02/01/32 |
146 | 110,040 | ||||||
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29 (c) |
4,319 | 3,541,580 | ||||||
WESCO Distribution, Inc. (c) |
||||||||
7.13%, 06/15/25 |
1,940 | 1,964,274 | ||||||
7.25%, 06/15/28 |
2,820 | 2,856,587 |
Security |
Par (000) |
Value |
||||||
Chemicals (continued) |
||||||||
WR Grace Holdings LLC (c) |
||||||||
4.88%, 06/15/27 |
USD | 733 | $ | 649,533 | ||||
5.63%, 08/15/29 |
5,346 | 4,315,665 | ||||||
42,547,899 | ||||||||
Commercial Services & Supplies — 1.6% |
||||||||
ADT Security Corp. (c) |
||||||||
4.13%, 08/01/29 |
104 | 88,447 | ||||||
4.88%, 07/15/32 |
168 | 142,771 | ||||||
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26 (c) |
940 | 838,301 | ||||||
AMN Healthcare, Inc., 4.00%, 04/15/29 (c) |
502 | 429,582 | ||||||
APX Group, Inc. (c) |
||||||||
6.75%, 02/15/27 |
1,620 | 1,559,331 | ||||||
5.75%, 07/15/29 |
1,478 | 1,224,060 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29 (c) |
198 | 169,377 | ||||||
BCP V Modular Services Finance II PLC (a) |
||||||||
4.75%, 11/30/28 |
EUR | 200 | 178,765 | |||||
6.13%, 11/30/28 |
GBP | 100 | 100,978 | |||||
EC Finance PLC, 3.00%, 10/15/26 (a) |
EUR | 209 | 201,463 | |||||
Fortress Transportation & Infrastructure Investors LLC (c) |
||||||||
6.50%, 10/01/25 |
USD | 295 | 277,360 | |||||
9.75%, 08/01/27 |
261 | 261,653 | ||||||
5.50%, 05/01/28 |
1,713 | 1,461,377 | ||||||
Herc Holdings, Inc., 5.50%, 07/15/27 (c) |
2,566 | 2,393,437 | ||||||
Hertz Corp. (c) |
||||||||
4.63%, 12/01/26 |
666 | 557,775 | ||||||
5.00%, 12/01/29 |
476 | 361,094 | ||||||
Inter Media & Communication SpA, 6.75%, 02/09/27 (a) |
EUR | 100 | 101,157 | |||||
Loxam SAS (a) |
||||||||
3.25%, 01/14/25 |
268 | 272,512 | ||||||
3.75%, 07/15/26 |
115 | 110,634 | ||||||
4.50%, 02/15/27 |
101 | 98,481 | ||||||
Metis Merger Sub LLC, 6.50%, 05/15/29 (c) |
USD | 763 | 640,525 | |||||
NESCO Holdings II, Inc., 5.50%, 04/15/29 (c) |
1,353 | 1,183,875 | ||||||
Paprec Holding SA, 3.50%, 07/01/28 (a) |
EUR | 100 | 92,188 | |||||
Prime Security Services Borrower LLC/Prime Finance, Inc. (c) |
||||||||
5.75%, 04/15/26 |
USD | 978 | 941,325 | |||||
6.25%, 01/15/28 |
3,124 | 2,843,340 | ||||||
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (c) |
2,072 | 1,739,859 | ||||||
United Rentals North America, Inc., 5.25%, 01/15/30 |
496 | 466,032 | ||||||
Verisure Holding AB, 3.88%, 07/15/26 (a) |
EUR | 140 | 135,254 | |||||
Williams Scotsman International, Inc. (c) |
||||||||
6.13%, 06/15/25 |
USD | 1,652 | 1,635,480 | |||||
4.63%, 08/15/28 |
1,196 | 1,079,390 | ||||||
21,585,823 | ||||||||
Communications Equipment — 1.1% |
||||||||
Ciena Corp., 4.00%, 01/31/30 (c) |
548 | 482,300 | ||||||
CommScope Technologies LLC, 6.00%, 06/15/25 (c) |
3,219 | 2,929,290 | ||||||
CommScope, Inc. (c) |
||||||||
6.00%, 03/01/26 |
4,383 | 4,045,027 |
58 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Communications Equipment (continued) |
||||||||
CommScope, Inc. (c) (continued) |
||||||||
8.25%, 03/01/27 |
USD | 717 | $ | 555,675 | ||||
7.13%, 07/01/28 |
1,152 | 823,529 | ||||||
4.75%, 09/01/29 |
1,804 | 1,454,385 | ||||||
Nokia OYJ, 4.38%, 06/12/27 |
439 | 414,447 | ||||||
Viasat, Inc. (c) |
||||||||
5.63%, 09/15/25 |
1,109 | 1,028,916 | ||||||
5.63%, 04/15/27 |
837 | 760,289 | ||||||
6.50%, 07/15/28 |
1,011 | 758,475 | ||||||
Viavi Solutions, Inc., 3.75%, 10/01/29 (c) |
1,821 | 1,530,468 | ||||||
14,782,801 | ||||||||
Construction Materials (c) — 0.1% |
||||||||
American Builders & Contractors Supply Co., Inc. |
||||||||
4.00%, 01/15/28 |
341 | 304,240 | ||||||
3.88%, 11/15/29 |
299 | 244,418 | ||||||
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |
688 | 616,985 | ||||||
H&E Equipment Services, Inc., 3.88%, 12/15/28 |
358 | 304,941 | ||||||
Resideo Funding, Inc., 4.00%, 09/01/29 |
290 | 234,479 | ||||||
1,705,063 | ||||||||
Consumer Discretionary — 2.5% |
||||||||
APi Group DE, Inc. (c) |
||||||||
4.13%, 07/15/29 |
727 | 602,552 | ||||||
4.75%, 10/15/29 |
542 | 469,836 | ||||||
Carnival Corp. |
||||||||
10.13%, 02/01/26 (a) |
EUR | 201 | 212,716 | |||||
10.50%, 02/01/26 (c) |
USD | 1,184 | 1,189,636 | |||||
7.63%, 03/01/26 (c) |
395 | 313,075 | ||||||
5.75%, 03/01/27 (c) |
4,951 | 3,535,212 | ||||||
9.88%, 08/01/27 (c) |
1,240 | 1,171,800 | ||||||
4.00%, 08/01/28 (c) |
3,168 | 2,583,219 | ||||||
6.00%, 05/01/29 (c) |
1,911 | 1,273,456 | ||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (c) |
5,988 | 6,147,341 | ||||||
CoreLogic, Inc., 4.50%, 05/01/28 (c) |
2,266 | 1,738,475 | ||||||
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26 (c) . |
561 | 499,290 | ||||||
Life Time, Inc. (c) |
||||||||
5.75%, 01/15/26 |
1,307 | 1,216,163 | ||||||
8.00%, 04/15/26 |
1,019 | 917,100 | ||||||
Lindblad Expeditions LLC, 6.75%, 02/15/27 (c) |
1,551 | 1,407,021 | ||||||
NCL Corp. Ltd. (c) |
||||||||
5.88%, 03/15/26 |
1,545 | 1,213,551 | ||||||
7.75%, 02/15/29 |
355 | 267,152 | ||||||
NCL Finance Ltd., 6.13%, 03/15/28 (c) |
849 | 626,750 | ||||||
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 (c) |
1,165 | 1,098,012 | ||||||
Royal Caribbean Cruises Ltd. (c) |
||||||||
11.50%, 06/01/25 |
725 | 777,562 | ||||||
4.25%, 07/01/26 |
462 | 373,457 | ||||||
5.50%, 08/31/26 |
458 | 385,293 | ||||||
5.38%, 07/15/27 |
868 | 702,820 | ||||||
11.63%, 08/15/27 |
860 | 863,638 | ||||||
5.50%, 04/01/28 |
224 | 178,762 | ||||||
8.25%, 01/15/29 |
923 | 925,307 | ||||||
9.25%, 01/15/29 |
1,695 | 1,741,782 |
Security |
Par (000) |
Value |
||||||
Consumer Discretionary (continued) |
||||||||
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26 (a) |
EUR | 88 | $ | 88,267 | ||||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (c) |
USD | 302 | 243,110 | |||||
32,762,355 | ||||||||
Consumer Finance — 3.4% |
||||||||
American Express Co., (5 year CMT + 2.85%), 3.55% (b)(i) |
4,020 | 3,302,430 | ||||||
Block, Inc., 3.50%, 06/01/31 |
8,694 | 6,937,160 | ||||||
Discover Financial Services, 6.70%, 11/29/32 |
445 | 452,332 | ||||||
Encore Capital Group, Inc. (a) |
||||||||
5.38%, 02/15/26 |
GBP | 100 | 108,080 | |||||
4.25%, 06/01/28 |
159 | 147,531 | ||||||
Global Payments, Inc. |
||||||||
4.95%, 08/15/27 |
USD | 385 | 373,451 | |||||
3.20%, 08/15/29 |
671 | 570,385 | ||||||
2.90%, 05/15/30 |
542 | 444,097 | ||||||
5.40%, 08/15/32 |
2,892 | 2,754,198 | ||||||
5.95%, 08/15/52 |
2,569 | 2,322,789 | ||||||
HealthEquity, Inc., 4.50%, 10/01/29 (c) |
2,913 | 2,545,671 | ||||||
Iron Mountain U.K. PLC, 3.88%, 11/15/25 (a) |
GBP | 100 | 111,566 | |||||
MPH Acquisition Holdings LLC, 5.50%, 09/01/28 (c) |
USD | 1,144 | 892,434 | |||||
Navient Corp. |
||||||||
6.13%, 03/25/24 |
1,297 | 1,270,566 | ||||||
5.88%, 10/25/24 |
665 | 643,421 | ||||||
5.50%, 03/15/29 |
564 | 460,224 | ||||||
Nexi SpA, 0.00%, 02/24/28 (a)(k) |
EUR | 100 | 76,547 | |||||
OneMain Finance Corp. |
||||||||
6.88%, 03/15/25 |
USD | 585 | 561,995 | |||||
7.13%, 03/15/26 |
1,766 | 1,679,254 | ||||||
3.50%, 01/15/27 |
1,027 | 850,325 | ||||||
6.63%, 01/15/28 |
720 | 662,998 | ||||||
5.38%, 11/15/29 |
283 | 231,466 | ||||||
4.00%, 09/15/30 |
446 | 332,778 | ||||||
Sabre Global, Inc. (c) |
||||||||
9.25%, 04/15/25 |
1,250 | 1,245,159 | ||||||
7.38%, 09/01/25 |
1,947 | 1,871,145 | ||||||
11.25%, 12/15/27 |
485 | 499,417 | ||||||
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (c) |
2,520 | 2,380,871 | ||||||
SLM Corp., 3.13%, 11/02/26 |
930 | 790,918 | ||||||
Verscend Escrow Corp., 9.75%, 08/15/26 (c) |
10,288 | 10,079,256 | ||||||
44,598,464 | ||||||||
Containers & Packaging — 0.8% |
||||||||
Clydesdale Acquisition Holdings, Inc. (c) |
||||||||
6.63%, 04/15/29 |
4,060 | 3,860,047 | ||||||
8.75%, 04/15/30 |
3,713 | 3,178,222 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |
433 | 412,900 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 |
439 | 426,159 | ||||||
Fiber Bidco SpA, 11.00%, 10/25/27 (a) |
EUR | 100 | 113,211 | |||||
Graphic Packaging International LLC |
||||||||
4.75%, 07/15/27 (c) |
USD | 574 | 540,278 | |||||
3.50%, 03/15/28 (c) |
67 | 58,311 | ||||||
2.63%, 02/01/29 (a) |
EUR | 556 | 520,831 | |||||
3.50%, 03/01/29 (c) |
USD | 156 | 132,916 |
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Containers & Packaging (continued) |
||||||||
Kleopatra Finco SARL, 4.25%, 03/01/26 (a) |
EUR | 200 | $ | 166,344 | ||||
LABL, Inc., 5.88%, 11/01/28 (c) |
USD | 1,415 | 1,232,847 | |||||
Sealed Air Corp. (c) |
||||||||
5.13%, 12/01/24 |
142 | 139,515 | ||||||
4.00%, 12/01/27 |
412 | 373,740 | ||||||
11,155,321 | ||||||||
Diversified Consumer Services — 2.9% |
||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. (c) |
||||||||
6.63%, 07/15/26 |
8,313 | 7,606,395 | ||||||
9.75%, 07/15/27 |
3,116 | 2,710,920 | ||||||
6.00%, 06/01/29 |
5,836 | 4,235,533 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |
||||||||
4.63%, 06/01/28 (c) |
6,945 | 5,689,065 | ||||||
4.88%, 06/01/28 (a) |
GBP | 100 | 94,661 | |||||
Brink’s Co., 5.50%, 07/15/25 (c) |
USD | 281 | 275,894 | |||||
Clarivate Science Holdings Corp. (c) |
||||||||
3.88%, 07/01/28 |
5,606 | 4,857,016 | ||||||
4.88%, 07/01/29 |
5,334 | 4,535,767 | ||||||
Garda World Security Corp., 4.63%, 02/15/27 (c) |
807 | 712,565 | ||||||
Graham Holdings Co., 5.75%, 06/01/26 (c) |
705 | 692,733 | ||||||
Rekeep SpA, 7.25%, 02/01/26 (a) |
EUR | 100 | 88,979 | |||||
Service Corp. International |
||||||||
5.13%, 06/01/29 |
USD | 269 | 252,194 | |||||
3.38%, 08/15/30 |
270 | 219,485 | ||||||
4.00%, 05/15/31 |
2,401 | 2,022,184 | ||||||
Sotheby’s, 7.38%, 10/15/27 (c) |
4,880 | 4,575,631 | ||||||
38,569,022 | ||||||||
Diversified Financial Services — 1.5% |
||||||||
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (c) |
2,432 | 1,939,520 | ||||||
Bank of America Corp., (1 day SOFR + 1.99%), 6.20%, 11/10/28 (b) |
2,115 | 2,183,678 | ||||||
Barclays PLC, 5.20%, 05/12/26 |
800 | 777,996 | ||||||
Blackstone Holdings Finance Co. LLC (c) |
||||||||
5.90%, 11/03/27 |
1,565 | 1,576,718 | ||||||
6.20%, 04/22/33 |
1,774 | 1,788,204 | ||||||
Deutsche Bank AG, (5 year EURIBOR ICE Swap Rate + 3.30%), 4.00%, 06/24/32 (a)(b) |
EUR | 100 | 94,708 | |||||
Garfunkelux Holdco 3 SA (a) |
||||||||
6.75%, 11/01/25 |
200 | 170,683 | ||||||
7.75%, 11/01/25 |
GBP | 100 | 93,932 | |||||
Global Aircraft Leasing Co. Ltd. (c)(j) (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 |
USD | 708 | 601,733 | |||||
Series 2021, (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 |
1,563 | 1,328,265 | ||||||
HSBC Holdings PLC, (1 day SOFR + 3.35%), 7.39%, 11/03/28 (b) |
1,470 | 1,544,897 | ||||||
Intrum AB (a) |
||||||||
4.88%, 08/15/25 |
EUR | 200 | 194,094 | |||||
3.50%, 07/15/26 |
201 | 179,928 | ||||||
ION Trading Technologies SARL, 5.75%, 05/15/28 (c) |
USD | 1,268 | 1,057,195 | |||||
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28 (c) |
1,779 | 1,451,184 |
Security |
Par (000) |
Value |
||||||
Diversified Financial Services (continued) |
||||||||
JPMorgan Chase & Co., (1 day SOFR + 2.58%), 5.72%, 09/14/33 (b) |
USD | 943 | $ | 920,418 | ||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (c) |
||||||||
4.25%, 02/01/27 |
780 | 655,223 | ||||||
4.75%, 06/15/29 |
370 | 298,723 | ||||||
Lincoln Financing SARL, 3.63%, 04/01/24 (a) |
EUR | 100 | 105,439 | |||||
Spectrum Brands, Inc. (c) |
||||||||
5.00%, 10/01/29 |
USD | 424 | 366,941 | |||||
5.50%, 07/15/30 |
292 | 257,700 | ||||||
UBS Group AG, (5 year CMT + 3.31%), 4.38% (b)(c)(i) |
950 | 721,771 | ||||||
UniCredit SpA, (5 year EUR Swap + 2.80%), 2.73%, 01/15/32 (a)(b) |
EUR | 200 | 179,844 | |||||
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 02/01/30 (c) |
USD | 862 | 691,173 | |||||
19,179,967 | ||||||||
Diversified Telecommunication Services — 3.8% |
||||||||
Consolidated Communications, Inc., 6.50%, 10/01/28 (c) |
2,164 | 1,681,560 | ||||||
Level 3 Financing, Inc. (c) |
||||||||
3.40%, 03/01/27 |
4,373 | 3,695,121 | ||||||
4.63%, 09/15/27 |
601 | 500,333 | ||||||
4.25%, 07/01/28 |
1,798 | 1,416,285 | ||||||
3.63%, 01/15/29 |
3,011 | 2,204,778 | ||||||
3.75%, 07/15/29 |
1,831 | 1,317,167 | ||||||
3.88%, 11/15/29 |
219 | 172,821 | ||||||
Lumen Technologies, Inc. (c) |
||||||||
4.00%, 02/15/27 |
5,287 | 4,480,481 | ||||||
4.50%, 01/15/29 |
3,768 | 2,600,719 | ||||||
5.38%, 06/15/29 |
206 | 148,306 | ||||||
SoftBank Group Corp. (a) |
||||||||
2.13%, 07/06/24 |
EUR | 149 | 149,528 | |||||
4.75%, 07/30/25 |
269 | 269,234 | ||||||
Sprint Capital Corp. |
||||||||
6.88%, 11/15/28 |
USD | 7,661 | 7,951,658 | |||||
8.75%, 03/15/32 |
6,944 | 8,264,054 | ||||||
Telecom Italia Capital SA |
||||||||
6.38%, 11/15/33 |
1,521 | 1,244,315 | ||||||
6.00%, 09/30/34 |
2,322 | 1,754,735 | ||||||
7.20%, 07/18/36 |
266 | 215,965 | ||||||
7.72%, 06/04/38 |
251 | 208,330 | ||||||
Telecom Italia Finance SA, 7.75%, 01/24/33 |
EUR | 83 | 93,467 | |||||
Telecom Italia SpA |
||||||||
5.30%, 05/30/24 (c) |
USD | 322 | 305,076 | |||||
2.75%, 04/15/25 (a) |
EUR | 139 | 137,634 | |||||
3.00%, 09/30/25 (a) |
100 | 99,111 | ||||||
1.63%, 01/18/29 (a) |
410 | 333,450 | ||||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28 (c) |
USD | 683 | 546,400 | |||||
Zayo Group Holdings, Inc. (c) |
||||||||
4.00%, 03/01/27 |
5,568 | 4,112,358 | ||||||
6.13%, 03/01/28 |
10,529 | 5,970,771 | ||||||
49,873,657 | ||||||||
Electric Utilities — 0.6% |
||||||||
Edison International, Series A, (5 year CMT + 4.70%), 5.38% (b)(i) |
2,200 | 1,800,458 |
60 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Electric Utilities (continued) |
||||||||||||
EDP - Energias de Portugal SA, (5 year EUR Swap + 2.38%), 1.88%, 08/02/81 (a)(b) |
EUR | 100 | $ | 91,256 | ||||||||
FirstEnergy Corp. |
||||||||||||
2.65%, 03/01/30 |
USD | 543 | 442,730 | |||||||||
Series B, 2.25%, 09/01/30 |
117 | 92,863 | ||||||||||
Series C, 3.40%, 03/01/50 |
3,563 | 2,350,867 | ||||||||||
FirstEnergy Transmission LLC (c) |
||||||||||||
5.45%, 07/15/44 |
2,074 | 1,929,288 | ||||||||||
4.55%, 04/01/49 |
814 | 658,647 | ||||||||||
NextEra Energy Operating Partners LP, 4.25%, 07/15/24 (c) |
337 | 326,890 | ||||||||||
7,692,999 | ||||||||||||
Electrical Equipment (c) — 0.2% |
||||||||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 |
2,205 | 2,127,825 | ||||||||||
GrafTech Finance, Inc., 4.63%, 12/15/28 |
717 | 588,817 | ||||||||||
2,716,642 | ||||||||||||
Electronic Equipment, Instruments & Components — 0.9% |
||||||||||||
BWX Technologies, Inc. (c) |
||||||||||||
4.13%, 06/30/28 |
2,910 | 2,615,363 | ||||||||||
4.13%, 04/15/29 |
1,267 | 1,108,875 | ||||||||||
CDW LLC/CDW Finance Corp. |
||||||||||||
3.28%, 12/01/28 |
675 | 577,908 | ||||||||||
3.25%, 02/15/29 |
1,434 | 1,221,323 | ||||||||||
Imola Merger Corp., 4.75%, 05/15/29 (c) |
2,760 | 2,394,613 | ||||||||||
Vertiv Group Corp., 4.13%, 11/15/28 (c) |
5,085 | 4,322,250 | ||||||||||
12,240,332 | ||||||||||||
Energy Equipment & Services — 0.8% |
||||||||||||
Archrock Partners LP/Archrock Partners Finance Corp. (c) |
||||||||||||
6.88%, 04/01/27 |
1,414 | 1,349,895 | ||||||||||
6.25%, 04/01/28 |
2,389 | 2,185,964 | ||||||||||
Saipem Finance International BV, 3.38%, 07/15/26 (a) |
EUR | 100 | 97,218 | |||||||||
USA Compression Partners LP/USA Compression Finance Corp. |
||||||||||||
6.88%, 04/01/26 |
USD | 2,757 | 2,644,763 | |||||||||
6.88%, 09/01/27 |
1,063 | 993,905 | ||||||||||
Vallourec SA, 8.50%, 06/30/26 (a) |
EUR | 125 | 131,181 | |||||||||
Weatherford International Ltd. (c) |
||||||||||||
11.00%, 12/01/24 |
USD | 26 | 26,521 | |||||||||
6.50%, 09/15/28 |
922 | 903,837 | ||||||||||
8.63%, 04/30/30 |
1,785 | 1,714,150 | ||||||||||
10,047,434 | ||||||||||||
Environmental, Maintenance & Security Service — 1.3% |
||||||||||||
Clean Harbors, Inc. (c) |
||||||||||||
4.88%, 07/15/27 |
678 | 642,405 | ||||||||||
5.13%, 07/15/29 |
909 | 843,054 | ||||||||||
Covanta Holding Corp. |
||||||||||||
4.88%, 12/01/29 (c) |
472 | 386,695 | ||||||||||
5.00%, 09/01/30 |
520 | 419,920 | ||||||||||
GFL Environmental, Inc. (c) |
||||||||||||
4.25%, 06/01/25 |
487 | 465,181 | ||||||||||
3.75%, 08/01/25 |
427 | 403,515 | ||||||||||
5.13%, 12/15/26 |
1,283 | 1,226,943 | ||||||||||
4.00%, 08/01/28 |
2,291 | 1,958,805 | ||||||||||
3.50%, 09/01/28 |
408 | 358,698 | ||||||||||
4.75%, 06/15/29 |
2,908 | 2,545,227 | ||||||||||
4.38%, 08/15/29 |
1,618 | 1,371,174 |
Security |
Par (000) |
Value |
||||||||||
Environmental, Maintenance & Security Service (continued) |
||||||||||||
Stericycle, Inc., 3.88%, 01/15/29 (c) |
USD | 768 | $ | 670,080 | ||||||||
Tervita Corp., 11.00%, 12/01/25 (c) |
415 | 446,153 | ||||||||||
Waste Pro USA, Inc., 5.50%, 02/15/26 (c) |
5,436 | 4,800,532 | ||||||||||
16,538,382 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) — 1.7% |
||||||||||||
American Tower Corp. |
||||||||||||
2.70%, 04/15/31 |
484 | 393,953 | ||||||||||
4.05%, 03/15/32 |
2,037 | 1,816,588 | ||||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (c) |
962 | 804,054 | ||||||||||
Digital Realty Trust LP, 5.55%, 01/15/28 |
600 | 603,967 | ||||||||||
Equinix, Inc. |
||||||||||||
3.20%, 11/18/29 |
1,068 | 929,610 | ||||||||||
3.90%, 04/15/32 |
1,007 | 894,662 | ||||||||||
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (c) |
774 | 640,034 | ||||||||||
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (c) |
1,021 | 887,045 | ||||||||||
Iron Mountain, Inc. (c) |
||||||||||||
5.00%, 07/15/28 |
150 | 134,727 | ||||||||||
5.25%, 07/15/30 |
694 | 603,086 | ||||||||||
5.63%, 07/15/32 |
2,285 | 1,980,218 | ||||||||||
MPT Operating Partnership LP/MPT Finance Corp. |
||||||||||||
5.00%, 10/15/27 |
187 | 157,179 | ||||||||||
4.63%, 08/01/29 |
3,134 | 2,389,940 | ||||||||||
3.50%, 03/15/31 |
4,369 | 2,994,878 | ||||||||||
3.33%, 03/24/25 |
EUR | 200 | 192,724 | |||||||||
RHP Hotel Properties LP/RHP Finance Corp. |
||||||||||||
4.75%, 10/15/27 |
USD | 3,260 | 2,950,337 | |||||||||
4.50%, 02/15/29 (c) |
2,213 | 1,908,919 | ||||||||||
RLJ Lodging Trust LP (c) |
||||||||||||
3.75%, 07/01/26 |
690 | 614,506 | ||||||||||
4.00%, 09/15/29 |
530 | 429,653 | ||||||||||
VICI Properties LP |
||||||||||||
4.75%, 02/15/28 |
233 | 221,040 | ||||||||||
4.95%, 02/15/30 |
1,185 | 1,128,022 | ||||||||||
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29 (c) |
241 | 211,221 | ||||||||||
22,886,363 | ||||||||||||
Food & Staples Retailing — 1.6% |
||||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (c) |
||||||||||||
3.25%, 03/15/26 |
1,678 | 1,530,428 | ||||||||||
4.63%, 01/15/27 |
1,668 | 1,549,355 | ||||||||||
5.88%, 02/15/28 |
1,440 | 1,368,979 | ||||||||||
4.88%, 02/15/30 |
1,150 | 1,026,329 | ||||||||||
Bellis Acquisition Co. PLC, 4.50%, 02/16/26 (a) |
GBP | 225 | 227,340 | |||||||||
Darling Ingredients, Inc., 6.00%, 06/15/30 (c) |
USD | 2,203 | 2,153,433 | |||||||||
Kraft Heinz Foods Co. |
||||||||||||
4.88%, 10/01/49 |
1,382 | 1,199,635 | ||||||||||
5.50%, 06/01/50 |
2,855 | 2,728,513 | ||||||||||
Lamb Weston Holdings, Inc. (c) |
||||||||||||
4.88%, 05/15/28 |
1,006 | 953,185 | ||||||||||
4.13%, 01/31/30 |
1,483 | 1,309,786 | ||||||||||
4.38%, 01/31/32 |
1,481 | 1,293,950 | ||||||||||
Ocado Group PLC, 3.88%, 10/08/26 (a) |
GBP | 120 | 111,707 |
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Food & Staples Retailing (continued) |
||||||||||||
Performance Food Group, Inc., 4.25%, 08/01/29 (c) |
USD | 1,890 | $ | 1,637,912 | ||||||||
Picard Groupe SAS, 3.88%, 07/01/26 (a) |
EUR | 112 | 102,034 | |||||||||
Post Holdings, Inc. (c) |
||||||||||||
5.75%, 03/01/27 |
USD | 2 | 1,934 | |||||||||
5.63%, 01/15/28 |
104 | 97,900 | ||||||||||
5.50%, 12/15/29 |
243 | 219,894 | ||||||||||
4.50%, 09/15/31 |
194 | 163,088 | ||||||||||
Premier Foods Finance PLC, 3.50%, 10/15/26 (a) |
GBP | 100 | 105,783 | |||||||||
U.S. Foods, Inc. (c) |
||||||||||||
6.25%, 04/15/25 |
USD | 841 | 832,197 | |||||||||
4.75%, 02/15/29 |
1,687 | 1,497,921 | ||||||||||
4.63%, 06/01/30 |
149 | 131,212 | ||||||||||
United Natural Foods, Inc., 6.75%, 10/15/28 (c) |
454 | 436,215 | ||||||||||
20,678,730 | ||||||||||||
Food Products — 1.5% |
||||||||||||
Aramark International Finance SARL, 3.13%, 04/01/25 (a) |
EUR | 363 | 371,088 | |||||||||
Aramark Services, Inc. (c) |
||||||||||||
5.00%, 04/01/25 |
USD | 14 | 13,661 | |||||||||
6.38%, 05/01/25 |
1,513 | 1,494,405 | ||||||||||
5.00%, 02/01/28 |
4,474 | 4,173,951 | ||||||||||
Chobani LLC/Chobani Finance Corp., Inc. (c) |
||||||||||||
7.50%, 04/15/25 |
6,396 | 6,228,105 | ||||||||||
4.63%, 11/15/28 |
4,596 | 4,001,324 | ||||||||||
Darling Global Finance BV, 3.63%, 05/15/26 (a) |
EUR | 200 | 207,667 | |||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31 (c) |
USD | 1,672 | 1,365,858 | |||||||||
Pilgrim’s Pride Corp., 3.50%, 03/01/32 (c) |
990 | 774,675 | ||||||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (c) |
746 | 607,283 | ||||||||||
19,238,017 | ||||||||||||
Gas Utilities — 0.0% |
||||||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (c) |
537 | 456,441 | ||||||||||
Health Care Equipment & Supplies — 0.6% |
||||||||||||
Avantor Funding, Inc. |
||||||||||||
3.88%, 07/15/28 (a) |
EUR | 100 | 98,321 | |||||||||
4.63%, 07/15/28 (c) |
USD | 4,615 | 4,193,373 | |||||||||
3.88%, 11/01/29 (c) |
2,360 | 1,981,810 | ||||||||||
Embecta Corp., 6.75%, 02/15/30 (c) |
376 | 339,340 | ||||||||||
Garden Spinco Corp., 8.63%, 07/20/30 (c) |
963 | 1,020,780 | ||||||||||
7,633,624 | ||||||||||||
Health Care Providers & Services — 3.4% |
||||||||||||
Acadia Healthcare Co., Inc. (c) |
||||||||||||
5.50%, 07/01/28 |
604 | 572,894 | ||||||||||
5.00%, 04/15/29 |
419 | 385,354 | ||||||||||
AdaptHealth LLC (c) |
||||||||||||
6.13%, 08/01/28 |
372 | 341,008 | ||||||||||
5.13%, 03/01/30 |
146 | 124,288 | ||||||||||
AHP Health Partners, Inc., 5.75%, 07/15/29 (c) |
1,951 | 1,524,219 | ||||||||||
Cano Health LLC, 6.25%, 10/01/28 (c) |
646 | 390,830 | ||||||||||
Centene Corp. |
||||||||||||
2.45%, 07/15/28 |
2,206 | 1,861,974 | ||||||||||
3.00%, 10/15/30 |
4,051 | 3,320,804 | ||||||||||
2.50%, 03/01/31 |
4,823 | 3,773,868 | ||||||||||
2.63%, 08/01/31 |
1,540 | 1,210,132 |
Security |
Par (000) |
Value |
||||||||||
Health Care Providers & Services (continued) |
||||||||||||
CHS/Community Health Systems, Inc. (c) |
||||||||||||
5.63%, 03/15/27 |
USD | 437 | $ | 374,710 | ||||||||
6.00%, 01/15/29 |
3,155 | 2,639,094 | ||||||||||
5.25%, 05/15/30 |
1,640 | 1,236,621 | ||||||||||
4.75%, 02/15/31 |
302 | 219,258 | ||||||||||
Encompass Health Corp. |
||||||||||||
4.50%, 02/01/28 |
116 | 105,374 | ||||||||||
4.75%, 02/01/30 |
2,074 | 1,821,267 | ||||||||||
4.63%, 04/01/31 |
1,035 | 889,600 | ||||||||||
HCA, Inc., 4.63%, 03/15/52 (c) |
1,545 | 1,202,467 | ||||||||||
Legacy LifePoint Health LLC (c) |
||||||||||||
6.75%, 04/15/25 |
1,050 | 988,144 | ||||||||||
4.38%, 02/15/27 |
311 | 263,050 | ||||||||||
Medline Borrower LP (c) |
||||||||||||
3.88%, 04/01/29 |
559 | 450,532 | ||||||||||
5.25%, 10/01/29 |
5,636 | 4,476,506 | ||||||||||
Molina Healthcare, Inc. (c) |
||||||||||||
4.38%, 06/15/28 |
1,756 | 1,602,508 | ||||||||||
3.88%, 11/15/30 |
1,259 | 1,066,927 | ||||||||||
3.88%, 05/15/32 |
1,191 | 989,053 | ||||||||||
Surgery Center Holdings, Inc. (c) |
||||||||||||
6.75%, 07/01/25 |
997 | 982,802 | ||||||||||
10.00%, 04/15/27 |
1,948 | 1,982,090 | ||||||||||
Teleflex, Inc., 4.63%, 11/15/27 |
294 | 280,208 | ||||||||||
Tenet Healthcare Corp. |
||||||||||||
4.63%, 07/15/24 |
567 | 552,971 | ||||||||||
4.63%, 09/01/24 (c) |
1,234 | 1,198,531 | ||||||||||
4.88%, 01/01/26 (c) |
4,729 | 4,471,945 | ||||||||||
6.25%, 02/01/27 (c) |
679 | 652,186 | ||||||||||
5.13%, 11/01/27 (c) |
677 | 629,772 | ||||||||||
4.63%, 06/15/28 (c) |
465 | 416,055 | ||||||||||
6.13%, 10/01/28 (c) |
596 | 533,611 | ||||||||||
4.25%, 06/01/29 (c) |
92 | 79,700 | ||||||||||
6.13%, 06/15/30 (c) |
1,729 | 1,647,391 | ||||||||||
45,257,744 | ||||||||||||
Health Care Technology — 1.1% |
||||||||||||
AthenaHealth Group, Inc., 6.50%, 02/15/30 (c) |
8,181 | 6,028,842 | ||||||||||
Catalent Pharma Solutions, Inc. (c) |
||||||||||||
5.00%, 07/15/27 |
625 | 581,574 | ||||||||||
3.13%, 02/15/29 |
931 | 741,285 | ||||||||||
3.50%, 04/01/30 |
3,490 | 2,755,669 | ||||||||||
Charles River Laboratories International, Inc. (c) |
||||||||||||
4.25%, 05/01/28 |
1,108 | 1,020,435 | ||||||||||
3.75%, 03/15/29 |
145 | 128,238 | ||||||||||
4.00%, 03/15/31 |
420 | 363,300 | ||||||||||
IQVIA, Inc. |
||||||||||||
1.75%, 03/15/26 (a) |
EUR | 330 | 322,781 | |||||||||
5.00%, 10/15/26 (c) |
USD | 1,504 | 1,436,093 | |||||||||
5.00%, 05/15/27 (c) |
1,011 | 963,786 | ||||||||||
2.25%, 03/15/29 (a) |
EUR | 100 | 90,177 | |||||||||
Syneos Health, Inc., 3.63%, 01/15/29 (c) |
USD | 804 | 640,261 | |||||||||
15,072,441 | ||||||||||||
Hotels, Restaurants & Leisure — 5.2% |
||||||||||||
Accor SA, 0.70%, 12/07/27 (a) |
EUR | 158 | 69,227 | |||||||||
Boyd Gaming Corp. |
||||||||||||
4.75%, 12/01/27 |
USD | 931 | 867,115 | |||||||||
4.75%, 06/15/31 (c) |
1,960 | 1,705,200 | ||||||||||
Boyne USA, Inc., 4.75%, 05/15/29 (c) |
1,752 | 1,550,598 |
62 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Hotels, Restaurants & Leisure (continued) |
||||||||||||
Burger King (Restaurant Brands Int)/New Red Finance, Inc. (c) |
||||||||||||
5.75%, 04/15/25 |
USD | 648 | $ | 642,945 | ||||||||
3.88%, 01/15/28 |
969 | 866,815 | ||||||||||
4.38%, 01/15/28 |
3,126 | 2,799,039 | ||||||||||
4.00%, 10/15/30 |
712 | 576,585 | ||||||||||
Caesars Entertainment, Inc. (c) |
||||||||||||
6.25%, 07/01/25 |
8,086 | 7,856,968 | ||||||||||
8.13%, 07/01/27 |
6,466 | 6,353,168 | ||||||||||
4.63%, 10/15/29 |
5,255 | 4,276,572 | ||||||||||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25 (c) |
1,522 | 1,489,895 | ||||||||||
CCM Merger, Inc., 6.38%, 05/01/26 (c) |
915 | 862,223 | ||||||||||
CDI Escrow Issuer, Inc., 5.75%, 04/01/30 (c) |
3,500 | 3,137,502 | ||||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op |
||||||||||||
5.50%, 05/01/25 (c) |
2,704 | 2,674,571 | ||||||||||
6.50%, 10/01/28 |
293 | 283,477 | ||||||||||
Churchill Downs, Inc. (c) |
||||||||||||
5.50%, 04/01/27 |
3,251 | 3,080,502 | ||||||||||
4.75%, 01/15/28 |
2,304 | 2,061,780 | ||||||||||
Cirsa Finance International SARL, 4.75%, 05/22/25 (a) |
EUR | 147 | 148,216 | |||||||||
Codere Finance 2 Luxembourg SA (a)(j) |
||||||||||||
(2% Cash or 10.75% PIK), 12.75%, 11/30/27 |
59 | 32,961 | ||||||||||
(8.00% Cash or 3.00% PIK), 11.00%, 09/30/26 |
132 | 126,532 | ||||||||||
CPUK Finance Ltd., 4.50%, 08/28/27 (a) |
GBP | 100 | 100,004 | |||||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (c) |
||||||||||||
4.63%, 01/15/29 |
USD | 1,760 | 1,489,374 | |||||||||
6.75%, 01/15/30 |
318 | 256,499 | ||||||||||
Hilton Domestic Operating Co., Inc. |
||||||||||||
5.38%, 05/01/25 (c) |
772 | 764,130 | ||||||||||
5.75%, 05/01/28 (c) |
682 | 661,540 | ||||||||||
3.75%, 05/01/29 (c) |
544 | 470,560 | ||||||||||
4.88%, 01/15/30 |
2,429 | 2,201,184 | ||||||||||
4.00%, 05/01/31 (c) |
723 | 604,883 | ||||||||||
3.63%, 02/15/32 (c) |
484 | 387,587 | ||||||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |
240 | 228,439 | ||||||||||
IRB Holding Corp., 7.00%, 06/15/25 (c) |
794 | 792,015 | ||||||||||
Lottomatica SpA/Roma, 6.25%, 07/15/25 (a) |
EUR | 249 | 259,011 | |||||||||
Merlin Entertainments Ltd., 5.75%, 06/15/26 (c) |
USD | 786 | 735,883 | |||||||||
MGM Resorts International |
||||||||||||
6.00%, 03/15/23 |
1,243 | 1,238,587 | ||||||||||
5.75%, 06/15/25 |
322 | 312,944 | ||||||||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (c) |
1,247 | 1,061,028 | ||||||||||
Motion Bondco DAC, 6.63%, 11/15/27 (c) |
450 | 386,797 | ||||||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (c) |
||||||||||||
5.63%, 09/01/29 |
576 | 424,742 | ||||||||||
5.88%, 09/01/31 |
636 | 449,906 | ||||||||||
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26 (c) |
973 | 864,413 | ||||||||||
Scientific Games International, Inc. (c) |
||||||||||||
8.63%, 07/01/25 |
1,054 | 1,075,293 | ||||||||||
7.00%, 05/15/28 |
706 | 673,460 |
Security |
Par (000) |
Value |
||||||||||
Hotels, Restaurants & Leisure (continued) |
||||||||||||
Scientific Games International, Inc. (c) (continued) |
||||||||||||
7.25%, 11/15/29 |
USD | 241 | $ | 231,360 | ||||||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/25 (c) |
1,518 | 1,528,341 | ||||||||||
Station Casinos LLC (c) |
||||||||||||
4.50%, 02/15/28 |
1,147 | 997,181 | ||||||||||
4.63%, 12/01/31 |
1,433 | 1,149,514 | ||||||||||
Vail Resorts, Inc., 6.25%, 05/15/25 (c) |
811 | 811,001 | ||||||||||
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28 (c) |
811 | 727,629 | ||||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (c) |
1,353 | 1,221,043 | ||||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(c) |
||||||||||||
7.75%, 04/15/25 |
1,164 | 1,157,547 | ||||||||||
5.13%, 10/01/29 |
3,382 | 2,898,814 | ||||||||||
Yum! Brands, Inc. |
||||||||||||
4.75%, 01/15/30 (c) |
167 | 153,222 | ||||||||||
5.38%, 04/01/32 |
723 | 669,679 | ||||||||||
5.35%, 11/01/43 |
30 | 24,675 | ||||||||||
68,470,176 | ||||||||||||
Household Durables — 1.2% |
||||||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co. (c) |
||||||||||||
6.63%, 01/15/28 |
406 | 357,207 | ||||||||||
4.63%, 08/01/29 |
547 | 438,000 | ||||||||||
4.63%, 04/01/30 |
636 | 510,460 | ||||||||||
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (c) |
||||||||||||
5.00%, 06/15/29 |
1,154 | 901,701 | ||||||||||
4.88%, 02/15/30 |
1,424 | 1,110,246 | ||||||||||
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25 (c) |
1,328 | 1,139,583 | ||||||||||
Installed Building Products, Inc., 5.75%, 02/01/28 (c) |
723 | 650,082 | ||||||||||
K Hovnanian Enterprises, Inc. (c) |
||||||||||||
10.00%, 11/15/25 |
359 | 370,668 | ||||||||||
7.75%, 02/15/26 |
1,893 | 1,817,280 | ||||||||||
KB Home, 7.25%, 07/15/30 |
328 | 318,714 | ||||||||||
Mattamy Group Corp. (c) |
||||||||||||
5.25%, 12/15/27 |
830 | 736,072 | ||||||||||
4.63%, 03/01/30 |
679 | 550,305 | ||||||||||
Meritage Homes Corp., 5.13%, 06/06/27 |
286 | 268,899 | ||||||||||
NCR Corp. (c) |
||||||||||||
5.75%, 09/01/27 |
234 | 223,920 | ||||||||||
5.00%, 10/01/28 |
563 | 479,977 | ||||||||||
5.13%, 04/15/29 |
739 | 618,043 | ||||||||||
6.13%, 09/01/29 |
815 | 762,070 | ||||||||||
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (c) |
1,738 | 1,007,084 | ||||||||||
Taylor Morrison Communities, Inc. (c) |
||||||||||||
5.88%, 06/15/27 |
1,377 | 1,322,087 | ||||||||||
5.13%, 08/01/30 |
336 | 291,055 | ||||||||||
Tempur Sealy International, Inc. (c) |
||||||||||||
4.00%, 04/15/29 |
1,177 | 988,868 | ||||||||||
3.88%, 10/15/31 |
178 | 139,735 | ||||||||||
Tri Pointe Homes, Inc., 5.70%, 06/15/28 |
291 | 263,601 | ||||||||||
15,265,657 | ||||||||||||
Household Products — 0.1% |
||||||||||||
Central Garden & Pet Co. 5.13%, 02/01/28 |
280 | 260,479 |
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Household Products (continued) |
||||||||||||
Central Garden & Pet Co. (continued) |
||||||||||||
4.13%, 10/15/30 |
USD | 768 | $ | 630,838 | ||||||||
4.13%, 04/30/31 (c) |
998 | 826,169 | ||||||||||
1,717,486 | ||||||||||||
Independent Power and Renewable Electricity Producers — 0.6% |
||||||||||||
Calpine Corp. (c) |
||||||||||||
5.25%, 06/01/26 |
136 | 129,544 | ||||||||||
4.50%, 02/15/28 |
112 | 99,902 | ||||||||||
5.13%, 03/15/28 |
2,597 | 2,317,284 | ||||||||||
4.63%, 02/01/29 |
342 | 293,455 | ||||||||||
5.00%, 02/01/31 |
311 | 260,899 | ||||||||||
3.75%, 03/01/31 |
15 | 12,077 | ||||||||||
Clearway Energy Operating LLC (c) |
||||||||||||
4.75%, 03/15/28 |
823 | 759,584 | ||||||||||
3.75%, 01/15/32 |
1,484 | 1,192,877 | ||||||||||
Cullinan Holdco Scsp, 4.63%, 10/15/26 (a) |
EUR | 100 | 93,473 | |||||||||
NRG Energy, Inc. |
||||||||||||
5.75%, 01/15/28 |
USD | 248 | 232,790 | |||||||||
5.25%, 06/15/29 (c) |
297 | 262,174 | ||||||||||
3.63%, 02/15/31 (c) |
1,497 | 1,138,016 | ||||||||||
3.88%, 02/15/32 (c) |
314 | 235,830 | ||||||||||
TerraForm Power Operating LLC, 4.75%, 01/15/30 (c) |
1,053 | 916,108 | ||||||||||
7,944,013 | ||||||||||||
Insurance — 2.9% |
||||||||||||
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29 (c) |
1,205 | 984,762 | ||||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (c) |
||||||||||||
4.25%, 10/15/27 |
8,684 | 7,777,631 | ||||||||||
6.75%, 10/15/27 |
12,437 | 11,179,122 | ||||||||||
5.88%, 11/01/29 |
6,477 | 5,326,685 | ||||||||||
AmWINS Group, Inc., 4.88%, 06/30/29 (c) |
1,494 | 1,267,131 | ||||||||||
Ardonagh Midco 2 PLC, (11.50% Cash or 12.75% PIK), 11.50%, 01/15/27 (c)(j) |
484 | 459,956 | ||||||||||
Galaxy Bidco Ltd., 6.50%, 07/31/26 (a) |
GBP | 100 | 102,398 | |||||||||
GTCR AP Finance, Inc., 8.00%, 05/15/27 (c) |
USD | 1,723 | 1,650,427 | |||||||||
HUB International Ltd., 7.00%, 05/01/26 (c) |
6,921 | 6,775,590 | ||||||||||
Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/30 (c) |
1,461 | 1,438,872 | ||||||||||
Liberty Mutual Group, Inc., (5 year EUR Swap + 3.70%), 3.63%, 05/23/59 (a)(b) |
EUR | 100 | 94,199 | |||||||||
Ryan Specialty Group LLC, 4.38%, 02/01/30 (c) |
USD | 711 | 615,652 | |||||||||
37,672,425 | ||||||||||||
Interactive Media & Services — 0.4% |
||||||||||||
Arches Buyer, Inc., 4.25%, 06/01/28 (c) |
562 | 439,541 | ||||||||||
Cablevision Lightpath LLC (c) |
||||||||||||
3.88%, 09/15/27 |
866 | 713,708 | ||||||||||
5.63%, 09/15/28 |
1,201 | 892,255 | ||||||||||
iliad SA (a) |
||||||||||||
2.38%, 06/17/26 |
EUR | 100 | 96,250 | |||||||||
5.38%, 06/14/27 |
100 | 106,189 | ||||||||||
Netflix, Inc., 4.63%, 05/15/29 |
200 | 209,504 | ||||||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. (c) |
||||||||||||
4.75%, 04/30/27 |
USD | 1,783 | 1,568,795 | |||||||||
6.00%, 02/15/28 |
1,115 | 863,326 |
Security |
Par (000) |
Value |
||||||||||
Interactive Media & Services (continued) |
||||||||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. (c) (continued) |
||||||||||||
10.75%, 06/01/28 |
USD | 485 | $ | 450,990 | ||||||||
United Group BV (a) |
||||||||||||
4.88%, 07/01/24 |
EUR | 199 | 197,744 | |||||||||
4.00%, 11/15/27 |
224 | 177,155 | ||||||||||
5,715,457 | ||||||||||||
Internet Software & Services — 2.0% |
||||||||||||
ANGI Group LLC, 3.88%, 08/15/28 (c) |
USD | 1,361 | 1,009,978 | |||||||||
Gen Digital, Inc., 7.13%, 09/30/30 (c) |
1,118 | 1,098,435 | ||||||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (c) |
||||||||||||
5.25%, 12/01/27 |
1,113 | 1,053,410 | ||||||||||
3.50%, 03/01/29 |
998 | 835,517 | ||||||||||
Match Group Holdings II LLC (c) |
||||||||||||
4.63%, 06/01/28 |
813 | 724,757 | ||||||||||
5.63%, 02/15/29 |
2,579 | 2,398,470 | ||||||||||
4.13%, 08/01/30 |
181 | 147,763 | ||||||||||
3.63%, 10/01/31 |
1,051 | 805,974 | ||||||||||
Uber Technologies, Inc. |
||||||||||||
7.50%, 05/15/25 (c) |
2,820 | 2,817,946 | ||||||||||
0.00%, 12/15/25 (k) |
1,757 | 1,479,844 | ||||||||||
8.00%, 11/01/26 (c) |
2,453 | 2,461,443 | ||||||||||
7.50%, 09/15/27 (c) |
3,952 | 3,954,766 | ||||||||||
6.25%, 01/15/28 (c) |
1,356 | 1,301,760 | ||||||||||
4.50%, 08/15/29 (c) |
6,607 | 5,756,382 | ||||||||||
25,846,445 | ||||||||||||
IT Services — 2.6% |
||||||||||||
Ahead DB Holdings LLC, 6.63%, 05/01/28 (c) |
886 | 712,122 | ||||||||||
Atos SE, 1.75%, 05/07/25 (a) |
EUR | 100 | 86,215 | |||||||||
Booz Allen Hamilton, Inc. (c) |
||||||||||||
3.88%, 09/01/28 |
USD | 1,374 | 1,217,313 | |||||||||
4.00%, 07/01/29 |
2,334 | 2,054,256 | ||||||||||
CA Magnum Holdings, 5.38%, 10/31/26 (c) |
2,652 | 2,400,405 | ||||||||||
Camelot Finance SA, 4.50%, 11/01/26 (c) |
2,737 | 2,565,255 | ||||||||||
Condor Merger Sub, Inc., 7.38%, 02/15/30 (c) |
7,292 | 5,862,993 | ||||||||||
Dun & Bradstreet Corp., 5.00%, 12/15/29 (c) |
4,880 | 4,176,124 | ||||||||||
Fair Isaac Corp., 4.00%, 06/15/28 (c) |
1,959 | 1,777,804 | ||||||||||
Gartner, Inc. (c) |
||||||||||||
4.50%, 07/01/28 |
1,479 | 1,378,916 | ||||||||||
3.63%, 06/15/29 |
855 | 751,306 | ||||||||||
3.75%, 10/01/30 |
197 | 169,808 | ||||||||||
KBR, Inc., 4.75%, 09/30/28 (c) |
1,050 | 927,478 | ||||||||||
La Financiere Atalian SASU, 5.13%, 05/15/25 (a) |
EUR | 100 | 73,106 | |||||||||
Science Applications International Corp., 4.88%, 04/01/28 (c) |
USD | 1,024 | 947,198 | |||||||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (c) |
816 | 817,401 | ||||||||||
Twilio, Inc. |
||||||||||||
3.63%, 03/15/29 |
1,503 | 1,221,037 | ||||||||||
3.88%, 03/15/31 |
3,144 | 2,494,308 | ||||||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (c) |
5,028 | 4,225,443 | ||||||||||
33,858,488 | ||||||||||||
Leisure Products — 0.2% |
||||||||||||
Mattel, Inc. |
||||||||||||
3.75%, 04/01/29 (c) |
407 | 357,479 |
64 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Leisure Products (continued) |
||||||||||||
Mattel, Inc. (continued) |
||||||||||||
6.20%, 10/01/40 |
USD | 1,016 | $ | 876,973 | ||||||||
5.45%, 11/01/41 |
1,827 | 1,487,162 | ||||||||||
2,721,614 | ||||||||||||
Machinery — 1.7% |
||||||||||||
ATS Corp., 4.13%, 12/15/28 (c) |
553 | 477,106 | ||||||||||
Chart Industries, Inc. (c) |
||||||||||||
7.50%, 01/01/30 |
3,266 | 3,283,277 | ||||||||||
9.50%, 01/01/31 |
502 | 514,856 | ||||||||||
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25 (c)(j) |
1,662 | 1,470,870 | ||||||||||
Madison IAQ LLC, 5.88%, 06/30/29 (c) |
1,612 | 1,104,863 | ||||||||||
Mueller Water Products, Inc., 4.00%, 06/15/29 (c) |
565 | 496,494 | ||||||||||
Novafives SAS, 5.00%, 06/15/25 (a) |
EUR | 100 | 85,502 | |||||||||
OT Merger Corp., 7.88%, 10/15/29 (c) |
USD | 621 | 329,130 | |||||||||
Renk AG/Frankfurt am Main, 5.75%, 07/15/25 (a) |
EUR | 129 | 128,084 | |||||||||
Stevens Holding Co., Inc., 6.13%, 10/01/26 (c) |
USD | 813 | 815,033 | |||||||||
Terex Corp., 5.00%, 05/15/29 (c) |
1,766 | 1,587,192 | ||||||||||
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26 (c) |
4,542 | 4,090,471 | ||||||||||
TK Elevator Holdco GmbH |
||||||||||||
6.63%, 07/15/28 (a) |
EUR | 90 | 79,189 | |||||||||
7.63%, 07/15/28 (c) |
USD | 2,645 | 2,159,678 | |||||||||
TK Elevator Midco GmbH, 4.38%, 07/15/27 (a) |
EUR | 568 | 537,911 | |||||||||
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (c) |
USD | 5,956 | 5,286,188 | |||||||||
22,445,844 | ||||||||||||
Marine — 0.0% |
||||||||||||
Huntington Ingalls Industries, Inc., 4.20%, 05/01/30 |
265 | 240,521 | ||||||||||
Media — 13.8% |
||||||||||||
Altice Financing SA |
||||||||||||
2.25%, 01/15/25 (a) |
EUR | 100 | 97,978 | |||||||||
5.00%, 01/15/28 (c) |
USD | 1,693 | 1,362,865 | |||||||||
4.25%, 08/15/29 (a) |
EUR | 101 | 87,087 | |||||||||
5.75%, 08/15/29 (c) |
USD | 4,251 | 3,343,679 | |||||||||
Altice France Holding SA, 10.50%, 05/15/27 (c) |
4,428 | 3,376,350 | ||||||||||
AMC Networks, Inc. |
||||||||||||
4.75%, 08/01/25 |
1,038 | 788,881 | ||||||||||
4.25%, 02/15/29 |
684 | 426,199 | ||||||||||
Banijay Entertainment SASU, 3.50%, 03/01/25 (a) |
EUR | 100 | 100,408 | |||||||||
Block Communications, Inc., 4.88%, 03/01/28 (c) |
USD | 791 | 690,147 | |||||||||
Cable One, Inc. |
||||||||||||
0.00%, 03/15/26 (k) |
475 | 373,112 | ||||||||||
1.13%, 03/15/28 |
1,164 | 864,852 | ||||||||||
4.00%, 11/15/30 (c) |
3,411 | 2,676,665 | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||||||
5.13%, 05/01/27 (c) |
621 | 578,815 | ||||||||||
5.00%, 02/01/28 (c) |
211 | 191,586 | ||||||||||
5.38%, 06/01/29 (c) |
2,119 | 1,916,148 | ||||||||||
6.38%, 09/01/29 (c) |
3,599 | 3,382,124 | ||||||||||
4.75%, 03/01/30 (c) |
2,118 | 1,826,595 | ||||||||||
4.50%, 08/15/30 (c) |
1,597 | 1,319,370 | ||||||||||
4.25%, 02/01/31 (c) |
2,994 | 2,401,532 | ||||||||||
4.75%, 02/01/32 (c) |
7,971 | 6,462,090 | ||||||||||
4.50%, 05/01/32 |
1,498 | 1,192,408 | ||||||||||
4.50%, 06/01/33 (c) |
1,587 | 1,217,594 | ||||||||||
4.25%, 01/15/34 (c) |
5,012 | 3,699,081 |
Security |
Par (000) |
Value |
||||||||||
Media (continued) |
||||||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital |
||||||||||||
4.40%, 04/01/33 |
USD | 800 | $ | 684,527 | ||||||||
5.25%, 04/01/53 |
1,849 | 1,427,138 | ||||||||||
5.50%, 04/01/63 |
2,341 | 1,785,037 | ||||||||||
Clear Channel International BV, 6.63%, 08/01/25 (c) |
1,965 | 1,875,011 | ||||||||||
Clear Channel Outdoor Holdings, Inc. (c) |
||||||||||||
5.13%, 08/15/27 |
7,568 | 6,557,672 | ||||||||||
7.75%, 04/15/28 |
4,423 | 3,228,831 | ||||||||||
7.50%, 06/01/29 |
6,982 | 5,126,673 | ||||||||||
CMG Media Corp., 8.88%, 12/15/27 (c) |
3,180 | 2,393,586 | ||||||||||
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (c) |
9,224 | 8,548,430 | ||||||||||
CSC Holdings LLC |
||||||||||||
5.25%, 06/01/24 |
1,120 | 1,042,737 | ||||||||||
5.50%, 04/15/27 (c) |
206 | 172,809 | ||||||||||
4.13%, 12/01/30 (c) |
6,389 | 4,509,548 | ||||||||||
3.38%, 02/15/31 (c) |
1,353 | 882,339 | ||||||||||
4.50%, 11/15/31 (c) |
4,802 | 3,331,695 | ||||||||||
Directv Financing LLC/Directv Financing Co.- Obligor, Inc., 5.88%, 08/15/27 (c) |
2,469 | 2,208,916 | ||||||||||
DISH DBS Corp. |
||||||||||||
5.25%, 12/01/26 (c) |
4,237 | 3,568,973 | ||||||||||
5.75%, 12/01/28 (c) |
3,907 | 3,118,274 | ||||||||||
5.13%, 06/01/29 |
2,490 | 1,606,324 | ||||||||||
DISH Network Corp., 11.75%, 11/15/27 (c) |
2,467 | 2,540,763 | ||||||||||
Frontier Communications Holdings LLC (c) |
||||||||||||
5.88%, 10/15/27 |
1,384 | 1,285,141 | ||||||||||
5.00%, 05/01/28 |
2,765 | 2,411,135 | ||||||||||
6.75%, 05/01/29 |
2,102 | 1,738,900 | ||||||||||
6.00%, 01/15/30 |
1,058 | 831,136 | ||||||||||
8.75%, 05/15/30 |
5,755 | 5,851,393 | ||||||||||
GCI LLC, 4.75%, 10/15/28 (c) |
498 | 418,360 | ||||||||||
Iliad Holding SASU (c) |
||||||||||||
6.50%, 10/15/26 |
6,379 | 5,916,228 | ||||||||||
7.00%, 10/15/28 |
3,741 | 3,381,079 | ||||||||||
Lamar Media Corp., 3.75%, 02/15/28 |
148 | 132,476 | ||||||||||
LCPR Senior Secured Financing DAC (c) |
||||||||||||
6.75%, 10/15/27 |
2,881 | 2,693,735 | ||||||||||
5.13%, 07/15/29 |
1,939 | 1,606,283 | ||||||||||
Liberty Broadband Corp. (c) |
||||||||||||
1.25%, 09/30/50 |
2,444 | 2,358,460 | ||||||||||
2.75%, 09/30/50 |
4,421 | 4,305,841 | ||||||||||
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (c)(j) |
1,139 | 335,613 | ||||||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (c) |
3,863 | 2,239,756 | ||||||||||
Live Nation Entertainment, Inc. (c) |
||||||||||||
4.88%, 11/01/24 |
134 | 129,745 | ||||||||||
6.50%, 05/15/27 |
6,718 | 6,573,900 | ||||||||||
4.75%, 10/15/27 |
3,581 | 3,188,254 | ||||||||||
3.75%, 01/15/28 |
1,342 | 1,143,488 | ||||||||||
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (a) |
EUR | 151 | 144,262 | |||||||||
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (c) |
USD | 972 | 880,034 | |||||||||
Odeon Finco PLC, 12.75%, 11/01/27 (c) |
303 | 263,610 | ||||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. (c) |
||||||||||||
5.00%, 08/15/27 |
2,445 | 2,201,102 | ||||||||||
4.25%, 01/15/29 |
964 | 799,860 |
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Media (continued) |
||||||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. (c) (continued) |
||||||||||||
4.63%, 03/15/30 |
USD | 383 | $ | 316,865 | ||||||||
Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (a) |
GBP | 100 | 106,085 | |||||||||
Radiate Holdco LLC/Radiate Finance, Inc. (c) |
||||||||||||
4.50%, 09/15/26 |
USD | 1,971 | 1,448,094 | |||||||||
6.50%, 09/15/28 |
5,077 | 2,127,339 | ||||||||||
RCS & RDS SA, 3.25%, 02/05/28 (a) |
EUR | 100 | 85,154 | |||||||||
Sable International Finance Ltd., 5.75%, 09/07/27 (c) |
USD | 539 | 497,901 | |||||||||
SES SA, (5 year EUR Swap + 5.40%), 5.63% (a)(b)(i) |
EUR | 100 | 103,913 | |||||||||
Sinclair Television Group, Inc., 4.13%, 12/01/30 (c) |
USD | 4,302 | 3,225,151 | |||||||||
Sirius XM Radio, Inc. (c) |
||||||||||||
3.13%, 09/01/26 |
2,692 | 2,390,334 | ||||||||||
5.00%, 08/01/27 |
4,359 | 4,029,290 | ||||||||||
4.00%, 07/15/28 |
927 | 806,768 | ||||||||||
5.50%, 07/01/29 |
88 | 80,325 | ||||||||||
4.13%, 07/01/30 |
257 | 212,079 | ||||||||||
3.88%, 09/01/31 |
2,421 | 1,888,790 | ||||||||||
Stagwell Global LLC, 5.63%, 08/15/29 (c) |
553 | 455,993 | ||||||||||
Summer BC Holdco B SARL, 5.75%, 10/31/26 (a) |
EUR | 100 | 90,052 | |||||||||
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25 (a)(j) |
166 | 121,579 | ||||||||||
Tele Columbus AG, 3.88%, 05/02/25 (a) |
185 | 148,305 | ||||||||||
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (c) |
USD | 2,000 | 1,800,000 | |||||||||
Univision Communications, Inc. (c) |
||||||||||||
5.13%, 02/15/25 |
800 | 761,912 | ||||||||||
6.63%, 06/01/27 |
1,018 | 982,177 | ||||||||||
7.38%, 06/30/30 |
1,033 | 987,238 | ||||||||||
UPC Broadband Finco BV, 4.88%, 07/15/31 (c) |
2,494 | 2,074,497 | ||||||||||
Videotron Ltd., 3.63%, 06/15/29 (c) |
1,518 | 1,278,915 | ||||||||||
Virgin Media Finance PLC, 3.75%, 07/15/30 (a) |
EUR | 142 | 116,192 | |||||||||
Virgin Media Secured Finance PLC, 4.50%, 08/15/30 (c) |
USD | 350 | 292,399 | |||||||||
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (a) |
GBP | 100 | 97,333 | |||||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (c) |
USD | 2,360 | 2,062,893 | |||||||||
VZ Secured Financing BV, 3.50%, 01/15/32 (a) |
EUR | 170 | 141,942 | |||||||||
Warnermedia Holdings, Inc. (c) |
||||||||||||
5.14%, 03/15/52 |
USD | 6,425 | 4,670,759 | |||||||||
5.39%, 03/15/62 |
3,278 | 2,392,985 | ||||||||||
WMG Acquisition Corp. |
||||||||||||
3.88%, 07/15/30 (c) |
655 | 564,184 | ||||||||||
2.25%, 08/15/31 (a) |
EUR | 141 | 117,900 | |||||||||
Ziggo Bond Co. BV (c) |
||||||||||||
6.00%, 01/15/27 |
USD | 291 | 270,752 | |||||||||
5.13%, 02/28/30 |
868 | 700,910 | ||||||||||
Ziggo BV, 4.88%, 01/15/30 (c) |
1,165 | 974,837 | ||||||||||
182,236,482 | ||||||||||||
Metals & Mining — 3.2% |
||||||||||||
Arconic Corp. (c) |
||||||||||||
6.00%, 05/15/25 |
1,484 | 1,458,915 | ||||||||||
6.13%, 02/15/28 |
3,194 | 2,996,819 | ||||||||||
ATI, Inc. |
||||||||||||
5.88%, 12/01/27 |
89 | 85,109 |
Security |
Par (000) |
Value |
||||||||||
Metals & Mining (continued) |
||||||||||||
ATI, Inc. (continued) |
||||||||||||
4.88%, 10/01/29 |
USD | 550 | $ | 486,052 | ||||||||
5.13%, 10/01/31 |
1,063 | 936,077 | ||||||||||
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (c) |
5,875 | 5,597,264 | ||||||||||
Carpenter Technology Corp. |
||||||||||||
6.38%, 07/15/28 |
168 | 159,773 | ||||||||||
7.63%, 03/15/30 |
1,152 | 1,154,750 | ||||||||||
Commercial Metals Co. |
||||||||||||
4.13%, 01/15/30 |
372 | 329,167 | ||||||||||
4.38%, 03/15/32 |
398 | 346,231 | ||||||||||
Constellium SE |
||||||||||||
4.25%, 02/15/26 (a) |
EUR | 394 | 404,254 | |||||||||
5.88%, 02/15/26 (c) |
USD | 1,569 | 1,511,371 | |||||||||
5.63%, 06/15/28 (c) |
2,161 | 1,997,240 | ||||||||||
3.75%, 04/15/29 (c) |
3,743 | 3,040,953 | ||||||||||
ERO Copper Corp., 6.50%, 02/15/30 (c) |
1,008 | 812,070 | ||||||||||
Kaiser Aluminum Corp. (c) |
||||||||||||
4.63%, 03/01/28 |
3,190 | 2,783,676 | ||||||||||
4.50%, 06/01/31 |
3,314 | 2,663,628 | ||||||||||
New Gold, Inc., 7.50%, 07/15/27 (c) |
2,345 | 2,057,864 | ||||||||||
Novelis Corp. (c) |
||||||||||||
3.25%, 11/15/26 |
3,387 | 3,036,479 | ||||||||||
4.75%, 01/30/30 |
6,132 | 5,436,417 | ||||||||||
3.88%, 08/15/31 |
3,143 | 2,565,921 | ||||||||||
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (a) |
EUR | 1,229 | 1,117,429 | |||||||||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (c) |
USD | 659 | 569,837 | |||||||||
Vedanta Resources Finance II PLC, 8.95%, 03/11/25 (c) |
577 | 390,196 | ||||||||||
41,937,492 | ||||||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.0% |
||||||||||||
Starwood Property Trust, Inc., 5.50%, 11/01/23 (c) |
157 | 155,633 | ||||||||||
Multiline Retail — 0.1% |
||||||||||||
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (c) |
1,788 | 1,675,834 | ||||||||||
Multi-Utilities — 0.1% |
||||||||||||
Edison International, 6.95%, 11/15/29 |
520 | 543,026 | ||||||||||
TransAlta Corp., 7.75%, 11/15/29 |
590 | 602,556 | ||||||||||
UGI International LLC, 2.50%, 12/01/29 (a) |
EUR | 100 | 81,657 | |||||||||
1,227,239 | ||||||||||||
Offshore Drilling & Other Services (c) — 0.9% |
||||||||||||
Entegris Escrow Corp., 4.75%, 04/15/29 |
USD | 9,272 | 8,455,483 | |||||||||
Entegris, Inc. |
||||||||||||
4.38%, 04/15/28 |
1,820 | 1,609,306 | ||||||||||
3.63%, 05/01/29 |
2,418 | 1,968,857 | ||||||||||
12,033,646 | ||||||||||||
Oil, Gas & Consumable Fuels — 16.9% |
||||||||||||
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (c) |
4,622 | 4,584,775 | ||||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. (c) |
||||||||||||
5.75%, 03/01/27 |
669 | 632,444 | ||||||||||
5.38%, 06/15/29 |
1,137 | 1,039,491 | ||||||||||
Antero Resources Corp., 7.63%, 02/01/29 (c) |
410 | 412,258 | ||||||||||
Apache Corp. |
||||||||||||
4.25%, 01/15/30 |
1,185 | 1,048,615 | ||||||||||
5.10%, 09/01/40 |
808 | 669,600 |
66 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||||||
Apache Corp. (continued) |
||||||||||||
5.35%, 07/01/49 |
USD | 604 | $ | 487,969 | ||||||||
Arcosa, Inc., 4.38%, 04/15/29 (c) |
1,988 | 1,723,955 | ||||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (c) |
||||||||||||
9.00%, 11/01/27 |
5,047 | 6,207,810 | ||||||||||
5.88%, 06/30/29 |
2,469 | 2,201,434 | ||||||||||
Buckeye Partners LP |
||||||||||||
4.13%, 03/01/25 (c) |
34 | 32,382 | ||||||||||
5.85%, 11/15/43 |
816 | 607,984 | ||||||||||
5.60%, 10/15/44 |
553 | 403,804 | ||||||||||
Callon Petroleum Co. |
||||||||||||
6.38%, 07/01/26 |
655 | 610,490 | ||||||||||
8.00%, 08/01/28 (c) |
4,733 | 4,511,892 | ||||||||||
7.50%, 06/15/30 (c) |
4,583 | 4,193,445 | ||||||||||
Cellnex Telecom SA (a) |
||||||||||||
1.75%, 10/23/30 |
EUR | 100 | 82,885 | |||||||||
Series CLNX, 0.50%, 07/05/28 |
200 | 211,612 | ||||||||||
Series CLNX, 0.75%, 11/20/31 |
400 | 308,674 | ||||||||||
Cheniere Energy Partners LP |
||||||||||||
4.50%, 10/01/29 |
USD | 5,048 | 4,539,270 | |||||||||
4.00%, 03/01/31 |
4,363 | 3,714,484 | ||||||||||
3.25%, 01/31/32 |
3,650 | 2,900,680 | ||||||||||
Cheniere Energy, Inc., 4.63%, 10/15/28 |
414 | 374,201 | ||||||||||
Chesapeake Energy Corp. (c) |
||||||||||||
5.88%, 02/01/29 |
96 | 90,959 | ||||||||||
6.75%, 04/15/29 |
2,679 | 2,608,274 | ||||||||||
CITGO Petroleum Corp. (c) |
||||||||||||
7.00%, 06/15/25 |
1,453 | 1,417,198 | ||||||||||
6.38%, 06/15/26 |
1,302 | 1,254,966 | ||||||||||
Civitas Resources, Inc., 5.00%, 10/15/26 (c) |
477 | 436,100 | ||||||||||
CNX Midstream Partners LP, 4.75%, 04/15/30 (c) |
520 | 426,746 | ||||||||||
CNX Resources Corp. (c) |
||||||||||||
6.00%, 01/15/29 |
518 | 476,635 | ||||||||||
7.38%, 01/15/31 |
1,005 | 963,282 | ||||||||||
Colgate Energy Partners III LLC (c) |
||||||||||||
7.75%, 02/15/26 |
894 | 867,216 | ||||||||||
5.88%, 07/01/29 |
1,986 | 1,705,697 | ||||||||||
Comstock Resources, Inc. (c) |
||||||||||||
6.75%, 03/01/29 |
4,854 | 4,380,735 | ||||||||||
5.88%, 01/15/30 |
2,798 | 2,405,441 | ||||||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, |
||||||||||||
5.50%, 06/15/31 (c) |
6,848 | 5,981,797 | ||||||||||
Crescent Energy Finance LLC, 7.25%, 05/01/26 (c) |
5,449 | 5,134,811 | ||||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (c) |
||||||||||||
5.63%, 05/01/27 |
423 | 393,390 | ||||||||||
6.00%, 02/01/29 |
664 | 609,227 | ||||||||||
8.00%, 04/01/29 |
534 | 531,376 | ||||||||||
CrownRock LP/CrownRock Finance, Inc. (c) |
||||||||||||
5.63%, 10/15/25 |
3,664 | 3,535,760 | ||||||||||
5.00%, 05/01/29 |
162 | 145,560 | ||||||||||
DCP Midstream Operating LP |
||||||||||||
5.63%, 07/15/27 |
92 | 91,260 | ||||||||||
6.45%, 11/03/36 (c) |
920 | 901,529 | ||||||||||
6.75%, 09/15/37 (c) |
2,031 | 2,047,224 | ||||||||||
Diamondback Energy, Inc. |
||||||||||||
6.25%, 03/15/33 |
3,013 | 3,058,093 | ||||||||||
