BLACKROCK CORPORATE HIGH YIELD FUND, INC.

0001193125-21-264323.txt : 20210902 0001193125-21-264323.hdr.sgml : 20210902 20210902140904 ACCESSION NUMBER: 0001193125-21-264323 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210902 DATE AS OF CHANGE: 20210902 EFFECTIVENESS DATE: 20210902 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CORPORATE HIGH YIELD FUND, INC. CENTRAL INDEX KEY: 0001222401 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21318 FILM NUMBER: 211232640 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK CORPORATE HIGH YIELD FUND VI, INC. DATE OF NAME CHANGE: 20120920 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK CORPORATE HIGH YIELD FUND VI INC DATE OF NAME CHANGE: 20061018 FORMER COMPANY: FORMER CONFORMED NAME: CORPORATE HIGH YIELD FUND VI INC DATE OF NAME CHANGE: 20030917 N-CSRS 1 d211394dncsrs.htm BLACKROCK CORPORATE HIGH YIELD FUND, INC. BLACKROCK CORPORATE HIGH YIELD FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-21318

Name of Fund:

BlackRock Corporate High Yield Fund, Inc. (HYT)

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Corporate High Yield Fund, Inc.,

55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2021

Date of reporting period: 06/30/2021

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JUNE 30, 2021



		2021 Semi-Annual Report (Unaudited)

BlackRock Core Bond Trust (BHK)

BlackRock Corporate High Yield Fund, Inc. (HYT)

BlackRock Credit Allocation Income Trust (BTZ)

BlackRock Floating Rate Income Trust (BGT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information (unaudited)

Section 19(a) Notices

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

June 30, 2021


	Total Cumulative Distributions for the Fiscal Period									% Breakdown of the Total Cumulative Distributions for the Fiscal Period
Trust Name		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital	^(a)		Total Per Common Share	Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital		Total Per Common Share
HYT	$	0.342245	$	—	$	—	$	0.047255		$	0.389500	88	%	—	%	—	%	12	%	100	%
BTZ		0.401591		—		—		0.017909			0.419500	96		—		—		4		100
BGT		0.294087		—		—		0.029413			0.323500	91		—		—		9		100

(a)

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

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

Section 19(b) Disclosure

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


Exchange Symbol	Amount Per Common Share
BHK	$	0.0746
HYT		0.0779
BTZ		0.0839
BGT		0.0647

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

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

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


2		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of June 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, recovering much of the output lost at the beginning of the pandemic.

Equity prices rose with the broader economy, as investors became increasingly optimistic about the economic outlook. Stocks rose through the summer of 2020, fed by strong fiscal and monetary support and positive economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. Late in the period the Fed elaborated on their expected timeline, raising the likelihood of slower bond purchasing and the possibility of higher rates in 2023.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long-term. U.S. small-caps and European equities are likely to benefit from the continuing vaccine-led restart. We are underweight long-term on credit, but inflation-protected U.S. Treasuries, Asian fixed income, and Chinese government bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of June 30, 2021
	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		15.25	%		40.79	%

U.S. small cap equities (Russell 2000^® Index)		17.54			62.03

International equities (MSCI Europe, Australasia, Far East Index)		8.83			32.35

Emerging market equities (MSCI Emerging Markets Index)		7.45			40.90

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.02			0.09

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(4.10	)		(5.89	)

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		(1.60	)		(0.33	)

Tax-exempt municipal bonds (S&P Municipal Bond Index)		1.24			4.20

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		3.61			15.34
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page
Supplemental Information		2
The Markets in Review		3
Semi-Annual Report:
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summary		6
Financial Statements:
Schedules of Investments		18
Statements of Assets and Liabilities		125
Statements of Operations		127
Statements of Changes in Net Assets		128
Statements of Cash Flows		130
Financial Highlights		132
Notes to Financial Statements		136
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements		150
Additional Information		154
Glossary of Terms Used in this Report		157


4

The Benefits and Risks of Leveraging

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

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

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

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

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

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

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

If a Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Trust’s obligations under a reverse repurchase agreement (including accrued interest) then such transaction is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

Derivative Financial Instruments

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


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


Trust Summary as of June 30, 2021		BlackRock Core Bond Trust (BHK)

Investment Objective

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

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

Trust Information


Symbol on New York Stock Exchange		BHK
Initial Offering Date		November 27, 2001
Current Distribution Rate on Closing Market Price as of June 30, 2021 ($16.52)^(a)		5.42%
Current Monthly Distribution per Common Share^(b)		$0.0746
Current Annualized Distribution per Common Share^(b)		$0.8952
Leverage as of June 30, 2021^(c)		35%

^(a)

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

^(b)

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

^(c)

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

Market Price and Net Asset Value Per Share Summary


	06/30/21		12/31/20		Change			High		Low
Market Price	$	16.52	$	16.30		1.35	%	$	16.59	$	14.97
Net Asset Value		16.16		16.45		(1.76	)		16.45		15.59

Market Price and Net Asset Value History for the Past Five Years

LOGO


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Trust Summary as of June 30, 2021 (continued)		BlackRock Core Bond Trust (BHK)

Performance and Portfolio Management Commentary

Returns for the period ended June 30, 2021 were as follows:


				Average Annual Total Returns

	6-month			1 Year			3 Years			5 Years

Trust at NAV^(a)(b)		0.57	%		7.34	%		10.87	%		7.62	%
Trust at Market Price^(a)(b)		3.76			13.44			15.25			9.41
Reference Benchmark^(c)		(1.49	)		2.41			7.58			4.88
Bloomberg Barclays U.S. Long Government/Credit Index^(d)		(4.64	)		(1.86	)		9.92			5.45
Bloomberg Barclays Intermediate Credit Index^(e)		(0.54	)		2.25			5.78			3.64
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^(f)		3.61			15.34			7.42			7.47
Bloomberg Barclays CMBS, Eligible for U.S. Aggregate^(g)		(0.50	)		2.26			5.98			3.43
Bloomberg Barclays MBS Index^(h)		(0.77	)		(0.42	)		3.78			2.27
Bloomberg Barclays ABS Index⁽ⁱ⁾		0.18			1.34			3.65			2.39

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

^(c)

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

^(d)

This unmanaged index is the long component of the Bloomberg Barclays U.S. Government/Credit Index. This unmanaged index 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)

This unmanaged index is the intermediate component of the Bloomberg Barclays U.S. Credit Index. The Bloomberg Barclays 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)

This unmanaged index is the CMBS component of the Bloomberg Barclays U.S. Aggregate Index.

^(h)

This unmanaged index is a market value-weighted index, which covers the mortgage-backed securities component of the Bloomberg Barclays U.S. Aggregate Bond Index. The unmanaged index 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⁾

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

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

BHK is presenting the Reference Benchmark to accompany trust performance. The Reference Benchmark is presented for informational purposes only, as the Trust is actively managed and does not seek to track or replicate the performance of the Reference Benchmark or any other index. The portfolio investments of the Trust may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Trust’s performance to differ materially from that of the Reference Benchmark. The Trust employs leverage as part of its investment strategy, which may change over time at the discretion of BlackRock Advisors, LLC (the “Manager”) as market and other conditions warrant. In contrast, the Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Trust outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to evaluate the Trust’s performance, such as the performance of the Trust relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.

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

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

What factors influenced performance?

Positive contributions to the Trust’s absolute performance over the period came from its allocations to U.S. high yield corporate credit as well as to securitized assets including commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”). The use of derivatives (primarily interest rate swaps) and non-U.S. dollar exposures also contributed positively.

The principal detractors from the Trust’s absolute performance included positioning with respect to U.S. Treasuries, as well as exposures to agency collateralized mortgage obligations (“CMOs”) and 30-year passthrough mortgage-backed securities (“MBS”).

Derivatives are utilized by the Trust in order to manage and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the portfolio. During the period, the Trust’s use of derivatives contributed positively to performance.

Describe recent portfolio activity.

Over the reporting period, the Trust increased exposure to investment grade corporate bonds, U.S. Treasuries, high yield corporate bonds and 30-year MBS. The Trust trimmed exposure to CMBS and increased its short position in U.S. municipal bonds.


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


Trust Summary as of June 30, 2021 (continued)		BlackRock Core Bond Trust (BHK)

Describe portfolio positioning at period end.

At period end, the Trust maintained a diversified exposure within non-government spread sectors, including investment grade corporate credit, high yield corporate credit, CMBS, ABS and emerging market debt. The Trust also held exposure to government-related sectors such as 30-year MBS passthroughs, agency CMOs and U.S. agency securities.

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

Overview of the Trust’s Total Investments

PORTFOLIO ALLOCATION



Asset Type^(a)	06/30/21			12/31/20

Corporate Bonds.		45	%		48	%
U.S. Treasury Obligations		26			22
U.S. Government Sponsored Agency Securities		9			9
Asset-Backed Securities		6			6
Preferred Securities		4			4
Non-Agency Mortgage-Backed Securities		4			4
Foreign Agency Obligations		2			3
Municipal Bonds		2			2
Floating Rate Loan Interests		2			2
Other*		—	^(b)		—	^(b)

CREDIT QUALITY ALLOCATION



Credit Rating^(c)	06/30/21			12/31/20

AAA/Aaa^(d)		37	%		6	%
AA/Aa		3			31
A		10			12
BBB/Baa		23			25
BB/Ba		11			11
B		9			9
CCC/Caa		3			3
CC		—	^(b)		1
D		—	^(b)		—	^(b)
N/R		4			2

^(a)

Excludes short-term securities, options purchased and options written.

^(b)

Rounds to less than 1% of total investments.

^(c)

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.

^(d)

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.

Includes one or more investment categories that individually represents less than 1% of the Trust’s total investments. Please refer to the Schedule of Investments for details.


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Trust Summary as of June 30, 2021		BlackRock Corporate High Yield Fund, Inc. (HYT)

Investment Objective

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

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

Trust Information



Symbol on New York Stock Exchange		HYT
Initial Offering Date		May 30, 2003
Current Distribution Rate on Closing Market Price as of June 30, 2021 ($12.32)^(a)		7.59%
Current Monthly Distribution per Common Share^(b)		$0.0779
Current Annualized Distribution per Common Share^(b)		$0.9348
Leverage as of June 30, 2021^(c)		30%

^(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.

Market Price and Net Asset Value Per Share Summary


	06/30/21		12/31/20		Change			High		Low

Market Price.	$	12.32	$	11.43		7.79	%	$	12.47	$	11.00
Net Asset Value		12.29		11.95		2.85			12.30		11.87

LOGO


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


Trust Summary as of August 31, 2017 (continued)		BlackRock Corporate High Yield Fund, Inc. (HYT)

Performance and Portfolio Management Commentary

Returns for the period ended June 30, 2021 were as follows:


				Average Annual Total Returns
	6-month			1 Year			3 Years			5 Years

Trust at NAV^(a)(b)		6.23	%		23.88	%		10.23	%		10.48	%
Trust at Market Price^(a)(b)		11.34			31.38			14.88			12.22
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^(c)		3.61			15.34			7.42			7.47

^(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 discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. (c) An unmanaged index (the “Reference Benchmark”) 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.

HYT is presenting the Reference Benchmark to accompany trust performance. The Reference Benchmark is presented for informational purposes only, as the Trust is actively managed and does not seek to track or replicate the performance of the Reference Benchmark or any other index. The portfolio investments of the Trust may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Trust’s performance to differ materially from that of the Reference Benchmark. The Trust employs leverage as part of its investment strategy, which may change over time at the discretion of the Manager as market and other conditions warrant. In contrast, the Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Trust outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to evaluate the Trust’s performance, such as the performance of the Trust relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.

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

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

What factors influenced performance?

High-yield bonds delivered positive returns and outpaced the investment-grade bond market in the first half of the period. The gains were driven by the combination of a strong economic recovery, rising oil prices, and continued support from fiscal and monetary policy. Together, these factors helped fuel investors’ appetite for both risk and yield.

At the sector level, positions in the independent energy, technology and health care sectors contributed to Trust performance. By credit rating, B and BB rated debt made the largest contributions. The Trust’s tactical allocations to equities and floating rate loan interest (“bank loans”) also helped absolute returns.

The Fund’s allocations to the electric utilities, railroads and natural gas sectors slightly detracted from relative performance. From a credit quality perspective, BBB rated bonds were a minor detractor.

Describe recent portfolio activity.

While the Trust’s key positioning themes remained broadly consistent, the investment adviser used tactical sector- and issuer-level positions to take advantage of market opportunities. The investment manager reduced the portfolio’s allocation to investment-grade bonds during the first half of 2021, ending the period with a weighting of approximately 4% in this area. The remaining position largely represented issuer-specific opportunities. The Trust continued to use derivatives, such as total return swaps and credit default swaps, in order to manage its positioning.

The Trust slightly increased its allocation to bank loans during the period. It increased its allocation to the technology, airlines and retailers sectors, while reducing its weighting in the banking, automotive and midstream energy sectors. The investment adviser saw an opportunity in sectors most sensitive to the re-opening of the economy—including transportation, leisure, lodging and gaming—on the belief these areas will benefit from the ongoing recovery and widespread distribution of the COVID-19 vaccine.

Describe portfolio positioning at period end.

The Trust was underweight in BB rated issues and overweight in select CCCs. It maintained an underweight in the highest-yielding portion of the market with the largest concentration of distressed assets.

The Trust also continued to hold a tactical allocation of about 19% to bank loans, which the investment adviser believed offered an attractive value versus high-yield bonds. These senior-secured assets experienced a recovery similar to high yield, but yield spreads remain wide versus historical levels. The Trust also held an out-of-benchmark allocation to equities of approximately 4%. The top sector overweight positions included technology, cable/satellite and aerospace/defense, while food & beverage, finance companies and electric utilities were the largest underweights.


10		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Trust Summary as of June 30, 2021 (continued)		BlackRock Corporate High Yield Fund, Inc. (HYT)

Overview of the Trust’s Total Investments

PORTFOLIO ALLOCATION


Asset Type^(a)	06/30/21			12/31/20
Corporate Bonds.		82	%		85	%
Floating Rate Loan Interests.		13			9
Common Stocks		3			1
Preferred Securities		2			4
Investment Companies		—	^(b)		1
Other*		—	^(b)		—	^(b)

CREDIT QUALITY ALLOCATION


Credit Rating^(c)	06/30/21			12/31/20
AAA/Aaa		—	%^(b)		—	%
A.		—	^(b)		—
BBB/Baa		6			12
BB/Ba		36			37
B		40			36
CCC/Caa		13			12
CC		—	^(b)		—
N/R^(d)		5			3

^(a)

Excludes options purchased.

^(b)

Rounds to less than 1% of total investments.

^(c)

^(d)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2021 and December 31, 2020, the market value of unrated securities deemed by the investment adviser to be investment grade each represents less than 1% of the Trust’s total investments.

Includes one or more investment categories that individually represents less than 1% 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 June 30, 2021		BlackRock Credit Allocation Income Trust (BTZ)

Investment Objective

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

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

Trust Information


Symbol on New York Stock Exchange		BTZ
Initial Offering Date		December 27, 2006
Current Distribution Rate on Closing Market Price as of June 30, 2021 ($15.59)^(a)		6.46%
Current Monthly Distribution per Common Share^(b)		$ 0.0839
Current Annualized Distribution per Common Share^(b)		$ 1.0068
Leverage as of June 30, 2021^(c)		29%

^(a)

^(b)

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

^(c)

Market Price and Net Asset Value Per Share Summary


	06/30/21		12/31/20		Change			High		Low

Market Price	$	15.59	$	14.71		5.98	%	$	15.63	$	13.97
Net Asset Value		15.67		15.71		(0.25	)		15.79		15.06

Market Price and Net Asset Value History for the Past Five Years

LOGO


12		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Trust Summary as of June 30, 2021 (continued)		BlackRock Credit Allocation Income Trust (BTZ)

Performance and Portfolio Management Commentary

Returns for the period ended June 30, 2021 were as follows:


				Average Annual Total Returns
	6-month			1 Year			3 Years			5 Years
Trust at NAV^(a)(b)		2.56	%		15.41	%		11.23	%		8.64	%
Trust at Market Price^(a)(b)		8.98			26.48			16.56			10.80
Reference Benchmark^(c)		0.39			7.04			7.75			5.84
Bloomberg Barclays U.S. Credit Index^(d)		(1.28	)		2.99			7.42			4.63
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^(e)		3.61			15.34			7.42			7.47
Bloomberg Barclays USD Capital Securities Index^(f)		(0.19	)		5.31			8.88			6.33

^(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 narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

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

^(d)

This unmanaged index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets.

^(e)

^(f)

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

BTZ is presenting the Reference Benchmark to accompany trust performance. The Reference Benchmark is presented for informational purposes only, as the Trust is actively managed and does not seek to track or replicate the performance of the Reference Benchmark or any other index. The portfolio investments of the Trust may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Trust’s performance to differ materially from that of the Reference Benchmark. The Trust employs leverage as part of its investment strategy, which may change over time at the discretion of BlackRock Advisors, LLC (the “Manager”) as market and other conditions warrant. In contrast, the Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Trust outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to evaluate the Trust’s performance, such as the performance of the Trust relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.

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

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

What factors influenced performance?

Positive contributors to the Trust’s performance included exposure to U.S. high yield corporate bonds and collateralized loan obligations (“CLOs”). The Trust’s allocation to capital securities also aided performance. Finally, exposure to European high yield corporate bonds contributed to the Trust’s return.

Detractors from performance included exposure to emerging market debt, as rising U.S. Treasury yields weighed on the category. In a similar vein, the Trust’s exposure to duration (and corresponding interest rate sensitivity) detracted given the move higher in Treasury yields.

In addition to employing leverage, the Trust uses derivatives as part of its investment strategy, including forward contracts to manage foreign currency exposure of non-U.S. positions back to U.S. dollars and interest rate futures to adjust duration positioning tactically as needed. The use of derivatives over the period did not have a material impact on performance.

Describe recent portfolio activity.

Over the period, the Trust reduced exposure to U.S. investment grade corporate bonds, capital securities, and CLOs, while increasing exposure to U.S. high yield corporate bonds. The Trust’s use of leverage over the period had a positive impact on performance.

Describe portfolio positioning at period end.

At period end, the Trust was positioned for economic growth to be supported by continued easing of lockdowns and resumption of business activities, along with an awareness that valuations are full and a range of risks, including inflation, bear watching. With this backdrop, the Trust maintained core allocations to U.S. high yield and investment grade corporate bonds as well as capital securities, with exposure to CLOs and non-U.S. credit markets as well.


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


Trust Summary as of June 30, 2021 (continued)		BlackRock Credit Allocation Income Trust (BTZ)

Overview of the Trust’s Total Investments

PORTFOLIO ALLOCATION


Asset Type^(a)	06/30/21			12/31/20
Corporate Bonds		81	%		79	%
Preferred Securities		13			14
Asset-Backed Securities		4			5
Foreign Agency Obligations		1			1
Municipal Bonds		1			1
Other*		—	^(b)		—	^(b)

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(c)	06/30/21			12/31/20
AAA/Aaa^(d)		1	%		1	%
AA/Aa		2			2
A		10			10
BBB/Baa		48			50
BB/Ba		23			23
B		12			11
CCC/Caa		4			3
N/R		—	^(b)		—	^(b)

^(a)	Excludes short-term securities, options purchased and options written.

^(b)	Rounds to less than 1% of total investments.

^(c)

^(d)

*	Includes one or more investment categories that individually represents less than 1% of the Trust’s total investments. Please refer to the Schedule of Investments for details.


14		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Trust Summary as of June 30, 2021		BlackRock Floating Rate Income Trust (BGT)

Investment Objective

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

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

Trust Information


Symbol on New York Stock Exchange		BGT
Initial Offering Date		August 30, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2021 ($12.86)^(a)		6.04%
Current Monthly Distribution per Common Share^(b)		$0.0647
Current Annualized Distribution per Common Share^(b)		$0.7764
Leverage as of June 30, 2021^(c)		30%

^(a)

^(b)

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

^(c)

Represents bank overdraft and 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.

Market Price and Net Asset Value Per Share Summary


	06/30/21		12/31/20		Change			High		Low
Market Price	$	12.86	$	11.79		9.08	%	$	12.97	$	11.72
Net Asset Value		13.60		13.40		1.49			13.65		13.40

Market Price and Net Asset Value History for the Past Five Years

LOGO


T R U S T S U M M A R Y		15


Trust Summary as of June 30, 2021 (continued)		BlackRock Floating Rate Income Trust (BGT)

Performance and Portfolio Management Commentary

Returns for the period ended June 30, 2021 were as follows:


				Average Annual Total Returns
	6-month			1 Year			3 Years			5 Years
Trust at NAV^(a)(b)		4.11	%		15.77	%		5.36	%		5.70	%
Trust at Market Price^(a)(b)		11.89			25.52			6.56			6.26
S&P/LSTA Leveraged Loan Index^(c)		3.28			11.65			4.39			4.99

^(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 narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

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

BGT is presenting the Reference Benchmark to accompany trust performance. The Reference Benchmark is presented for informational purposes only, as the Trust is actively managed and does not seek to track or replicate the performance of the Reference Benchmark or any other index. The portfolio investments of the Trust may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Trust’s performance to differ materially from that of the Reference Benchmark. The Trust employs leverage as part of its investment strategy, which may change over time at the discretion of BlackRock Advisors, LLC (the “Manager”) as market and other conditions warrant. In contrast, the Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Trust outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to evaluate the Trust’s performance, such as the performance of the Trust relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.

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

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

What factors influenced performance?

Floating rate loan interest (“bank loans”)performed well in the first half of the period. In addition to benefiting from the tailwind of improving economic growth, concerns that the Fed may need to begin raising interest rates led to higher demand for floating rate assets.

From an asset allocation perspective, the Trust’s core exposure to bank loans and tactical allocations to high yield bonds, equities and investment-grade corporate bonds contributed to performance. From a sector perspective, the largest contributors included technology, airlines and health care. With respect to credit tiers, the Trust’s positions in B rated debt made the largest contribution to absolute returns, followed by CCCs and BBs. There were no significant detractors from absolute performance given the positive performance for the bank loan market.

Describe recent portfolio activity.

The investment adviser marginally reduced the Trust’s allocation to investment-grade bonds in favor of bank loans due to supportive supply-and-demand conditions and attractive relative values. The investment adviser’s credit rating views remained consistent over the past several quarters, with a focus on avoiding the more volatile stressed CCC category. The investment adviser tactically managed the Trust’s sector positioning, although it placed a greater focus on individual security selection later in the period. The Trust continued to use liquid, index-based derivatives in the loan and high-yield markets inorder to manage its positioning.

Describe portfolio positioning at period end.

The Trust remained predominately invested in bank loans, with the rest of the portfolio primarily invested in high yield bonds. By credit rating, B rated loans were the Trust’s largest position, and it had a much smaller weightings in the higher-risk CCC rated segment. Within the single B category, the investment adviser remained focused on higher-quality B+ and B rated debt, with less of an emphasis on securities rated B-.

The investment adviser’s core sector views stayed largely intact. Some of the Trust’s top sector positions were technology companies, particularly in the enterprise software area. Health care, consumer cyclical services and building materials were also areas where the investment adviser identified compelling risk-reward opportunities. The investment adviser maintained a lower allocation to energy and the consumer cyclical sectors, such as retailers and leisure, on the belief that these market segments continued to face significant headwinds.

The Trust had a bias toward larger loan tranches of $1 billion and above. The investment adviser maintained a preference for loan/bond capital structures over the loan-only segment. The securities that Trust did own in the latter category were typically transactions of $1 billion or more. The Trust remained underweight in the 2017 and 2018 vintages, arguably a period with more aggressive lending standards and weaker protections for loan holders.


16		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Trust Summary as of June 30, 2021 (continued)		BlackRock Floating Rate Income Trust (BGT)

Overview of the Trust’s Total Investments

PORTFOLIO ALLOCATION


Asset Type^(a)	06/30/21			12/31/20
Floating Rate Loan Interests		96	%		93	%
Corporate Bonds		2			5
Investment Companies		2			2
Other*		—	^(b)		—	^(b)

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(c)	06/30/21			12/31/20
AAA/Aaa		—	%^(b)		—	%
AA/Aa		—	^(b)		—
A		—	^(b)		—
BBB/Baa		4			6
BB/Ba		19			19
B		67			67
CCC/Caa		7			6
N/R^(d)		3			2

^(a)

Excludes short-term securities.

^(b)

Rounds to less than 1% of total investments.

^(c)

^(d)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2020, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Trust’s total investments.

Includes one or more investment categories that individually represents less than 1% 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 (unaudited)

June 30, 2021

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%), 2.59%, 04/20/30	USD	500	$	498,947
Series 2019-4A, Class DR, (3 mo. LIBOR US + 3.65%), 3.84%, 04/20/30		600		600,339
AGL CLO Ltd., Series 2020-3A, Class D, (3 mo. LIBOR US + 3.30%), 3.48%, 01/15/33^(a)(b)		250		250,067
Anchorage Capital CLO Ltd.^(a)(b)
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.65%), 1.84%, 10/13/30		380		379,066
Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.20%), 3.39%, 10/13/30		720		719,994
Series 2016-8A, Class DR, (3 mo. LIBOR US + 3.00%), 3.18%, 07/28/28		1,000		1,001,190
Apidos CLO XXII, 2015-22A, (3 mo. LIBOR US + 2.95%), 3.14%, 04/20/31^(a)(b)		250		250,012
Apidos CLO XXVI, Series 2017-26A, Class A2, (3 mo. LIBOR US + 1.70%), 1.89%, 07/18/29^(a)(b)		250		250,034
ASSURANT CLO I Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.10%), 2.29%, 10/20/29^(a)(b)		500		499,208
Ballyrock CLO Ltd.^(a)(b)
Series 2016-1A, Class DR2, (3 mo. LIBOR US + 3.15%), 3.33%, 10/15/28		250		249,998
Series 2020-1A, Class C, (3 mo. LIBOR US + 4.50%), 4.69%, 07/20/30		500		500,590
Battalion CLO VII Ltd., Series 2014-7A, Class CRR, (3 mo. LIBOR US + 2.93%), 3.12%, 07/17/28^(a)(b)		500		499,995
Beechwood Park CLO Ltd., Series 2019-1A, Class B2A, (3 mo. LIBOR US + 1.75%), 1.94%, 01/17/33^(a)(b)		500		498,409
BlueMountain CLO XXVI Ltd.^(a)(b)
Series 2019-26A, Class D1, (3 mo. LIBOR US + 4.25%), 4.44%, 10/20/32		250		251,710
Series 2019-26A, Class E, (3 mo. LIBOR US + 7.70%), 7.89%, 10/20/32		250		251,102
Buttermilk Park CLO Ltd., (3 mo. LIBOR US + 3.10%), 3.28%, 10/15/31^(a)(b)		250		249,387
Canyon Capital CLO Ltd.^(a)(b)
Series 2016-1A, Class CR, (3 mo. LIBOR US + 1.90%), 2.08%, 07/15/31		250		248,834
Series 2021-2A, Class D, (3 mo. LIBOR US + 3.35%), 3.51%, 04/15/34		500		500,878
Carlyle Global Market Strategies CLO Ltd.,
Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.35%), 3.50%, 08/14/30^(a)(b)		1,000		986,699
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 3.39%, 04/20/32^(a)(b)(c)		500		501,950
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.63%, 07/20/32^(a)(b)		500		502,993
CarVal CLO Ltd., Series 2018-1A, Class E, (3 mo. LIBOR US + 5.77%), 5.95%, 07/16/31^(a)(b)		500		486,086
CBAM Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.40%), 2.59%, 07/20/30^(a)(b)		350		350,044
Cifc Funding Ltd., Series 2014-4RA, Class A1A, (3 mo. LIBOR US + 1.13%), 1.32%, 10/17/30^(a)(b)		1,000		999,799
CIFC Funding Ltd.^(a)(b)
Series 2014-2RA, Class B1, (3 mo. LIBOR US + 2.80%), 2.98%, 04/24/30		750		747,626


Security	Par (000)		Value

Asset-Backed Securities (continued)
CIFC Funding Ltd.^(a)(b)(continued)
Series 2014-3A, Class BR2, (3 mo. LIBOR US + 1.80%), 1.98%, 10/22/31	USD	250	$	249,989
Series 2015-1A, Class ARR, (3 mo. LIBOR US + 1.11%), 1.29%, 01/22/31		1,000		1,000,478
Series 2015-5A, Class A1R, (3 mo. LIBOR US + 0.86%), 1.04%, 10/25/27		843		839,751
Series 2020-1A, Class D, (3 mo. LIBOR US + 4.00%), 4.18%, 07/15/32		500		500,446
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01%, 02/15/29^(b)		2,000		2,034,528
Crown City CLO I, Series 2020-1A, Class C, (3 mo. LIBOR US + 4.62%), 4.81%, 07/20/30^(a)(b)		250		250,270
Cumberland Park CLO Ltd., Series 2015-2A, Class DR, (3 mo. LIBOR US + 2.70%), 2.89%, 07/20/28^(a)(b)		250		250,338
Dryden 50 Senior Loan Fund, Series 2017-50A, Class B, (3 mo. LIBOR US + 1.65%), 1.83%, 07/15/30^(a)(b)		250		250,092
Dryden 64 CLO Ltd., Series 2018-64A, Class D, (3 mo. LIBOR US + 2.65%), 2.84%, 04/18/31^(a)(b)		1,250		1,227,147
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class B1LR, (3 mo. LIBOR US + 3.15%), 3.31%, 08/15/30^(a)(b)		1,000		1,000,349
Eaton Vance Clo Ltd., Series 2015-1A, Class A2R, (3 mo. LIBOR US + 1.25%), 1.44%, 01/20/30^(a)(b)		1,000		999,570
EDvestinU Private Education Loan Issue No 3 LLC, Series 2021-A, Class B, 3.50%, 11/25/50^(b)		110		111,510
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.18%, 10/15/32^(a)(b)		1,500		1,501,933
Elmwood CLO V Ltd.^(a)(b)
Series 2020-2A, Class C, (3 mo. LIBOR US + 2.75%), 2.93%, 07/24/31		500		500,351
Series 2020-2A, Class CR, (3 mo. LIBOR US + 2.00%), 3.03%, 10/20/34^(d)		436		436,000
Fairstone Financial Issuance Trust I, Series 2020-1A, Class C, 5.16%, 10/20/39^(b)	CAD	170		136,225
Galaxy XX CLO Ltd., Series 2015-20A, Class CR, (3 mo. LIBOR US + 1.75%), 1.94%, 04/20/31^(a)(b)	USD	250		249,358
Galaxy XXIX CLO Ltd., Series 2018-29A, Class D, (3 mo. LIBOR US + 2.40%), 2.56%, 11/15/26^(a)(b)		805		804,288
Goldentree Loan Management US Clo 3 Ltd., Series 2018-3A, Class B1, (3 mo. LIBOR US + 1.55%), 1.74%, 04/20/30^(a)(b)		250		249,364
GoldenTree Loan Opportunities IX Ltd., Series 2014- 9A, Class BR2, (3 mo. LIBOR US + 1.60%), 1.78%, 10/29/29^(a)(b)		1,500		1,500,121
Grippen Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 3.30%), 3.49%, 01/20/30^(a)(b)		250		250,076
Highbridge Loan Management, Series 3A-2014, Class CR, (3 mo. LIBOR US + 3.60%), 3.79%, 07/18/29^(a)(b)		1,000		992,527
Kayne CLO III Ltd., Series 2019-3A, Class DR, (3 mo. LIBOR US + 2.75%), 2.86%, 04/15/32^(a)(b)(c)		400		400,040
Lending Funding Trust, Series 2020-2A, Class C, 4.30%, 04/21/31^(b)		240		251,875
Litigation Fee Residual Funding Trust, 4.00%, 10/30/27^(c)		1,308		1,287,942


18		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A4, (1 mo. LIBOR US + 0.24%), 0.33%, 09/25/36^(a)	USD		6,761	$	2,736,397
Madison Park Funding X Ltd., Series 2012-10A, Class ER2, (3 mo. LIBOR US + 6.40%), 6.59%, 01/20/29^(a)(b)			250		249,762
Madison Park Funding XXIII Ltd., Series 2017-23A, Class CR, (3 mo. LIBOR US + 2.00%), 2.16%, 07/27/31^(a)(b)(c)			600		600,000
Madison Park Funding XXV Ltd., Series 2017-25A, Class A2R, (3 mo. LIBOR US + 1.65%), 1.74%, 04/25/29^(a)(b)(c)			250		250,450
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, (3 mo. LIBOR US + 1.90%), 2.03%, 07/17/34^(a)(b)(c)			250		249,378
Marble Point CLO XVII Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 3.75%), 3.94%, 04/20/33^(a)(b)			250		250,527
Marble Point CLO XVIII Ltd., Series 2020-2A, Class D1, (3 mo. LIBOR US + 3.78%), 3.96%, 10/15/31^(a)(b)			500		501,484
Mariner Finance Issuance Trust^(b)
Series 2021-AA, Class C, 2.96%, 03/20/36			190		192,452
Series 2021-AA, Class D, 3.83%, 03/20/36			180		185,398
Navient Private Education Refi Loan Trust^(b)(c)
Series 2021-DA, Class C, 3.48%, 04/15/60			770		770,000
Series 2021-DA, Class D, 4.00%, 04/15/60			440		427,694
Nelnet Student Loan Trust^(b)
Series 2021-A, Class D, 4.93%, 04/20/62			460		463,297
Series 2021-BA, Class B, 2.68%, 04/20/62			1,983		1,981,414
Neuberger Berman CLO XV, Series 2013-15A, Class DR, (3 mo. LIBOR US + 3.05%), 3.23%, 10/15/29^(a)(b)			1,000		1,000,097
Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class BR, (3 mo. LIBOR US + 1.65%), 1.78%, 10/17/30^(a)(b)			250		250,007
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3 mo. LIBOR US + 1.80%), 1.89%, 07/20/31^(a)(b)(c)			1,162		1,162,500
OCP CLO Ltd.^(a)(b)
Series 2015-9A, Class BR, (3 mo. LIBOR US + 1.75%), 1.93%, 07/15/27			250		249,088
Series 2017-13A, Class A1A, (3 mo. LIBOR US + 1.26%), 1.44%, 07/15/30			1,000		1,000,138
Series 2020-19A, Class C, (3 mo. LIBOR US + 2.95%), 3.14%, 07/20/31			250		250,183
Series 2020-19A, Class D, (3 mo. LIBOR US + 4.47%), 4.66%, 07/20/31			250		251,040
Octagon Investment Partners 48 Ltd.^(a)(b)
Series 2020-3A, Class C, (3 mo. LIBOR US + 2.55%), 2.74%, 10/20/31			1,250		1,252,265
Series 2020-3A, Class D, (3 mo. LIBOR US + 4.00%), 4.19%, 10/20/31			250		250,905
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 2.75%), 2.93%, 01/22/30^(a)(b)			500		497,523
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 7.34%, 01/21/30^(a)(b)			595		597,319
OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 05/14/32^(b)			2,000		2,086,507


Security		Par (000)		Value

Asset-Backed Securities (continued)
OZLM VIII Ltd., Series 2014-8A, Class CRR, (3 mo. LIBOR US + 3.15%), 3.34%, 10/17/29^(a)(b)	USD		875	$	860,166
OZLM XIV Ltd., Series 2015-14A, Class CR, (3 mo. LIBOR US + 3.00%), 3.18%, 01/15/29^(a)(b)			1,000		993,365
OZLM XXI Ltd., Series 2017-21A, Class C, (3 mo. LIBOR US + 2.67%), 2.86%, 01/20/31^(a)(b)			1,000		970,837
Palmer Square CLO Ltd.^(a)(b)
Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 2.94%, 07/20/30			250		249,156
Series 2018-3A, Class B, (3 mo. LIBOR US + 1.90%), 2.06%, 08/15/26			500		500,096
Palmer Square Loan Funding Ltd.^(a)(b)
Series 2018-5A, Class D, (3 mo. LIBOR US + 4.25%), 4.44%, 01/20/27			1,000		997,333
Series 2019-2A, Class B, (3 mo. LIBOR US + 2.25%), 2.44%, 04/20/27			1,000		1,000,287
Series 2019-3A, Class B, (3 mo. LIBOR US + 2.10%), 2.26%, 08/20/27			1,750		1,750,866
Series 2019-3A, Class C, (3 mo. LIBOR US + 3.40%), 3.56%, 08/20/27			750		750,590
Series 2019-4A, Class C, (3 mo. LIBOR US + 3.25%), 3.43%, 10/24/27			250		250,076
Series 2020-1A, Class C, (3 mo. LIBOR US + 2.50%), 2.66%, 02/20/28			250		250,596
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class DR, (3 mo. LIBOR US + 6.81%), 6.96%, 02/14/34^(a)(b)			1,300		1,267,011
PPM CLO 2 Ltd., Series 2019-2A, Class DR, (3 mo. LIBOR US + 3.40%), 3.58%, 04/16/32^(a)(b)			250		249,997
Regatta XI Funding Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.85%), 3.04%, 07/17/31^(a)(b)			370		367,277
Republic Finance Issuance Trust, Series 2020-A, Class C, 4.05%, 11/20/30^(b)			240		247,253
Romark CLO III Ltd., Series 2019-3A, Class C, (3 mo. LIBOR US + 3.90%), 4.08%, 07/15/32^(a)(b)			250		250,323
Romark CLO Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 2.15%), 2.32%, 10/23/30^(a)(b)			500		499,264
Shackleton 63942CAC6CLO Ltd., Series 2015-7RA, Class C, (3 mo. LIBOR US + 2.35%), 2.53%, 07/15/31^(a)(b)			250		249,988
SLM Private Education Loan Trust, Series 2014-A, Class B, 3.50%, 11/15/44^(b)			500		501,209
SMB Private Education Loan Trust^(b)(c)
Series 2021-C, Class C, 3.00%, 01/15/53			190		190,000
Series 2021-C, Class D, 3.93%, 01/15/53			160		160,000
Sterling Coofs Trust^(b)(c)
Series 2004-1, Class A, 2.36%, 04/15/29			1,266		12,657
Series 2004-2, Class Note, 2.08%, 03/30/30			1,166		11,661
Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A2, 3.45%, 02/25/32			156		149,798
TCW CLO Ltd., Series 2020-1A, Class DRR, (3 mo. LIBOR US + 3.40%), 3.59%, 04/20/34^(a)(b)(c)			250		249,989
TICP CLO IX Ltd., Series 2017-9A, Class D, (3 mo. LIBOR US + 2.90%), 3.09%, 01/20/31^(a)(b)			250		249,997
TICP CLO V Ltd., Series 2016-5A, Class ER, (3 mo. LIBOR US + 5.75%), 5.94%, 07/17/31^(a)(b)			537		521,272
TICP CLO VIII Ltd., (3 mo. LIBOR US + 2.15%), 2.34%, 10/20/30^(a)(b)			500		500,051
TICP CLO X Ltd., Series 2018-10A, Class E, (3 mo. LIBOR US + 5.50%), 5.69%, 04/20/31^(a)(b)			250		245,404


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
TRESTLES CLO II Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 3.10%, 04/25/32^(a)(b)	USD		250	$	249,036
TRESTLES CLO Ltd., Series 2017-1A, Class B1R, (3 mo. LIBOR US + 1.75%), 1.95%, 04/25/32^(a)(b)			1,750		1,745,545
Trimaran CAVU Ltd., Series 2019-2A, Class C, (3 mo. LIBOR US + 4.72%), 4.91%, 11/26/32^(a)(b)			500		503,693
Trinitas CLO XI Ltd., Series 2019-11A, Class C, (3 mo. LIBOR US + 3.15%), 3.33%, 07/15/32^(a)(b)			500		501,520
Unique Pub Finance Co. PLC
Series M, 7.40%, 03/28/24	GBP		2,774		4,050,564
Series N, 6.46%, 03/30/32			100		167,378
Voya CLO Ltd.^(a)(b)
Series 2018-2A, Class A2, (3 mo. LIBOR US + 1.25%), 1.43%, 07/15/31	USD		1,000		996,029
Series 2019-3A, Class C, (3 mo. LIBOR US + 2.60%), 2.79%, 10/17/32			1,500		1,502,268
Whitebox Clo I Ltd., Series 2019-1A, Class C, (3 mo. LIBOR US + 4.35%), 4.53%, 07/24/32^(a)(b)			500		500,471
York CLO 1 Ltd., Series 2014-1A, Class CRR, (3 mo. LIBOR US + 2.10%), 2.28%, 10/22/29^(a)(b)			250		249,737
York Clo Ltd., Series 2016-2A, Class DR, (3 mo. LIBOR US + 3.15%), 3.34%, 04/20/32^(a)(b)			1,500		1,500,071
York Clo-3 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 3.79%, 10/20/29^(a)(b)			1,750		1,751,556


Total Asset-Backed Securities — 8.7% (Cost: $75,128,737)					75,469,737


		Shares

Common Stocks

Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.^(c)			542		8,021


Oil, Gas & Consumable Fuels — 0.0%
Extraction Oil & Gas, Inc., (Acquired 03/05/21, Cost: $32,643)^(e)			2,622		143,374
SM Energy Co.			5,506		135,613


					278,987


Total Common Stocks — 0.0% (Cost: $63,505)					287,008


		Par (000)

Corporate Bonds

Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 5.40%, 10/01/48	USD		500		668,452


Aerospace & Defense — 1.7%
Amsted Industries, Inc., 5.63%, 07/01/27^(b)			30		31,613
Bombardier, Inc.^(b)
6.00%, 10/15/22^(f)			3		3,004
7.50%, 12/01/24			126		131,670
7.50%, 03/15/25			25		25,709
7.13%, 06/15/26			432		452,304
7.88%, 04/15/27			237		245,887
7.45%, 05/01/34			100		107,000


Security		Par (000)		Value

Aerospace & Defense (continued)
Eaton Corp., 4.15%, 11/02/42	USD		500	$	596,297
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26^(b)			200		206,000
General Electric Co.
6.15%, 08/07/37			2,150		2,990,957
6.88%, 01/10/39			18		26,929
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25^(b)			371		388,159
Lockheed Martin Corp., 4.09%, 09/15/52			1,410		1,763,575
Raytheon Technologies Corp., 6.13%, 07/15/38			1,450		2,068,017
Rolls-Royce PLC, 5.75%, 10/15/27^(b)			400		440,596
Smiths Group PLC, 3.63%, 10/12/22^(b)			360		374,097
Spirit AeroSystems, Inc., 5.50%, 01/15/25^(b)			121		128,563
TransDigm, Inc.
8.00%, 12/15/25^(b)			468		505,674
6.25%, 03/15/26^(b)			2,917		3,077,435
6.38%, 06/15/26			60		62,158
7.50%, 03/15/27			71		75,526
4.63%, 01/15/29^(b)			184		184,064
4.88%, 05/01/29^(b)			203		204,928
Triumph Group, Inc., 8.88%, 06/01/24^(b)			575		639,687


					14,729,849

Airlines — 1.3%
American Airlines Pass-Through Trust
Series 2013-2, Class A, 4.95%, 07/15/24			1,989		2,018,316
Series 2015-2, Class A, 4.00%, 03/22/29			1,145		1,125,003
Series 2015-2, Class AA, 3.60%, 03/22/29			1,145		1,184,128
American Airlines, Inc., 11.75%, 07/15/25^(b)			159		199,545
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)5.50%, 04/20/26			508		537,845
5.75%, 04/20/29			539		583,253
Avianca Holdings SA, (3 mo. LIBOR US + 10.50% Cash or 3 mo. LIBOR US + 12.00% PIK), 12.15%, 11/10/21^(b)(g)			91		91,099
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28^(b)			92		102,282
Gol Finance SA, 7.00%, 01/31/25^(b)			200		191,400
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(b)			168		180,367
Latam Finance Ltd., 6.88%, 04/11/24^(b)(h)(i)			257		239,010
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)			680		748,680
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 10/15/27			400		443,492
Series 2020-1, Class B, 4.88%, 07/15/27			34		36,018
Series A, Class A, 4.30%, 02/15/27			2,711		2,867,764
United Airlines, Inc.^(b)
4.38%, 04/15/26			310		320,906
4.63%, 04/15/29			281		290,835


					11,159,943

Auto Components — 0.5%
Aptiv PLC, 4.40%, 10/01/46			465		538,903
Clarios Global LP, 6.75%, 05/15/25^(b)			154		164,007
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26	EUR		100		122,652
6.25%, 05/15/26^(b)	USD		659		702,039
8.50%, 05/15/27^(b)			1,534		1,672,367


20		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Auto Components (continued)
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)		USD	227	$	244,593
Goodyear Tire & Rubber Co.
5.00%, 07/15/29^(b)			88		92,136
5.25%, 07/15/31^(b)			260		271,700
5.63%, 04/30/33			217		228,870
ZF Finance GmbH, 3.75%, 09/21/28		EUR	100		129,768


					4,167,035

Automobiles — 1.1%
Allison Transmission, Inc.^(b)
5.88%, 06/01/29		USD	139		152,205
3.75%, 01/30/31			190		186,745
Asbury Automotive Group, Inc. 4.50%, 03/01/28			18		18,495
4.75%, 03/01/30			84		87,780
Carvana Co., 5.50%, 04/15/27^(b)			197		203,448
Ford Motor Co. 0.00%, 03/15/26^(b)(j)(k)			150		165,844
4.35%, 12/08/26			7		7,499
4.75%, 01/15/43			2,000		2,125,000
5.29%, 12/08/46			19		21,221
Ford Motor Credit Co. LLC 4.69%, 06/09/25			200		216,500
4.13%, 08/04/25			279		298,178
4.39%, 01/08/26			200		216,000
3.82%, 11/02/27			200		208,324
2.90%, 02/16/28			200		199,052
General Motors Co., 6.25%, 10/02/43			2,506		3,459,516
General Motors Financial Co., Inc., 4.25%, 05/15/23			807		857,681
Group 1 Automotive, Inc., 4.00%, 08/15/28^(b)			30		30,525
Ken Garff Automotive LLC, 4.88%, 09/15/28^(b)			82		83,640
LCM Investments Holdings II LLC, 4.88%, 05/01/29^(b)			149		152,725
Lithia Motors, Inc., 3.88%, 06/01/29^(b)			89		92,253
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(b)			70		69,825
Navistar International Corp., 6.63%, 11/01/25^(b)			174		179,765
Penske Automotive Group, Inc. 3.50%, 09/01/25			45		46,611
3.75%, 06/15/29			46		46,287
Wabash National Corp., 5.50%, 10/01/25^(b)			176		179,520


					9,304,639

Banks — 1.8%
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25		EUR	100		120,227
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%^(a)(l)		USD	2,200		2,376,000
Bancolombia SA, (5 year CMT + 2.94%), 4.63%, 12/18/29^(a)			200		202,663
Bangkok Bank PCL^(a)
(5 year CMT + 1.90%), 3.73%, 09/25/34			288		298,674
(5 year CMT + 4.73%), 5.00%^(l)			400		421,950
Bank Leumi Le-Israel BM, (5 year CMT + 1.63%), 3.28%, 01/29/31^(a)(b)			281		288,264
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26			252		256,989
Bank of Communications Co. Ltd., (5 year CMT + 3.35%), 3.80%^(a)(l)			518		537,198
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%^(a)(l)			250		269,109


Security	Par (000)			Value

Banks (continued)
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25		USD	200	$	204,600
Cooperatieve Rabobank UA, 3.95%, 11/09/22			1,500		1,570,266
Intesa Sanpaolo SpA
5.02%, 06/26/24^(b)			3,151		3,428,801
(5 year EUR Swap + 5.75%), 5.88%, 03/04/29^(a)		EUR	100		133,068
Itau Unibanco Holding SA/Cayman Island, 5.13%, 05/13/23^(b)		USD	200		211,288
Krung Thai Bank PCL/Cayman Islands, (5 year CMT + 3.53%), 4.40%^(a)(l)			252		255,386
Santander UK Group Holdings PLC, 2.88%, 08/05/21			1,250		1,252,886
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33^(a)(b)			500		554,586
Wells Fargo & Co.
3.90%, 05/01/45			2,250		2,637,683
(5 year CMT + 3.45%), 3.90%^(a)(l)			245		253,649


					15,273,287

Beverages — 1.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(m)			4,600		5,822,450
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(b)(g)			701		736,050
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29^(b)			606		600,894
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27^(b)			442		450,840
Ball Corp., 5.25%, 07/01/25			12		13,545
Central American Bottling Corp., 5.75%, 01/31/27^(b)			222		230,991
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			23		28,175
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24^(b)			431		435,310
Silgan Holdings, Inc., 4.13%, 02/01/28			7		7,262
Trivium Packaging Finance BV^(b)5.50%, 08/15/26			428		449,700
8.50%, 08/15/27			738		802,354


					9,577,571

Biotechnology — 0.2%
Baxalta, Inc., 5.25%, 06/23/45			500		662,331
Emergent BioSolutions, Inc., 3.88%, 08/15/28^(b)			51		49,956
Gilead Sciences, Inc., 4.80%, 04/01/44			1,000		1,264,171


					1,976,458

Building Materials — 0.3%
APi Group DE, Inc., 4.13%, 07/15/29^(b)			89		88,500
Cornerstone Building Brands, Inc., 6.13%, 01/15/29^(b)			359		385,027
CP Atlas Buyer, Inc., 7.00%, 12/01/28^(b)			180		186,525
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25^(b)			232		249,980
Griffon Corp., 5.75%, 03/01/28			59		62,688
Jeld-Wen, Inc.^(b)6.25%, 05/15/25			98		104,518
4.63%, 12/15/25			37		37,694
4.88%, 12/15/27			11		11,431
Masonite International Corp.^(b)5.75%, 09/15/26			52		53,820
5.38%, 02/01/28			17		18,015


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Building Materials (continued)
Patrick Industries, Inc., 4.75%, 05/01/29^(b)		USD	43	$	42,731
SRM Escrow Issuer LLC, 6.00%, 11/01/28^(b)			327		346,620
Standard Industries, Inc.^(b)4.75%, 01/15/28			54		56,522
4.38%, 07/15/30			249		256,781
3.38%, 01/15/31			38		36,374
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(b)			117		124,304
Victors Merger Corp., 6.38%, 05/15/29^(b)			133		133,998