4.25%, 03/15/52 |
2,049 | 1,499,193 |
Security |
Par (000) |
Value |
||||||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||||||
DT Midstream, Inc. (c) |
||||||||||||
4.13%, 06/15/29 |
USD | 2,235 | $ | 1,920,111 | ||||||||
4.38%, 06/15/31 |
2,745 | 2,302,780 | ||||||||||
Dycom Industries, Inc., 4.50%, 04/15/29 (c) |
654 | 569,238 | ||||||||||
Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (c) |
1,810 | 1,731,536 | ||||||||||
eG Global Finance PLC |
||||||||||||
3.63%, 02/07/24 (a) |
EUR | 133 | 134,440 | |||||||||
6.75%, 02/07/25 (c) |
USD | 1,158 | 1,010,969 | |||||||||
8.50%, 10/30/25 (c) |
1,586 | 1,477,554 | ||||||||||
El Paso Natural Gas Co. LLC, 3.50%, 02/15/32 (c) |
771 | 646,419 | ||||||||||
Enerflex Ltd., 9.00%, 10/15/27 (c) |
1,227 | 1,223,620 | ||||||||||
Energy Transfer LP |
||||||||||||
5.55%, 02/15/28 |
825 | 818,342 | ||||||||||
3.75%, 05/15/30 |
1,335 | 1,177,051 | ||||||||||
5.75%, 02/15/33 |
960 | 939,226 | ||||||||||
5.30%, 04/15/47 |
626 | 520,825 | ||||||||||
5.00%, 05/15/50 |
2,934 | 2,344,063 | ||||||||||
Series H, (5 year CMT + 5.69%), 6.50% (b)(i) |
3,577 | 3,076,220 | ||||||||||
EnLink Midstream LLC |
||||||||||||
5.63%, 01/15/28 (c) |
2,761 | 2,629,848 | ||||||||||
5.38%, 06/01/29 |
1,369 | 1,266,706 | ||||||||||
6.50%, 09/01/30 (c) |
1,135 | 1,123,309 | ||||||||||
EnLink Midstream Partners LP |
||||||||||||
4.15%, 06/01/25 |
43 | 40,637 | ||||||||||
4.85%, 07/15/26 |
297 | 279,188 | ||||||||||
5.60%, 04/01/44 |
1,433 | 1,181,891 | ||||||||||
5.05%, 04/01/45 |
220 | 166,722 | ||||||||||
5.45%, 06/01/47 |
246 | 197,599 | ||||||||||
EnQuest PLC, 11.63%, 11/01/27 (c) |
200 | 188,051 | ||||||||||
EQM Midstream Partners LP |
||||||||||||
6.00%, 07/01/25 (c) |
634 | 611,808 | ||||||||||
4.13%, 12/01/26 |
361 | 321,089 | ||||||||||
6.50%, 07/01/27 (c) |
1,929 | 1,843,642 | ||||||||||
4.50%, 01/15/29 (c) |
147 | 123,469 | ||||||||||
7.50%, 06/01/30 (c) |
421 | 405,642 | ||||||||||
4.75%, 01/15/31 (c) |
1,333 | 1,089,727 | ||||||||||
Genesis Energy LP/Genesis Energy Finance Corp. |
||||||||||||
6.50%, 10/01/25 |
667 | 637,459 | ||||||||||
7.75%, 02/01/28 |
416 | 382,920 | ||||||||||
Gulfport Energy Corp., 8.00%, 05/17/26 (c) |
152 | 148,200 | ||||||||||
Harbour Energy PLC, 5.50%, 10/15/26 (c) |
420 | 376,370 | ||||||||||
Harvest Midstream I LP, 7.50%, 09/01/28 (c) |
315 | 300,649 | ||||||||||
Hess Midstream Operations LP, 4.25%, 02/15/30 (c) |
1,313 | 1,122,511 | ||||||||||
Hilcorp Energy I LP/Hilcorp Finance Co. (c) |
||||||||||||
6.25%, 11/01/28 |
514 | 465,170 | ||||||||||
5.75%, 02/01/29 |
1,271 | 1,131,275 | ||||||||||
6.00%, 04/15/30 |
60 | 53,357 | ||||||||||
6.00%, 02/01/31 |
59 | 50,891 | ||||||||||
6.25%, 04/15/32 |
36 | 31,065 | ||||||||||
ITT Holdings LLC, 6.50%, 08/01/29 (c) |
1,889 | 1,590,802 | ||||||||||
Kinder Morgan, Inc. |
||||||||||||
4.80%, 02/01/33 |
531 | 492,298 | ||||||||||
5.45%, 08/01/52 |
1,578 | 1,416,379 | ||||||||||
Kinetik Holdings LP, 5.88%, 06/15/30 (c) |
2,774 | 2,601,410 | ||||||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (c) |
135 | 129,600 | ||||||||||
MasTec, Inc., 4.50%, 08/15/28 (c) |
951 | 851,801 |
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||||||
Matador Resources Co., 5.88%, 09/15/26 |
USD | 3,437 | $ | 3,304,535 | ||||||||
MPLX LP, 4.95%, 03/14/52 |
2,212 | 1,806,859 | ||||||||||
Murphy Oil Corp. |
||||||||||||
5.75%, 08/15/25 |
129 | 126,756 | ||||||||||
5.88%, 12/01/27 |
228 | 219,402 | ||||||||||
6.13%, 12/01/42 |
141 | 109,980 | ||||||||||
Murphy Oil USA, Inc., 4.75%, 09/15/29 |
928 | 849,148 | ||||||||||
Nabors Industries Ltd. (c) |
||||||||||||
7.25%, 01/15/26 |
596 | 561,670 | ||||||||||
7.50%, 01/15/28 |
1,483 | 1,356,791 | ||||||||||
Nabors Industries, Inc. |
||||||||||||
5.75%, 02/01/25 |
2,366 | 2,256,241 | ||||||||||
7.38%, 05/15/27 (c) |
2,416 | 2,340,366 | ||||||||||
Neptune Energy Bondco PLC, 6.63%, 05/15/25 (c) |
200 | 194,202 | ||||||||||
New Fortress Energy, Inc. (c) |
||||||||||||
6.75%, 09/15/25 |
6,274 | 5,933,949 | ||||||||||
6.50%, 09/30/26 |
5,208 | 4,836,670 | ||||||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (c) |
948 | 844,091 | ||||||||||
NGPL PipeCo LLC, 7.77%, 12/15/37 (c) |
1,640 | 1,706,448 | ||||||||||
Northern Oil & Gas, Inc., 8.13%, 03/01/28 (c) |
6,882 | 6,608,055 | ||||||||||
NuStar Logistics LP |
||||||||||||
5.75%, 10/01/25 |
719 | 691,199 | ||||||||||
6.00%, 06/01/26 |
908 | 874,320 | ||||||||||
6.38%, 10/01/30 |
75 | 69,350 | ||||||||||
Occidental Petroleum Corp. |
||||||||||||
6.95%, 07/01/24 |
171 | 174,252 | ||||||||||
5.88%, 09/01/25 |
444 | 442,392 | ||||||||||
8.88%, 07/15/30 |
549 | 619,823 | ||||||||||
6.63%, 09/01/30 |
5,530 | 5,714,591 | ||||||||||
7.50%, 05/01/31 |
581 | 620,781 | ||||||||||
6.45%, 09/15/36 |
1,102 | 1,124,040 | ||||||||||
6.20%, 03/15/40 |
3,715 | 3,635,483 | ||||||||||
6.60%, 03/15/46 |
387 | 398,219 | ||||||||||
ONEOK, Inc. |
||||||||||||
4.35%, 03/15/29 |
671 | 620,133 | ||||||||||
4.95%, 07/13/47 |
625 | 503,390 | ||||||||||
Ovintiv, Inc. |
||||||||||||
6.63%, 08/15/37 |
503 | 505,890 | ||||||||||
6.50%, 02/01/38 |
153 | 151,584 | ||||||||||
Parkland Corp., 5.88%, 07/15/27 (c) |
1,223 | 1,161,238 | ||||||||||
PDC Energy, Inc., 6.13%, 09/15/24 |
356 | 353,971 | ||||||||||
Permian Resources Operating LLC, 6.88%, 04/01/27 (c) |
1,222 | 1,151,415 | ||||||||||
Plains All American Pipeline LP/PAA Finance Corp. |
||||||||||||
3.55%, 12/15/29 |
890 | 771,689 | ||||||||||
6.65%, 01/15/37 |
369 | 363,039 | ||||||||||
5.15%, 06/01/42 |
1,259 | 1,020,440 | ||||||||||
Precision Drilling Corp., 6.88%, 01/15/29 (c) |
76 | 70,756 | ||||||||||
Range Resources Corp. |
||||||||||||
4.88%, 05/15/25 |
464 | 440,755 | ||||||||||
4.75%, 02/15/30 (c) |
106 | 93,397 | ||||||||||
Rockcliff Energy II LLC, 5.50%, 10/15/29 (c) |
1,911 | 1,748,469 | ||||||||||
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (c) |
452 | 405,602 | ||||||||||
Sabine Pass Liquefaction LLC, 5.90%, 09/15/37 (c) |
480 | 480,332 |
Security |
Par (000) |
Value |
||||||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||||||
SM Energy Co. |
||||||||||||
5.63%, 06/01/25 |
USD | 380 | $ | 364,796 | ||||||||
6.75%, 09/15/26 |
724 | 702,895 | ||||||||||
6.63%, 01/15/27 |
85 | 81,874 | ||||||||||
6.50%, 07/15/28 |
471 | 451,581 | ||||||||||
Southwestern Energy Co. |
||||||||||||
5.70%, 01/23/25 |
11 | 10,807 | ||||||||||
5.38%, 02/01/29 |
1,724 | 1,598,251 | ||||||||||
4.75%, 02/01/32 |
856 | 731,529 | ||||||||||
Sunoco LP/Sunoco Finance Corp. |
||||||||||||
6.00%, 04/15/27 |
339 | 333,813 | ||||||||||
5.88%, 03/15/28 |
808 | 765,209 | ||||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (c) |
||||||||||||
6.00%, 03/01/27 |
250 | 233,405 | ||||||||||
5.50%, 01/15/28 |
190 | 168,500 | ||||||||||
6.00%, 12/31/30 |
171 | 147,869 | ||||||||||
6.00%, 09/01/31 |
686 | 589,811 | ||||||||||
Tap Rock Resources LLC, 7.00%, 10/01/26 (c) |
6,991 | 6,502,329 | ||||||||||
Targa Resources Corp., 6.25%, 07/01/52 |
951 | 897,507 | ||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 01/15/32 |
1,882 | 1,583,496 | ||||||||||
Transocean, Inc., 11.50%, 01/30/27 (c) |
965 | 967,412 | ||||||||||
Vantage Towers AG, 0.00%, 03/31/25 (a) |
EUR | 100 | 101,928 | |||||||||
Venture Global Calcasieu Pass LLC (c) |
||||||||||||
3.88%, 08/15/29 |
USD | 4,750 | 4,156,250 | |||||||||
4.13%, 08/15/31 |
4,223 | 3,597,975 | ||||||||||
3.88%, 11/01/33 |
10,216 | 8,345,450 | ||||||||||
Vermilion Energy, Inc., 6.88%, 05/01/30 (c) |
807 | 736,454 | ||||||||||
Western Midstream Operating LP |
||||||||||||
4.75%, 08/15/28 |
145 | 132,427 | ||||||||||
5.45%, 04/01/44 |
1,561 | 1,296,754 | ||||||||||
5.30%, 03/01/48 |
1,851 | 1,521,942 | ||||||||||
5.50%, 08/15/48 |
703 | 583,471 | ||||||||||
5.50%, 02/01/50 |
4,186 | 3,448,427 | ||||||||||
222,920,377 | ||||||||||||
Personal Products — 0.0% |
||||||||||||
Coty, Inc. (a) |
||||||||||||
3.88%, 04/15/26 |
EUR | 106 | 105,353 | |||||||||
4.75%, 04/15/26 |
100 | 100,087 | ||||||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (c) |
USD | 83 | 75,115 | |||||||||
280,555 | ||||||||||||
Pharmaceuticals — 1.0% |
||||||||||||
Cheplapharm Arzneimittel GmbH |
||||||||||||
4.38%, 01/15/28 (a) |
EUR | 100 | 93,777 | |||||||||
5.50%, 01/15/28 (c) |
USD | 1,243 | 1,039,397 | |||||||||
Elanco Animal Health, Inc., 6.40%, 08/28/28 |
93 | 88,490 | ||||||||||
Gruenenthal GmbH (a) |
||||||||||||
3.63%, 11/15/26 |
EUR | 100 | 97,787 | |||||||||
4.13%, 05/15/28 |
117 | 112,405 | ||||||||||
Jazz Securities DAC, 4.38%, 01/15/29 (c) |
USD | 1,794 | 1,598,723 | |||||||||
Nidda Healthcare Holding GmbH, 7.50%, 08/21/26 (a) |
EUR | 180 | 183,288 | |||||||||
Option Care Health, Inc., 4.38%, 10/31/29 (c) |
USD | 1,054 | 921,944 | |||||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV (c) |
||||||||||||
4.13%, 04/30/28 |
2,205 | 1,952,307 | ||||||||||
5.13%, 04/30/31 |
3,807 | 3,296,406 |
68 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Pharmaceuticals (continued) |
||||||||||||
PRA Health Sciences, Inc., 2.88%, 07/15/26 (c) |
USD | 2,163 | $ | 1,957,630 | ||||||||
Prestige Brands, Inc., 3.75%, 04/01/31 (c) |
834 | 687,775 | ||||||||||
Rossini SARL, 6.75%, 10/30/25 (a) |
EUR | 101 | 106,911 | |||||||||
Teva Pharmaceutical Finance Netherlands II BV |
||||||||||||
6.00%, 01/31/25 |
100 | 105,024 | ||||||||||
4.50%, 03/01/25 |
100 | 102,215 | ||||||||||
3.75%, 05/09/27 |
100 | 92,279 | ||||||||||
1.63%, 10/15/28 (a) |
100 | 79,300 | ||||||||||
Teva Pharmaceutical Finance Netherlands III BV |
||||||||||||
7.13%, 01/31/25 |
USD | 500 | 493,219 | |||||||||
3.15%, 10/01/26 |
248 | 215,171 | ||||||||||
4.75%, 05/09/27 |
513 | 462,277 | ||||||||||
13,686,325 | ||||||||||||
Real Estate — 0.2% |
||||||||||||
VICI Properties LP, 5.63%, 05/15/52 |
2,051 | 1,814,253 | ||||||||||
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28 (c) |
323 | 296,394 | ||||||||||
2,110,647 | ||||||||||||
Real Estate Management & Development — 0.5% |
||||||||||||
Adler Group SA (a)(d)(h) |
||||||||||||
3.25%, 08/05/25 |
EUR | 200 | 86,921 | |||||||||
2.75%, 11/13/26 |
200 | 84,566 | ||||||||||
Aroundtown SA, (5 year GBP Swap + 4.38%), 4.75% (a)(b)(i) |
GBP | 215 | 119,378 | |||||||||
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28 (c) |
USD | 1,451 | 1,384,776 | |||||||||
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24 (a) |
EUR | 100 | 72,748 | |||||||||
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63% (a)(b)(i) |
375 | 208,425 | ||||||||||
Howard Hughes Corp. (c) |
||||||||||||
5.38%, 08/01/28 |
USD | 958 | 862,899 | |||||||||
4.13%, 02/01/29 |
943 | 789,763 | ||||||||||
4.38%, 02/01/31 |
660 | 533,985 | ||||||||||
Realogy Group LLC/Realogy Co.-Issuer Corp. (c) |
||||||||||||
5.75%, 01/15/29 |
1,495 | 1,130,803 | ||||||||||
5.25%, 04/15/30 |
714 | 520,870 | ||||||||||
Starwood Property Trust, Inc., 4.38%, 01/15/27 (c) |
406 | 355,281 | ||||||||||
6,150,415 | ||||||||||||
Road & Rail (c) — 0.7% |
||||||||||||
Seaspan Corp., 5.50%, 08/01/29 |
1,750 | 1,326,150 | ||||||||||
United Rentals North America, Inc., 6.00%, 12/15/29 |
8,130 | 8,079,187 | ||||||||||
9,405,337 | ||||||||||||
Semiconductors & Semiconductor Equipment — 1.6% |
||||||||||||
ams-OSRAM AG, Series AMS, 0.00%, 03/05/25 (a)(k) |
EUR | 200 | 163,833 | |||||||||
Broadcom, Inc. |
||||||||||||
4.11%, 09/15/28 |
USD | 788 | 732,836 | |||||||||
4.15%, 11/15/30 |
466 | 417,607 | ||||||||||
2.45%, 02/15/31 (c) |
1,022 | 804,946 | ||||||||||
4.30%, 11/15/32 |
3,570 | 3,146,386 | ||||||||||
2.60%, 02/15/33 (c) |
1,065 | 799,386 | ||||||||||
3.42%, 04/15/33 (c) |
2,373 | 1,902,453 | ||||||||||
3.47%, 04/15/34 (c) |
51 | 40,684 | ||||||||||
3.14%, 11/15/35 (c) |
1,244 | 914,671 | ||||||||||
3.19%, 11/15/36 (c) |
627 | 450,367 | ||||||||||
Marvell Technology, Inc., 2.95%, 04/15/31 |
1,184 | 952,337 | ||||||||||
Qorvo, Inc., 4.38%, 10/15/29 |
890 | 786,974 |
Security |
Par (000) |
Value |
||||||||||
Semiconductors & Semiconductor Equipment (continued) |
||||||||||||
Sensata Technologies BV (c) |
||||||||||||
5.63%, 11/01/24 |
USD | 1,400 | $ | 1,386,532 | ||||||||
5.00%, 10/01/25 |
2,021 | 1,973,731 | ||||||||||
4.00%, 04/15/29 |
1,041 | 897,863 | ||||||||||
5.88%, 09/01/30 |
1,160 | 1,099,361 | ||||||||||
Sensata Technologies, Inc. (c) |
||||||||||||
4.38%, 02/15/30 |
3,123 | 2,718,586 | ||||||||||
3.75%, 02/15/31 |
146 | 120,105 | ||||||||||
Synaptics, Inc., 4.00%, 06/15/29 (c) |
2,469 | 2,080,253 | ||||||||||
21,388,911 | ||||||||||||
Software — 5.0% |
||||||||||||
ACI Worldwide, Inc., 5.75%, 08/15/26 (c) |
1,133 | 1,097,594 | ||||||||||
Black Knight InfoServ LLC, 3.63%, 09/01/28 (c) |
1,997 | 1,732,398 | ||||||||||
Boxer Parent Co., Inc. |
||||||||||||
6.50%, 10/02/25 (a) |
EUR | 173 | 175,830 | |||||||||
7.13%, 10/02/25 (c) |
USD | 3,099 | 3,013,813 | |||||||||
9.13%, 03/01/26 (c) |
4,443 | 4,191,592 | ||||||||||
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (c) |
6,117 | 5,983,171 | ||||||||||
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29 (c) |
15,006 | 12,639,272 | ||||||||||
Elastic NV, 4.13%, 07/15/29 (c) |
3,665 | 2,960,221 | ||||||||||
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28 (c) |
959 | 728,816 | ||||||||||
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (c) |
1,386 | 1,151,351 | ||||||||||
MicroStrategy, Inc., 6.13%, 06/15/28 (c) |
2,441 | 1,745,437 | ||||||||||
MSCI, Inc. (c) |
||||||||||||
3.63%, 09/01/30 |
551 | 458,019 | ||||||||||
3.88%, 02/15/31 |
821 | 682,600 | ||||||||||
3.63%, 11/01/31 |
798 | 659,930 | ||||||||||
3.25%, 08/15/33 |
976 | 753,724 | ||||||||||
Open Text Corp., 6.90%, 12/01/27 (c) |
4,350 | 4,350,000 | ||||||||||
Oracle Corp. |
||||||||||||
6.15%, 11/09/29 |
700 | 726,576 | ||||||||||
2.95%, 04/01/30 |
1,845 | 1,573,051 | ||||||||||
2.88%, 03/25/31 |
2,599 | 2,154,901 | ||||||||||
6.25%, 11/09/32 |
2,129 | 2,228,256 | ||||||||||
3.60%, 04/01/50 |
4,044 | 2,722,690 | ||||||||||
3.95%, 03/25/51 |
4,146 | 2,953,773 | ||||||||||
6.90%, 11/09/52 |
4,255 | 4,552,104 | ||||||||||
PTC, Inc., 4.00%, 02/15/28 (c) |
493 | 443,716 | ||||||||||
SS&C Technologies, Inc., 5.50%, 09/30/27 (c) |
6,238 | 5,841,239 | ||||||||||
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (c) |
165 | 113,639 | ||||||||||
65,633,713 | ||||||||||||
Specialty Retail — 0.5% |
||||||||||||
Arko Corp., 5.13%, 11/15/29 (c) |
981 | 770,281 | ||||||||||
Goldstory SASU, 5.38%, 03/01/26 (a) |
EUR | 100 | 97,697 | |||||||||
PetSmart, Inc./PetSmart Finance Corp. (c) |
||||||||||||
4.75%, 02/15/28 |
USD | 443 | 401,140 | |||||||||
7.75%, 02/15/29 |
3,269 | 3,070,220 | ||||||||||
Staples, Inc., 7.50%, 04/15/26 (c) |
1,942 | 1,671,440 | ||||||||||
6,010,778 | ||||||||||||
Technology Hardware, Storage & Peripherals — 0.1% |
||||||||||||
Coherent Corp., 5.00%, 12/15/29 (c) |
2,186 | 1,885,272 | ||||||||||
Textiles, Apparel & Luxury Goods — 0.2% |
||||||||||||
Crocs, Inc. (c) |
||||||||||||
4.25%, 03/15/29 |
369 | 312,580 |
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Textiles, Apparel & Luxury Goods (continued) |
||||||||||||
Crocs, Inc. (c) (continued) |
||||||||||||
4.13%, 08/15/31 |
USD | 971 | $ | 791,316 | ||||||||
European TopSoho SARL, Series SMCP, 4.00%, 09/21/21 (a)(d)(h) |
EUR | 200 | 185,427 | |||||||||
Kontoor Brands, Inc., 4.13%, 11/15/29 (c) |
USD | 525 | 428,458 | |||||||||
Levi Strauss & Co., 3.50%, 03/01/31 (c) |
914 | 725,433 | ||||||||||
William Carter Co., 5.63%, 03/15/27 (c) |
543 | 520,856 | ||||||||||
2,964,070 | ||||||||||||
Thrifts & Mortgage Finance — 0.7% |
||||||||||||
Enact Holdings, Inc., 6.50%, 08/15/25 (c) |
2,158 | 2,117,775 | ||||||||||
Home Point Capital, Inc., 5.00%, 02/01/26 (c) |
1,023 | 707,394 | ||||||||||
MGIC Investment Corp., 5.25%, 08/15/28 |
857 | 790,227 | ||||||||||
Nationstar Mortgage Holdings, Inc. (c) |
||||||||||||
6.00%, 01/15/27 |
85 | 76,075 | ||||||||||
5.13%, 12/15/30 |
569 | 439,460 | ||||||||||
5.75%, 11/15/31 |
629 | 489,048 | ||||||||||
Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer, Inc., 2.88%, 10/15/26 (c) |
4,785 | 4,101,522 | ||||||||||
8,721,501 | ||||||||||||
Transportation — 0.0% |
||||||||||||
XPO Escrow Sub LLC, 7.50%, 11/15/27 (c) |
503 | 508,996 | ||||||||||
Transportation Infrastructure — 0.0% |
||||||||||||
Heathrow Finance PLC, 4.13%, 09/01/29 (a)(l) |
GBP | 115 | 103,577 | |||||||||
Utilities — 0.2% |
||||||||||||
Consensus Cloud Solutions, Inc. (c) |
||||||||||||
6.00%, 10/15/26 |
USD | 386 | 361,003 | |||||||||
6.50%, 10/15/28 |
475 | 436,890 | ||||||||||
Pattern Energy Operations LP/Pattern Energy |
||||||||||||
Operations, Inc., 4.50%, 08/15/28 (c) |
1,515 | 1,358,401 | ||||||||||
Thames Water Kemble Finance PLC, 4.63%, 05/19/26 (a) |
GBP | 152 | 154,921 | |||||||||
Vistra Operations Co. LLC (c) |
||||||||||||
5.50%, 09/01/26 |
USD | 91 | 87,671 | |||||||||
5.00%, 07/31/27 |
91 | 84,457 | ||||||||||
4.38%, 05/01/29 |
868 | 747,883 | ||||||||||
3,231,226 | ||||||||||||
Wireless Telecommunication Services — 1.7% |
||||||||||||
Altice France SA/France |
||||||||||||
5.88%, 02/01/27 (a) |
EUR | 100 | 93,114 | |||||||||
8.13%, 02/01/27 (c) |
USD | 2,712 | 2,470,307 | |||||||||
5.50%, 01/15/28 (c) |
1,286 | 1,007,092 | ||||||||||
4.13%, 01/15/29 (a) |
EUR | 100 | 81,354 | |||||||||
5.13%, 01/15/29 (c) |
USD | 794 | 597,017 | |||||||||
5.13%, 07/15/29 (c) |
569 | 426,604 | ||||||||||
5.50%, 10/15/29 (c) |
1,340 | 1,021,790 | ||||||||||
Crown Castle, Inc., 4.30%, 02/15/29 |
1,155 | 1,090,712 | ||||||||||
SBA Communications Corp. |
||||||||||||
3.13%, 02/01/29 |
3,693 | 3,070,693 | ||||||||||
3.88%, 02/15/27 |
5,258 | 4,750,674 | ||||||||||
VICI Properties LP/VICI Note Co., Inc. (c) |
||||||||||||
5.63%, 05/01/24 |
300 | 297,078 | ||||||||||
3.50%, 02/15/25 |
401 | 378,075 | ||||||||||
4.63%, 06/15/25 |
257 | 246,399 | ||||||||||
4.50%, 09/01/26 |
30 | 28,232 | ||||||||||
4.25%, 12/01/26 |
425 | 396,493 | ||||||||||
4.63%, 12/01/29 |
3,379 | 3,074,890 | ||||||||||
4.13%, 08/15/30 |
1,219 | 1,066,826 |
Security |
Par (000) |
Value |
||||||||||
Wireless Telecommunication Services (continued) |
||||||||||||
Vmed O2 U.K. Financing I PLC |
||||||||||||
4.00%, 01/31/29 (a) |
GBP | 200 | $ | 187,878 | ||||||||
4.25%, 01/31/31 (c) |
USD | 257 | 208,045 | |||||||||
4.50%, 07/15/31 (a) |
GBP | 201 | 184,704 | |||||||||
4.75%, 07/15/31 (c) |
USD | 1,668 | 1,355,000 | |||||||||
Vodafone Group PLC, (5 year EUR Swap + 3.48%), 3.00%, 08/27/80 (a)(b) |
EUR | 100 | 85,233 | |||||||||
22,118,210 | ||||||||||||
Total Corporate Bonds — 119.3% (Cost: $1,726,595,819) |
1,574,534,068 | |||||||||||
Floating Rate Loan Interests (b) |
||||||||||||
Aerospace & Defense — 0.5% |
||||||||||||
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.06%, 08/03/29 |
USD | 411 | 398,641 | |||||||||
Peraton Corp. |
||||||||||||
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 12.09%, 02/01/29 |
2,790 | 2,646,404 | ||||||||||
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/01/28 |
4,103 | 3,999,497 | ||||||||||
7,044,542 | ||||||||||||
Air Freight & Logistics — 0.3% |
||||||||||||
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.49%, 04/06/28 |
606 | 493,877 | ||||||||||
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 8.63%, 12/15/28 |
3,935 | 3,269,730 | ||||||||||
3,763,607 | ||||||||||||
Airlines — 0.8% |
||||||||||||
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.99%, 04/20/28 |
2,902 | 2,886,746 | ||||||||||
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 8.13%, 08/11/28 |
1,662 | 1,634,734 | ||||||||||
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 10.00%, 06/21/27 |
1,031 | 1,059,187 | ||||||||||
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 7.99%, 10/20/27 |
1,648 | 1,677,664 | ||||||||||
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.11%, 04/21/28 |
3,389 | 3,340,114 | ||||||||||
10,598,445 | ||||||||||||
Auto Components — 0.0% |
||||||||||||
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/30/26 |
413 | 404,234 | ||||||||||
Banks — 0.3% |
||||||||||||
DirecTV Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 9.38%, 08/02/27 |
4,352 | 4,228,227 | ||||||||||
70 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Beverages — 0.0% |
||||||||||||
Naked Juice LLC, 2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 10.68%, 01/24/30 |
USD | 156 | $ | 122,703 | ||||||||
Building Products — 0.0% |
||||||||||||
Standard Industries, Inc., 2021 Term Loan B, 09/22/28 (m) |
— | (n) |
1 | |||||||||
Capital Markets — 0.2% |
||||||||||||
Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%, 0.50% Floor), 10.25%, 08/02/29 |
994 | 863,182 | ||||||||||
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 11.13%, 04/07/28 |
1,206 | 1,142,685 | ||||||||||
2,005,867 | ||||||||||||
Chemicals — 0.5% |
||||||||||||
Arc Falcon I, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 09/30/28 |
880 | 770,504 | ||||||||||
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26 |
2,309 | 2,163,258 | ||||||||||
Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME + 4.38%, 0.50% Floor), 7.97%, 10/04/29 |
2,514 | 2,285,854 | ||||||||||
W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 8.50%, 09/22/28 |
1,259 | 1,232,586 | ||||||||||
6,452,202 | ||||||||||||
Commercial Services & Supplies — 0.5% |
||||||||||||
Propulsion BC Newco. LLC, Term Loan, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.58%, 09/14/29 |
887 | 860,479 | ||||||||||
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 8.38%, 08/27/25 |
5,469 | 5,422,738 | ||||||||||
6,283,217 | ||||||||||||
Construction & Engineering — 1.2% |
||||||||||||
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 09/30/29 (f) |
2,814 | 2,427,075 | ||||||||||
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 8.49%, 06/21/24 |
14,291 | 12,755,053 | ||||||||||
15,182,128 | ||||||||||||
Construction Materials — 0.0% |
||||||||||||
BCPE Empire Holdings, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 4.63%, 0.50% Floor), 9.05%, 06/11/26 |
191 | 184,843 | ||||||||||
Containers & Packaging — 0.2% |
||||||||||||
Clydesdale Acquisition Holdings, Inc., Term Loan B, (1 mo. SOFR CME + 4.18%, 0.50% Floor), 8.60%, 04/13/29 |
630 | 598,608 | ||||||||||
Mauser Packaging Solutions Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.37%, 04/03/24 |
1,940 | 1,892,069 | ||||||||||
2,490,677 | ||||||||||||
Security |
Par (000) |
Value |
||||||||||
Diversified Consumer Services — 0.1% |
||||||||||||
Amentum Government Services Holdings LLC, Term Loan B, (3 mo. LIBOR + 4.00%), 8.33%, 01/29/27 |
USD | 360 | $ | 351,079 | ||||||||
Ascend Learning LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 12/10/29 |
657 | 560,914 | ||||||||||
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 8.58%, 01/15/27 |
403 | 392,097 | ||||||||||
TruGreen LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%, 0.75% Floor), 13.43%, 11/02/28 (f) |
868 | 633,640 | ||||||||||
1,937,730 | ||||||||||||
Diversified Financial Services — 0.6% |
||||||||||||
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.73%, 02/16/28 |
543 | 532,839 | ||||||||||
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.15%, 12/01/27 |
1,291 | 1,189,262 | ||||||||||
EP Purchaser LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 11/06/28 |
367 | 362,305 | ||||||||||
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 10/01/27 |
1,905 | 1,783,729 | ||||||||||
KKR Apple Bidco LLC |
||||||||||||
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 09/21/29 |
144 | 138,446 | ||||||||||
2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 09/23/28 |
528 | 519,649 | ||||||||||
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 09/25/26 |
313 | 252,978 | ||||||||||
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 9.73%, 09/01/25 |
2,259 | 1,583,925 | ||||||||||
White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.07%, 10/19/27 |
1,260 | 1,215,987 | ||||||||||
7,579,120 | ||||||||||||
Diversified Telecommunication Services — 0.2% |
||||||||||||
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.50%, 05/01/28 |
1,118 | 1,064,094 | ||||||||||
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (6 mo. SOFRTE + 4.50%, 0.50% Floor), 7.44%, 02/01/29 |
2,002 | 1,926,586 | ||||||||||
2,990,680 | ||||||||||||
Electrical Equipment — 0.1% |
||||||||||||
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 6.88%, 03/31/27 |
1,225 | 1,197,021 | ||||||||||
Entertainment — 0.1% |
||||||||||||
Delta 2 Lux SARL, Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 7.57%, 01/15/30 |
728 | 727,090 | ||||||||||
Food Products — 0.0% |
||||||||||||
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.88%, 10/25/27 |
271 | 265,136 | ||||||||||
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Gas Utilities — 0.1% |
||||||||||||
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 12/21/28 |
USD | 1,346 | $ | 1,276,914 | ||||||||
Health Care Providers & Services — 0.3% |
||||||||||||
Envision Healthcare Corp., 2022 First Out Term Loan, (3 mo. SOFR CME + 7.88%, 1.00% Floor), 12.61%, 03/31/27 |
375 | 332,115 | ||||||||||
EyeCare Partners LLC, 2020 Term Loan, (3 mo. LIBOR + 3.75%), 8.48%, 02/18/27 |
735 | 585,552 | ||||||||||
LifePoint Health, Inc., 2018 Term Loan B, (3 mo. LIBOR + 3.75%), 8.16%, 11/16/25 |
442 | 415,560 | ||||||||||
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 11.78%, 04/29/25 |
1,489 | 1,018,902 | ||||||||||
Surgery Center Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.05%, 08/31/26 |
807 | 795,619 | ||||||||||
WCG Purchaser Corp., 2019 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 8.38%, 01/08/27 |
1,225 | 1,109,014 | ||||||||||
4,256,762 | ||||||||||||
Health Care Technology — 1.3% |
||||||||||||
AthenaHealth Group, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 3.50%, 0.50% Floor), 7.82%, 02/15/29 |
7,483 | 6,462,250 | ||||||||||
Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 8.73%, 06/02/28 |
897 | 816,046 | ||||||||||
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 04/02/29 (f) |
9,376 | 9,235,700 | ||||||||||
16,513,996 | ||||||||||||
Hotels, Restaurants & Leisure — 0.2% |
||||||||||||
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 12/23/24 |
1,124 | 1,120,040 | ||||||||||
Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE + 4.00%, 0.50% Floor), 8.32%, 01/27/29 |
1,843 | 1,748,718 | ||||||||||
Great Canadian Gaming Corp., 2021 Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 11/01/26 |
301 | 295,328 | ||||||||||
3,164,086 | ||||||||||||
Household Durables — 0.2% |
||||||||||||
Hunter Douglas, Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 7.86%, 02/26/29 |
1,129 | 989,165 | ||||||||||
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 10/06/28 |
2,074 | 1,688,729 | ||||||||||
2,677,894 | ||||||||||||
Industrial Conglomerates — 0.0% |
||||||||||||
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 1.00% Floor), 11.42%, 09/01/25 |
638 | 512,285 | ||||||||||
Security |
Par (000) |
Value |
||||||||||
Insurance — 0.4% |
||||||||||||
Alliant Holdings Intermediate LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/09/25 |
USD | 1,959 | $ | 1,931,744 | ||||||||
Hub International Ltd., 2022 Term Loan B, (3 mo. SOFR CME + 4.00%, 0.75% Floor), 8.22%, 11/10/29 |
1,381 | 1,364,511 | ||||||||||
Ryan Specialty Group LLC, Term Loan, (1 mo. SOFR CME + 3.00%, 0.75% Floor), 7.42%, 09/01/27 |
540 | 535,736 | ||||||||||
Sedgwick Claims Management Services, Inc. |
||||||||||||
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 12/31/25 |
842 | 817,446 | ||||||||||
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 8.63%, 09/03/26 |
522 | 514,470 | ||||||||||
5,163,907 | ||||||||||||
Interactive Media & Services — 0.2% |
||||||||||||
Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.89%, 01/29/26 |
2,787 | 2,744,996 | ||||||||||
IT Services — 1.4% |
||||||||||||
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, 11/24/28 (m) |
443 | 401,006 | ||||||||||
Boxer Parent Co., Inc. |
||||||||||||
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.50%, 0.50% Floor), 9.88%, 02/27/26 |
2,250 | 2,064,375 | ||||||||||
2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/02/25 |
1,287 | 1,229,750 | ||||||||||
CoreLogic, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 10.94%, 06/04/29 |
1,107 | 775,610 | ||||||||||
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 12/01/27 |
985 | 943,685 | ||||||||||
Optiv Security, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 7.15%, 02/01/24 |
1,213 | 1,156,974 | ||||||||||
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 |
1,080 | 889,628 | ||||||||||
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 12.73%, 10/09/28 |
10,251 | 10,174,117 | ||||||||||
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 05/05/26 |
341 | 317,980 | ||||||||||
17,953,125 | ||||||||||||
Leisure Products — 0.0% |
||||||||||||
Peloton Interactive, Inc., Term Loan, (2 mo. SOFR CME + 6.50%, 0.50% Floor), 11.76%, 05/25/27 |
509 | 499,674 | ||||||||||
Life Sciences Tools & Services — 0.0% |
||||||||||||
ICON Luxembourg SARL, LUX Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |
225 | 224,079 | ||||||||||
PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |
— | (n) |
2 | |||||||||
224,081 | ||||||||||||
Machinery — 0.9% |
||||||||||||
Filtration Group Corp., 2021 Incremental Term Loan, 10/21/28 (m) |
— | (n) |
1 |
72 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Machinery (continued) |
||||||||||||
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 9.38%, 09/21/26 |
USD | 1,975 | $ | 1,952,338 | ||||||||
SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.92%, 04/05/29 |
1,461 | 1,361,660 | ||||||||||
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 8.15%, 03/28/25 |
8,457 | 7,881,893 | ||||||||||
11,195,892 | ||||||||||||
Media — 1.1% |
||||||||||||
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 6.83%, 07/15/25 |
237 | 228,508 | ||||||||||
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 7.91%, 08/21/26 |
6,480 | 5,889,602 | ||||||||||
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.89%, 12/11/26 |
— | (n) |
1 | |||||||||
MH Sub I LLC |
||||||||||||
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 09/13/24 |
2,718 | 2,636,737 | ||||||||||
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 8.13%, 09/13/24 |
491 | 476,616 | ||||||||||
2021 2nd Lien Term Loan, (3 mo. SOFR CME + 6.25%), 10.65%, 02/23/29 |
288 | 256,680 | ||||||||||
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/09/27 |
6,179 | 4,988,083 | ||||||||||
14,476,227 | ||||||||||||
Oil, Gas & Consumable Fuels — 1.0% |
||||||||||||
Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 12.94%, 11/01/25 |
11,117 | 11,717,038 | ||||||||||
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 06/28/24 |
90 | 56,499 | ||||||||||
M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.16%, 09/19/29 |
819 | 818,178 | ||||||||||
12,591,715 | ||||||||||||
Professional Services — 0.1% |
||||||||||||
Element Materials Technology Group |
||||||||||||
U.S. Holdings, Inc. |
||||||||||||
2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |
198 | 193,197 | ||||||||||
2022 USD Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |
429 | 418,593 | ||||||||||
Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME + 4.75%, 0.50% Floor), 9.07%, 04/29/29 |
484 | 436,810 | ||||||||||
1,048,600 | ||||||||||||
Real Estate Management & Development — 0.1% |
||||||||||||
Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/03/28 |
1,850 | 1,740,732 | ||||||||||
Software — 2.6% |
||||||||||||
Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 07/06/29 |
626 | 619,596 |
Security |
Par (000) |
Value |
||||||||||
Software (continued) |
||||||||||||
Cloudera, Inc. |
||||||||||||
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 10.38%, 10/08/29 |
USD | 1,895 | $ | 1,576,414 | ||||||||
2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/08/28 |
2,110 | 1,979,095 | ||||||||||
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/28/24 |
1,926 | 1,613,989 | ||||||||||
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 12.13%, 07/31/28 |
506 | 497,651 | ||||||||||
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 3.75%), 8.48%, 03/11/28 |
303 | 296,836 | ||||||||||
Magenta Buyer LLC |
||||||||||||
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.17%, 07/27/28 |
3,494 | 2,974,177 | ||||||||||
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 12.67%, 07/27/29 |
2,293 | 1,796,176 | ||||||||||
McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME + 3.75%), 7.97%, 03/01/29 |
3,172 | 2,944,802 | ||||||||||
Planview Parent, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 11.98%, 12/18/28 |
850 | 752,250 | ||||||||||
Proofpoint, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 6.25%, 0.50% Floor), 10.98%, 08/31/29 |
2,070 | 1,980,642 | ||||||||||
RealPage, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 10.88%, 04/23/29 |
7,231 | 6,924,012 | ||||||||||
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 7.63%, 05/30/25 |
1,758 | 1,673,131 | ||||||||||
Sabre Global, Inc. |
||||||||||||
2021 Term Loan B1, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/17/27 |
245 | 221,980 | ||||||||||
2021 Term Loan B2, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/17/27 |
392 | 355,475 | ||||||||||
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. SOFR CME + 3.00%), 7.09%, 08/01/25. |
2,154 | 2,135,615 | ||||||||||
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 10/07/27 |
1,116 | 1,075,413 | ||||||||||
Tempo Acquisition LLC, Non-Extended Term Loan, (1 mo. LIBOR + 2.75%), 7.13%, 05/01/24 |
191 | 189,359 | ||||||||||
TIBCO Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 03/30/29 |
2,974 | 2,650,577 | ||||||||||
Ultimate Software Group, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.00%, 05/03/27 |
2,177 | 1,992,820 | ||||||||||
34,250,010 | ||||||||||||
Specialty Retail — 0.0% |
||||||||||||
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 9.44%, 04/16/26 |
426 | 390,687 | ||||||||||
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Textiles, Apparel & Luxury Goods — 0.1% |
||||||||||||
Crocs, Inc., Term Loan B, (3 mo. SOFRTE + 3.50%, 0.50% Floor), 7.80%, 02/20/29 |
USD | 940 | $ | 919,979 | ||||||||
Trading Companies & Distributors — 0.1% |
||||||||||||
Foundation Building Materials, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.66%, 01/31/28 |
561 | 529,714 | ||||||||||
SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.50%), 7.92%, 06/02/28 |
1,279 | 1,219,897 | ||||||||||
1,749,611 | ||||||||||||
Transportation — 0.1% |
||||||||||||
Brown Group Holding, LLC, 2022 Incremental Term Loan B2, (3 mo. SOFR CME + 3.75%, 0.50% Floor), 7.93%, 07/02/29 |
1,274 | 1,268,037 | ||||||||||
Total Floating Rate Loan Interests — 15.8% (Cost: $220,377,842) |
208,076,680 | |||||||||||
Preferred Securities |
||||||||||||
Capital Trusts — 1.1% |
||||||||||||
Aerospace & Defense — 0.0% |
||||||||||||
Air France-KLM, 6.50%, 12/31/99 (a)(i) |
EUR | 100 | 105,258 | |||||||||
Automobiles — 0.1% |
||||||||||||
General Motors Financial Co., Inc., Series C, 5.70% (b)(i) |
USD | 655 | 554,376 | |||||||||
Banks — 0.2% |
||||||||||||
AIB Group PLC, 5.25% (a)(b)(i) |
EUR | 210 | 206,156 | |||||||||
PNC Financial Services Group, Inc., Series V, 6.20% (b)(i) |
USD | 1,417 | 1,384,763 | |||||||||
Toronto-Dominion Bank, 8.13%, 10/31/82 |
1,446 | 1,503,840 | ||||||||||
3,094,759 | ||||||||||||
Diversified Financial Services (b)(i) — 0.5% |
||||||||||||
Barclays PLC |
||||||||||||
4.38% |
2,490 | 1,898,625 | ||||||||||
8.00% |
980 | 916,300 | ||||||||||
BNP Paribas SA, 6.88% (a) |
EUR | 200 | 211,414 | |||||||||
Credit Suisse Group AG, 6.25% (c) |
USD | 600 | 468,918 | |||||||||
Deutsche Bank AG (a) |
||||||||||||
6.75% |
EUR | 200 | 186,936 | |||||||||
10.00% |
200 | 221,254 | ||||||||||
JPMorgan Chase & Co., Series FF, 5.00% |
USD | 3,418 | 3,127,233 | |||||||||
7,030,680 | ||||||||||||
Diversified Telecommunication Services (b) — 0.0% |
||||||||||||
British Telecommunications PLC, 4.88%, 11/23/81 (c) |
200 | 157,338 | ||||||||||
Telefonica Europe BV, 7.13% (a)(i) |
EUR | 200 | 218,372 | |||||||||
375,710 |
Security |
Par (000) |
Value |
||||||||||
Electric Utilities (b)(i) — 0.1% |
||||||||||||
Edison International, Series B, 5.00% |
USD | 940 | $ | 785,793 | ||||||||
Naturgy Finance BV, 2.37% (a) |
EUR | 200 | 185,558 | |||||||||
971,351 | ||||||||||||
Food & Staples Retailing — 0.0% |
||||||||||||
Casino Guichard Perrachon SA, 3.99% (a)(b)(i) |
100 | 18,654 | ||||||||||
Health Care Providers & Services — 0.0% |
||||||||||||
Korian SA, 4.13% (a)(b)(i) |
GBP | 200 | 182,249 | |||||||||
Independent Power and Renewable Electricity Producers — 0.1% |
||||||||||||
Vistra Corp., 7.00% (b)(c)(i) |
USD | 1,272 | 1,157,435 | |||||||||
Media — 0.0% |
||||||||||||
SES SA, 2.88% (a)(b)(i) |
EUR | 134 | 113,834 | |||||||||
Multi-Utilities — 0.0% |
||||||||||||
Electricite de France SA, 7.50%, 12/31/29 (a)(i) |
200 | 212,711 | ||||||||||
Oil, Gas & Consumable Fuels (a)(b)(i) — 0.0% |
||||||||||||
Abertis Infraestructuras Finance BV, 3.25% |
200 | 180,692 | ||||||||||
Repsol International Finance BV, 4.25% |
224 | 213,405 | ||||||||||
394,097 | ||||||||||||
Transportation Infrastructure — 0.0% |
||||||||||||
Poste Italiane SpA, 2.63% (a)(b)(i) |
200 | 162,173 | ||||||||||
Utilities (a)(b)(i) — 0.1% |
||||||||||||
Electricite de France SA |
||||||||||||
3.00% |
200 | 174,580 | ||||||||||
2.88% |
200 | 174,787 | ||||||||||
3.38% |
200 | 154,247 | ||||||||||
503,614 | ||||||||||||
Wireless Telecommunication Services — 0.0% |
||||||||||||
Vodafone Group PLC, 2.63%, 08/27/80 (a)(b) |
400 | 375,368 | ||||||||||
15,252,269 | ||||||||||||
Shares |
||||||||||||
Preferred Stocks — 1.0% |
||||||||||||
Banks — 0.0% |
||||||||||||
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $666,513) (e) |
680,898 | 11,296 | ||||||||||
Commercial Services & Supplies — 0.1% |
||||||||||||
Verscend Intermediate Holding (f) |
790 | 975,413 | ||||||||||
Insurance — 0.1% |
||||||||||||
Alliant Holdings, Inc. (f) |
1,431 | 1,303,628 | ||||||||||
Interactive Media & Services — 0.8% |
||||||||||||
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $6,755,577) (e)(f) |
61,653 | 10,160,841 | ||||||||||
74 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets) |
Security |
Shares |
Value |
||||||
Wireless Telecommunication Services — 0.0% |
||||||||
Ligado Networks LLC, 01/14/22 (o) |
32,168 | $ | 321,684 | |||||
12,772,862 | ||||||||
Total Preferred Securities — 2.1% (Cost: $31,750,156) |
28,025,131 | |||||||
Total Long-Term Investments — 138.1% (Cost: $2,016,617,355) |
1,821,827,846 | |||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.0% |
||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03% (p)(q) |
723,084 | 723,084 | ||||||
Total Short-Term Securities — 0.0% (Cost: $723,084) |
723,084 | |||||||
Options Purchased — 0.1% (Cost: $871,045) |
890,805 | |||||||
Total Investments Before Options Written — 138.2% (Cost: $2,018,211,484) |
1,823,441,735 | |||||||
Options Written — (0.0)% (Premiums Received: $(336,213)) |
(197,392 | ) | ||||||
Total Investments, Net of Options Written — 138.2% (Cost: $2,017,875,271) |
1,823,244,343 | |||||||
Liabilities in Excess of Other Assets — (38.2)% |
(503,800,731) | |||||||
Net Assets — 100.0% |
$ 1,319,443,612 | |||||||
(a) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(c) |
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. |
(d) |
Non-income producing security. |
(e) |
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $10,954,464, representing 0.8% of its net assets as of period end, and an original cost of $9,021,442. |
(f) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(g) |
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(h) |
Issuer filed for bankruptcy and/or is in default. |
(i) |
Perpetual security with no stated maturity date. |
(j) |
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. |
(k) |
Zero-coupon bond. |
(l) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(m) |
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) |
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. |
(p) |
Affiliate of the Trust. |
(q) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 12/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 12/31/22 |
Shares Held at 12/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class |
$ | — | $ | 723,084 | (a) |
$ | — | $ | — | $ | — | $ | 723,084 | 723,084 | $ | 58,612 | $ | — | ||||||||||||||||||
iShares iBoxx $ High Yield Corporate Bond ETF (b) |
— | 13,002,560 | (13,116,820 | ) | 114,260 | — | — | — | — | — | ||||||||||||||||||||||||||
iShares Preferred & Income Securities ETF (b) |
8,004,290 | — | (6,688,816 | ) | (738,522 | ) | (576,952 | ) | — | — | 100,052 | — | ||||||||||||||||||||||||
$ | (624,262 | ) | $ | (576,952 | ) | $ | 723,084 | $ | 158,664 | $ | — | |||||||||||||||||||||||||
(a) |
Represents net amount purchased (sold). |
(b) |
As of period end, the entity is no longer held. |
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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts |
||||||||||||||||
S&P 500 E-Mini Index |
23 | 03/17/23 | $ | 4,440 | $ | 188,778 | ||||||||||
10-Year U.S. Treasury Note |
142 | 03/22/23 | 15,924 | 68,096 | ||||||||||||
U.S. Long Bond |
24 | 03/22/23 | 2,993 | 35,698 | ||||||||||||
Ultra U.S. Treasury Bond |
215 | 03/22/23 | 28,709 | 357,403 | ||||||||||||
5-Year U.S. Treasury Note |
12 | 03/31/23 | 1,294 | 3,384 | ||||||||||||
$ | 653,359 | |||||||||||||||
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||
USD |
3,876,558 | GBP | 3,170,000 | Westpac Banking Corp. | 03/15/23 | $ | 37,521 | |||||||||||
USD |
22,708,996 | EUR | 21,210,000 | Deutsche Bank AG | 03/15/23 | (104,135 | ) | |||||||||||
$ | (66,614 | ) | ||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value |
|||||||||||||||
Put |
||||||||||||||||||||
Euro Stoxx 50 |
8 | 01/20/23 | EUR | 3,725.00 | EUR | 303 | $ | 3,866 | ||||||||||||
SPDR S&P 500 ETF Trust |
1,477 | 01/20/23 | USD | 380.00 | USD | 56,485 | 886,939 | |||||||||||||
$ | 890,805 | |||||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value |
|||||||||||||||
Put |
||||||||||||||||||||
Euro Stoxx 50 |
8 | 01/20/23 | EUR | 3,550.00 | EUR | 303 | $ | (951 | ) | |||||||||||
SPDR S&P 500 ETF Trust |
1,477 | 01/20/23 | USD | 360.00 | USD | 56,485 | (196,441 | ) | ||||||||||||
$ | (197,392 | ) | ||||||||||||||||||
Reference Obligation/Index |
Financing Rate Paid by the Trust |
Payment Frequency |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
iTraxx.FINSUB.38.V1 |
1.00 | % | Quarterly | 12/20/27 | EUR | 127 | $ | 4,313 | $ | 9,720 | $ | (5,407 | ) | |||||||||||||||
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 | Goldman Sachs International | 06/20/23 | N/R | EUR 78 | $ | (4,000 | ) | $ | (4,236 | ) | $ | 236 | |||||||||||||||||||
Casino, Guichard-Perrachon S.A. |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/23 | CCC+ | EUR 80 | (4,103 | ) | (3,381 | ) | (722 | ) | ||||||||||||||||||||||
Casino, Guichard-Perrachon S.A. |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/23 | CCC+ | EUR 52 | (2,667 | ) | (2,351 | ) | (316 | ) | ||||||||||||||||||||||
Novafives S.A.S. |
5.00 | Quarterly | Citibank N.A. | 06/20/23 | B- | EUR 60 | (1,887 | ) | (1,993 | ) | 106 | |||||||||||||||||||||||
Novafives S.A.S. |
5.00 | Quarterly | Goldman Sachs International | 06/20/23 | B- | EUR 26 | (801 | ) | (833 | ) | 32 |
76 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
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) |
|||||||||||||||||||||||||||||||
Novafives S.A.S. |
5.00 | % | Quarterly | Goldman Sachs International | 06/20/23 | B- | EUR | 15 | $ | (457 | ) | $ | (509 | ) | $ | 52 | ||||||||||||||||||||||||||
Casino, Guichard-Perrachon S.A. |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/23 | CCC+ | EUR | 117 | (14,690 | ) | (24,664 | ) | 9,974 | ||||||||||||||||||||||||||||||
CenturyLink, Inc. |
1.00 | Quarterly | Barclays Bank PLC | 12/20/23 | N/R | USD | 856 | (9,555 | ) | (13,404 | ) | 3,849 | ||||||||||||||||||||||||||||||
Saipem Finance International BV |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | BB+ | EUR | 100 | (2,644 | ) | (1,919 | ) | (725 | ) | |||||||||||||||||||||||||||||
Virgin Media Finance PLC |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B | EUR | 70 | 2,775 | 5,852 | (3,077 | ) | |||||||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Bank of America N.A. | 12/20/26 | B+ | EUR | 50 | (7,566 | ) | (1,753 | ) | (5,813 | ) | |||||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Barclays Bank PLC | 12/20/26 | B+ | EUR | 41 | (6,145 | ) | 1,430 | (7,575 | ) | ||||||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Credit Suisse International | 12/20/26 | B+ | EUR | 39 | (5,973 | ) | 1,470 | (7,443 | ) | ||||||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Credit Suisse International | 12/20/26 | B+ | EUR | 55 | (8,322 | ) | 1,905 | (10,227 | ) | ||||||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Morgan Stanley & Co. International PLC |
12/20/26 | B+ | EUR | 55 | (8,322 | ) | 2,258 | (10,580 | ) | ||||||||||||||||||||||||||||||
K&S AG |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/26 | BB+ | EUR | 90 | 8,596 | 6,499 | 2,097 | ||||||||||||||||||||||||||||||||
Cellnex Telecom SA |
5.00 | Quarterly | Credit Suisse International | 06/20/27 | BB+ | EUR | 200 | 25,308 | 16,033 | 9,275 | ||||||||||||||||||||||||||||||||
CMA CGM SA |
5.00 | Quarterly | Credit Suisse International | 06/20/27 | BB+ | EUR | 180 | 6,856 | 7,459 | (603 | ) | |||||||||||||||||||||||||||||||
CMA CGM SA |
5.00 | Quarterly | Credit Suisse International | 06/20/27 | BB+ | EUR | 50 | 1,905 | 1,529 | 376 | ||||||||||||||||||||||||||||||||
CMA CGM SA |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ | EUR | 20 | 762 | 662 | 100 | ||||||||||||||||||||||||||||||||
Ladbrokes Coral Group Ltd. |
1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB | EUR | 50 | (3,928 | ) | (5,030 | ) | 1,102 | ||||||||||||||||||||||||||||||
Ladbrokes Coral Group Ltd. |
1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB | EUR | 180 | (14,142 | ) | (28,889 | ) | 14,747 | ||||||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC- | EUR | 35 | (9,086 | ) | (8,299 | ) | (787 | ) | |||||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC- | EUR | 21 | (5,461 | ) | (4,920 | ) | (541 | ) | |||||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC- | EUR | 59 | (15,351 | ) | (13,829 | ) | (1,522 | ) | |||||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC- | EUR | 17 | (4,454 | ) | (4,122 | ) | (332 | ) | |||||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC- | EUR | 36 | (9,322 | ) | (8,540 | ) | (782 | ) | |||||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Morgan Stanley & Co. International PLC |
12/20/27 | CCC- | EUR | 26 | (6,759 | ) | (6,112 | ) | (647 | ) | |||||||||||||||||||||||||||||
$ | (99,433 | ) | $ | (89,687 | ) | $ | (9,746 | ) | ||||||||||||||||||||||||||||||||||
(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. |
Upfront |
||||||||||||||||||||||||||||||||||||||||||||
Paid by the Trust |
Received by the Trust |
Premium |
Unrealized |
|||||||||||||||||||||||||||||||||||||||||
Effective |
Termination |
Notional |
Paid |
Appreciation |
||||||||||||||||||||||||||||||||||||||||
Rate |
Frequency |
Reference |
Frequency |
Counterparty |
Date |
Date |
Amount (000) |
Value |
(Received) |
(Depreciation) |
||||||||||||||||||||||||||||||||||
1-Day SOFR, 4.32% |
Quarterly | |
Markit iBoxx $ Liquid High Yield Index |
|
Monthly | |
BNP Paribas SA |
|
N/A | 06/20/23 | USD | 1,535 | $ | (23,383 | ) | $ | (10,725 | ) | $ | (12,658 | ) | |||||||||||||||||||||||
1-Day SOFR, 4.32% |
Quarterly | |
Markit iBoxx $ Liquid High Yield Index |
|
Monthly | |
Morgan Stanley & Co. International PLC |
|
N/A | 06/20/23 | USD | 3,049 | (41,162 | ) | (22,046 | ) | (19,116 | ) | ||||||||||||||||||||||||||
1-Day SOFR, 4.32% |
Quarterly | |
Markit iBoxx $ Liquid High Yield Index |
|
Monthly | |
Morgan Stanley & Co. International PLC |
|
N/A | 06/20/23 | USD | 9,430 | (187,099 | ) | (72,919 | ) | (114,180 | ) | ||||||||||||||||||||||||||
$ | (251,644 | ) | $ | (105,690 | ) | $ | (145,954 | ) | ||||||||||||||||||||||||||||||||||||
Description |
Swap Premiums Paid |
Swap Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
Value |
|||||||||||||||
Centrally Cleared Swaps (a) |
$ | 9,720 | $ | — | $ | — | $ | (5,407 | ) | $ | — | |||||||||
OTC Swaps |
45,097 | (240,474 | ) | 41,946 | (197,646 | ) | — | |||||||||||||
Options Written |
N/A | N/A | 138,821 | — | (197,392 | ) |
(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. |
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 |
77 |
Consolidated Schedule of Investments (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
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) |
$ | — | $ | — | $ | 188,778 | $ | — | $ | 464,581 | $ | — | $ | 653,359 | ||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts |
— | — | — | 37,521 | — | — | 37,521 | |||||||||||||||||||||
Options purchased |
||||||||||||||||||||||||||||
Investments at value — unaffiliated (b) |
— | — | 890,805 | — | — | — | 890,805 | |||||||||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized appreciation on OTC swaps; Swap premiums paid |
— | 87,043 | — | — | — | — | 87,043 | |||||||||||||||||||||
$ | — | $ | 87,043 | $ | 1,079,583 | $ | 37,521 | $ | 464,581 | $ | — | $ | 1,668,728 | |||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 104,135 | $ | — | $ | — | $ | 104,135 | ||||||||||||||
Options written |
||||||||||||||||||||||||||||
Options written at value |
— | — | 197,392 | — | — | — | 197,392 | |||||||||||||||||||||
Swaps — centrally cleared |
||||||||||||||||||||||||||||
Unrealized depreciation on centrally cleared swaps (a) |
— | 5,407 | — | — | — | — | 5,407 | |||||||||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized depreciation on OTC swaps; Swap premiums received |
— | 186,476 | — | — | 251,644 | — | 438,120 | |||||||||||||||||||||
$ | — | $ | 191,883 | $ | 197,392 | $ | 104,135 | $ | 251,644 | $ | — | $ | 745,054 | |||||||||||||||
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
(b) |
Includes options purchased at value as reported in the Consolidated Schedule of Investments. |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (350,676 | ) | $ | — | $ | 3,428,368 | $ | — | $ | 3,077,692 | |||||||||||||
Forward foreign currency exchange contracts |
— | — | — | 4,312,315 | — | — | 4,312,315 | |||||||||||||||||||||
Options purchased (a) |
— | (34,214 | ) | 26,011 | — | (5,345 | ) | — | (13,548 | ) | ||||||||||||||||||
Options written |
— | (545 | ) | 128,812 | — | — | — | 128,267 | ||||||||||||||||||||
Swaps |
— | 59,580 | — | — | (4,002,598 | ) | — | (3,943,018 | ) | |||||||||||||||||||
$ | — | $ | 24,821 | $ | (195,853 | ) | $ | 4,312,315 | $ | (579,575 | ) | $ | — | $ | 3,561,708 | |||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 188,778 | $ | — | $ | 463,095 | $ | — | $ | 651,873 | ||||||||||||||
Forward foreign currency exchange contracts |
— | — | — | 372,219 | — | — | 372,219 | |||||||||||||||||||||
Options purchased (b) |
— | — | 28,791 | — | — | — | 28,791 | |||||||||||||||||||||
Options written |
— | — | 131,133 | — | — | — | 131,133 | |||||||||||||||||||||