					2,195,528

Building Products — 0.6%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27^(b)			248		257,429
BCPE Ulysses Intermediate, Inc., (7.75% Cash or 8.50% PIK), 7.75%, 04/01/27^(b)(g)			92		94,300
Beacon Roofing Supply, Inc., 4.13%, 05/15/29^(b)			68		67,826
Foundation Building Materials, Inc., 6.00%, 03/01/29^(b)			131		129,690
GYP Holdings III Corp., 4.63%, 05/01/29^(b)			159		159,596
Home Depot, Inc., 5.88%, 12/16/36			1,660		2,371,492
LBM Acquisition LLC, 6.25%, 01/15/29^(b)(d)			326		328,510
Lowe’s Cos., Inc., 4.38%, 09/15/45			1,000		1,196,900
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26^(b)			218		228,293
SRS Distribution, Inc., 6.13%, 07/01/29^(b)			233		239,783
White Cap Buyer LLC, 6.88%, 10/15/28^(b)			277		296,459
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26^(b)(g)			142		146,922


					5,517,200

Capital Markets — 2.3%
Blackstone CQP Holdco LP, 5.50%, 05/24/31			250		260,497
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%^(a)(l)			5,195		5,314,485
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)			172		178,880
FMR LLC, 4.95%, 02/01/33^(b)			2,300		2,887,795
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			112		117,040
6.25%, 05/15/26			57		60,477
5.25%, 05/15/27			187		193,076
5.25%, 05/15/27^(b)			176		181,720
4.38%, 02/01/29^(b)			134		133,330
Intercorp Peru Ltd., 3.88%, 08/15/29^(b)			200		192,600
NFP Corp.^(b)4.88%, 08/15/28			183		185,954
6.88%, 08/15/28			324		341,078
Northern Trust Corp., 3.95%, 10/30/25^(m)			8,000		9,014,580
Raymond James Financial, Inc., 4.95%, 07/15/46			400		516,963
RP Escrow Issuer LLC, 5.25%, 12/15/25^(b)			104		108,550


					19,687,025

Chemicals — 0.5%
Air Liquide Finance SA, 3.50%, 09/27/46^(b)			360		409,278
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)			198		193,545
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81^(a)(b)			219		255,039
Element Solutions, Inc., 3.88%, 09/01/28^(b)			611		623,403
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(b)			101		103,884


Security		Par (000)		Value

Chemicals (continued)
HB Fuller Co., 4.25%, 10/15/28	USD		66	$	68,213
Herens Holdco Sarl, 4.75%, 05/15/28^(b)			200		199,000
Herens Midco Sarl, 5.25%, 05/15/29	EUR		100		116,042
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)	USD		226		251,995
Ingevity Corp., 3.88%, 11/01/28^(b)			57		56,572
Minerals Technologies, Inc., 5.00%, 07/01/28^(b)			114		118,526
Monitchem HoldCo 3 SA, 5.25%, 03/15/25	EUR		100		122,135
NOVA Chemicals Corp., 4.88%, 06/01/24^(b)	USD		41		43,255
Orbia Advance Corp. SAB de CV ^(b)4.00%, 10/04/27			200		219,100
5.50%, 01/15/48			200		234,375
PQ Corp., 5.75%, 12/15/25^(b)			309		317,111
SCIH Salt Holdings, Inc.^(b)4.88%, 05/01/28			215		214,974
6.63%, 05/01/29			121		121,302
Scotts Miracle-Gro Co., 4.00%, 04/01/31^(b)			177		176,448
Sherwin-Williams Co., 4.50%, 06/01/47			350		437,783
Valvoline, Inc., 3.63%, 06/15/31^(b)			1		1,000
WESCO Distribution, Inc.^(b)7.13%, 06/15/25			117		126,442
7.25%, 06/15/28			252		280,690
WR Grace & Co-Conn, 5.63%, 10/01/24^(b)			21		23,213


					4,713,325

Commercial Services & Supplies — 0.2%
ADT Security Corp., 4.88%, 07/15/32^(b)			191		201,264
APX Group, Inc. 7.88%, 12/01/22			80		80,300
8.50%, 11/01/24			82		85,690
ASGN, Inc., 4.63%, 05/15/28^(b)			62		64,943
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29^(b)			71		73,929
Fortress Transportation & Infrastructure Investors LLC^(b)6.50%, 10/01/25			50		51,938
5.50%, 05/01/28			210		218,663
Herc Holdings, Inc., 5.50%, 07/15/27^(b)			178		187,651
Intertrust Group BV, 3.38%, 11/15/25	EUR		100		120,947
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)	USD		145		142,803
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)			207		216,056
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)5.75%, 04/15/26			78		86,164
3.38%, 08/31/27			105		101,850
6.25%, 01/15/28			3		3,191
TMS International Corp., 6.25%, 04/15/29^(b)			73		76,650
United Rentals North America, Inc., 5.25%, 01/15/30			40		43,816


					1,755,855

Communications Equipment — 0.2%
Avaya, Inc., 6.13%, 09/15/28^(b)			445		476,284
CommScope Technologies LLC^(b)6.00%, 06/15/25			5		5,106
5.00%, 03/15/27			276		282,555
CommScope, Inc.^(b)5.50%, 03/01/24			120		123,450
8.25%, 03/01/27			130		138,944
7.13%, 07/01/28			130		140,888


22		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Communications Equipment (continued)
Nokia OYJ 4.38%, 06/12/27	USD		31	$	34,243
6.63%, 05/15/39			88		113,960
ViaSat, Inc., 6.50%, 07/15/28^(b)			216		230,355


					1,545,785

Construction & Engineering^(b)— 0.5%
ITR Concession Co. LLC, 4.20%, 07/15/25			4,000		4,306,150
SRS Distribution, Inc., 4.63%, 07/01/28			293		299,593


					4,605,743

Construction Materials^(b)— 0.2%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/28			75		76,853
3.88%, 11/15/29			93		92,419
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			74		75,783
Core & Main LP, 6.13%, 08/15/25			975		994,500
H&E Equipment Services, Inc., 3.88%, 12/15/28			61		60,024
IAA, Inc., 5.50%, 06/15/27			12		12,597
Picasso Finance Sub, Inc., 6.13%, 06/15/25			175		185,019
Williams Scotsman International, Inc., 4.63%, 08/15/28			162		167,297
Winnebago Industries, Inc., 6.25%, 07/15/28			92		99,130
Wolverine Escrow LLC 8.50%, 11/15/24			162		157,140
9.00%, 11/15/26			144		140,400


					2,061,162

Consumer Discretionary — 0.5%
Carnival Corp.^(b) 10.50%, 02/01/26			523		608,903
5.75%, 03/01/27			848		888,280
9.88%, 08/01/27			156		182,130
CoreLogic, Inc., 4.50%, 05/01/28^(b)			287		284,489
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26^(b)			94		97,995
Life Time, Inc.^(b)5.75%, 01/15/26			226		234,192
8.00%, 04/15/26			139		148,138
NCL Corp. Ltd., 5.88%, 03/15/26^(b)			159		166,552
NCL Finance Ltd., 6.13%, 03/15/28^(b)			414		433,851
Nielsen Finance LLC/Nielsen Finance Co.^(b)5.63%, 10/01/28			208		219,667
5.88%, 10/01/30			160		174,148
4.75%, 07/15/31			113		113,283
Royal Caribbean Cruises Ltd.^(b)10.88%, 06/01/23			61		69,464
9.13%, 06/15/23			103		113,043
11.50%, 06/01/25			137		157,892
5.50%, 04/01/28			397		415,778
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26	EUR		100		122,262
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(b)	USD		124		125,240


					4,555,307

Consumer Finance — 0.9%
Capital One Financial Corp., 4.75%, 07/15/21			1,935		1,938,127
Moody’s Corp., 4.50%, 09/01/22			1,800		1,868,316
MPH Acquisition Holdings LLC, 5.75%, 11/01/28^(b)			360		361,768


Security		Par (000)		Value

Consumer Finance (continued)
Muthoot Finance Ltd. 6.13%, 10/31/22^(b)	USD		247	$	255,768
4.40%, 09/02/23			400		410,700
Navient Corp. 7.25%, 09/25/23			46		50,773
6.13%, 03/25/24			67		72,310
5.88%, 10/25/24			39		42,071
5.00%, 03/15/27			58		60,015
OneMain Finance Corp. 7.13%, 03/15/26			49		57,071
3.50%, 01/15/27			206		207,545
6.63%, 01/15/28			141		161,637
5.38%, 11/15/29			36		39,159
Sabre GLBL, Inc.^(b)9.25%, 04/15/25			153		181,891
7.38%, 09/01/25			64		69,600
Shift4 Payments Inc., 0.00%, 12/15/25^(b)(j)(k)			236		318,152
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)			192		200,400
Square, Inc., 3.50%, 06/01/31^(b)			421		424,684
Verscend Escrow Corp., 9.75%, 08/15/26^(b)			1,279		1,347,746


					8,067,733

Containers & Packaging — 0.3%
Celulosa Arauco y Constitucion SA, 4.20%, 01/29/30			200		216,162
Graphic Packaging International LLC ^(b)4.75%, 07/15/27			53		57,260
3.50%, 03/15/28			11		11,083
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28^(b)			108		112,320
International Paper Co., 6.00%, 11/15/41			870		1,236,363
Intertape Polymer Group, Inc., 4.38%, 06/15/29^(b)			91		92,278
Klabin Austria GmbH, 3.20%, 01/12/31^(b)			200		196,710
LABL Escrow Issuer LLC^(b)6.75%, 07/15/26			166		177,077
10.50%, 07/15/27			234		257,985
Sealed Air Corp., 4.00%, 12/01/27^(b)			49		52,124
Suzano Austria GmbH 3.75%, 01/15/31			80		83,600
3.13%, 01/15/32			105		103,992


					2,596,954

Diversified Consumer Services — 0.6%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)
6.63%, 07/15/26			1,115		1,182,157
9.75%, 07/15/27			417		459,221
6.00%, 06/01/29			441		447,081
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28			1,041		1,043,144
Ascend Learning LLC, 6.88%, 08/01/25			461		468,701
Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)			200		203,000
Clarivate Science Holdings Corp.^(b)3.88%, 06/30/28			253		255,305
4.88%, 06/30/29			348		357,135
Garda World Security Corp.^(b)4.63%, 02/15/27			191		191,955
9.50%, 11/01/27			128		141,760


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Consumer Services (continued)
Graham Holdings Co., 5.75%, 06/01/26^(b)	USD		27	$	28,080
Rekeep SpA, 7.25%, 02/01/26.	EUR		100		127,622
Service Corp. International, 4.00%, 05/15/31	USD		242		247,003
Sotheby’s, 7.38%, 10/15/27^(b)			265		285,869


					5,438,033

Diversified Financial Services — 4.3%
Acuris Finance US, Inc./Acuris Finance SARL, 5.00%, 05/01/28^(b)			272		271,146
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		139,197
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(b)	USD		200		194,437
Bank of America Corp., 3.25%, 10/21/27^(m)			4,000		4,338,958
Barclays PLC, 3.65%, 03/16/25^(m)			4,320		4,677,610
BNP Paribas SA, (5 year CMT + 3.34%), 4.63%^(a)(b)(l)			2,000		2,082,040
Central Garden & Pet Co. 4.13%, 10/15/30			127		129,699
4.13%, 04/30/31^(b)			132		133,485
Citigroup, Inc.^(a)(l)
(5 year CMT + 3.42%), 3.88%			3,160		3,227,150
Series W, (5 year CMT + 3.60%), 4.00%			105		108,544
Credit Agricole SA, (5 year USD Swap + 4.90%), 7.88%^(a)(b)(l)			1,000		1,130,000
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25	GBP		100		144,002
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(b)(g)	USD		217		217,994
Goldman Sachs Group, Inc. 3.75%, 05/22/25^(m)			8,965		9,807,221
Series R, (5 year CMT + 3.22%), 4.95%^(a)(l)			465		497,020
HSBC Holdings PLC 6.10%, 01/14/42			610		888,666
(5 year CMT + 3.25%), 4.70%^(a)(l)			275		285,312
(5 year USD ICE Swap + 4.37%), 6.38%^(a)(l)			1,750		1,950,900
Intercontinental Exchange, Inc., 4.00%, 10/15/23			470		506,413
Intrum AB, 3.00%, 09/15/27	EUR		100		117,208
ION Trading Technologies Sarl, 5.75%, 05/15/28^(b)	USD		200		207,647
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(b)5.25%, 03/15/22			17		17,085
4.25%, 02/01/27			94		93,867
4.75%, 06/15/29			93		93,000
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%^(a)(l)			595		684,250
Manappuram Finance Ltd., 5.90%, 01/13/23			400		412,700
Morgan Stanley 4.00%, 07/23/25			905		1,006,591
3.13%, 07/27/26			2,000		2,166,955
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25^(b)			200		199,475
Shriram Transport Finance Co. Ltd. 5.95%, 10/24/22			200		204,610
5.10%, 07/16/23			489		495,357
Spectrum Brands, Inc.^(b)5.00%, 10/01/29			79		83,740
5.50%, 07/15/30			104		112,060
3.88%, 03/15/31			66		64,854


Security		Par (000)		Value

Diversified Financial Services (continued)
UBS Group AG, (5 year CMT + 3.31%), 4.38%^(a)(b)(l)	USD		200	$	204,340
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26^(b)			125		130,512


					37,024,045

Diversified Telecommunication Services — 4.1%
AT&T, Inc. 6.10%, 07/15/40			830		1,106,598
6.38%, 03/01/41			520		746,464
5.15%, 03/15/42			2,400		3,008,606
4.75%, 05/15/46			2,710		3,291,365
3.65%, 06/01/51			350		363,353
Axtel SAB de CV, 6.38%, 11/14/24^(b)			200		208,537
Cincinnati Bell, Inc.^(b)7.00%, 07/15/24			144		147,780
8.00%, 10/15/25			45		47,306
Consolidated Communications, Inc., 6.50%, 10/01/28^(b)			333		358,225
Level 3 Financing, Inc.^(b)4.25%, 07/01/28			152		154,244
3.75%, 07/15/29			171		166,297
Lumen Technologies, Inc. 5.13%, 12/15/26^(b)			426		442,507
4.50%, 01/15/29^(b)			247		241,060
5.38%, 06/15/29^(b)			300		304,315
Series P, 7.60%, 09/15/39			98		111,475
Series U, 7.65%, 03/15/42			225		252,562
Series W, 6.75%, 12/01/23			74		82,065
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25^(g)			163		167,173
SoftBank Group Corp., 5.00%, 04/15/28	EUR		100		132,643
Sprint Capital Corp. 6.88%, 11/15/28.	USD		928		1,190,160
8.75%, 03/15/32			480		729,600
Switch Ltd.^(b)3.75%, 09/15/28			234		236,925
4.13%, 06/15/29			151		154,964
Telecom Italia Capital SA 6.38%, 11/15/33			131		156,218
6.00%, 09/30/34			337		388,814
7.20%, 07/18/36			60		77,400
7.72%, 06/04/38			79		107,698
Telecom Italia SpA 3.00%, 09/30/25	EUR		100		126,814
1.63%, 01/18/29			100		116,536
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28^(b)	USD		237		236,407
Verizon Communications, Inc. 6.40%, 02/15/38			5,700		8,120,879
6.55%, 09/15/43^(m)			6,751		10,790,214
Zayo Group Holdings, Inc.^(b)4.00%, 03/01/27			629		624,672
6.13%, 03/01/28			848		866,020


					35,255,896

Education — 0.0%
Bright Scholar Education Holdings Ltd., 7.45%, 07/31/22			289		293,335


Electric Utilities — 3.3%
Cleveland Electric Illuminating Co., 5.95%, 12/15/36			434		551,712


24		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Electric Utilities (continued)
Duke Energy Carolinas LLC 6.10%, 06/01/37	USD		640	$	892,288
6.00%, 01/15/38			1,675		2,366,271
Duke Energy Florida LLC 6.35%, 09/15/37			2,775		4,087,933
6.40%, 06/15/38			770		1,136,927
E.ON International Finance BV, 6.65%, 04/30/38^(b)			3,100		4,512,804
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29^(b)			201		198,462
Energuate Trust, 5.88%, 05/03/27^(b)			201		209,203
FirstEnergy Corp. 2.65%, 03/01/30			17		16,932
Series B, 4.40%, 07/15/27			91		98,963
Series B, 2.25%, 09/01/30			14		13,423
Series C, 7.38%, 11/15/31			22		30,129
Series C, 5.35%, 07/15/47			342		410,400
Series C, 3.40%, 03/01/50			129		126,098
FirstEnergy Transmission LLC^(b)5.45%, 07/15/44			254		316,930
4.55%, 04/01/49			109		127,842
NextEra Energy Operating Partners LP, 4.25%, 09/15/24^(b)			3		3,165
Ohio Power Co., Series D, 6.60%, 03/01/33			3,000		4,120,981
PacifiCorp, 6.25%, 10/15/37			1,225		1,743,808
PG&E Corp., 5.25%, 07/01/30			157		158,492
Pike Corp., 5.50%, 09/01/28^(b)			113		117,520
Public Power Corp SA, 3.88%, 03/30/26	EUR		100		123,911
Southern California Edison Co., 5.63%, 02/01/36	USD		1,300		1,649,166
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37			3,920		5,448,396


					28,461,756

Electrical Equipment^(b)— 0.0%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			212		222,073
GrafTech Finance, Inc., 4.63%, 12/15/28			91		93,389


					315,462

Electronic Equipment, Instruments & Components — 0.3%
BWX Technologies, Inc., 4.13%, 06/30/28^(b)			169		172,169
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29			54		54,713
Corning, Inc., 4.38%, 11/15/57			2,000		2,383,005
Energizer Holdings, Inc.^(b)4.75%, 06/15/28			57		58,411
4.38%, 03/31/29			13		13,013
Imola Merger Corp., 4.75%, 05/15/29^(b)			187		192,376
Xerox Corp., 4.80%, 03/01/35			122		122,457


					2,996,144

Energy Equipment & Services — 0.3%
Anton Oilfield Services Group/Hong Kong, 7.50%, 12/02/22			200		196,975
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27			227		240,904
6.25%, 04/01/28			447		466,628
ChampionX Corp., 6.38%, 05/01/26			117		122,546
Halliburton Co., 5.00%, 11/15/45			500		609,177
Pioneer Energy Services Corp.^(b)(c)(g)
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25			214		215,603


Security		Par (000)		Value

Energy Equipment & Services (continued)
Pioneer Energy Services Corp.^(b)(c)(g)(continued)
(5.00% PIK), 5.00%, 11/15/25^(j)	USD		159	$	176,924
TechnipFMC PLC, 6.50%, 02/01/26^(b)			216		233,229
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			237		248,257
6.88%, 09/01/27			413		441,200


					2,951,443

Environmental, Maintenance, & Security Service — 0.2%
Clean Harbors, Inc., 5.13%, 07/15/29^(b)			109		118,538
Covanta Holding Corp., 5.00%, 09/01/30			93		97,650
GFL Environmental, Inc.^(b)
4.25%, 06/01/25			98		102,071
3.75%, 08/01/25			18		18,495
5.13%, 12/15/26			135		142,819
4.00%, 08/01/28			225		222,266
3.50%, 09/01/28			131		130,673
4.75%, 06/15/29			269		279,303
Stericycle, Inc., 3.88%, 01/15/29^(b)			108		107,787
Tervita Corp., 11.00%, 12/01/25^(b)			128		143,325
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)			318		328,255


					1,691,182

Equity Real Estate Investment Trusts (REITs) — 1.3%
Alexandria Real Estate Equities, Inc., 4.00%, 02/01/50			550		630,263
Crown Castle International Corp., 2.90%, 04/01/41			350		340,454
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28^(b)			110		112,323
ERP Operating LP, 4.50%, 06/01/45			1,155		1,442,033
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)			144		142,523
Healthpeak Properties, Inc., 4.00%, 06/01/25			2,000		2,205,877
Iron Mountain, Inc.^(b)
5.25%, 03/15/28			77		80,584
5.25%, 07/15/30			178		188,427
5.63%, 07/15/32			179		191,587
LMIRT Capital Pte Ltd., 7.25%, 06/19/24			250		260,362
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24			42		45,484
4.63%, 06/15/25^(b)			145		154,914
4.50%, 09/01/26			198		211,365
5.75%, 02/01/27			16		17,802
4.50%, 01/15/28			205		216,788
3.88%, 02/15/29^(b)			208		211,239
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27			28		29,683
4.63%, 08/01/29			376		402,493
3.50%, 03/15/31			610		616,094
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			304		312,223
4.50%, 02/15/29^(b)			4		4,003
RLJ Lodging Trust LP, 3.75%, 07/01/26^(b)			92		92,920
Simon Property Group LP, 4.75%, 03/15/42			1,670		2,059,549
Starwood Property Trust, Inc., 5.00%, 12/15/21			77		77,385
Trust Fibra Uno, 6.95%, 01/30/44			476		580,482


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Ventas Realty LP, 4.13%, 01/15/26	USD	870	$	972,160
XHR LP, 4.88%, 06/01/29^(b)		43		44,398


				11,643,415

Food & Staples Retailing — 0.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
3.25%, 03/15/26		94		95,339
7.50%, 03/15/26		65		71,337
4.63%, 01/15/27		104		108,779
5.88%, 02/15/28		219		235,950
4.88%, 02/15/30		95		101,318
Cydsa SAB de CV, 6.25%, 10/04/27^(b)		319		336,210
Grupo KUO SAB de CV, 5.75%, 07/07/27^(b)		200		208,725
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24		200		206,100
Kraft Heinz Foods Co.
4.25%, 03/01/31		309		351,021
5.00%, 07/15/35		85		104,263
6.88%, 01/26/39		160		229,826
4.63%, 10/01/39		53		61,727
6.50%, 02/09/40		110		152,765
5.00%, 06/04/42		86		105,014
5.20%, 07/15/45		95		117,937
4.38%, 06/01/46		275		311,630
4.88%, 10/01/49		600		728,371
5.50%, 06/01/50		800		1,038,202
Lamb Weston Holdings, Inc., 4.88%, 05/15/28^(b)		53		58,631
Post Holdings, Inc.^(b)
4.63%, 04/15/30		47		47,791
4.50%, 09/15/31		153		152,748
US Foods, Inc., 4.75%, 02/15/29^(b)		203		207,060


				5,030,744

Food Products^(b)— 0.2%
Aramark Services, Inc.
5.00%, 04/01/25		46		47,150
5.00%, 02/01/28		163		170,694
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25		262		272,587
4.63%, 11/15/28		162		167,872
Grupo Bimbo SAB de CV, (5 year CMT + 3.28%), 5.95%^(a)(l)		200		210,190
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28		93		101,719
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
6.50%, 04/15/29		196		220,257
3.75%, 12/01/31		296		302,882
MHP Lux SA, 6.25%, 09/19/29		400		397,700
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29		193		194,677


				2,085,728

Gas Utilities^(b)— 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31		113		115,684
Superior Plus LP/Superior General Partner, Inc., 4.50%, 03/15/29		33		33,990


				149,674


Security	Par (000)		Value

Health Care Equipment & Supplies — 0.3%
Avantor Funding, Inc., 4.63%, 07/15/28^(b)	USD	352	$	371,631
Hologic, Inc., 3.25%, 02/15/29^(b)		25		24,781
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA^(b)
7.38%, 06/01/25		240		257,700
7.25%, 02/01/28		721		787,512
Thermo Fisher Scientific, Inc., 5.30%, 02/01/44		1,000		1,386,887


				2,828,511

Health Care Providers & Services — 1.9%
Acadia Healthcare Co., Inc.^(b)
5.50%, 07/01/28		66		70,455
5.00%, 04/15/29		114		118,893
AdaptHealth LLC^(b)
6.13%, 08/01/28		98		104,359
4.63%, 08/01/29		73		73,913
Aetna, Inc., 4.50%, 05/15/42		575		686,977
AHP Health Partners, Inc.^(b)
9.75%, 07/15/26		351		377,606
5.75%, 07/15/29^(d)		185		187,544
Anthem, Inc.
2.75%, 10/15/42^(j)		86		464,202
4.38%, 12/01/47		1,000		1,219,657
3.60%, 03/15/51		600		659,496
Centene Corp.
4.25%, 12/15/27		190		200,213
2.45%, 07/15/28^(d)		520		527,020
4.63%, 12/15/29		752		827,027
3.00%, 10/15/30		424		435,551
2.50%, 03/01/31		757		746,591
CHS/Community Health Systems, Inc.^(b)
6.63%, 02/15/25		386		408,191
8.00%, 03/15/26		1,093		1,177,707
5.63%, 03/15/27		419		447,283
6.00%, 01/15/29		332		355,240
6.88%, 04/15/29		39		40,812
6.13%, 04/01/30		164		166,460
DaVita, Inc., 4.63%, 06/01/30^(b)		85		87,399
Encompass Health Corp.
4.50%, 02/01/28		31		32,162
4.75%, 02/01/30		260		276,250
4.63%, 04/01/31		141		151,074
HCA, Inc.
5.63%, 09/01/28		103		122,055
5.88%, 02/01/29		126		152,145
3.50%, 09/01/30		597		636,026
5.50%, 06/15/47		1,090		1,419,640
Legacy LifePoint Health LLC^(b)
6.75%, 04/15/25		130		138,535
4.38%, 02/15/27		65		65,780
LifePoint Health, Inc., 5.38%, 01/15/29^(b)		302		294,450
ModivCare, Inc., 5.88%, 11/15/25^(b)		48		51,360
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28		146		152,205
3.88%, 11/15/30		189		196,796
Northwell Healthcare, Inc., 4.26%, 11/01/47		725		854,847
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(b)		211		228,424
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(b)		68		73,185
Surgery Center Holdings, Inc.^(b) 6.75%, 07/01/25		378		385,560


26		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Health Care Providers & Services (continued)
Surgery Center Holdings, Inc.^(b)(continued) 10.00%, 04/15/27		USD	475	$	521,312
Tenet Healthcare Corp.^(b)
4.63%, 09/01/24			98		100,583
7.50%, 04/01/25			119		128,535
4.88%, 01/01/26			537		556,976
6.25%, 02/01/27			13		13,569
5.13%, 11/01/27			350		367,063
4.63%, 06/15/28			55		56,606
6.13%, 10/01/28			266		283,460
4.25%, 06/01/29			202		204,525


					16,845,719

Health Care Technology — 0.3%
Catalent Pharma Solutions, Inc.
2.38%, 03/01/28		EUR	100		118,812
3.13%, 02/15/29^(b)		USD	123		119,111
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(b)			518		526,417
Charles River Laboratories International, Inc.^(b)
4.25%, 05/01/28			67		69,261
3.75%, 03/15/29			23		23,316
4.00%, 03/15/31			66		68,662
Indigo Merger Sub, Inc., 2.88%, 07/15/26^(b)(d)			400		406,324
IQVIA, Inc.^(b)
5.00%, 10/15/26			280		289,800
5.00%, 05/15/27			266		278,635
Mednax, Inc., 6.25%, 01/15/27^(b)			169		178,929
Syneos Health, Inc., 3.63%, 01/15/29^(b)			216		213,840


					2,293,107

Hotels, Restaurants & Leisure — 2.1%
1011778 BC ULC/New Red Finance, Inc.^(b)
3.88%, 01/15/28^(d)			289		292,612
4.38%, 01/15/28			170		172,338
Accor SA, (5 year EUR Swap + 4.56%), 4.38%^(a)(l)		EUR	100		124,504
Affinity Gaming, 6.88%, 12/15/27^(b)		USD	23		24,409
Boyd Gaming Corp. 8.63%, 06/01/25^(b)			65		71,654
4.75%, 12/01/27			121		125,235
4.75%, 06/15/31^(b)			254		263,525
Boyne USA, Inc., 4.75%, 05/15/29^(b)			158		163,013
Caesars Entertainment, Inc.^(b)
6.25%, 07/01/25			652		691,120
8.13%, 07/01/27			910		1,012,102
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(b)			96		101,160
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25^(b)			379		395,581
Champion Path Holdings Ltd.
4.50%, 01/27/26			200		208,000
4.85%, 01/27/28			400		416,950
Churchill Downs, Inc., 4.75%, 01/15/28^(b)			133		137,616
Corvias Campus Living USG LLC, 5.30%, 07/01/50^(c)			5,650		3,928,706
Everi Holdings, Inc., 5.00%, 07/15/29^(b)(d)			35		35,000
Fortune Star BVI Ltd.
5.95%, 01/29/23			200		204,975
6.75%, 07/02/23			250		262,312
5.95%, 10/19/25			400		420,450


Security	Par (000)			Value

Hotels, Restaurants & Leisure (continued)
Fortune Star BVI Ltd. (continued)
5.00%, 05/18/26		USD	400	$	404,875
5.05%, 01/27/27			200		201,100
Golden Nugget, Inc., 6.75%, 10/15/24^(b)			696		703,113
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25^(b)			39		41,048
4.88%, 01/15/30			254		271,145
4.00%, 05/01/31^(b)			184		185,632
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			44		45,870
Marriott Ownership Resorts, Inc., 4.50%, 06/15/29^(b)			102		103,403
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			24		24,930
McDonald’s Corp., 3.70%, 02/15/42			1,750		1,970,568
Melco Resorts Finance Ltd., 5.25%, 04/26/26			250		259,422
Merlin Entertainments Ltd., 5.75%, 06/15/26^(b)			200		209,262
MGM China Holdings Ltd., 5.88%, 05/15/26			450		471,459
MGM Resorts International, 7.75%, 03/15/22			19		19,859
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(b)			175		175,219
Penn National Gaming, Inc., 4.13%, 07/01/29^(b)(d)			86		85,893
Playtika Holding Corp., 4.25%, 03/15/29^(b)			280		279,807
Powdr Corp., 6.00%, 08/01/25^(b)			267		280,350
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26^(b)			121		122,692
Scientific Games International, Inc.
8.63%, 07/01/25^(b)			136		148,920
5.00%, 10/15/25^(b)			46		47,495
3.38%, 02/15/26		EUR	100		118,883
8.25%, 03/15/26^(b)		USD	203		217,713
7.00%, 05/15/28^(b)			100		109,220
7.25%, 11/15/29^(b)			96		108,288
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(b)			402		433,235
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25		GBP	100		144,555
Studio City Finance Ltd., 6.00%, 07/15/25		USD	300		314,681
Vail Resorts, Inc., 6.25%, 05/15/25^(b)			105		112,390
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28^(b)			104		107,974
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)			125		134,263
Wynn Macau Ltd.
4.88%, 10/01/24			200		202,787
5.50%, 01/15/26			317		331,126
5.50%, 10/01/27			200		207,600
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b) 7.75%, 04/15/25			163		175,633
5.13%, 10/01/29			493		520,731
Yum! Brands, Inc.
4.75%, 01/15/30^(b)			2		2,165
3.63%, 03/15/31			62		61,690
5.35%, 11/01/43			44		46,750


					18,453,008

Household Durables — 0.3%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC^(b)
5.00%, 06/15/29			141		142,057
4.88%, 02/15/30			202		200,041
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)			173		185,435


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Household Durables (continued)
Controladora Mabe SA de CV, 5.60%, 10/23/28^(b)	USD		215	$	250,515
Forestar Group, Inc., 3.85%, 05/15/26^(b)			70		70,634
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26^(b)			206		218,360
KB Home, 4.00%, 06/15/31			65		65,569
LGI Homes, Inc., 4.00%, 07/15/29^(b)			53		53,265
Mattamy Group Corp., 4.63%, 03/01/30^(b)			159		162,418
Meritage Homes Corp., 5.13%, 06/06/27			35		39,113
Modern Land China Co. Ltd., 9.80%, 04/11/23			200		180,412
NCR Corp.^(b)
5.00%, 10/01/28			73		75,487
5.13%, 04/15/29			117		120,656
6.13%, 09/01/29			57		62,130
5.25%, 10/01/30			74		76,775
Newell Brands, Inc., 6.00%, 04/01/46			25		31,680
Taylor Morrison Communities, Inc.^(b)
5.88%, 06/15/27			119		134,619
5.13%, 08/01/30			37		40,104
Tempur Sealy International, Inc., 4.00%, 04/15/29^(b)			183		185,278
Toll Brothers Finance Corp., 4.35%, 02/15/28			8		8,780
Tri Pointe Homes, Inc., 5.25%, 06/01/27			28		30,380


					2,333,708

Household Products — 0.0%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26^(b)			48		48,720


Independent Power and Renewable Electricity Producers — 0.4%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24			200		220,912
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24			200		211,475
Calpine Corp.^(b)
5.25%, 06/01/26			10		10,288
4.50%, 02/15/28			69		70,380
5.13%, 03/15/28			650		661,375
4.63%, 02/01/29			117		115,027
5.00%, 02/01/31			96		95,520
3.75%, 03/01/31			4		3,809
Clearway Energy Operating LLC, 4.75%, 03/15/28^(b)			84		88,095
Greenko Dutch BV, 3.85%, 03/29/26			400		410,000
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26			200		215,475
India Green Energy Holdings, 5.38%, 04/29/24			250		261,797
NRG Energy, Inc.^(b)
5.25%, 06/15/29			47		49,996
3.63%, 02/15/31			215		211,280
ReNew Power Pvt Ltd., 5.88%, 03/05/27			306		325,852
ReNew Power Synthetic, 6.67%, 03/12/24			200		209,913
TerraForm Power Operating LLC, 4.75%, 01/15/30^(b)			121		123,925


					3,285,119

Insurance — 3.0%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(b)
4.25%, 10/15/27			749		760,227
6.75%, 10/15/27			1,126		1,183,381
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25			1,495		1,641,322


Security		Par (000)		Value

Insurance (continued)
Allstate Corp.^(a)
(3 mo. LIBOR US + 2.12%), 6.50%, 05/15/67	USD		1,750	$	2,333,187
Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53			2,000		2,177,500
AmWINS Group, Inc., 7.75%, 07/01/26^(b)			67		71,064
Aon PLC 3.88%, 12/15/25			1,445		1,604,494
4.60%, 06/14/44			500		625,763
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%^(a)(l)			333		358,974
AssuredPartners, Inc., 5.63%, 01/15/29^(b)			177		177,000
BroadStreet Partners, Inc., 5.88%, 04/15/29^(b)			130		132,600
Five Corners Funding Trust, 4.42%, 11/15/23^(b)			2,050		2,234,889
Galaxy Bidco Ltd., 6.50%, 07/31/26	GBP		100		145,765
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)	USD		185		197,025
HUB International Ltd., 7.00%, 05/01/26^(b)			415		430,392
Liberty Mutual Group, Inc., 6.50%, 05/01/42^(b)			2,000		2,807,650
Nationwide Building Society, (5 year USD ICE Swap + 1.85%), 4.13%, 10/18/32^(a)(b)			720		785,628
Prudential Financial, Inc. 5.90%, 03/17/36			500		638,936
5.70%, 12/14/36			1,625		2,236,209
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47^(b)			700		836,867
Unipol Gruppo SpA, 3.25%, 09/23/30	EUR		100		133,297
Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53^(a)	USD		4,500		4,815,000


					26,327,170

Interactive Media & Services — 0.2%
21Vianet Group, Inc., 7.88%, 10/15/21			200		199,850
Arches Buyer, Inc., 4.25%, 06/01/28^(b)			73		72,179
Cablevision Lightpath LLC^(b)3.88%, 09/15/27			220		217,435
5.63%, 09/15/28			200		203,700
Netflix, Inc. 5.88%, 11/15/28			121		148,519
6.38%, 05/15/29			23		29,377
5.38%, 11/15/29^(b)			386		468,834
3.63%, 06/15/30	EUR		100		140,867
4.88%, 06/15/30^(b)	USD		2		2,379
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 6.00%, 02/15/28^(b)			166		166,363
Twitter, Inc., 3.88%, 12/15/27^(b)			171		181,687


					1,831,190

Internet Software & Services — 0.4%
Airbnb, Inc., 0.00%, 03/15/26^(b)(j)(k)			383		360,977
ANGI Group LLC, 3.88%, 08/15/28^(b)			174		172,912
Booking Holdings, Inc., 0.75%, 05/01/25^(j)			460		650,440
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^(b)5.25%, 12/01/27			27		28,350
3.50%, 03/01/29			84		83,454
Match Group Holdings II LLC, 4.13%, 08/01/30^(b)			36		36,630
Uber Technologies, Inc.^(b)7.50%, 05/15/25			44		47,485
0.00%, 12/15/25^(j)(k)			1,068		1,082,952
8.00%, 11/01/26			132		142,230
7.50%, 09/15/27			412		452,780


28		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Internet Software & Services (continued)
Uber Technologies, Inc.^(b)(continued) 6.25%, 01/15/28	USD		133	$	143,136
Zillow Group, Inc., 1.38%, 09/01/26^(j)			37		104,544


					3,305,890

IT Services — 0.7%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(b)			97		100,350
Austin BidCo, Inc., 7.13%, 12/15/28^(b)			48		49,185
Banff Merger Sub, Inc., 9.75%, 09/01/26^(b)			880		926,200
Booz Allen Hamilton, Inc.^(b)3.88%, 09/01/28			190		193,800
4.00%, 07/01/29			256		261,760
Camelot Finance SA, 4.50%, 11/01/26^(b)			97		101,486
Castle US Holding Corp., 9.50%, 02/15/28^(b)			202		210,585
Dun & Bradstreet Corp.^(b)6.88%, 08/15/26			162		171,720
10.25%, 02/15/27			131		144,654
Fair Isaac Corp., 4.00%, 06/15/28^(b)			107		110,602
Fidelity National Information Services, Inc., 4.50%, 08/15/46			1,000		1,224,364
Fiserv, Inc., 4.40%, 07/01/49			500		603,081
Gartner, Inc.^(b)4.50%, 07/01/28			199		210,168
3.63%, 06/15/29			175		177,625
3.75%, 10/01/30			65		66,502
KBR, Inc., 4.75%, 09/30/28^(b)			124		124,000
Rackspace Technology Global, Inc., 5.38%, 12/01/28^(b)(m)			284		291,100
Science Applications International Corp., 4.88%, 04/01/28^(b)			63		66,071
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.^(b)5.75%, 06/01/25			168		176,820
6.75%, 06/01/25			575		584,706
Twilio, Inc., 3.88%, 03/15/31			134		137,518
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)			169		167,944


					6,100,241

Leisure Products — 0.1%
Mattel, Inc. 6.75%, 12/31/25^(b)			57		59,890
5.88%, 12/15/27^(b)			77		83,930
3.75%, 04/01/29^(b)			69		71,760
6.20%, 10/01/40			166		204,595
5.45%, 11/01/41			70		80,675


					500,850

Machinery — 0.3%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28^(b)			71		72,686
Colfax Corp., 6.38%, 02/15/26^(b)			79		83,424
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(g)			241		261,485
Madison IAQ LLC^(b)4.13%, 06/30/28			66		66,660
5.88%, 06/30/29			243		247,253
Mueller Water Products, Inc., 4.00%, 06/15/29^(b)			94		96,596
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		100		119,381
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(b)	USD		4		4,080
Stevens Holding Co., Inc., 6.13%, 10/01/26^(b)			90		96,525


Security		Par (000)		Value

Machinery (continued)
Terex Corp., 5.00%, 05/15/29^(b)	USD		201	$	209,543
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(b)			434		449,732
TK Elevator Midco GmbH, 4.38%, 07/15/27	EUR		100		123,829
TK Elevator US Newco Inc., 5.25%, 07/15/27^(b)	USD		266		280,298
Vertical Holdco GmbH, 7.63%, 07/15/28^(b)			200		217,038


					2,328,530
Media — 5.5%
Altice Financing SA 7.50%, 05/15/26^(b)			402		418,603
3.00%, 01/15/28	EUR		100		112,726
5.00%, 01/15/28^(b)	USD		239		234,261
Altice France Holding SA^(b)10.50%, 05/15/27			1,088		1,209,040
6.00%, 02/15/28			257		255,921
AMC Networks, Inc. 5.00%, 04/01/24			2		2,025
4.75%, 08/01/25			135		138,605
4.25%, 02/15/29			83		83,726
Bell Canada, 3.65%, 03/17/51			335		364,732
Block Communications, Inc., 4.88%, 03/01/28^(b)			87		88,740
Cable One, Inc.^(b)1.13%, 03/15/28^(j)			694		705,809
4.00%, 11/15/30			66		66,248
CCO Holdings LLC/CCO Holdings Capital Corp. 5.00%, 02/01/28^(b)			189		198,214
5.38%, 06/01/29^(b)			49		53,562
4.75%, 03/01/30^(b)			132		139,590
4.50%, 08/15/30^(b)			425		442,516
4.25%, 02/01/31^(b)			419		426,856
4.50%, 05/01/32			572		592,735
4.50%, 06/01/33^(b)			245		250,699
Charter Communications Operating LLC/Charter Communications Operating Capital 4.91%, 07/23/25			4,700		5,324,681
5.38%, 05/01/47			1,100		1,347,951
4.80%, 03/01/50			1,000		1,148,549
Cinemark USA, Inc., 5.25%, 07/15/28^(b)			77		78,925
Clear Channel International BV, 6.63%, 08/01/25^(b)			256		269,012
Clear Channel Outdoor Holdings, Inc.^(b)7.75%, 04/15/28			328		343,587
7.50%, 06/01/29			470		486,608
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27^(b)			764		783,268
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22			2,600		2,925,095
Comcast Corp. 6.45%, 03/15/37			790		1,146,348
4.60%, 08/15/45			2,000		2,510,509
4.70%, 10/15/48			3,000		3,867,553
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26^(b)			1,493		1,578,847
CSC Holdings LLC 5.25%, 06/01/24			166		179,895
5.75%, 01/15/30^(b)			443		460,166
4.63%, 12/01/30^(b)			654		641,646
4.50%, 11/15/31^(b)			316		317,940
5.00%, 11/15/31^(b)			200		200,960


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26^(b)	USD		317	$	205,258
Discovery Communications LLC 3.25%, 04/01/23			1,850		1,926,785
3.45%, 03/15/25			210		225,619
DISH DBS Corp. 5.00%, 03/15/23			111		116,176
7.75%, 07/01/26			513		580,973
5.13%, 06/01/29^(b)			388		383,123
DISH Network Corp.^(j)2.38%, 03/15/24			210		203,569
3.38%, 08/15/26			623		635,771
Frontier Communications Holdings LLC^(b)5.88%, 10/15/27			311		333,159
5.00%, 05/01/28			561		579,979
6.75%, 05/01/29			294		312,601
GCI LLC, 4.75%, 10/15/28^(b)			61		62,434
Hughes Satellite Systems Corp., 5.25%, 08/01/26			70		78,413
iHeartCommunications, Inc. 6.38%, 05/01/26			91		97,192
8.38%, 05/01/27			24		25,353
5.25%, 08/15/27^(b)			66		68,996
4.75%, 01/15/28^(b)			50		51,438
LCPR Senior Secured Financing DAC, 5.13%, 07/15/29^(b)			449		464,154
Liberty Broadband Corp.^(b)(j)1.25%, 09/30/50			339		341,204
2.75%, 09/30/50			556		583,755
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(b)(g)			239		235,410
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(b)			43		45,204
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26^(b)			200		203,938
Live Nation Entertainment, Inc. 2.50%, 03/15/23^(j)			320		446,816
4.88%, 11/01/24^(b)			21		21,336
2.00%, 02/15/25^(j)			579		646,164
6.50%, 05/15/27^(b)			452		501,630
4.75%, 10/15/27^(b)			61		63,211
3.75%, 01/15/28^(b)			126		126,557
Lorca Telecom Bondco SA, 4.00%, 09/18/27	EUR		100		120,650
Meredith Corp., 6.88%, 02/01/26	USD		18		18,720
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(b)			108		113,400
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%^(a)(l)			648		691,740
News Corp., 3.88%, 05/15/29^(b)			84		84,840
Outfront Media Capital LLC/Outfront Media Capital Corp.^(b)5.00%, 08/15/27			121		125,282
4.25%, 01/15/29			81		81,506
Qualitytech LP/QTS Finance Corp., 3.88%, 10/01/28^(b)			129		137,953
Radiate Holdco LLC/Radiate Finance, Inc.^(b)4.50%, 09/15/26			273		282,555
6.50%, 09/15/28			1,050		1,103,182
Sable International Finance Ltd. 5.75%, 09/07/27			202		212,544
5.75%, 09/07/27^(b)			200		210,440


Security		Par (000)		Value

Media (continued)
Scripps Escrow II, Inc.^(b)3.88%, 01/15/29	USD		11	$	10,912
5.38%, 01/15/31			113		112,643
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)			182		178,815
Sirius XM Radio, Inc.^(b)4.00%, 07/15/28			344		354,320
5.50%, 07/01/29			52		56,664
4.13%, 07/01/30			238		240,113
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		124,053
TCI Communications, Inc., 7.88%, 02/15/26	USD		610		787,923
TEGNA, Inc., 5.50%, 09/15/24^(b)			19		19,333
Telesat Canada/Telesat LLC, 4.88%, 06/01/27^(b)			148		142,820
Terrier Media Buyer, Inc., 8.88%, 12/15/27^(b)			622		672,537
Univision Communications, Inc., 5.13%, 02/15/25^(b)			52		53,050
UPC Broadband Finco BV, 4.88%, 07/15/31^(b)			303		303,697
UPCB Finance VII Ltd., 3.63%, 06/15/29	EUR		100		121,073
ViacomCBS, Inc., 5.85%, 09/01/43	USD		645		883,725
Videotron Ltd., 3.63%, 06/15/29^(b)			244		248,809
Virgin Media Secured Finance PLC, 5.50%, 05/15/29^(b)			200		215,000
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(b)			307		313,140
VTR Comunicaciones SpA, 4.38%, 04/15/29^(b)			200		199,730
Walt Disney Co., 7.63%, 11/30/28			385		533,410
WMG Acquisition Corp., 3.88%, 07/15/30^(b)			37		37,366
Ziggo Bond Co. BV, 6.00%, 01/15/27^(b)			150		156,750
Ziggo BV, 5.50%, 01/15/27^(b)			249		258,711


					48,169,772

Metals & Mining — 1.0%
ABJA Investment Co. Pte Ltd. 5.95%, 07/31/24			450		485,241
5.45%, 01/24/28			200		215,134
Allegheny Technologies, Inc., 7.88%, 08/15/23			82		89,892
Arconic Corp.^(b)6.00%, 05/15/25			87		92,722
6.13%, 02/15/28			233		249,944
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)			835		919,544
Constellium SE^(b)5.88%, 02/15/26			269		276,989
5.63%, 06/15/28			250		268,125
3.75%, 04/15/29			341		337,590
Freeport-McMoRan, Inc. 5.40%, 11/14/34			22		26,572
5.45%, 03/15/43			667		815,287
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24^(b)			200		217,600
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(b)			164		167,697
JSW Steel Ltd., 5.95%, 04/18/24			200		213,475
Kaiser Aluminum Corp.^(b)4.63%, 03/01/28			38		39,259
4.50%, 06/01/31			87		89,222
Mongolian Mining Corp/Energy Resources LLC, 9.25%, 04/15/24^(b)			200		184,600
New Gold, Inc.^(b)6.38%, 05/15/25			13		13,423
7.50%, 07/15/27			470		509,950
Nexa Resources SA, 5.38%, 05/04/27^(b)			299		320,453
Novelis Corp., 4.75%, 01/30/30^(b)			584		613,200


30		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Metals & Mining (continued)
Periama Holdings LLC, 5.95%, 04/19/26	USD		400	$	434,200
Rio Tinto Finance USA PLC, 4.75%, 03/22/42			400		521,135
thyssenkrupp AG, 2.88%, 02/22/24	EUR		51		61,332
Vale Overseas Ltd.
6.25%, 08/10/26	USD		133		159,500
3.75%, 07/08/30			120		127,620
Vedanta Resources Finance II PLC
8.00%, 04/23/23			313		296,039
13.88%, 01/21/24			400		434,800
8.95%, 03/11/25^(b)			200		196,000
8.95%, 03/11/25			200		196,000


					8,572,545

Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/29^(b)			117		115,374


Multi-line Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)			268		286,090


Multi-Utilities — 0.2%
KeySpan Gas East Corp., 5.82%, 04/01/41^(b)			1,010		1,376,908


Offshore Drilling & Other Services — 0.1%
Entegris, Inc.^(b)
4.38%, 04/15/28			113		117,944
3.63%, 05/01/29			66		66,825
KLA Corp., 3.30%, 03/01/50			500		529,065


					713,834

Oil, Gas & Consumable Fuels — 7.5%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)			557		603,064
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)
7.88%, 05/15/26			139		155,348
5.75%, 03/01/27			153		159,120
5.75%, 01/15/28			39		41,039
5.38%, 06/15/29			140		145,950
Antero Resources Corp.^(b)
7.63%, 02/01/29			254		281,940
5.38%, 03/01/30			122		124,517
Apache Corp.
4.88%, 11/15/27			141		152,702
4.38%, 10/15/28			21		22,355
4.25%, 01/15/30			125		131,875
5.10%, 09/01/40			277		290,157
5.25%, 02/01/42			25		26,438
4.75%, 04/15/43			230		239,131
4.25%, 01/15/44			125		122,140
5.35%, 07/01/49			48		50,520
Arcosa, Inc., 4.38%, 04/15/29^(b)			254		258,445
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27			384		530,742
5.88%, 06/30/29			257		257,000
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34^(k)			146		109,951
Brand Industrial Services, Inc., 8.50%, 07/15/25^(b)			250		254,182
Buckeye Partners LP
4.13%, 03/01/25^(b)			179		185,489
5.85%, 11/15/43			94		93,295