Swaps |
— | (86,755 | ) | — | — | (577,321 | ) | — | (664,076 | ) | ||||||||||||||||||
$ | — | $ | (86,755 | ) | $ | 348,702 | $ | 372,219 | $ | (114,226 | ) | $ | — | $ | 519,940 | |||||||||||||
(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. |
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 28,885,368 |
78 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
Forward foreign currency exchange contracts: |
||||
Average amounts purchased — in USD |
$ | 36,194,835 | ||
Average amounts sold — in USD |
$ | 55,769 | ||
Options: |
||||
Average value of option contracts purchased |
$ | 317,828 | ||
Average value of option contracts written |
$ | 81,008 | ||
Average notional value of swaption contracts purchased |
$ | 686,035 | ||
Average notional value of swaption contracts written |
$ | 98,005 | ||
Credit default swaps: |
||||
Average notional value — buy protection |
$ | 94,505 | ||
Average notional value — sell protection |
$ | 3,076,479 | ||
Total return swaps: |
||||
Average notional value |
$ | 28,223,000 |
Assets |
Liabilities |
|||||||
Derivative Financial Instruments |
||||||||
Futures contracts |
$ | 351,742 | $ | — | ||||
Forward foreign currency exchange contracts |
37,521 | 104,135 | ||||||
Options |
890,805 | 197,392 | ||||||
Swaps — centrally cleared |
4,173 | — | ||||||
Swaps — OTC (a) |
87,043 | 438,120 | ||||||
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |
1,371,284 | 739,647 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(1,246,720 | ) | (197,392 | ) | ||||
Total derivative assets and liabilities subject to an MNA |
$ | 124,564 | $ | 542,255 | ||||
(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) | ||||||||||||||||||||
Barclays Bank PLC |
$ | 5,279 | $ | (5,279) | $ | — | $ | — | $ | — | |||||||||||||||
Citibank N.A. |
106 | (106) | — | — | — | ||||||||||||||||||||
Credit Suisse International |
38,047 | (18,273) | — | — | 19,774 | ||||||||||||||||||||
Goldman Sachs International |
320 | (320) | — | — | — | ||||||||||||||||||||
JPMorgan Chase Bank N.A. |
41,033 | (41,033) | — | — | — | ||||||||||||||||||||
Morgan Stanley & Co. International PLC |
2,258 | (2,258) | — | — | — | ||||||||||||||||||||
Westpac Banking Corp. |
37,521 | — | — | — | 37,521 | ||||||||||||||||||||
$ | 124,564 | $ | (67,269) | $ | — | $ | — | $ | 57,295 | ||||||||||||||||
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 |
79 |
Consolidated Schedule of Investments (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available |
Non-Cash Collateral Pledged |
Cash Collateral Pledged |
Net Amount of Derivative |
|||||||||||||||
for Offset |
(a) |
Liabilities |
(b)(d) | |||||||||||||||||
Bank of America N.A. |
$ | 16,652 | $ | — | $ | — | $ | — | $ | 16,652 | ||||||||||
Barclays Bank PLC |
41,791 | (5,279) | — | — | 36,512 | |||||||||||||||
BNP Paribas SA |
23,383 | — | — | — | 23,383 | |||||||||||||||
Citibank N.A. |
6,447 | (106) | — | — | 6,341 | |||||||||||||||
Credit Suisse International |
18,273 | (18,273) | — | — | — | |||||||||||||||
Deutsche Bank AG |
104,135 | — | — | — | 104,135 | |||||||||||||||
Goldman Sachs International |
5,578 | (320) | — | — | 5,258 | |||||||||||||||
JPMorgan Chase Bank N.A. |
80,396 | (41,033) | — | (20,000) | 19,363 | |||||||||||||||
Morgan Stanley & Co. International PLC |
245,600 | (2,258) | — | — | 243,342 | |||||||||||||||
$ | 542,255 | $ | (67,269) | $ | — | $ | (20,000) | $ | 454,986 | |||||||||||
(a) |
The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. |
(b) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(c) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(d) |
Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Asset-Backed Securities |
$ | — | $ | 2,120,176 | $ | — | $ | 2,120,176 | ||||||||
Common Stocks |
||||||||||||||||
Building Products |
22,758 | — | — | 22,758 | ||||||||||||
Chemicals |
1,925,670 | — | — | 1,925,670 | ||||||||||||
Consumer Finance |
25 | — | — | 25 | ||||||||||||
Containers & Packaging |
— | 782,327 | — | 782,327 | ||||||||||||
Diversified Financial Services |
— | — | 22,236 | 22,236 | ||||||||||||
Electrical Equipment |
18,481 | — | — | 18,481 | ||||||||||||
IT Services |
413,421 | — | — | 413,421 | ||||||||||||
Media |
111,494 | — | — | 111,494 | ||||||||||||
Metals & Mining |
1,644,287 | — | — | 1,644,287 | ||||||||||||
Oil, Gas & Consumable Fuels |
2,748,750 | — | — | 2,748,750 | ||||||||||||
Road & Rail |
367,488 | — | — | 367,488 | ||||||||||||
Semiconductors & Semiconductor Equipment |
2,056 | — | — | 2,056 | ||||||||||||
Software |
1,012,798 | — | — | 1,012,798 | ||||||||||||
Corporate Bonds |
||||||||||||||||
Aerospace & Defense |
— | 79,289,829 | — | 79,289,829 | ||||||||||||
Airlines |
156,685 | 30,261,019 | — | 30,417,704 | ||||||||||||
Auto Components |
— | 25,819,163 | — | 25,819,163 | ||||||||||||
Automobiles |
— | 30,592,820 | — | 30,592,820 | ||||||||||||
Banks |
— | 8,307,428 | — | 8,307,428 | ||||||||||||
Beverages |
— | 29,042,764 | — | 29,042,764 | ||||||||||||
Biotechnology |
— | 278,987 | — | 278,987 | ||||||||||||
Building Materials |
— | 15,397,404 | — | 15,397,404 | ||||||||||||
Building Products |
— | 21,111,718 | — | 21,111,718 | ||||||||||||
Capital Markets |
— | 28,772,368 | — | 28,772,368 | ||||||||||||
Chemicals |
— | 42,547,899 | — | 42,547,899 | ||||||||||||
Commercial Services & Supplies |
— | 21,585,823 | — | 21,585,823 | ||||||||||||
Communications Equipment |
— | 14,782,801 | — | 14,782,801 | ||||||||||||
Construction Materials |
— | 1,705,063 | — | 1,705,063 | ||||||||||||
Consumer Discretionary |
— | 32,762,355 | — | 32,762,355 |
80 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Corporate Bonds (continued) |
||||||||||||||||
Consumer Finance |
$ | 76,547 | $ | 44,521,917 | $ | — | $ | 44,598,464 | ||||||||
Containers & Packaging |
— | 11,155,321 | — | 11,155,321 | ||||||||||||
Diversified Consumer Services |
— | 38,569,022 | — | 38,569,022 | ||||||||||||
Diversified Financial Services |
— | 19,179,967 | — | 19,179,967 | ||||||||||||
Diversified Telecommunication Services |
— | 49,873,657 | — | 49,873,657 | ||||||||||||
Electric Utilities |
— | 7,692,999 | — | 7,692,999 | ||||||||||||
Electrical Equipment |
— | 2,716,642 | — | 2,716,642 | ||||||||||||
Electronic Equipment, Instruments & Components |
— | 12,240,332 | — | 12,240,332 | ||||||||||||
Energy Equipment & Services |
— | 10,047,434 | — | 10,047,434 | ||||||||||||
Environmental, Maintenance & Security Service |
— | 16,538,382 | — | 16,538,382 | ||||||||||||
Equity Real Estate Investment Trusts (REITs) |
— | 22,886,363 | — | 22,886,363 | ||||||||||||
Food & Staples Retailing |
— | 20,678,730 | — | 20,678,730 | ||||||||||||
Food Products |
— | 19,238,017 | — | 19,238,017 | ||||||||||||
Gas Utilities |
— | 456,441 | — | 456,441 | ||||||||||||
Health Care Equipment & Supplies |
— | 7,633,624 | — | 7,633,624 | ||||||||||||
Health Care Providers & Services |
— | 45,257,744 | — | 45,257,744 | ||||||||||||
Health Care Technology |
— | 15,072,441 | — | 15,072,441 | ||||||||||||
Hotels, Restaurants & Leisure |
69,227 | 68,400,949 | — | 68,470,176 | ||||||||||||
Household Durables |
— | 15,265,657 | — | 15,265,657 | ||||||||||||
Household Products |
— | 1,717,486 | — | 1,717,486 | ||||||||||||
Independent Power and Renewable Electricity Producers |
— | 7,944,013 | — | 7,944,013 | ||||||||||||
Insurance |
— | 37,672,425 | — | 37,672,425 | ||||||||||||
Interactive Media & Services |
— | 5,715,457 | — | 5,715,457 | ||||||||||||
Internet Software & Services |
— | 25,846,445 | — | 25,846,445 | ||||||||||||
IT Services |
— | 33,858,488 | — | 33,858,488 | ||||||||||||
Leisure Products |
— | 2,721,614 | — | 2,721,614 | ||||||||||||
Machinery |
— | 22,445,844 | — | 22,445,844 | ||||||||||||
Marine |
— | 240,521 | — | 240,521 | ||||||||||||
Media |
— | 182,236,482 | — | 182,236,482 | ||||||||||||
Metals & Mining |
— | 41,937,492 | — | 41,937,492 | ||||||||||||
Mortgage Real Estate Investment Trusts (REITs) |
— | 155,633 | — | 155,633 | ||||||||||||
Multiline Retail |
— | 1,675,834 | — | 1,675,834 | ||||||||||||
Multi-Utilities |
— | 1,227,239 | — | 1,227,239 | ||||||||||||
Offshore Drilling & Other Services |
— | 12,033,646 | — | 12,033,646 | ||||||||||||
Oil, Gas & Consumable Fuels |
520,286 | 222,400,091 | — | 222,920,377 | ||||||||||||
Personal Products |
— | 280,555 | — | 280,555 | ||||||||||||
Pharmaceuticals |
— | 13,686,325 | — | 13,686,325 | ||||||||||||
Real Estate |
— | 2,110,647 | — | 2,110,647 | ||||||||||||
Real Estate Management & Development |
— | 6,150,415 | — | 6,150,415 | ||||||||||||
Road & Rail |
— | 9,405,337 | — | 9,405,337 | ||||||||||||
Semiconductors & Semiconductor Equipment |
163,833 | 21,225,078 | — | 21,388,911 | ||||||||||||
Software |
— | 65,633,713 | — | 65,633,713 | ||||||||||||
Specialty Retail |
— | 6,010,778 | — | 6,010,778 | ||||||||||||
Technology Hardware, Storage & Peripherals |
— | 1,885,272 | — | 1,885,272 | ||||||||||||
Textiles, Apparel & Luxury Goods |
185,427 | 2,778,643 | — | 2,964,070 | ||||||||||||
Thrifts & Mortgage Finance |
— | 8,721,501 | — | 8,721,501 | ||||||||||||
Transportation |
— | 508,996 | — | 508,996 | ||||||||||||
Transportation Infrastructure |
— | 103,577 | — | 103,577 | ||||||||||||
Utilities |
— | 3,231,226 | — | 3,231,226 | ||||||||||||
Wireless Telecommunication Services |
— | 22,118,210 | — | 22,118,210 | ||||||||||||
Floating Rate Loan Interests |
— | 195,780,265 | 12,296,415 | 208,076,680 | ||||||||||||
Preferred Securities |
||||||||||||||||
Capital Trusts |
||||||||||||||||
Aerospace & Defense |
105,258 | — | — | 105,258 | ||||||||||||
Automobiles |
— | 554,376 | — | 554,376 | ||||||||||||
Banks |
— | 3,094,759 | — | 3,094,759 | ||||||||||||
Diversified Financial Services |
— | 7,030,680 | — | 7,030,680 | ||||||||||||
Diversified Telecommunication Services |
— | 375,710 | — | 375,710 | ||||||||||||
Electric Utilities |
— | 971,351 | — | 971,351 | ||||||||||||
Food & Staples Retailing |
— | 18,654 | — | 18,654 | ||||||||||||
Health Care Providers & Services |
— | 182,249 | — | 182,249 | ||||||||||||
Independent Power and Renewable Electricity Producers |
— | 1,157,435 | — | 1,157,435 | ||||||||||||
Media |
— | 113,834 | — | 113,834 |
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 |
81 |
Consolidated Schedule of Investments (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Capital Trusts (continued) |
||||||||||||||||
Multi-Utilities |
$ | — | $ | 212,711 | $ | — | $ | 212,711 | ||||||||
Oil, Gas & Consumable Fuels |
— | 394,097 | — | 394,097 | ||||||||||||
Transportation Infrastructure |
— | 162,173 | — | 162,173 | ||||||||||||
Utilities |
— | 503,614 | — | 503,614 | ||||||||||||
Wireless Telecommunication Services |
— | 375,368 | — | 375,368 | ||||||||||||
Preferred Stocks |
— | 321,684 | 12,439,882 | 12,761,566 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
723,084 | — | — | 723,084 | ||||||||||||
Options Purchased |
||||||||||||||||
Equity Contracts |
890,805 | — | — | 890,805 | ||||||||||||
Liabilities |
||||||||||||||||
Unfunded Floating Rate Loan Interests (a) |
— | (93,418 | ) | — | (93,418 | ) | ||||||||||
$ | 11,158,380 | $ | 1,787,420,108 | $ | 24,758,533 | 1,823,337,021 | ||||||||||
Investments Valued at NAV (b) |
11,296 | |||||||||||||||
$ | 1,823,348,317 | |||||||||||||||
Derivative Financial Instruments (c) |
||||||||||||||||
Assets |
||||||||||||||||
Credit Contracts |
$ | — | $ | 41,946 | $ | — | $ | 41,946 | ||||||||
Equity Contracts |
188,778 | — | — | 188,778 | ||||||||||||
Foreign Currency Exchange Contracts |
— | 37,521 | — | 37,521 | ||||||||||||
Interest Rate Contracts |
464,581 | — | — | 464,581 | ||||||||||||
Liabilities |
||||||||||||||||
Credit Contracts |
— | (57,099 | ) | — | (57,099 | ) | ||||||||||
Equity Contracts |
(197,392 | ) | — | — | (197,392 | ) | ||||||||||
Foreign Currency Exchange Contracts |
— | (104,135 | ) | — | (104,135 | ) | ||||||||||
Interest Rate Contracts |
— | (145,954 | ) | — | (145,954 | ) | ||||||||||
$ | 455,967 | $ | (227,721 | ) | $ | — | $ | 228,246 | ||||||||
(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. |
Common Stocks |
Floating Rate Loan Interests |
Preferred Stocks |
Total |
|||||||||||||
Assets |
||||||||||||||||
Opening balance, as of December 31, 2021 |
$ | 22,236 | $ | 15,655,042 | $ | 12,823,367 | $ | 28,500,645 | ||||||||
Transfers into Level 3 |
— | 876,680 | — | 876,680 | ||||||||||||
Transfers out of Level 3 |
— | (2,360,869 | ) | — | (2,360,869 | ) | ||||||||||
Accrued discounts/premiums |
— | 24,146 | — | 24,146 | ||||||||||||
Net realized gain (loss) |
43,175 | 118,262 | 161,437 | |||||||||||||
Net change in unrealized appreciation (depreciation) (a)(b) |
— | (825,133 | ) | (138,806 | ) | (963,939 | ) | |||||||||
Purchases |
— | 1,261,072 | — | 1,261,072 | ||||||||||||
Sales |
— | (2,377,698 | ) | (362,941 | ) | (2,740,639 | ) | |||||||||
Closing balance, as of December 31, 2022 |
$ | 22,236 | $ | 12,296,415 | $ | 12,439,882 | $ | 24,758,533 | ||||||||
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 (b) |
$ | — | $ | (715,129 | ) | $ | (138,806 | ) | $ | (853,935 | ) | |||||
(a) |
Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations. |
(b) |
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end. |
82 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
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 |
83 |
Schedule of Investments December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities |
||||||||
AGL CLO 12 Ltd. |
||||||||
Series 2021-12A, Class B, (3 mo. LIBOR US + 1.60%), 5.84%, 07/20/34 (a)(b) |
$ | 890 | $ | 851,679 | ||||
Series 2021-12A, Class C, 6.09%, 07/20/34 |
500 | 460,371 | ||||||
AIG CLO LLC (a)(b) |
||||||||
Series 2018-1A, Class A1R, (3 mo. LIBOR US + 1.12%), 5.36%, 04/20/32 |
3,500 | 3,431,266 | ||||||
Series 2021-1A, Class A, (3 mo. LIBOR US + 1.10%), 5.42%, 04/22/34 |
2,000 | 1,943,904 | ||||||
AIMCO CLO 14 Ltd., Series 2021-14A, Class A, (3 mo. LIBOR US + 0.99%), 5.23%, 04/20/34 (a)(b) |
3,000 | 2,912,227 | ||||||
Allegro CLO II-S Ltd., Series 2014-1RA, Class B, (3 mo. LIBOR US + 2.15%), 6.43%, 10/21/28 (a)(b) |
500 | 484,387 | ||||||
Allegro CLO VI Ltd. (a)(b) |
||||||||
Series 2017-2A, Class B, (3 mo. LIBOR US + 1.50%), 5.58%, 01/17/31 |
360 | 341,922 | ||||||
Series 2017-2A, Class C, (3 mo. LIBOR US + 1.80%), 5.88%, 01/17/31 |
2,400 | 2,234,470 | ||||||
American Airlines, Inc., 5.18%, 08/15/23 (c) |
790 | 787,722 | ||||||
Anchorage Capital CLO 3-R Ltd. (a)(b) |
||||||||
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.85%), 6.22%, 01/28/31 |
1,000 | 930,681 | ||||||
Series 2014-3RA, Class D, (3 mo. LIBOR US + 2.60%), 6.97%, 01/28/31 |
1,000 | 885,319 | ||||||
Anchorage Capital CLO Ltd., Series 2013-1A, Class BR, (3 mo. LIBOR US + 2.15%), 6.09%, 10/13/30 (a)(b) |
1,000 | 963,663 | ||||||
Apidos CLO XV, Series 2013-15A, Class DRR, (3 mo. LIBOR US + 2.70%), 6.94%, 04/20/31 (a)(b) |
1,000 | 903,201 | ||||||
Apidos CLO XX, Series 2015-20A, Class BRR, (3 mo. LIBOR US + 1.95%), 6.03%, 07/16/31 (a)(b) |
1,000 | 949,063 | ||||||
Apidos CLO XXXVII, Series 2021-37A, Class A, 5.45%, 10/22/34 |
3,000 | 2,924,225 | ||||||
Ares XLIX CLO Ltd., Series 2018-49A, Class D, (3 mo. LIBOR US + 3.00%), 7.32%, 07/22/30 (a)(b) |
1,000 | 909,658 | ||||||
Ares XLVII CLO Ltd., Series 2018-47A, Class D, (3 mo. LIBOR US + 2.70%), 6.78%, 04/15/30 (a)(b) |
1,500 | 1,327,451 | ||||||
Ares XLVIII CLO Ltd., Series 2018-48A, Class C, (3 mo. LIBOR US + 1.80%), 6.04%, 07/20/30 (a)(b) |
500 | 466,259 | ||||||
Ares XXXVII CLO Ltd. (a)(b) |
||||||||
Series 2015-4A, Class A3R, (3 mo. LIBOR US + 1.50%), 5.58%, 10/15/30 |
1,000 | 965,350 | ||||||
Series 2015-4A, Class BR, (3 mo. LIBOR US + 1.80%), 5.88%, 10/15/30 |
1,750 | 1,655,871 | ||||||
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3 mo. LIBOR US + 1.18%), 5.50%, 10/24/31 (a)(b) |
400 | 390,756 | ||||||
Atrium XV, Series 15A, Class C, (3 mo. LIBOR US + 2.20%), 6.52%, 01/23/31 (a)(b) |
250 | 239,123 | ||||||
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class B, (3 mo. LIBOR US + 2.00%), 6.08%, 10/15/30 (a)(b) |
1,000 | 945,778 | ||||||
Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class A1R, (3 mo. LIBOR US + 1.03%), 5.11%, 01/17/32 (a)(b) |
1,900 | 1,864,822 | ||||||
Canyon CLO Ltd., Series 2020-3A, Class C, (3 mo. LIBOR US + 2.50%), 6.58%, 01/15/34 (a)(b) |
500 | 472,755 | ||||||
Carlyle C17 CLO Ltd., Series C17A, Class BR, (3 mo. LIBOR US + 1.85%), 6.26%, 04/30/31 (a)(b) |
1,000 | 941,038 | ||||||
CarVal CLO I Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.89%), 6.97%, 07/16/31 (a)(b) |
500 | 461,882 |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities (continued) |
||||||||
Cedar Funding XII CLO Ltd., Series 2020-12A, Class A1R, (3 mo. LIBOR US + 1.13%), 5.49%, 10/25/34 (a)(b) |
$ | 1,000 | $ | 974,701 | ||||
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class A, (3 mo. LIBOR US + 1.10%), 5.18%, 07/15/33 (a)(b) |
2,000 | 1,964,000 | ||||||
CIFC Funding I Ltd., Series 2021-1A, Class A1, (3 mo. LIBOR US + 1.11%), 5.47%, 04/25/33 (a)(b) |
1,500 | 1,475,250 | ||||||
CIFC Funding II Ltd. (a)(b) |
||||||||
Series 2019-2A, Class BR, (3 mo. LIBOR US + 1.50%), 5.58%, 04/17/34 |
900 | 858,276 | ||||||
Series 2020-2A, Class AR, (3 mo. LIBOR US + 1.17%), 5.41%, 10/20/34 |
1,200 | 1,169,735 | ||||||
CIFC Funding Ltd. (a)(b) |
||||||||
Series 2013-2A, Class A3LR, (3 mo. LIBOR US + 1.95%), 6.14%, 10/18/30 |
1,000 | 941,063 | ||||||
Series 2013-2A, Class B1LR, (3 mo. LIBOR US + 3.05%), 7.24%, 10/18/30 |
1,000 | 909,872 | ||||||
Series 2018-1A, Class C, (3 mo. LIBOR US + 1.75%), 5.94%, 04/18/31 |
1,000 | 941,737 | ||||||
Series 2018-1A, Class D, (3 mo. LIBOR US + 2.65%), 6.84%, 04/18/31 |
1,200 | 1,113,176 | ||||||
Dryden 77 CLO Ltd., Series 2020-77A, Class AR, (3 mo. LIBOR US + 1.12%), 5.80%, 05/20/34 (a)(b) |
3,500 | 3,398,706 | ||||||
Elmwood CLO 15 Ltd., Series 2022-2A, Class A1, (3 mo. SOFR + 1.34%), 5.38%, 04/22/35 (a)(b) |
1,200 | 1,169,864 | ||||||
Elmwood CLO II Ltd., Series 2019-2A, Class AR, (3 mo. LIBOR US + 1.15%), 5.39%, 04/20/34 (a)(b) |
2,000 | 1,949,395 | ||||||
Elmwood CLO V Ltd., Series 2022-2A, Class AR, 5.39%, 10/20/34 |
1,000 | 975,817 | ||||||
Elmwood CLO VIII Ltd., Series 2021-1A, Class A1, (3 mo. LIBOR US + 1.24%), 5.48%, 01/20/34 (a)(b) |
2,000 | 1,952,377 | ||||||
Elmwood CLO XII Ltd., Series 2019-2A, Class B, 5.94%, 01/20/35 |
2,000 | 1,908,703 | ||||||
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3 mo. LIBOR US + 2.60%), 6.84%, 04/20/31 (a)(b) |
1,000 | 941,109 | ||||||
Generate CLO 2 Ltd. (a)(b) |
||||||||
Series 2A, Class CR, (3 mo. LIBOR US + 1.85%), 6.17%, 01/22/31 |
1,500 | 1,416,417 | ||||||
Series 2A, Class DR, (3 mo. LIBOR US + 2.60%), 6.92%, 01/22/31 |
1,800 | 1,621,978 | ||||||
Generate CLO 6 Ltd., Series A1R, Class 6A, 5.52%, 01/22/35 |
2,500 | 2,426,572 | ||||||
Golub Capital Partners CLO 52B Ltd., Series 2020- 52A, Class A1, 5.68%, 01/20/34 |
2,000 | 1,960,328 | ||||||
Golub Capital Partners CLO 53B Ltd., Series 2021- 53A, Class B, 6.04%, 07/20/34 |
1,000 | 962,921 | ||||||
Greenwood Park CLO Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.50%), 6.58%, 04/15/31 (a)(b) |
1,000 | 897,334 | ||||||
HalseyPoint CLO 4 Ltd., Series 2021-4A, Class A, 5.46%, 04/20/34 |
2,000 | 1,948,309 | ||||||
Highbridge Loan Management Ltd. (a)(b) |
||||||||
Series 12A-18, Class B, (3 mo. LIBOR US + 1.85%), 6.04%, 07/18/31 |
1,250 | 1,169,856 | ||||||
Series 4A-2014, Class A2R, (3 mo. LIBOR US + 1.50%), 5.87%, 01/28/30 |
650 | 627,498 | ||||||
HPS Loan Management Ltd., Series 6A-2015, Class BR, (3 mo. LIBOR US + 1.75%), 6.28%, 02/05/31 (a)(b) |
1,500 | 1,400,661 | ||||||
Long Point Park CLO Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 1.70%), 5.78%, 01/17/30 (a)(b) |
1,000 | 934,947 |
84 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities (continued) |
||||||||
Madison Park Funding L Ltd., Series 2021-50A, Class A, (3 mo. LIBOR US + 1.14%), 5.37%, 04/19/34 (a)(b) |
$ | 1,270 | $ | 1,244,210 | ||||
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR2, (3 mo. LIBOR US + 1.90%), 6.13%, 04/19/30 (a)(b) |
1,000 | 964,395 | ||||||
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, (3 mo. LIBOR US + 1.15%), 5.38%, 04/19/33 (a)(b) |
1,000 | 983,387 | ||||||
Madison Park Funding XXVII Ltd. (a)(b) |
||||||||
Series 2018-27A, Class B, (3 mo. LIBOR US + 1.80%), 6.04%, 04/20/30 |
1,000 | 941,692 | ||||||
Series 2018-27A, Class C, (3 mo. LIBOR US + 2.60%), 6.84%, 04/20/30 |
1,000 | 929,792 | ||||||
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, (3 mo. LIBOR US + 1.12%), 5.20%, 07/17/34 (a)(b) |
1,070 | 1,041,284 | ||||||
Marble Point CLO XI Ltd., Series 2017-2A, Class B, (3 mo. LIBOR US + 1.50%), 5.69%, 12/18/30 (a)(b) |
1,000 | 949,932 | ||||||
MP CLO III Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR US + 2.00%), 6.24%, 10/20/30 (a)(b) |
1,000 | 933,578 | ||||||
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR2, (3 mo. LIBOR US + 3.00%), 7.28%, 10/21/30 (a)(b) |
2,700 | 2,499,210 | ||||||
Neuberger Berman CLO XXII Ltd. (a)(b) |
||||||||
Series 2016-22A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 10/17/30 |
400 | 388,125 | ||||||
Series 2016-22A, Class CR, (3 mo. LIBOR US + 2.20%), 6.28%, 10/17/30 |
1,000 | 952,415 | ||||||
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A, Class C, (3 mo. LIBOR US + 1.75%), 5.94%, 10/18/30 (a)(b) |
1,500 | 1,411,401 | ||||||
Neuberger Berman Loan Advisers CLO 27 Ltd., Series 2018-27A, Class D, (3 mo. LIBOR US + 2.60%), 6.68%, 01/15/30 (a)(b) |
1,000 | 929,513 | ||||||
Neuberger Berman Loan Advisers CLO 47 Ltd., 5.13%, 04/14/35 |
1,000 | 974,691 | ||||||
OCP CLO Ltd. (a)(b) |
||||||||
Series 2014-6A, Class BR, (3 mo. LIBOR US + 2.15%), 6.23%, 10/17/30 |
500 | 477,499 | ||||||
Series 2016-11A, Class BR, (3 mo. LIBOR US + 2.45%), 6.78%, 10/26/30 |
1,500 | 1,453,831 | ||||||
Series 2017-14A, Class B, (3 mo. LIBOR US + 1.95%), 6.63%, 11/20/30 |
1,000 | 949,888 | ||||||
Octagon Investment Partners 26 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 2.85%), 6.93%, 07/15/30 (a)(b) |
500 | 450,852 | ||||||
Octagon Investment Partners 33 Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.75%), 6.99%, 01/20/31 (a)(b) |
1,000 | 884,522 | ||||||
Octagon Investment Partners 34 Ltd., Series 2017-1A, Class B1, (3 mo. LIBOR US + 1.40%), 5.64%, 01/20/30 (a)(b) |
1,000 | 965,726 | ||||||
Octagon Investment Partners XVII Ltd. (a)(b) |
||||||||
Series 2013-1A, Class BR2, (3 mo. LIBOR US + 1.40%), 5.76%, 01/25/31 |
1,000 | 963,766 | ||||||
Series 2013-1A, Class CR2, (3 mo. LIBOR US + 1.70%), 6.06%, 01/25/31 |
1,000 | 931,161 |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities (continued) |
||||||||
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class CRR, (3 mo. LIBOR US + 1.90%), 6.22%, 01/22/30 (a)(b) |
$ | 900 | $ | 846,100 | ||||
OHA Credit Funding 10 Ltd., Series 2021-10A, Class A, 5.32%, 01/18/36 |
1,500 | 1,460,229 | ||||||
OHA Credit Funding 3 Ltd., Series 2019-3A, Class AR, (3 mo. LIBOR US + 1.14%), 5.38%, 07/02/35 (a)(b) |
1,750 | 1,708,041 | ||||||
OHA Credit Funding 5 Ltd., Series 2020-5A, Class A1, (3 mo. LIBOR US + 1.17%), 5.36%, 04/18/33 (a)(b) |
1,000 | 981,683 | ||||||
OHA Credit Funding 7 Ltd., Series 2020-7A, Class AR, (3 mo. SOFR + 1.30%), 5.26%, 02/24/37 (a)(b) |
1,250 | 1,217,089 | ||||||
OHA Credit Partners XII Ltd., Series 2015-12A, Class DR, (3 mo. LIBOR US + 2.90%), 7.22%, 07/23/30 (a)(b) |
600 | 556,910 | ||||||
OHA Credit Partners XVI, Series 2021-16A, Class A, 5.34%, 10/18/34 |
750 | 731,354 | ||||||
OZLM XXI Ltd., Series 2017-21A, Class B, (3 mo. LIBOR US + 1.90%), 6.14%, 01/20/31 (a)(b) |
1,800 | 1,682,674 | ||||||
Palmer Square CLO Ltd. (a)(b) |
||||||||
Series 2015-1A, Class A2R4, (3 mo. LIBOR US + 1.70%), 6.38%, 05/21/34 |
2,500 | 2,381,399 | ||||||
Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.45%), 5.64%, 04/18/31 |
1,500 | 1,452,800 | ||||||
Series 2019-1A, Class CR, (3 mo. LIBOR US + 3.05%), 7.70%, 11/14/34 |
1,000 | 922,903 | ||||||
Series 2020-3A, Class A1AR, (3 mo. LIBOR US + 1.08%), 5.69%, 11/15/31 |
1,500 | 1,472,158 | ||||||
Series 2021-2A, Class A, (3 mo. LIBOR US + 1.15%), 5.23%, 07/15/34 |
2,000 | 1,952,156 | ||||||
Park Avenue Institutional Advisers CLO Ltd., Series 2019-1A, Class C, (3 mo. LIBOR US + 3.85%), 8.46%, 05/15/32 (a)(b) |
1,500 | 1,277,931 | ||||||
Regatta VI Funding Ltd., Series 2016-1A, Class AR2, (3 mo. LIBOR US + 1.16%), 5.40%, 04/20/34 (a)(b) |
2,000 | 1,949,093 | ||||||
Regatta VII Funding Ltd., Series 2016-1A, Class DR2, (3 mo. LIBOR US + 3.05%), 7.80%, 06/20/34 (a)(b) |
500 | 464,746 | ||||||
Regatta XV Funding Ltd., Series 2018-4A, Class A2, (3 mo. LIBOR US + 1.85%), 6.21%, 10/25/31 (a)(b) |
1,200 | 1,158,593 | ||||||
Regatta XVI Funding Ltd. (a)(b) |
||||||||
Series 2019-2A, Class C, (3 mo. LIBOR US + 2.70%), 6.78%, 01/15/33 |
1,000 | 963,572 | ||||||
Series 2019-2A, Class D, (3 mo. LIBOR US + 3.90%), 7.98%, 01/15/33 |
1,000 | 947,555 | ||||||
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3 mo. LIBOR US + 1.45%), 5.53%, 01/15/34 (a)(b) |
1,000 | 956,634 | ||||||
Rockford Tower CLO Ltd. (a)(b) |
||||||||
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.19%), 5.43%, 10/20/30 |
2,000 | 1,972,001 | ||||||
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 6.89%, 10/20/30 |
1,000 | 916,401 | ||||||
RR 5 Ltd., Series 2018-5A, Class C, (3 mo. LIBOR US + 3.10%), 7.18%, 10/15/31 (a)(b) |
650 | 591,067 | ||||||
Signal Peak CLO 8 Ltd. (a)(b) |
||||||||
Series 2020-8A, Class A, (3 mo. LIBOR US + 1.27%), 5.51%, 04/20/33 |
6,000 | 5,861,758 | ||||||
Series 2020-8A, Class B, (3 mo. LIBOR US + 1.65%), 5.89%, 04/20/33 |
1,650 | 1,575,472 | ||||||
Sound Point CLO XXI Ltd., Series 2018-3A, Class A1A, (3 mo. LIBOR US + 1.18%), 5.51%, 10/26/31 (a)(b) |
1,400 | 1,363,387 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities (continued) |
||||||||
Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.60%), 6.68%, 01/15/30 (a)(b) |
$ | 1,500 | $ | 1,347,405 | ||||
Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, 5.46%, 10/23/34 |
1,900 | 1,850,182 | ||||||
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.15%), 5.23%, 01/16/31 (a)(b) |
2,500 | 2,446,574 | ||||||
TICP CLO IX Ltd., Series 2017-9A, Class A, (3 mo. LIBOR US + 1.14%), 5.38%, 01/20/31 (a)(b) |
1,000 | 989,102 | ||||||
TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3 mo. LIBOR US + 1.12%), 5.20%, 01/15/34 (a)(b) |
2,000 | 1,958,444 | ||||||
TICP CLO X Ltd., Series 2018-10A, Class B, 5.71%, 04/20/31 |
1,300 | 1,262,927 | ||||||
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/34 (a)(b) |
1,000 | 956,586 | ||||||
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, (3 mo. LIBOR US + 1.65%), 5.89%, 10/20/32 (a)(b) |
1,750 | 1,692,995 | ||||||
Trimaran CAVU Ltd. |
||||||||
Series 2022-2A, Class A, 6.85%, 01/20/36 |
2,500 | 2,487,294 | ||||||
Series 2022-2A, Class B1, 7.75%, 01/20/36 |
1,500 | 1,486,415 | ||||||
Whitebox CLO I Ltd., Series 2019-1A, Class ANAR, (3 mo. LIBOR US + 1.13%), 5.45%, 07/24/32 (a)(b) |
1,000 | 979,100 | ||||||
York CLO 1 Ltd., Series 2014-1A, Class ARR, (3 mo. LIBOR US + 1.12%), 5.44%, 10/22/29 (a)(b) |
1,903 | 1,882,932 | ||||||
Total Asset-Backed Securities — 14.2% (Cost: $152,245,627) |
148,579,977 | |||||||
Corporate Bonds |
||||||||
Advertising Agencies — 0.2% |
||||||||
Interpublic Group of Cos., Inc., 5.40%, 10/01/48 (d) |
2,215 | 2,024,038 | ||||||
Aerospace & Defense — 4.5% |
||||||||
Boeing Co., 5.15%, 05/01/30 (d) |
6,775 | 6,609,956 | ||||||
Bombardier, Inc. (b) |
||||||||
7.50%, 03/15/25 |
98 | 97,051 | ||||||
7.13%, 06/15/26 (d) |
1,322 | 1,282,623 | ||||||
7.88%, 04/15/27 (d) |
1,347 | 1,306,557 | ||||||
6.00%, 02/15/28 (d) |
1,121 | 1,036,611 | ||||||
7.45%, 05/01/34 |
327 | 327,000 | ||||||
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (b) |
516 | 421,830 | ||||||
General Dynamics Corp., 4.25%, 04/01/50 (d) |
1,260 | 1,117,650 | ||||||
Howmet Aerospace, Inc., 5.13%, 10/01/24 |
45 | 44,498 | ||||||
Moog, Inc., 4.25%, 12/15/27 (b) |
320 | 296,000 | ||||||
Northrop Grumman Corp. (d) |
||||||||
4.03%, 10/15/47 |
2,400 | 1,988,838 | ||||||
5.25%, 05/01/50 |
3,050 | 3,003,304 | ||||||
Raytheon Technologies Corp. (d) |
||||||||
4.63%, 11/16/48 |
2,805 | 2,527,502 | ||||||
3.13%, 07/01/50 |
3,545 | 2,481,611 | ||||||
Rolls-Royce PLC, 5.75%, 10/15/27 (b) |
1,933 | 1,841,183 | ||||||
Spirit AeroSystems, Inc. |
||||||||
7.50%, 04/15/25 (b) |
332 | 328,069 | ||||||
9.38%, 11/30/29 |
686 | 722,152 | ||||||
TransDigm, Inc. |
||||||||
8.00%, 12/15/25 (b) |
1,596 | 1,619,605 | ||||||
6.25%, 03/15/26 (b)(d) |
16,639 | 16,409,215 | ||||||
6.38%, 06/15/26 |
8 | 7,784 | ||||||
7.50%, 03/15/27 |
432 | 427,424 |
Security |
Par (000) |
Value |
||||||
Aerospace & Defense (continued) |
||||||||
TransDigm, Inc. (continued) |
||||||||
4.63%, 01/15/29 |
$ | 940 | $ | 826,514 | ||||
4.88%, 05/01/29 (d) |
622 | 542,540 | ||||||
Triumph Group, Inc., 8.88%, 06/01/24 (b) |
1,579 | 1,606,633 | ||||||
46,872,150 | ||||||||
Airlines — 1.6% |
||||||||
Air Canada, 3.88%, 08/15/26 (b)(d) |
549 | 486,267 | ||||||
Allegiant Travel Co., 7.25%, 08/15/27 (b) |
183 | 174,063 | ||||||
American Airlines, Inc. |
||||||||
5.18%, 10/15/23 (c) |
837 | 826,467 | ||||||
11.75%, 07/15/25 (b) |
1,018 | 1,091,906 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (b) |
||||||||
5.50%, 04/20/26 |
289 | 278,372 | ||||||
5.75%, 04/20/29 |
1,982 | 1,811,563 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (b) |
531 | 480,555 | ||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (b)(d) |
1,966 | 1,954,777 | ||||||
Singapore Airlines Ltd., 3.00%, 07/20/26 (e) |
200 | 184,466 | ||||||
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 09/15/28 (b) |
1,718 | 1,474,430 | ||||||
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27 (d) |
5,366 | 5,290,499 | ||||||
United Airlines, Inc. (b) |
||||||||
4.38%, 04/15/26 (d) |
1,242 | 1,151,242 | ||||||
4.63%, 04/15/29 |
1,274 | 1,109,266 | ||||||
16,313,873 | ||||||||
Auto Components — 1.5% |
||||||||
Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52 (d) |
4,240 | 3,050,752 | ||||||
Clarios Global LP, 6.75%, 05/15/25 (b) |
497 | 498,149 | ||||||
Clarios Global LP/Clarios U.S. Finance Co. (b) |
||||||||
6.25%, 05/15/26 |
4,933 | 4,822,018 | ||||||
8.50%, 05/15/27 |
7,065 | 6,898,948 | ||||||
Goodyear Tire & Rubber Co. |
||||||||
5.00%, 07/15/29 |
207 | 172,669 | ||||||
5.63%, 04/30/33 |
53 | 43,264 | ||||||
15,485,800 | ||||||||
Automobiles — 2.0% |
||||||||
Asbury Automotive Group, Inc. |
||||||||
4.50%, 03/01/28 |
197 | 173,439 | ||||||
4.75%, 03/01/30 |
191 | 159,743 | ||||||
5.00%, 02/15/32 (b) |
101 | 83,093 | ||||||
Ford Motor Co. (d) |
||||||||
7.45%, 07/16/31 |
3,660 | 3,740,930 | ||||||
3.25%, 02/12/32 |
1,255 | 941,177 | ||||||
6.10%, 08/19/32 |
289 | 266,850 | ||||||
Ford Motor Credit Co. LLC |
||||||||
4.69%, 06/09/25 |
200 | 190,293 | ||||||
5.13%, 06/16/25 (d) |
1,270 | 1,220,904 | ||||||
3.38%, 11/13/25 |
207 | 187,131 | ||||||
2.70%, 08/10/26 |
613 | 532,329 | ||||||
4.95%, 05/28/27 (d) |
400 | 373,160 | ||||||
2.90%, 02/16/28 (d) |
627 | 517,851 | ||||||
5.11%, 05/03/29 |
200 | 181,109 | ||||||
4.00%, 11/13/30 |
200 | 164,168 | ||||||
3.63%, 06/17/31 |
456 | 358,214 | ||||||
General Motors Co. (d) |
||||||||
6.25%, 10/02/43 |
940 | 869,057 |
86 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Automobiles (continued) |
||||||||
General Motors Co. (d) (continued) |
||||||||
5.95%, 04/01/49 |
$ | 3,455 | $ | 3,011,082 | ||||
Group 1 Automotive, Inc., 4.00%, 08/15/28 (b) |
78 | 66,021 | ||||||
Hyundai Capital America, 2.38%, 10/15/27 (e) |
200 | 171,107 | ||||||
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 (e) |
500 | 380,903 | ||||||
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (b) |
456 | 365,160 | ||||||
Lithia Motors, Inc., 3.88%, 06/01/29 (b) |
269 | 221,148 | ||||||
Nissan Motor Co. Ltd., 4.81%, 09/17/30 (b)(d) |
7,125 | 6,046,786 | ||||||
Penske Automotive Group, Inc. |
||||||||
3.50%, 09/01/25 |
441 | 409,274 | ||||||
3.75%, 06/15/29 |
141 | 114,442 | ||||||
TML Holdings Pte. Ltd., 4.35%, 06/09/26 (e) |
200 | 178,600 | ||||||
20,923,971 | ||||||||
Banks — 3.2% |
||||||||
ABQ Finance Ltd., 3.13%, 09/24/24 (e) |
200 | 191,412 | ||||||
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27 (e) |
212 | 200,101 | ||||||
Agricultural Bank of China Ltd., 1.25%, 01/19/26 (e) |
200 | 179,828 | ||||||
Australia & New Zealand Banking Group Ltd., (5 year CMT + 1.70%), 2.57%, 11/25/35 (a)(b)(d) |
5,445 | 3,995,141 | ||||||
Bangkok Bank PCL |
||||||||
4.45%, 09/19/28 (e) |
200 | 191,560 | ||||||
(5 year CMT + 1.90%), 3.73%, 09/25/34 (a)(e) |
200 | 166,725 | ||||||
(5 year CMT + 4.73%), 5.00% |
222 | 210,178 | ||||||
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26 (e) |
200 | 182,022 | ||||||
Bank of China Ltd. (e) |
||||||||
1.00%, 11/02/24 |
200 | 185,850 | ||||||
1.40%, 04/28/26 |
200 | 179,050 | ||||||
Bank of Communications Co. Ltd., (5 year CMT + 3.35%), 3.80% (a)(e)(f) |
252 | 240,660 | ||||||
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83% (a)(e)(f) |
750 | 656,250 | ||||||
China Construction Bank Corp., (5 year CMT + 2.15%), 2.45%, 06/24/30 (a)(e) |
200 | 187,698 | ||||||
Fifth Third Bancorp, Series H, (3 mo. LIBOR US + 3.03%), 5.10% (a)(f) |
5,000 | 4,750,000 | ||||||
Industrial & Commercial Bank of China Ltd., 2.95%, 06/01/25 (e) |
200 | 190,972 | ||||||
Industrial & Commercial Bank of China Macau Ltd., (5 year CMT + 1.65%), 2.88%, 09/12/29 (a)(e) |
200 | 190,538 | ||||||
Intesa Sanpaolo SpA, 5.71%, 01/15/26 (b) |
9,840 | 9,456,238 | ||||||
Kasikornbank PCL (a)(e) |
||||||||
(5 year CMT + 1.70%), 3.34%, 10/02/31 |
468 | 408,915 | ||||||
(5 year CMT + 3.34%), 4.00% (f) |
300 | 246,900 | ||||||
NongHyup Bank, 4.00%, 01/06/26 (e) |
200 | 193,037 | ||||||
QNB Finance Ltd., 2.63%, 05/12/25 (e) |
200 | 188,538 | ||||||
Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26 (e) |
200 | 178,306 | ||||||
SNB Funding Ltd., 2.75%, 10/02/24 (e) |
200 | 190,663 | ||||||
State Street Corp., 5.82%, 11/04/28 (d) |
2,925 | 3,020,574 | ||||||
United Overseas Bank Ltd., 1.25%, 04/14/26 (e) |
200 | 178,694 | ||||||
Wells Fargo & Co. (d) |
||||||||
5.61%, 01/15/44 |
4,119 | 3,993,347 | ||||||
(1 day SOFR + 1.51%), 3.53%, 03/24/28 (a) |
4,075 | 3,773,454 | ||||||
33,726,651 |
Security |
Par (000) |
Value |
||||||
Beverages — 2.1% |
||||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 (d) |
$ | 6,170 | $ | 5,608,994 | ||||
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49 (d) |
5,000 | 4,942,989 | ||||||
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27 (b)(g) |
2,781 | 1,934,276 | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b) |
||||||||
6.00%, 06/15/27 |
509 | 498,283 | ||||||
3.25%, 09/01/28 |
200 | 169,889 | ||||||
4.00%, 09/01/29 |
3,414 | 2,705,688 | ||||||
Ball Corp. |
||||||||
5.25%, 07/01/25 |
30 | 29,608 | ||||||
2.88%, 08/15/30 |
147 | 117,324 | ||||||
3.13%, 09/15/31 (d) |
712 | 571,829 | ||||||
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25 (b) |
228 | 198,431 | ||||||
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26 |
151 | 155,456 | ||||||
Silgan Holdings, Inc., 4.13%, 02/01/28 |
58 | 53,659 | ||||||
Trivium Packaging Finance BV (b) |
||||||||
5.50%, 08/15/26 |
2,830 | 2,594,928 | ||||||
8.50%, 08/15/27 |
3,036 | 2,785,606 | ||||||
22,366,960 | ||||||||
Biotechnology — 0.5% |
||||||||
Baxalta, Inc., 5.25%, 06/23/45 (d) |
6,000 | 5,733,440 | ||||||
Building Materials (b) — 0.4% |
||||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 |
336 | 308,324 | ||||||
Masonite International Corp., Class C, 5.38%, 02/01/28 |
235 | 217,283 | ||||||
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28 |
163 | 144,739 | ||||||
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28 |
1,212 | 1,084,376 | ||||||
Standard Industries, Inc. |
||||||||
5.00%, 02/15/27 |
412 | 380,166 | ||||||
4.75%, 01/15/28 |
26 | 23,397 | ||||||
4.38%, 07/15/30 |
1,492 | 1,215,868 | ||||||
3.38%, 01/15/31 |
214 | 161,036 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 |
386 | 359,376 | ||||||
3,894,565 | ||||||||
Building Products — 0.9% |
||||||||
Advanced Drainage Systems, Inc. (b) |
||||||||
5.00%, 09/30/27 |
26 | 24,245 | ||||||
6.38%, 06/15/30 |
936 | 909,474 | ||||||
Beacon Roofing Supply, Inc., 4.13%, 05/15/29 (b) |
86 | 71,465 | ||||||
LBM Acquisition LLC, 6.25%, 01/15/29 (b) |
54 | 34,363 | ||||||
Lowe’s Cos., Inc., 5.63%, 04/15/53 (d) |
4,345 | 4,159,448 | ||||||
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (b) |
113 | 90,983 | ||||||
SRS Distribution, Inc. (b) |
||||||||
4.63%, 07/01/28 |
982 | 870,514 | ||||||
6.13%, 07/01/29 |
1,046 | 845,712 | ||||||
6.00%, 12/01/29 (d) |
763 | 607,236 | ||||||
White Cap Buyer LLC, 6.88%, 10/15/28 (b)(d) |
1,999 | 1,729,152 | ||||||
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26 (b)(g) |
96 | 82,991 | ||||||
9,425,583 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Capital Markets — 1.4% |
||||||||
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00% (a)(d)(f) |
$ | 5,215 | $ | 4,158,702 | ||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b)(d) |
447 | 382,539 | ||||||
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |
725 | 579,554 | ||||||
Huarong Finance 2019 Co. Ltd., 2.13%, 09/30/23 (e) |
200 | 191,787 | ||||||
Huarong Finance II Co. Ltd., 4.63%, 06/03/26 (e) |
200 | 177,500 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||
4.75%, 09/15/24 |
520 | 498,551 | ||||||
6.25%, 05/15/26 |
824 | 791,778 | ||||||
5.25%, 05/15/27 |
2,030 | 1,858,668 | ||||||
4.38%, 02/01/29 |
651 | 550,518 | ||||||
Jefferies Financial Group, Inc., 5.50%, 10/18/23 (d) |
4,000 | 4,000,048 | ||||||
NFP Corp. (b) |
||||||||
4.88%, 08/15/28 (d) |
139 | 118,330 | ||||||
6.88%, 08/15/28 (d) |
764 | 629,749 | ||||||
7.50%, 10/01/30 |
170 | 159,865 | ||||||
Temasek Financial I Ltd., 2.38%, 08/02/41 (e) |
250 | 176,297 | ||||||
14,273,886 | ||||||||
Chemicals — 2.8% |
||||||||
Avient Corp., 7.13%, 08/01/30 (b) |
267 | 261,001 | ||||||
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b) |
1,090 | 899,430 | ||||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (b)(d) |
597 | 551,867 | ||||||
Bluestar Finance Holdings Ltd., 3.38%, 07/16/24 (e) |
200 | 192,850 | ||||||
CNAC HK Finbridge Co. Ltd., 2.00%, 09/22/25 (e) |
300 | 269,802 | ||||||
Diamond BC BV, 4.63%, 10/01/29 (b) |
1,105 | 886,762 | ||||||
DuPont de Nemours, Inc., 5.42%, 11/15/48 (d) |
7,500 | 7,138,496 | ||||||
Element Solutions, Inc., 3.88%, 09/01/28 (b)(d) |
3,005 | 2,554,250 | ||||||
GC Treasury Center Co. Ltd., 2.98%, 03/18/31 (e) |
200 | 160,538 | ||||||
Herens Holdco SARL, 4.75%, 05/15/28 (b) |
490 | 366,231 | ||||||
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b) |
491 | 411,078 | ||||||
Ingevity Corp., 3.88%, 11/01/28 (b) |
100 | 85,987 | ||||||
LG Chem Ltd., 2.38%, 07/07/31 (e) |
200 | 156,350 | ||||||
LYB Finance Co. BV, 8.10%, 03/15/27 (b) |
6,000 | 6,534,944 | ||||||
NOVA Chemicals Corp., 4.88%, 06/01/24 (b) |
240 | 232,199 | ||||||
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26 (b)(d) |
280 | 237,300 | ||||||
Scotts Miracle-Gro Co., 4.00%, 04/01/31 |
364 | 278,075 | ||||||
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29 (b) |
1,148 | 941,360 | ||||||
UPL Corp. Ltd., (5 year CMT + 3.87%), 5.25% (a)(e)(f) |
500 | 340,562 | ||||||
WESCO Distribution, Inc. (b) |
||||||||
7.13%, 06/15/25 |
1,485 | 1,503,580 | ||||||
7.25%, 06/15/28 (d) |
1,384 | 1,401,956 | ||||||
WR Grace Holdings LLC (b) |
||||||||
5.63%, 10/01/24 |
1,493 | 1,470,605 | ||||||
4.88%, 06/15/27 |
224 | 198,493 | ||||||
5.63%, 08/15/29 (d) |
2,101 | 1,696,074 | ||||||
28,769,790 | ||||||||
Commercial Services & Supplies — 1.6% |
||||||||
ADT Security Corp. |
||||||||
4.13%, 06/15/23 |
174 | 172,270 | ||||||
4.13%, 08/01/29 (b) |
91 | 77,392 | ||||||
4.88%, 07/15/32 (b) |
59 | 50,140 | ||||||
AerCap Global Aviation Trust, (3 mo. LIBOR US + 4.30%), 6.50%, 06/15/45 (a)(b)(d) |
5,000 | 4,713,104 |
Security |
Par (000) |
Value |
||||||
Commercial Services & Supplies (continued) |
||||||||
APX Group, Inc., 5.75%, 07/15/29 (b) |
$ | 555 | $ | 459,644 | ||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29 (b)(d) |
73 | 62,447 | ||||||
Bank of New York Mellon Corp., (1 day SOFR + 2.07%), 5.83%, 10/25/33 (d) |
4,620 | 4,789,063 | ||||||
Fortress Transportation & Infrastructure Investors LLC (b) |
||||||||
6.50%, 10/01/25 |
125 | 117,525 | ||||||
5.50%, 05/01/28 (d) |
645 | 550,256 | ||||||
Herc Holdings, Inc., 5.50%, 07/15/27 (b)(d) |
683 | 637,068 | ||||||
Hertz Corp. (b) |
||||||||
4.63%, 12/01/26 |
249 | 208,537 | ||||||
5.00%, 12/01/29 (d) |
177 | 134,272 | ||||||
Metis Merger Sub LLC, 6.50%, 05/15/29 (b) |
310 | 260,240 | ||||||
NESCO Holdings II, Inc., 5.50%, 04/15/29 (b) |
356 | 311,500 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. (b) |
||||||||
5.75%, 04/15/26 |
377 | 362,862 | ||||||
6.25%, 01/15/28 (d) |
804 | 731,769 | ||||||
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b) |
882 | 740,616 | ||||||
United Rentals North America, Inc. |
||||||||
4.88%, 01/15/28 |
777 | 736,324 | ||||||
5.25%, 01/15/30 |
44 | 41,342 | ||||||
Williams Scotsman International, Inc. (b) |
||||||||
6.13%, 06/15/25 |
823 | 814,770 | ||||||
4.63%, 08/15/28 |
541 | 488,252 | ||||||
16,459,393 | ||||||||
Communications Equipment — 0.4% |
||||||||
CommScope Technologies LLC, 6.00%, 06/15/25 (b)(d) |
942 | 857,220 | ||||||
CommScope, Inc. (b) |
||||||||
6.00%, 03/01/26 |
524 | 483,594 | ||||||
8.25%, 03/01/27 |
83 | 64,325 | ||||||
7.13%, 07/01/28 (d) |
464 | 331,699 | ||||||
4.75%, 09/01/29 |
505 | 407,131 | ||||||
Nokia OYJ, 6.63%, 05/15/39 |
324 | 307,528 | ||||||
Viasat, Inc. (b) |
||||||||
5.63%, 09/15/25 |
731 | 678,213 | ||||||
5.63%, 04/15/27 |
243 | 220,729 | ||||||
6.50%, 07/15/28 |
287 | 215,314 | ||||||
Viavi Solutions, Inc., 3.75%, 10/01/29 (b) |
705 | 592,521 | ||||||
4,158,274 | ||||||||
Construction Materials (b) — 0.1% |
||||||||
American Builders & Contractors Supply Co., Inc. |
||||||||
4.00%, 01/15/28 |
617 | 550,487 | ||||||
3.88%, 11/15/29 |
41 | 33,516 | ||||||
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |
256 | 229,576 | ||||||
H&E Equipment Services, Inc., 3.88%, 12/15/28 |
132 | 112,436 | ||||||
Resideo Funding, Inc., 4.00%, 09/01/29 |
97 | 78,429 | ||||||
1,004,444 | ||||||||
Consumer Discretionary (b) — 0.9% |
||||||||
Carnival Corp. |
||||||||
10.50%, 02/01/26 |
733 | 736,489 | ||||||
7.63%, 03/01/26 |
149 | 118,097 | ||||||
5.75%, 03/01/27 |
1,111 | 793,298 | ||||||
9.88%, 08/01/27 |
957 | 904,365 | ||||||
4.00%, 08/01/28 |
434 | 353,888 | ||||||
6.00%, 05/01/29 (d) |
714 | 475,797 | ||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (d) |
1,936 | 1,987,517 |
88 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Consumer Discretionary (continued) |
||||||||
CoreLogic, Inc., 4.50%, 05/01/28 |
$ | 869 | $ | 666,697 | ||||
Life Time, Inc., 8.00%, 04/15/26 |
187 | 168,300 | ||||||
Lindblad Expeditions LLC, 6.75%, 02/15/27 |
480 | 435,442 | ||||||
NCL Corp. Ltd. |
||||||||
5.88%, 03/15/26 |
127 | 99,755 | ||||||
7.75%, 02/15/29 |
124 | 93,315 | ||||||
NCL Finance Ltd., 6.13%, 03/15/28 |
530 | 391,257 | ||||||
Royal Caribbean Cruises Ltd. |
||||||||
4.25%, 07/01/26 |
200 | 161,669 | ||||||
5.50%, 08/31/26 |
241 | 202,741 | ||||||
5.38%, 07/15/27 |
378 | 306,067 | ||||||
11.63%, 08/15/27 |
284 | 285,201 | ||||||
5.50%, 04/01/28 |
91 | 72,622 | ||||||
8.25%, 01/15/29 |
302 | 302,755 | ||||||
9.25%, 01/15/29 (d) |
566 | 581,622 | ||||||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 |
120 | 96,600 | ||||||
9,233,494 | ||||||||
Consumer Finance — 1.6% |
||||||||
Block, Inc., 3.50%, 06/01/31 |
2,518 | 2,009,175 | ||||||
Global Payments, Inc., 5.95%, 08/15/52 (d) |
4,850 | 4,385,181 | ||||||
HealthEquity, Inc., 4.50%, 10/01/29 (b) |
980 | 856,422 | ||||||
KB Kookmin Card Co. Ltd., 4.00%, 06/09/25 (e) |
200 | 190,830 | ||||||
MPH Acquisition Holdings LLC, 5.50%, 09/01/28 (b)(d) |
452 | 352,605 | ||||||
Navient Corp. |
||||||||
7.25%, 09/25/23 |
299 | 298,756 | ||||||
6.13%, 03/25/24 |
59 | 57,798 | ||||||
5.50%, 03/15/29 |
414 | 337,824 | ||||||
OneMain Finance Corp. |
||||||||
7.13%, 03/15/26 (d) |
1,231 | 1,170,533 | ||||||
3.50%, 01/15/27 |
627 | 519,137 | ||||||
6.63%, 01/15/28 |
295 | 271,645 | ||||||
5.38%, 11/15/29 |
133 | 108,781 | ||||||
Sabre Global, Inc. (b) |
||||||||
9.25%, 04/15/25 |
578 | 575,761 | ||||||
11.25%, 12/15/27 |
136 | 140,043 | ||||||
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (b) |
718 | 678,359 | ||||||
Shinhan Card Co. Ltd., 1.38%, 10/19/25 (e) |
200 | 176,628 | ||||||
Shriram Finance Ltd., 4.40%, 03/13/24 |
500 | 480,000 | ||||||
SLM Corp., 3.13%, 11/02/26 |
347 | 295,106 | ||||||
Verscend Escrow Corp., 9.75%, 08/15/26 (b)(d) |
3,791 | 3,714,081 | ||||||
16,618,665 | ||||||||
Containers & Packaging — 1.8% |
||||||||
Clydesdale Acquisition Holdings, Inc. (b) |
||||||||
6.63%, 04/15/29 |
988 | 939,342 | ||||||
8.75%, 04/15/30 |
588 | 503,311 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |
224 | 213,602 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 |
355 | 344,616 | ||||||
Graphic Packaging International LLC, 3.50%, 03/01/29 (b) |
264 | 224,935 | ||||||
International Paper Co. |
||||||||
8.70%, 06/15/38 |
4,000 | 4,943,438 | ||||||
7.30%, 11/15/39 (d) |
10,000 | 11,011,285 |
Security |
Par (000) |
Value |
||||||
Containers & Packaging (continued) |
||||||||
LABL, Inc., 5.88%, 11/01/28 (b) |
$ | 520 | $ | 453,060 | ||||
Sealed Air Corp., 4.00%, 12/01/27 (b) |
109 | 98,878 | ||||||
18,732,467 | ||||||||
Diversified Consumer Services — 1.2% |
||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b) |
||||||||
6.63%, 07/15/26 |
5,356 | 4,900,740 | ||||||
9.75%, 07/15/27 (d) |
1,306 | 1,136,220 | ||||||
6.00%, 06/01/29 (d) |
2,301 | 1,669,973 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28 (b) |
2,154 | 1,763,471 | ||||||
Clarivate Science Holdings Corp. (b) |
||||||||
3.88%, 07/01/28 |
1,341 | 1,161,837 | ||||||
4.88%, 07/01/29 (d) |
861 | 732,151 | ||||||
Service Corp. International |
||||||||
5.13%, 06/01/29 |
468 | 438,762 | ||||||
3.38%, 08/15/30 |
585 | 475,551 | ||||||
4.00%, 05/15/31 (d) |
716 | 603,034 | ||||||
12,881,739 | ||||||||
Diversified Financial Services — 7.1% |
||||||||
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (b) |
724 | 577,390 | ||||||
Ally Financial, Inc., Series B, (5 year CMT + 3.87%), 4.70% (a)(f) |
3,375 | 2,257,031 | ||||||
Bank of America Corp. (a)(d) |
||||||||
(1 day SOFR + 1.83%), 4.57%, 04/27/33 |
9,380 | 8,579,912 | ||||||
(1 day SOFR + 1.99%), 6.20%, 11/10/28 |
3,090 | 3,190,338 | ||||||
Barclays PLC, (3 mo. LIBOR US + 1.90%), 4.97%, 05/16/29 (a)(d) |
3,220 | 3,023,998 | ||||||
Blackstone Holdings Finance Co. LLC, 6.20%, 04/22/33 |
5,100 | 5,140,834 | ||||||
BNP Paribas SA, (5 year CMT + 3.34%), 4.63% (a)(b)(f) |
13,999 | 10,815,634 | ||||||
BOC Aviation Ltd., 1.75%, 01/21/26 (e) |
200 | 179,702 | ||||||
China Cinda 2020 I Management Ltd. (e) |
||||||||
3.25%, 01/28/27 |
200 | 181,842 | ||||||
3.00%, 03/18/27 |
200 | 178,600 | ||||||
CITIC Ltd., 3.70%, 06/14/26 (e) |
200 | 191,890 | ||||||
Citigroup, Inc., 6.68%, 09/13/43 (d) |
4,125 | 4,408,432 | ||||||
CMB International Leasing Management Ltd., 1.88%, 08/12/25 (e) |
200 | 179,975 | ||||||
Coastal Emerald Ltd., (5 year CMT + 7.45%), 4.30% (a)(e)(f) |
200 | 188,787 | ||||||
Credit Suisse AG, 6.50%, 08/08/23 (b) |
6,000 | 5,802,000 | ||||||
Deutsche Bank AG, (1 day SOFR + 1.87%), 2.13%, 11/24/26 (a)(d) |
3,260 | 2,875,998 | ||||||
Doric Nimrod Air Alpha Pass-Through Trust, Series 2013-1, Class A, 5.25%, 05/30/25 (b) |
191 | 189,053 | ||||||
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 (b)(g) |
338 | 287,606 | ||||||
Goldman Sachs Group, Inc., (1 day SOFR + 1.85%), 3.62%, 03/15/28 (a)(d) |
1,830 | 1,704,575 | ||||||
ICBCIL Finance Co. Ltd., 1.75%, 08/25/25 (e) |
200 | 181,350 | ||||||
ION Trading Technologies SARL, 5.75%, 05/15/28 (b) |
200 | 166,750 | ||||||
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28 (b) |
675 | 550,618 | ||||||
JIC Zhixin Ltd., 3.50%, 11/24/27 (e) |
200 | 187,480 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Diversified Financial Services (continued) |
||||||||
JPMorgan Chase & Co., (1 day SOFR + 2.58%), 5.72%, 09/14/33 (a)(d) |
$ | 11,000 | $ | 10,736,588 | ||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27 (b) |
96 | 80,643 | ||||||
Manappuram Finance Ltd., 5.90%, 01/13/23 (e) |
700 | 694,680 | ||||||
Morgan Stanley, (1 day SOFR + 2.62%), 5.30%, 04/20/37 (a)(d) |
2,635 | 2,409,335 | ||||||
Power Finance Corp. Ltd., 3.75%, 12/06/27 (e) |
200 | 181,912 | ||||||
Spectrum Brands, Inc. |
||||||||
5.75%, 07/15/25 |
1,002 | 990,662 | ||||||
5.00%, 10/01/29 (b) |
34 | 29,424 | ||||||
UBS Group AG, (1 year CMT + 1.55%), 4.49%, 05/12/26 (a)(b)(d) |
2,585 | 2,526,485 | ||||||
UniCredit SpA, (5 year CMT + 4.75%), 5.46%, 06/30/35 (a)(b) |
6,135 | 4,984,369 | ||||||
Xiaomi Best Time International Ltd., 3.38%, 04/29/30 |
200 | 154,162 | ||||||
73,828,055 | ||||||||
Diversified Telecommunication Services — 6.4% |
||||||||
AT&T, Inc. |
||||||||
4.65%, 06/01/44 |
28 | 23,504 | ||||||
4.35%, 06/15/45 |
95 | 76,410 | ||||||
3.50%, 09/15/53 (d) |
15,960 | 10,771,981 | ||||||
Consolidated Communications, Inc., 6.50%, 10/01/28 (b) |
1,313 | 1,020,281 | ||||||
Level 3 Financing, Inc. (b) |
||||||||
3.40%, 03/01/27 |
593 | 501,076 | ||||||
4.63%, 09/15/27 |
229 | 190,643 | ||||||
4.25%, 07/01/28 (d) |
342 | 269,393 | ||||||
3.63%, 01/15/29 |
220 | 161,093 | ||||||
3.75%, 07/15/29 |
181 | 130,206 | ||||||
3.88%, 11/15/29 |
61 | 48,137 | ||||||
Lumen Technologies, Inc. |
||||||||
5.63%, 04/01/25 |
1,909 | 1,832,041 | ||||||
4.00%, 02/15/27 (b) |
2,025 | 1,716,091 | ||||||
4.50%, 01/15/29 (b) |
1,160 | 800,646 | ||||||
5.38%, 06/15/29 (b) |
73 | 52,555 | ||||||
Sprint Capital Corp. |
||||||||
6.88%, 11/15/28 (d) |
3,063 | 3,179,210 | ||||||
8.75%, 03/15/32 |
2,041 | 2,428,994 | ||||||
Telecom Italia Capital SA |
||||||||
6.38%, 11/15/33 |
442 | 361,596 | ||||||
6.00%, 09/30/34 |
818 | 618,163 | ||||||
7.20%, 07/18/36 |
186 | 151,013 | ||||||
7.72%, 06/04/38 |
319 | 264,770 | ||||||
Telecom Italia SpA, 5.30%, 05/30/24 (b) |
1,062 | 1,006,181 | ||||||
Telefonica Emisiones SA, 5.21%, 03/08/47 (d) |
5,000 | 4,014,967 | ||||||
Verizon Communications, Inc. (d) |
||||||||
6.40%, 09/15/33 |
9,475 | 10,110,644 | ||||||
6.55%, 09/15/43 |
13,225 | 14,365,143 | ||||||
5.01%, 04/15/49 |
6,998 | 6,356,328 | ||||||
Zayo Group Holdings, Inc. (b) |
||||||||
4.00%, 03/01/27 |
5,744 | 4,242,346 | ||||||
6.13%, 03/01/28 |
3,249 | 1,842,439 | ||||||
66,535,851 | ||||||||
Electric Utilities — 4.1% |
||||||||
Dominion Energy, Inc., Series C, (5 year CMT + 3.20%), 4.35% (a)(f) |
2,020 | 1,696,665 |
Security |
Par (000) |
Value |
||||||
Electric Utilities (continued) |
||||||||
Edison International, Series A, (5 year CMT + 4.70%), 5.38% (a)(f) |
$ | 6,851 | $ | 5,606,790 | ||||
Emera, Inc., Series 16-A, (3 mo. LIBOR US + 5.44%), 6.75%, 06/15/76 (a) |
7,500 | 7,201,650 | ||||||
FirstEnergy Corp. |
||||||||
2.65%, 03/01/30 |
261 | 212,804 | ||||||
Series B, 2.25%, 09/01/30 |
46 | 36,510 | ||||||
Series C, 3.40%, 03/01/50 |
880 | 580,624 | ||||||
FirstEnergy Transmission LLC, 5.45%, 07/15/44 (b) |
889 | 826,971 | ||||||