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Buckeye Partners LP (continued) 5.60%, 10/15/44	USD		119	$	115,430
Burlington Resources LLC, 5.95%, 10/15/36			685		943,915
Callon Petroleum Co. 6.25%, 04/15/23			35		35,041
6.13%, 10/01/24			85		83,792
9.00%, 04/01/25^(b)			636		693,240
8.00%, 08/01/28^(b)(d)			380		384,275
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31^(j)	EUR		100		115,848
Cenovus Energy, Inc. 4.25%, 04/15/27	USD		400		446,960
5.40%, 06/15/47			76		94,044
Centennial Resource Production LLC 6.88%, 04/01/27^(b)			171		174,866
3.25%, 04/01/28^(j)			604		794,622
Cheniere Energy Partners LP 5.63%, 10/01/26			72		74,700
4.50%, 10/01/29			354		380,550
4.00%, 03/01/31^(b)			455		475,475
Cheniere Energy, Inc., 4.63%, 10/15/28^(b)			968		1,021,240
Chesapeake Energy Corp.^(b)5.50%, 02/01/26			14		14,770
5.88%, 02/01/29			44		47,628
Citgo Holding, Inc., 9.25%, 08/01/24^(b)			298		303,960
CNX Resources Corp. 2.25%, 05/01/26^(j)			337		436,752
6.00%, 01/15/29^(b)			184		198,944
Colgate Energy Partners III LLC^(b)7.75%, 02/15/26			181		198,421
5.88%, 07/01/29			200		207,500
Comstock Resources, Inc.^(b)7.50%, 05/15/25			102		105,825
6.75%, 03/01/29			454		483,614
5.88%, 01/15/30			180		183,600
ConocoPhillips, 6.50%, 02/01/39			600		885,880
Continental Resources, Inc. 4.50%, 04/15/23			20		20,812
5.75%, 01/15/31^(b)			66		79,035
4.90%, 06/01/44			156		176,671
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27^(b)			60		61,575
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(b)			557		576,495
DCP Midstream Operating LP^(b)6.45%, 11/03/36			148		173,160
6.75%, 09/15/37			222		266,955
Devon Energy Corp. 5.85%, 12/15/25			1,000		1,173,731
4.75%, 05/15/42			300		338,508
DT Midstream, Inc.^(b)4.13%, 06/15/29			293		297,492
4.38%, 06/15/31			379		387,258
Dycom Industries, Inc., 4.50%, 04/15/29^(b)			69		69,598
eG Global Finance PLC 6.75%, 02/07/25^(b)			441		455,979
6.25%, 10/30/25	EUR		142		172,418
8.50%, 10/30/25^(b)	USD		200		211,500
Enbridge, Inc.^(a)
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78			1,935		2,112,125


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Enbridge, Inc.^(a)(continued)
Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80	USD		950	$	1,059,250
Endeavor Energy Resources LP/EER Finance, Inc.^(b)6.63%, 07/15/25			128		136,960
5.50%, 01/30/26			463		480,941
5.75%, 01/30/28			239		254,834
Energy Transfer LP 4.05%, 03/15/25			500		542,138
4.75%, 01/15/26			1,250		1,407,262
3.90%, 07/15/26			310		338,491
5.30%, 04/15/47			540		631,803
Series H, (5 year CMT + 5.69%), 6.50%^(a)(l)			433		441,443
EnLink Midstream LLC 5.63%, 01/15/28^(b)			116		122,541
5.38%, 06/01/29			50		52,181
EnLink Midstream Partners LP 4.40%, 04/01/24			144		151,200
4.15%, 06/01/25			10		10,473
4.85%, 07/15/26			67		69,345
5.60%, 04/01/44			135		122,175
5.05%, 04/01/45			22		18,920
Enterprise Products Operating LLC, 6.13%, 10/15/39			1,400		1,967,696
EOG Resources, Inc., 5.10%, 01/15/36			200		247,919
EQM Midstream Partners LP 6.00%, 07/01/25^(b)			176		191,400
4.13%, 12/01/26			68		69,615
6.50%, 07/01/27^(b)			245		273,175
4.50%, 01/15/29^(b)			159		161,763
4.75%, 01/15/31^(b)			544		560,559
EQT Corp. 1.75%, 05/01/26^(j)			288		479,693
3.13%, 05/15/26^(b)			120		122,965
3.90%, 10/01/27			162		173,543
5.00%, 01/15/29			23		25,644
8.50%, 02/01/30			116		151,138
3.63%, 05/15/31^(b)			34		35,445
Genesis Energy LP/Genesis Energy Finance Corp. 5.63%, 06/15/24			42		42,105
6.50%, 10/01/25			29		29,290
7.75%, 02/01/28			75		77,508
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27			200		194,287
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25^(b)			130		129,350
Harvest Midstream I LP, 7.50%, 09/01/28^(b)			92		99,912
Hess Corp., 4.30%, 04/01/27			1,100		1,224,261
Hilcorp Energy I LP/Hilcorp Finance Co.^(b)5.75%, 02/01/29			85		88,613
6.00%, 02/01/31			99		104,940
Hilong Holding Ltd., 9.75%, 11/18/24			207		182,160
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26			200		209,787
Impulsora Pipeline LLC, 6.05%, 12/31/42^(c)			1,701		1,687,243
Independence Energy Finance LLC, 7.25%, 05/01/26^(b)			318		333,954
Indigo Natural Resources LLC, 5.38%, 02/01/29^(b)			363		379,335
ITT Holdings LLC, 6.50%, 08/01/29^(b)(d)			232		236,350
Kinder Morgan, Inc. 4.30%, 06/01/25			1,750		1,948,444


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Kinder Morgan, Inc. (continued) 5.05%, 02/15/46	USD		1,750	$	2,125,029
Leviathan Bond Ltd., 5.75%, 06/30/23^(b)			175		182,147
Marathon Petroleum Corp., 6.50%, 03/01/41			2,049		2,843,925
Matador Resources Co., 5.88%, 09/15/26			896		922,880
Medco Bell Pte Ltd., 6.38%, 01/30/27			250		258,016
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26			288		313,614
MEG Energy Corp.^(b)6.50%, 01/15/25			622		642,992
7.13%, 02/01/27			21		22,372
5.88%, 02/01/29			59		61,508
MPLX LP, 4.25%, 12/01/27			250		283,295
Murphy Oil Corp. 5.75%, 08/15/25			82		84,153
6.38%, 12/01/42			18		17,827
Murphy Oil USA, Inc., 4.75%, 09/15/29			95		99,959
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/26^(b)			53		54,419
New Fortress Energy, Inc.^(b)6.75%, 09/15/25			766		784,192
6.50%, 09/30/26			868		886,922
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(b)			244		256,200
NGPL PipeCo LLC, 7.77%, 12/15/37^(b)			138		197,409
Northern Oil and Gas, Inc., 8.13%, 03/01/28^(b)			393		423,457
NuStar Logistics LP 6.00%, 06/01/26			99		107,415
6.38%, 10/01/30			17		18,783
Occidental Petroleum Corp. 2.70%, 02/15/23			20		20,444
6.95%, 07/01/24			43		48,439
2.90%, 08/15/24			308		314,930
5.50%, 12/01/25			66		72,931
5.55%, 03/15/26			24		26,520
3.40%, 04/15/26			46		47,035
3.20%, 08/15/26			13		13,098
3.00%, 02/15/27			3		2,978
8.88%, 07/15/30			22		29,423
6.13%, 01/01/31			319		375,313
4.30%, 08/15/39			323		308,465
6.20%, 03/15/40			614		694,262
4.50%, 07/15/44			284		273,350
4.63%, 06/15/45			337		328,575
6.60%, 03/15/46			18		21,397
4.40%, 04/15/46			294		282,387
4.10%, 02/15/47			44		40,969
4.20%, 03/15/48			199		186,065
4.40%, 08/15/49			71		68,160
Oil and Gas Holding Co., 7.63%, 11/07/24			200		222,725
OQ SAOC, 5.13%, 05/06/28^(b)			200		201,350
Ovintiv Exploration, Inc., 5.38%, 01/01/26			22		24,793
Ovintiv, Inc. 7.38%, 11/01/31			52		69,041
6.50%, 08/15/34			33		43,564
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25^(b)			404		406,986
PDC Energy, Inc. 1.13%, 09/15/21^(j)			150		148,691
6.13%, 09/15/24			117		119,656
6.25%, 12/01/25			34		35,190
5.75%, 05/15/26			164		171,328


32		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Pertamina Persero PT, 3.65%, 07/30/29	USD		239	$	255,700
Petrobras Global Finance BV 5.30%, 01/27/25			178		199,838
8.75%, 05/23/26			222		285,381
6.00%, 01/27/28			18		20,649
5.60%, 01/03/31			309		344,921
Petroleos Mexicanos 6.50%, 03/13/27			255		271,065
6.35%, 02/12/48			101		85,567
Pioneer Natural Resources Co., 0.25%, 05/15/25^(j)			386		615,863
Puma International Financing SA, 5.13%, 10/06/24^(b)			200		201,250
Range Resources Corp. 5.88%, 07/01/22			30		30,750
5.00%, 08/15/22			170		173,235
5.00%, 03/15/23			122		126,270
4.88%, 05/15/25			10		10,350
9.25%, 02/01/26			42		46,305
8.25%, 01/15/29^(b)			106		119,515
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26			1,750		2,071,574
Saudi Arabian Oil Co., 2.25%, 11/24/30^(b)			220		215,831
SM Energy Co. 10.00%, 01/15/25^(b)			600		677,004
5.63%, 06/01/25			6		5,940
6.75%, 09/15/26			10		10,175
6.63%, 01/15/27			14		14,385
6.50%, 07/15/28			140		143,850
Southwestern Energy Co. 4.10%, 03/15/22			153		154,148
7.50%, 04/01/26			22		23,293
8.38%, 09/15/28			52		58,760
Stoneway Capital Corp., 10.00%, 03/01/27^(b)(h)(i)			469		126,874
Suncor Energy, Inc., 6.50%, 06/15/38			1,000		1,414,728
Sunoco LP/Sunoco Finance Corp. 6.00%, 04/15/27			38		39,739
5.88%, 03/15/28			4		4,250
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.88%, 04/15/26			111		116,584
5.38%, 02/01/27			2		2,083
6.50%, 07/15/27			105		113,791
6.88%, 01/15/29			142		159,981
5.50%, 03/01/30			255		280,413
4.88%, 02/01/31^(b)			81		87,683
4.00%, 01/15/32^(b)			38		39,089
TransCanada PipeLines Ltd., 4.63%, 03/01/34			500		593,088
Transocean, Inc., 11.50%, 01/30/27^(b)			81		86,564
Vine Energy Holdings LLC, 6.75%, 04/15/29^(b)			397		417,842
Viper Energy Partners LP, 5.38%, 11/01/27^(b)			75		78,128
Western Midstream Operating LP 4.75%, 08/15/28			25		27,000
5.45%, 04/01/44			229		246,747
5.30%, 03/01/48			154		164,010
5.50%, 08/15/48			58		63,127
6.50%, 02/01/50			635		735,225
Williams Cos., Inc. 3.90%, 01/15/25			1,150		1,257,532
4.00%, 09/15/25			750		830,379


					65,208,710


Security		Par (000)		Value

Personal Products — 0.0%
Edgewell Personal Care Co., 5.50%, 06/01/28^(b)	USD		77	$	81,620


Pharmaceuticals — 2.4%
AbbVie, Inc. 5.00%, 12/15/21			758		765,297
3.80%, 03/15/25			3,250		3,555,000
3.60%, 05/14/25			870		949,341
3.20%, 05/14/26			500		542,135
4.55%, 03/15/35			2,140		2,597,340
4.45%, 05/14/46			2,095		2,529,966
Bausch Health Americas, Inc., 8.50%, 01/31/27^(b)			525		570,622
Bausch Health Cos., Inc.^(b)9.00%, 12/15/25			106		113,664
5.75%, 08/15/27			134		142,225
7.00%, 01/15/28			29		29,870
5.00%, 01/30/28			132		125,235
4.88%, 06/01/28			428		438,058
5.00%, 02/15/29			279		260,167
6.25%, 02/15/29			357		353,091
7.25%, 05/30/29			159		162,484
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27	EUR		100		119,747
CVS Health Corp. 5.13%, 07/20/45	USD		700		910,455
5.05%, 03/25/48			1,821		2,365,253
Elanco Animal Health, Inc., 5.90%, 08/28/28			6		7,022
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/27^(b)			514		524,280
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., 6.13%, 04/01/29^(b)			326		319,480
Jaguar Holding Co. II/PPD Development LP^(b)
4.63%, 06/15/25			69		72,450
5.00%, 06/15/28			271		293,742
Jazz Securities DAC, 4.38%, 01/15/29^(b)			200		207,360
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24	EUR		100		118,250
Organon & Co./Organon Foreign Debt Co-Issuer BV^(b)4.13%, 04/30/28	USD		598		609,840
5.13%, 04/30/31			387		398,687
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25^(b)			150		157,500
Par Pharmaceutical, Inc., 7.50%, 04/01/27^(b)			625		638,956
Prestige Brands, Inc., 3.75%, 04/01/31^(b)			101		97,377
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25	EUR		100		127,824
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25	USD		200		219,500
Utah Acquisition Sub, Inc., 3.95%, 06/15/26			750		826,152


					21,148,370

Producer Durables: Miscellaneous — 0.7%
Oracle Corp. 5.38%, 07/15/40			3,025		3,921,961
4.00%, 11/15/47			400		436,347
3.60%, 04/01/50			1,250		1,283,566


					5,641,874

Real Estate Management & Development — 3.4%
Adler Group SA, 2.75%, 11/13/26	EUR		100		119,909
Agile Group Holdings Ltd. 5.75%, 01/02/25	USD		200		201,500
6.05%, 10/13/25			450		456,412
(5 year CMT + 11.29%), 7.88%^(a)(l)			200		204,038


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Real Estate Management & Development (continued)
Central China Real Estate Ltd.
6.88%, 08/08/22	USD		200	$	195,000
7.65%, 08/27/23			252		236,250
CFLD Cayman Investment Ltd.^(h)(i)
8.63%, 02/28/21			200		69,850
6.90%, 01/13/23			200		70,038
8.60%, 04/08/24			200		69,850
China Aoyuan Group Ltd.
6.35%, 02/08/24			296		278,240
5.98%, 08/18/25			489		431,542
6.20%, 03/24/26			450		391,162
China Evergrande Group
8.25%, 03/23/22			400		341,075
9.50%, 04/11/22			400		340,825
11.50%, 01/22/23			450		357,694
12.00%, 01/22/24			250		186,297
China SCE Group Holdings Ltd.
7.25%, 04/19/23			200		205,413
7.38%, 04/09/24			200		206,600
5.95%, 09/29/24			288		288,720
7.00%, 05/02/25			441		446,879
CIFI Holdings Group Co. Ltd.
6.55%, 03/28/24			200		209,787
6.45%, 11/07/24			200		211,250
5.95%, 10/20/25			500		528,844
Country Garden Holdings Co. Ltd.
6.50%, 04/08/24			200		211,662
6.15%, 09/17/25			200		219,000
5.13%, 01/14/27			200		213,225
Easy Tactic Ltd.
9.13%, 07/28/22			200		197,975
5.88%, 02/13/23			288		259,551
8.13%, 02/27/23			200		186,163
11.75%, 08/02/23			200		195,975
8.63%, 02/27/24			200		176,725
Fantasia Holdings Group Co. Ltd.
11.75%, 04/17/22			200		187,700
10.88%, 01/09/23			307		273,288
11.88%, 06/01/23			400		351,325
9.25%, 07/28/23			300		244,650
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(b)			150		158,430
Global Prime Capital Pte Ltd.
5.50%, 10/18/23			200		203,413
5.95%, 01/23/25			200		207,350
Hopson Development Holdings Ltd., 7.50%, 06/27/22			431		436,603
Howard Hughes Corp.^(b)
5.38%, 08/01/28			19		20,171
4.13%, 02/01/29			98		98,002
4.38%, 02/01/31			147		146,468
Kaisa Group Holdings Ltd.
11.95%, 10/22/22			200		205,912
11.50%, 01/30/23			400		404,450
10.88%, 07/23/23			434		434,353
9.75%, 09/28/23			288		282,744
11.95%, 11/12/23			259		264,957
11.70%, 11/11/25			300		282,087
KWG Group Holdings Ltd.
7.88%, 08/09/21			200		200,475
7.88%, 09/01/23			200		204,650


Security		Par (000)		Value

Real Estate Management & Development (continued)
KWG Group Holdings Ltd. (continued)
7.40%, 03/05/24	USD		200	$	208,600
5.88%, 11/10/24.			400		402,575
Logan Group Co. Ltd.
6.50%, 07/16/23			200		204,600
6.90%, 06/09/24			200		210,537
5.75%, 01/14/25			200		207,287
4.50%, 01/13/28			328		316,930
MAF Sukuk Ltd., 4.64%, 05/14/29			200		224,600
New Metro Global Ltd.
6.80%, 08/05/23			400		416,325
4.50%, 05/02/26			400		391,450
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		207,500
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29^(b)			196		204,896
Redsun Properties Group Ltd.
9.95%, 04/11/22			200		202,100
9.70%, 04/16/23			432		438,345
7.30%, 01/13/25			200		184,913
RKPF Overseas Ltd.
Series 2019-A, 6.70%, 09/30/24			513		544,517
Series 2019-A, 6.00%, 09/04/25			288		299,160
Series 2020-A, 5.20%, 01/12/26			400		402,000
Ronshine China Holdings Ltd.
11.25%, 08/22/21			200		200,938
10.50%, 03/01/22			200		201,850
8.95%, 01/22/23			200		197,788
7.35%, 12/15/23			433		409,266
Scenery Journey Ltd.
11.50%, 10/24/22			419		335,252
13.00%, 11/06/22			400		326,200
12.00%, 10/24/23			330		260,143
Seazen Group Ltd.
6.45%, 06/11/22			200		203,688
6.00%, 08/12/24			400		415,000
Shimao Group Holdings Ltd.
5.60%, 07/15/26			200		210,250
3.45%, 01/11/31			200		186,000
Shui On Development Holding Ltd.
5.75%, 11/12/23			200		205,437
5.50%, 03/03/25			482		487,422
Sino-Ocean Land Treasure III Ltd., (5 year CMT + 3.26%), 4.90%^(a)(l)			200		173,975
Sunac China Holdings Ltd.
7.95%, 10/11/23			200		206,300
7.50%, 02/01/24			200		204,413
6.65%, 08/03/24			360		361,305
6.50%, 01/10/25			400		391,580
7.00%, 07/09/25			450		442,215
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		206,412
Times China Holdings Ltd.
6.75%, 07/16/23			513		525,921
6.75%, 07/08/25			200		202,850
6.20%, 03/22/26			611		600,804
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27	GBP		723		1,112,986
Wanda Group Overseas Ltd., 7.50%, 07/24/22	USD		200		192,475
Wanda Properties International Co. Ltd., 7.25%, 01/29/24			200		199,788
Wanda Properties Overseas Ltd., 6.88%, 07/23/23			200		197,475


34		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Real Estate Management & Development (continued)
Yango Justice International Ltd.
10.00%, 02/12/23	USD		400	$	403,200
7.50%, 04/15/24			450		432,787
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24			200		209,725
Yuzhou Group Holdings Co. Ltd.
8.50%, 02/04/23			200		188,650
8.50%, 02/26/24			400		364,500
8.38%, 10/30/24			400		356,200
7.70%, 02/20/25			263		224,339
7.38%, 01/13/26			200		157,000
6.35%, 01/13/27			200		154,288
Zhenro Properties Group Ltd.
8.35%, 03/10/24			288		292,554
7.88%, 04/14/24			600		598,800


					29,420,590

Road & Rail — 1.0%
Burlington Northern Santa Fe LLC, 5.75%, 05/01/40			1,890		2,685,466
CSX Corp., 4.75%, 05/30/42			350		441,001
Danaos Corp., 8.50%, 03/01/28^(b)			100		109,657
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(b)			2,567		2,993,559
Norfolk Southern Corp.
4.15%, 02/28/48			1,300		1,527,453
3.16%, 05/15/55			400		402,214
Union Pacific Corp., 3.84%, 03/20/60			800		910,797


					9,070,147

Semiconductors & Semiconductor Equipment — 0.8%
Analog Devices, Inc., 3.90%, 12/15/25			470		522,924
Atkore, Inc., 4.25%, 06/01/31^(b)			112		113,434
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27			2,850		3,149,187
Broadcom, Inc., 3.46%, 09/15/26			735		800,413
Microchip Technology, Inc.
0.13%, 11/15/24^(j)			220		247,500
1.63%, 02/15/25^(j)			53		174,736
4.25%, 09/01/25			197		206,823
ON Semiconductor Corp.
1.63%, 10/15/23^(j)			239		454,264
3.88%, 09/01/28^(b)			191		196,757
QUALCOMM, Inc., 4.65%, 05/20/35			250		317,873
Sensata Technologies BV^(b)
5.00%, 10/01/25			70		77,962
4.00%, 04/15/29			275		279,148
Sensata Technologies, Inc., 4.38%, 02/15/30^(b)			252		265,568
Synaptics, Inc., 4.00%, 06/15/29^(b)			129		129,645


					6,936,234

Software — 1.1%
ACI Worldwide, Inc., 5.75%, 08/15/26^(b)			433		454,109
Black Knight InfoServ LLC, 3.63%, 09/01/28^(b)			255		253,715
Boxer Parent Co., Inc.
6.50%, 10/02/25	EUR		100		125,776
7.13%, 10/02/25^(b)	USD		174		186,180
9.13%, 03/01/26^(b)			467		492,928
BY Crown Parent LLC, 7.38%, 10/15/24^(b)			461		469,298
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26^(b)(f)			370		387,575
CDK Global, Inc., 4.88%, 06/01/27			5		5,288
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			163		163,155
Elastic NV, 4.13%, 07/15/29^(b)(d)			202		202,000


Security		Par (000)		Value

Software (continued)
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28^(b)	USD		200	$	195,764
Microsoft Corp., 3.50%, 11/15/42			4,000		4,622,981
MicroStrategy, Inc., 6.13%, 06/15/28^(b)			217		217,000
MSCI, Inc.^(b)
4.00%, 11/15/29			51		53,805
3.63%, 09/01/30			81		82,835
3.88%, 02/15/31			88		91,323
3.63%, 11/01/31			132		135,392
Open Text Holdings, Inc., 4.13%, 02/15/30^(b)			83		84,643
PTC, Inc., 4.00%, 02/15/28^(b)			35		36,155
Rocket Software, Inc., 6.50%, 02/15/29^(b)			277		274,862
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)			494		523,492
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)			657		684,101


					9,742,377

Specialty Retail — 0.3%
Gap, Inc., 8.88%, 05/15/27^(b)			107		123,820
L Brands, Inc.
6.88%, 11/01/35			215		272,244
6.75%, 07/01/36			49		61,373
National Vision Holdings, Inc., 2.50%, 05/15/25^(j)			165		290,503
PetSmart, Inc./PetSmart Finance Corp.^(b)
4.75%, 02/15/28			271		281,501
7.75%, 02/15/29			1,003		1,105,808
Staples, Inc.^(b)
7.50%, 04/15/26			455		471,259
10.75%, 04/15/27			134		136,231
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24^(a)	EUR		100		117,074


					2,859,813

Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc., 4.65%, 02/23/46	USD		2,400		3,184,625


Textiles, Apparel & Luxury Goods^(b)— 0.0%
Crocs, Inc., 4.25%, 03/15/29			106		108,120
Hanesbrands, Inc., 5.38%, 05/15/25			29		30,704
Levi Strauss & Co., 3.50%, 03/01/31			75		74,565


					213,389

Thrifts & Mortgage Finance^(b)— 0.1%
Home Point Capital, Inc., 5.00%, 02/01/26			195		181,838
Nationstar Mortgage Holdings, Inc.
6.00%, 01/15/27			94		97,410
5.50%, 08/15/28			124		125,008
5.13%, 12/15/30			92		91,540
United Wholesale Mortgage LLC, 5.50%, 04/15/29			111		110,974


					606,770

Tobacco — 0.9%
Altria Group, Inc.
5.38%, 01/31/44			2,000		2,375,146
3.88%, 09/16/46			1,250		1,241,298
Reynolds American, Inc.
4.45%, 06/12/25			635		703,438
7.00%, 08/04/41			1,000		1,313,818
5.85%, 08/15/45			1,500		1,836,683


					7,470,383

Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28	EUR		100		123,377


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Transportation Infrastructure — 0.4%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(b)	USD		200	$	209,413
FedEx Corp., 4.75%, 11/15/45			1,250		1,559,125
I 595 Express LLC, 3.31%, 12/31/31^(c)			746		786,503
Simpar Europe SA, 5.20%, 01/26/31^(b)			200		204,500
Transurban Finance Co. Pty Ltd., 4.13%, 02/02/26^(b)			580		645,060


					3,404,601

Utilities — 1.2%
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30^(b)			237		244,584
Electricite de France SA^(b)5.60%, 01/27/40			2,800		3,732,686
(10 year USD Swap + 3.71%), 5.25%^(a)(l)			4,200		4,400,634
Genneia SA, 8.75%, 01/20/22^(b)			347		335,896
Inkia Energy Ltd., 5.88%, 11/09/27^(b)			200		205,975
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29			576		576,648
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)			144		149,069
Solaris Midstream Holdings LLC, 7.63%, 04/01/26^(b)			72		76,320
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38^(b)			215		236,339
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33			231		263,005
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP		168		237,784
Vistra Operations Co. LLC^(b)5.63%, 02/15/27	USD		87		90,262
4.38%, 05/01/29			154		154,770