NextEra Energy Capital Holdings, Inc., (3 mo. LIBOR US + 2.41%), 4.80%, 12/01/77 (a) |
5,000 | 4,084,547 | ||||||
NextEra Energy Operating Partners LP (b) |
||||||||
4.25%, 07/15/24 |
712 | 690,641 | ||||||
4.25%, 09/15/24 |
26 | 24,172 | ||||||
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42 (d) |
2,750 | 2,734,840 | ||||||
Pacific Gas and Electric Co., 4.20%, 06/01/41 (d) |
2,310 | 1,709,909 | ||||||
PG&E Corp., 5.25%, 07/01/30 |
226 | 205,660 | ||||||
Progress Energy, Inc., 7.00%, 10/30/31 (d) |
12,000 | 13,084,249 | ||||||
Sempra Energy, (5 year CMT + 4.55%), 4.88% (a)(f) |
4,375 | 4,045,475 | ||||||
State Grid Overseas Investment BVI Ltd. (e) |
||||||||
1.00%, 08/05/25 |
200 | 180,256 | ||||||
3.50%, 05/04/27 |
200 | 189,962 | ||||||
43,111,725 | ||||||||
Electrical Equipment (b) — 0.1% |
||||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 |
714 | 689,010 | ||||||
GrafTech Finance, Inc., 4.63%, 12/15/28 |
296 | 243,082 | ||||||
932,092 | ||||||||
Electronic Equipment, Instruments & Components (b) — 0.2% |
||||||||
BWX Technologies, Inc. |
||||||||
4.13%, 06/30/28 |
70 | 62,912 | ||||||
4.13%, 04/15/29 |
248 | 217,049 | ||||||
Imola Merger Corp., 4.75%, 05/15/29 |
784 | 680,209 | ||||||
Vertiv Group Corp., 4.13%, 11/15/28 |
1,191 | 1,012,350 | ||||||
1,972,520 | ||||||||
Energy Equipment & Services — 0.3% |
||||||||
Archrock Partners LP/Archrock Partners Finance Corp. (b) |
||||||||
6.88%, 04/01/27 |
586 | 559,433 | ||||||
6.25%, 04/01/28 |
645 | 590,183 | ||||||
USA Compression Partners LP/USA Compression Finance Corp. |
||||||||
6.88%, 04/01/26 |
689 | 660,951 | ||||||
6.88%, 09/01/27 |
549 | 513,315 | ||||||
Weatherford International Ltd. (b) |
||||||||
11.00%, 12/01/24 (h) |
11 | 11,220 | ||||||
6.50%, 09/15/28 |
254 | 248,996 | ||||||
8.63%, 04/30/30 (d) |
505 | 484,956 | ||||||
3,069,054 | ||||||||
Environmental, Maintenance & Security Service — 0.7% |
||||||||
Clean Harbors, Inc., 5.13%, 07/15/29 (b) |
1,142 | 1,059,150 | ||||||
Covanta Holding Corp. |
||||||||
4.88%, 12/01/29 (b) |
142 | 116,336 | ||||||
5.00%, 09/01/30 |
282 | 227,726 | ||||||
GFL Environmental, Inc. (b) |
||||||||
3.75%, 08/01/25 |
297 | 280,665 | ||||||
5.13%, 12/15/26 (d) |
2,367 | 2,263,580 | ||||||
4.00%, 08/01/28 |
235 | 200,925 | ||||||
3.50%, 09/01/28 |
504 | 443,098 |
90 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Environmental, Maintenance & Security Service (continued) |
||||||||
GFL Environmental, Inc. (b) (continued) |
||||||||
4.75%, 06/15/29 |
$ | 603 | $ | 527,776 | ||||
4.38%, 08/15/29 |
311 | 263,557 | ||||||
Tervita Corp., 11.00%, 12/01/25 (b) |
182 | 195,662 | ||||||
Waste Pro USA, Inc., 5.50%, 02/15/26 (b) |
1,419 | 1,253,119 | ||||||
6,831,594 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.4% |
||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) |
364 | 304,237 | ||||||
Crown Castle, Inc. (d) |
||||||||
1.05%, 07/15/26 |
925 | 799,204 | ||||||
3.65%, 09/01/27 |
8,000 | 7,430,699 | ||||||
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (b) |
258 | 213,345 | ||||||
Iron Mountain, Inc. (b) |
||||||||
4.88%, 09/15/27 |
606 | 557,278 | ||||||
5.00%, 07/15/28 |
47 | 42,214 | ||||||
5.63%, 07/15/32 |
778 | 674,227 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. |
||||||||
5.00%, 10/15/27 |
178 | 149,614 | ||||||
4.63%, 08/01/29 |
1,072 | 817,491 | ||||||
3.50%, 03/15/31 |
2,778 | 1,904,273 | ||||||
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 |
1,604 | 1,451,638 | ||||||
RLJ Lodging Trust LP, 4.00%, 09/15/29 (b) |
199 | 161,322 | ||||||
14,505,542 | ||||||||
Food & Staples Retailing — 2.2% |
||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (b) |
||||||||
3.25%, 03/15/26 |
1,296 | 1,182,023 | ||||||
4.63%, 01/15/27 |
1,885 | 1,750,920 | ||||||
5.88%, 02/15/28 |
928 | 882,231 | ||||||
4.88%, 02/15/30 (d) |
387 | 345,382 | ||||||
CK Hutchison International 21 Ltd., 2.50%, 04/15/31 (e) |
200 | 164,738 | ||||||
Darling Ingredients, Inc., 6.00%, 06/15/30 (b)(d) |
714 | 697,935 | ||||||
General Mills, Inc. (d) |
||||||||
5.24%, 11/18/25 |
935 | 937,328 | ||||||
4.20%, 04/17/28 |
620 | 599,125 | ||||||
Kraft Heinz Foods Co. |
||||||||
4.25%, 03/01/31 |
68 | 63,570 | ||||||
5.00%, 07/15/35 |
214 | 204,662 | ||||||
7.13%, 08/01/39 (b)(d) |
4,415 | 4,852,354 | ||||||
4.63%, 10/01/39 |
100 | 87,723 | ||||||
5.00%, 06/04/42 |
12 | 10,855 | ||||||
4.38%, 06/01/46 |
158 | 128,391 | ||||||
4.88%, 10/01/49 |
263 | 228,295 | ||||||
5.50%, 06/01/50 (d) |
2,825 | 2,699,843 | ||||||
Lamb Weston Holdings, Inc. (b) |
||||||||
4.88%, 05/15/28 |
460 | 435,850 | ||||||
4.13%, 01/31/30 |
515 | 454,848 | ||||||
4.38%, 01/31/32 (d) |
409 | 357,343 | ||||||
Performance Food Group, Inc., 4.25%, 08/01/29 (b) |
700 | 606,634 | ||||||
Post Holdings, Inc., 4.63%, 04/15/30 (b) |
434 | 374,429 | ||||||
U.S. Foods, Inc. (b) |
||||||||
4.75%, 02/15/29 |
595 | 528,313 | ||||||
4.63%, 06/01/30 |
67 | 59,001 |
Security |
Par (000) |
Value |
||||||
Food & Staples Retailing (continued) |
||||||||
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |
$ | 53 | $ | 50,924 | ||||
Walmart, Inc., 5.25%, 09/01/35 (d) |
5,150 | 5,400,028 | ||||||
23,102,745 | ||||||||
Food Products — 0.6% |
||||||||
Aramark Services, Inc. (b) |
||||||||
5.00%, 04/01/25 |
954 | 930,901 | ||||||
6.38%, 05/01/25 (d) |
1,567 | 1,547,742 | ||||||
5.00%, 02/01/28 (d) |
285 | 265,886 | ||||||
China Modern Dairy Holdings Ltd., 2.13%, 07/14/26 (e) |
200 | 169,448 | ||||||
Chobani LLC/Chobani Finance Corp., Inc. (b) |
||||||||
7.50%, 04/15/25 (d) |
1,536 | 1,495,680 | ||||||
4.63%, 11/15/28 |
477 | 415,281 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31 (b) |
576 | 470,535 | ||||||
Pilgrim’s Pride Corp., 3.50%, 03/01/32 (b) |
387 | 302,827 | ||||||
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (b) |
448 | 364,696 | ||||||
Tingyi Cayman Islands Holding Corp., 1.63%, 09/24/25 (e) |
200 | 178,900 | ||||||
6,141,896 | ||||||||
Gas Utilities — 0.0% |
||||||||
Suburban Propane Partners LP/Suburban Energy |
||||||||
Finance Corp., 5.00%, 06/01/31 (b) |
237 | 201,446 | ||||||
Health Care Equipment & Supplies — 0.3% |
||||||||
Avantor Funding, Inc. (b) |
||||||||
4.63%, 07/15/28 |
2,051 | 1,863,621 | ||||||
3.88%, 11/01/29 |
357 | 299,791 | ||||||
Embecta Corp., 6.75%, 02/15/30 (b) |
129 | 116,422 | ||||||
Garden Spinco Corp., 8.63%, 07/20/30 (b) |
328 | 347,680 | ||||||
Medtronic, Inc., 4.63%, 03/15/45 (d) |
647 | 602,548 | ||||||
3,230,062 | ||||||||
Health Care Providers & Services — 4.5% |
||||||||
Acadia Healthcare Co., Inc., 5.00%, 04/15/29 (b) |
52 | 47,824 | ||||||
AdaptHealth LLC, 5.13%, 03/01/30 (b) |
55 | 46,821 | ||||||
Aetna, Inc., 3.88%, 08/15/47 (d) |
3,500 | 2,687,549 | ||||||
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |
580 | 453,125 | ||||||
Centene Corp. |
||||||||
2.45%, 07/15/28 |
1,241 | 1,047,466 | ||||||
4.63%, 12/15/29 (d) |
2,027 | 1,852,345 | ||||||
3.00%, 10/15/30 |
1,873 | 1,535,390 | ||||||
2.50%, 03/01/31 |
2,740 | 2,143,976 | ||||||
2.63%, 08/01/31 |
700 | 550,060 | ||||||
CHS/Community Health Systems, Inc. (b) |
||||||||
5.63%, 03/15/27 |
548 | 469,888 | ||||||
6.00%, 01/15/29 (d) |
820 | 685,914 | ||||||
5.25%, 05/15/30 |
382 | 288,042 | ||||||
4.75%, 02/15/31 |
63 | 45,739 | ||||||
Elevance Health, Inc., 4.55%, 03/01/48 (d) |
5,000 | 4,364,487 | ||||||
Encompass Health Corp. |
||||||||
4.50%, 02/01/28 |
35 | 31,794 | ||||||
4.75%, 02/01/30 |
1,177 | 1,033,573 | ||||||
4.63%, 04/01/31 |
250 | 214,879 | ||||||
HCA, Inc. |
||||||||
5.38%, 09/01/26 |
359 | 355,007 | ||||||
5.63%, 09/01/28 (d) |
833 | 828,279 | ||||||
5.25%, 06/15/49 (d) |
3,500 | 2,980,988 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Health Care Providers & Services (continued) |
||||||||
Legacy LifePoint Health LLC (b) |
||||||||
6.75%, 04/15/25 |
$ | 409 | $ | 384,906 | ||||
4.38%, 02/15/27 |
413 | 349,324 | ||||||
Medline Borrower LP (b) |
||||||||
3.88%, 04/01/29 |
58 | 46,746 | ||||||
5.25%, 10/01/29 (d) |
1,915 | 1,521,027 | ||||||
Molina Healthcare, Inc. (b) |
||||||||
4.38%, 06/15/28 (d) |
659 | 601,397 | ||||||
3.88%, 11/15/30 |
491 | 416,093 | ||||||
3.88%, 05/15/32 (d) |
509 | 422,694 | ||||||
Surgery Center Holdings, Inc. (b) |
||||||||
6.75%, 07/01/25 (d) |
188 | 185,323 | ||||||
10.00%, 04/15/27 |
524 | 533,170 | ||||||
Teleflex, Inc. |
||||||||
4.63%, 11/15/27 |
70 | 66,716 | ||||||
4.25%, 06/01/28 (b) |
637 | 581,492 | ||||||
Tenet Healthcare Corp. |
||||||||
4.63%, 07/15/24 |
471 | 459,346 | ||||||
4.63%, 09/01/24 (b) |
882 | 856,649 | ||||||
4.88%, 01/01/26 (b) |
4,122 | 3,897,939 | ||||||
6.25%, 02/01/27 (b) |
171 | 164,247 | ||||||
5.13%, 11/01/27 (b)(d) |
2,324 | 2,161,878 | ||||||
4.63%, 06/15/28 (b) |
37 | 33,105 | ||||||
6.13%, 06/15/30 (b)(d) |
646 | 615,509 | ||||||
UnitedHealth Group, Inc., 6.88%, 02/15/38 (d) |
10,000 | 11,729,357 | ||||||
46,690,064 | ||||||||
Health Care Services — 0.2% |
||||||||
Elevance Health, Inc., 6.10%, 10/15/52 (d) |
1,985 | 2,116,152 | ||||||
Health Care Technology (b) — 0.4% |
||||||||
AthenaHealth Group, Inc., 6.50%, 02/15/30 (d) |
2,157 | 1,589,563 | ||||||
Catalent Pharma Solutions, Inc. |
||||||||
5.00%, 07/15/27 (d) |
733 | 682,070 | ||||||
3.50%, 04/01/30 |
390 | 307,940 | ||||||
Charles River Laboratories International, Inc. |
||||||||
4.25%, 05/01/28 |
324 | 298,394 | ||||||
3.75%, 03/15/29 |
141 | 124,700 | ||||||
4.00%, 03/15/31 |
108 | 93,420 | ||||||
IQVIA, Inc. |
||||||||
5.00%, 10/15/26 |
554 | 528,986 | ||||||
5.00%, 05/15/27 |
592 | 564,354 | ||||||
Syneos Health, Inc., 3.63%, 01/15/29 |
405 | 322,520 | ||||||
4,511,947 | ||||||||
Hotels, Restaurants & Leisure — 3.2% |
||||||||
Boyd Gaming Corp. |
||||||||
4.75%, 12/01/27 |
393 | 366,032 | ||||||
4.75%, 06/15/31 (b)(d) |
775 | 674,250 | ||||||
Boyne USA, Inc., 4.75%, 05/15/29 (b) |
584 | 516,866 | ||||||
Burger King (Restaurant Brands Int)/New Red Finance, Inc. (b) |
||||||||
5.75%, 04/15/25 |
552 | 547,693 | ||||||
3.88%, 01/15/28 |
997 | 891,862 | ||||||
4.38%, 01/15/28 (d) |
2,509 | 2,246,573 | ||||||
4.00%, 10/15/30 |
232 | 187,876 | ||||||
Caesars Entertainment, Inc. (b) |
||||||||
6.25%, 07/01/25 |
3,215 | 3,123,937 | ||||||
8.13%, 07/01/27 (d) |
3,127 | 3,072,434 | ||||||
4.63%, 10/15/29 |
1,499 | 1,219,901 | ||||||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25 (b) |
1,048 | 1,025,893 |
Security |
Par (000) |
Value |
||||||
Hotels, Restaurants & Leisure (continued) |
||||||||
CDI Escrow Issuer, Inc., 5.75%, 04/01/30 (b) |
$ | 1,346 | $ | 1,206,594 | ||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (b) |
408 | 403,560 | ||||||
Champion Path Holdings Ltd. (e) |
||||||||
4.50%, 01/27/26 |
500 | 430,000 | ||||||
4.85%, 01/27/28 |
500 | 416,969 | ||||||
Churchill Downs, Inc. (b) |
||||||||
5.50%, 04/01/27 |
1,730 | 1,639,270 | ||||||
4.75%, 01/15/28 |
442 | 395,532 | ||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b) |
||||||||
4.63%, 01/15/29 |
807 | 682,912 | ||||||
6.75%, 01/15/30 |
133 | 107,278 | ||||||
Fortune Star BVI Ltd. (e) |
||||||||
6.75%, 07/02/23 |
200 | 188,000 | ||||||
5.95%, 10/19/25 |
269 | 211,468 | ||||||
5.00%, 05/18/26 |
344 | 230,910 | ||||||
Hilton Domestic Operating Co., Inc. |
||||||||
5.38%, 05/01/25 (b) |
319 | 315,748 | ||||||
5.75%, 05/01/28 (b) |
514 | 498,580 | ||||||
3.75%, 05/01/29 (b) |
356 | 307,940 | ||||||
4.88%, 01/15/30 (d) |
1,255 | 1,137,293 | ||||||
4.00%, 05/01/31 (b) |
590 | 493,612 | ||||||
3.63%, 02/15/32 (b) |
51 | 40,841 | ||||||
Las Vegas Sands Corp. |
||||||||
3.50%, 08/18/26 |
96 | 86,669 | ||||||
3.90%, 08/08/29 |
88 | 74,137 | ||||||
Marriott International, Inc., Series EE, 5.75%, 05/01/25 (d) |
1,295 | 1,306,165 | ||||||
McDonald’s Corp., 4.20%, 04/01/50 |
480 | 399,355 | ||||||
Melco Resorts Finance Ltd. (e) |
||||||||
5.25%, 04/26/26 |
300 | 263,250 | ||||||
5.75%, 07/21/28 |
300 | 247,500 | ||||||
5.38%, 12/04/29 |
383 | 298,740 | ||||||
Merlin Entertainments Ltd., 5.75%, 06/15/26 (b) |
240 | 224,697 | ||||||
MGM China Holdings Ltd., 5.88%, 05/15/26 (e) |
200 | 185,225 | ||||||
MGM Resorts International, 6.00%, 03/15/23 |
1,335 | 1,330,261 | ||||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (b) |
487 | 414,371 | ||||||
Motion Bondco DAC, 6.63%, 11/15/27 (b) |
200 | 171,910 | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |
||||||||
5.63%, 09/01/29 |
242 | 178,451 | ||||||
5.88%, 09/01/31 |
242 | 171,191 | ||||||
Scientific Games International, Inc. (b) |
||||||||
8.63%, 07/01/25 |
442 | 450,929 | ||||||
7.00%, 05/15/28 |
451 | 430,213 | ||||||
7.25%, 11/15/29 |
218 | 209,280 | ||||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/25 (b) |
591 | 595,026 | ||||||
Station Casinos LLC, 4.63%, 12/01/31 (b) |
611 | 490,128 | ||||||
Studio City Finance Ltd. (e) |
||||||||
6.50%, 01/15/28 |
300 | 230,119 | ||||||
5.00%, 01/15/29 |
530 | 391,537 | ||||||
Sunny Express Enterprises Corp., 2.95%, 03/01/27 (e) |
200 | 184,802 | ||||||
Vail Resorts, Inc., 6.25%, 05/15/25 (b) |
341 | 341,000 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (b)(d) |
602 | 543,287 | ||||||
Wynn Macau Ltd. (e) 4.88%, 10/01/24 |
200 | 187,900 |
92 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Hotels, Restaurants & Leisure (continued) |
||||||||
Wynn Macau Ltd. (e) (continued) 5.50%, 01/15/26 |
$ | 230 | $ | 209,415 | ||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29 (b)(d) |
1,288 | 1,103,983 | ||||||
Yum! Brands, Inc. |
||||||||
4.75%, 01/15/30 (b) |
95 | 87,162 | ||||||
3.63%, 03/15/31 |
134 | 112,359 | ||||||
5.38%, 04/01/32 |
127 | 117,634 | ||||||
33,616,520 | ||||||||
Household Durables — 0.4% |
||||||||
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30 (b) |
699 | 544,987 | ||||||
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25 (b) |
507 | 435,067 | ||||||
Lennar Corp., 5.25%, 06/01/26 (d) |
890 | 892,106 | ||||||
Mattamy Group Corp., 4.63%, 03/01/30 (b)(d) |
427 | 346,068 | ||||||
NCR Corp. (b) |
||||||||
5.75%, 09/01/27 |
512 | 489,945 | ||||||
5.00%, 10/01/28 |
241 | 205,461 | ||||||
5.13%, 04/15/29 |
159 | 132,975 | ||||||
6.13%, 09/01/29 |
175 | 163,635 | ||||||
PulteGroup, Inc. |
||||||||
5.00%, 01/15/27 |
55 | 54,368 | ||||||
7.88%, 06/15/32 |
56 | 62,233 | ||||||
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (b)(d) |
684 | 396,344 | ||||||
Tempur Sealy International, Inc. (b) |
||||||||
4.00%, 04/15/29 |
429 | 360,429 | ||||||
3.88%, 10/15/31 |
181 | 142,089 | ||||||
Toll Brothers Finance Corp., 4.35%, 02/15/28 |
35 | 31,800 | ||||||
4,257,507 | ||||||||
Household Products — 0.0% |
||||||||
Central Garden & Pet Co. |
||||||||
5.13%, 02/01/28 |
80 | 74,422 | ||||||
4.13%, 10/15/30 |
270 | 221,779 | ||||||
296,201 | ||||||||
Independent Power and Renewable Electricity Producers — 0.8% |
||||||||
Calpine Corp. (b) |
||||||||
5.25%, 06/01/26 |
379 | 361,008 | ||||||
5.13%, 03/15/28 (d) |
2,807 | 2,504,666 | ||||||
5.00%, 02/01/31 |
3 | 2,517 | ||||||
Clearway Energy Operating LLC (b) |
||||||||
4.75%, 03/15/28 |
747 | 689,440 | ||||||
3.75%, 01/15/32 |
307 | 246,774 | ||||||
Greenko Dutch BV, 3.85%, 03/29/26 (e) |
770 | 667,741 | ||||||
India Green Energy Holdings, 5.38%, 04/29/24 (e) |
250 | 240,625 | ||||||
India Green Power Holdings, 4.00%, 02/22/27 (e) |
700 | 596,750 | ||||||
JERA Co., Inc., 3.67%, 04/14/27 (e) |
200 | 183,590 | ||||||
NRG Energy, Inc. |
||||||||
6.63%, 01/15/27 |
618 | 612,778 | ||||||
5.75%, 01/15/28 |
52 | 48,811 | ||||||
5.25%, 06/15/29 (b) |
960 | 847,430 | ||||||
3.63%, 02/15/31 (b) |
514 | 390,742 | ||||||
ReNew Power Pvt Ltd., 5.88%, 03/05/27 (e) |
200 | 191,100 | ||||||
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (e) |
550 | 462,687 |
Security |
Par (000) |
Value |
||||||
Independent Power and Renewable Electricity Producers (continued) |
||||||||
TerraForm Power Operating LLC (b) |
||||||||
5.00%, 01/31/28 |
$ | 231 | $ | 207,898 | ||||
4.75%, 01/15/30 |
127 | 110,490 | ||||||
8,365,047 | ||||||||
Industrial Conglomerates — 0.0% |
||||||||
Shanghai Port Group BVI Development 2 Co. Ltd., 1.50%, 07/13/25 (e) |
200 | 181,710 | ||||||
Insurance — 4.1% |
||||||||
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29 (b) |
478 | 390,636 | ||||||
AIA Group Ltd., (5 year CMT + 1.76%), 2.70% (a)(e)(f) |
200 | 171,000 | ||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer (b) |
||||||||
4.25%, 10/15/27 |
88 | 78,815 | ||||||
6.75%, 10/15/27 (d) |
2,839 | 2,551,863 | ||||||
5.88%, 11/01/29 |
127 | 104,445 | ||||||
Allstate Corp., Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53 (a)(d) |
5,000 | 4,700,000 | ||||||
AmWINS Group, Inc., 4.88%, 06/30/29 (b) |
551 | 467,329 | ||||||
Aon Global Ltd., 4.25%, 12/12/42 (d) |
6,500 | 5,028,802 | ||||||
Farmers Exchange Capital II, (3 mo. LIBOR US + 3.74%), 6.15%, 11/01/53 (a)(b)(d) |
4,890 | 4,673,650 | ||||||
GTCR AP Finance, Inc., 8.00%, 05/15/27 (b) |
87 | 83,336 | ||||||
Guoren Property & Casualty Insurance Co. Ltd., 3.35%, 06/01/26 (e) |
200 | 171,000 | ||||||
Hanwha Life Insurance Co. Ltd., (5 year CMT + 2.00%), 4.70% (a)(e)(f) |
200 | 193,975 | ||||||
HUB International Ltd. (b) |
||||||||
7.00%, 05/01/26 |
1,900 | 1,860,081 | ||||||
5.63%, 12/01/29 |
181 | 158,082 | ||||||
Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/30 |
418 | 411,669 | ||||||
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40 (b)(d) |
12,000 | 12,258,498 | ||||||
Principal Financial Group, Inc., (3 mo. LIBOR US + 3.04%), 7.65%, 05/15/55 (a) |
5,000 | 4,837,500 | ||||||
Progressive Corp., Series B, (3 mo. LIBOR US + 2.54%), 5.38% (a)(f) |
5,000 | 4,787,500 | ||||||
42,928,181 | ||||||||
Interactive Media & Services — 0.6% |
||||||||
Baidu, Inc., 1.63%, 02/23/27 |
200 | 170,038 | ||||||
Cablevision Lightpath LLC (b) |
||||||||
3.88%, 09/15/27 |
368 | 303,285 | ||||||
5.63%, 09/15/28 |
540 | 401,181 | ||||||
Netflix, Inc. |
||||||||
3.63%, 06/15/25 (b) |
210 | 201,039 | ||||||
5.88%, 11/15/28 (d) |
1,698 | 1,720,974 | ||||||
5.38%, 11/15/29 (b) |
2,007 | 1,946,790 | ||||||
4.88%, 06/15/30 (b) |
461 | 429,928 | ||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27 (b) |
614 | 540,236 | ||||||
Tencent Holdings Ltd. (e) |
||||||||
1.81%, 01/26/26 |
200 | 179,750 | ||||||
3.60%, 01/19/28 |
200 | 183,458 | ||||||
Weibo Corp., 3.50%, 07/05/24 |
200 | 193,010 | ||||||
6,269,689 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Internet & Direct Marketing Retail — 0.1% |
||||||||
Alibaba Group Holding Ltd. |
||||||||
3.60%, 11/28/24 |
$ | 200 | $ | 193,184 | ||||
2.13%, 02/09/31 |
200 | 157,752 | ||||||
Tencent Holdings Ltd., 3.58%, 04/11/26 (e) |
200 | 191,516 | ||||||
542,452 | ||||||||
Internet Software & Services — 1.1% |
||||||||
ANGI Group LLC, 3.88%, 08/15/28 (b) |
582 | 431,894 | ||||||
Booking Holdings, Inc., 3.55%, 03/15/28 (d) |
3,375 | 3,145,423 | ||||||
Gen Digital, Inc., 7.13%, 09/30/30 (b) |
368 | 361,560 | ||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (b) |
||||||||
5.25%, 12/01/27 |
370 | 350,190 | ||||||
3.50%, 03/01/29 |
369 | 308,924 | ||||||
Match Group Holdings II LLC (b) |
||||||||
4.13%, 08/01/30 |
383 | 312,669 | ||||||
3.63%, 10/01/31 |
385 | 295,243 | ||||||
Uber Technologies, Inc. (b) |
||||||||
7.50%, 05/15/25 |
1,750 | 1,748,725 | ||||||
8.00%, 11/01/26 |
645 | 647,220 | ||||||
7.50%, 09/15/27 (d) |
2,069 | 2,070,448 | ||||||
6.25%, 01/15/28 |
581 | 557,760 | ||||||
4.50%, 08/15/29 (d) |
2,040 | 1,777,360 | ||||||
12,007,416 | ||||||||
IT Services — 0.8% |
||||||||
Booz Allen Hamilton, Inc. (b) |
||||||||
3.88%, 09/01/28 |
561 | 497,025 | ||||||
4.00%, 07/01/29 |
945 | 831,736 | ||||||
CA Magnum Holdings |
||||||||
5.38%, 10/31/26 (b) |
964 | 872,545 | ||||||
5.38%, 10/31/26 (e) |
700 | 633,591 | ||||||
Camelot Finance SA, 4.50%, 11/01/26 (b) |
1,254 | 1,175,312 | ||||||
Condor Merger Sub, Inc., 7.38%, 02/15/30 (b) |
1,273 | 1,023,531 | ||||||
Dun & Bradstreet Corp., 5.00%, 12/15/29 (b) |
272 | 232,768 | ||||||
Fair Isaac Corp., 4.00%, 06/15/28 (b) |
393 | 356,650 | ||||||
Gartner, Inc. (b) |
||||||||
4.50%, 07/01/28 |
616 | 574,315 | ||||||
3.75%, 10/01/30 (d) |
697 | 600,791 | ||||||
Twilio, Inc., 3.88%, 03/15/31 |
669 | 530,755 | ||||||
Wipro IT Services LLC, 1.50%, 06/23/26 (e) |
200 | 175,413 | ||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b) |
989 | 831,138 | ||||||
8,335,570 | ||||||||
Leisure Products — 0.1% |
||||||||
Mattel, Inc. |
||||||||
3.75%, 04/01/29 (b) |
152 | 133,505 | ||||||
6.20%, 10/01/40 |
513 | 442,802 | ||||||
5.45%, 11/01/41 |
753 | 612,936 | ||||||
1,189,243 | ||||||||
Machinery — 0.5% |
||||||||
Chart Industries, Inc. |
||||||||
7.50%, 01/01/30 (b) |
933 | 937,936 | ||||||
9.50%, 01/01/31 |
143 | 146,662 | ||||||
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25 (b)(g) |
166 | 146,910 | ||||||
Madison IAQ LLC, 5.88%, 06/30/29 (b)(d) |
586 | 401,644 | ||||||
Terex Corp., 5.00%, 05/15/29 (b) |
688 | 618,340 |
Security |
Par (000) |
Value |
||||||
Machinery (continued) |
||||||||
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26 (b) |
$ | 1,550 | $ | 1,395,911 | ||||
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (b) |
596 | 486,642 | ||||||
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b) |
1,747 | 1,550,532 | ||||||
5,684,577 | ||||||||
Media — 9.0% |
||||||||
Altice Financing SA (b)(d) |
||||||||
5.00%, 01/15/28 |
863 | 694,715 | ||||||
5.75%, 08/15/29 |
1,419 | 1,116,133 | ||||||
Altice France Holding SA, 10.50%, 05/15/27 (b) |
642 | 489,525 | ||||||
AMC Networks, Inc., 4.25%, 02/15/29 |
263 | 163,875 | ||||||
Cable One, Inc. |
||||||||
0.00%, 03/15/26 (i)(j) |
136 | 106,828 | ||||||
4.00%, 11/15/30 (b)(d) |
641 | 503,003 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||
5.13%, 05/01/27 (b)(d) |
2,592 | 2,415,925 | ||||||
5.00%, 02/01/28 (b) |
7 | 6,356 | ||||||
5.38%, 06/01/29 (b)(d) |
1,823 | 1,648,484 | ||||||
6.38%, 09/01/29 (b)(d) |
1,199 | 1,126,748 | ||||||
4.75%, 03/01/30 (b)(d) |
846 | 729,603 | ||||||
4.50%, 08/15/30 (b)(d) |
2,925 | 2,416,503 | ||||||
4.25%, 02/01/31 (b)(d) |
1,749 | 1,402,899 | ||||||
4.75%, 02/01/32 (b) |
950 | 770,165 | ||||||
4.50%, 05/01/32 |
462 | 367,752 | ||||||
4.50%, 06/01/33 (b)(d) |
326 | 250,117 | ||||||
4.25%, 01/15/34 (b) |
2,197 | 1,621,485 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital |
||||||||
6.38%, 10/23/35 |
479 | 466,922 | ||||||
6.48%, 10/23/45 (d) |
9,584 | 8,642,603 | ||||||
5.38%, 05/01/47 (d) |
1,500 | 1,176,664 | ||||||
6.83%, 10/23/55 |
3,540 | 3,265,781 | ||||||
Clear Channel Outdoor Holdings, Inc. (b) |
||||||||
5.13%, 08/15/27 |
5,636 | 4,883,594 | ||||||
7.75%, 04/15/28 (d) |
1,953 | 1,425,708 | ||||||
7.50%, 06/01/29 |
1,931 | 1,417,875 | ||||||
Comcast Corp. (d) |
||||||||
3.75%, 04/01/40 |
545 | 449,475 | ||||||
2.99%, 11/01/63 |
5,558 | 3,360,683 | ||||||
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (b) |
4,099 | 3,798,787 | ||||||
Cox Communications, Inc., 8.38%, 03/01/39 (b)(d) |
5,000 | 6,050,203 | ||||||
CSC Holdings LLC |
||||||||
5.25%, 06/01/24 (d) |
1,125 | 1,047,392 | ||||||
5.38%, 02/01/28 (b) |
336 | 270,900 | ||||||
4.13%, 12/01/30 (b)(d) |
3,121 | 2,202,895 | ||||||
3.38%, 02/15/31 (b) |
225 | 146,730 | ||||||
4.50%, 11/15/31 (b) |
1,122 | 778,459 | ||||||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27 (b)(d) |
897 | 802,510 | ||||||
Discovery Communications LLC, 4.88%, 04/01/43 (d) |
4,000 | 2,989,180 | ||||||
DISH DBS Corp. |
||||||||
7.75%, 07/01/26 (d) |
1,110 | 895,093 | ||||||
5.25%, 12/01/26 (b) |
2,186 | 1,841,344 | ||||||
5.75%, 12/01/28 (b) |
1,651 | 1,317,704 | ||||||
Frontier Communications Holdings LLC (b) |
||||||||
5.88%, 10/15/27 (d) |
546 | 506,999 | ||||||
5.00%, 05/01/28 |
805 | 701,976 |
94 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Media (continued) |
||||||||
Frontier Communications Holdings LLC (b) (continued) |
||||||||
6.75%, 05/01/29 (d) |
$ | 1,212 | $ | 1,002,639 | ||||
6.00%, 01/15/30 |
395 | 310,301 | ||||||
8.75%, 05/15/30 |
472 | 479,906 | ||||||
GCI LLC, 4.75%, 10/15/28 (b) |
160 | 134,413 | ||||||
Globe Telecom, Inc., (5 year CMT + 5.53%), 4.20% (a)(e)(f) |
700 | 624,225 | ||||||
HKT Capital No. 4 Ltd., 3.00%, 07/14/26 (e) |
200 | 183,850 | ||||||
iHeartCommunications, Inc. |
||||||||
6.38%, 05/01/26 |
370 | 340,383 | ||||||
5.25%, 08/15/27 (b) |
376 | 318,503 | ||||||
4.75%, 01/15/28 (b) |
184 | 149,839 | ||||||
Iliad Holding SASU (b) |
||||||||
6.50%, 10/15/26 (d) |
1,398 | 1,296,580 | ||||||
7.00%, 10/15/28 |
757 | 684,169 | ||||||
Lamar Media Corp., 4.00%, 02/15/30 |
307 | 268,318 | ||||||
LCPR Senior Secured Financing DAC (b) |
||||||||
6.75%, 10/15/27 |
860 | 804,100 | ||||||
5.13%, 07/15/29 |
1,214 | 1,005,688 | ||||||
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (b)(g) |
500 | 147,379 | ||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (b) |
1,340 | 776,928 | ||||||
Live Nation Entertainment, Inc. (b) |
||||||||
4.88%, 11/01/24 |
136 | 131,681 | ||||||
6.50%, 05/15/27 (d) |
2,712 | 2,653,828 | ||||||
4.75%, 10/15/27 (d) |
697 | 620,557 | ||||||
3.75%, 01/15/28 |
155 | 132,072 | ||||||
Network i2i Ltd., (5 year CMT + 4.27%), 5.65% (a)(e)(f) |
695 | 659,729 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |
||||||||
5.00%, 08/15/27 (d) |
831 | 748,105 | ||||||
4.25%, 01/15/29 |
336 | 278,789 | ||||||
4.63%, 03/15/30 |
222 | 183,666 | ||||||
Paramount Global, 5.85%, 09/01/43 (d) |
1,300 | 1,079,502 | ||||||
Radiate Holdco LLC/Radiate Finance, Inc. (b) |
||||||||
4.50%, 09/15/26 |
1,228 | 902,212 | ||||||
6.50%, 09/15/28 |
2,638 | 1,105,362 | ||||||
Sinclair Television Group, Inc., 4.13%, 12/01/30 (b) |
817 | 612,494 | ||||||
Sirius XM Radio, Inc. (b) |
||||||||
3.13%, 09/01/26 (d) |
1,020 | 905,699 | ||||||
5.00%, 08/01/27 |
905 | 836,547 | ||||||
4.00%, 07/15/28 (d) |
619 | 538,716 | ||||||
5.50%, 07/01/29 (d) |
1,008 | 920,082 | ||||||
3.88%, 09/01/31 |
390 | 304,266 | ||||||
Stagwell Global LLC, 5.63%, 08/15/29 (b) |
209 | 172,337 | ||||||
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (b) |
1,000 | 900,000 | ||||||
Time Warner Cable LLC, 6.55%, 05/01/37 |
3,519 | 3,350,302 | ||||||
Univision Communications, Inc. (b) |
||||||||
6.63%, 06/01/27 |
113 | 109,024 | ||||||
7.38%, 06/30/30 |
344 | 328,761 | ||||||
UPC Broadband Finco BV, 4.88%, 07/15/31 (b) |
934 | 776,897 | ||||||
Videotron Ltd., 3.63%, 06/15/29 (b) |
421 | 354,693 | ||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (b) |
1,452 | 1,269,204 | ||||||
WMG Acquisition Corp., 3.88%, 07/15/30 (b) |
263 | 226,535 |
Security |
Par (000) |
Value |
||||||
Media (continued) |
||||||||
Ziggo Bond Co. BV, 6.00%, 01/15/27 (b)(d) |
$ | 955 | $ | 888,551 | ||||
Ziggo BV, 4.88%, 01/15/30 (b) |
605 | 506,246 | ||||||
94,292,671 | ||||||||
Metals & Mining — 1.9% |
||||||||
ABJA Investment Co. Pte. Ltd. (e) |
||||||||
4.45%, 07/24/23 |
200 | 198,000 | ||||||
5.45%, 01/24/28 |
306 | 296,055 | ||||||
Arconic Corp. (b) |
||||||||
6.00%, 05/15/25 |
705 | 693,083 | ||||||
6.13%, 02/15/28 |
607 | 569,527 | ||||||
ATI, Inc. |
||||||||
5.88%, 12/01/27 |
25 | 23,907 | ||||||
5.13%, 10/01/31 |
656 | 577,673 | ||||||
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b) |
2,418 | 2,303,691 | ||||||
Carpenter Technology Corp., 7.63%, 03/15/30 |
108 | 108,258 | ||||||
Chinalco Capital Holdings Ltd., 2.13%, 06/03/26 (e) |
200 | 180,022 | ||||||
Constellium SE (b) |
||||||||
5.88%, 02/15/26 |
996 | 959,417 | ||||||
3.75%, 04/15/29 |
1,731 | 1,406,329 | ||||||
JSW Steel Ltd., 3.95%, 04/05/27 (e) |
500 | 427,500 | ||||||
Kaiser Aluminum Corp. (b) |
||||||||
4.63%, 03/01/28 |
988 | 862,154 | ||||||
4.50%, 06/01/31 |
700 | 562,625 | ||||||
New Gold, Inc., 7.50%, 07/15/27 (b) |
1,357 | 1,190,841 | ||||||
Novelis Corp. (b) |
||||||||
3.25%, 11/15/26 |
1,282 | 1,149,326 | ||||||
4.75%, 01/30/30 (d) |
2,489 | 2,206,660 | ||||||
3.88%, 08/15/31 |
932 | 760,878 | ||||||
Periama Holdings LLC, 5.95%, 04/19/26 (e) |
200 | 186,038 | ||||||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (b) |
249 | 215,310 | ||||||
Southern Copper Corp., 5.88%, 04/23/45 (d) |
3,870 | 3,951,754 | ||||||
Steel Dynamics, Inc., 3.25%, 10/15/50 (d) |
1,145 | 742,336 | ||||||
Vedanta Resources Finance II PLC (e) |
||||||||
13.88%, 01/21/24 |
400 | 346,825 | ||||||
8.95%, 03/11/25 |
200 | 135,250 | ||||||
20,053,459 | ||||||||
Multiline Retail — 0.1% |
||||||||
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (b) |
570 | 534,243 | ||||||
Multi-Utilities — 0.0% |
||||||||
TransAlta Corp., 7.75%, 11/15/29 |
165 | 168,511 | ||||||
Offshore Drilling & Other Services — 0.1% |
||||||||
Entegris, Inc. (b) |
||||||||
4.38%, 04/15/28 |
176 | 155,625 | ||||||
3.63%, 05/01/29 |
305 | 248,347 | ||||||
Lam Research Corp., 4.88%, 03/15/49 (d) |
875 | 828,400 | ||||||
1,232,372 | ||||||||
Oil, Gas & Consumable Fuels — 13.9% |
||||||||
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (b) |
855 | 848,114 | ||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |
||||||||
5.75%, 03/01/27 |
749 | 708,073 | ||||||
5.75%, 01/15/28 |
127 | 117,806 | ||||||
5.38%, 06/15/29 |
425 | 388,552 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||
Apache Corp. |
||||||||
4.25%, 01/15/30 |
$ | 469 | $ | 415,021 | ||||
5.10%, 09/01/40 |
11 | 9,116 | ||||||
5.35%, 07/01/49 |
198 | 159,963 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |
||||||||
9.00%, 11/01/27 |
964 | 1,185,720 | ||||||
5.88%, 06/30/29 |
26 | 23,182 | ||||||
Buckeye Partners LP |
||||||||
4.13%, 03/01/25 (b) |
594 | 565,728 | ||||||
5.85%, 11/15/43 |
383 | 285,365 | ||||||
5.60%, 10/15/44 |
191 | 139,469 | ||||||
Callon Petroleum Co. |
||||||||
6.38%, 07/01/26 |
178 | 165,904 | ||||||
8.00%, 08/01/28 (b)(d) |
1,141 | 1,087,697 | ||||||
7.50%, 06/15/30 (b) |
1,075 | 983,625 | ||||||
Cenovus Energy, Inc., 5.40%, 06/15/47 |
77 | 68,872 | ||||||
Cheniere Energy Partners LP |
||||||||
4.50%, 10/01/29 |
1,571 | 1,412,677 | ||||||
4.00%, 03/01/31 |
974 | 829,225 | ||||||
3.25%, 01/31/32 |
1,218 | 967,953 | ||||||
Cheniere Energy, Inc., 4.63%, 10/15/28 |
113 | 102,137 | ||||||
Chesapeake Energy Corp. (b) |
||||||||
5.88%, 02/01/29 |
80 | 75,799 | ||||||
6.75%, 04/15/29 |
928 | 903,501 | ||||||
CNOOC Finance 2014 ULC, Series 2014, 4.88%, 04/30/44 |
250 | 216,687 | ||||||
CNOOC Finance 2015 USA LLC, Series 2015, 3.50%, 05/05/25 |
250 | 240,203 | ||||||
CNOOC Petroleum North America ULC, 6.40%, 05/15/37 |
2,000 | 2,037,250 | ||||||
CNX Resources Corp. (b) |
||||||||
6.00%, 01/15/29 |
78 | 71,771 | ||||||
7.38%, 01/15/31 |
327 | 313,426 | ||||||
Colgate Energy Partners III LLC (b) |
||||||||
7.75%, 02/15/26 |
490 | 475,319 | ||||||
5.88%, 07/01/29 |
452 | 388,205 | ||||||
Comstock Resources, Inc. (b)(d) |
||||||||
6.75%, 03/01/29 |
792 | 714,780 | ||||||
5.88%, 01/15/30 |
1,107 | 951,688 | ||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b) |
2,218 | 1,937,445 | ||||||
Crescent Energy Finance LLC, 7.25%, 05/01/26 (b) |
1,096 | 1,032,805 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (b) |
||||||||
5.63%, 05/01/27 |
189 | 175,770 | ||||||
6.00%, 02/01/29 |
245 | 224,790 | ||||||
8.00%, 04/01/29 |
286 | 284,594 | ||||||
CrownRock LP/CrownRock Finance, Inc. (b) |
||||||||
5.63%, 10/15/25 |
1,399 | 1,350,035 | ||||||
5.00%, 05/01/29 |
56 | 50,317 | ||||||
DCP Midstream Operating LP (b) |
||||||||
6.45%, 11/03/36 |
177 | 173,446 | ||||||
6.75%, 09/15/37 |
1,218 | 1,227,730 | ||||||
Devon Energy Corp. |
||||||||
8.25%, 08/01/23 (d) |
811 | 822,042 | ||||||
5.25%, 09/15/24 |
100 | 100,088 | ||||||
5.25%, 10/15/27 |
130 | 128,639 | ||||||
5.88%, 06/15/28 |
204 | 206,321 | ||||||
4.50%, 01/15/30 |
117 | 108,926 |
Security |
Par (000) |
Value |
||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||
Diamondback Energy, Inc. (d) |
||||||||
3.50%, 12/01/29 |
$ | 692 | $ | 607,106 | ||||
6.25%, 03/15/33 |
2,880 | 2,923,102 | ||||||
DT Midstream, Inc. (b) |
||||||||
4.13%, 06/15/29 (d) |
766 | 658,078 | ||||||
4.38%, 06/15/31 |
876 | 734,876 | ||||||
Dycom Industries, Inc., 4.50%, 04/15/29 (b) |
26 | 22,630 | ||||||
Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (b)(d) |
571 | 546,247 | ||||||
eG Global Finance PLC (b) |
||||||||
6.75%, 02/07/25 |
503 | 439,134 | ||||||
8.50%, 10/30/25 |
787 | 733,188 | ||||||
Enbridge, Inc. (a) |
||||||||
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78 |
5,000 | 4,548,894 | ||||||
Series 16-A, (3 mo. LIBOR US + 3.89%), 6.00%, 01/15/77 |
5,880 | 5,399,247 | ||||||
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28 (b) |
518 | 495,995 | ||||||
Energy Transfer LP |
||||||||
5.50%, 06/01/27 |
406 | 403,117 | ||||||
6.13%, 12/15/45 (d) |
3,579 | 3,311,438 | ||||||
Series B, (3 mo. LIBOR US + 4.16%), 6.63% (a)(f) |
5,000 | 3,712,500 | ||||||
Series H, (5 year CMT + 5.69%), 6.50% (a)(d)(f) |
185 | 159,100 | ||||||
EnLink Midstream LLC |
||||||||
5.63%, 01/15/28 (b) |
594 | 565,784 | ||||||
5.38%, 06/01/29 |
628 | 581,075 | ||||||
6.50%, 09/01/30 (b) |
374 | 370,148 | ||||||
EnLink Midstream Partners LP |
||||||||
4.15%, 06/01/25 |
20 | 18,901 | ||||||
4.85%, 07/15/26 |
64 | 60,162 | ||||||
5.60%, 04/01/44 |
626 | 516,304 | ||||||
5.05%, 04/01/45 |
68 | 51,532 | ||||||
5.45%, 06/01/47 |
215 | 172,699 | ||||||
Enterprise Products Operating LLC 4.90%, 05/15/46 (d) |
5,375 | 4,673,806 | ||||||
Series E, (3 mo. LIBOR US + 3.03%), 5.25%, 08/16/77 (a) |
4,800 | 3,860,777 | ||||||
EQM Midstream Partners LP |
||||||||
6.00%, 07/01/25 (b) |
50 | 48,250 | ||||||
4.13%, 12/01/26 |
226 | 201,014 | ||||||
7.50%, 06/01/30 (b) |
141 | 135,856 | ||||||
4.75%, 01/15/31 (b)(d) |
802 | 655,635 | ||||||
Exxon Mobil Corp., 3.45%, 04/15/51 (d) |
3,890 | 2,928,518 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. |
||||||||
6.50%, 10/01/25 |
99 | 94,615 | ||||||
7.75%, 02/01/28 |
340 | 312,963 | ||||||
Gulfport Energy Corp., 8.00%, 05/17/26 (b) |
53 | 51,188 | ||||||
Harbour Energy PLC, 5.50%, 10/15/26 (b) |
200 | 179,224 | ||||||
Harvest Midstream I LP, 7.50%, 09/01/28 (b) |
115 | 109,761 | ||||||
Hess Corp., 5.80%, 04/01/47 (d) |
5,000 | 4,773,317 | ||||||
Hess Midstream Operations LP, 4.25%, 02/15/30 (b) |
497 | 424,896 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |
||||||||
6.25%, 11/01/28 |
238 | 215,390 | ||||||
5.75%, 02/01/29 |
318 | 283,041 | ||||||
6.00%, 04/15/30 |
29 | 25,789 | ||||||
6.00%, 02/01/31 |
51 | 43,990 | ||||||
6.25%, 04/15/32 |
12 | 10,355 | ||||||
ITT Holdings LLC, 6.50%, 08/01/29 (b) |
711 | 598,762 | ||||||
Kinder Morgan, Inc. |
||||||||
7.80%, 08/01/31 |
197 | 219,682 | ||||||
7.75%, 01/15/32 (d) |
4,586 | 5,156,034 |
96 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||
Kinetik Holdings LP, 5.88%, 06/15/30 (b)(d) |
$ | 928 | $ | 870,263 | ||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (b) |
58 | 55,680 | ||||||
Marathon Petroleum Corp., 5.13%, 12/15/26 (d) |
937 | 931,181 | ||||||
Matador Resources Co., 5.88%, 09/15/26 |
371 | 356,701 | ||||||
Medco Bell Pte. Ltd., 6.38%, 01/30/27 (e) |
300 | 269,250 | ||||||
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28 (e) |
400 | 353,825 | ||||||
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26 (e) |
200 | 189,750 | ||||||
MPLX LP (d) |
||||||||
5.20%, 03/01/47 |
3,500 | 2,970,579 | ||||||
4.70%, 04/15/48 |
5,000 | 3,945,659 | ||||||
5.50%, 02/15/49 |
2,640 | 2,320,273 | ||||||
Murphy Oil Corp. |
||||||||
5.75%, 08/15/25 |
2 | 1,965 | ||||||
5.88%, 12/01/27 |
46 | 44,265 | ||||||
6.13%, 12/01/42 |
47 | 36,660 | ||||||
Murphy Oil USA, Inc., 4.75%, 09/15/29 |
323 | 295,555 | ||||||
Nabors Industries Ltd. (b) |
||||||||
7.25%, 01/15/26 |
260 | 245,024 | ||||||
7.50%, 01/15/28 |
646 | 591,023 | ||||||
Nabors Industries, Inc. |
||||||||
5.75%, 02/01/25 |
700 | 667,527 | ||||||
7.38%, 05/15/27 (b)(d) |
620 | 600,591 | ||||||
New Fortress Energy, Inc. (b) |
||||||||
6.75%, 09/15/25 |
1,446 | 1,367,627 | ||||||
6.50%, 09/30/26 |
1,605 | 1,490,563 | ||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (b)(d) |
364 | 324,102 | ||||||
NGPL PipeCo LLC, 7.77%, 12/15/37 (b)(d) |
1,117 | 1,162,257 | ||||||
Northern Oil & Gas, Inc., 8.13%, 03/01/28 (b) |
1,473 | 1,414,366 | ||||||
NuStar Logistics LP |
||||||||
6.00%, 06/01/26 |
373 | 359,164 | ||||||
6.38%, 10/01/30 |
45 | 41,610 | ||||||
Occidental Petroleum Corp. |
||||||||
6.95%, 07/01/24 |
43 | 43,818 | ||||||
5.88%, 09/01/25 |
195 | 194,294 | ||||||
8.88%, 07/15/30 |
159 | 179,512 | ||||||
6.63%, 09/01/30 |
1,748 | 1,806,348 | ||||||
7.50%, 05/01/31 |
14 | 14,959 | ||||||
6.45%, 09/15/36 |
273 | 278,460 | ||||||
6.20%, 03/15/40 |
1,380 | 1,350,462 | ||||||
6.60%, 03/15/46 |
66 | 67,913 | ||||||
PDC Energy, Inc., 5.75%, 05/15/26 |
759 | 724,519 | ||||||
Permian Resources Operating LLC, 6.88%, 04/01/27 (b) |
168 | 158,296 | ||||||
Pertamina Persero PT (e) |
||||||||
1.40%, 02/09/26 |
250 | 221,277 | ||||||
2.30%, 02/09/31 |
200 | 161,022 | ||||||
Petroleos Mexicanos |
||||||||
3.50%, 01/30/23 |
5,000 | 4,970,000 | ||||||
4.63%, 09/21/23 |
3,965 | 3,886,295 | ||||||
6.70%, 02/16/32 |
695 | 544,706 | ||||||
Petronas Capital Ltd. (e) |
||||||||
2.48%, 01/28/32 |
200 | 165,230 | ||||||
4.50%, 03/18/45 |
200 | 177,260 | ||||||
Plains All American Pipeline LP, Series B, (3 mo. LIBOR US + 4.11%), 8.72% (a)(f) |
2,215 | 1,904,900 | ||||||
Precision Drilling Corp., 6.88%, 01/15/29 (b) |
18 | 16,758 | ||||||
Range Resources Corp. |
||||||||
4.88%, 05/15/25 |
30 | 28,497 | ||||||
4.75%, 02/15/30 (b) |
26 | 22,909 |
Security |
Par (000) |
Value |
||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||
Reliance Industries Ltd., 3.67%, 11/30/27 (e) |
$ | 300 | $ | 276,619 | ||||
Rockcliff Energy II LLC, 5.50%, 10/15/29 (b) |
667 | 610,272 | ||||||
Rockies Express Pipeline LLC, 6.88%, 04/15/40 (b) |
580 | 486,960 | ||||||
Sabine Pass Liquefaction LLC (d) |
||||||||
5.75%, 05/15/24 |
2,575 | 2,575,622 | ||||||
5.88%, 06/30/26 |
1,481 | 1,498,538 | ||||||
Sinopec Group Overseas Development 2017 Ltd., 3.63%, 04/12/27 (e) |
200 | 191,416 | ||||||
Sinopec Group Overseas Development 2018 Ltd., 2.30%, 01/08/31 (d) |
500 | 416,875 | ||||||
SM Energy Co. |
||||||||
5.63%, 06/01/25 |
44 | 42,240 | ||||||
6.75%, 09/15/26 (d) |
327 | 317,468 | ||||||
6.63%, 01/15/27 |
75 | 72,242 | ||||||
6.50%, 07/15/28 |
100 | 95,877 | ||||||
Southwestern Energy Co. |
||||||||
5.70%, 01/23/25 |
29 | 28,492 | ||||||
5.38%, 02/01/29 |
392 | 363,408 | ||||||
4.75%, 02/01/32 |
322 | 275,178 | ||||||
Sunoco LP/Sunoco Finance Corp. |
||||||||
6.00%, 04/15/27 |
141 | 138,843 | ||||||
5.88%, 03/15/28 |
317 | 300,212 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |
||||||||
6.00%, 03/01/27 |
150 | 140,043 | ||||||
5.50%, 01/15/28 |
52 | 46,116 | ||||||
6.00%, 12/31/30 |
102 | 88,202 | ||||||
6.00%, 09/01/31 |
239 | 205,488 | ||||||
Tap Rock Resources LLC, 7.00%, 10/01/26 (b) |
1,368 | 1,272,377 | ||||||
TransCanada PipeLines Ltd., 4.88%, 05/15/48 |
4,000 | 3,492,919 | ||||||
Transcanada Trust, (3 mo. LIBOR US + 3.53%), 5.63%, 05/20/75 (a) |
2,755 | 2,603,475 | ||||||
Transocean, Inc., 11.50%, 01/30/27 (b) |
294 | 294,735 | ||||||
Venture Global Calcasieu Pass LLC (b) |
||||||||
3.88%, 08/15/29 |
1,693 | 1,481,375 | ||||||
4.13%, 08/15/31 |
1,610 | 1,371,712 | ||||||
3.88%, 11/01/33 |
2,652 | 2,166,419 | ||||||
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |
270 | 246,397 | ||||||
Western Midstream Operating LP |
||||||||
5.45%, 04/01/44 |
12 | 9,969 | ||||||
5.30%, 03/01/48 |
945 | 777,004 | ||||||
5.50%, 08/15/48 |
117 | 97,107 | ||||||
5.50%, 02/01/50 |
1,445 | 1,190,391 | ||||||
Williams Cos., Inc. (d) |
||||||||
4.55%, 06/24/24 |
527 | 521,233 | ||||||
8.75%, 03/15/32 |
2,478 | 2,918,018 | ||||||
5.10%, 09/15/45 |
5,075 | 4,437,449 | ||||||
Woodside Finance Ltd., 3.70%, 09/15/26 (e) |
200 | 186,988 | ||||||
145,770,470 | ||||||||
Pharmaceuticals — 3.7% |
||||||||
AbbVie, Inc. (d) |
||||||||
4.75%, 03/15/45 |
5,485 | 4,925,777 | ||||||
4.70%, 05/14/45 |
3,255 | 2,891,095 | ||||||
CVS Health Corp. (d) |
||||||||
5.13%, 07/20/45 |
3,879 | 3,535,339 | ||||||
5.05%, 03/25/48 |
8,205 | 7,364,356 | ||||||
Elanco Animal Health, Inc., 6.40%, 08/28/28 |
158 | 150,339 | ||||||
Jazz Securities DAC, 4.38%, 01/15/29 (b) |
853 | 760,151 | ||||||
Merck & Co., Inc., 6.50%, 12/01/33 (d) |
6,420 | 7,219,642 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Pharmaceuticals (continued) |
||||||||
Option Care Health, Inc., 4.38%, 10/31/29 (b) |
$ | 461 | $ | 403,241 | ||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV (b) |
||||||||
4.13%, 04/30/28 |
1,633 | 1,445,858 | ||||||
5.13%, 04/30/31 (d) |
1,599 | 1,384,543 | ||||||
PRA Health Sciences, Inc., 2.88%, 07/15/26 (b) |
1,021 | 924,059 | ||||||
Prestige Brands, Inc., 3.75%, 04/01/31 (b) |
318 | 262,245 | ||||||
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 (d) |
8,270 | 6,750,382 | ||||||
Teva Pharmaceutical Finance Netherlands III BV |
||||||||
7.13%, 01/31/25 |
200 | 197,288 | ||||||
4.75%, 05/09/27 |
200 | 180,225 | ||||||
38,394,540 | ||||||||
Real Estate — 0.0% |
||||||||
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28 (b) |
430 | 394,580 | ||||||
Real Estate Management & Development — 1.3% |
||||||||
Agile Group Holdings Ltd. (e) |
||||||||
5.75%, 01/02/25 |
200 | 104,966 | ||||||
6.05%, 10/13/25 |
200 | 89,100 | ||||||
AYC Finance Ltd., 3.90% (e)(f) |
300 | 192,431 | ||||||
China Aoyuan Group Ltd. (e)(k)(l) |
||||||||
7.95%, 02/19/23 |
230 | 17,825 | ||||||
6.20%, 03/24/26 |
420 | 32,550 | ||||||
China Evergrande Group (e)(k)(l) |
||||||||
10.00%, 04/11/23 |
300 | 20,213 | ||||||
7.50%, 06/28/23 |
300 | 20,250 | ||||||
9.50%, 03/29/24 |
300 | 20,400 | ||||||
10.50%, 04/11/24 |
350 | 24,238 | ||||||
China Overseas Finance Cayman VII Ltd., 4.75%, 04/26/28 (e) |
200 | 182,287 | ||||||
China Resources Land Ltd., 3.75%, 08/26/24 (e) |
200 | 192,225 | ||||||
China SCE Group Holdings Ltd., 7.38%, 04/09/24 (e) |
200 | 98,000 | ||||||
CIFI Holdings Group Co. Ltd. (e)(k)(l) |
||||||||
6.55%, 03/28/24 |
450 | 126,000 | ||||||
6.45%, 11/07/24 |
250 | 62,703 | ||||||
Easy Tactic Ltd., (6.50% Cash or 7.50% PIK), 7.50%, 07/11/25 (g) |
208 | 46,599 | ||||||
Fantasia Holdings Group Co. Ltd., 7.95%, 07/05/22 (k)(l) |
1,050 | 85,145 | ||||||
Global Prime Capital Pte. Ltd., 5.95%, 01/23/25 (e) |
200 | 189,350 | ||||||
Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (b) |
360 | 351,811 | ||||||
Howard Hughes Corp. (b) |
||||||||
5.38%, 08/01/28 |
443 | 399,023 | ||||||
4.13%, 02/01/29 |
176 | 147,400 | ||||||
4.38%, 02/01/31 |
46 | 37,217 | ||||||
Kaisa Group Holdings Ltd. (e)(k)(l) |
||||||||
11.50%, 01/30/23 |
200 | 26,000 | ||||||
9.75%, 09/28/23 |
200 | 26,000 | ||||||
11.95%, 11/12/23 |
249 | 32,370 | ||||||
KWG Group Holdings Ltd., 5.88%, 11/10/24 (e) |
400 | 171,000 | ||||||
Modern Land China Co. Ltd., 11.50%, 11/13/22 (k)(l) |
1,130 | 60,072 | ||||||
New Metro Global Ltd., 4.50%, 05/02/26 (e) |
349 | 232,521 | ||||||
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29 (b)(d) |
4,485 | 3,924,380 | ||||||
Pakuwon Jati Tbk PT, 4.88%, 04/29/28 (e) |
500 | 439,937 | ||||||
Powerlong Real Estate Holdings Ltd. (e) |
||||||||
6.25%, 08/10/24 |
200 | 60,475 | ||||||
5.95%, 04/30/25 |
200 | 56,663 | ||||||
Realogy Group LLC/Realogy Co.-Issuer Corp. (b) |
||||||||
5.75%, 01/15/29 |
362 | 273,813 | ||||||
5.25%, 04/15/30 |
263 | 191,861 | ||||||
Redsun Properties Group Ltd., 10.50%, 10/03/22 (k)(l) |
200 | 19,500 |
Security |
Par (000) |
Value |
||||||
Real Estate Management & Development (continued) |
||||||||
RKPF Overseas Ltd. (e) |
||||||||
Series 2019-A, 5.90%, 03/05/25 |
$ | 200 | $ | 161,100 | ||||
Series 2020-A, 5.20%, 01/12/26 |
306 | 215,730 | ||||||
Ronshine China Holdings Ltd., 7.10%, 01/25/25 (e)(k)(l) |
200 | 10,000 | ||||||
Shimao Group Holdings Ltd., 3.45%, 01/11/31 (e)(k)(l) |
200 | 32,000 | ||||||
Shui On Development Holding Ltd. (e) |
||||||||
5.75%, 11/12/23 |
225 | 211,500 | ||||||
5.50%, 03/03/25 |
230 | 194,350 | ||||||
Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26 (e) |
200 | 172,832 | ||||||
Starwood Property Trust, Inc., 4.38%, 01/15/27 (b) |
150 | 131,261 | ||||||
Sunac China Holdings Ltd., 7.00%, 07/09/25 (e)(k)(l) |
782 | 160,310 | ||||||
Theta Capital Pte. Ltd., 8.13%, 01/22/25 (e) |
200 | 150,787 | ||||||
Times China Holdings Ltd. (e) |
||||||||
6.75%, 07/08/25 |
570 | 93,623 | ||||||
5.75%, 01/14/27 |
326 | 52,425 | ||||||
Vanke Real Estate Hong Kong Co. Ltd., 4.15%, 04/18/23 (e) |
200 | 197,662 | ||||||
VICI Properties LP, 5.13%, 05/15/32 |
3,155 | 2,921,372 | ||||||
Wanda Properties International Co. Ltd., 7.25%, 01/29/24 (e) |
285 | 251,388 | ||||||
Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30 (e) |
200 | 168,350 | ||||||
Yango Justice International Ltd. (e)(k)(l) |
||||||||
8.25%, 11/25/23 |
200 | 3,000 | ||||||
7.50%, 04/15/24 |
200 | 3,000 | ||||||
Yanlord Land HK Co. Ltd. (e) |
||||||||
6.80%, 02/27/24 |
200 | 192,000 | ||||||
5.13%, 05/20/26 |
200 | 164,250 | ||||||
Yuzhou Group Holdings Co. Ltd. (e)(k)(l) |
||||||||
7.70%, 02/20/25 |
200 | 17,500 | ||||||
7.38%, 01/13/26 |
1,300 | 113,750 | ||||||
Zhenro Properties Group Ltd., 7.35%, 02/05/25 (e)(k)(l) |
233 | 5,825 | ||||||
13,578,340 | ||||||||
Road & Rail — 1.9% |
||||||||
BNSF Funding Trust I, (3 mo. LIBOR US + 2.35%), 6.61%, 12/15/55 (a)(d) |
6,125 | 5,765,463 | ||||||
CMHI Finance BVI Co. Ltd., (5 year CMT + 6.62%), 3.88% (a)(e)(f) |
200 | 186,000 | ||||||
CSX Corp., 3.80%, 04/15/50 (d) |
770 | 597,130 | ||||||
Misc Capital Two Labuan Ltd., 3.75%, 04/06/27 (e) |
200 | 182,225 | ||||||
Norfolk Southern Corp., 6.00%, 03/15/2105 |
12,700 | 12,247,190 | ||||||
Seaspan Corp., 5.50%, 08/01/29 (b) |
683 | 517,577 | ||||||
19,495,585 | ||||||||
Semiconductors & Semiconductor Equipment — 2.4% |
||||||||
Broadcom, Inc., 5.00%, 04/15/30 (d) |
10,970 | 10,414,870 | ||||||
NVIDIA Corp. |
||||||||
3.50%, 04/01/50 |
2,785 | 2,102,000 | ||||||
3.70%, 04/01/60 (d) |
1,760 | 1,297,995 | ||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. |
||||||||
4.40%, 06/01/27 |
750 | 717,094 | ||||||
3.40%, 05/01/30 (d) |
1,755 | 1,508,532 | ||||||
QUALCOMM, Inc. (d) |
||||||||
4.30%, 05/20/47 |
3,500 | 3,009,535 | ||||||
6.00%, 05/20/53 |
1,993 | 2,116,707 | ||||||
Sensata Technologies BV (b) |
||||||||
5.63%, 11/01/24 |
695 | 688,314 | ||||||
5.00%, 10/01/25 |
572 | 558,621 | ||||||
4.00%, 04/15/29 |
207 | 178,538 | ||||||
5.88%, 09/01/30 |
383 | 362,979 | ||||||
Sensata Technologies, Inc., 4.38%, 02/15/30 (b) |
2,288 | 1,991,714 |
98 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Semiconductors & Semiconductor Equipment (continued) |
||||||||
SK Hynix, Inc., 1.50%, 01/19/26 (e) |
$ | 200 | $ | 172,163 | ||||
Synaptics, Inc., 4.00%, 06/15/29 (b) |
57 | 48,025 | ||||||
TSMC Global Ltd., 2.25%, 04/23/31 (e) |
250 | 201,852 | ||||||
25,368,939 | ||||||||
Software — 1.8% |
||||||||
Black Knight InfoServ LLC, 3.63%, 09/01/28 (b) |
859 | 745,182 | ||||||
Boxer Parent Co., Inc. (b) |
||||||||
7.13%, 10/02/25 |
764 | 742,999 | ||||||
9.13%, 03/01/26 |
336 | 316,987 | ||||||
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b) |
946 | 925,303 | ||||||
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29 (b) |
3,790 | 3,192,246 | ||||||
Elastic NV, 4.13%, 07/15/29 (b) |
718 | 579,929 | ||||||
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28 (b) |
205 | 155,795 | ||||||
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |
273 | 226,781 | ||||||
MicroStrategy, Inc., 6.13%, 06/15/28 (b)(d) |
180 | 128,709 | ||||||
MSCI, Inc. (b) |
||||||||
3.63%, 09/01/30 |
131 | 108,894 | ||||||
3.88%, 02/15/31 |
707 | 587,817 | ||||||
3.63%, 11/01/31 |
264 | 218,323 | ||||||
3.25%, 08/15/33 |
397 | 306,587 | ||||||
Oracle Corp. |
||||||||
6.15%, 11/09/29 |
2,385 | 2,475,549 | ||||||
3.95%, 03/25/51 (d) |
4,425 | 3,152,544 | ||||||
PTC, Inc. (b) |
||||||||
3.63%, 02/15/25 |
166 | 158,103 | ||||||
4.00%, 02/15/28 |
867 | 780,329 | ||||||
SS&C Technologies, Inc., 5.50%, 09/30/27 (b) |
3,889 | 3,641,644 | ||||||
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (b) |
955 | 657,726 | ||||||
19,101,447 | ||||||||
Specialty Retail (b) — 0.2% |
||||||||
PetSmart, Inc./PetSmart Finance Corp. |
||||||||
4.75%, 02/15/28 |
481 | 435,549 | ||||||
7.75%, 02/15/29 (d) |
1,317 | 1,236,916 | ||||||
Staples, Inc., 7.50%, 04/15/26 |
617 | 531,040 | ||||||
2,203,505 | ||||||||
Technology Hardware, Storage & Peripherals — 0.6% |
||||||||
Coherent Corp., 5.00%, 12/15/29 (b) |
1,027 | 885,716 | ||||||
Dell International LLC/EMC Corp. (d) |
||||||||
5.85%, 07/15/25 |
2,395 | 2,420,459 | ||||||
8.35%, 07/15/46 |
2,355 | 2,682,962 | ||||||
5,989,137 | ||||||||
Textiles, Apparel & Luxury Goods (b) — 0.1% |
||||||||
Crocs, Inc., 4.13%, 08/15/31 |
244 | 198,848 | ||||||
Levi Strauss & Co., 3.50%, 03/01/31 |
498 | 395,257 | ||||||
William Carter Co., 5.63%, 03/15/27 |
365 | 350,115 | ||||||
944,220 | ||||||||
Thrifts & Mortgage Finance — 0.2% |
||||||||
Home Point Capital, Inc., 5.00%, 02/01/26 (b) |
411 | 284,202 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25 (b) |
268 | 251,797 | ||||||
MGIC Investment Corp., 5.25%, 08/15/28 |
337 | 310,743 | ||||||
Nationstar Mortgage Holdings, Inc. (b) 6.00%, 01/15/27 |
524 | 468,980 |
Security |
Par (000) |
Value |
||||||
Thrifts & Mortgage Finance (continued) |
||||||||
Nationstar Mortgage Holdings, Inc. (b) (continued) |
||||||||
5.13%, 12/15/30 |
$ | 163 | $ | 125,891 | ||||
5.75%, 11/15/31 |
221 | 171,828 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26 (b)(d) |
557 | 477,439 | ||||||
2,090,880 | ||||||||
Tobacco — 2.4% |
||||||||
Altria Group, Inc., 10.20%, 02/06/39 (d) |
13,392 | 17,000,863 | ||||||
BAT Capital Corp., 4.54%, 08/15/47 (d) |
3,000 | 2,119,723 | ||||||
BAT International Finance PLC, 1.67%, 03/25/26 (d) |
4,350 | 3,854,337 | ||||||
Reynolds American, Inc., 5.85%, 08/15/45 |
2,335 | 1,988,946 | ||||||
24,963,869 | ||||||||
Transportation — 0.0% |
||||||||
XPO Escrow Sub LLC, 7.50%, 11/15/27 |
161 | 162,919 | ||||||
Transportation Infrastructure — 0.6% |
||||||||
FedEx Corp., 5.25%, 05/15/50 (d) |
6,000 | 5,462,950 | ||||||
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/24 (e) |
200 | 196,287 | ||||||
SF Holding Investment 2021 Ltd., 2.38%, 11/17/26 (e) |
200 | 179,474 | ||||||
Signature Aviation U.S. Holdings, Inc., 4.00%, 03/01/28 (b) |
541 | 512,565 | ||||||
Yunda Holding Investment Ltd., 2.25%, 08/19/25 (e) |
200 | 176,152 | ||||||
6,527,428 | ||||||||
Utilities — 0.3% |
||||||||
Abu Dhabi National Energy Co. PJSC, 4.38%, 04/23/25 (e) |
200 | 198,100 | ||||||
China Huaneng Group Hong Kong Treasury Management Holding Ltd., 1.60%, 01/20/26 (e) |
200 | 182,094 | ||||||
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28 (b) |
286 | 263,054 | ||||||
Korea Western Power Co. Ltd., 4.13%, 06/28/25 (e) |
200 | 193,576 | ||||||
Minejesa Capital BV, 4.63%, 08/10/30 (e) |
200 | 174,022 | ||||||
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (e) |
605 | 502,074 | ||||||
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28 (b) |
668 | 598,952 | ||||||
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (e) |
200 | 165,788 | ||||||
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26 (e) |
200 | 190,358 | ||||||
Vistra Operations Co. LLC (b) |
||||||||
5.50%, 09/01/26 |
23 | 22,159 | ||||||
5.63%, 02/15/27 (d) |
812 | 770,314 | ||||||
5.00%, 07/31/27 |
23 | 21,346 | ||||||
4.38%, 05/01/29 |
268 | 230,913 | ||||||
3,512,750 | ||||||||
Wireless Telecommunication Services — 1.4% |
||||||||
Altice France SA/France (b) |
||||||||
8.13%, 02/01/27 (d) |
528 | 480,945 | ||||||
5.50%, 01/15/28 |