					10,703,972

Wireless Telecommunication Services — 1.3%
Altice France SA^(b)7.38%, 05/01/26			200		207,986
8.13%, 02/01/27			211		229,885
5.13%, 07/15/29			944		948,626
Crown Castle International Corp., 3.10%, 11/15/29			1,000		1,060,959
Kenbourne Invest SA, 6.88%, 11/26/24^(b)			210		222,705
Matterhorn Telecom SA, 4.00%, 11/15/27	EUR		100		121,683
Millicom International Cellular SA, 4.50%, 04/27/31^(b)	USD		200		208,038
Rogers Communications, Inc., 7.50%, 08/15/38			2,325		3,546,867
SBA Communications Corp. 4.88%, 09/01/24			86		87,505
3.88%, 02/15/27			367		376,874
Sprint Corp., 7.63%, 03/01/26			255		311,100
T-Mobile USA, Inc. 4.50%, 02/01/26			27		27,516
2.63%, 02/15/29			50		49,375
2.88%, 02/15/31			348		345,390
3.50%, 04/15/31^(b)			245		253,465
3.50%, 04/15/31			215		222,428
4.50%, 04/15/50			500		595,367
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29^(b)			403		404,007
VICI Properties LP/VICI Note Co., Inc.^(b)4.25%, 12/01/26			169		175,797
3.75%, 02/15/27			277		281,742
4.63%, 12/01/29			320		340,000


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
VICI Properties LP/VICI Note Co., Inc.^(b)(continued)
4.13%, 08/15/30	USD		366	$	375,816
Vmed O2 UK Financing I PLC^(d)4.50%, 07/15/31	GBP		100		138,861
4.75%, 07/15/31^(b)	USD		252		255,780
Vodafone Group PLC, 4.25%, 09/17/50			700		817,604


					11,605,376

Total Corporate Bonds — 67.8% (Cost: $534,724,744)					590,634,222


Floating Rate Loan Interests^(a)

Aerospace & Defense — 0.1%
Peraton Holding Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 0.75%, 0.75% Floor), 8.50%, 02/01/29^(c)			195		198,900
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28			553		554,242
Spirit Aerosystems, Inc., 2020 Term Loan B, (1 mo. LIBOR + 5.25%, 0.75% Floor), 6.00%, 01/15/25			125		126,050


					879,192

Air Freight & Logistics — 0.0%
AIT Worldwide Logistics, Inc, 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/06/28			48		47,925


Airlines — 0.2%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28			417		434,389
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27			117		124,858
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/20/27			201		212,194
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/21/28			438		443,253


					1,214,694

Auto Components — 0.0%
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/30/26			159		157,046


Building Products — 0.0%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/23/27			63		62,640
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24			66		65,777


					128,417

Capital Markets — 0.0%
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 04/07/28^(c)			145		148,262
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.00%), 3.13%, 06/03/26			144		143,632


					291,894


36		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals — 0.1%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26	USD		253	$	255,900
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 03/18/28			312		310,247
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 06/30/27			182		180,882
Invictus US LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.85%, 03/30/26			33		33,507
Klockner-Pentaplast of America, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.50% Floor), 5.25%, 02/09/26^(c)			67		67,167
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/15/24			123		121,717


					969,420

Commercial Services & Supplies — 0.2%
Asurion LLC, 2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.35%, 12/23/26			49		47,949
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.35%, 12/12/25			48		48,241
Diamond (BC) BV, USD Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 09/06/24			425		422,576
GFL Environmental, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 3.50%, 05/30/25			60		59,886
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			34		33,431
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.10%, 08/27/25			757		758,282


					1,370,365

Construction & Engineering — 0.1%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			1,123		1,104,227


Construction Materials — 0.0%
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.00%, 10/25/23			59		59,311


Containers & Packaging — 0.1%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/03/24			300		292,315
Charter NEX US, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			130		130,806


					423,121

Diversified Consumer Services — 0.0%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 01/29/27			41		41,445
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24			59		58,580
TruGreen Limited Partnership, 2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 1.00% Floor), 9.25%, 11/02/28^(c)			106		108,120


					208,145

Diversified Financial Services — 0.2%
AQGEN Ascensus, Inc., 2021 2nd Lien Term Loan, 05/04/29^(c)(n)			90		89,100


Security		Par (000)		Value

Diversified Financial Services (continued)
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27	USD		276	$	276,871
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 02/16/28			66		65,841
LBM Acquisition LLC
Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			4		3,821
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			26		25,726
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			514		515,098
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25			604		606,699
White Cap Buyer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			355		355,659


					1,938,815

Diversified Telecommunication Services — 0.2%
Frontier Communications Corp., 2021 DIP Term
Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor),
4.50%, 05/01/28			198		197,505
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			123		125,149
2017 Term Loan B4, (PRIME + 5.50%), 8.75%, 01/02/24			198		201,448
2017 Term Loan B5, (Fixed + 8.62%), 8.63%, 01/02/24			1,071		1,087,699
Northwest Fiber LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%), 3.82%, 04/30/27			126		126,020


					1,737,821

Entertainment — 0.0%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25^(c)			257		264,411


Health Care Equipment & Supplies — 0.0%
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.09%, 06/30/25			52		51,804


Health Care Providers & Services — 0.1%
AHP Health Partners, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/30/25			201		200,904
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.00%, 01/08/27			120		120,089
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/10/25			404		343,498
Gentiva Health Services, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.75%), 2.88%, 07/02/25			88		87,828
Quorum Health Corp., 2020 Term Loan, 04/29/25⁽ⁿ⁾			126		128,067
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 11/16/25			76		76,254
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 12/13/26			254		252,837


					1,209,477


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Services — 0.0%
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 3.69%, 07/25/26	USD		105	$	104,742


Health Care Technology — 0.0%
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.41%, 02/11/26			83		82,974
Polaris Newco LLC, USD Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 06/04/28			254		254,604


					337,578

Hotels, Restaurants & Leisure — 0.1%
Caesars Resort Collection LLC, 2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.60%, 07/20/25			116		116,580
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			260		257,284
Great Canadian Gaming Corp., Term Loan, 11/01/26⁽ⁿ⁾			38		38,048
IRB Holding Corp, 2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27			247		246,607
Life Time Fitness, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/16/24			162		162,581


					821,100

Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.10%, 08/12/26			27		26,424


Industrial Conglomerates — 0.1%
PSAV Holdings LLC, 2018 2nd Lien Term Loan, (6 mo. LIBOR + 7.25%, 1.00% Floor), 8.25%, 09/01/25			313		251,940
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23			109		110,086


					362,026

Insurance — 0.1%
Alliant Holdings Intermediate LLC, 2020 Term Loan B3, 11/06/27⁽ⁿ⁾			94		93,880
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 09/01/27			124		123,946
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 12/31/25			391		386,351
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/03/26			141		140,807
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			52		52,754


					797,738

Interactive Media & Services — 0.0%
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26			79		79,600
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			110		111,280


					190,880


Security		Par (000)		Value

Internet & Direct Marketing Retail — 0.0%
CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27	USD		155	$	154,612


IT Services — 0.1%
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/02/25			179		177,693
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27			178		178,619
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 02/12/27			111		108,296


					464,608

Life Sciences Tools & Services — 0.1%
Icon Luxembourg Sarl⁽ⁿ⁾1st Lien Term Loan B, 06/16/28			66		66,274
Term Loan B, 06/16/28			265		265,104
Parexel International Corp., Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 09/27/24			222		221,218


					552,596

Machinery — 0.1%
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 5.10%, 09/21/26			269		269,634
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 3.17%, 03/28/25			811		796,318


					1,065,952

Media — 0.1%
A-L Parent LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			46		44,806
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 07/15/25			23		22,722
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.15%, 08/14/26			107		106,975
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.69%, 08/21/26			491		478,552
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			108		107,881
MH Sub I LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.35%, 02/23/29			35		35,503
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26			24		23,793
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/09/27			387		382,284


					1,202,516

Oil, Gas & Consumable Fuels — 0.2%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%, 11/01/25			1,046		1,153,861
Citgo Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 2.00%, 1.00% Floor), 8.00%, 08/01/23			156		154,812
McDermott Technology Americas, Inc., 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 06/30/24^(c)			9		5,012


					1,313,685

Pharmaceuticals — 0.1%
Endo Luxembourg Finance Co. I Sarl, 2021 Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 03/27/28			389		374,611


38		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Professional Services — 0.0%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 02/06/26	USD		286	$	284,751


Software — 0.4%
Barracuda Networks, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28			121		122,779
By Crown Parent LLC, Term Loan B1, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/26			34		34,063
Castle US Holding Corp., USD Term Loan B, (3 mo. LIBOR + 3.75%), 3.90%, 01/29/27			136		133,772
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24			30		29,830
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 8.75%, 07/31/28			62		63,977
2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 07/31/27			169		168,442
Helios Software Holdings, Inc., 2021 USD Term Loan B, (6 mo. LIBOR + 3.75%), 3.90%, 03/11/28			80		80,347
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed + 7.12%), 7.13%, 02/25/25			278		283,560
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 02/25/27			129		128,466
Magenta Buyer LLC⁽ⁿ⁾
2021 USD 1st Lien Term Loan, 05/03/28			377		376,623
2021 USD 2nd Lien Term Loan, 05/03/29^(c)			239		236,012
Mitchell International, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 11/29/24			88		86,717
Planview Parent, Inc., 2nd Lien Term Loan, (1 Week LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/17/28			103		102,485
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.11%, 04/26/24			122		122,472
Proof Point, Inc.⁽ⁿ⁾1st Lien Term Loan, 06/09/28			164		162,996
2nd Lien Term Loan, 06/08/29			242		244,117
RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/22/28			220		219,230
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.34%, 05/30/25			9		9,383
Sabre GLBL, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			59		58,999
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27			411		411,021
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26			21		20,586
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.36%, 03/04/28			189		191,599


Security		Par (000)		Value

Software (continued)
Ultimate Software Group, Inc.
2021 Incremental Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 05/03/26	USD		122	$	122,150
Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 05/03/26			146		146,157


					3,555,783

Specialty Retail — 0.1%
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/28			389		389,097
Sotheby’s, Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 01/15/27			207		207,769
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 5.18%, 04/16/26			97		94,154


					691,020

Trading Companies & Distributors — 0.0%
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/03/28			69		68,546


Wireless Telecommunication Services — 0.0%
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.85%, 06/10/27			305		305,150


Total Floating Rate Loan Interests — 2.8% (Cost: $24,521,910)					24,730,403


Foreign Agency Obligations

Bahrain — 0.1%
Bahrain Government International Bond, 6.75%, 09/20/29			200		219,288
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25			200		231,187


					450,475

Canada — 1.0%
CDP Financial, Inc., 5.60%, 11/25/39^(b)(m)			5,890		8,228,094


Colombia — 0.1%
Colombia Government International Bond 4.50%, 01/28/26			600		654,862
3.88%, 04/25/27			268		284,717


					939,579

Dominican Republic — 0.1%
Dominican Republic International Bond 5.95%, 01/25/27			230		258,750
4.50%, 01/30/30^(b)			226		230,633
4.88%, 09/23/32^(b)			150		154,500
6.40%, 06/05/49			150		161,466


					805,349

Egypt — 0.1%
Egypt Government International Bond 5.58%, 02/21/23^(b)			200		209,725
5.88%, 06/11/25			410		437,752
8.50%, 01/31/47^(b)			400		416,575


					1,064,052


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Ghana — 0.0%
Ghana Government International Bond, 7.75%, 04/07/29^(b)	USD		330	$	336,909


Iceland — 0.4%
Iceland Government International Bond, 5.88%, 05/11/22			3,555		3,687,269


Indonesia — 0.1%
Indonesia Government International Bond, 4.10%, 04/24/28			600		677,737


Italy — 0.4%
Republic of Italy Government International Bond, 5.38%, 06/15/33			2,925		3,682,687


Mexico — 0.1%
Mexico Government International Bond, 2.66%, 05/24/31			496		484,313


Mongolia — 0.0%
Mongolia Government International Bond, 8.75%, 03/09/24			250		286,609


Morocco — 0.0%
Morocco Government International Bond, 3.00%, 12/15/32^(b)			221		213,265


Oman — 0.0%
Oman Government International Bond, 6.50%, 03/08/47			228		222,414


Pakistan — 0.1%
Pakistan Government International Bond 6.00%, 04/08/26			200		201,938
7.38%, 04/08/31			200		205,500
Pakistan Water & Power Development Authority, 7.50%, 06/04/31			200		199,250


					606,688

Panama — 0.1%
Panama Government International Bond 3.16%, 01/23/30			212		222,176
4.50%, 04/16/50			200		226,600


					448,776

Paraguay — 0.0%
Paraguay Government International Bond, 5.40%, 03/30/50^(b)			200		233,413


Peru — 0.0%
Peruvian Government International Bond 1.86%, 12/01/32			171		159,169
5.63%, 11/18/50			139		191,368


					350,537

Portugal — 0.5%
Portugal Government International Bond, 5.13%, 10/15/24^(b)			3,970		4,505,553


Qatar — 0.0%
Qatar Government International Bond, 4.00%, 03/14/29^(b)			240		276,240


Security		Par (000)		Value

Romania — 0.0%
Romanian Government International Bond, 3.00%, 02/14/31^(b)	USD		220	$	228,154


Russia — 0.1%
Russian Foreign Bond - Eurobond 4.75%, 05/27/26			200		227,475
4.25%, 06/23/27			200		223,138


					450,613

Saudi Arabia — 0.0%
Saudi Government International Bond, 4.50%, 04/17/30			278		327,484


Sri Lanka — 0.2%
Sri Lanka Government International Bond 5.75%, 04/18/23			271		201,692
6.85%, 03/14/24			432		296,946
6.35%, 06/28/24			600		410,175
7.85%, 03/14/29			200		126,538
7.55%, 03/28/30			300		189,712


					1,225,063

Ukraine — 0.1%
Ukraine Government International Bond 7.75%, 09/01/23			100		107,750
7.75%, 09/01/25			385		421,575
7.25%, 03/15/33^(b)			400		415,950


					945,275

Uruguay — 0.0%
Uruguay Government International Bond, 4.98%, 04/20/55			162		208,938


Total Foreign Agency Obligations — 3.5% (Cost: $27,596,773)					30,885,486


Municipal Bonds

California — 0.9%
East Bay Municipal Utility District Water System Revenue, RB, BAB, 5.87%, 06/01/40			1,900		2,769,383
State of California, GO, BAB 7.55%, 04/01/39			280		475,149
7.63%, 03/01/40			1,720		2,887,158
University of California, RB, BAB, 5.95%, 05/15/45			885		1,252,974


					7,384,664

Georgia — 0.3%
Municipal Electric Authority of Georgia, Refunding RB, BAB, 7.06%, 04/01/57			1,950		2,840,058


Illinois — 0.3%
State of Illinois, GO, 5.10%, 06/01/33			2,000		2,352,820


Indiana — 0.4%
Indianapolis Local Public Improvement Bond Bank, RB, Series B-2, 6.12%, 01/15/40			2,535		3,493,382


New Jersey — 0.1%
State of New Jersey, GO
Series A, 4.00%, 06/01/30			250		308,260


40		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey (continued)
State of New Jersey, GO (continued)
Series A, 4.00%, 06/01/31	USD	190	$	237,753
Series A, 4.00%, 06/01/32		180		228,058


				774,071

New York — 1.2%
Metropolitan Transportation Authority, RB, BAB, 7.34%, 11/15/39		1,295		2,110,397
New York City Industrial Development Agency, Refunding RB
(AGM), 3.19%, 03/01/40		165		167,405
Class A, (AGM), 3.00%, 01/01/46		50		53,898
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series E-1, 4.00%, 02/01/41		1,000		1,202,060
New York City Water & Sewer System, Refunding RB, BAB, 5.72%, 06/15/42		1,390		2,091,380
New York State Dormitory Authority, RB, BAB
Series D, 5.60%, 03/15/40		1,900		2,567,052
Series F, 5.63%, 03/15/39		1,100		1,443,024
Port Authority of New York & New Jersey, RB, 159th Series, 6.04%, 12/01/29		780		1,024,772


				10,659,988

Total Municipal Bonds — 3.2% (Cost: $20,788,763)				27,504,983


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 2.1%
Alternative Loan Trust
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35		571		567,597
Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.19%), 0.28%, 03/20/47^(a)		523		449,535
Series 2007-OA10, Class 2A1, (1 mo. LIBOR US + 0.25%), 0.34%, 09/25/47^(a)		5,262		4,781,798
Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37		299		270,658
COLT Mortgage Loan Trust^(a)(b)
Series 2020-2, Class M1, 5.25%, 03/25/65		1,100		1,143,483
Series 2020-3, Class M1, 3.36%, 04/27/65		3,820		3,880,078
Ellington Financial Mortgage Trust, Series 2020-1, Class M1, 5.24%, 05/25/65^(a)(b)		1,500		1,567,729
GMACM Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 2.79%, 06/19/35^(a)		153		150,856
GSR Mortgage Loan Trust
Series 2006-4F, Class 1A1, 5.00%, 05/25/36		1		27,063
Series 2007-4F, Class 3A1, 6.00%, 07/25/37		93		80,646
JP Morgan Mortgage Trust, Series 2006-S3, Class 1A12, 6.50%, 08/25/36		46		25,814
Merrill Lynch Mortgage Investors Trust, Series 2006- A3, Class 3A1, 2.71%, 05/25/36^(a)		216		186,925
MFA, Series 2021-NQM1, Class M1, 2.31%, 04/25/65^(a)(b)		2,750		2,752,932


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65^(a)(b)	USD	2,050	$	2,046,137
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 0.89%, 05/25/47^(a)		114		110,101


				18,041,352

Commercial Mortgage-Backed Securities^(a)— 3.8%
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.72%, 04/14/33^(b)		4,170		4,440,670
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.27%), 0.36%, 07/25/37^(b)		927		882,679
Citigroup Commercial Mortgage Trust
Series 2013-GC15, Class B, 5.35%, 09/10/46		7,183		7,723,055
Series 2020-420K, Class D, 3.42%, 11/10/42^(b)		270		263,302
COMM Mortgage Trust
Series 2015-CR22, Class C, 4.24%, 03/10/48		5,000		5,329,219
Series 2015-LC19, Class C, 4.38%, 02/10/48		3,500		3,747,141
Commercial Mortgage Trust, Series 2013-CR11, Class B, 5.28%, 08/10/50		7,000		7,574,484
CSMC-FACT, Series 2020-FACT, Class D, (1 mo. LIBOR US + 3.71%), 3.78%, 10/15/37^(b)		900		911,045
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 2.33%, 07/15/38^(b)(d)		830		833,992
GS Mortgage Securities Corp. Trust, Series 2020-TWN3, Class D, (1 mo. LIBOR US + 3.70%), 3.77%, 11/15/37^(b)		1,500		1,519,511


				33,225,098


Total Non-Agency Mortgage-Backed Securities — 5.9% (Cost: $48,960,481)				51,266,450


Preferred Securities

Capital Trusts — 5.4%

Banks^(a)— 1.3%
Bank of East Asia Ltd., 5.88%^(l)		500		534,156
BBVA Bancomer SA, 5.13%, 01/18/33		271		282,009
CaixaBank SA, 6.38%^(l)	EUR	200		258,773
CIT Group, Inc., Series A, 5.80%^(l)	USD	163		168,358
Kasikornbank PCL, 5.28%^(l)		600		635,737
Nanyang Commercial Bank Ltd., 5.00%^(l)		200		200,813
Nordea Bank Abp, 6.13%^(b)(l)		2,960		3,261,565
Rizal Commercial Banking Corp., 6.50%^(l)		200		207,725
SVB Financial Group, Series C, 4.00%^(l)		2,000		2,035,600
TMBThanachart Bank PCL, 4.90%^(l)		250		253,641
Wells Fargo & Co., Series S, 5.90%^(l)		3,390		3,652,725


				11,491,102

Building Materials — 0.0%
Cemex SAB de CV, 5.13%^(a)(b)(l)		200		206,060


Diversified Financial Services^(a)(l)— 3.3%
Bank of America Corp.
Series AA, 6.10%		7		7,860
Series FF, 5.88%		3,500		4,005,960
Series X, 6.25%		1,050		1,161,563
Credit Suisse Group AG, 6.38%^(b)		300		334,389


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Financial Services (continued)
HSBC Holdings PLC 6.50%	USD		1,090	$	1,250,099
6.00%			435		482,850
JPMorgan Chase & Co.
Series FF, 5.00%			3,027		3,199,388
Series HH, 4.60%			165		170,990
Series I, 3.66%			3,581		3,589,952
Series R, 6.00%			70		74,419
Series V, 3.46%			3,640		3,649,100
Lloyds Banking Group PLC, 7.50%			1,750		2,047,500
Morgan Stanley, Series H, 3.79%			3,030		3,041,362
Natwest Group PLC 6.00%			1,575		1,755,463
8.63%			200		201,444
Societe Generale SA, 7.88%^(b)			1,000		1,117,820
UBS Group AG, 3.88%^(b)			2,000		2,003,740
Woori Bank, 4.25%			250		259,578


					28,353,477

Diversified Telecommunication Services — 0.0%
Telefonica Europe BV, 5.88%^(a)(l)	EUR		100		131,915


Electric Utilities — 0.4%
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79^(a)	USD		2,750		3,195,591


Insurance — 0.4%
Heungkuk Life Insurance Co. Ltd., 4.48%^(a)(l)			200		202,725
MetLife, Inc., 6.40%, 12/15/36			2,554		3,280,160


					3,482,885

Real Estate Management & Development — 0.0%
Aroundtown SA, 3.38%^(a)(l)	EUR		100		123,170


Utilities — 0.0%
Electricite de France SA, 3.38%^(a)(l)			200		247,525


Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 3.10%, 01/03/79^(a)			100		123,466


Total Capital Trusts — 5.4%					47,355,191


		Shares

Preferred Stocks — 0.5%^(a)(l)

Capital Markets — 0.5%
Goldman Sachs Group, Inc., Series J, 5.50%			92,000		2,520,800
Morgan Stanley, Series K, 5.85%			66,567		1,965,058


					4,485,858

Thrifts & Mortgage Finance — 0.0%
Federal National Mortgage Association, Series S			10,000		21,300


Total Preferred Stocks — 0.5%.					4,507,158


Security		Shares			Value

Trust Preferred — 0.1%

Diversified Financial Services — 0.1%
Citigroup Capital XIII, 6.56%, 10/30/40^(a)			29,583		$	825,366


Total Preferred Securities — 6.0%
(Cost: $49,600,608)						52,687,715


		Par (000)

U.S. Government Sponsored Agency Securities

Agency Obligations — 1.6%
Federal Home Loan Bank^(m)
5.25%, 12/09/22	USD		1,375			1,474,514
5.37%, 09/09/24			4,025			4,646,439
Federal National Mortgage Association, 5.63%, 07/15/37^(m)			1,600			2,432,809
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30^(k)			6,055			5,237,242


						13,791,004

Collateralized Mortgage Obligations — 2.3%
Fannie Mae, Series 2015-47, Class GL, 3.50%, 07/25/45			1,636			1,850,201
Freddie Mac
Series 4350, Class DY, 4.00%, 06/15/44			2,776			3,055,128
Series 4398, Class ZX, 4.00%, 09/15/54			10,049			11,710,924
Series 4549, Class TZ, 4.00%, 11/15/45			3,062			3,451,795
Uniform Mortgage-Backed Securities, Series 1254, Class Z, 8.50%, 04/15/22			1			24


						20,068,072

Interest Only Collateralized Mortgage Obligations — 0.2%
Ginnie Mae Mortgage-Backed Securities^(a)
Series 2009-116, Class KS, (1 mo. LIBOR US + 6.47%), 6.40%, 12/16/39			916			146,066
Series 2009-78, Class SD, (1 mo. LIBOR US + 6.20%), 6.08%, 09/20/32			—			16
Series 2011-52, Class NS, (1 mo. LIBOR US + 6.67%), 6.60%, 04/16/41			7,671			1,492,702
Uniform Mortgage-Backed Securities
Series 1991-099, Class L, 930.00%, 08/25/21			—	^(o)		—
Series 1991-139, Class PT, 648.35%, 10/25/21			—	^(o)		—
Series 1997-50, Class SI, (1 mo. LIBOR US + 9.20%), 1.20%, 04/25/23^(a)			5			40
Series 2012-47, Class NI, 4.50%, 04/25/42			1,935			342,622
Series 2012-96, Class DI, 4.00%, 02/25/27			795			12,034


						1,993,480

Mortgage-Backed Securities^(m)— 8.7%
Fannie Mae Mortgage-Backed Securities, 2.00%, 03/01/51			8,848			8,940,301
Freddie Mac Mortgage-Backed Securities, 2.00%, 06/01/51			12,960			13,134,765
Ginnie Mae Mortgage-Backed Securities, 5.50%, 08/15/33			28			31,545
Uniform Mortgage-Backed Securities 3.00%, 04/01/33 - 09/01/43			10,050			10,654,858


42		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
5.00%, 08/01/34	USD	835		$	951,791
5.50%, 06/01/38		435			506,693
6.00%, 12/01/38		352			417,015
4.50%, 07/01/41 - 07/01/55		9,763			10,900,016
4.00%, 12/01/41 - 04/01/56		16,647			18,377,182
3.50%, 07/01/49 - 08/01/49		10,694			11,498,478


					75,412,644

Principal Only Collateralized Mortgage Obligations^(k)— 0.0%
Uniform Mortgage-Backed Securities
Series 1993-51, Class E, 0.00%, 02/25/23		1			1,003
Series 1993-70, Class A, 0.00%, 05/25/23		—	^(o)		219
Series 203, Class 1, 0.00%, 02/25/23		1	^(o)		303
Series 228, Class 1, 0.00%, 06/25/23		—	^(o)		191


					1,716


Total U.S. Government Sponsored Agency Securities — 12.8% (Cost: $102,761,570)					111,266,916


U.S. Treasury Obligations
U.S. Treasury Bonds^(m)1.88%, 02/15/41 - 02/15/51		36,800			35,219,125
3.00%, 11/15/44		61,400			72,284,109
2.50%, 02/15/46		66,500			72,038,203
2.75%, 11/15/47		2,000			2,276,719
U.S. Treasury Notes^(m)0.13%, 08/31/22 - 03/31/23^(p)		74,300			74,220,090
2.75%, 04/30/23 - 08/31/25^(p)		19,300			20,749,856
7.50%, 11/15/24		8,200			10,122,836
3.00%, 09/30/25		2,400			2,627,344
2.88%, 08/15/28		1,000			1,112,148
3.13%, 11/15/28		3,000			3,393,867
0.63%, 08/15/30		7,000			6,521,484
0.88%, 11/15/30		25,000			23,773,437
1.13%, 02/15/31		19,000			18,444,844


Total U.S. Treasury Obligations — 39.3% (Cost: $323,893,455)					342,784,062


Total Long-Term Investments — 150.0% (Cost: $1,208,040,546)					1,307,516,982


	Shares

Short-Term Securities

Money Market Funds — 1.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%^(q)(r)		13,822,437			13,822,437


Security	Par (000)		Value

U.S. Treasury Obligations — 0.3%
U.S. Treasury Notes, 2.75%, 09/15/21^(m)	USD	2,800	$	2,815,580


Total Short-Term Securities — 1.9% (Cost: $16,617,082)				16,638,017


Options Purchased — 0.9% (Cost: $8,800,046)				7,526,430


Total Investments Before Options Written — 152.8% (Cost: $1,233,457,674)				1,331,681,429


Options Written — (0.8)% (Premiums Received: $(7,220,795))				(6,988,739	)


Total Investments, Net of Options Written — 152.0% (Cost: $1,226,236,879)				1,324,692,690

Liabilities in Excess of Other Assets — (52.0)%				(452,905,892	)


Net Assets — 100.0%			$	871,786,798

^(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)	When-issued security.