560 | 438,547 | ||||||
5.13%, 01/15/29 |
338 | 254,146 | ||||||
5.13%, 07/15/29 |
796 | 596,796 | ||||||
5.50%, 10/15/29 |
519 | 395,753 | ||||||
American Tower Corp., 3.60%, 01/15/28 (d) |
4,000 | 3,676,318 | ||||||
Crown Castle, Inc., 4.15%, 07/01/50 (d) |
820 | 635,548 | ||||||
Digicel International Finance Ltd./Digicel international |
||||||||
Holdings Ltd., 8.75%, 05/25/24 (b) |
635 | 544,036 | ||||||
SBA Communications Corp. |
||||||||
3.13%, 02/01/29 |
481 | 399,947 | ||||||
3.88%, 02/15/27 (d) |
2,441 | 2,205,477 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Wireless Telecommunication Services (continued) |
||||||||
Sprint LLC, 7.63%, 03/01/26 |
$ | 1,096 | $ | 1,153,327 | ||||
T-Mobile USA, Inc. |
||||||||
4.75%, 02/01/28 (d) |
1,013 | 984,928 | ||||||
2.63%, 02/15/29 |
438 | 370,781 | ||||||
3.38%, 04/15/29 (d) |
676 | 595,400 | ||||||
2.88%, 02/15/31 |
235 | 194,187 | ||||||
3.50%, 04/15/31 (d) |
990 | 855,161 | ||||||
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31 (b) |
1,234 | 1,002,440 | ||||||
14,783,737 | ||||||||
Total Corporate Bonds — 110.8% (Cost: $1,274,487,171) |
1,158,917,643 | |||||||
Floating Rate Loan Interests (a) |
||||||||
Aerospace & Defense — 0.2% |
||||||||
Atlas CC Acquisition Corp. |
||||||||
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 8.98%, 05/25/28 |
327 | 274,024 | ||||||
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 8.98%, 05/25/28 |
43 | 36,296 | ||||||
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.06%, 08/03/29 |
100 | 96,758 | ||||||
Dynasty Acquisition Co., Inc. |
||||||||
2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 7.92%, 04/06/26 |
69 | 66,047 | ||||||
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 7.92%, 04/06/26 |
129 | 122,859 | ||||||
Peraton Corp. |
||||||||
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 12.09%, 02/01/29 |
113 | 107,105 | ||||||
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/01/28 |
606 | 590,180 | ||||||
TransDigm, Inc., 2020 Term Loan F, (3 mo. LIBOR + 2.25%), 6.98%, 12/09/25 |
262 | 258,776 | ||||||
1,552,045 | ||||||||
Air Freight & Logistics — 0.0% |
||||||||
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.49%, 04/06/28 |
99 | 90,583 | ||||||
Kestrel Bidco, Inc., Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 7.35%, 12/11/26 |
30 | 26,910 | ||||||
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 8.63%, 12/15/28 |
132 | 109,879 | ||||||
227,372 | ||||||||
Airlines — 0.2% |
||||||||
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.99%, 04/20/28 |
436 | 433,457 | ||||||
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 8.13%, 08/11/28 |
372 | 367,013 | ||||||
American Airlines, Inc. |
||||||||
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 6.14%, 01/29/27 |
305 | 288,786 |
Security |
Par (000) |
Value |
||||||
Airlines (continued) |
||||||||
American Airlines, Inc. (continued) |
||||||||
2018 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 06/27/25 |
$ | 162 | $ | 155,123 | ||||
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 10.00%, 06/21/27 |
480 | 492,587 | ||||||
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.11%, 04/21/28 |
443 | 437,082 | ||||||
2,174,048 | ||||||||
Auto Components — 0.1% |
||||||||
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/30/26 |
602 | 588,708 | ||||||
USI, Inc., 2022 Incremental Term Loan, (3 mo. SOFR CME + 3.75%, 0.50% Floor), 8.33%, 11/22/29 |
372 | 372,122 | ||||||
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 02/05/26 |
339 | 320,832 | ||||||
1,281,662 | ||||||||
Banks — 0.0% |
||||||||
DirecTV Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 9.38%, 08/02/27 |
355 | 344,498 | ||||||
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 9.38%, 10/29/28 |
147 | 139,091 | ||||||
483,589 | ||||||||
Beverages — 0.1% |
||||||||
Naked Juice LLC |
||||||||
2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 10.68%, 01/24/30 |
213 | 167,539 | ||||||
Term Loan, (3 mo. SOFRTE + 3.25%, 0.50% Floor), 7.93%, 01/24/29 |
473 | 422,101 | ||||||
589,640 | ||||||||
Building Products — 0.1% |
||||||||
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 11/23/27 |
198 | 172,792 | ||||||
CPG International LLC, 2022 Term Loan B, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.92%, 04/28/29 |
89 | 86,114 | ||||||
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 07/28/28 |
99 | 92,119 | ||||||
New AMI I LLC, 2022 Term Loan B, (1 mo. SOFRTE + 6.00%, 0.50% Floor), 10.32%, 03/08/29 |
97 | 83,040 | ||||||
Standard Industries, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.25%, 0.50% Floor), 6.43%, 09/22/28 |
74 | 72,853 | ||||||
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 7.98%, 12/31/26 |
341 | 324,071 | ||||||
830,989 | ||||||||
Capital Markets — 0.2% |
||||||||
Ascensus Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.25%, 08/02/28 |
453 | 432,081 | ||||||
Deerfield Dakota Holding LLC |
||||||||
2020 USD Term Loan B, (1 mo. SOFR CME + 3.75%, 1.00% Floor), 8.07%, 04/09/27 |
757 | 706,032 | ||||||
2021 USD 2nd Lien Term Loan, 04/07/28 (m) |
190 | 179,615 |
100 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Capital Markets (continued) |
||||||||
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 7.75%, 11/12/27 |
$ | 149 | $ | 141,998 | ||||
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 06/30/28 |
184 | 180,187 | ||||||
1,639,913 | ||||||||
Chemicals — 0.2% |
||||||||
Arc Falcon I, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 09/30/28 |
188 | 164,880 | ||||||
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26 |
258 | 242,617 | ||||||
Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 3.00%, 0.50% Floor), 7.51%, 12/20/29 |
143 | 143,000 | ||||||
Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME + 4.375%, 0.50% Floor), 7.97%, 10/04/29 |
142 | 129,113 | ||||||
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 6.32%, 01/31/26 |
111 | 110,375 | ||||||
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 07/03/28 |
18 | 16,284 | ||||||
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 7.23%, 03/02/26 |
167 | 165,381 | ||||||
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 7.64%, 05/15/24 |
198 | 197,084 | ||||||
OQ Chemicals Corp., 2017 USD Term Loan B2, (3 mo. LIBOR + 3.25%), 7.00%, 10/14/24 |
224 | 211,066 | ||||||
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 6.91%, 06/09/28 |
186 | 182,932 | ||||||
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.41%, 03/16/27 |
75 | 72,793 | ||||||
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.39%, 08/02/28 |
220 | 213,180 | ||||||
1,848,705 | ||||||||
Commercial Services & Supplies — 0.2% |
||||||||
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.17%, 05/12/28 |
298 | 282,526 | ||||||
Amentum Government Services Holdings LLC, 2022 Term Loan, (3 mo. SOFR CME + 4.00%), 8.64%, 02/15/29 |
54 | 52,236 | ||||||
Aramark Services, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 6.88%, 04/06/28 |
113 | 111,192 | ||||||
Asurion LLC |
||||||||
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 7.63%, 12/23/26 |
365 | 324,208 | ||||||
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 9.63%, 01/31/28 |
255 | 197,837 | ||||||
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 10/08/28 |
147 | 146,609 | ||||||
Covanta Holding Corp. |
||||||||
2021 Term Loan B, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 11/30/28 |
83 | 82,403 | ||||||
2021 Term Loan C, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 11/30/28 |
6 | 6,219 | ||||||
GFL Environmental, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 7.41%, 05/30/25 |
111 | 110,838 |
Security |
Par (000) |
Value |
||||||
Commercial Services & Supplies (continued) |
||||||||
Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 7.54%, 03/09/28 |
$ | 173 | $ | 150,395 | ||||
Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 6.50%, 09/23/26 |
148 | 147,018 | ||||||
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 8.38%, 08/27/25 |
333 | 329,831 | ||||||
Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 9.38%, 07/30/28 |
148 | 139,586 | ||||||
2,080,898 | ||||||||
Communications Equipment — 0.0% |
||||||||
ViaSat, Inc., Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.94%, 03/02/29 |
196 | 190,035 | ||||||
Construction & Engineering — 0.1% |
||||||||
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 8.49%, 06/21/24 |
323 | 288,128 | ||||||
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 7.39%, 01/21/28 |
75 | 73,863 | ||||||
SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 06/02/28 |
450 | 429,153 | ||||||
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.88%, 05/12/28 |
148 | 141,470 | ||||||
932,614 | ||||||||
Construction Materials — 0.1% |
||||||||
Core & Main LP, 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 7.06%, 07/27/28 |
560 | 551,812 | ||||||
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/29/25 |
298 | 295,006 | ||||||
Oscar AcquisitionCo. LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 04/29/29 |
123 | 115,868 | ||||||
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 7.57%, 06/01/26 |
12 | 11,376 | ||||||
974,062 | ||||||||
Containers & Packaging — 0.1% |
||||||||
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 12/01/27 |
406 | 393,070 | ||||||
Mauser Packaging Solutions Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.37%, 04/03/24 |
284 | 277,212 | ||||||
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. SOFR CME + 3.75%), 8.19%, 07/31/26 |
185 | 179,585 | ||||||
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.94%, 08/18/27 |
260 | 208,275 | ||||||
1,058,142 | ||||||||
Distributors — 0.0% |
||||||||
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 6.38%, 01/15/27 |
123 | 121,306 | ||||||
Dealer Tire Financial LLC, Term Loan B2, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.82%, 12/14/27 |
223 | 220,040 | ||||||
TMK Hawk Parent Corp., 2020 Super Priority Second Out Term Loan B, 08/28/24 (m) |
121 | 61,758 | ||||||
403,104 | ||||||||
Diversified Consumer Services — 0.1% |
||||||||
Ascend Learning LLC |
||||||||
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 12/10/29 |
100 | 85,375 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Diversified Consumer Services (continued) |
||||||||
Ascend Learning LLC (continued) |
||||||||
2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/11/28 |
$ | 148 | $ | 139,979 | ||||
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.69%, 11/24/28 |
190 | 185,625 | ||||||
OLA Netherlands BV, Term Loan, (1 mo. SOFRTE + 6.25%, 0.75% Floor), 10.57%, 12/15/26 |
124 | 117,776 | ||||||
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.16%, 10/28/27 |
142 | 124,329 | ||||||
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 8.58%, 01/15/27 |
370 | 360,286 | ||||||
1,013,370 | ||||||||
Diversified Financial Services — 0.3% |
||||||||
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.73%, 02/16/28 |
50 | 49,063 | ||||||
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 8.88%, 07/31/26 |
370 | 361,433 | ||||||
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 02/04/28 |
186 | 184,312 | ||||||
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.52%, 10/22/26 |
188 | 186,201 | ||||||
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 6.88%, 09/01/28 |
167 | 161,526 | ||||||
Delta TopCo, Inc. |
||||||||
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 11.65%, 12/01/28 |
45 | 35,044 | ||||||
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.15%, 12/01/27 |
156 | 143,563 | ||||||
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 10/01/27 |
368 | 344,682 | ||||||
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.89%, 07/03/24 (c) |
189 | 188,156 | ||||||
KKR Apple Bidco LLC |
||||||||
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 09/21/29 |
15 | 14,421 | ||||||
2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 09/23/28 |
40 | 39,000 | ||||||
LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27 |
97 | 83,773 | ||||||
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 09/25/26 |
319 | 257,637 | ||||||
RVR Dealership Holdings LLC, Term Loan B, (1 mo. SOFRTE + 3.75%, 0.75% Floor), 8.17%, 02/08/28 |
74 | 68,186 | ||||||
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 6.73%, 11/05/28 |
150 | 149,025 | ||||||
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 6.91%, 01/23/25 |
152 | 148,110 | ||||||
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.00%), 8.73%, 07/30/25 |
77 | 74,813 |
Security |
Par (000) |
Value |
||||||
Diversified Financial Services (continued) |
||||||||
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 9.73%, 09/01/25 |
$ | 476 | $ | 333,916 | ||||
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 7.38%, 02/28/27 |
378 | 366,688 | ||||||
White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.07%, 10/19/27 |
194 | 187,169 | ||||||
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 6.82%, 04/30/28 |
126 | 122,653 | ||||||
3,499,371 | ||||||||
Diversified Telecommunication Services — 0.1% |
||||||||
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.57%, 11/30/27 |
62 | 59,238 | ||||||
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.50%, 05/01/28 |
185 | 176,191 | ||||||
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 6.92%, 11/04/26 |
208 | 205,711 | ||||||
Level 3 Financing, Inc., 2019 Term Loan B, 03/01/27 (m) |
115 | 109,969 | ||||||
551,109 | ||||||||
Electric Utilities — 0.1% |
||||||||
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 7.24%, 12/15/27 |
247 | 244,574 | ||||||
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 03/31/28 |
405 | 374,573 | ||||||
619,147 | ||||||||
Electrical Equipment — 0.1% |
||||||||
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 9.48%, 06/23/28 |
221 | 210,296 | ||||||
AZZ, Inc., Term Loan B, (1 mo. SOFR CME + 4.25%, 0.50% Floor), 8.67%, 05/13/29 |
28 | 27,790 | ||||||
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 6.88%, 03/31/27 |
302 | 294,873 | ||||||
532,959 | ||||||||
Electronic Equipment, Instruments & Components — 0.0% |
||||||||
Coherent Corp., 2022 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 07/02/29 |
122 | 120,894 | ||||||
Entertainment — 0.0% |
||||||||
Delta 2 Lux SARL, Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 7.57%, 01/15/30 |
151 | 150,811 | ||||||
Environmental, Maintenance & Security Service — 0.0% |
||||||||
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 09/07/27 |
299 | 297,926 | ||||||
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 11/02/27 |
151 | 133,768 | ||||||
431,694 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.0% |
||||||||
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 6.39%, 05/11/24 |
147 | 146,205 | ||||||
102 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Food & Staples Retailing — 0.0% |
||||||||
Nomad Foods U.S. LLC, 2022 Term Loan B, 11/12/29 (m) |
$ | 75 | $ | 74,687 | ||||
U.S. Foods, Inc. |
||||||||
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 09/13/26 |
45 | 44,825 | ||||||
2021 Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 11/22/28 |
220 | 218,323 | ||||||
337,835 | ||||||||
Food Products — 0.2% |
||||||||
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/01/25 |
163 | 135,013 | ||||||
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 6.88%, 10/10/26 |
112 | 105,460 | ||||||
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.88%, 10/25/27 |
591 | 578,149 | ||||||
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 6.63%, 01/29/27 |
566 | 550,073 | ||||||
Hostess Brands LLC, 2019 Term Loan, (1 mo. LIBOR + 2.25%, 0.75% Floor), 6.66%, 08/03/25 |
204 | 202,854 | ||||||
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 7.91%, 06/08/28 |
261 | 253,617 | ||||||
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.44%, 01/20/28 |
261 | 257,829 | ||||||
2,082,995 | ||||||||
Gas Utilities — 0.0% |
||||||||
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 12/21/28 |
443 | 420,409 | ||||||
Health Care Equipment & Supplies — 0.1% |
||||||||
Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.38%, 11/01/28 |
299 | 290,452 | ||||||
Insulet Corp., Term Loan B, (3 mo. SOFR CME + 3.25%), 7.69%, 05/04/28 |
111 | 109,142 | ||||||
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 10/23/28 |
762 | 723,626 | ||||||
1,123,220 | ||||||||
Health Care Providers & Services — 0.1% |
||||||||
CHG Healthcare Services, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 09/29/28 |
185 | 180,806 | ||||||
Envision Healthcare Corp. |
||||||||
2022 First Out Term Loan, (3 mo. SOFR CME + 7.875%, 1.00% Floor), 12.61%, 03/31/27 |
37 | 32,412 | ||||||
2022 Second Out Term Loan, (3 mo. SOFR CME + 4.25%, 1.00% Floor), 8.83%, 03/31/27 |
160 | 54,506 | ||||||
EyeCare Partners LLC, 2020 Term Loan, (3 mo. LIBOR + 3.75%), 8.48%, 02/18/27 |
199 | 158,513 | ||||||
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 9.23%, 03/05/26 |
157 | 134,148 | ||||||
Orbcomm, Inc., Term Loan B, (1 mo. LIBOR + 4.25%, 0.75% Floor), 8.81%, 09/01/28 |
148 | 126,470 | ||||||
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.16%, 12/11/26 |
197 | 181,137 | ||||||
Surgery Center Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.05%, 08/31/26 |
68 | 66,672 |
Security |
Par (000) |
Value |
||||||
Health Care Providers & Services (continued) |
||||||||
Vizient, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.25%, 0.50% Floor), 6.67%, 04/28/29 |
$ | 32 | $ | 31,768 | ||||
WCG Purchaser Corp., 2019 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 8.38%, 01/08/27 |
295 | 266,952 | ||||||
WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 12/22/28 |
186 | 185,985 | ||||||
1,419,369 | ||||||||
Health Care Services — 0.0% |
||||||||
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 07/24/26 |
266 | 243,050 | ||||||
Health Care Technology — 0.1% |
||||||||
AthenaHealth Group, Inc. |
||||||||
2022 Delayed Draw Term loan, (3 mo. SOFR CME + 3.50%), 7.82%, 02/15/29 |
49 | 55,279 | ||||||
2022 Term Loan B, (1 mo. SOFR CME + 3.50%, 0.50% Floor), 7.82%, 02/15/29 |
401 | 345,867 | ||||||
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 7.13%, 10/10/25 |
76 | 74,161 | ||||||
Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 8.73%, 06/02/28 |
222 | 201,876 | ||||||
677,183 | ||||||||
Hotels, Restaurants & Leisure — 0.4% |
||||||||
Aristocrat Technologies, Inc., 2022 Term Loan B, (3 mo. SOFR CME + 2.25%, 0.50% Floor), 6.93%, 05/24/29 |
11 | 11,475 | ||||||
Bally’s Corp., 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.54%, 10/02/28 |
74 | 68,514 | ||||||
Burger King (Restaurant Brands Int), Term Loan B4, (3 mo. LIBOR + 1.75%), 6.14%, 11/19/26 |
339 | 332,541 | ||||||
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 12/23/24 |
342 | 341,021 | ||||||
Carnival Corp., USD Term Loan B, (1 mo. LIBOR + 3.00%, 0.75% Floor), 7.38%, 06/30/25 |
231 | 220,931 | ||||||
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 6.39%, 03/17/28 |
109 | 108,258 | ||||||
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 7.73%, 03/08/24 |
490 | 366,771 | ||||||
Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE + 4.00%, 0.50% Floor), 8.32%, 01/27/29 |
594 | 563,609 | ||||||
Flutter Financing B.V., 2022 USD Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 8.09%, 07/22/28 |
155 | 153,733 | ||||||
Four Seasons Hotels Ltd., 2022 Term Loan B, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 7.67%, 11/30/29 |
304 | 205,923 | ||||||
Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1 mo. LIBOR + 1.75%), 6.17%, 06/22/26 |
261 | 260,271 | ||||||
IRB Holding Corp., 2022 Term Loan B, (1 mo. SOFRTE + 3.00%, 0.75% Floor), 7.32%, 12/15/27 |
546 | 529,049 | ||||||
Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.75%, 0.50% Floor), 7.17%, 05/03/29 |
153 | 151,119 | ||||||
Playa Resorts Holding B.V., 2022 Term Loan B, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.58%, 01/05/29 |
57 | 55,468 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Hotels, Restaurants & Leisure (continued) |
||||||||
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 7.13%, 03/13/28 |
$ | 236 | $ | 224,396 | ||||
Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME + 3.00%, 0.50% Floor), 7.42%, 04/14/29 |
88 | 86,153 | ||||||
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 4.50%, 07/21/26 |
149 | 147,124 | ||||||
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.25% Floor), 6.64%, 02/08/27 |
299 | 291,700 | ||||||
Travelport Finance Luxembourg SARL, 2021 Consented Term Loan, (3 mo. LIBOR + 6.75%), 9.73%, 05/29/26 |
137 | 94,331 | ||||||
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 08/03/28 |
310 | 299,451 | ||||||
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 05/30/25 |
19 | 18,913 | ||||||
4,530,751 | ||||||||
Household Durables — 0.1% |
||||||||
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%, 0.50% Floor), 8.98%, 05/17/28 |
172 | 127,666 | ||||||
Hunter Douglas, Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 7.86%, 02/26/29 |
306 | 267,652 | ||||||
Snap One Holdings Corp., Term Loan B, (1 mo. LIBOR + 4.50%, 0.50% Floor), 8.88%, 12/08/28 (c) |
82 | 74,692 | ||||||
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 10/06/28 |
110 | 89,874 | ||||||
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 10/30/27 |
276 | 232,254 | ||||||
792,138 | ||||||||
Household Products — 0.0% |
||||||||
Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR + 2.00%, 0.50% Floor), 6.60%, 03/03/28 |
114 | 112,129 | ||||||
Industrial Conglomerates — 0.1% |
||||||||
AVSC Holding Corp., 2020 Term Loan B1, (3 mo. LIBOR + 3.25%, 1.00% Floor, 0.25% PIK), 7.68%, 03/03/25 (g) |
162 | 148,675 | ||||||
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.16%, 09/29/28 |
339 | 327,654 | ||||||
Vertical U.S. Newco, Inc., Term Loan B, (6 mo. LIBOR + 3.50%, 0.50% Floor), 6.87%, 07/30/27 |
194 | 186,061 | ||||||
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 6.89%, 03/02/27 |
304 | 292,918 | ||||||
955,308 | ||||||||
Insurance — 0.2% |
||||||||
Alliant Holdings Intermediate LLC |
||||||||
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/09/25 |
622 | 613,612 | ||||||
2021 Term Loan B4, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.85%, 11/06/27 |
119 | 115,954 | ||||||
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 6.63%, 02/19/28 |
174 | 170,903 | ||||||
AssuredPartners, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 |
261 | 253,305 | ||||||
Hub International Ltd. |
||||||||
2018 Term Loan B, (3 mo. LIBOR + 3.00%), 7.33%, 04/25/25 |
448 | 442,890 |
Security |
Par (000) |
Value |
||||||
Insurance (continued) |
||||||||
Hub International Ltd. (continued) |
||||||||
2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 7.53%, 04/25/25 |
$ | 111 | $ | 109,734 | ||||
2022 Term Loan B, (3 mo. SOFR CME + 4.00%, 0.75% Floor), 8.22%, 11/10/29 |
90 | 88,925 | ||||||
Ryan Specialty Group LLC, Term Loan, (1 mo. SOFR CME + 3.00%, 0.75% Floor), 7.42%, 09/01/27 |
162 | 160,195 | ||||||
Sedgwick Claims Management Services, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 09/03/26 |
223 | 218,319 | ||||||
2,173,837 | ||||||||
Interactive Media & Services — 0.1% |
||||||||
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 2.75%, 0.75% Floor), 7.48%, 06/26/28 |
186 | 183,125 | ||||||
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 7.38%, 10/30/26 |
299 | 294,650 | ||||||
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 6.38%, 08/10/27 |
125 | 123,396 | ||||||
Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.89%, 01/29/26 |
264 | 260,457 | ||||||
861,628 | ||||||||
Internet & Direct Marketing Retail — 0.0% |
||||||||
CNT Holdings I Corp., 2020 Term Loan, (3 mo. SOFR CME + 3.50%, 0.75% Floor), 7.24%, 11/08/27 |
198 | 191,303 | ||||||
Go Daddy Operating Co. LLC, 2022 Term Loan B5, (1 mo. SOFR CME + 3.25%), 7.57%, 10/21/29 |
162 | 161,572 | ||||||
352,875 | ||||||||
Internet Software & Services — 0.1% |
||||||||
Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 8.23%, 02/25/27 |
512 | 510,582 | ||||||
IT Services — 0.3% |
||||||||
Aruba Investments Holdings LLC, 2020 USD Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.14%, 11/24/27 |
74 | 71,959 | ||||||
Boxer Parent Co., Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/02/25 |
223 | 213,510 | ||||||
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 7.38%, 10/30/26 |
266 | 261,158 | ||||||
CCC Intelligent Solutions, Inc., Term Loan, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 09/21/28 |
186 | 184,259 | ||||||
CoreLogic, Inc. |
||||||||
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 10.94%, 06/04/29 |
100 | 70,050 | ||||||
Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.94%, 06/02/28 |
451 | 374,728 | ||||||
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 6.13%, 04/28/28 |
225 | 222,123 | ||||||
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 12/01/27 |
755 | 723,415 | ||||||
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 |
376 | 309,673 | ||||||
Trans Union LLC |
||||||||
2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 6.13%, 11/16/26 |
112 | 110,312 |
104 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
IT Services (continued) |
||||||||
Trans Union LLC (continued) |
||||||||
2021 Term Loan B6, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 12/01/28 |
$ | 412 | $ | 407,599 | ||||
Virtusa Corp., First Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/11/28 |
74 | 71,460 | ||||||
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 6.63%, 03/31/28 |
124 | 122,830 | ||||||
3,143,076 | ||||||||
Leisure Products — 0.0% |
||||||||
Fender Musical Instruments Corp., 2021 Term Loan B, (3 mo. SOFRTE + 4.00%, 0.50% Floor), 8.42%, 12/01/28 (c) |
99 | 79,933 | ||||||
Peloton Interactive, Inc., Term Loan, (2 mo. SOFR CME + 6.50%, 0.50% Floor), 11.76%, 05/25/27 |
41 | 40,013 | ||||||
119,946 | ||||||||
Life Sciences Tools & Services — 0.2% |
||||||||
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 11/08/27 |
313 | 310,909 | ||||||
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.88%, 02/04/27 |
382 | 336,090 | ||||||
ICON Luxembourg SARL, LUX Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |
254 | 252,675 | ||||||
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. SOFRTE + 3.00%, 0.50% Floor), 6.96%, 10/19/27 |
240 | 235,057 | ||||||
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/15/28 |
520 | 499,990 | ||||||
PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |
63 | 62,954 | ||||||
1,697,675 | ||||||||
Machinery — 0.2% |
||||||||
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%, 0.50% Floor), 9.57%, 08/17/26 |
223 | 210,036 | ||||||
Clark Equipment Co., 2022 Term Loan B, (3 mo. SOFR CME + 2.50%, 0.50% Floor), 7.18%, 04/20/29 |
42 | 41,047 | ||||||
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.50%, 05/14/28 |
69 | 68,110 | ||||||
Fluidra SA, 2022 USD Term Loan B, (1 mo. SOFR CME + 2.00%), 6.42%, 01/29/29 |
22 | 20,642 | ||||||
Gardner Denver, Inc., 2020 USD Term Loan B2, (1 mo. SOFR CME + 1.75%), 6.17%, 03/01/27 |
143 | 141,422 | ||||||
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. SOFR CME + 1.75%), 6.17%, 03/01/27 |
158 | 156,441 | ||||||
Madison IAQ LLC, Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.99%, 06/21/28 |
454 | 421,282 | ||||||
SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.92%, 04/05/29 |
147 | 135,782 | ||||||
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 8.15%, 03/28/25 |
448 | 418,010 | ||||||
Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 10/04/28 |
109 | 109,037 | ||||||
1,721,809 | ||||||||
Media — 0.6% |
||||||||
Altice Financing SA, USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 6.83%, 01/31/26 |
250 | 240,350 |
Security |
Par (000) |
Value |
||||||
Media (continued) |
||||||||
Altice France SA/France, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 8.65%, 08/14/26 |
$ | 310 | $ | 287,615 | ||||
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 7.27%, 04/22/26 |
163 | 87,920 | ||||||
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 6.14%, 04/30/25 |
124 | 122,867 | ||||||
City Football Group Ltd., Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.36%, 07/21/28 |
224 | 208,638 | ||||||
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 7.91%, 08/21/26 |
598 | 543,293 | ||||||
CMG Media Corp., 2021 Term Loan, (3 mo. LIBOR + 3.50%), 8.23%, 12/17/26 |
124 | 115,584 | ||||||
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.89%, 12/11/26 |
748 | 738,261 | ||||||
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 6.82%, 04/15/27 |
317 | 281,746 | ||||||
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 7.64%, 12/01/23 |
92 | 68,221 | ||||||
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 03/24/25 |
258 | 246,225 | ||||||
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 6.13%, 10/17/26 |
454 | 443,034 | ||||||
MH Sub I LLC |
||||||||
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 09/13/24 |
549 | 532,407 | ||||||
2021 2nd Lien Term Loan, (3 mo. SOFR CME + 6.25%), 10.65%, 02/23/29 |
247 | 219,843 | ||||||
Sinclair Television Group, Inc., 2022 Term Loan B4, (1 mo. SOFR CME + 3.75%), 8.17%, 04/21/29 |
200 | 189,645 | ||||||
UFC Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.75% Floor), 7.11%, 04/29/26 |
147 | 72,458 | ||||||
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 2.93%), 7.24%, 01/31/29 |
45 | 43,964 | ||||||
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 7.57%, 01/31/29 |
225 | 222,581 | ||||||
Voyage Digital Ltd., USD Term Loan B, (3 mo. SOFRTE + 4.50%, 0.50% Floor), 8.78%, 05/11/29 (c) |
106 | 104,602 | ||||||
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 7.14%, 05/18/25 |
473 | 462,299 | ||||||
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.13%), 6.51%, 01/20/28 |
305 | 301,059 | ||||||
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/09/27 |
584 | 471,830 | ||||||
6,004,442 | ||||||||
Oil, Gas & Consumable Fuels — 0.1% |
||||||||
Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 12.94%, 11/01/25 |
784 | 825,536 | ||||||
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 12/13/25 |
61 | 57,293 | ||||||
M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.16%, 09/19/29 |
26 | 25,910 |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||
Medallion Midland Acquisition LLC, 2021 Term Loan, (3 mo. SOFR CME + 3.75%, 0.75% Floor), 8.59%, 10/18/28 |
$ | 222 | $ | 219,884 | ||||
Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.92%, 10/05/28 |
367 | 361,832 | ||||||
1,490,455 | ||||||||
Personal Products — 0.1% |
||||||||
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.48%, 10/01/26 |
775 | 741,343 | ||||||
Pharmaceuticals — 0.2% |
||||||||
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.50%), 8.09%, 05/04/25 |
125 | 111,394 | ||||||
Bausch Health Cos., Inc., 2022 Term Loan B, (1 mo. SOFR CME + 5.25%, 0.50% Floor), 9.67%, 02/01/27 |
147 | 110,985 | ||||||
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 02/22/28 |
189 | 185,217 | ||||||
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 5.87%, 08/01/27 |
258 | 247,535 | ||||||
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 05/05/28 |
267 | 264,202 | ||||||
Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 10/27/28 |
109 | 108,242 | ||||||
Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 7.75%, 06/02/28 |
216 | 213,823 | ||||||
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 7.73%, 11/18/27 (c) |
299 | 290,812 | ||||||
1,532,210 | ||||||||
Professional Services — 0.1% |
||||||||
Dun & Bradstreet Corp. |
||||||||
2022 Incremental Term Loan B2, 01/18/29 (m) |
75 | 73,456 | ||||||
Term Loan, (1 mo. LIBOR + 3.25%), 7.64%, 02/06/26 |
482 | 477,184 | ||||||
Element Materials Technology Group U.S. Holdings, Inc. |
||||||||
2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |
77 | 74,806 | ||||||
2022 USD Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |
166 | 162,079 | ||||||
Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME + 4.75%, 0.50% Floor), 9.07%, 04/29/29 |
270 | 243,675 | ||||||
1,031,200 | ||||||||
Real Estate Management & Development — 0.1% |
||||||||
Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/03/28 |
374 | 351,326 | ||||||
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 08/21/25 |
297 | 289,898 | ||||||
641,224 |
Security |
Par (000) |
Value |
||||||
Road & Rail — 0.0% |
||||||||
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 08/06/27 |
$ | 71 | $ | 68,706 | ||||
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 6.73%, 12/30/26 |
186 | 185,349 | ||||||
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 9.95%, 08/04/25 |
79 | 70,232 | ||||||
324,287 | ||||||||
Semiconductors & Semiconductor Equipment — 0.0% |
||||||||
MKS Instruments, Inc., 2022 USD Term Loan B, 08/17/29 (m) |
115 | 113,135 | ||||||
Synaptics, Inc., Term Loan B, (6 mo. LIBOR + 2.25%, 0.50% Floor), 7.40%, 12/02/28 |
111 | 108,383 | ||||||
221,518 | ||||||||
Software — 0.6% |
||||||||
Applied Systems, Inc., 2022 Extended 1st Lien Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 09/18/26 |
40 | 24,333 | ||||||
Barracuda Networks, Inc., 2022 Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 8.59%, 08/15/29 |
83 | 79,899 | ||||||
Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 07/06/29 |
298 | 294,951 | ||||||
Cloudera, Inc. |
||||||||
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 10.38%, 10/08/29 |
113 | 93,979 | ||||||
2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/08/28 |
245 | 229,980 | ||||||
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/16/28 |
186 | 165,182 | ||||||
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/28/24 |
177 | 148,058 | ||||||
Epicor Software Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 07/30/27 |
297 | 284,543 | ||||||
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 3.75%), 8.48%, 03/11/28 |
100 | 97,917 | ||||||
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 7.19%, 10/27/28 |
424 | 415,091 | ||||||
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 6.12%, 10/30/28 (c) |
99 | 97,265 | ||||||
Magenta Buyer LLC |
||||||||
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.17%, 07/27/28 |
252 | 214,278 | ||||||
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 12.67%, 07/27/29 |
193 | 151,520 | ||||||
McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME + 3.75%), 7.97%, 03/01/29 |
374 | 347,329 | ||||||
Planview Parent, Inc., Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 12/17/27 |
111 | 102,652 | ||||||
Proofpoint, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.98%, 08/31/28 |
448 | 429,330 | ||||||
RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.38%, 04/24/28 |
813 | 771,572 | ||||||
Restoration Hardware, Inc., Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 6.88%, 10/20/28 |
91 | 83,841 |
106 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Software (continued) |
||||||||
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. SOFR CME + 3.00%), 7.09%, 08/01/25 |
$ | 239 | $ | 236,960 | ||||
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 10/07/27 |
306 | 294,927 | ||||||
Tempo Acquisition LLC, 2022 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.32%, 08/31/28 |
588 | 585,484 | ||||||
TIBCO Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 03/30/29 |
530 | 472,363 | ||||||
Ultimate Software Group, Inc. |
||||||||
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.00%, 05/03/27 |
112 | 102,938 | ||||||
2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.00%, 05/04/26 |
440 | 418,202 | ||||||
6,142,594 | ||||||||
Specialty Retail — 0.2% |
||||||||
Belron Finance U.S. LLC, 2018 Term Loan B, (3 mo. LIBOR + 2.25%), 6.94%, 11/13/25 |
372 | 369,798 | ||||||
EG Group Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.50% Floor), 8.98%, 03/31/26 |
321 | 299,540 | ||||||
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/24/28 (c) |
74 | 72,765 | ||||||
Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. SOFR CME + 4.00%, 0.75% Floor), 8.50%, 05/04/28 |
272 | 259,207 | ||||||
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 8.63%, 08/31/26 |
183 | 155,783 | ||||||
Midas Intermediate Holdco II LLC, 06/30/27 (m) |
486 | 419,002 | ||||||
PetSmart, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/11/28 |
400 | 390,361 | ||||||
Pilot Travel Centers LLC, 2021 Term Loan B, (1 mo. SOFR CME + 2.00%), 6.42%, 08/04/28 |
99 | 97,735 | ||||||
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 7.67%, 10/20/28 |
90 | 83,743 | ||||||
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 11/01/28 |
255 | 237,306 | ||||||
2,385,240 | ||||||||
Technology Hardware, Storage & Peripherals — 0.0% |
||||||||
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 9.38%, 07/23/26 |
67 | 44,234 | ||||||
Textiles, Apparel & Luxury Goods — 0.0% |
||||||||
Crocs, Inc., Term Loan B, (3 mo. SOFRTE + 3.50%, 0.50% Floor), 7.80%, 02/20/29 |
161 | 157,382 | ||||||
Trading Companies & Distributors — 0.0% |
||||||||
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 05/19/28 |
186 | 184,220 |
Security |
Par (000) |
Value |
||||||
Trading Companies & Distributors (continued) |
||||||||
ION Trading Finance Ltd., 2021 USD Term Loan, (3 mo. LIBOR + 4.75%), 9.48%, 04/03/28 |
$ | 74 | $ | 70,215 | ||||
SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.50%), 7.92%, 06/02/28 |
68 | 64,438 | ||||||
318,873 | ||||||||
Wireless Telecommunication Services — 0.0% |
||||||||
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.16%, 04/30/28 |
74 | 73,504 | ||||||
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 04/11/25 |
187 | 186,211 | ||||||
259,715 | ||||||||
Total Floating Rate Loan Interests — 6.5% (Cost: $71,356,101) |
67,902,910 | |||||||
Foreign Agency Obligations |
||||||||
Brazil — 0.5% |
||||||||
Brazilian Government International Bond, 5.00%, 01/27/45 |
6,525 | 4,827,684 | ||||||
China — 0.1% |
||||||||
China Development Bank/Hong Kong, 2.00%, 02/16/27 |
200 | 182,760 | ||||||
China Government International Bond, 2.63%, 11/02/27 (e) |
200 | 187,134 | ||||||
Export-Import Bank of China, 3.38%, 03/14/27 (e) |
200 | 191,796 | ||||||
561,690 | ||||||||
Colombia — 0.3% |
||||||||
Colombia Government International Bond, 5.63%, 02/26/44 (d) |
4,000 | 2,932,000 | ||||||
India — 0.0% |
||||||||
Export-Import Bank of India, 3.88%, 02/01/28 (e) |
200 | 185,100 | ||||||
Indonesia — 0.6% |
||||||||
Indonesia Government International Bond |
||||||||
5.88%, 01/15/24 (b) |
4,400 | 4,444,484 | ||||||
4.65%, 09/20/32 |
250 | 245,027 | ||||||
5.25%, 01/17/42 (e) |
200 | 194,600 | ||||||
4.75%, 07/18/47 (e) |
200 | 181,272 | ||||||
3.70%, 10/30/49 |
200 | 153,522 | ||||||
3.50%, 02/14/50 |
200 | 148,538 | ||||||
Perusahaan Penerbit SBSN Indonesia III (e) |
||||||||
1.50%, 06/09/26 |
200 | 180,022 | ||||||
4.40%, 06/06/27 |
200 | 197,772 | ||||||
5,745,237 | ||||||||
Mexico — 0.4% |
||||||||
Mexico Government International Bond, 4.75%, 03/08/44 |
5,800 | 4,673,713 | ||||||
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Pakistan — 0.0% |
||||||||
Pakistan Government International Bond (e) |
||||||||
6.00%, 04/08/26 |
$ | 450 | $ | 180,050 | ||||
7.38%, 04/08/31 |
200 | 70,522 | ||||||
250,572 | ||||||||
Philippines — 0.0% |
||||||||
Philippines Government International Bond |
||||||||
3.70%, 03/01/41 |
300 | 244,533 | ||||||
2.65%, 12/10/45 |
200 | 134,022 | ||||||
378,555 | ||||||||
Saudi Arabia — 0.0% |
||||||||
Saudi Government International Bond, |
||||||||
4.00%, 04/17/25 (e) |
200 | 197,500 | ||||||
South Korea — 0.1% |
||||||||
Export-Import Bank of Korea |
||||||||
0.63%, 06/29/24 |
250 | 234,480 | ||||||
1.63%, 01/18/27 |
200 | 176,400 | ||||||
Korea Development Bank |
||||||||
3.75%, 01/22/24 |
200 | 197,350 | ||||||
2.00%, 02/24/25 |
200 | 187,858 | ||||||
Korea Electric Power Corp., 3.63%, 06/14/25 (e) |
300 | 288,534 | ||||||
Korea Expressway Corp., 1.13%, 05/17/26 (e) |
200 | 174,772 | ||||||
1,259,394 | ||||||||
Uruguay — 0.3% |
||||||||
Uruguay Government International Bond, 5.10%, 06/18/50 |
3,500 | 3,451,000 | ||||||
Total Foreign Agency Obligations — 2.3% (Cost: $28,295,333) |
24,462,445 | |||||||
Municipal Bonds |
||||||||
New York — 1.0% |
||||||||
Metropolitan Transportation Authority, RB, BAB, 6.55%, 11/15/31 (d) |
10,000 | 10,284,730 | ||||||
Total Municipal Bonds — 1.0% (Cost: $9,833,900) |
10,284,730 | |||||||
Preferred Securities |
||||||||
Capital Trusts — 13.9% |
||||||||
Automobiles — 0.2% |
||||||||
General Motors Financial Co., Inc., Series C, 5.70% (a)(f) |
2,565 | 2,170,952 | ||||||
Banks — 5.6% |
||||||||
HSBC Capital Funding Dollar 1 LP, 10.18% (a)(b)(f) |
11,835 | 14,201,951 | ||||||
Huntington Bancshares, Inc., Series F, 5.63% (a)(d)(f) |
6,450 | 5,987,676 | ||||||
Industrial & Commercial Bank of China Ltd., 3.20% (a)(e)(f) |
300 | 280,125 | ||||||
ING Groep NV, 3.88% (a)(f) |
3,326 | 2,423,388 | ||||||
Macquarie Bank Ltd., 6.13% (a)(b)(f) |
1,885 | 1,624,601 | ||||||
Nordea Bank Abp, 6.13% (a)(b)(f) |
5,540 | 5,367,067 | ||||||
PNC Financial Services Group, Inc., Series V, 6.20% (a)(d)(f) |
5,529 | 5,403,215 | ||||||
Rizal Commercial Banking Corp., 6.50% (a)(e)(f) |
700 | 595,787 | ||||||
SVB Financial Group, 4.10% (a)(f) |
4,556 | 2,607,496 | ||||||
TMBThanachart Bank PCL, 4.90% (a)(e)(f) |
700 | 640,500 |
Security |
Par (000) |
Value |
||||||
Banks (continued) |
||||||||
Toronto-Dominion Bank, 8.13%, 10/31/82 |
$ | 7,214 | $ | 7,502,560 | ||||
U.S. Bancorp, Series J, 5.30% (a)(f) |
10,415 | 9,077,402 | ||||||
Wells Fargo & Co. (a)(f) |
||||||||
Series S, 5.90% (d) |
281 | 251,666 | ||||||
Series U, 5.88% |
2,655 | 2,562,075 | ||||||
58,525,509 | ||||||||
Capital Markets — 0.1% |
||||||||
State Street Corp., Series F, 8.37% (a)(f) |
618 | 616,316 | ||||||
Diversified Financial Services — 4.8% |
||||||||
Bank of America Corp., Series U, 5.20% (a)(d)(f) |
5,785 | 5,605,674 | ||||||
Barclays PLC (a)(f) |
||||||||
4.38% |
1,630 | 1,242,875 | ||||||
8.00% |
4,500 | 4,372,226 | ||||||
BNP Paribas SA, 7.38% (a)(b)(f) |
4,535 | 4,484,106 | ||||||
Credit Agricole SA, 8.13% (a)(b)(f) |
5,000 | 5,062,000 | ||||||
Credit Suisse Group AG, 7.50% (a)(b)(f) |
1,865 | 1,490,358 | ||||||
JPMorgan Chase & Co. (d) |
||||||||
8.75%, 09/01/30 |
2,000 | 2,330,436 | ||||||
Series S, 6.75% (a)(f) |
9,775 | 9,737,269 | ||||||
Lloyds Banking Group PLC, 7.50% (a)(f) |
8,285 | 7,992,598 | ||||||
NatWest Group PLC, 8.00% (a)(f) |
970 | 954,238 | ||||||
UBS Group AG, 7.00% (a)(b)(f) |
7,500 | 7,378,675 | ||||||
50,650,455 | ||||||||
Electric Utilities — 0.7% |
||||||||
PPL Capital Funding, Inc., Series A, 7.39%, 03/30/67 (a) |
8,300 | 7,133,850 | ||||||
Independent Power and Renewable Electricity Producers — 0.0% |
||||||||
Vistra Corp., 7.00% (a)(b)(f) |
481 | 437,678 | ||||||
Insurance — 1.8% |
||||||||
ACE Capital Trust II, 9.70%, 04/01/30 (d) |
7,000 | 8,664,905 | ||||||
Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, 04/01/27 |
5,000 | 4,687,860 | ||||||
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52 (a)(e) |
200 | 184,662 | ||||||
MetLife, Inc., 6.40%, 12/15/66 (d) |
5,000 | 4,835,500 | ||||||
18,372,927 | ||||||||
Oil, Gas & Consumable Fuels — 0.2% |
||||||||
Enterprise Products Operating LLC, 7.54%, 06/01/67 (a) |
2,500 | 2,100,000 | ||||||
Real Estate Management & Development — 0.0% |
||||||||
NWD Finance BVI Ltd., 4.13% (a)(e)(f) |
409 | 286,300 | ||||||
Wireless Telecommunication Services — 0.5% |
||||||||
Vodafone Group PLC, 7.00%, 04/04/79 (a) |
4,745 | 4,770,765 | ||||||
145,064,752 | ||||||||
Shares |
||||||||
Preferred Stocks — 3.7% |
||||||||
Banks (a)(f) — 2.3% |
||||||||
Citigroup, Inc., Series K |
488,320 | 12,222,650 | ||||||
Wells Fargo & Co., Series Q |
550,500 | 12,667,005 | ||||||
24,889,655 |
108 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
Security |
Shares |
Value |
||||||
Capital Markets (a)(f) — 0.9% |
||||||||
Goldman Sachs Group, Inc., Series J, 5.50% |
162,450 | $ | 4,004,393 | |||||
State Street Corp., Series D |
220,495 | 5,313,929 | ||||||
9,318,322 | ||||||||
Interactive Media & Services — 0.5% |
||||||||
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $3,403,593) (c)(n) |
31,062 | 5,119,232 | ||||||
39,327,209 | ||||||||
Total Preferred Securities — 17.6% (Cost: $194,804,298) |
184,391,961 | |||||||
Par (000) |
||||||||
U.S. Government Sponsored Agency Securities |
||||||||
Mortgage-Backed Securities — 6.2% |
||||||||
Uniform Mortgage-Backed Securities, 3.50%, 02/25/49 (o) |
$ | 71,000 | 64,489,493 | |||||
Total U.S. Government Sponsored Agency Securities — 6.2% (Cost: $65,968,984) |
64,489,493 | |||||||
Shares |
||||||||
Warrants |
||||||||
Consumer Discretionary — 0.0% |
||||||||
Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00) (l) |
535 | — | ||||||
Total Warrants — 0.0% (Cost: $ —) |
— | |||||||
Total Long-Term Investments — 158.6% (Cost: $1,796,991,414) |
1,659,029,159 | |||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.8% |
||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03% (p)(q) |
8,145,069 | 8,145,069 | ||||||
Total Short-Term Securities — 0.8% (Cost: $8,145,069) |
8,145,069 | |||||||
Options Purchased — 0.0% (Cost: $341,461) |
231,146 | |||||||
Total Investments Before Options Written — 159.4% (Cost: $1,805,477,944) |
1,667,405,374 | |||||||
Options Written — (0.0)% (Premiums Received: $(102,203)) |
(46,721 | ) | ||||||
Total Investments, Net of Options Written — 159.4% (Cost: $1,805,375,741) |
1,667,358,653 | |||||||
Liabilities in Excess of Other Assets — (59.4)% |
(621,472,614 | ) | ||||||
Net Assets — 100.0% |
$ 1,045,886,039 | |||||||
(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) |
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(i) |
Convertible security. |
(j) |
Zero-coupon bond. |
(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) |
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $5,119,232, representing 0.5% of its net assets as of period end, and an original cost of $3,403,593. |
(o) |
Represents or includes a TBA transaction. |
(p) |
Affiliate of the Trust. |
(q) |
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 |
109 |
Schedule of Investments (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) |
Affiliated Issuer |
Value at 12/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 12/31/22 |
Shares Held at 12/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class |
$ | 22,030,719 | $ | — | $ | (13,885,650 | ) (a) |
$ | — | $ | — | $ | 8,145,069 | 8,145,069 | $ | 136,615 | $ | — | ||||||||||||||||||
(a) |
Represents net amount purchased (sold). |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
||||||||||||||||||
Barclays Capital, Inc. |
4.60 | % (b) |
08/30/22 | Open | $ | 9,987,500 | $ | 10,102,953 | Municipal Bonds | Open/Demand | ||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/09/22 | Open | 314,500 | 316,308 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/09/22 | Open | 154,500 | 155,388 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/09/22 | Open | 2,853,750 | 2,870,156 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/09/22 | Open | 240,833 | 242,217 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/14/22 | Open | 2,923,794 | 2,939,024 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/14/22 | Open | 2,818,800 | 2,833,796 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/14/22 | Open | 3,005,025 | 3,021,012 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/14/22 | Open | 1,976,250 | 1,986,764 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/14/22 | Open | 2,574,687 | 2,588,385 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Amherst Pierpont Securities LLC |
4.50 | (b) |
11/16/22 | Open | 2,318,800 | 2,330,365 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Barclays Capital, Inc. |
(3.00 | ) (b) |
11/16/22 | Open | 55,663 | 55,454 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Barclays Capital, Inc. |
4.37 | (b) |
11/16/22 | Open | 3,371,737 | 3,388,048 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.50 | (b) |
11/16/22 | Open | 8,254,400 | 8,295,672 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.50 | (b) |
11/16/22 | Open | 668,394 | 671,736 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Credit Suisse Securities (USA) LLC |
(1.75 | ) (b) |
11/16/22 | Open | 102,150 | 101,863 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Credit Suisse Securities (USA) LLC |
4.50 | (b) |
11/16/22 | Open | 2,922,500 | 2,937,112 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Credit Suisse Securities (USA) LLC |
4.50 | (b) |
11/16/22 | Open | 2,331,656 | 2,343,315 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Credit Suisse Securities (USA) LLC |
4.50 | (b) |
11/16/22 | Open | 292,320 | 293,782 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 4,710,244 | 4,733,795 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 6,378,237 | 6,410,129 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 5,673,281 | 5,701,648 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 2,449,469 | 2,461,716 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 2,766,750 | 2,780,584 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 5,182,187 | 5,208,098 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 16,120,620 | 16,196,705 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 4,875,000 | 4,899,375 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 3,795,431 | 3,814,408 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 2,797,375 | 2,811,362 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 5,468,162 | 5,495,503 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 3,515,000 | 3,532,575 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 2,282,500 | 2,293,912 | Capital Trusts | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 13,671,344 | 13,739,700 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/16/22 | Open | 6,062,017 | 6,092,328 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.53 | (b) |
11/16/22 | Open | 9,664,500 | 9,713,185 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.53 | (b) |
11/16/22 | Open | 11,075,000 | 11,130,790 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.53 | (b) |
11/16/22 | Open | 12,330,000 | 12,392,112 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.53 | (b) |
11/16/22 | Open | 11,415,000 | 11,472,503 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.53 | (b) |
11/16/22 | Open | 7,005,825 | 7,041,117 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 2,290,200 | 2,301,622 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 917,089 | 921,663 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 564,988 | 567,805 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 2,843,505 | 2,857,687 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 1,033,500 | 1,038,655 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 1,619,550 | 1,627,627 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 600,310 | 603,304 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 2,406,169 | 2,418,169 | Corporate Bonds | Open/Demand |
110 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
||||||||||||||||||
TD Securities (USA) LLC |
4.49 | % (b) |
11/16/22 | Open | $ | 2,870,000 | $ | 2,884,314 | Corporate Bonds | Open/Demand | ||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 572,910 | 575,767 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 503,944 | 506,457 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 1,129,566 | 1,135,200 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 844,825 | 849,039 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 1,899,000 | 1,908,471 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 947,155 | 951,879 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 2,926,875 | 2,941,473 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 854,400 | 858,661 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 3,243,469 | 3,259,646 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 2,619,937 | 2,633,004 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 798,639 | 802,622 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 3,437,764 | 3,454,910 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 4,643,750 | 4,666,911 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 3,606,375 | 3,624,362 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 825,413 | 829,529 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 2,347,100 | 2,358,806 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 1,248,056 | 1,254,281 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 2,931,331 | 2,945,951 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 1,453,231 | 1,460,479 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 5,781,712 | 5,810,549 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 612,950 | 616,007 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 4,713,012 | 4,736,519 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 802,890 | 806,894 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 2,697,650 | 2,711,105 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 576,600 | 579,476 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/16/22 | Open | 4,195,250 | 4,216,174 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.50 | (b) |
11/16/22 | Open | 9,831,862 | 9,881,022 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/18/22 | Open | 8,295,000 | 8,335,452 | Capital Trusts | Open/Demand | ||||||||||||||||||
Amherst Pierpont Securities LLC |
4.52 | (b) |
11/21/22 | Open | 4,143,750 | 4,162,721 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Barclays Capital, Inc. |
4.50 | (b) |
11/22/22 | Open | 155,250 | 155,923 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.40 | (b) |
11/29/22 | Open | 896,580 | 899,688 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BofA Securities, Inc. |
4.50 | (b) |
11/29/22 | Open | 6,909,375 | 6,933,942 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Credit Suisse Securities (USA) LLC |
2.00 | (b) |
11/29/22 | Open | 411,618 | 412,166 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 1,155,810 | 1,159,899 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 1,267,467 | 1,271,952 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 967,500 | 970,923 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 1,742,500 | 1,748,665 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
11/29/22 | Open | 1,487,500 | 1,492,762 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
11/29/22 | Open | 4,437,500 | 4,453,278 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 2,387,894 | 2,396,363 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 4,364,500 | 4,379,979 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 3,012,187 | 3,022,871 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 1,099,350 | 1,103,249 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 3,893,750 | 3,907,560 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 5,096,192 | 5,114,267 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 4,315,781 | 4,331,088 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 2,909,561 | 2,919,880 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 2,057,772 | 2,065,071 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
11/29/22 | Open | 5,572,500 | 5,592,264 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.32 | (b) |
12/01/22 | Open | 2,681,875 | 2,690,412 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.15 | (b) |
12/05/22 | Open | 341,145 | 342,044 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.45 | (b) |
12/05/22 | Open | 5,062,500 | 5,076,942 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.45 | (b) |
12/05/22 | Open | 708,094 | 710,114 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BofA Securities, Inc. |
4.48 | (b) |
12/06/22 | Open | 5,752,800 | 5,768,700 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/07/22 | Open | 766,594 | 768,718 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/07/22 | Open | 614,650 | 616,353 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/07/22 | Open | 892,925 | 895,399 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.35 | (b) |
12/08/22 | Open | 349,675 | 350,535 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.45 | (b) |
12/08/22 | Open | 337,500 | 338,352 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/08/22 | Open | 4,021,174 | 4,031,424 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/08/22 | Open | 5,881,564 | 5,896,557 | 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 |
111 |
Schedule of Investments (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) |
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 S.A. |
4.40 | % (b) |
12/09/22 | Open | $ | 3,257,906 | $ | 3,264,965 | Corporate Bonds | Open/Demand | ||||||||||||||||
BNP Paribas S.A. |
4.45 | (b) |
12/09/22 | Open | 1,077,125 | 1,079,489 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.39 | (b) |
12/12/22 | Open | 150,900 | 151,210 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.45 | (b) |
12/13/22 | Open | 3,768,750 | 3,776,193 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/13/22 | Open | 371,010 | 371,748 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/13/22 | Open | 725,445 | 726,889 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.42 | (b) |
12/14/22 | Open | 1,985,644 | 1,989,319 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/14/22 | Open | 4,750,156 | 4,759,106 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/14/22 | Open | 3,702,937 | 3,709,914 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/14/22 | Open | 3,886,369 | 3,893,691 | Corporate Bonds | Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
4.45 | 12/15/22 | 01/06/23 | 539,963 | 541,030 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
4.45 | 12/15/22 | 01/06/23 | 1,260,149 | 1,262,641 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
4.50 | 12/15/22 | 01/06/23 | 2,886,694 | 2,892,467 | Capital Trusts | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
(1.50 | ) | 12/15/22 | 01/11/23 | 2,193,750 | 2,193,075 | Capital Trusts | Up to 30 Days | ||||||||||||||||||
BofA Securities, Inc. |
1.50 | 12/15/22 | 02/03/23 | 420,885 | 421,166 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
3.50 | 12/15/22 | 02/03/23 | 181,688 | 181,970 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.25 | 12/15/22 | 02/03/23 | 776,793 | 778,260 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.25 | 12/15/22 | 02/03/23 | 956,937 | 958,745 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.35 | 12/15/22 | 02/03/23 | 391,073 | 391,829 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.35 | 12/15/22 | 02/03/23 | 104,370 | 104,572 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,379,550 | 1,382,248 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 455,000 | 455,890 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 4,777,892 | 4,787,236 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 493,500 | 494,465 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,068,750 | 1,070,840 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,598,302 | 1,601,428 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,055,625 | 1,057,689 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,060,490 | 1,062,564 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 960,000 | 961,877 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 974,580 | 976,486 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 252,525 | 253,019 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,728,074 | 1,731,453 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 193,890 | 194,269 | Capital Trusts | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 287,000 | 287,561 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,714,299 | 1,717,651 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 551,241 | 552,319 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 756,250 | 757,729 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 497,813 | 498,786 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 542,000 | 543,060 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 457,753 | 458,648 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 408,000 | 408,798 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 188,625 | 188,994 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 727,020 | 728,442 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,015,301 | 1,017,287 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 579,150 | 580,283 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 590,000 | 591,154 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,111,860 | 1,114,034 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 1,089,375 | 1,091,505 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 454,188 | 455,076 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 168,700 | 169,030 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 279,654 | 280,201 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 145,000 | 145,284 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 683,750 | 685,087 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.40 | 12/15/22 | 02/03/23 | 632,385 | 633,622 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 670,000 | 671,325 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 505,195 | 506,194 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 5,193,750 | 5,204,022 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 502,005 | 502,998 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 1,083,322 | 1,085,465 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 1,243,620 | 1,246,080 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 465,248 | 466,168 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 105,315 | 105,523 | Corporate Bonds | 31 - 90 Days |
112 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
||||||||||||||||||
BofA Securities, Inc. |
4.45 | % | 12/15/22 | 02/03/23 | $ | 291,540 | $ | 292,117 | Corporate Bonds | 31 - 90 Days | ||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 767,981 | 769,500 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 668,160 | 669,481 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 214,944 | 215,369 | Corporate Bonds | 31 -90 Days |
|||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 410,288 | 411,099 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 439,406 | 440,275 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 344,615 | 345,297 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.45 | 12/15/22 | 02/03/23 | 846,588 | 848,262 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.46 | 12/15/22 | 02/03/23 | 7,651,162 | 7,666,329 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.48 | 12/15/22 | 02/03/23 | 8,625,600 | 8,642,775 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.48 | 12/15/22 | 02/03/23 | 339,163 | 339,838 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 269,310 | 269,849 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 1,104,056 | 1,106,264 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 407,550 | 408,365 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 221,705 | 222,148 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 2,320,000 | 2,324,640 | Foreign Agency Obligations | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 500,500 | 501,501 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 884,925 | 886,695 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 1,930,552 | 1,934,413 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 274,881 | 275,431 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 743,146 | 744,633 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 928,688 | 930,545 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 361,250 | 361,972 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 366,756 | 367,490 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 533,258 | 534,324 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 467,543 | 468,478 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 283,961 | 284,529 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 2,436,611 | 2,441,484 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 217,440 | 217,875 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 1,179,167 | 1,181,526 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 959,059 | 960,977 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 704,131 | 705,539 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 276,194 | 276,746 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 455,700 | 456,611 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 826,210 | 827,862 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 530,145 | 531,205 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 220,410 | 220,851 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 93,999 | 94,187 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 122,794 | 123,039 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 542,225 | 543,309 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 245,659 | 246,150 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.50 | 12/15/22 | 02/03/23 | 265,090 | 265,620 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.52 | 12/15/22 | 02/03/23 | 1,729,612 | 1,733,087 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.52 | 12/15/22 | 02/03/23 | 2,065,487 | 2,069,637 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.52 | 12/15/22 | 02/03/23 | 1,370,600 | 1,373,353 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.52 | 12/15/22 | 02/03/23 | 3,080,000 | 3,086,187 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.53 | 12/15/22 | 02/03/23 | 5,558,437 | 5,569,628 | Corporate Bonds | 31 - 90 Days | |||||||||||||||||||
BNP Paribas S.A. |
4.50 | (b) |
12/21/22 | Open | 5,200,312 | 5,206,813 | Capital Trusts | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.50 | (b) |
12/22/22 | Open | 4,506,250 | 4,511,883 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
3.75 | (b) |
12/23/22 | Open | 173,430 | 173,520 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.40 | (b) |
12/23/22 | Open | 436,549 | 436,816 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.50 | (b) |
12/23/22 | Open | 2,957,400 | 2,959,248 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.50 | (b) |
12/23/22 | Open | 3,893,750 | 3,896,184 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. |
4.44 | (b) |
12/27/22 | Open | 1,800,000 | 1,800,888 | Capital Trusts | Open/Demand | ||||||||||||||||||
Amherst Pierpont Securities LLC |
4.52 | (b) |
12/28/22 | Open | 9,298,469 | 9,301,971 | Capital Trusts | Open/Demand | ||||||||||||||||||
Barclays Capital, Inc. |
4.50 | (b) |
12/28/22 | Open | 3,112,480 | 3,113,647 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A |
4.52 | (b) |
12/28/22 | Open | 5,100,502 | 5,102,424 | Capital Trusts | Open/Demand | ||||||||||||||||||
Credit Suisse Securities (USA) LLC |
(0.75 | ) (b) |
12/28/22 | Open | 858,603 | 858,549 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.35 | (b) |
12/28/22 | Open | 399,938 | 400,082 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.35 | (b) |
12/28/22 | Open | 5,310,000 | 5,311,925 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.35 | (b) |
12/28/22 | Open | 1,260,000 | 1,260,457 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 356,970 | 357,103 | 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 |
113 |
Schedule of Investments (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | % (b) |
12/28/22 | Open | $ | 545,570 | $ | 545,774 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 2,431,564 | 2,432,472 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 755,160 | 755,442 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 467,708 | 467,882 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 653,906 | 654,150 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 592,279 | 592,500 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 1,017,307 | 1,017,687 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 211,750 | 211,829 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 826,605 | 826,914 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 412,290 | 412,444 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. |
4.48 | (b) |
12/28/22 | Open | 206,150 | 206,227 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
RBC Capital Markets LLC |
4.45 | (b) |
12/28/22 | Open | 6,326,156 | 6,328,502 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
12/28/22 | Open | 10,562,500 | 10,566,461 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
RBC Capital Markets LLC |
4.50 | (b) |
12/28/22 | Open | 4,511,025 | 4,512,717 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 5,039,335 | 5,041,221 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 2,071,844 | 2,072,619 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 810,469 | 810,772 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 435,319 | 435,482 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 2,899,406 | 2,900,491 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 4,614,225 | 4,615,951 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 4,084,300 | 4,085,828 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 3,840,000 | 3,841,437 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC |
4.49 | (b) |
12/28/22 | Open | 2,633,750 | 2,634,735 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
$ | 587,310,321 | $ | 589,324,056 | |||||||||||||||||||||||||
(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. |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
2-Year U.S. Treasury Note |
1,101 | 03/31/23 | $ | 225,705 | $ | 42,242 | ||||||||||
5-Year U.S. Treasury Note |
1,399 | 03/31/23 | 150,852 | (391,296 | ) | |||||||||||
(349,054 | ) | |||||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
107 | 03/22/23 | 11,999 | 64,559 | ||||||||||||
10-Year U.S. Ultra Long Treasury Note |
202 | 03/22/23 | 23,814 | 152,714 | ||||||||||||
U.S. Long Bond |
1,088 | 03/22/23 | 135,660 | 665,873 | ||||||||||||
Ultra U.S. Treasury Bond |
54 | 03/22/23 | 7,211 | 606,244 | ||||||||||||
1,489,390 | ||||||||||||||||
$ | 1,140,336 | |||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value |
|||||||||||||||
Call |
||||||||||||||||||||
iShares China Large-Cap ETF |
4,918 | 02/17/23 | USD | 32.00 | USD | 13,918 | $ | 231,146 | ||||||||||||
114 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) |
Description |
Number of Contracts |
Expiration Date |
Exercise Price |
Notional Amount (000) |
Value |
|||||||||||||||
Call |
||||||||||||||||||||
iShares China Large-Cap ETF |
4,918 | 02/17/23 | USD | 36.00 | USD | 13,918 | $ | (46,721 | ) | |||||||||||
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.39.V1 |
5.00 | % | Quarterly | 12/20/27 | USD | 108,600 | $ | (843,650 | ) | $ | (260,777 | ) | $ | (582,873 | ) | |||||||||||||
Paid by the Trust |
Received by the Trust |
Effective Date |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||
Rate |
Frequency |
Rate |
Frequency | |||||||||||||||||||||||||||
1-Day SOFR, 4.32% |
Annual | 3.80% | Annual | N/A | 01/04/25 | USD | 410,000 | $ | (5,072,344 | ) | $ | 1,804 | $ | (5,074,148 | ) | |||||||||||||||
Description |
Swap Premiums Paid |
Swap Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
Value |
|||||||||||||||
Centrally Cleared Swaps (a) |
$ | 1,804 | $ | (260,777 | ) | $ | — | $ | (5,657,021 | ) | $ | — | ||||||||
Options Written |
N/A | N/A | 55,482 | — | (46,721 | ) |
(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. |
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) |
$ | — | $ | — | $ | — | $ | — | $ | 1,531,632 | $ | — | $ | 1,531,632 | ||||||||||||||
Options purchased |
||||||||||||||||||||||||||||
Investments at value — unaffiliated (b) |
— | — | 231,146 | — | — | — | 231,146 | |||||||||||||||||||||
$ | — | $ | — | $ | 231,146 | $ | — | $ | 1,531,632 | $ | — | $ | 1,762,778 | |||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | — | $ | — | $ | — | $ | — | $ | 391,296 | $ | — | $ | 391,296 | ||||||||||||||
Options written |
||||||||||||||||||||||||||||
Options written at value |
— | — | 46,721 | — | — | — | 46,721 | |||||||||||||||||||||
Swaps — centrally cleared |
||||||||||||||||||||||||||||
Unrealized depreciation on centrally cleared swaps (a) |
— | 582,873 | — | — | 5,074,148 | — | 5,657,021 | |||||||||||||||||||||
$ | — | $ | 582,873 | $ | 46,721 | $ | — | $ | 5,465,444 | $ | — | $ | 6,095,038 | |||||||||||||||
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
(b) |
Includes options purchased at value as reported in the Schedule of Investments. |
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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (984,398 | ) | $ | — | $ | 304,022 | $ | — | $ | (680,376 | ) | ||||||||||||
Options purchased (a) |
— | — | (2,001,769 | ) | (458,223 | ) | (233,652 | ) | — | (2,693,644 | ) | |||||||||||||||||
Options written |
— | — | 1,036,270 | 108,786 | 1,363,250 | — | 2,508,306 | |||||||||||||||||||||
Swaps |
— | (1,273,250 | ) | — | — | 1,230,000 | — | (43,250 | ) | |||||||||||||||||||
$ | — | $ | (1,273,250 | ) | $ | (1,949,897 | ) | $ | (349,437 | ) | $ | 2,663,620 | $ | — | $ | (908,964 | ) | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 1,945,084 | $ | — | $ | 1,945,084 | ||||||||||||||
Options purchased (b) |
— | — | 520,506 | — | — | — | 520,506 | |||||||||||||||||||||
Options written |
— | — | 55,482 | — | — | — | 55,482 | |||||||||||||||||||||
Swaps |
— | (582,873 | ) | — | — | (5,074,148 | ) | — | (5,657,021 | ) | ||||||||||||||||||
$ | — | $ | (582,873 | ) | $ | 575,988 | $ | — | $ | (3,129,064 | ) | $ | — | $ | (3,135,949 | ) | ||||||||||||
(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. |
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 609,227,410 | ||
Average notional value of contracts — short |
$ | 230,642,648 | ||
Options: |
||||
Average value of option contracts purchased |
$ | 662,195 | ||
Average value of option contracts written |
$ | 98,090 | ||
Average notional value of swaption contracts written |
$ | 410,000,000 | ||
Credit default swaps: |
||||
Average notional value — buy protection |
$ | 27,150,000 | ||
Average notional value — sell protection |
$ | 36,588,000 | ||
Interest rate swaps: |
||||
Average notional value — receives fixed rate |
$ | 102,500,000 |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Asset-Backed Securities |
$ |
— |
$ |
147,792,255 |
$ |
787,722 |
$ |
148,579,977 |
||||||||
Corporate Bonds |
— |
1,158,091,176 |
826,467 |
1,158,917,643 |
||||||||||||
Floating Rate Loan Interests |
— |
66,994,685 |
908,225 |
67,902,910 |
||||||||||||
Foreign Agency Obligations |
— |
24,462,445 |
— |
24,462,445 |
||||||||||||
Municipal Bonds |
— |
10,284,730 |
— |
10,284,730 |
||||||||||||
Preferred Securities |
||||||||||||||||
Capital Trusts |
— |
145,064,752 |
— |
145,064,752 |
||||||||||||
Preferred Stocks |
34,207,977 |
— |
5,119,232 |
39,327,209 |
||||||||||||
U.S. Government Sponsored Agency Securities |
— |
64,489,493 |
— |
64,489,493 |
||||||||||||
Warrants |
— |
— |
— |
— |
||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
8,145,069 |
— |
— |
8,145,069 |
116 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Credit Allocation Income Trust (BTZ) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Options Purchased |
||||||||||||||||
Equity Contracts |
$ |
231,146 |
$ |
— |
$ |
— |
$ |
231,146 |
||||||||
Liabilities |
||||||||||||||||
Unfunded Floating Rate Loan Interests (a) |
— |
(8,026 |
) |
— |
(8,026 |
) | ||||||||||
$ |
42,584,192 |
$ |
1,617,171,510 |
$ |
7,641,646 |
$ |
1,667,397,348 |
|||||||||
Derivative Financial Instruments (b) |
||||||||||||||||
Assets |
||||||||||||||||
Interest Rate Contracts |
$ |
1,531,632 |
$ |
— |
$ |
— |
$ |
1,531,632 |
||||||||
Liabilities |
||||||||||||||||
Credit Contracts |
— |
(582,873 |
) |
— |
(582,873 |
) | ||||||||||
Equity Contracts |
(46,721 |
) |
— |
— |
(46,721 |
) | ||||||||||
Interest Rate Contracts |
(391,296 |
) |
(5,074,148 |
) |
— |
(5,465,444 |
) | |||||||||
$ |
1,093,615 |
$ |
(5,657,021 |
) |
$ |
— |
$ |
(4,563,406 |
) | |||||||
(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 options written. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |
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 December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
Security |
Shares |
Value |
||||||||||
Common Stocks |
||||||||||||
Auto Components — 0.0% |
||||||||||||
Lear Corp. |
178 | $ | 22,076 | |||||||||
Construction & Engineering — 0.0% |
||||||||||||
McDermott International Ltd. (a) |
76,644 | 24,526 | ||||||||||
Household Durables — 0.0% |
||||||||||||
Berkline Benchcraft Equity LLC (b) |
6,155 | — | ||||||||||
Metals & Mining — 0.0% |
||||||||||||
Ameriforge Group, Inc. |
832 | 416 | ||||||||||
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $131,156) (b)(c) |
7,476 | 822 | ||||||||||
1,238 | ||||||||||||
Software — 0.0% |
||||||||||||
Avaya Holdings Corp. (a) |
40 | 8 | ||||||||||
Specialty Retail — 0.2% |
||||||||||||
NMG Parent LLC |
2,218 | 335,472 | ||||||||||
Total Common Stocks — 0.2% (Cost: $1,378,110) |
383,320 | |||||||||||
Par (000) |
||||||||||||
Corporate Bonds |
||||||||||||
Airlines — 0.3% |
||||||||||||
Allegiant Travel Co., 8.50%, 02/05/24 (a)(d) |
USD | 740 | 738,150 | |||||||||
Auto Components — 0.1% |
||||||||||||
Clarios Global LP, 6.75%, 05/15/25 (a)(d) |
275 | 275,636 | ||||||||||
Building Materials — 0.0% |
||||||||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (a)(d) |
73 | 67,965 | ||||||||||
Building Products — 0.1% |
||||||||||||
White Cap Buyer LLC, 6.88%, 10/15/28 (d) |
155 | 134,076 | ||||||||||
Capital Markets — 0.0% |
||||||||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (a)(d) |
74 | 74,370 | ||||||||||
Chemicals (d) — 0.1% |
||||||||||||
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (a) |
32 | 26,791 | ||||||||||
WR Grace Holdings LLC, 5.63%, 08/15/29 |
239 | 192,938 | ||||||||||
219,729 | ||||||||||||
Construction Materials — 0.2% |
||||||||||||
Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26 (d) |
940 | 629,800 | ||||||||||
Diversified Telecommunication Services — 0.0% |
||||||||||||
Zayo Group Holdings, Inc., 6.13%, 03/01/28 (d) |
155 | 87,897 | ||||||||||
Electric Utilities — 0.0% |
||||||||||||
Pike Corp., 5.50%, 09/01/28 (a)(d) |
89 | 77,808 | ||||||||||
Texas Competitive Electric Holdings, 1.00%, 11/10/21 (b)(e) |
1,050 | — | ||||||||||
77,808 | ||||||||||||
Electronic Equipment, Instruments & Components — 0.2% |
||||||||||||
Vertiv Group Corp., 4.13%, 11/15/28 (a)(d) |
556 | 472,600 | ||||||||||
Security |
Par (000) |
Value |
||||||||||
Health Care Providers & Services — 0.1% |
||||||||||||
Medline Borrower LP, 5.25%, 10/01/29 (a)(d) |
USD | 237 | $ | 188,242 | ||||||||
Hotels, Restaurants & Leisure (a)(d) — 0.2% |
||||||||||||
Caesars Entertainment, Inc., 4.63%, 10/15/29 |
240 | 195,314 | ||||||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30 |
395 | 318,607 | ||||||||||
513,921 | ||||||||||||
Household Products — 0.0% |
||||||||||||
Berkline Benchcraft LLC, 4.50%, 06/01/22 (b)(e)(f) |
400 | — | ||||||||||
Insurance — 0.1% |
||||||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27 (a)(d) |
220 | 197,749 | ||||||||||
Internet Software & Services (a)(d) — 0.1% |
||||||||||||
Uber Technologies, Inc. |
||||||||||||
6.25%, 01/15/28 |
137 | 131,520 | ||||||||||
4.50%, 08/15/29 |
235 | 204,745 | ||||||||||
336,265 | ||||||||||||
Machinery — 0.2% |
||||||||||||
Madison IAQ LLC, 5.88%, 06/30/29 (a)(d) |
742 | 508,566 | ||||||||||
Media — 0.3% |
||||||||||||
Liberty Broadband Corp., 2.75%, 09/30/50 (a)(d) |
315 | 306,795 | ||||||||||
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (a)(d)(g) |
151 | 44,502 | ||||||||||
Odeon Finco PLC, 12.75%, 11/01/27 |
374 | 325,380 | ||||||||||
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26 (a)(d) |
353 | 259,349 | ||||||||||
936,026 | ||||||||||||
Oil, Gas & Consumable Fuels — 0.1% |
||||||||||||
Occidental Petroleum Corp., 6.63%, 09/01/30 (a) |
382 | 394,751 | ||||||||||
Real Estate Management & Development — 0.1% |
||||||||||||
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, 01/15/29 (a)(d) |
315 | 238,263 | ||||||||||
Wireless Telecommunication Services — 0.0% |
||||||||||||
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25 (d) |
85 | 81,494 | ||||||||||
Total Corporate Bonds — 2.2% (Cost: $7,167,731) |
6,173,308 | |||||||||||
Floating Rate Loan Interests (f) |
||||||||||||
Aerospace & Defense — 4.0% |
||||||||||||
Atlas CC Acquisition Corp. |
||||||||||||
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 8.98%, 05/25/28 |
1,757 | 1,472,009 | ||||||||||
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 8.98%, 05/25/28 |
357 | 299,392 | ||||||||||
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 8.73%, 10/31/26 |
439 | 433,593 | ||||||||||
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.06%, 08/03/29 |
229 | 222,542 | ||||||||||
Dynasty Acquisition Co., Inc. |
||||||||||||
2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 7.92%, 04/06/26 |
842 | 800,723 | ||||||||||
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 7.92%, 04/06/26 |
1,566 | 1,489,521 |
118 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Aerospace & Defense (continued) |
||||||||||||
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 9.94%, 04/09/26 |
USD | 454 | $ | 352,083 | ||||||||
Peraton Corp. |
||||||||||||
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 12.09%, 02/01/29 |
1,048 | 994,540 | ||||||||||
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/01/28 |
3,510 | 3,421,890 | ||||||||||
TransDigm, Inc., 2020 Term Loan F, (3 mo. LIBOR + 2.25%), 6.98%, 12/09/25 |
1,549 | 1,527,815 | ||||||||||
11,014,108 | ||||||||||||
Air Freight & Logistics — 0.4% |
||||||||||||
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.49%, 04/06/28 |
357 | 326,186 | ||||||||||
Kestrel Bidco, Inc., Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 7.35%, 12/11/26 |
255 | 231,226 | ||||||||||
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 8.63%, 12/15/28 |
497 | 413,062 | ||||||||||
970,474 | ||||||||||||
Airlines — 2.6% |
||||||||||||
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.99%, 04/20/28 |
1,009 | 1,003,678 | ||||||||||
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 8.13%, 08/11/28 |
1,255 | 1,237,541 | ||||||||||
American Airlines, Inc. |
||||||||||||
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 6.14%, 01/29/27 |
169 | 159,955 | ||||||||||
2018 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 06/27/25 |
773 | 741,773 | ||||||||||
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 10.00%, 06/21/27 |
1,919 | 1,971,121 | ||||||||||
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.11%, 04/21/28 |
2,272 | 2,238,739 | ||||||||||
7,352,807 | ||||||||||||
Auto Components — 2.4% |
||||||||||||
Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/10/28 |
500 | 494,280 | ||||||||||
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/30/26 |
2,248 | 2,198,420 | ||||||||||
USI, Inc. |
||||||||||||
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 7.98%, 12/02/26 |
132 | 130,770 | ||||||||||
2022 Incremental Term Loan, (1 mo. SOFR CME + 3.75%, 0.50% Floor), 8.33%, 11/22/29 |
2,313 | 2,287,739 | ||||||||||
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 02/05/26 |
1,580 | 1,495,080 | ||||||||||
6,606,289 | ||||||||||||
Banks — 0.8% |
||||||||||||
DirecTV Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 9.38%, 08/02/27 |
1,464 | 1,422,135 | ||||||||||
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 9.38%, 10/29/28 |
990 | 937,065 | ||||||||||
2,359,200 |
Security |
Par (000) |
Value |
||||||||||
Beverages — 0.9% |
||||||||||||
Naked Juice LLC |
||||||||||||
2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 10.68%, 01/24/30 |
USD | 1,111 | $ | 874,085 | ||||||||
Term Loan, (3 mo. SOFRTE + 3.25%, 0.50% Floor), 7.93%, 01/24/29 |
1,855 | 1,654,070 | ||||||||||
2,528,155 | ||||||||||||
Building Materials — 0.1% |
||||||||||||
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.57%, 04/12/28 |
158 | 141,133 | ||||||||||
Building Products — 1.8% |
||||||||||||
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 11/23/27 |
905 | 789,986 | ||||||||||
CPG International LLC, 2022 Term Loan B, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.92%, 04/28/29 |
482 | 467,339 | ||||||||||
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 07/28/28 |
505 | 470,032 | ||||||||||
New AMI I LLC, 2022 Term Loan B, (1 mo. SOFRTE + 6.00%, 0.50% Floor), 10.32%, 03/08/29 |
522 | 445,526 | ||||||||||
Standard Industries, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.25%, 0.50% Floor), 6.43%, 09/22/28 |
994 | 980,775 | ||||||||||
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 7.98%, 12/31/26 |
1,956 | 1,857,284 | ||||||||||
5,010,942 | ||||||||||||
Capital Markets — 3.9% |
||||||||||||
Ascensus Holdings, Inc. |
||||||||||||
2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%, 0.50% Floor), 10.25%, 08/02/29 |
1,663 | 1,443,805 | ||||||||||
Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.25%, 08/02/28 |
2,186 | 2,083,198 | ||||||||||
Deerfield Dakota Holding LLC |
||||||||||||
2020 USD Term Loan B, (1 mo. SOFR CME + 3.75%, 1.00% Floor), 8.07%, 04/09/27 |
3,792 | 3,534,658 | ||||||||||
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 11.13%, 04/07/28 |
1,114 | 1,055,515 | ||||||||||
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 7.75%, 11/12/27 |
933 | 891,900 | ||||||||||
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 6.88%, 06/27/25 |
381 | 379,552 | ||||||||||
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 06/30/28 |
906 | 887,105 | ||||||||||
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/12/24 |
721 | 700,622 | ||||||||||
10,976,355 | ||||||||||||
Chemicals — 4.6% |
||||||||||||
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26 |
1,558 | 1,460,133 | ||||||||||
Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 3.00%, 0.50% Floor), 7.51%, 12/20/29 |
773 | 773,000 | ||||||||||
CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.48%, 12/29/27 |
449 | 322,832 | ||||||||||
Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME + 4.375%, 0.50% Floor), 7.97%, 10/04/29 |
820 | 745,585 | ||||||||||
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 6.32%, 01/31/26 |
1,224 | 1,218,728 | ||||||||||
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 06/30/27 |
858 | 819,786 |
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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Chemicals (continued) |
||||||||||||
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 07/03/28 |
USD | 662 | $ | 605,014 | ||||||||
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 7.23%, 03/02/26 |
1,335 | 1,321,830 | ||||||||||
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 7.64%, 05/15/24 |
924 | 919,587 | ||||||||||
OQ Chemicals Corp., 2017 USD Term Loan B2, (3 mo. LIBOR + 3.25%), 7.00%, 10/14/24 |
1,060 | 998,105 | ||||||||||
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 6.91%, 06/09/28 |
1,067 | 1,048,535 | ||||||||||
Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 07/31/26 |
432 | 418,172 | ||||||||||
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.41%, 03/16/27 |
649 | 629,436 | ||||||||||
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.39%, 08/02/28 |
1,014 | 984,575 | ||||||||||
Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. LIBOR + 2.75%), 7.16%, 10/01/25 |
98 | 96,311 | ||||||||||
W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 8.50%, 09/22/28 |
331 | 323,842 | ||||||||||
12,685,471 | ||||||||||||
Commercial Services & Supplies — 4.1% |
||||||||||||
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.17%, 05/12/28 |
1,613 | 1,529,352 | ||||||||||
Amentum Government Services Holdings LLC, 2022 Term Loan, (1 mo. SOFR CME + 4.00%), 8.64%, 02/15/29 |
486 | 472,056 | ||||||||||
Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 6.13%, 03/11/25 |
95 | 94,474 | ||||||||||
Asurion LLC |
||||||||||||
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 7.38%, 11/03/24 |
690 | 669,136 | ||||||||||
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 7.63%, 12/23/26 |
479 | 425,816 | ||||||||||
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 9.63%, 01/31/28 |
689 | 534,316 | ||||||||||
2021 Second Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 9.63%, 01/20/29 |
984 | 760,494 | ||||||||||
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 10/08/28 |
430 | 427,035 | ||||||||||
Covanta Holding Corp. |
||||||||||||
2021 Term Loan B, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 11/30/28 |
700 | 693,702 | ||||||||||
2021 Term Loan C, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 11/30/28 |
53 | 52,355 | ||||||||||
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 8.63%, 11/27/26 |
1,194 | 1,183,720 | ||||||||||
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 8.48%, 05/09/25 |
317 | 293,515 | ||||||||||
Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 7.54%, 03/09/28 |
812 | 706,898 | ||||||||||
Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 6.50%, 09/23/26 |
1,211 | 1,199,290 |
Security |
Par (000) |
Value |
||||||||||
Commercial Services & Supplies (continued) |
||||||||||||
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 8.38%, 08/27/25 |
USD | 1,918 | $ | 1,902,360 | ||||||||
Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 9.38%, 07/30/28 |
483 | 453,914 | ||||||||||
11,398,433 | ||||||||||||
Communications Equipment — 0.4% |
||||||||||||
ViaSat, Inc., Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.94%, 03/02/29 |
1,253 | 1,216,570 | ||||||||||
Construction & Engineering — 1.9% |
||||||||||||
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 09/30/29 (b) |
572 | 493,350 | ||||||||||
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 8.49%, 06/21/24 |
1,560 | 1,391,751 | ||||||||||
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 7.39%, 01/21/28 |
644 | 634,419 | ||||||||||
SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 06/02/28 |
1,711 | 1,632,468 | ||||||||||
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.88%, 05/12/28 |
1,080 | 1,028,840 | ||||||||||
5,180,828 | ||||||||||||
Construction Materials — 1.8% |
||||||||||||
Core & Main LP, 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 6.88%, 07/27/28 |
2,527 | 2,490,378 | ||||||||||
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/29/25 |
1,463 | 1,445,026 | ||||||||||
Oscar AcquisitionCo. LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 04/29/29 |
681 | 643,399 | ||||||||||
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 7.57%, 06/01/26 |
533 | 513,633 | ||||||||||
5,092,436 | ||||||||||||
Containers & Packaging — 1.9% |
||||||||||||
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 12/01/27 |
2,156 | 2,090,999 | ||||||||||
Mauser Packaging Solutions Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.37%, 04/03/24 |
1,470 | 1,433,311 | ||||||||||
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. SOFR CME + 3.75%), 8.19%, 07/31/26 |
379 | 367,685 | ||||||||||
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.94%, 08/18/27 |
726 | 580,738 | ||||||||||
Trident TPI Holdings, Inc., 2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%, 0.50% Floor), 8.73%, 09/15/28 |
707 | 677,622 | ||||||||||
5,150,355 | ||||||||||||
Distributors — 1.4% |
||||||||||||
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 6.38%, 01/15/27 |
733 | 725,661 | ||||||||||
Dealer Tire Financial LLC, Term Loan B2, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.82%, 12/14/27 |
1,568 | 1,545,423 | ||||||||||
TMK Hawk Parent Corp. |
||||||||||||
2020 Super Priority First Out Term Loan A, (3 mo. LIBOR + 9.50%, 1.00% Floor), 14.26%, 05/30/24 (b) |
594 | 543,058 | ||||||||||
2020 Super Priority Second Out Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 8.26%, 08/28/24 |
1,890 | 964,200 | ||||||||||
3,778,342 |
120 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Diversified Consumer Services — 2.3% |
||||||||||||
2U, Inc., Term Loan, (3 mo. LIBOR + 5.75%, 0.75% Floor), 10.16%, 12/30/24 |
USD | 880 | $ | 839,477 | ||||||||
Ascend Learning LLC |
||||||||||||
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 12/10/29 |
482 | 411,507 | ||||||||||
2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/11/28 |
1,185 | 1,118,372 | ||||||||||
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.69%, 11/24/28 |
572 | 560,776 | ||||||||||
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.33%, 07/11/25 |
750 | 720,177 | ||||||||||
OLA Netherlands BV, Term Loan, (1 mo. SOFR CME + 6.25%, 0.75% Floor), 10.67%, 12/15/26 |
530 | 498,341 | ||||||||||
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.16%, 10/28/27 |
630 | 552,352 | ||||||||||
Serta Simmons Bedding LLC |
||||||||||||
2020 Super Priority First Out Term Loan, (3 mo. LIBOR + 7.50%), 12.27%, 08/10/23 |
286 | 281,028 | ||||||||||
2020 Super Priority Second Out Term Loan, (3 mo. LIBOR + 7.50%, 1.00% Floor), 12.27%, 08/10/23 |
450 | 204,606 | ||||||||||
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 8.58%, 01/15/27 |
1,095 | 1,065,300 | ||||||||||
Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 07/20/28 (b) |
201 | 190,913 | ||||||||||
6,442,849 | ||||||||||||
Diversified Financial Services — 6.1% |
||||||||||||
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.73%, 02/16/28 |
263 | 258,433 | ||||||||||
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 8.88%, 07/31/26 |
627 | 612,153 | ||||||||||
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 02/04/28 |
1,068 | 1,057,240 | ||||||||||
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.52%, 10/22/26 |
985 | 975,070 | ||||||||||
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 6.88%, 09/01/28 |
985 | 955,002 | ||||||||||
Delta TopCo, Inc. |
||||||||||||
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 11.65%, 12/01/28 |
237 | 184,564 | ||||||||||
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.15%, 12/01/27 |
366 | 337,201 | ||||||||||
EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR + 4.00%), 8.73%, 02/07/25 |
555 | 522,676 | ||||||||||
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 10/01/27 |
1,909 | 1,787,071 | ||||||||||
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.89%, 07/03/24 (b) |
1,023 | 1,020,918 | ||||||||||
KKR Apple Bidco LLC |
||||||||||||
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 09/21/29 |
153 | 147,099 | ||||||||||
2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 09/23/28 |
371 | 365,622 | ||||||||||
LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27 |
314 | 271,308 | ||||||||||
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 09/25/26 |
1,578 | 1,276,220 | ||||||||||
RVR Dealership Holdings LLC, Term Loan B, (1 mo. SOFRTE + 3.75%, 0.75% Floor), 8.17%, 02/08/28 |
450 | 413,629 |
Security |
Par (000) |
Value |
||||||||||
Diversified Financial Services (continued) |
||||||||||||
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 6.73%, 11/05/28 |
USD | 826 | $ | 820,631 | ||||||||
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 6.91%, 01/23/25 |
939 | 912,686 | ||||||||||
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.00%), 8.73%, 07/30/25 |
617 | 601,145 | ||||||||||
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 9.73%, 09/01/25 |
2,291 | 1,606,137 | ||||||||||
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 7.38%, 02/28/27 |
1,023 | 990,616 | ||||||||||
White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.07%, 10/19/27 |
755 | 728,530 | ||||||||||
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 6.82%, 04/30/28 |
1,003 | 976,360 | ||||||||||
16,820,311 | ||||||||||||
Diversified Telecommunication Services — 1.6% |
||||||||||||
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.57%, 11/30/27 |
235 | 223,846 | ||||||||||
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.88%, 10/02/27 |
497 | 437,209 | ||||||||||
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.50%, 05/01/28 |
1,216 | 1,157,700 | ||||||||||
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 6.92%, 11/04/26 |
1,112 | 1,100,322 | ||||||||||
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 03/01/27 |
917 | 876,547 | ||||||||||
Virgin Media SFA Finance Ltd., GBP Term Loan L, (1 mo. SONIA + 3.25%), 6.21%, 01/15/27 |
GBP | 600 | 669,154 | |||||||||
4,464,778 | ||||||||||||
Electric Utilities — 0.9% |
||||||||||||
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 7.24%, 12/15/27 |
USD | 772 | 763,749 | |||||||||
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 03/31/28 |
1,984 | 1,838,173 | ||||||||||
2,601,922 | ||||||||||||
Electrical Equipment — 0.9% |
||||||||||||
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 9.48%, 06/23/28 |
942 | 893,398 | ||||||||||
AZZ, Inc., Term Loan B, (1 mo. SOFR CME + 4.25%, 0.50% Floor), 8.67%, 05/13/29 |
161 | 161,183 | ||||||||||
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 6.88%, 03/31/27 |
1,492 | 1,457,501 | ||||||||||
2,512,082 | ||||||||||||
Electronic Equipment, Instruments & Components — 0.4% |
||||||||||||
Coherent Corp., 2022 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 07/02/29 |
1,048 | 1,034,853 | ||||||||||
Entertainment — 0.3% |
||||||||||||
Delta 2 Lux SARL, Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 7.57%, 01/15/30 |
796 | 795,005 | ||||||||||
Environmental, Maintenance & Security Service — 0.7% |
||||||||||||
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 09/07/27 |
1,210 | 1,208,124 | ||||||||||
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 11/02/27 |
747 | 661,107 | ||||||||||
1,869,231 |
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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Equity Real Estate Investment Trusts (REITs) — 0.2% |
||||||||||||
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 6.39%, 05/11/24 |
USD | 532 | $ | 528,455 | ||||||||
Food & Staples Retailing — 0.6% |
||||||||||||
Nomad Foods U.S. LLC, 2022 Term Loan B, (3 mo. SOFR CME + 3.75%, 0.50% Floor), 8.23%, 11/12/29 |
624 | 621,116 | ||||||||||
U.S. Foods, Inc. |
||||||||||||
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 09/13/26 |
648 | 640,376 | ||||||||||
2021 Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 11/22/28 |
408 | 406,068 | ||||||||||
1,667,560 | ||||||||||||
Food Products — 2.2% |
||||||||||||
8th Avenue Food & Provisions, Inc. |
||||||||||||
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/01/25 |
733 | 607,816 | ||||||||||
2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 9.13%, 10/01/25 |
939 | 777,316 | ||||||||||
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.88%, 10/25/27 |
1,201 | 1,174,960 | ||||||||||
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 6.63%, 01/29/27 |
2,179 | 2,117,009 | ||||||||||
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 7.63%, 02/05/26 |
247 | 243,139 | ||||||||||
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 7.91%, 06/08/28 |
938 | 911,826 | ||||||||||
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.44%, 01/20/28 |
422 | 416,869 | ||||||||||
6,248,935 | ||||||||||||
Gas Utilities — 0.7% |
||||||||||||
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 12/21/28 |
2,148 | 2,037,581 | ||||||||||
Health Care Equipment & Supplies — 1.7% |
||||||||||||
Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.38%, 11/01/28 |
1,351 | 1,313,668 | ||||||||||
Insulet Corp., Term Loan B, (3 mo. SOFR CME + 3.25%), 7.69%, 05/04/28 |
472 | 464,445 | ||||||||||
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 10/23/28 |
2,682 | 2,544,988 | ||||||||||
Venga Finance SARL, 2021 USD Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.48%, 12/04/28 |
401 | 366,155 | ||||||||||
4,689,256 | ||||||||||||
Health Care Providers & Services — 3.0% |
||||||||||||
CHG Healthcare Services, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 09/29/28 |
631 | 616,291 | ||||||||||
Envision Healthcare Corp. |
||||||||||||
2022 First Out Term Loan, (3 mo. SOFR CME + 7.875%, 1.00% Floor), 12.61%, 03/31/27 |
146 | 129,585 | ||||||||||
2022 Second Out Term Loan, (3 mo. SOFR CME + 4.25%, 1.00% Floor), 8.83%, 03/31/27 |
974 | 331,054 | ||||||||||
EyeCare Partners LLC |
||||||||||||
2020 Term Loan, (3 mo. LIBOR + 3.75%), 8.48%, 02/18/27 |
1,034 | 824,119 | ||||||||||
2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.50% Floor), 11.48%, 11/15/29 |
358 | 291,417 | ||||||||||
2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%, 0.50% Floor), 8.48%, 11/15/28 |
330 | 276,804 |
Security |
Par (000) |
Value |
||||||||||
Health Care Providers & Services (continued) |
||||||||||||
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 9.23%, 03/05/26 |
USD | 644 | $ | 549,597 | ||||||||
Ingenovis Health, Inc., Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.14%, 03/06/28 |
1,000 | 949,504 | ||||||||||
Orbcomm, Inc., Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 8.81%, 09/01/28 |
538 | 457,855 | ||||||||||
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.88%, 02/14/25 |
32 | 30,296 | ||||||||||
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.16%, 12/11/26 |
1,564 | 1,438,880 | ||||||||||
Surgery Center Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.05%, 08/31/26 |
365 | 360,029 | ||||||||||
Vizient, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.25%, 0.50% Floor), 6.67%, 04/28/29 |
208 | 207,487 | ||||||||||
WCG Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 8.60%, 01/08/27 |
891 | 806,087 | ||||||||||
WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 12/22/28 |
1,144 | 1,141,313 | ||||||||||
8,410,318 | ||||||||||||
Health Care Services — 0.3% |
||||||||||||
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 07/24/26 |
597 | 545,528 | ||||||||||
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 11/01/29 |
377 | 346,840 | ||||||||||
892,368 | ||||||||||||
Health Care Technology — 2.6% |
||||||||||||
AthenaHealth Group, Inc. |
||||||||||||
2022 Delayed Draw Term loan, (3 mo. SOFR CME + 3.50%), 7.82%, 02/15/29 |
76 | 62,360 | ||||||||||
2022 Term Loan B, (1 mo. SOFR CME + 3.50%, 0.50% Floor), 7.82%, 02/15/29 |
1,849 | 1,596,972 | ||||||||||
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 7.13%, 10/10/25 |