^(e)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $143,374, representing less than 0.05% of its net assets as of period end, and an original cost of $32,643.

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

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

⁽ⁱ⁾	Non-income producing security.

^(j)	Convertible security.

^(k)	Zero-coupon bond.

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

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

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

^(o)	Amount is less than 500.

^(p)	All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

^(q)	Affiliate of the Trust.

^(r)	Annualized 7-day yield as of period end.

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


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six-months ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	8,065,454	$	5,756,983	^(a)	$	—	$	—	$	—	$	13,822,437		13,822,437	$	1,333	$	—

^(a)

Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

BNP Paribas S.A.

0.07

%^(b)

11/25/20

Open

2,607,281

2,609,075

U.S. Government Sponsored
Agency Securities

Open/Demand

BNP Paribas S.A.

0.07

^(b)

11/25/20

Open

1,548,594

1,549,659

U.S. Government Sponsored
Agency Securities

Open/Demand

BNP Paribas S.A.

0.07

^(b)

11/25/20

Open

2,586,000

2,587,779

U.S. Government Sponsored
Agency Securities

Open/Demand

BNP Paribas S.A.

0.08

^(b)

11/25/20

Open

80,127,000

80,170,705

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.08

^(b)

11/25/20

Open

30,250,000

30,266,091

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.08

^(b)

11/25/20

Open

2,978,500

2,980,084

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.08

^(b)

02/12/21

Open

5,506,875

5,508,160

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

(0.10

)^(b)

03/25/21

Open

7,650,000

7,650,072

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

(0.05

)^(b)

03/30/21

Open

7,953,750

7,953,772

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.07

^(b)

03/30/21

Open

6,343,750

6,343,209

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

(0.10

)^(b)

04/05/21

Open

7,570,000

7,568,499

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

(0.05

)^(b)

04/05/21

Open

12,048,750

12,049,366

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.07

^(b)

04/05/21

Open

38,951,250

38,955,124

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

(0.03

)^(b)

04/07/21

Open

1,910,000

1,909,339

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

(0.07

)^(b)

04/07/21

Open

7,049,250

7,047,901

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

04/07/21

Open

1,500,000

1,500,107

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

0.25

^(b)

04/08/21

Open

5,278,500

5,281,579

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.25

^(b)

04/08/21

Open

4,444,200

4,446,792

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

(0.13

)^(b)

04/20/21

Open

23,593,750

23,591,495

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

04/20/21

Open

2,838,500

2,838,672

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

04/20/21

Open

1,117,500

1,117,568

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

04/20/21

Open

10,526,750

10,527,387

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

04/20/21

Open

3,435,000

3,435,208

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

04/20/21

Open

2,649,000

2,649,160

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

04/20/21

Open

43,028,175

43,030,781

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

04/20/21

Open

2,227,500

2,227,635

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

04/20/21

Open

1,808,375

1,808,485

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

04/20/21

Open

15,839,687

15,840,647

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

0.06

^(b)

04/21/21

Open

3,840,000

3,839,822

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.07

^(b)

04/30/21

Open

2,996,250

2,996,332

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

0.08

^(b)

05/06/21

Open

8,000,000

8,000,311

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

(0.03

)^(b)

05/12/21

Open

952,500

952,460

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

0.03

^(b)

05/12/21

Open

2,234,375

2,234,284

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

0.05

^(b)

05/12/21

Open

3,000,000

3,000,005

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

0.09

^(b)

05/12/21

Open

735,556

735,585

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.29

^(b)

06/04/21

Open

6,796,680

6,797,994

Corporate Bonds

Open/Demand

2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

BNP Paribas S.A.

0.29

%^(b)

06/04/21

Open

9,856,460

9,858,366

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.29

^(b)

06/04/21

Open

8,650,000

8,651,672

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.19

^(b)

06/09/21

Open

4,195,000

4,195,465

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.05

06/11/21

07/14/21

8,706,848

8,707,054

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Credit Agricole Corporate and Investment Bank

0.05

06/11/21

07/14/21

10,736,468

10,736,722

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Credit Agricole Corporate and Investment Bank

0.05

06/11/21

07/14/21

12,752,560

12,752,861

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

4,660,862

4,660,994

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

3,181,912

3,182,002

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

406,812

406,824

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

929,388

929,415

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

1,210,899

1,210,933

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

30,638

30,639

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

5,914,743

5,914,910

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

7,187,011

7,187,214

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

1,230,434

1,230,469

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

5,250,199

5,250,348

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

1,269,490

1,269,526

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

3,766,694

3,766,801

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

493,140

493,154

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

976,954

976,982

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

3,226,116

3,226,207

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Royal Bank of Canada

0.06

06/11/21

07/14/21

1,455,903

1,455,944

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Barclays Capital, Inc.

(3.00

)^(b)

06/11/21

Open

144,115

143,911

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(3.00

)^(b)

06/11/21

Open

63,652

63,562

Corporate Bonds

Open/Demand

BNP Paribas S.A.

(1.00

)^(b)

06/22/21

Open

39,093

39,084

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.25

^(b)

06/29/21

Open

7,826,337

7,826,392

Foreign Agency Obligations

Open/Demand

466,085,026

466,168,595

^(a)

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

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount (000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro Bund

09/08/21

9,006

56,821


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts (continued)
10-Year U.S. Ultra Long Treasury Note		115		09/21/21	$	16,912	$	272,040
Ultra U.S. Treasury Bond		161		09/21/21		30,993		1,234,079

								1,562,940

Short Contracts
Euro OAT		53		09/08/21		9,995		(44,668	)
10-Year U.S. Treasury Note		443		09/21/21		58,663		(197,023	)
U.S. Long Bond		18		09/21/21		2,890		(64,088	)
2-Year U.S. Treasury Note		211		09/30/21		46,488		67,318
5-Year U.S. Treasury Note		255		09/30/21		31,463		(24,243	)

								(262,704	)

							$	1,300,236

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	265,257	CAD	321,000	State Street Bank and Trust Co.	09/15/21	$	6,311
USD	5,582,287	EUR	4,605,000	BNP Paribas S.A.	09/15/21		113,597
USD	984,979	GBP	697,000	Barclays Bank PLC	09/15/21		20,658
USD	5,606,917	GBP	3,972,000	Barclays Bank PLC	09/15/21		111,533

						$	252,099

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Put
90-Day Eurodollar Future		229		09/10/21		USD	99.63		USD	23	$	31,488
90-Day Eurodollar Future		229		09/10/21		USD	99.50		USD	23		289,112
90-Day Eurodollar Future		244		10/15/21		USD	99.25		USD	24		24,400

											$	345,000

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

5-Year Interest Rate Swap, 04/07/27

3-Month

LIBOR, 0.15%

Quarterly

1.53%

Semi-Annual

JPMorgan Chase
Bank N.A.

04/05/22

1.53

USD

6,960

152,801

5-Year Interest Rate Swap, 04/10/27

3-Month

LIBOR, 0.15%

Quarterly

1.39%

Semi-Annual

Morgan Stanley & Co. International PLC

04/08/22

1.39

USD

13,700

231,028

5-Year Interest Rate Swap, 04/30/27

3-Month

LIBOR, 0.15%

Quarterly

1.20%

Semi-Annual

Bank of America N.A.

04/28/22

1.20

USD

19,220

212,978

10-Year Interest Rate Swap, 03/09/34

3-Month

LIBOR, 0.15%

Quarterly

2.98%

Semi-Annual

Barclays Bank PLC

03/07/24

2.98

USD

3,510

398,851

10-Year Interest Rate Swap, 03/14/34

3-Month

LIBOR, 0.15%

Quarterly

2.95%

Semi-Annual

Barclays Bank PLC

03/12/24

2.95

USD

3,510

391,104

10-Year Interest Rate Swap, 06/26/34

3-Month

LIBOR, 0.15%

Quarterly

1.97%

Semi-Annual

Goldman Sachs Bank
USA

06/24/24

1.97

USD

2,455

115,662

10-Year Interest Rate Swap, 06/30/34

3-Month

LIBOR, 0.15%

Quarterly

2.00%

Semi-Annual

Goldman Sachs Bank
USA

06/28/24

2.00

USD

2,455

119,444

1-Year Interest Rate Swap, 02/26/26

3-Month

LIBOR, 0.15%

Quarterly

1.60%

Semi-Annual

Bank of America N.A.

02/24/25

1.59

USD

22,120

120,663


46		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

OTC Interest Rate Swaptions Purchased (continued)

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call (continued)

1-Year Interest Rate Swap, 02/26/26

3-Month

LIBOR, 0.15%

Quarterly

1.62%

Semi-Annual

Morgan Stanley & Co. International PLC

02/24/25

1.62

USD

55,360

310,204

10-Year Interest Rate Swap, 02/27/35

3-Month

LIBOR, 0.15%

Quarterly

1.49%

Semi-Annual

Citibank N.A.

02/25/25

1.49

USD

2,570

75,077

10-Year Interest Rate Swap, 05/02/35

3-Month

LIBOR, 0.15%

Quarterly

0.89%

Semi-Annual

Deutsche Bank AG

04/30/25

0.89

USD

1,640

24,183

10-Year Interest Rate Swap, 06/06/35

3-Month

LIBOR, 0.15%

Quarterly

1.28%

Semi-Annual

Goldman Sachs Bank USA

06/04/25

1.28

USD

1,120

26,631

10-Year Interest Rate Swap, 06/07/35

3-Month

LIBOR, 0.15%

Quarterly

1.43%

Semi-Annual

UBS AG

06/05/25

1.43

USD

1,120

31,436

10-Year Interest Rate Swap, 08/09/35

3-Month

LIBOR, 0.15%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

1,930

30,809

10-Year Interest Rate Swap, 08/09/35

3-Month

LIBOR, 0.15%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

620

9,897

10-Year Interest Rate Swap, 04/09/36

3-Month

LIBOR, 0.15%

Quarterly

2.60%

Semi-Annual

Deutsche Bank AG

04/07/26

2.60

USD

3,560

305,045

10-Year Interest Rate Swap, 06/29/38^(a)

3-Month

LIBOR, 0.15%

Quarterly

3.05%

Semi-Annual

Deutsche Bank AG

06/27/28

3.05

USD

3,125

146,234

10-Year Interest Rate Swap, 01/12/39

3-Month

LIBOR, 0.15%

Quarterly

3.04%

Semi-Annual

Nomura International Plc

01/10/29

3.04

USD

1,000

114,267

10-Year Interest Rate Swap, 01/13/39

3-Month

LIBOR, 0.15%

Quarterly

3.04%

Semi-Annual

Morgan Stanley & Co. International PLC

01/11/29

3.04

USD

1,000

114,092

10-Year Interest Rate Swap, 01/31/39

3-Month

LIBOR, 0.15%

Quarterly

3.08%

Semi-Annual

Barclays Bank PLC

01/29/29

3.08

USD

1,020

119,380

10-Year Interest Rate Swap, 08/09/40

3-Month

LIBOR, 0.15%

Quarterly

1.05%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/30

1.05

USD

1,210

36,313

10-Year Interest Rate Swap, 04/29/48

3-Month

LIBOR, 0.15%

Quarterly

2.99%

Semi-Annual

JPMorgan Chase Bank N.A.

04/27/38

2.98

USD

910

102,095

10-Year Interest Rate Swap, 02/24/49

3-Month

LIBOR, 0.15%

Quarterly

2.86%

Semi-Annual

JPMorgan Chase Bank N.A.

02/22/39

2.86

USD

933

98,688

10-Year Interest Rate Swap, 08/09/50

3-Month

LIBOR, 0.15%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/40

0.91

USD

730

27,402

3,314,284

Put

5-Year Interest Rate Swap, 11/17/26

(0.15%)

Annual

6-Month
EURIBOR,
(0.52%)

Semi-Annual

Barclays Bank PLC

11/15/21

(0.15

)

EUR

12,150

40,948

10-Year Interest Rate Swap, 01/13/32

1.25%

Semi-
Annual

6-Month JPY
LIBOR,
(0.07%)

Semi-Annual

Credit Suisse International

01/11/22

1.25

JPY

250,000

—

10-Year Interest Rate Swap, 02/24/32

1.55%

Semi-
Annual

6-Month JPY
LIBOR,
(0.07%)

Semi-Annual

Credit Suisse International

02/22/22

1.55

JPY

250,000

—

10-Year Interest Rate Swap, 03/18/32

1.60%

Semi-
Annual

6-Month JPY
LIBOR,
(0.07%)

Semi-Annual

JPMorgan Chase Bank N.A.

03/16/22

1.60

JPY

250,000

—

10-Year Interest Rate Swap, 04/06/32

1.45%

Semi-
Annual

6-Month JPY
LIBOR,
(0.07%)

Semi-Annual

JPMorgan Chase Bank N.A.

04/04/22

1.45

JPY

250,000

—

5-Year Interest Rate Swap, 04/07/27

1.53%

Semi-
Annual

3-Month
LIBOR,
0.15%

Quarterly

JPMorgan Chase Bank N.A.

04/05/22

1.53

USD

6,960

43,889

5-Year Interest Rate Swap, 04/10/27

1.39%

Semi-
Annual

3-Month
LIBOR,
0.15%

Quarterly

Morgan Stanley & Co. International PLC

04/08/22

1.39

USD

13,700

113,551

10-Year Interest Rate Swap, 04/23/32

1.90%

Semi-
Annual

3-Month
LIBOR,
0.15%

Quarterly

Deutsche Bank AG

04/21/22

1.90

USD

92,900

1,217,773

15-Year Interest Rate Swap, 05/05/37

3.25%

Semi-
Annual

3-Month
LIBOR,
0.15%

Quarterly

Goldman Sachs Bank USA

05/03/22

3.25

USD

4,050

7,577

30-Year Interest Rate Swap, 05/11/52

2.85%

Semi-
Annual

3-Month
LIBOR,
0.15%

Quarterly

Nomura International Plc

05/09/22

2.85

USD

4,750

31,422

10-Year Interest Rate Swap, 08/04/32

2.25%

Semi-
Annual

3-Month
LIBOR,
0.15%

Quarterly

JPMorgan Chase Bank N.A.

08/02/22

2.25

USD

4,160

41,070


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

OTC Interest Rate Swaptions Purchased (continued)

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Put (continued)

10-Year Interest Rate Swap, 08/10/32

2.25%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Barclays Bank PLC

08/08/22

2.25

USD

4,270

43,052

10-Year Interest Rate Swap, 03/09/34

2.98%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Barclays Bank PLC

03/07/24

2.98

USD

3,510

45,504

10-Year Interest Rate Swap, 03/14/34

2.95%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Barclays Bank PLC

03/12/24

2.95

USD

3,510

47,105

10-Year Interest Rate Swap, 06/15/34

2.50%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Morgan Stanley & Co. International PLC

06/13/24

2.50

USD

3,950

94,205

10-Year Interest Rate Swap, 06/22/34

2.50%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Morgan Stanley & Co. International PLC

06/20/24

2.50

USD

3,950

94,780

10-Year Interest Rate Swap, 06/26/34

1.97%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Goldman Sachs Bank USA

06/24/24

1.97

USD

2,455

101,090

10-Year Interest Rate Swap, 06/30/34

2.00%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Goldman Sachs Bank USA

06/28/24

2.00

USD

2,455

98,455

1-Year Interest Rate Swap, 02/26/26

1.60%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Bank of America N.A.

02/24/25

1.60

USD

22,120

119,585

1-Year Interest Rate Swap, 02/26/26

1.62%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Morgan Stanley & Co. International PLC

02/24/25

1.62

USD

55,360

294,063

10-Year Interest Rate Swap, 02/27/35

1.49%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Citibank N.A.

02/25/25

1.49

USD

2,570

181,531

10-Year Interest Rate Swap, 05/02/35

0.89%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Deutsche Bank AG

04/30/25

0.89

USD

1,640

182,245

10-Year Interest Rate Swap, 06/06/35

1.28%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Goldman Sachs Bank USA

06/04/25

1.28

USD

1,120

95,408

10-Year Interest Rate Swap, 06/07/35

1.43%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

UBS AG

06/05/25

1.43

USD

1,120

85,534

10-Year Interest Rate Swap, 08/09/35

0.91%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

620

68,960

10-Year Interest Rate Swap, 08/09/35

0.91%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

1,930

214,666

10-Year Interest Rate Swap, 04/09/36

2.60%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Deutsche Bank AG

04/07/26

2.60

USD

3,560

116,608

10-Year Interest Rate Swap, 04/14/37

3.00%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

JPMorgan Chase Bank N.A.

04/12/27

3.00

USD

2,590

71,092

10-Year Interest Rate Swap, 01/12/39

3.04%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Nomura International Plc

01/10/29

3.04

USD

1,000

31,252

10-Year Interest Rate Swap, 01/13/39

3.04%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Morgan Stanley & Co. International PLC

01/11/29

3.04

USD

1,000

31,342

10-Year Interest Rate Swap, 01/31/39

3.08%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Barclays Bank PLC

01/29/29

3.08

USD

1,020

31,082

10-Year Interest Rate Swap, 08/09/40

1.05%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Morgan Stanley & Co. International PLC

08/07/30

1.05

USD

1,210

137,339

20-Year Interest Rate Swap, 08/11/53

4.00%

Annual

6-Month
EURIBOR,
(0.52%)

Semi-
Annual

Barclays Bank PLC

08/09/33

4.00

EUR

2,410

37,032

10-Year Interest Rate Swap, 04/29/48

2.99%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

JPMorgan Chase Bank N.A.

04/27/38

2.98

USD

910

34,466

10-Year Interest Rate Swap, 02/24/49

2.86%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

JPMorgan Chase Bank N.A.

02/22/39

2.86

USD

933

37,542

10-Year Interest Rate Swap, 08/09/50

0.91%

Semi-Annual

3-Month LIBOR,
0.15%

Quarterly

Morgan Stanley & Co. International PLC

08/07/40

0.91

USD

730

76,978

3,867,146

7,181,430

^(a)

Forward settling swaption.


48		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
10-Year U.S. Treasury Note Future		60		07/23/21	USD	132.50	USD	7,945	$	(30,938	)

Put
10-Year U.S. Treasury Note Future		60		07/23/21	USD	130.50	USD	7,945		(3,750	)
90-Day Eurodollar Future		229		09/10/21	USD	99.38	USD	23		(220,412	)
90-Day Eurodollar Future		229		09/10/21	USD	99.75	USD	23		(70,131	)

										(294,293	)

									$	(325,231	)

OTC Interest Rate Swaptions Written

Paid by the Trust

Received by the Trust

Expiration

Date

Exercise

Rate

Notional

Amount (000)

Description

Rate

Frequency

Rate

Frequency

Counterparty

Value

Call

10-Year Interest Rate Swap, 08/07/31

0.75%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Bank of America N.A.

08/05/21

0.75

USD

1,195

(20

)

10-Year Interest Rate Swap, 09/24/31

1.52%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Citibank N.A.

09/22/21

1.52

USD

5,730

(84,845

)

10-Year Interest Rate Swap, 10/16/31

1.78%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Goldman Sachs Bank USA

10/14/21

1.77

USD

3,040

(98,040

)

2-Year Interest Rate Swap, 01/12/24

0.51%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Morgan Stanley & Co. International PLC

01/10/22

0.51

USD

38,450

(93,198

)

10-Year Interest Rate Swap, 01/29/32

1.00%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Deutsche Bank AG

01/27/22

1.00

USD

3,880

(14,907

)

10-Year Interest Rate Swap, 01/29/32

1.25%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Bank of America N.A.

01/27/22

1.25

USD

3,560

(30,354

)

10-Year Interest Rate Swap, 02/20/32

1.62%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Bank of America N.A.

02/18/22

1.62

USD

3,350

(80,496

)

2-Year Interest Rate Swap, 02/25/24

0.41%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Goldman Sachs Bank USA

02/23/22

0.41

USD

38,130

(48,630

)

2-Year Interest Rate Swap, 03/03/24

0.51%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Deutsche Bank AG

03/01/22

0.51

USD

33,910

(73,054

)

2-Year Interest Rate Swap, 03/04/24

0.49%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

JPMorgan Chase Bank N.A.

03/02/22

0.49

USD

50,670

(97,804

)

2-Year Interest Rate Swap, 03/05/24

0.52%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Citibank N.A.

03/03/22

0.52

USD

17,280

(38,531

)

2-Year Interest Rate Swap, 03/23/24

0.56%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Deutsche Bank AG

03/21/22

0.56

USD

17,280

(45,268

)

2-Year Interest Rate Swap, 03/25/24

0.57%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Deutsche Bank AG

03/23/22

0.57

USD

33,470

(89,753

)

10-Year Interest Rate Swap, 04/23/32

1.25%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Deutsche Bank AG

04/21/22

1.25

USD

92,900

(952,498

)

5-Year Interest Rate Swap, 04/24/27

0.90%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Bank of America N.A.

04/22/22

0.90

USD

9,610

(45,565

)

5-Year Interest Rate Swap, 04/30/27

0.90%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Bank of America N.A.

04/28/22

0.90

USD

28,830

(136,824

)

10-Year Interest Rate Swap, 05/04/32

0.74%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Deutsche Bank AG

05/02/22

0.74

USD

2,540

(6,622

)

10-Year Interest Rate Swap, 06/09/32

1.40%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

JPMorgan Chase Bank N.A.

06/07/22

1.40

USD

4,475

(70,334

)

10-Year Interest Rate Swap, 08/10/32

0.72%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Deutsche Bank AG

08/08/22

0.72

USD

485

(1,607

)

10-Year Interest Rate Swap, 10/13/32

1.06%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Deutsche Bank AG

10/11/22

1.06

USD

2,780

(23,915

)

10-Year Interest Rate Swap, 12/18/32

1.23%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Goldman Sachs Bank USA

12/16/22

1.23

USD

2,560

(33,692

)

10-Year Interest Rate Swap, 12/18/32

1.25%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Goldman Sachs Bank USA

12/16/22

1.24

USD

2,560

(34,524

)

10-Year Interest Rate Swap, 01/01/33

1.25%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Citibank N.A.