443 | 430,620 | ||||||||||
Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 8.73%, 06/02/28 |
2,672 | 2,432,668 | ||||||||||
Press Ganey Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 07/24/26 |
1,034 | 947,266 | ||||||||||
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 04/02/29 (b) |
1,902 | 1,873,470 | ||||||||||
7,343,356 | ||||||||||||
Hotels, Restaurants & Leisure — 6.9% |
||||||||||||
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 02/02/26 |
129 | 116,334 | ||||||||||
Aristocrat Technologies, Inc., 2022 Term Loan B, (3 mo. SOFR CME + 2.25%, 0.50% Floor), 6.93%, 05/24/29 |
62 | 61,864 | ||||||||||
Bally’s Corp., 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.54%, 10/02/28 |
554 | 511,024 | ||||||||||
Burger King (Restaurant Brands Int), Term Loan B4, (3 mo. LIBOR + 1.75%), 6.14%, 11/19/26 |
998 | 979,321 | ||||||||||
Caesars Resort Collection LLC |
||||||||||||
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 12/23/24 |
840 | 837,362 | ||||||||||
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 7.88%, 07/21/25 |
427 | 425,332 | ||||||||||
Carnival Corp., USD Term Loan B, (1 mo. LIBOR + 3.00%, 0.75% Floor), 7.38%, 06/30/25 |
891 | 851,623 |
122 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Hotels, Restaurants & Leisure (continued) |
||||||||||||
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 6.39%, 03/17/28 |
USD | 476 | $ | 471,352 | ||||||||
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 11.88%, 05/01/28 |
564 | 562,526 | ||||||||||
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 7.73%, 03/08/24 |
2,387 | 1,787,271 | ||||||||||
Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE + 4.00%, 0.50% Floor), 8.32%, 01/27/29 |
2,336 | 2,216,790 | ||||||||||
Flutter Financing B.V., 2022 USD Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 8.09%, 07/22/28 |
729 | 725,023 | ||||||||||
Four Seasons Hotels Ltd., 2022 Term Loan B, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 7.67%, 11/30/29 |
1,895 | 1,893,831 | ||||||||||
IRB Holding Corp., 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 7.13%, 02/05/25 |
969 | 959,325 | ||||||||||
Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.75%, 0.50% Floor), 7.17%, 05/03/29 |
915 | 904,510 | ||||||||||
Playa Resorts Holding B.V., 2022 Term Loan B, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.58%, 01/05/29 |
296 | 288,046 | ||||||||||
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 7.13%, 03/13/28 |
1,058 | 1,008,256 | ||||||||||
Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME + 3.00%, 0.50% Floor), 7.42%, 04/14/29 |
502 | 494,400 | ||||||||||
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 6.98%, 07/21/26 |
685 | 674,633 | ||||||||||
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.25% Floor), 6.64%, 02/08/27 |
1,260 | 1,227,556 | ||||||||||
Travelport Finance Luxembourg SARL, 2021 Consented Term Loan, (3 mo. LIBOR + 6.75%), 11.48%, 05/29/26 |
888 | 601,385 | ||||||||||
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 08/03/28 |
1,395 | 1,346,381 | ||||||||||
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 05/30/25 |
332 | 330,874 | ||||||||||
19,275,019 | ||||||||||||
Household Durables — 1.7% |
||||||||||||
ACProducts Holdings, Inc., 2021 Term Loan B, (6 mo. LIBOR + 4.25%, 0.50% Floor), 8.98%, 05/17/28 |
1,014 | 754,812 | ||||||||||
Hunter Douglas, Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 7.86%, 02/26/29 |
1,487 | 1,302,255 | ||||||||||
Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 6.13%, 02/04/27 |
925 | 915,975 | ||||||||||
Snap One Holdings Corp., Term Loan B, (1 mo. LIBOR + 4.50%, 0.50% Floor), 8.88%, 12/08/28 (b) |
363 | 331,565 | ||||||||||
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 10/06/28 |
508 | 413,896 | ||||||||||
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 10/30/27 |
1,262 | 1,060,123 | ||||||||||
4,778,626 | ||||||||||||
Household Products — 0.1% |
||||||||||||
Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR + 2.00%, 0.50% Floor), 6.60%, 03/03/28 |
329 | 322,555 | ||||||||||
Independent Power and Renewable Electricity Producers — 0.6% |
||||||||||||
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 01/15/25 |
310 | 309,097 |
Security |
Par (000) |
Value |
||||||||||
Independent Power and Renewable Electricity Producers (continued) |
||||||||||||
Calpine Corp. |
||||||||||||
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 6.38%, 08/12/26 |
USD | 466 | $ | 459,522 | ||||||||
Term Loan B9, (1 mo. LIBOR + 2.00%), 6.39%, 04/05/26 |
867 | 854,544 | ||||||||||
1,623,163 | ||||||||||||
Industrial Conglomerates — 1.9% |
||||||||||||
AVSC Holding Corp. |
||||||||||||
2020 Term Loan B1, (3 mo. LIBOR + 3.25%, 1.00% Floor), 7.68%, 03/03/25 |
619 | 566,257 | ||||||||||
2020 Term Loan B3, (3 mo. LIBOR + 15.00%), 15.00%, 10/15/26 |
592 | 605,069 | ||||||||||
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.16%, 09/29/28 |
1,067 | 1,029,499 | ||||||||||
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 11.48%, 07/28/28 |
670 | 566,867 | ||||||||||
Vertical U.S. Newco, Inc., Term Loan B, (6 mo. LIBOR + 3.50%, 0.50% Floor), 6.87%, 07/30/27 |
1,164 | 1,120,807 | ||||||||||
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 6.89%, 03/02/2c7 |
1,502 | 1,442,731 | ||||||||||
5,331,230 | ||||||||||||
Insurance — 4.8% |
||||||||||||
Alliant Holdings Intermediate LLC |
||||||||||||
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/09/25 |
1,770 | 1,744,721 | ||||||||||
2021 Term Loan B4, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.85%, 11/06/27 |
2,339 | 2,294,309 | ||||||||||
Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/09/25 |
625 | 616,339 | ||||||||||
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 6.63%, 02/19/28 |
1,188 | 1,165,013 | ||||||||||
AssuredPartners, Inc. |
||||||||||||
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 |
624 | 604,644 | ||||||||||
2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 02/12/27 |
602 | 582,641 | ||||||||||
Hub International Ltd. |
||||||||||||
2018 Term Loan B, (3 mo. LIBOR + 3.00%), 7.33%, 04/25/25 |
1,756 | 1,734,341 | ||||||||||
2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 7.53%, 04/25/25 |
1,648 | 1,631,453 | ||||||||||
2022 Term Loan B, (3 mo. SOFR CME + 4.00%, 0.75% Floor), 8.22%, 11/10/29 |
337 | 332,976 | ||||||||||
NFP Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 7.63%, 02/15/27 |
115 | 109,354 | ||||||||||
Ryan Specialty Group LLC, Term Loan, (1 mo. SOFR CME + 3.00%, 0.75% Floor), 7.42%, 09/01/27 |
841 | 833,673 | ||||||||||
Sedgwick Claims Management Services, Inc. |
||||||||||||
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 12/31/25 |
484 | 470,572 | ||||||||||
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 09/03/26 |
622 | 609,706 | ||||||||||
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 8.63%, 09/03/26 |
501 | 494,150 | ||||||||||
13,223,892 | ||||||||||||
Interactive Media & Services — 1.5% |
||||||||||||
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 2.75%, 0.75% Floor), 7.48%, 06/26/28 |
1,066 | 1,051,309 |
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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Interactive Media & Services (continued) |
||||||||||||
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 7.38%, 10/30/26 |
USD | 1,319 | $ | 1,297,827 | ||||||||
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 6.38%, 08/10/27 |
451 | 446,111 | ||||||||||
Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.89%, 01/29/26 |
1,424 | 1,402,793 | ||||||||||
4,198,040 | ||||||||||||
Internet & Direct Marketing Retail — 0.8% |
||||||||||||
CNT Holdings I Corp., 2020 Term Loan, (3 mo. SOFR CME + 3.50%, 0.75% Floor), 7.24%, 11/08/27 |
1,133 | 1,094,488 | ||||||||||
Go Daddy Operating Co. LLC, 2022 Term Loan B5, (1 mo. SOFR CME + 3.25%), 7.57%, 10/21/29 |
917 | 914,579 | ||||||||||
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 8.63%, 02/12/27 (b) |
227 | 187,378 | ||||||||||
2,196,445 | ||||||||||||
Internet Software & Services — 0.4% |
||||||||||||
Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 8.23%, 02/25/27 |
1,090 | 1,086,862 | ||||||||||
IT Services — 6.6% |
||||||||||||
Aruba Investments Holdings LLC |
||||||||||||
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 0.75% Floor), 12.14%, 11/24/28 |
885 | 800,925 | ||||||||||
2020 USD Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.14%, 11/24/27 |
471 | 456,137 | ||||||||||
Boxer Parent Co., Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/02/25 |
1,252 | 1,196,354 | ||||||||||
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 7.38%, 10/30/26 |
1,203 | 1,182,328 | ||||||||||
CCC Intelligent Solutions, Inc., Term Loan, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 09/21/28 |
1,038 | 1,027,145 | ||||||||||
CoreLogic, Inc. |
||||||||||||
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 10.94%, 06/04/29 |
873 | 611,817 | ||||||||||
Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.94%, 06/02/28 |
2,079 | 1,728,205 | ||||||||||
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 6.13%, 04/28/28 |
1,251 | 1,236,907 | ||||||||||
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 12/01/27 |
2,716 | 2,601,792 | ||||||||||
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 |
1,556 | 1,280,963 | ||||||||||
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 12.73%, 10/09/28 |
2,590 | 2,570,575 | ||||||||||
Trans Union LLC |
||||||||||||
2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 6.13%, 11/16/26 |
1,143 | 1,125,938 | ||||||||||
2021 Term Loan B6, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 12/01/28 |
1,482 | 1,465,729 | ||||||||||
Virtusa Corp., First Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/11/28 |
432 | 415,901 |
Security |
Par (000) |
Value |
||||||||||
IT Services (continued) |
||||||||||||
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 6.63%, 03/31/28 |
USD | 600 | $ | 595,889 | ||||||||
ZoomInfo LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.48%, 02/02/26 |
135 | 134,367 | ||||||||||
18,430,972 | ||||||||||||
Leisure Products — 0.5% |
||||||||||||
Fender Musical Instruments Corp., 2021 Term Loan B, (3 mo. SOFRTE + 4.00%, 0.50% Floor), 8.42%, 12/01/28 (b) |
601 | 482,909 | ||||||||||
MND Holdings III Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 8.23%, 06/19/24 |
610 | 581,063 | ||||||||||
Peloton Interactive, Inc., Term Loan, (2 mo. SOFR CME + 6.50%, 0.50% Floor), 11.76%, 05/25/27 |
212 | 207,872 | ||||||||||
1,271,844 | ||||||||||||
Life Sciences Tools & Services — 2.9% |
||||||||||||
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 11/08/27 |
1,283 | 1,275,046 | ||||||||||
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.88%, 02/04/27 |
2,041 | 1,795,623 | ||||||||||
ICON Luxembourg SARL, LUX Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |
1,564 | 1,557,909 | ||||||||||
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. SOFRTE + 3.00%, 0.50% Floor), 6.96%, 10/19/27 |
920 | 902,002 | ||||||||||
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/15/28 |
2,103 | 2,021,323 | ||||||||||
PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |
390 | 388,155 | ||||||||||
7,940,058 | ||||||||||||
Machinery — 3.2% |
||||||||||||
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%, 0.50% Floor), 9.57%, 08/17/26 |
1,133 | 1,067,977 | ||||||||||
Clark Equipment Co., 2022 Term Loan B, (3 mo. SOFR CME + 2.50%, 0.50% Floor), 7.18%, 04/20/29 |
186 | 183,733 | ||||||||||
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.50%, 05/14/28 |
239 | 235,375 | ||||||||||
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 10/21/28 |
724 | 709,361 | ||||||||||
Fluidra SA, 2022 USD Term Loan B, (1 mo. SOFR CME + 2.00%), 6.42%, 01/29/29 |
191 | 181,087 | ||||||||||
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. SOFR CME + 1.75%), 6.17%, 03/01/27 |
1,378 | 1,365,120 | ||||||||||
Madison IAQ LLC, Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.99%, 06/21/28 |
2,288 | 2,123,346 | ||||||||||
SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.92%, 04/05/29 |
855 | 791,600 | ||||||||||
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 8.15%, 03/28/25 |
2,389 | 2,226,866 | ||||||||||
Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 10/04/28 |
77 | 76,930 | ||||||||||
8,961,395 | ||||||||||||
Media — 11.0% |
||||||||||||
Altice Financing SA |
||||||||||||
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 6.83%, 07/15/25 |
688 | 664,811 |
124 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Media (continued) |
||||||||||||
Altice Financing SA (continued) |
||||||||||||
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 6.83%, 01/31/26 |
USD | 950 | $ | 912,275 | ||||||||
Altice France SA/France, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 8.65%, 08/14/26 |
2,130 | 1,976,511 | ||||||||||
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 7.27%, 04/22/26 |
929 | 500,365 | ||||||||||
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 6.38%, 05/03/28 |
301 | 293,573 | ||||||||||
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 6.14%, 04/30/25 |
1,604 | 1,593,105 | ||||||||||
City Football Group Ltd., Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.36%, 07/21/28 |
1,036 | 965,919 | ||||||||||
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 7.91%, 08/21/26 |
2,341 | 2,127,480 | ||||||||||
CMG Media Corp., 2021 Term Loan, (3 mo. LIBOR + 3.50%), 8.23%, 12/17/26 |
— | (h) |
134 | |||||||||
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.89%, 12/11/26 |
3,461 | 3,416,585 | ||||||||||
CSC Holdings LLC |
||||||||||||
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 6.57%, 07/17/25 |
1,194 | 1,158,145 | ||||||||||
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 6.82%, 04/15/27 |
516 | 459,565 | ||||||||||
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 7.13%, 01/07/28 |
339 | 328,521 | ||||||||||
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 7.64%, 12/01/23 |
538 | 400,248 | ||||||||||
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 03/24/25 |
813 | 774,217 | ||||||||||
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 6.13%, 10/17/26 |
1,555 | 1,515,742 | ||||||||||
MH Sub I LLC |
||||||||||||
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 09/13/24 |
1,888 | 1,831,890 | ||||||||||
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 8.13%, 09/13/24 |
1,228 | 1,191,544 | ||||||||||
2021 2nd Lien Term Loan, (3 mo. SOFR CME + 6.25%), 10.65%, 02/23/29 |
1,249 | 1,112,992 | ||||||||||
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 6.88%, 09/18/26 |
489 | 484,497 | ||||||||||
Sinclair Television Group, Inc., 2022 Term Loan B4, (1 mo. SOFR CME + 3.75%), 8.17%, 04/21/29 |
1,118 | 1,060,504 | ||||||||||
UFC Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.75% Floor), 7.11%, 04/29/26 |
553 | 545,428 | ||||||||||
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 2.93%), 7.24%, 01/31/29 |
474 | 461,834 | ||||||||||
Virgin Media Bristol LLC |
||||||||||||
2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 7.57%, 01/31/29 |
278 | 275,012 | ||||||||||
USD Term Loan N, (1 mo. LIBOR + 2.50%), 6.82%, 01/31/28 |
609 | 598,040 | ||||||||||
Voyage Digital Ltd., USD Term Loan B, (3 mo. SOFRTE + 4.50%, 0.50% Floor), 8.78%, 05/11/29 (b) |
625 | 613,925 |
Security |
Par (000) |
Value |
||||||||||
Media (continued) |
||||||||||||
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 7.14%, 05/18/25 |
USD | 1,667 | $ | 1,627,868 | ||||||||
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.13%), 6.51%, 01/20/28 |
1,308 | 1,291,565 | ||||||||||
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/09/27 |
3,114 | 2,513,259 | ||||||||||
30,695,554 | ||||||||||||
Oil, Gas & Consumable Fuels — 1.5% |
||||||||||||
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 12/13/25 |
563 | 532,197 | ||||||||||
Lealand Finance Co. BV |
||||||||||||
2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 06/28/24 |
25 | 15,574 | ||||||||||
2020 Take Back Term Loan, (1 mo. LIBOR + 1.00%, 3.00% PIK), 5.38%, 06/30/25 (g) |
185 | 97,171 | ||||||||||
M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.16%, 09/19/29 |
164 | 164,433 | ||||||||||
Medallion Midland Acquisition LLC, 2021 Term Loan, (3 mo. SOFR CME + 3.75%, 0.75% Floor), 8.59%, 10/18/28 |
1,188 | 1,175,003 | ||||||||||
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 5.93%, 01/31/28 |
394 | 393,491 | ||||||||||
Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.92%, 10/05/28 |
1,909 | 1,883,257 | ||||||||||
4,261,126 | ||||||||||||
Personal Products — 1.4% |
||||||||||||
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFRTE + 6.00%, 1.00% Floor), 10.51%, 12/22/26 |
251 | 242,030 | ||||||||||
Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 07/03/28 |
127 | 126,065 | ||||||||||
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.48%, 10/01/26 |
3,739 | 3,574,409 | ||||||||||
3,942,504 | ||||||||||||
Pharmaceuticals — 2.3% |
||||||||||||
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 8.09%, 05/04/25 |
747 | 667,689 | ||||||||||
Bausch Health Cos., Inc., 2022 Term Loan B, (1 mo. SOFR CME + 5.25%, 0.50% Floor), 9.67%, 02/01/27 |
701 | 530,544 | ||||||||||
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 02/22/28 |
983 | 965,646 | ||||||||||
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 5.87%, 08/01/27 |
936 | 897,043 | ||||||||||
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 05/05/28 |
1,252 | 1,238,795 | ||||||||||
Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 10/27/28 |
432 | 428,567 | ||||||||||
Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 7.75%, 06/02/28 |
951 | 940,610 | ||||||||||
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 7.73%, 11/18/27 (b) |
896 | 830,696 | ||||||||||
6,499,590 |
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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Professional Services — 1.5% |
||||||||||||
Dun & Bradstreet Corp. |
||||||||||||
2022 Incremental Term Loan B2, (1 mo. SOFR CME + 3.25%), 7.57%, 01/18/29 |
USD | 440 | $ | 431,711 | ||||||||
Term Loan, (1 mo. LIBOR + 3.25%), 7.64%, 02/06/26 |
1,439 | 1,423,602 | ||||||||||
Element Materials Technology Group U.S. Holdings, Inc. |
||||||||||||
2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |
375 | 365,584 | ||||||||||
2022 USD Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |
812 | 792,099 | ||||||||||
Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME + 4.75%, 0.50% Floor), 9.07%, 04/29/29 |
1,244 | 1,122,710 | ||||||||||
4,135,706 | ||||||||||||
Real Estate Management & Development — 1.0% |
||||||||||||
Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/03/28 |
1,516 | 1,426,007 | ||||||||||
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 08/21/25 |
1,450 | 1,414,681 | ||||||||||
2,840,688 | ||||||||||||
Road & Rail — 0.4% |
||||||||||||
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 08/06/27 |
406 | 392,506 | ||||||||||
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 9.60%, 08/04/25 |
721 | 640,554 | ||||||||||
1,033,060 | ||||||||||||
Semiconductors & Semiconductor Equipment — 0.4% |
||||||||||||
MKS Instruments, Inc., 2022 USD Term Loan B, 08/17/29 (i) |
713 | 703,406 | ||||||||||
Synaptics, Inc., Term Loan B, (6 mo. LIBOR + 2.25%, 0.50% Floor), 7.40%, 12/02/28 |
386 | 377,425 | ||||||||||
1,080,831 | ||||||||||||
Software — 12.6% |
||||||||||||
Applied Systems, Inc. |
||||||||||||
2021 2nd Lien Term Loan, (3 mo. SOFR CME + 6.75%, 0.75% Floor), 11.33%, 09/19/25 |
439 | 434,061 | ||||||||||
2022 Extended 1st Lien Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 09/18/26 |
302 | 299,831 | ||||||||||
Barracuda Networks, Inc., 2022 Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 8.59%, 08/15/29 |
473 | 455,329 | ||||||||||
Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 07/06/29 |
452 | 447,376 | ||||||||||
Cloudera, Inc. |
||||||||||||
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 10.38%, 10/08/29 |
482 | 400,865 | ||||||||||
2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/08/28 |
886 | 830,723 | ||||||||||
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/16/28 |
736 | 655,427 | ||||||||||
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/28/24 |
790 | 662,346 | ||||||||||
E2open LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.68%, 02/04/28 |
176 | 172,367 | ||||||||||
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 12.13%, 07/31/28 |
1,316 | 1,294,286 | ||||||||||
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 3.75%), 8.48%, 03/11/28 |
860 | 842,030 | ||||||||||
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 7.19%, 10/27/28 |
2,371 | 2,321,028 |
Security |
Par (000) |
Value |
||||||||||
Software (continued) |
||||||||||||
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 6.12%, 10/30/28 (b) |
USD | 450 | $ | 440,610 | ||||||||
IPS Corp. |
||||||||||||
2021 2nd Lien Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 11.38%, 10/01/29 (b) |
645 | 541,800 | ||||||||||
2021 Delayed Draw Term Loan, 3.50%, 10/02/28 |
66 | 58,404 | ||||||||||
2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 10/02/28 |
367 | 326,466 | ||||||||||
Magenta Buyer LLC |
||||||||||||
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.17%, 07/27/28 |
1,492 | 1,270,014 | ||||||||||
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 12.67%, 07/27/29 |
1,358 | 1,064,136 | ||||||||||
McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME + 3.75%), 7.97%, 03/01/29 |
2,143 | 1,989,753 | ||||||||||
Planview Parent, Inc. |
||||||||||||
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 11.98%, 12/18/28 |
572 | 506,220 | ||||||||||
Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 12/17/27 |
651 | 602,517 | ||||||||||
Proofpoint, Inc. |
||||||||||||
1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.98%, 08/31/28 |
1,728 | 1,658,128 | ||||||||||
2nd Lien Term Loan, (3 mo. LIBOR + 6.25%, 0.50% Floor), 10.98%, 08/31/29 |
895 | 856,220 | ||||||||||
RealPage, Inc. |
||||||||||||
1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.38%, 04/24/28 |
3,871 | 3,673,451 | ||||||||||
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 10.88%, 04/23/29 |
1,825 | 1,747,540 | ||||||||||
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 7.63%, 05/30/25 |
415 | 395,265 | ||||||||||
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. SOFR CME + 3.00%), 7.09%, 08/01/25 |
1,707 | 1,692,828 | ||||||||||
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 10/07/27 |
1,348 | 1,297,853 | ||||||||||
Tempo Acquisition LLC, 2022 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.32%, 08/31/28 |
2,962 | 2,950,375 | ||||||||||
TIBCO Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 03/30/29 |
2,368 | 2,110,480 | ||||||||||
Ultimate Software Group, Inc. |
||||||||||||
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.00%, 05/03/27 |
865 | 791,984 | ||||||||||
2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.00%, 05/04/26 |
784 | 744,841 | ||||||||||
Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 05/04/26 |
1,617 | 1,556,265 | ||||||||||
35,090,819 | ||||||||||||
Specialty Retail — 4.7% |
||||||||||||
Belron Finance U.S. LLC |
||||||||||||
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 6.94%, 11/13/25 |
268 | 266,166 | ||||||||||
2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 6.69%, 10/30/26 |
655 | 650,658 | ||||||||||
2021 USD Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 7.06%, 04/13/28 |
1,701 | 1,681,525 | ||||||||||
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (1 day SONIA + 4.25%), 6.54%, 06/23/25 |
GBP | 1,000 | 1,102,829 | |||||||||
EG Group Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.50% Floor), 8.98%, 03/31/26 |
USD | 350 | 326,281 |
126 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||||||
Specialty Retail (continued) |
||||||||||||
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/24/28 (b) |
USD | 421 | $ | 412,335 | ||||||||
Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. SOFR CME + 4.00%, 0.75% Floor), 8.50%, 05/04/28 |
1,848 | 1,759,421 | ||||||||||
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 8.63%, 08/31/26 |
1,053 | 894,881 | ||||||||||
Midas Intermediate Holdco II LLC, (1 mo. SOFR CME + 8.35%, 0.75% Floor), 12.67%, 06/30/27 |
1,924 | 1,656,543 | ||||||||||
PetSmart, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/11/28 |
2,272 | 2,219,026 | ||||||||||
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 7.67%, 10/20/28 |
534 | 497,806 | ||||||||||
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 11/01/28 |
869 | 861,630 | ||||||||||
Woof Holdings, Inc. |
||||||||||||
1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.10%, 12/21/27 |
335 | 314,371 | ||||||||||
2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 0.75% Floor), 11.60%, 12/21/28 |
345 | 310,500 | ||||||||||
12,953,972 | ||||||||||||
Technology Hardware, Storage & Peripherals — 0.1% |
||||||||||||
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 9.38%, 07/23/26 |
495 | 328,438 | ||||||||||
Textiles, Apparel & Luxury Goods — 0.3% |
||||||||||||
Crocs, Inc., Term Loan B, (3 mo. SOFRTE + 3.50%, 0.50% Floor), 7.80%, 02/20/29 |
851 | 832,420 | ||||||||||
Trading Companies & Distributors — 0.7% |
||||||||||||
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 05/19/28 |
846 | 837,190 | ||||||||||
ION Trading Finance Ltd., 2021 USD Term Loan, (3 mo. LIBOR + 4.75%), 9.48%, 04/03/28 |
415 | 393,103 | ||||||||||
SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.50%), 7.92%, 06/02/28 |
611 | 582,610 | ||||||||||
1,812,903 | ||||||||||||
Wireless Telecommunication Services — 1.0% |
||||||||||||
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.16%, 04/30/28 |
674 | 667,151 | ||||||||||
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 04/11/25 |
2,053 | 2,044,354 | ||||||||||
2,711,505 | ||||||||||||
Total Floating Rate Loan Interests — 128.3% (Cost: $375,844,569) |
356,679,975 | |||||||||||
Shares |
||||||||||||
Investment Companies |
||||||||||||
Fixed Income Funds — 0.4% |
||||||||||||
Invesco Senior Loan ETF |
35,400 | 726,762 | ||||||||||
iShares iBoxx High Yield Corporate Bond ETF (j) |
5,000 | 368,150 | ||||||||||
1,094,912 | ||||||||||||
Total Investment Companies — 0.4% (Cost: $1,132,717) |
1,094,912 | |||||||||||
Security |
Benefical Interest (000) |
Value |
||||||||||
Other Interests |
||||||||||||
IT Services (b)(k) — 0.0% |
||||||||||||
Millennium Corp. Claim |
USD | 930 | $ | — | ||||||||
Millennium Lender Claim Trust |
991 | — | ||||||||||
Total Other Interests — 0.0% (Cost: $ — ) |
— | |||||||||||
Shares |
||||||||||||
Warrants |
||||||||||||
Consumer Discretionary — 0.0% |
||||||||||||
Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00) (a) |
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) (a) |
617 | 7,774 | ||||||||||
Total Warrants — 0.0% (Cost: $ — ) |
7,774 | |||||||||||
Total Investments — 131.1% (Cost: $385,523,127) |
364,339,289 | |||||||||||
Liabilities in Excess of Other Assets — (31.1)% |
(86,361,662 | ) | ||||||||||
Net Assets — 100.0% |
$ | 277,977,627 | ||||||||||
(a) |
Non-income producing security. |
(b) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(c) |
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $822, representing less than 0.05% of its net assets as of period end, and an original cost of $131,156. |
(d) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(e) |
Issuer filed for bankruptcy and/or is in default. |
(f) |
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. |
(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) |
Rounds to less than 1,000. |
(i) |
Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
(j) |
Affiliate of the Trust. |
(k) |
Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. |
S C H E D U L E O F I N V E S T M E N T S |
127 |
Schedule of Investments (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) |
Affiliated Issuer |
Value at 12/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 12/31/22 |
Shares Held at 12/31/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class (a) |
$ | — | $ | 62,640,717 | $ | (62,640,717 | ) | $ | — | $ | — | $ | — | — | $ | 7,771 | $ | — | ||||||||||||||||||
iShares iBoxx $ High Yield Corporate Bond ETF |
— | 359,769 | — | — | 8,381 | 368,150 | 5,000 | 3,578 | — | |||||||||||||||||||||||||||
$ | — | $ | 8,381 | $ | 368,150 | $ | 11,349 | $ | — | |||||||||||||||||||||||||||
(a) |
As of period end, the entity is no longer held. |
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||
USD 1,731,611 |
GBP | 1,416,000 | Westpac Banking Corp. | 03/15/23 | $ | 16,760 | ||||||||
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.38.V2 |
5.00 | % | Quarterly | 06/20/27 | B | USD | 2,802 | $ | 63,349 | $ | 19,877 | $ | 43,472 | |||||||||||||||||||
(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. |
Description |
Swap Premiums Paid |
Swap Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||||
Centrally Cleared Swaps (a) |
$ | 19,877 | $ | — | $ | 43,472 | $ | — |
(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. |
128 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) |
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 |
$ | — | $ | — | $ | — | $ | 16,760 | $ | — | $ | — | $ | 16,760 | ||||||||||||||
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps (a) |
— | 43,472 | — | — | — | — | 43,472 | |||||||||||||||||||||
$ | — | $ | 43,472 | $ | — | $ | 16,760 | $ | — | $ | — | $ | 60,232 | |||||||||||||||
(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). |
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 |
$ | — | $ | — | $ | — | $ | 162,979 | $ | — | $ | — | $ | 162,979 | ||||||||||||||
Swaps |
— | — | — | — | 8,503 | — | 8,503 | |||||||||||||||||||||
$ | — | $ | — | $ | — | $ | 162,979 | $ | 8,503 | $ | — | $ | 171,482 | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Forward foreign currency exchange contracts |
$ | — | $ | — | $ | — | $ | 65,756 | $ | — | $ | — | $ | 65,756 | ||||||||||||||
Swaps |
— | (25,267 | ) | — | — | — | — | (25,267 | ) | |||||||||||||||||||
$ | — | $ | (25,267 | ) | $ | — | $ | 65,756 | $ | — | $ | — | $ | 40,489 | ||||||||||||||
Forward foreign currency exchange contracts: |
||||
Average amounts purchased — in USD |
$ | 1,835,448 | ||
Credit default swaps: |
||||
Average notional value — sell protection |
$ | 4,008,350 |
Assets |
Liabilities |
|||||||
Derivative Financial Instruments |
||||||||
Forward foreign currency exchange contracts |
$ | 16,760 | $ | — | ||||
Swaps — centrally cleared |
— | 26 | ||||||
Total derivative assets and liabilities in the Statements of Assets and Liabilities |
16,760 | 26 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | (26 | ) | |||||
Total derivative assets and liabilities subject to an MNA |
$ | 16,760 | $ | — | ||||
S C H E D U L E O F I N V E S T M E N T S |
129 |
Schedule of Investments (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) |
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) |
|||||||||||||||||||
Westpac Banking Corp. |
$ | 16,760 | $ | — | $ | — | $ | — | $ | 16,760 | ||||||||||||||
(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. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
||||||||||||||||
Auto Components |
$ | 22,076 | $ | — | $ | — | $ | 22,076 | ||||||||
Construction & Engineering |
24,526 | — | — | 24,526 | ||||||||||||
Household Durables |
— | — | — | — | ||||||||||||
Metals & Mining |
— | 416 | 822 | 1,238 | ||||||||||||
Software |
8— | — | 8 | |||||||||||||
Specialty Retail |
— | 335,472 | — | 335,472 | ||||||||||||
Corporate Bonds |
— | 6,173,308 | — | 6,173,308 | ||||||||||||
Floating Rate Loan Interests |
— | 348,717,048 | 7,962,927 | 356,679,975 | ||||||||||||
Investment Companies |
1,094,912 | — | — | 1,094,912 | ||||||||||||
Other Interests |
— | — | — | — | ||||||||||||
Warrants |
7,774 | — | — | 7,774 | ||||||||||||
Liabilities |
||||||||||||||||
Unfunded Floating Rate Loan Interests (a) |
— | (46,823 | ) | — | (46,823 | ) | ||||||||||
$ | 1,149,296 | $ | 355,179,421 | $ | 7,963,749 | $ | 364,292,466 | |||||||||
Derivative Financial Instruments (b) |
||||||||||||||||
Assets |
||||||||||||||||
Credit Contracts |
$ | — | $ | 43,472 | $ | — | $ | 43,472 | ||||||||
Foreign Currency Exchange Contracts |
— | 16,760 | — | 16,760 | ||||||||||||
$ | — | $ | 60,232 | $ | — | $ | 60,232 | |||||||||
(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. |
130 |
2 0 2 2 B L A C K R O C K 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 (continued) December 31, 2022 |
BlackRock Floating Rate Income Trust (BGT) |
Common Stocks |
Corporate Bonds |
Floating Rate Loan Interests |
Other Interests |
Unfunded Floating Rate Loan Interests |
Total |
|||||||||||||||||||
Assets/Liabilities |
||||||||||||||||||||||||
Opening balance, as of December 31, 2021 |
$ | 486 | $ | — | (a) |
$ | 17,379,496 | — | (a) |
$ | (182 | ) | $ | 17,379,800 | ||||||||||
Transfers into Level 3 (b) |
— | — | 5,260,163 | — | — | 5,260,163 | ||||||||||||||||||
Transfers out of Level 3 (c) |
— | — | (7,705,117 | ) | — | 182 | (7,704,935 | ) | ||||||||||||||||
Accrued discounts/premiums |
— | — | 14,310 | — | — | 14,310 | ||||||||||||||||||
Net realized gain (loss) |
— | — | 35,496 | — | — | 35,496 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) (d)(e) |
336 | — | (580,187 | ) | — | — | (579,851 | ) | ||||||||||||||||
Purchases |
— | — | 742,335 | — | — | 742,335 | ||||||||||||||||||
Sales |
— | — | (7,183,569 | ) | — | — | (7,183,569 | ) | ||||||||||||||||
Closing balance, as of December 31, 2022 |
$ | 822 | $ | — | (a) |
$ | 7,962,927 | — | (a) |
$ | — | $ | 7,963,749 | |||||||||||
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 (e) |
$ | 336 | $ | — | $ | (502,632 | ) | — | $ | — | $ | (502,296 | ) | |||||||||||
(a) |
Rounds to less than $1. |
(b) |
As of December 31, 2021, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2022, 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, 2021, the Trust used significant unobservable inputs in determining the value of certain investments. As of December 31, 2022, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. |
(d) |
Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
(e) |
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end. |
S C H E D U L E O F I N V E S T M E N T S |
131 |
BHK | HYT (a) |
BTZ | BGT | |||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated (b) |
$ | 1,004,317,381 | $ | 1,822,718,651 | $ | 1,659,260,305 | $ | 363,971,139 | ||||||||
Investments, at value — affiliated (c) |
2,477,689 | 723,084 | 8,145,069 | 368,150 | ||||||||||||
Cash |
50,022 | 1,187,710 | 64,077 | 1,555,104 | ||||||||||||
Cash pledged: |
||||||||||||||||
Collateral — reverse repurchase agreements |
5,231,995 | — | 1,098,816 | — | ||||||||||||
Collateral — exchange-traded options written |
— | — | 1,090,000 | — | ||||||||||||
Collateral — OTC derivatives |
1,739,000 | 20,000 | 3,400,000 | — | ||||||||||||
Collateral — TBA commitments |
231,000 | — | — | — | ||||||||||||
Futures contracts |
3,309,111 | 2,094,000 | 4,593,000 | — | ||||||||||||
Centrally cleared swaps |
2,070,000 | — | 7,215,000 | 265,000 | ||||||||||||
Foreign currency, at value (d) |
651,573 | 9,756 | — | — | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
196,253 | 550,505 | 6,392,869 | 3,902,992 | ||||||||||||
TBA sale commitments |
7,574,941 | — | — | — | ||||||||||||
Dividends — unaffiliated |
24,339 | — | — | — | ||||||||||||
Dividends — affiliated |
32,107 | 5,961 | 39,484 | 3,070 | ||||||||||||
Interest — unaffiliated |
11,113,439 | 28,006,839 | 23,694,134 | 1,785,313 | ||||||||||||
Due from broker |
1,896,818 | — | — | — | ||||||||||||
Variation margin on futures contracts |
515,822 | 351,742 | 1,076,484 | — | ||||||||||||
Variation margin on centrally cleared swaps |
87,160 | 4,173 | — | — | ||||||||||||
Swap premiums paid |
5,537 | 45,097 | — | — | ||||||||||||
Unrealized appreciation on: |
||||||||||||||||
Forward foreign currency exchange contracts |
9,439 | 37,521 | — | 16,760 | ||||||||||||
OTC swaps |
2,938 | 41,946 | — | — | ||||||||||||
Deferred offering costs |
147,699 | 186,983 | — | 113,368 | ||||||||||||
Prepaid expenses |
4,538 | 11,128 | 8,629 | 2,324 | ||||||||||||
Total assets |
1,041,688,801 | 1,855,995,096 | 1,716,077,867 | 371,983,220 | ||||||||||||
LIABILITIES |
||||||||||||||||
Foreign bank overdraft (e) |
— | — | — | 59,866 | ||||||||||||
Due to broker |
241,000 | — | 418,485 | — | ||||||||||||
Cash received as collateral for reverse repurchase agreements |
823,818 | — | 15,478 | — | ||||||||||||
Options written, at value (f) |
— | 197,392 | 46,721 | — | ||||||||||||
TBA sale commitments, at value (g) |
7,475,972 | — | — | — | ||||||||||||
Reverse repurchase agreements, at value |
387,219,110 | — | 589,324,056 | — | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
54,376,760 | 2,379,465 | 68,080,909 | 1,853,794 | ||||||||||||
Reverse repurchase agreements |
— | — | 4,713,498 | — | ||||||||||||
Accounting services fees |
47,249 | 62,914 | 62,457 | 21,750 | ||||||||||||
Bank borrowings |
— | 529,000,000 | — | 91,000,000 | ||||||||||||
Custodian fees |
11,695 | 23,536 | 26,214 | 13,145 | ||||||||||||
Interest expense and fees |
— | 2,330,085 | — | 435,378 | ||||||||||||
Investment advisory fees |
420,727 | 954,964 | 865,794 | 238,746 | ||||||||||||
Trustees’ and Officer’s fees |
209,978 | 607,810 | 789,890 | 209,156 | ||||||||||||
Other accrued expenses |
71,958 | 156,949 | 129,032 | 20,715 | ||||||||||||
Professional fees |
112,926 | 156,303 | 92,190 | 92,463 | ||||||||||||
Transfer agent fees |
31,851 | 46,393 | 43,726 | 13,731 | ||||||||||||
Variation margin on futures contracts |
823,361 | — | 518,417 | — | ||||||||||||
Variation margin on centrally cleared swaps |
— | — | 5,056,935 | 26 | ||||||||||||
Swap premiums received |
1,329,578 | 240,474 | — | — | ||||||||||||
Unrealized depreciation on: |
||||||||||||||||
Forward foreign currency exchange contracts |
21,034 | 104,135 | — | — | ||||||||||||
OTC swaps |
386,452 | 197,646 | — | — | ||||||||||||
Unfunded floating rate loan interests |
14,016 | 93,418 | 8,026 | 46,823 | ||||||||||||
Total liabilities |
453,617,485 | 536,551,484 | 670,191,828 | 94,005,593 | ||||||||||||
NET ASSETS |
$ | 588,071,316 | $ | 1,319,443,612 | $ | 1,045,886,039 | $ | 277,977,627 | ||||||||
132 |
2 0 2 2 B L A C K R O C K 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 |
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 | $ | 328,730,953 | ||||||||
Accumulated loss |
(166,509,469 | ) | (366,988,777 | ) | (186,242,170 | ) | (50,753,326 | ) | ||||||||
NET ASSETS |
$ | 588,071,316 | $ | 1,319,443,612 | $ | 1,045,886,039 | $ | 277,977,627 | ||||||||
Net asset value (h)(i)(j) |
$ | 10.89 | $ | 9.25 | $ | 11.19 | $ | 12.43 | ||||||||
(a) Consolidated Statement of Assets and Liabilities. |
||||||||||||||||
(b) Investments, at cost — unaffiliated |
$ | 1,110,829,279 | $ | 2,017,488,400 | $ | 1,797,332,875 | $ | 385,163,358 | ||||||||
(c) Investments, at cost — affiliated |
$ | 2,477,689 | $ | 723,084 | $ | 8,145,069 | $ | 359,769 | ||||||||
(d) Foreign currency, at cost |
$ | 651,102 | $ | 9,763 | $ | — | $ | — | ||||||||
(e) Foreign bank overdraft, at cost |
$ | — | $ | — | $ | — | $ | 60,128 | ||||||||
(f) Premiums received |
$ | — | $ | 336,213 | $ | 102,203 | $ | — | ||||||||
(g) Proceeds from TBA sale commitments |
$ | 7,574,941 | $ | — | $ | — | $ | — | ||||||||
(h) Shares outstanding |
54,010,702 | 93,507,103 | 22,370,659 | |||||||||||||
(i) Shares authorized |
Unlimited | Unlimited | Unlimited | |||||||||||||
(j) Par value |
$ | 0.001 | $ | 0.10 | $ | 0.001 | $ | 0.001 |
F I N A N C I A L S T A T E M E N T S |
133 |
BHK | HYT (a) |
BTZ | BGT | |||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — unaffiliated |
$ | 280,405 | $ | 922,523 | $ | 2,174,720 | $ | 36,066 | ||||||||
Dividends — affiliated |
135,746 | 158,664 | 136,615 | 11,349 | ||||||||||||
Interest — unaffiliated |
47,338,779 | 108,273,649 | 90,452,364 | 24,204,817 | ||||||||||||
Other income — unaffiliated |
— | 287,983 | 247,544 | 295,681 | ||||||||||||
Total investment income |
47,754,930 | 109,642,819 | 93,011,243 | 24,547,913 | ||||||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
5,512,710 | 10,852,940 | 10,456,130 | 3,055,201 | ||||||||||||
Accounting services |
132,531 | 162,950 | 112,289 | 64,884 | ||||||||||||
Custodian |
117,071 | 110,639 | 80,778 | 39,563 | ||||||||||||
Professional |
106,506 | 160,352 | 87,814 | 100,737 | ||||||||||||
Transfer agent |
89,944 | 135,459 | 21,038 | 44,772 | ||||||||||||
Printing and postage |
20,026 | 19,641 | 33,075 | 13,008 | ||||||||||||
Registration |
17,925 | 24,648 | 27,063 | 8,006 | ||||||||||||
Trustees and Officer |
9,190 | 5,250 | — | — | ||||||||||||
Miscellaneous |
78,664 | 256,225 | 54,448 | 5,432 | ||||||||||||
Total expenses excluding interest expense |
6,084,567 | 11,728,104 | 10,872,635 | 3,331,603 | ||||||||||||
Interest expense and fees |
7,055,023 | 12,624,286 | 9,937,269 | 2,953,532 | ||||||||||||
Total expenses |
13,139,590 | 24,352,390 | 20,809,904 | 6,285,135 | ||||||||||||
Less: |
||||||||||||||||
Fees waived and/or reimbursed by the Manager |
(6,270 | ) | (19,599 | ) | (6,229 | ) | (635 | ) | ||||||||
Total expenses after fees waived and/or reimbursed |
13,133,320 | 24,332,791 | 20,803,675 | 6,284,500 | ||||||||||||
Net investment income |
34,621,610 | 85,310,028 | 72,207,568 | 18,263,413 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated |
(50,156,544 | ) | (51,859,753 | ) | (28,719,532 | ) | (4,371,633 | ) | ||||||||
Investments — affiliated |
— | (624,262 | ) | — | — | |||||||||||
Forward foreign currency exchange contracts |
834,811 | 4,312,315 | — | 162,979 | ||||||||||||
Foreign currency transactions |
15,744 | 105,810 | (3 | ) | 2,229 | |||||||||||
Futures contracts |
(9,449,289 | ) | 3,077,692 | (680,376 | ) | — | ||||||||||
Options written |
(4,119,532 | ) | 128,267 | 2,508,306 | — | |||||||||||
Swaps |
4,568,778 | (3,943,018 | ) | (43,250 | ) | 8,503 | ||||||||||
(58,306,032 | ) | (48,802,949 | ) | (26,934,855 | ) | (4,197,922 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated |
(182,203,386 | ) | (242,919,974 | ) | (321,604,458 | ) | (20,015,471 | ) | ||||||||
Investments — affiliated |
— | (576,952 | ) | — | 8,381 | |||||||||||
Forward foreign currency exchange contracts |
141,169 | 372,219 | — | 65,756 | ||||||||||||
Foreign currency translations |
9,878 | 25,837 | — | 971 | ||||||||||||
Futures contracts |
(1,108,417 | ) | 651,873 | 1,945,084 | — | |||||||||||
Options written |
(88,306 | ) | 131,133 | 55,482 | — | |||||||||||
Swaps |
3,758,847 | (664,076 | ) | (5,657,021 | ) | (25,267 | ) | |||||||||
Unfunded floating rate loan interests |
(14,093 | ) | (102,300 | ) | (8,026 | ) | (46,111 | ) | ||||||||
(179,504,308 | ) | (243,082,240 | ) | (325,268,939 | ) | (20,011,741 | ) | |||||||||
Net realized and unrealized loss |
(237,810,340 | ) | (291,885,189 | ) | (352,203,794 | ) | (24,209,663 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (203,188,730 | ) | $ | (206,575,161 | ) | $ | (279,996,226 | ) | $ | (5,946,250 | ) | ||||
(a) |
Consolidated Statement of Operations. |
134 |
2 0 2 2 B L A C K R O C K 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 |
BHK | HYT (a) |
|||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||
12/31/22 | 12/31/21 | 12/31/22 | 12/31/21 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 34,621,610 | $ | 38,808,459 | $ | 85,310,028 | $ | 93,004,873 | ||||||||||||
Net realized gain (loss) |
(58,306,032 | ) | 18,970,678 | (48,802,949 | ) | 67,211,285 | ||||||||||||||
Net change in unrealized appreciation (depreciation) |
(179,504,308 | ) | (53,684,376 | ) | (243,082,240 | ) | (41,679,483 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from operations |
(203,188,730 | ) | 4,094,761 | (206,575,161 | ) | 118,536,675 | ||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS (b) |
||||||||||||||||||||
From net investment income and net realized gain |
(43,352,180 | ) | (56,675,846 | ) | (75,141,728 | ) | (98,245,910 | ) | ||||||||||||
Return of capital |
(969,019 | ) | — | (32,825,998 | ) | (15,806,301 | ) | |||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(44,321,199 | ) | (56,675,846 | ) | (107,967,726 | ) | (114,052,211 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Proceeds from rights offering (Note 11) |
— | — | 167,749,786 | — | ||||||||||||||||
Reinvestment of distributions |
267,474 | 925,044 | 1,065,866 | 3,779,473 | ||||||||||||||||
Net increase in net assets derived from capital share transactions |
267,474 | 925,044 | 168,815,652 | 3,779,473 | ||||||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase (decrease) in net assets |
(247,242,455 | ) | (51,656,041 | ) | (145,727,235 | ) | 8,263,937 | |||||||||||||
Beginning of year |
835,313,771 | 886,969,812 | 1,465,170,847 | 1,456,906,910 | ||||||||||||||||
End of year |
$ | 588,071,316 | $ | 835,313,771 | $ | 1,319,443,612 | $ | 1,465,170,847 | ||||||||||||
(a) |
Consolidated Statement of Changes in Net Assets. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
F I N A N C I A L S T A T E M E N T S |
135 |
BTZ | BGT | |||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||
12/31/22 | 12/31/21 | 12/31/22 | 12/31/21 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 72,207,568 | $ | 79,256,091 | $ | 18,263,413 | $ | 14,622,796 | ||||||||||||
Net realized gain (loss) |
(26,934,855 | ) | 21,968,234 | (4,197,922 | ) | 4,145,350 | ||||||||||||||
Net change in unrealized appreciation (depreciation) |
(325,268,939 | ) | (63,539,672 | ) | (20,011,741 | ) | (507,334 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from operations |
(279,996,226 | ) | 37,684,653 | (5,946,250 | ) | 18,260,812 | ||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS (a) |
||||||||||||||||||||
From net investment income |
(65,195,451 | ) | (80,320,881 | ) | (16,820,514 | ) | (14,667,710 | ) | ||||||||||||
Return of capital |
(21,102,257 | ) | (13,796,133 | ) | — | (2,693,947 | ) | |||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(86,297,708 | ) | (94,117,014 | ) | (16,820,514 | ) | (17,361,657 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net proceeds from the issuance of shares |
33,408 | — | — | — | ||||||||||||||||
Reinvestment of distributions |
— | 425,778 | 32,244 | 106,634 | ||||||||||||||||
Redemption of shares resulting from share repurchase program (including transaction costs) |
— | — | — | (419,729 | ) | |||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
33,408 | 425,778 | 32,244 | (313,095 | ) | |||||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase (decrease) in net assets |
(366,260,526 | ) | (56,006,583 | ) | (22,734,520 | ) | 586,060 | |||||||||||||
Beginning of year |
1,412,146,565 | 1,468,153,148 | 300,712,147 | 300,126,087 | ||||||||||||||||
End of year |
$ | 1,045,886,039 | $ | 1,412,146,565 | $ | 277,977,627 | $ | 300,712,147 | ||||||||||||
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
136 |
2 0 2 2 B L A C K R O C K 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 |
BHK | HYT | (a) |
BTZ | BGT | ||||||||||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
||||||||||||||||
Net decrease in net assets resulting from operations |
$ | (203,188,730 | ) | $ | (206,575,161 | ) | $ | (279,996,226 | ) | $ | (5,946,250 | ) | ||||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: |
||||||||||||||||
Proceeds from sales of long-term investments and principal paydowns/payups |
1,233,466,923 | 813,821,867 | 713,022,418 | 129,992,672 | ||||||||||||
Purchases of long-term investments |
(1,200,254,143 | ) | (833,753,774 | ) | (700,947,318 | ) | (76,949,328 | ) | ||||||||
Net proceeds from sales (purchases) of short-term securities |
23,544,853 | (88,733 | ) | 13,442,002 | — | |||||||||||
Amortization of premium and accretion of discount on investments and other fees |
917,793 | (630,518 | ) | 1,683,804 | (744,404 | ) | ||||||||||
Paid-in-kind income |
(2,890 | ) | (36,323 | ) | (27,389 | ) | (89,011 | ) | ||||||||
Premiums paid on closing options written |
(12,488,696 | ) | (430,439 | ) | (631,610 | ) | — | |||||||||
Premiums received from options written |
2,111,028 | 882,712 | 4,472,118 | — | ||||||||||||
Net realized loss on investments and options written |
53,511,546 | 52,380,564 | 25,002,571 | 4,535,422 | ||||||||||||
Net unrealized depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests |
182,402,680 | 243,759,950 | 321,557,002 | 19,987,445 | ||||||||||||
(Increase) Decrease in Assets |
||||||||||||||||
Receivables |
||||||||||||||||
Dividends — affiliated |
(31,991 | ) | (5,957 | ) | (39,421 | ) | (3,068 | ) | ||||||||
Dividends — unaffiliated |
— | 108,458 | — | — | ||||||||||||
Interest — unaffiliated |
(527,191 | ) | (1,590,281 | ) | 85,971 | (493,091 | ) | |||||||||
Variation margin on futures contracts |
(337,313 | ) | (351,508 | ) | (986,851 | ) | — | |||||||||
Variation margin on centrally cleared swaps |
(87,160 | ) | (4,173 | ) | — | 6,346 | ||||||||||
Swap premiums paid |
(1,128 | ) | (5,827 | ) | — | — | ||||||||||
Prepaid expenses |
1,622 | (11,128 | ) | (1,506 | ) | (206 | ) | |||||||||
Deferred offering costs |
(147,699 | ) | (186,983 | ) | — | (113,368 | ) | |||||||||
Increase (Decrease) in Liabilities |
||||||||||||||||
Due to broker |
241,000 | — | 418,485 | — | ||||||||||||
Cash received |
||||||||||||||||
Collateral — reverse repurchase agreements |
553,818 | — | 15,478 | — | ||||||||||||
Collateral — OTC derivatives |
(480,000 | ) | (430,000 | ) | — | — | ||||||||||
Payables |
||||||||||||||||
Accounting services fees |
(6,646 | ) | (11,601 | ) | (9,720 | ) | (341 | ) | ||||||||
Custodian fees |
(17,188 | ) | (70 | ) | 11,475 | 3,767 | ||||||||||
Interest expense and fees |
1,915,638 | 1,806,645 | 1,006,052 | 315,470 | ||||||||||||
Investment advisory fees |
(112,331 | ) | (115,304 | ) | (183,233 | ) | (42,593 | ) | ||||||||
Trustees’ and Officer’s fees |
(120,115 | ) | (225,727 | ) | (295,885 | ) | (94,902 | ) | ||||||||
Other accrued expenses |
25,072 | (119,990 | ) | 15,107 | (1,443 | ) | ||||||||||
Professional fees |
(21,363 | ) | (68,806 | ) | (28,367 | ) | 109 | |||||||||
Transfer agent fees |
16,287 | 22,599 | (138,011 | ) | 8,148 | |||||||||||
Variation margin on futures contracts |
774,008 | (523 | ) | 513,673 | — | |||||||||||
Variation margin on centrally cleared swaps |
(579,186 | ) | — | 5,056,935 | 26 | |||||||||||
Swap premiums received |
(1,680,120 | ) | 94,630 | — | — | |||||||||||
Net cash provided by operating activities |
79,398,378 | 68,234,599 | 103,017,554 | 70,371,400 | ||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||||||||||||||
Cash dividends paid to shareholders |
(56,450,527 | ) | (116,422,466 | ) | (94,142,954 | ) | (18,235,497 | ) | ||||||||
Payments for bank borrowings |
— | (629,000,000 | ) | — | (117,000,000 | ) | ||||||||||
Proceeds from bank borrowings |
— | 511,000,000 | — | 65,000,000 | ||||||||||||
Increase in bank overdraft |
— | — | — | 29,748 | ||||||||||||
Proceeds from issuance of capital shares |
— | — | 33,408 | — | ||||||||||||
Proceeds from rights offering |
— | 167,749,786 | — | — | ||||||||||||
Net borrowing of reverse repurchase agreements |
(20,218,497 | ) | — | 6,014,885 | — | |||||||||||
Net cash used for financing activities |
(76,669,024 | ) | (66,672,680 | ) | (88,094,661 | ) | (70,205,749 | ) | ||||||||
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |
||||||||||||||||
Cash impact from foreign exchange fluctuations |
5,771 | (1,636 | ) | — | 971 | |||||||||||
F I N A N C I A L S T A T E M E N T S |
137 |
BHK | HYT | (a) |
BTZ | BGT | ||||||||||||
CASH AND FOREIGN CURRENCY |
||||||||||||||||
Net increase in restricted and unrestricted cash and foreign currency |
$ | 2,735,125 | $ | 1,560,283 | $ | 14,922,893 | $ | 166,622 | ||||||||
Restricted and unrestricted cash and foreign currency at beginning of year |
12,444,394 | 1,751,183 | 2,538,000 | 1,653,482 | ||||||||||||
Restricted and unrestricted cash and foreign currency at end of year |
$ | 15,179,519 | $ | 3,311,466 | $ | 17,460,893 | $ | 1,820,104 | ||||||||
SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION |
||||||||||||||||
Cash paid during the year for interest expense |
$ | 5,139,385 | $ | 10,817,641 | $ | 8,931,217 | $ | 2,638,062 | ||||||||
NON-CASH FINANCING ACTIVITIES |
||||||||||||||||
Reinvestment of distributions |
$ | 267,474 | $ | 1,065,866 | $ | — | $ | 32,244 | ||||||||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |
||||||||||||||||
Cash |
$ | 50,022 | $ | 1,187,710 | $ | 64,077 | $ | 1,555,104 | ||||||||
Cash pledged |
||||||||||||||||
Collateral — reverse repurchase agreements |
5,231,995 | — | 1,098,816 | — | ||||||||||||
Collateral — exchange-traded options written |
— | — | 1,090,000 | — | ||||||||||||
Collateral — OTC derivatives |
1,739,000 | 20,000 | 3,400,000 | — | ||||||||||||
Collateral — TBA commitments |
231,000 | — | — | — | ||||||||||||
Futures contracts |
3,309,111 | 2,094,000 | 4,593,000 | — | ||||||||||||
Centrally cleared swaps |
2,070,000 | — | 7,215,000 | 265,000 | ||||||||||||
Foreign currency at value |
651,573 | 9,756 | — | — | ||||||||||||
Due from broker |
1,896,818 | — | — | — | ||||||||||||
$ | 15,179,519 | $ | 3,311,466 | $ | 17,460,893 | $ | 1,820,104 | |||||||||
(a) |
Consolidated Statement of Cash Flows. |
138 |
2 0 2 2 B L A C K R O C K 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 |
BHK | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
$ | 15.47 | $ | 16.45 | $ | 15.32 | $ | 15.79 | $ | 14.08 | $ | 14.96 | ||||||||||||||||||||||||||||||||||||||
Net investment income (a) |
0.64 | 0.72 | 0.72 | 0.22 | 0.66 | 0.72 | ||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(4.40 | ) | (0.65 | ) | 1.24 | (0.36 | ) | 1.82 | (0.82 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(3.76 | ) | 0.07 | 1.96 | (0.14 | ) | 2.48 | (0.10 | ) | |||||||||||||||||||||||||||||||||||||||||
Distributions (b) |
||||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income |
(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 |
(0.82 | ) | (1.05 | ) | (0.83 | ) | (0.33 | ) | (0.77 | ) | (0.78 | ) | ||||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 10.89 | $ | 15.47 | $ | 16.45 | $ | 15.32 | $ | 15.79 | $ | 14.08 | ||||||||||||||||||||||||||||||||||||||
Market price, end of period |
$ | 10.38 | $ | 16.51 | $ | 16.30 | $ | 14.58 | $ | 14.56 | $ | 12.85 | ||||||||||||||||||||||||||||||||||||||
Total Return (c) |
||||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(24.44 | )% | 0.50 | % (d) |
13.24 | % | (0.75 | )% (e) |
18.86 | % | (0.24 | )% | ||||||||||||||||||||||||||||||||||||||
Based on market price |
(32.52 | )% | 8.25 | % | 17.90 | % | 2.43 | % (e) |
20.09 | % | (3.40 | )% | ||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets (f) |
||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
1.95 | % | 0.85 | % | 0.91 | % | 1.42 | % (g)(h) |
1.72 | % | 1.60 | % | ||||||||||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
1.95 | % | 0.85 | % | 0.90 | % | 1.42 | % (g) |
1.72 | % | 1.60 | % | ||||||||||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense |
0.90 | % | 0.81 | % | 0.75 | % | 0.79 | % (g) |
0.77 | % | 0.82 | % | ||||||||||||||||||||||||||||||||||||||
Net investment income |
5.13 | % | 4.50 | % | 4.52 | % | 4.15 | % (g) |
4.63 | % | 4.99 | % | ||||||||||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 588,071 | $ | 835,314 | $ | 886,970 | $ | 826,349 | $ | 851,650 | $ | 759,385 | ||||||||||||||||||||||||||||||||||||||
Borrowings outstanding, end of period (000) |
$ | 387,219 | $ | 405,522 | $ | 296,921 | $ | 271,749 | $ | 273,621 | $ | 316,216 | ||||||||||||||||||||||||||||||||||||||
Portfolio turnover rate (i) |
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) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.(d) Includes payment from an affiliate, which had no impact on the Fund’s total return.(e) 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 and total expenses after fees waived and/or reimbursed would have been 1.45%.(i) Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
||||||||||||||||||||||||||||||||||||||||||||||||||
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) | 76 | % | 34 | % | 55 | % | 11 | % | 27 | % | 28 | % | ||||||||||||||||||||||||||||||||||||||
F I N A N C I A L H I G H L I G H T S |
139 |
HYT (a) |
||||||||||||||||||||||||
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 |
$ | 11.99 | $ | 11.95 | $ | 11.91 | $ | 11.82 | $ | 11.90 | $ | 12.22 | ||||||||||||
Net investment income (b) |
0.67 | 0.76 | 0.79 | 0.25 | 0.79 | 0.83 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(2.42 | ) | 0.21 | 0.18 | 0.22 | (0.01 | ) | (0.31 | ) | |||||||||||||||
Net increase (decrease) from investment operations |
(1.75 | ) | 0.97 | 0.97 | 0.47 | 0.78 | 0.52 | |||||||||||||||||
Distributions (c) |
||||||||||||||||||||||||
From net investment income |
(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 |
(0.86 | ) | (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 |
$ | 9.25 | $ | 11.99 | $ | 11.95 | $ | 11.91 | $ | 11.82 | $ | 11.90 | ||||||||||||
Market price, end of period |
$ | 8.74 | $ | 12.34 | $ | 11.43 | $ | 11.20 | $ | 10.51 | $ | 10.70 | ||||||||||||
Total Return (d) |
||||||||||||||||||||||||
Based on net asset value |
(15.71 | )% | 8.42 | % | 9.57 | % | 4.28 | % (e) |
8.06 | % | 5.25 | % | ||||||||||||
Based on market price |
(22.62 | )% | 16.66 | % | 11.45 | % | 10.28 | % (e) |
6.86 | % | 3.91 | % | ||||||||||||
Ratios to Average Net Assets (f) |
||||||||||||||||||||||||
Total expenses |
1.89 | % | 1.35 | % | 1.50 | % | 1.92 | % (g)(h) |
2.19 | % | 1.99 | % | ||||||||||||
Total expenses after fees waived and/or reimbursed |
1.89 | % | 1.34 | % | 1.49 | % | 1.92 | % (g) |
2.19 | % | 1.99 | % | ||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees |
0.91 | % | 0.93 | % | 0.94 | % | 0.93 | % (g) |
0.92 | % | 0.94 | % | ||||||||||||
Net investment income |
6.61 | % | 6.30 | % | 7.06 | % | 6.39 | % (g) |
6.87 | % | 6.88 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 1,319,444 | $ | 1,465,171 | $ | 1,456,907 | $ | 1,451,868 | $ | 1,440,436 | $ | 1,482,422 | ||||||||||||
Borrowings outstanding, end of period (000) |
$ | 529,000 | $ | 647,000 | $ | 685,000 | $ | 607,000 | $ | 486,000 | $ | 647,000 | ||||||||||||
Asset coverage, end of period per $1,000 of bank borrowings (i) |
$ | 3,494 | $ | 3,265 | $ | 3,127 | $ | 3,392 | $ | 3,965 | $ | 3,292 | ||||||||||||
Portfolio turnover rate |
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) |
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 and total expenses after fees waived and/or reimbursed would have been 1.95%. |
(i) |
Calculated by subtracting the Trust’s total liabilities (not including bank borrowings) from the Trust’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
140 |
2 0 2 2 B L A C K R O C K 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 |
BTZ | ||||||||||||||||||||||||
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 |
$ | 15.10 | $ | 15.71 | $ | 14.97 | $ | 14.94 | $ | 13.72 | $ | 14.88 | ||||||||||||
Net investment income (a) |
0.77 | 0.85 | 0.84 | 0.13 | 0.79 | 0.81 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(3.76 | ) | (0.45 | ) | 0.91 | 0.15 | 1.25 | (1.17 | ) | |||||||||||||||
Net increase (decrease) from investment operations |
(2.99 | ) | 0.40 | 1.75 | 0.28 | 2.04 | (0.36 | ) | ||||||||||||||||
Distributions (b) |
||||||||||||||||||||||||
From net investment income |
(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 |
(0.92 | ) | (1.01 | ) | (1.01 | ) | (0.25 | ) | (0.82 | ) | (0.80 | ) | ||||||||||||
Net asset value, end of period |
$ | 11.19 | $ | 15.10 | $ | 15.71 | $ | 14.97 | $ | 14.94 | $ | 13.72 | ||||||||||||
Market price, end of period |
$ | 10.10 | $ | 15.05 | $ | 14.71 | $ | 13.98 | $ | 13.55 | $ | 11.72 | ||||||||||||
Total Return (c) |
||||||||||||||||||||||||
Based on net asset value |
(19.50 | )% | 2.73 | % | 12.78 | % | 2.02 | % (d) |
16.17 | % | (1.72 | )% | ||||||||||||
Based on market price |
(27.10 | )% | 9.36 | % | 13.07 | % | 5.05 | % (d) |
23.34 | % | (6.49 | )% | ||||||||||||
Ratios to Average Net Assets (e) |
||||||||||||||||||||||||
Total expenses |
1.79 | % | 1.12 | % | 1.35 | % | 1.68 | % (f)(g) |
2.26 | % | 1.82 | % | ||||||||||||
Total expenses after fees waived and/or reimbursed |
1.79 | % | 1.12 | % | 1.35 | % | 1.68 | % (f) |
2.25 | % | 1.82 | % | ||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense |
0.94 | % | 0.94 | % | 0.94 | % | 0.92 | % (f) |
1.08 | % | 0.94 | % | ||||||||||||
Net investment income |
6.22 | % | 5.49 | % | 5.69 | % | 5.29 | % (f) |
5.57 | % | 5.69 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 1,045,886 | $ | 1,412,147 | $ | 1,468,153 | $ | 1,554,828 | $ | 1,551,243 | $ | 1,439,954 | ||||||||||||
Borrowings outstanding, end of period (000) |
$ | 589,324 | $ | 587,017 | $ | 614,172 | $ | 577,231 | $ | 568,461 | $ | 707,102 | ||||||||||||
Portfolio turnover rate |
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) |
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) |
Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.70%. |
F I N A N C I A L H I G H L I G H T S |
141 |
BGT | ||||||||||||||||||||||||
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 |
$ | 13.44 | $ | 13.40 | $ | 14.10 | $ | 13.95 | $ | 14.33 | $ | 14.49 | ||||||||||||
Net investment income (a) |
0.82 | 0.65 | 0.66 | 0.12 | 0.80 | 0.76 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.08 | ) | 0.17 | (0.47 | ) | 0.26 | (0.37 | ) | (0.21 | ) | ||||||||||||||
Net increase (decrease) from investment operations |
(0.26 | ) | 0.82 | 0.19 | 0.38 | 0.43 | 0.55 | |||||||||||||||||
Distributions (b) |
||||||||||||||||||||||||
From net investment income |
(0.75 | ) | (0.66 | ) | (0.69 | ) | (0.23 | ) | (0.81 | ) | (0.71 | ) | ||||||||||||
Return of capital |
— | (0.12 | ) | (0.20 | ) | — | — | — | ||||||||||||||||
Total distributions |
(0.75 | ) | (0.78 | ) | (0.89 | ) | (0.23 | ) | (0.81 | ) | (0.71 | ) | ||||||||||||
Net asset value, end of period |
$ | 12.43 | $ | 13.44 | $ | 13.40 | $ | 14.10 | $ | 13.95 | $ | 14.33 | ||||||||||||
Market price, end of period |
$ | 10.94 | $ | 13.99 | $ | 11.79 | $ | 12.87 | $ | 12.42 | $ | 12.72 | ||||||||||||
Total Return (c) |
||||||||||||||||||||||||
Based on net asset value |
(1.32 | )% | 6.43 | % | 2.83 | % | 2.89 | % (d) |
4.00 | % | 4.25 | % | ||||||||||||
Based on market price |
(16.56 | )% | 25.91 | % | (0.88 | )% | 5.48 | % (d) |
4.31 | % | (6.30 | )% | ||||||||||||
Ratios to Average Net Assets (e) |
||||||||||||||||||||||||
Total expenses |
2.20 | % | 1.61 | % | 1.72 | % | 2.11 | % (f) |
2.41 | % | 2.29 | % | ||||||||||||
Total expenses after fees waived and/or reimbursed |
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 |
1.17 | % | 1.19 | % | 1.17 | % | 1.28 | % (f) |
1.16 | % | 1.21 | % | ||||||||||||
Net investment income |
6.40 | % | 4.82 | % | 5.13 | % | 5.23 | % (f) |
5.68 | % | 5.27 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 277,978 | $ | 300,712 | $ | 300,126 | $ | 323,708 | $ | 321,091 | $ | 339,096 | ||||||||||||
Borrowings outstanding, end of period (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) |
$ | 4,055 | $ | 3,103 | $ | 3,327 | $ | 3,490 | $ | 3,610 | $ | 3,389 | ||||||||||||
Portfolio turnover rate |
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. |
142 |
2 0 2 2 B L A C K R O C K 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 |
1. |
ORGANIZATION |
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 | |||||||||
2. |
SIGNIFICANT ACCOUNTING POLICIES |
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 |
143 |
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
• | 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. |
144 |
2 0 2 2 B L A C K R O C K 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 |
• | 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. |
• | 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. |
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. |
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 |
145 |
• | 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 |
• | 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). |
4. |
SECURITIES AND OTHER INVESTMENTS |
146 |
2 0 2 2 B L A C K R O C K 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 |
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 |
Trust Name |
Borrower |
Par |
Commitment Amount |
Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||
BHK |
Arc Falcon I, Inc. | $ | 16,201 | $ | 16,160 | $ | 14,183 | $ | (1,977 | ) | ||||||||
AthenaHealth Group, Inc. | 136,333 | 134,788 | 122,749 | (12,039 | ) | |||||||||||||
HYT |
Arc Falcon I, Inc. | 129,776 | 129,127 | 113,619 | (15,508 | ) | ||||||||||||
AthenaHealth Group, Inc. | 916,966 | 903,510 | 825,600 | (77,910 | ) | |||||||||||||
BTZ |
Arc Falcon I, Inc. | 27,771 | 27,528 | 24,314 | (3,214 | ) | ||||||||||||
AthenaHealth Group, Inc. | 49,090 | 49,010 | 44,198 | (4,812 | ) | |||||||||||||
BGT |
AthenaHealth Group, Inc. | 226,591 | 226,591 | 187,080 | (39,511 | ) | ||||||||||||
IPS Corp. | 65,734 | 65,734 | 58,422 | (7,312 | ) | |||||||||||||
Trust Name |
Average Amount Outstanding |
Weighted Average Interest Rate |
||||||
BHK |
$ | 429,984,962.2 | 1.64% | |||||
148 |
2 0 2 2 B L A C K R O C K 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 Name |
Average Amount Outstanding |
Weighted Average Interest Rate |
||||||
BTZ |
$ | 524,238,531.1 | 1.90% | |||||
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. |
$ | (158,874 | ) | $ | 158,874 | $ | — | $ | — | |||||||
BNP Paribas S.A. |
(88,810,032 | ) | 87,164,882 | 1,645,150 | — | |||||||||||
BofA Securities, Inc. |
(28,626,261 | ) | 28,626,261 | — | — | |||||||||||
Credit Agricole Corporate and Investment Bank |
(4,092,883 | ) | 4,092,883 | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
(135,439 | ) | 135,439 | — | — | |||||||||||
HSBC Securities (USA), Inc. |
(60,659,249 | ) | 60,377,469 | 281,780 | — | |||||||||||
J.P. Morgan Securities LLC |
(15,309,561 | ) | 15,309,561 | — | — | |||||||||||
Nomura Securities International, Inc. |
(111,688,155 | ) | 111,393,476 | 294,679 | — | |||||||||||
RBC Capital Markets LLC |
(14,477,011 | ) | 14,477,011 | — | — | |||||||||||
Royal Bank of Canada |
(33,908,784 | ) | 33,908,784 | — | — | |||||||||||
TD Securities (USA) LLC |
(29,352,861 | ) | 29,352,861 | — | — | |||||||||||
$ | (387,219,110 | ) | $ | 384,997,501 | $ | 2,221,609 | $ | — | ||||||||
(a) |
Net collateral, including accrued interest, if any, with a value of $399,476,303 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 |
||||||||||||||||
Amherst Pierpont Securities LLC |
$ | (15,795,057 | ) | $ | 15,795,057 | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
(16,816,025 | ) | 16,816,025 | — | — | |||||||||||
BNP Paribas S.A. |
(53,724,447 | ) | 53,724,447 | — | — | |||||||||||
BofA Securities, Inc. |
(109,447,466 | ) | 109,447,466 | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
(6,946,787 | ) | 6,946,787 | — | — | |||||||||||
J.P. Morgan Securities LLC |
(6,889,213 | ) | 6,889,213 | — | — | |||||||||||
Nomura Securities International, Inc. |
(26,779,795 | ) | 26,779,795 | — | — | |||||||||||
RBC Capital Markets LLC |
(163,782,503 | ) | 163,782,503 | — | — | |||||||||||
TD Securities (USA) LLC |
(189,142,763 | ) | 189,142,763 | — | — | |||||||||||
$ | (589,324,056 | ) | $ | 589,324,056 | $ | — | $ | — | ||||||||
(a) |
Net collateral, including accrued interest, if any, with a value of $636,106,443 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. |
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
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 |
• | Swaptions — The Trusts may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Trusts’ holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option. |
• | Interest rate caps and floors — Interest rate caps and floors are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Caps are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes exceed a specified rate, or “cap.” Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or “floor.” The maximum potential amount of future payments that a Fund would be required to make under an interest rate cap would be the notional amount times the percentage increase in interest rates determined by the difference between the interest rate index current value and the value at the time the cap was entered into. |
• | Foreign currency options — The Trusts may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option. |
150 |
2 0 2 2 B L A C K R O C K 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 |
• | 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). |
• | 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). |
• | 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). |
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 |
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Trust Name |
Investment Advisory Fees |
|||
BHK |
0.50% | |||
BTZ |
0.62 | |||
BGT |
0.75 | |||
Trust Name |
Fees Waived and/or Reimbursed by the Manager |
|||
BHK |
$ | 6,270 | ||
HYT |
2,073 | |||
BTZ |
6,229 | |||
BGT |
244 | |||
152 |
2 0 2 2 B L A C K R O C K 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 Name |
Fees Waived and/or Reimbursed by the Manager |
|||
HYT |
$ | 17,526 | ||
BGT |
391 | |||
Trust Name |
Purchases |
Sales |
Net Realized Gain (Loss) |
|||||||||
BHK |
$ | 4,959,263 | $ | 441,007 | $ | (172,975 | ) | |||||
HYT |
59,136 | 1,092,303 | (79,380 | ) | ||||||||
BTZ |
163,445 | 549,077 | (77,795 | ) | ||||||||
7. |
PURCHASES AND SALES |
U.S. Government Securities | Other Securities | |||||||||||||||
Trust Name |
Purchases |
Sales |
Purchases |
Sales |
||||||||||||
BHK |
$ | 57,834,941 | $ | 117,933,406 | $ | 1,084,650,520 | $ | 1,064,267,345 | ||||||||
HYT |
— | — | 823,759,438 | 811,280,653 | ||||||||||||
BTZ |
— | — | 759,367,654 | 711,561,701 | ||||||||||||
BGT |
— | — | 63,846,744 | 126,132,908 | ||||||||||||
Trust Name |
Purchases |
Sales |
||||||||||
BHK |
$ | 304,212,822 | $ | 304,397,295 | ||||||||
8. |
INCOME TAX INFORMATION |
Trust Name |
Paid-in Capital |
Accumulated Earnings (Loss) |
||||||
HYT |
$ | (1,335 | ) | $ | 1,335 | |||
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 |
153 |
Trust Name |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
||||||||||
BHK |
||||||||||||
Ordinary income |
$ | 37,647,546 | $ | 51,529,173 | ||||||||
Long-term capital gains |
5,704,634 | 5,146,673 | ||||||||||
Return of capital |
969,019 | — | ||||||||||
$ | 44,321,199 | $ | 56,675,846 | |||||||||
HYT |
||||||||||||
Ordinary income |
$ | 75,141,728 | $ | 98,245,910 | ||||||||
Return of capital |
32,825,998 | 15,806,301 | ||||||||||
$ | 107,967,726 | $ | 114,052,211 | |||||||||
BTZ |
||||||||||||
Ordinary income |
$ | 65,195,451 | $ | 80,320,881 | ||||||||
Return of capital |
21,102,257 | 13,796,133 | ||||||||||
$ | 86,297,708 | $ | 94,117,014 | |||||||||
BGT |
||||||||||||
Ordinary income |
$ | 16,820,514 | $ | 14,667,710 | ||||||||
Return of capital |
— | 2,693,947 | ||||||||||
$ | 16,820,514 | $ | 17,361,657 | |||||||||
Trust Name |
Undistributed Ordinary Income |
Non-Expiring Capital Loss Carryforwards (a) |
Net Unrealized Gains (Losses) (b) |
Qualified Late-Year Losses (c) |
Total |
|||||||||||||||
BHK |
$ | — | $ | (62,329,096 | ) | $ | (102,800,081 | ) | $ | (1,380,292 | ) | $ | (166,509,469 | ) | ||||||
HYT |
— | (153,261,725 | ) | (200,517,447 | ) | (13,209,605 | ) | (366,988,777 | ) | |||||||||||
BTZ |
— | (37,655,037 | ) | (148,587,133 | ) | — | (186,242,170 | ) | ||||||||||||
BGT |
182,984 | (29,377,882 | ) | (21,558,428 | ) | — | (50,753,326 | ) | ||||||||||||
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains/losses on certain futures, options and foreign currency exchange contracts, amortization methods for premiums and discounts on fixed income securities, the accrual of income on securities in default, the timing and recognition of partnership income, the accounting for swap agreements, the deferral of compensation to Trustees, the classification of investment, investments in wholly owned subsidiaries and dividend recognized for tax purposes. |
(c) |
The Trust has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year. |
Trust Name |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
BHK |
$ | 1,114,787,942 | $ | 20,066,436 | $ | (122,628,712 | ) | $ | (102,562,276 | ) | ||||||
HYT |
2,022,815,055 | 16,607,640 | (216,129,955 | ) | (199,522,315 | ) | ||||||||||
BTZ |
1,809,805,062 | 22,511,183 | (170,301,242 | ) | (147,790,059 | ) | ||||||||||
BGT |
385,680,362 | 540,910 | (21,843,959 | ) | (21,303,049 | ) | ||||||||||
9. |
BANK BORROWINGS |
154 |
2 0 2 2 B L A C K R O C K 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 Name |
Maximum Amount Borrowed |
Average Amount Outstanding |
Daily Weighted Average Interest Rate |
|||||||||
HYT |
$ | 663,000,000 | $ | 517,616,438 | 2.38% | |||||||
BGT |
146,000,000 | 121,676,712 | 2.37 | |||||||||
10. |
PRINCIPAL RISKS |
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 |
155 |
11. |
CAPITAL SHARE TRANSACTIONS |
156 |
2 0 2 2 B L A C K R O C K 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 |
Year Ended | ||||||||
Trust Name |
12/31/22 |
12/31/21 |
||||||
BHK |
17,666 | 57,910 | ||||||
HYT |
101,463 | 311,681 | ||||||
BTZ |
— | 28,104 | ||||||
BGT |
2,386 | 7,902 | ||||||
12. |
SUBSEQUENT EVENTS |
Trust Name |
Declaration Date |
Record Date |
Payable/ Paid Date |
Dividend Per Common Share |
||||||||||||
BHK |
01/03/23 | 01/13/23 | 01/31/23 | $ | 0.074600 | |||||||||||
02/01/23 | 02/15/23 | 02/28/23 | 0.074600 | |||||||||||||
HYT |
01/03/23 | 01/13/23 | 01/31/23 | 0.077900 | ||||||||||||
02/01/23 | 02/15/23 | 02/28/23 | 0.077900 | |||||||||||||
BTZ |
01/03/23 | 01/13/23 | 01/31/23 | 0.083900 | ||||||||||||
02/01/23 | 02/15/23 | 02/28/23 | 0.083900 | |||||||||||||
BGT |
01/03/23 | 01/13/23 | 01/31/23 | 0.078100 | ||||||||||||
02/01/23 | 02/15/23 | 02/28/23 | 0.078100 | |||||||||||||
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 |
157 |
Fund | Financial Highlights | |
BlackRock Core Bond Trust, BlackRock Corporate High Yield Fund, Inc. |
For each of the three years in the period ended December 31, 2022, for the period from September 1, 2019 through December 31, 2019, and for each of the two years in the period ended August 31, 2019 | |
BlackRock Credit Allocation Income Trust, BlackRock Floating Rate Income Trust |
For each of the three years in the period ended December 31, 2022, for the period from November 1, 2019 through December 31, 2019, and for each of the two years in the period ended October 31, 2019 |
158 |
2 0 2 2 B L A C K R O C K 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 Name |
Qualified Dividend Income |
|||
BHK |
$ | 4,490,631 | ||
HYT |
2,750,029 | |||
BTZ |
12,065,703 | |||
Trust Name |
20% Rate Long-Term Capital Gain Dividends |
|||
BHK |
$ | 5,704,634 | ||
Trust Name |
Dividends-Received Deduction |
|||
BHK |
6.98% | |||
HYT |
2.70 | |||
BTZ |
9.57 | |||
Trust Name |
Interest Dividends |
|||
BHK |
$ | 32,126,142 | ||
HYT |
85,027,712 | |||
BTZ |
61,694,075 | |||
BGT |
18,310,912 | |||
Trust Name |
Interest Related Dividends |
|||
BHK |
$ | 26,765,589 | ||
HYT |
70,368,048 | |||
BTZ |
46,903,183 | |||
BGT |
14,273,598 | |||
I M P O R T A N T T A X I N F O R M A T I O N |
159 |
160 |
2 0 2 2 B L A C K R O C K 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 |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
161 |
162 |
2 0 2 2 B L A C K R O C K 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 |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
163 |
164 |
2 0 2 2 B L A C K R O C K 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 |
• | Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. |
• | Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. |
• | Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. |
• | Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest the proceeds in securities with lower yields. |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
165 |
166 |
2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
• | The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. |
• | Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio. |
• | The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. |
• | The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets. |
• | Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. |
• | Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. |
• | The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Trust’s net asset value. |
• | The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trust’s investments. |
• | Leverage Risk – The Trust’s use of derivatives can magnify the Trust’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested. |
• | Market Risk – Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust’s derivatives positions to lose value. |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
167 |
• | Counterparty Risk – Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. |
• | Illiquidity Risk – The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately. |
• | Operational Risk – The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. |
• | Legal Risk – The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. |
• | Volatility and Correlation Risk – Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets. |
• | Valuation Risk – Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. |
• | Hedging Risk – Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences. |
• | Tax Risk – Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments. |
• | the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage; |
• | the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders; |
• | the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, which may result in a greater decline in the market price of the common shares; |
• | leverage may increase operating costs, which may reduce total return. |
168 |
2 0 2 2 B L A C K R O C K 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 |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
169 |
BHK |
||||
Shareholder Transaction Expenses |
||||
Maximum sales load (as a percentage of offering price) (a) |
1.00 | % | ||
Offering expenses borne by the Trust (as a percentage of offering price) (a) |
0.02 | % | ||
|
$0.02 per share for open market purchases of |
| ||
Dividend reinvestment plan fees |
common shares | (b) | ||
Dividend reinvestment plan sale transaction fee (b) |
$2.50 | |||
Estimated Annual Expenses |
||||
Investment advisory fees (c),(d) |
0.82 | % | ||
Other expenses |
1.13 | |||
Miscellaneous |
0.08 | |||
Interest expense (e) |
1.05 | |||
Total annual expenses |
1.95 | |||
Fee waiver (d) |
— | |||
Total annual Trust operating expenses after fee waiver (d) |
1.95 |
(a) |
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering. |
(b) |
Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Trust. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. |
(c) |
The Trust currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.50% of its average weekly managed assets. For purposes of calculating these fees, “managed assets” means the total assets of the Trust (including any assets attributable to money borrowed) minus the sum of its accrued liabilities (other than money borrowed for investment purposes). |
(d) |
The Trust and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of the Trust’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Trust pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of the Trust or a majority of the outstanding voting securities of the Trust), upon 90 days’ written notice by the Trust to the Manager. |
(e) |
The Trust uses leverage in the form of reverse repurchase agreements representing 39.7% of managed assets at an annual interest expense to the Trust of 1.6%, which is based on current market conditions. The actual amount of interest expense borne by the Trust will vary over time in accordance with the level of the Trust’s use of reverse repurchase agreements and variations in market interest rates. Interest expense is required to be treated as an expense of the Trust for accounting purposes. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Total expenses incurred |
$ | 30 | $ | 71 | $ | 114 | $ | 235 |
170 |
2 0 2 2 B L A C K R O C K 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 |
HYT |
||||
Shareholder Transaction Expenses |
||||
Maximum sales load ( (a) |
% | |||
Offering expenses borne by the Trust ( (a) |
% | |||
|
$0.02 per share for open market purchases of |
| ||
Dividend reinvestment plan fees |
common shares | (b) | ||
Dividend reinvestment plan sale transaction fee (b) |
$ |
Estimated Annual Expenses |
||||
Investment advisory fees (c),(d) |
% | |||
Other expenses |
||||
Miscellaneous |
||||
Interest expense (e) |
||||
Total annual expenses |
||||
Fee waiver (d) |
||||
Total annual Trust operating expenses after fee waiver (d) |
(a) |
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering. |
(b) |
(c) |
The Trust currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.60% based on an aggregate of (i) the Trust’s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, “average daily Managed Assets”). |
(d) |
(e) |
The Trust uses leverage in the form of a credit facility in an amount equal to approximately 28.6% of the Trust’s Managed Assets as of December 31, 2022. The interest expense borne by the Trust will vary over time in accordance with the level of the Trust’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Trust for accounting purposes. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Total expenses incurred |
$ | $ | $ | $ |
S H A R E H O L D E R U P D A T E |
171 |
BGT |
||||
Shareholder Transaction Expenses |
||||
Maximum sales load (as a percentage of offering price) (a) |
1.00 | % | ||
Offering expenses borne by the Trust (as a percentage of offering price) (a) |
0.04 | % | ||
|
$0.02 per share for open market purchases of |
| ||
Dividend reinvestment plan fees |
common shares | (b) | ||
Dividend reinvestment plan sale transaction fee (b) |
$2.50 | |||
Estimated Annual Expenses |
||||
Investment advisory fees (c),(d) |
1.07 | % | ||
Other expenses |
1.13 | |||
Miscellaneous |
0.12 | |||
Interest expense (e) |
1.01 | |||
Total annual expenses |
2.20 | |||
Fee waiver (d) |
— | |||
Total annual Trust operating expenses after fee waiver (d) |
2.20 |
(a) |
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering. |
(b) |
Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Trust. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if direct the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. |
(c) |
The Trust currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.75% of the average weekly value of the Trust’s Managed Assets. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). |
(d) |
The Trust and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of the Trust’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Trust pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of the Trust (the “Independent Trustees”) or a majority of the outstanding voting securities of the Trust), upon 90 days’ written notice by the Trust to the Manager. |
(e) |
The Trust uses leverage in the form of a credit facility in an amount equal to approximately 24.7% of the Trust’s Managed Assets as of December 31, 2022. The interest expense borne by the Trust will vary over time in accordance with the level of the Trust’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Trust for accounting purposes. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Total expenses incurred |
$ | 33 | $ | 79 | $ | 127 | $ | 261 |
172 |
2 0 2 2 B L A C K R O C K 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 |
NYSE Market Price Per Common Share |
NAV per Common Share on Date of Market Price |
Premium/ (Discount) on Date of Market Price |
||||||||||||||||||||||||||
BHK — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume | |||||||||||||||||||||
December 31, 2022 |
$ 11.18 | $ 9.56 | $ 11.50 | $ 10.39 | (2.78 | )% | (7.99 | )% | 12,378,547 | |||||||||||||||||||
September 30, 2022 |
12.40 | 10.00 | 12.41 | 10.84 | (0.08 | ) | (7.75 | ) | 9,598,611 | |||||||||||||||||||
June 30, 2022 |
13.12 | 10.52 | 13.83 | 11.81 | (5.13 | ) | (10.92 | ) | 13,665,047 | |||||||||||||||||||
March 31, 2022 |
16.27 | 12.53 | 15.29 | 13.56 | 6.41 | (7.60 | ) | 14,876,344 | ||||||||||||||||||||
December 31, 2021 |
16.87 | 15.84 | 15.71 | 15.79 | 7.38 | 0.32 | 6,515,697 | |||||||||||||||||||||
September 30, 2021 |
17.22 | 15.01 | 16.27 | 16.29 | 5.84 | (7.86 | ) | 8,462,107 | ||||||||||||||||||||
June 30, 2021 |
16.52 | 15.51 | 16.16 | 15.85 | 2.23 | (2.15 | ) | 7,537,091 | ||||||||||||||||||||
March 31, 2021 |
16.54 | 14.99 | 16.37 | 15.70 | 1.04 | (4.52 | ) | 9,419,391 |
NYSE Market Price Per Common Share |
NAV per Common Share on Date of Market Price |
Premium/ (Discount) on Date of Market Price |
||||||||||||||||||||||||||
HYT — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume | |||||||||||||||||||||
December 31, 2022 |
$ |
$ |
$ |
$ |
( |
)% | ( |
)% | 39,558,757 | |||||||||||||||||||
September 30, 2022 |
( |
) | ( |
) | 28,960,746 | |||||||||||||||||||||||
June 30, 2022 |
( |
) | ( |
) | 24,910,668 | |||||||||||||||||||||||
March 31, 2022 |
( |
) | 30,947,672 | |||||||||||||||||||||||||
December 31, 2021 |
( |
) | 19,474,596 | |||||||||||||||||||||||||
September 30, 2021 |
( |
) | 20,231,911 | |||||||||||||||||||||||||
June 30, 2021 |
( |
) | 21,432,936 | |||||||||||||||||||||||||
March 31, 2021 |
( |
) | ( |
) | 25,244,337 |
NYSE Market Price Per Common Share |
NAV per Common Share on Date of Market Price |
Premium/ (Discount) on Date of Market Price |
||||||||||||||||||||||||||
BGT — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume | |||||||||||||||||||||
December 31, 2022 |
$ 11.68 | $ 10.60 | $ 12.44 | $ 12.21 | (6.11 | )% | (13.19 | )% | 5,568,336 | |||||||||||||||||||
September 30, 2022 |
12.17 | 10.77 | 12.79 | 12.17 | (4.85 | ) | (11.50 | ) | 4,013,597 | |||||||||||||||||||
June 30, 2022 |
12.95 | 10.80 | 13.27 | 12.37 | (2.41 | ) | (12.69 | ) | 6,146,663 | |||||||||||||||||||
March 31, 2022 |
14.13 | 11.82 | 13.57 | 12.91 | 4.13 | (8.44 | ) | 5,978,514 | ||||||||||||||||||||
December 31, 2021 |
12.62 | 13.21 | 13.49 | 13.58 | (6.45 | ) | (2.72 | ) | 6,270,147 | |||||||||||||||||||
September 30, 2021 |
12.91 | 12.69 | 13.57 | 13.53 | (4.86 | ) | (6.21 | ) | 5,430,380 | |||||||||||||||||||
June 30, 2021 |
13.37 | 12.45 | 13.59 | 13.54 | (1.62 | ) | (8.05 | ) | 6,202,740 | |||||||||||||||||||
March 31, 2021 |
14.51 | 11.73 | 13.53 | 13.42 | 7.24 | (12.59 | ) | 4,655,909 |
S H A R E H O L D E R U P D A T E |
173 |
HYT — Fiscal Year Ended |
|
Total Amount Outstanding (000) |
|
|
Asset Coverage |
(a) |
|
Liquidating Preference |
|
|
Average Market Value (000) |
(b) |
|
Type of Senior Security |
| |||||
December 31, 2022 |
$ | $ | $ | $ | Bank Borrowings | |||||||||||||||
December 31, 2021 |
Bank Borrowings | |||||||||||||||||||
December 31, 2020 |
Bank Borrowings | |||||||||||||||||||
December 31, 2019 |
Bank Borrowings | |||||||||||||||||||
August 31, 2019 |
Bank Borrowings | |||||||||||||||||||
August 31, 2018 |
Bank Borrowings | |||||||||||||||||||
August 31, 2017 |
Bank Borrowings | |||||||||||||||||||
August 31, 2016 |
Bank Borrowings | |||||||||||||||||||
August 31, 2015 |
Bank Borrowings | |||||||||||||||||||
August 31, 2014 |
Bank Borrowings | |||||||||||||||||||
BGT — Fiscal Year Ended |
|
Total Amount Outstanding (000) |
|
|
Asset Coverage |
(a) |
|
Liquidating Preference |
|
|
Average Market Value (000) |
(b) |
|
Type of Senior Security |
| |||||
December 31, 2022 |
$ | 91,000 | $ | 4,055 | $ | N/A | $ | 121,677 | Bank Borrowings | |||||||||||
December 31, 2021 |
143,000 | 3,103 | N/A | 134,068 | Bank Borrowings | |||||||||||||||
December 31, 2020 |
129,000 | 3,327 | N/A | 122,934 | Bank Borrowings | |||||||||||||||
December 31, 2019 |
130,000 | 3,490 | N/A | 122,426 | Bank Borrowings | |||||||||||||||
October 31, 2019 |
123,000 | 3,610 | N/A | 128,378 | Bank Borrowings | |||||||||||||||
October 31, 2018 |
142,000 | 3,389 | N/A | 144,490 | Bank Borrowings | |||||||||||||||
October 31, 2017 |
150,000 | 3,287 | N/A | 138,255 | Bank Borrowings | |||||||||||||||
October 31, 2016 |
148,000 | 3,304 | N/A | 117,885 | Bank Borrowings | |||||||||||||||
October 31, 2015 |
104,000 | 4,225 | N/A | 129,575 | Bank Borrowings | |||||||||||||||
October 31, 2014 |
145,000 | 3,377 | N/A | 131,570 | Bank Borrowings | |||||||||||||||
(a) |
Calculated by subtracting the Trust’s total liabilities (not including bank borrowings) from the Trust’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
(b) |
Represents the average daily amount outstanding for loans under the revolving credit agreements. |
174 |
2 0 2 2 B L A C K R O C K 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 |
A U T O M A T I C D I V I D E N D R E I N V E S T M E N T P L A N |
175 |
Independent Trustees (a) | ||||||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
R. Glenn Hubbard 1958 |
Chair of the Board (Since 2022) Trustee (Since 2007) |
Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. | 70 RICs consisting of 102 Portfolios | ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); TotalEnergies SE (multi-energy) | ||||
W. Carl Kester (d) 1951 |
Vice Chair of the Board (Since 2022) Trustee (Since 2007) |
George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. | 72 RICs consisting of 104 Portfolios | None | ||||
Cynthia L. Egan 1955 |
Trustee (Since 2016) |
Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 70 RICs consisting of 102 Portfolios | Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non Executive Vice Chair of the Board) (chemical products) | ||||
Frank J. Fabozzi (d) 1948 |
Trustee (Since 2007) |
Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) from 2011 to 2022; Professor of Practice, Johns Hopkins University since 2021; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year; Adjunct Professor of Finance, Carnegie Mellon University in fall 2020 semester. | 72 RICs consisting of 104 Portfolios | None | ||||
Lorenzo A. Flores 1964 |
Trustee (Since 2021) |
Vice Chairman, Kioxia, Inc. since 2019; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. | 70 RICs consisting of 102 Portfolios | None | ||||
Stayce D. Harris 1959 |
Trustee (Since 2021) |
Lieutenant General, Inspector General, Office of the Secretary of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. | 70 RICs consisting of 102 Portfolios | The Boeing Company (airplane manufacturer) | ||||
J. Phillip Holloman 1955 |
Trustee (Since 2021) |
President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. | 70 RICs consisting of 102 Portfolios | PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation) |
176 |
2 0 2 2 B L A C K R O C K 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 |
Independent Trustees (a) (continued) | ||||||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
Catherine A. Lynch (d) 1961 |
Trustee (Since 2016) |
Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 72 RICs consisting of 104 Portfolios | PennyMac Mortgage Investment Trust | ||||
Interested Trustees (a)(e) | ||||||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
Robert Fairbairn 1965 |
Trustee (Since 2018) |
Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares ® businesses from 2012 to 2016. |
98 RICs consisting of 266 Portfolios | None | ||||
John M. Perlowski (d) 1964 |
Trustee (Since 2015) President and Chief Executive Officer (Since 2010) |
Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 100 RICs consisting of 268 Portfolios | None |
(a) |
The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. |
(b) |
Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. |
(c) |
Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; and W. Carl Kester, 1995. |
(d) |
Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund. |
(e) |
Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex. |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
177 |
Officers Who Are Not Trustees (a) | ||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) |
Principal Occupation(s) During Past 5 Years | ||
Jonathan Diorio 1980 |
Vice President (Since 2015) |
Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015. | ||
Trent Walker 1974 |
Chief Financial Officer (Since 2021) |
Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Jay M. Fife 1970 |
Treasurer (Since 2007) |
Managing Director of BlackRock, Inc. since 2007. | ||
Charles Park 1967 |
Chief Compliance Officer (Since 2014) |
Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares ® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012. | ||
Janey Ahn 1975 |
Secretary (Since 2012) |
Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. |
(a) |
The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. |
(b) |
Officers of the Trust serve at the pleasure of the Board. |
178 |
2 0 2 2 B L A C K R O C K 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 |
Cynthia L. Egan | Robert Fairbairn | Stayce D. Harris | ||||||||||||||||||||||
Trust Name |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
||||||||||||||||||
BHK |
39,711,141 | 1,282,016 | 39,749,661 | 1,243,496 | 39,684,020 | 1,309,137 | ||||||||||||||||||
BTZ |
71,250,970 | 2,262,679 | 71,178,465 | 2,335,184 | 71,273,331 | 2,240,318 | ||||||||||||||||||
BGT |
14,585,275 | 539,442 | 14,619,294 | 505,423 | 14,552,041 | 572,676 | ||||||||||||||||||
Frank J. Fabozzi | Robert Fairbairn | J. Phillip Holloman | ||||||||||||||||||||||
Trust Name |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
||||||||||||||||||
HYT |
81,064,150 | 3,347,843 | 81,620,989 | 2,791,004 | 81,490,360 | 2,921,633 | ||||||||||||||||||
A D D I T I O N A L I N F O R M A T I O N |
179 |
180 |
2 0 2 2 B L A C K R O C K 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 |
Investment Adviser |
Sub-Adviser | |
BlackRock Advisors, LLC |
BlackRock International Limited | |
Wilmington, DE 19809 |
Edinburgh, EH3 8BL | |
United Kingdom | ||
BlackRock (Singapore) Limited (a) | ||
079912 Singapore |
A D D I T I O N A L I N F O R M A T I O N |
181 |
Trust and Service Providers (continued) |
||
Accounting Agent and Custodian |
Transfer Agent | |
State Street Bank and Trust Company |
Computershare Trust Company, N.A. | |
Boston, MA 02111 |
Canton, MA 02021 | |
(a) For BHK and BTZ. |
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 |
182 |
2 0 2 2 B L A C K R O C K 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 |
Currency Abbreviation | ||
CAD | Canadian Dollar | |
EUR | Euro | |
GBP | British Pound | |
USD | United States Dollar | |
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
BAB | Build America Bond | |
BAM | Build America Mutual Assurance Co. | |
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 | |
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 | |
SOFR CME | Secured Overnight Financing Rate Chicago Mercantile Exchange | |
SOFRTE | Term Secured Overnight Financing Rate | |
SONIA | Sterling Overnight Interbank Average Rate | |
SPDR | Standard & Poor’s Depository Receipt | |
TBA | To-Be-Announced |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
183 |
(b) Not Applicable
Item 2 – | Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4. |
Item 3 – | Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Frank J. Fabozzi
Lorenzo A. Flores
Catherine A. Lynch
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 – | Principal Accountant Fees and Services |
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||||||||||
Entity Name | Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End | ||||||||
BlackRock Corporate High Yield Fund, Inc. | $79,968 | $79,184 | $4,000 | $207 | $95,896 | $33,564 | $431 | $0 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
2
Current Fiscal Year End | Previous Fiscal Year End | |||
(b) Audit-Related Fees1 |
$0 | $0 | ||
(c) Tax Fees2 |
$0 | $0 | ||
(d) All Other Fees3 |
$2,098,000 | $2,032,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Non-audit fees of $2,098,000 and $2,032,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
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(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name | Current Fiscal Year End |
Previous Fiscal Year End | ||||
BlackRock Corporate High Yield Fund, Inc. |
$100,327 | $33,771 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End |
Previous Fiscal Year End | |
$2,098,000 |
$2,032,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
Item 5 – | Audit Committee of Listed Registrant |
(a) | The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)): |
Frank J. Fabozzi
Lorenzo A. Flores
J. Phillip Holloman
Catherine A. Lynch
(b) | Not Applicable |
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
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(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 – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL, a copy of the Fund’s Global Corporate Governance & Engagement Principles are attached as Exhibit 99.GLOBAL.CORP.GOV and a copy of the Fund’s Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as Exhibit 99.US.CORP.GOV. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov. |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies |
(a)(1) As of the date of filing this Report:
The registrant is managed by a team of investment professionals comprised of James E. Keenan, Managing Director at BlackRock, Mitchell Garfin, Managing Director at BlackRock, and Derek Schoenhofen, Managing Director at BlackRock. Messrs. Keenan, Garfin and Schoenhofen are the Fund’s co-portfolio managers. Mr. Keenan is responsible for setting the registrant’s overall investment strategy and overseeing the registrant’s investment process and performance. Messrs. Garfin and Schoenhofen are responsible for the day-to-day management of the Fund’s portfolio, which includes setting the Fund’s overall investment strategy, overseeing the management of the Fund and/or selection of its investments. Mr. Keenan has been a member of the Fund’s portfolio management team since 2006. Messrs. Garfin and Schoenhofen have been members of the Fund’s portfolio management team since 2009.
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Portfolio Manager | Biography | |
James E. Keenan, CFA |
Managing Director of BlackRock since 2008 and Head of the Leveraged Finance Portfolio team; Director of BlackRock from 2006 to 2007. Vice President of BlackRock, Inc. from 2004 to 2005. | |
Mitchell Garfin, CFA |
Managing Director of BlackRock since 2009; Director of BlackRock from 2005 to 2008. | |
Derek Schoenhofen |
Managing Director of BlackRock since 2019; Director of BlackRock from 2006 to 2018; Vice President of BlackRock from 2000 to 2005. |
(a)(2) As of December 31, 2022:
(ii) Number of Other Accounts Managed and Assets by Account Type |
(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based | |||||||||||
(i) Name of Portfolio Manager |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | ||||||
James E. Keenan, CFA |
24 | 31 | 18 | 0 | 0 | 5 | ||||||
$34.51 Billion | $12.34 Billion | $6.94 Billion | $0 | $0 | $802.2 Million | |||||||
Mitchell Garfin, CFA |
26 | 28 | 156 | 0 | 0 | 5 | ||||||
$35.65 Billion | $12.05 Billion | $16.13 Billion | $0 | $0 | $818.5 Million | |||||||
Derek Schoenhofen |
8 | 13 | 1 | 0 | $0 | $0 | ||||||
$23.33 Billion | $9.61 Billion | $0.62 Million | $0 | 0 | 0 |
(iv) Portfolio Manager Potential Material Conflicts of Interest
BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment
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strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Garfin, Keenan and Schoenhofen may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Garfin, Keenan and Schoenhofen may therefore be entitled to receive a portion of any incentive fees earned on such accounts.
As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.
(a)(3) As of December 31, 2022:
Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers’ compensation as of December 31, 2022.
BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.
Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.
Discretionary Incentive Compensation. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: a combination of market-based indices (e.g., The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices and certain fund industry peer groups.
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Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.
Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.
For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.
Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:
Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($305,000 for 2022). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.
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(a)(4) Beneficial Ownership of Securities – As of December 31, 2022.
Portfolio Manager | Dollar Range of Equity Securities of the Fund Beneficially Owned | |||
James E. Keenan, CFA | Over $1,000,000 | |||
Mitchell Garfin, CFA |
$100,001-$500,000 | |||
Derek Schoenhofen |
$100,001-$500,000 |
(b) Not Applicable
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers — Not Applicable due to no such purchases during the period covered by this report. |
Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 11 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable |
Item 13 – | Exhibits attached hereto |
(a)(1) Code of Ethics – See Item 2
(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
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(d) Consent of Independent Registered Public Accounting Firm
(101) Inline Interactive Data File -the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Corporate High Yield Fund, Inc.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Corporate High Yield Fund, Inc. |
Date: February 23, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Corporate High Yield Fund, Inc. |
Date: February 23, 2023
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Corporate High Yield Fund, Inc. |
Date: February 23, 2023
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