12/30/22

1.25

USD

2,820

(39,188

)


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 (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

OTC Interest Rate Swaptions Written (continued)


	Paid by the Trust		Received by the Trust			Expiration Date		Exercise Rate			Notional Amount (000)
Description	Rate	Frequency	Rate	Frequency	Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)			Value
Call (continued)
10-Year Interest Rate Swap, 01/11/33	1.44%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly	Barclays Bank PLC		01/09/23		1.44	%		USD	5,090	$	(100,342	)
10-Year Interest Rate Swap, 03/03/33	2.01%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly	Bank of America N.A.		03/01/23		2.01			USD	5,170		(246,984	)
10-Year Interest Rate Swap, 03/14/39	3.05%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly	Barclays Bank PLC		03/12/29		3.05			USD	2,840		(326,302	)

															(2,813,297	)

Put
2-Year Interest Rate Swap, 07/03/23	6-Month EURIBOR, (0.52%)	Semi-Annual	0.00%	Annual	Barclays Bank PLC		07/01/21		—			EUR	5,230		—
2-Year Interest Rate Swap, 07/04/23	6-Month EURIBOR, (0.52%)	Semi-Annual	(0.05%)	Annual	Barclays Bank PLC		07/02/21		(0.05	)		EUR	5,120		—
2-Year Interest Rate Swap, 07/21/23	6-Month EURIBOR, (0.52%)	Semi-Annual	0.00%	Annual	Barclays Bank PLC		07/19/21		—			EUR	5,270		—
10-Year Interest Rate Swap, 08/07/31	3-Month LIBOR, 0.15%	Quarterly	0.95%	Semi-Annual	Deutsche Bank AG		08/05/21		0.95			USD	2,390		(115,873	)
2-Year Interest Rate Swap, 08/11/23	6-Month EURIBOR, (0.52%)	Semi-Annual	(0.25%)	Annual	Barclays Bank PLC		08/09/21		(0.25	)		EUR	30,000		(79	)
2-Year Interest Rate Swap, 08/11/23	6-Month EURIBOR, (0.52%)	Semi-Annual	(0.15%)	Annual	Barclays Bank PLC		08/09/21		(0.15	)		EUR	12,480		(5	)
2-Year Interest Rate Swap, 08/11/23	6-Month EURIBOR, (0.52%)	Semi-Annual	(0.15%)	Annual	Barclays Bank PLC		08/09/21		(0.15	)		EUR	6,990		(3	)
2-Year Interest Rate Swap, 09/05/23	6-Month EURIBOR, (0.52%)	Semi-Annual	(0.25%)	Annual	Barclays Bank PLC		09/03/21		(0.25	)		EUR	22,950		(532	)
5-Year Interest Rate Swap, 09/05/26	3-Month LIBOR, 0.15%	Quarterly	0.60%	Semi-Annual	Deutsche Bank AG		09/03/21		0.60			USD	10,390		(215,260	)
10-Year Interest Rate Swap, 09/24/31	3-Month LIBOR, 0.15%	Quarterly	1.52%	Semi-Annual	Citibank N.A.		09/22/21		1.52			USD	5,730		(63,478	)
10-Year Interest Rate Swap, 10/16/31	3-Month LIBOR, 0.15%	Quarterly	1.78%	Semi-Annual	Goldman Sachs Bank USA		10/14/21		1.77			USD	3,040		(17,135	)
2-Year Interest Rate Swap, 12/08/23	3-Month LIBOR, 0.15%	Quarterly	0.50%	Semi-Annual	Barclays Bank PLC		12/06/21		0.50			USD	14,380		(29,237	)
2-Year Interest Rate Swap, 12/12/23	3-Month LIBOR, 0.15%	Quarterly	0.45%	Semi-Annual	Deutsche Bank AG		12/10/21		0.45			USD	14,430		(36,829	)
10-Year Interest Rate Swap, 01/12/32	3-Month LIBOR, 0.15%	Quarterly	1.15%	Semi-Annual	Bank of America N.A.		01/10/22		1.15			USD	1,400		(60,102	)
2-Year Interest Rate Swap, 01/12/24	3-Month LIBOR, 0.15%	Quarterly	0.51%	Semi-Annual	Morgan Stanley & Co. International PLC		01/10/22		0.51			USD	38,450		(103,580	)
10-Year Interest Rate Swap, 01/29/32	3-Month LIBOR, 0.15%	Quarterly	1.25%	Semi-Annual	Bank of America N.A.		01/27/22		1.25			USD	3,560		(132,437	)
10-Year Interest Rate Swap, 01/29/32	3-Month LIBOR, 0.15%	Quarterly	1.50%	Semi-Annual	Deutsche Bank AG		01/27/22		1.50			USD	3,880		(86,847	)
10-Year Interest Rate Swap, 02/09/32	3-Month LIBOR, 0.15%	Quarterly	0.68%	Semi-Annual	Deutsche Bank AG		02/07/22		0.68			USD	2,870		(241,617	)
10-Year Interest Rate Swap, 02/20/32	3-Month LIBOR, 0.15%	Quarterly	1.62%	Semi-Annual	Bank of America N.A.		02/18/22		1.62			USD	3,350		(62,458	)
2-Year Interest Rate Swap, 02/27/24	3-Month LIBOR, 0.15%	Quarterly	0.75%	Semi-Annual	Deutsche Bank AG		02/25/22		0.75			USD	38,130		(78,060	)
10-Year Interest Rate Swap, 03/02/32	3-Month LIBOR, 0.15%	Quarterly	1.60%	Semi-Annual	Deutsche Bank AG		02/28/22		1.60			USD	2,840		(57,048	)
2-Year Interest Rate Swap, 03/03/24	3-Month LIBOR, 0.15%	Quarterly	0.51%	Semi-Annual	Deutsche Bank AG		03/01/22		0.51			USD	33,910		(129,572	)
2-Year Interest Rate Swap, 03/04/24	3-Month LIBOR, 0.15%	Quarterly	0.49%	Semi-Annual	JPMorgan Chase Bank N.A.		03/02/22		0.49			USD	50,670		(205,702	)


50		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

OTC Interest Rate Swaptions Written (continued)


	Paid by the Trust		Received by the Trust			Expiration Date		Exercise Rate			Notional Amount (000)
Description	Rate	Frequency	Rate	Frequency	Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)			Value
Put (continued)
10-Year Interest Rate Swap, 03/05/32	3-Month LIBOR, 0.15%	Quarterly	1.60%	Semi-Annual	Deutsche Bank AG		03/03/22		1.60	%		USD	2,840	$	(57,752	)
2-Year Interest Rate Swap, 03/05/24	3-Month LIBOR, 0.15%	Quarterly	0.52%	Semi-Annual	Citibank N.A.		03/03/22		0.52			USD	17,280		(65,297	)
2-Year Interest Rate Swap, 03/23/24	3-Month LIBOR, 0.15%	Quarterly	0.56%	Semi-Annual	Deutsche Bank AG		03/21/22		0.56			USD	17,280		(65,366	)
2-Year Interest Rate Swap, 03/25/24	3-Month LIBOR, 0.15%	Quarterly	0.57%	Semi-Annual	Deutsche Bank AG		03/23/22		0.57			USD	33,470		(125,585	)
10-Year Interest Rate Swap, 05/04/32	3-Month LIBOR, 0.15%	Quarterly	0.74%	Semi-Annual	Deutsche Bank AG		05/02/22		0.74			USD	2,540		(213,074	)
5-Year Interest Rate Swap, 05/05/27	3-Month LIBOR, 0.15%	Quarterly	3.25%	Semi-Annual	Goldman Sachs Bank USA		05/03/22		3.25			USD	10,130		(5,699	)
10-Year Interest Rate Swap, 05/11/32	3-Month LIBOR, 0.15%	Quarterly	2.75%	Semi-Annual	Nomura International Plc		05/09/22		2.75			USD	10,350		(29,619	)
10-Year Interest Rate Swap, 06/09/32	3-Month LIBOR, 0.15%	Quarterly	2.40%	Semi-Annual	JPMorgan Chase Bank N.A.		06/07/22		2.40			USD	4,475		(27,313	)
10-Year Interest Rate Swap, 08/04/32	3-Month LIBOR, 0.15%	Quarterly	2.75%	Semi-Annual	JPMorgan Chase Bank N.A.		08/02/22		2.75			USD	4,160		(17,865	)
10-Year Interest Rate Swap, 08/04/32	3-Month LIBOR, 0.15%	Quarterly	3.25%	Semi-Annual	JPMorgan Chase Bank N.A.		08/02/22		3.25			USD	4,160		(8,224	)
10-Year Interest Rate Swap, 08/10/32	3-Month LIBOR, 0.15%	Quarterly	0.72%	Semi-Annual	Deutsche Bank AG		08/08/22		0.72			USD	485		(44,323	)
10-Year Interest Rate Swap, 08/10/32	3-Month LIBOR, 0.15%	Quarterly	2.75%	Semi-Annual	Barclays Bank PLC		08/08/22		2.75			USD	4,270		(18,858	)
10-Year Interest Rate Swap, 08/10/32	3-Month LIBOR, 0.15%	Quarterly	3.25%	Semi-Annual	Barclays Bank PLC		08/08/22		3.25			USD	4,270		(8,735	)
10-Year Interest Rate Swap, 10/13/32	3-Month LIBOR, 0.15%	Quarterly	1.06%	Semi-Annual	Deutsche Bank AG		10/11/22		1.06			USD	2,780		(185,922	)
10-Year Interest Rate Swap, 12/18/32	3-Month LIBOR, 0.15%	Quarterly	1.23%	Semi-Annual	Goldman Sachs Bank USA		12/16/22		1.23			USD	2,560		(150,121	)
10-Year Interest Rate Swap, 12/18/32	3-Month LIBOR, 0.15%	Quarterly	1.25%	Semi-Annual	Goldman Sachs Bank USA		12/16/22		1.24			USD	2,560		(147,961	)
10-Year Interest Rate Swap, 01/01/33	3-Month LIBOR, 0.15%	Quarterly	1.25%	Semi-Annual	Citibank N.A.		12/30/22		1.25			USD	2,820		(163,476	)
10-Year Interest Rate Swap, 01/11/33	3-Month LIBOR, 0.15%	Quarterly	1.44%	Semi-Annual	Barclays Bank PLC		01/09/23		1.44			USD	5,090		(238,783	)
10-Year Interest Rate Swap, 03/03/33	3-Month LIBOR, 0.15%	Quarterly	2.01%	Semi-Annual	Bank of America N.A.		03/01/23		2.01			USD	5,170		(122,704	)
10-Year Interest Rate Swap, 05/17/33	6-Month EURIBOR, (0.52%)	Semi-Annual	0.70%	Annual	Barclays Bank PLC		05/15/23		0.70			EUR	6,070		(103,529	)
10-Year Interest Rate Swap, 06/15/34	3-Month LIBOR, 0.15%	Quarterly	3.00%	Semi-Annual	Morgan Stanley & Co. International PLC		06/13/24		3.00			USD	3,950		(56,351	)
10-Year Interest Rate Swap, 06/15/34	3-Month LIBOR, 0.15%	Quarterly	3.50%	Semi-Annual	Morgan Stanley & Co. International PLC		06/13/24		3.50			USD	3,950		(34,239	)
10-Year Interest Rate Swap, 06/22/34	3-Month LIBOR, 0.15%	Quarterly	3.00%	Semi-Annual	Morgan Stanley & Co. International PLC		06/20/24		3.00			USD	3,950		(56,779	)
10-Year Interest Rate Swap, 06/22/34	3-Month LIBOR, 0.15%	Quarterly	3.50%	Semi-Annual	Morgan Stanley & Co. International PLC		06/20/24		3.50			USD	3,950		(34,542	)
10-Year Interest Rate Swap, 08/22/34	3-Month LIBOR, 0.15%	Quarterly	2.25%	Semi-Annual	Morgan Stanley & Co. International PLC		08/20/24		2.25			USD	4,410		(143,063	)
10-Year Interest Rate Swap, 03/14/39	3-Month LIBOR, 0.15%	Quarterly	3.05%	Semi-Annual	Barclays Bank PLC		03/12/29		3.05			USD	2,840		(89,177	)

															(3,850,211	)

														$	(6,663,508	)


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 (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

Centrally Cleared Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.36.V1		5.00	%		Quarterly		06/20/26	USD	12,090	$	(1,254,710	)	$	(1,076,170	)	$	(178,540	)
CDX.NA.IG.36.V1		1.00			Quarterly		06/20/26	USD	48,380		(1,246,209	)		(998,258	)		(247,951	)

										$	(2,500,919	)	$	(2,074,428	)	$	(426,491	)

Centrally Cleared Interest Rate Swaps


Paid by the Trust		Received by the Trust		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
3-Month LIBOR, 0.15%	Quarterly	1.07%	Semi-Annual		N/A			03/01/23	USD	3,350	$	56,868		$	33		$	56,835
3-Month LIBOR, 0.15%	Quarterly	1.10%	Semi-Annual		N/A			03/01/23	USD	13,390		234,939			133			234,806
3-Month LIBOR, 0.15%	Quarterly	0.88%	Semi-Annual		N/A			03/02/23	USD	6,665		88,421			66			88,355
3-Month LIBOR, 0.15%	Quarterly	0.88%	Semi-Annual		N/A			03/02/23	USD	6,700		88,416			66			88,350
3-Month LIBOR, 0.15%	Quarterly	0.90%	Semi-Annual		N/A			03/02/23	USD	2,230		30,588			22			30,566
3-Month LIBOR, 0.15%	Quarterly	0.98%	Semi-Annual		N/A			03/02/23	USD	3,360		51,131			33			51,098
3-Month LIBOR, 0.15%	Quarterly	0.99%	Semi-Annual		N/A			03/02/23	USD	3,360		51,702			33			51,669
0.12%	Annual	6-Month GBP LIBOR, 3.69%	Annual		N/A			04/09/23	GBP	37,430		39,479			(224	)		39,703
3-Month CAD BA, 1.35%	Semi-Annual	0.64%	Semi-Annual		N/A			04/21/23	CAD	21,590		(31,322	)		102			(31,424	)
0.28%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			04/23/23	USD	19,040		(488	)		(1,106	)		618
3-Month LIBOR, 0.15%	Quarterly	0.25%	Semi-Annual		07/08/22	^(a)		07/08/23	USD	5,380		(11,771	)		58			(11,829	)
1.61%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		11/01/21	^(a)		11/01/23	USD	3,260		(76,237	)		38			(76,275	)
0.40%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		11/22/22	^(a)		11/22/23	USD	2,280		6,317			25			6,292
3-Month LIBOR, 0.15%	Quarterly	0.34%	Semi-Annual		12/13/21	^(a)		12/13/23	USD	1,190		(3,432	)		14			(3,446	)
3-Month LIBOR, 0.15%	Quarterly	0.45%	Semi-Annual		03/01/22	^(a)		03/01/24	USD	5,850		(16,930	)		70			(17,000	)
0.73%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/21/22	^(a)		06/21/24	USD	8,740		4,691			105			4,586
0.74%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/23/22	^(a)		06/23/24	USD	480		170			6			164
3-Month LIBOR, 0.15%	Quarterly	0.45%	Semi-Annual		N/A			11/12/25	USD	4,330		(75,808	)		51			(75,859	)
3-Month LIBOR, 0.15%	Quarterly	0.48%	Semi-Annual		N/A			01/21/26	USD	7,710		(132,104	)		95			(132,199	)
1.54%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		02/25/25	^(a)		02/25/26	USD	7,420		5,767			80			5,687
1.71%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		03/06/25	^(a)		03/06/26	USD	3,630		(3,183	)		39			(3,222	)
6-Month EURIBOR, (0.52%)	Semi-Annual	(0.15%)	Annual		11/16/21	^(a)		11/16/26	EUR	6,070		19,859			113			19,746
0.65%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		04/20/22	^(a)		04/20/27	USD	530		15,127			7			15,120
1.29%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		04/20/22	^(a)		04/20/27	USD	3,520		(8,635	)		48			(8,683	)
1.31%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		04/29/22	^(a)		04/29/27	USD	60		(190	)		1			(191	)
1.36%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/20/22	^(a)		06/20/27	USD	1,100		(3,355	)		15			(3,370	)
0.50%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			08/19/27	USD	1,310		47,226			17			47,209
0.84%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			11/15/27	USD	7,990		149,533			112			149,421
1.27%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/30/21	^(a)		02/15/28	USD	7,600		(41,495	)		111			(41,606	)
0.19%	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		N/A			01/16/30	EUR	1,600		(35,987	)		289			(36,276	)
1.31%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/27/30	USD	60		42			1			41
0.68%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			09/16/30	USD	2,760		173,013			40			172,973
0.53%	Quarterly	3-Month LIBOR, 0.15%	Quarterly		N/A			10/21/30	USD	101		5,425			—			5,425
3-Month LIBOR, 0.15%	Quarterly	0.56%	Quarterly		N/A			10/21/30	USD	101		(5,621	)		—			(5,621	)
0.65%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			11/04/30	USD	2,740		186,793			40			186,753
0.96%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			11/12/30	USD	2,270		92,598			35			92,563
0.95%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			12/04/30	USD	1,620		68,588			25			68,563
1.02%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			01/08/31	USD	1,790		60,034			28			60,006
1.09%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			01/12/31	USD	1,790		47,584			28			47,556
1.16%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/04/31	USD	500		10,348			8			10,340
1.17%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/04/31	USD	1,800		36,752			28			36,724
1.18%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/04/31	USD	1,340		26,204			21			26,183
1.68%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		09/30/21	^(a)		02/15/31	USD	5,700		(101,761	)		(626	)		(101,135	)
2.79%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			03/10/31	USD	5,266		(701,418	)		83			(701,501	)
1.58%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			03/12/31	USD	640		(11,126	)		10			(11,136	)
1.77%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			03/22/31	USD	880		(31,214	)		14			(31,228	)
3-Month LIBOR, 0.15%	Quarterly	2.45%	Semi-Annual		N/A			05/18/31	USD	860		82,841			13			82,828
0.76%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			06/03/31	USD	3,648		238,832			57			238,775
1.56%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			06/18/31	USD	1,800		(18,486	)		29			(18,515	)
3-Month LIBOR, 0.15%	Quarterly	2.10%	Semi-Annual		N/A			06/22/31	USD	430		26,458			7			26,451


52		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

Centrally Cleared Interest Rate Swaps (continued)


Paid by the Trust		Received by the Trust		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
3-Month LIBOR, 0.15%	Quarterly	0.72%	Semi-Annual		07/01/21	^(a)		07/01/31	USD	2,450	$	(174,677	)	$	40		$	(174,717	)
3-Month LIBOR, 0.15%	Quarterly	1.18%	Semi-Annual		07/28/21	^(a)		07/28/31	USD	1,640		(46,676	)		27			(46,703	)
3-Month LIBOR, 0.15%	Quarterly	1.59%	Semi-Annual		12/29/21	^(a)		12/29/31	USD	2,180		5,915			36			5,879
0.80%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		02/08/22	^(a)		02/08/32	USD	60		4,453			1			4,452
1.65%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		02/22/22	^(a)		02/22/32	USD	3,520		(20,959	)		57			(21,016	)
3-Month LIBOR, 0.15%	Quarterly	1.83%	Semi-Annual		04/29/22	^(a)		04/29/32	USD	1,610		30,775			26			30,749
0.77%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		05/06/22	^(a)		05/06/32	USD	2,650		215,458			42			215,416
0.85%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		08/15/22	^(a)		08/15/32	USD	16,460		1,294,570			68,203			1,226,367
3-Month LIBOR, 0.15%	Quarterly	2.08%	Semi-Annual		05/05/23	^(a)		05/05/33	USD	810		19,917			13			19,904
0.44%	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		05/16/23	^(a)		05/16/33	EUR	2,140		(24,876	)		47			(24,923	)
3-Month LIBOR, 0.15%	Quarterly	2.15%	Semi-Annual		05/16/23	^(a)		05/16/33	USD	2,770		85,685			45			85,640
2.33%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/24/24	^(a)		06/24/34	USD	310		(10,881	)		5			(10,886	)
1.65%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		08/22/24	^(a)		08/22/34	USD	1,355		38,092			21			38,071
2.82%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		04/04/29	^(a)		04/04/39	USD	1,560		(94,967	)		24			(94,991	)
1.01%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		04/02/30	^(a)		04/02/40	USD	4,100		367,935			66			367,869
3-Month LIBOR, 0.15%	Quarterly	1.78%	Semi-Annual		09/30/21	^(a)		02/15/47	USD	2,240		4,032			49			3,983
3-Month LIBOR, 0.15%	Quarterly	1.80%	Semi-Annual		09/30/21	^(a)		02/15/47	USD	2,080		9,053			45			9,008
1.90%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		09/30/21	^(a)		02/15/47	USD	2,530		(48,678	)		55			(48,733	)
2.10%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		09/30/21	^(a)		02/15/47	USD	7,330		(458,319	)		(1,087	)		(457,232	)
3.02%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		12/08/38	^(a)		12/08/48	USD	400		(29,840	)		6			(29,846	)
2.38%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		07/05/39	^(a)		07/05/49	USD	620		(18,360	)		10			(18,370	)
1.71%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		08/16/39	^(a)		08/16/49	USD	600		10,324			9			10,315
1.78%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		08/16/39	^(a)		08/16/49	USD	500		5,973			8			5,965
1.67%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		08/17/39	^(a)		08/17/49	USD	460		9,284			7			9,277
1.25%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			03/06/50	USD	460		57,846			10			57,836
1.10%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			11/25/50	USD	750		124,541			17			124,524
3-Month LIBOR, 0.15%	Quarterly	1.93%	Semi-Annual		12/01/26	^(a)		12/01/56	USD	110		(214	)		2			(216	)

											$	1,990,589		$	68,077		$	1,922,512

^(a)

Forward Swap.

OTC Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Counterparty	Termination Date	Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Adler Real Estate AG	5.00	%	Quarterly	Morgan Stanley & Co. International PLC	12/20/25	BB+	EUR	10	$	1,450		$	1,542		$	(92	)
Virgin Media Finance PLC	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B	EUR	10		1,436			1,190			246
CMBX.NA.8	3.00		Monthly	Barclays Bank PLC	10/17/57	NR	USD	5,000		(689,554	)		(491,506	)		(198,048	)
CMBX.NA.8	3.00		Monthly	Credit Suisse International	10/17/57	NR	USD	2,500		(344,777	)		(243,137	)		(101,640	)
CMBX.NA.8	3.00		Monthly	Morgan Stanley & Co. International PLC	10/17/57	NR	USD	5,550		(765,405	)		(715,534	)		(49,871	)
CMBX.NA.9	3.00		Monthly	Credit Suisse International	09/17/58	NR	USD	5,000		(386,335	)		(527,073	)		140,738
CMBX.NA.9	3.00		Monthly	Credit Suisse International	09/17/58	NR	USD	2,500		(193,167	)		(263,536	)		70,369
CMBX.NA.9	3.00		Monthly	Credit Suisse International	09/17/58	NR	USD	5,000		(386,335	)		(527,023	)		140,688
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR	USD	2,15		(166,356	)		(238,529	)		72,173

									$	(2,929,043	)	$	(3,003,606	)	$	74,563

^(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.


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 (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

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


Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps^(a)	$	71,120	$	(2,077,471	)	$	4,160,661	$	(2,664,640	)	$	—
OTC Swaps		2,732		(3,006,338	)		424,214		(349,651	)		—
Options Written		N/A		N/A			1,983,119		(1,751,063	)		(6,988,739	)

^(a)

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

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	1,630,258	$	—	$	1,630,258
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		252,099		—		—		252,099
Options purchased^(b)
Investments at value — unaffiliated^(c)		—		—		—		—		7,526,430		—		7,526,430
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)		—		—		—		—		4,160,661		—		4,160,661
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		426,946		—		—		—		—		426,946

	$	—	$	426,946	$	—	$	252,099	$	13,317,349	$	—	$	13,996,394

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	330,022	$	—	$	330,022
Options written
Options written at value		—		—		—		—		6,988,739		—		6,988,739
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		426,491		—		—		2,238,149		—		2,664,640
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		3,355,989		—		—		—		—		3,355,989

	$	—	$	3,782,480	$	—	$	—	$	9,556,910	$	—	$	13,339,390

^(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 forward settling swaptions.

^(c)

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

For the six months ended June 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—		$	—	$	—		$	249,694		$	—	$	249,694
Forward foreign currency exchange contracts		—		—			—		(119,321	)		—			—		(119,321	)
Options purchased^(a)		—		—			—		—			7,376,132			—		7,376,132
Options written		—		—			—		—			1,242,302			—		1,242,302
Swaps		—		(73,802	)		—		—			(600,171	)		—		(673,973	)

	$	—	$	(73,802	)	$	—		$ (119,321	)	$	8,267,957		$	—	$	8,074,834

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	—	$	—		$	1,755,592		$	—	$	1,755,592


54		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	548,116	$	—		$	—	$	548,116
Options purchased^(b)		—		—		—		—		(1,470,824	)		—		(1,470,824	)
Options written		—		—		—		—		(2,579,293	)		—		(2,579,293	)
Swaps		—		1,016,543		—		—		1,206,367			—		2,222,910

	$	—	$	1,016,543	$	—	$	548,116		$ (1,088,158	)	$	—	$	476,501

^(a)

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

^(b)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	72,517,346
Average notional value of contracts — short	$	289,058,497
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	12,531,426
Options
Average value of option contracts purchased	$	431,025
Average value of option contracts written	$	333,038
Average notional value of swaption contracts purchased	$	471,527,326
Average notional value of swaption contracts written	$	1,125,315,850
Credit default swaps
Average notional value — buy protection	$	58,815,000
Average notional value — sell protection	$	31,476,585
Interest rate swaps
Average notional value — pays fixed rate	$	188,442,064
Average notional value — receives fixed rate	$	103,940,596

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	254,220		$	116,256
Forward foreign currency exchange contracts		252,099			—
Options^(a)		7,526,430	^(b)		6,988,739
Swaps — centrally cleared		—			291,452
Swaps — OTC^(c)		426,946			3,355,989


Total derivative assets and liabilities in the Statements of Assets and Liabilities		8,459,695			10,752,436

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(599,220	)		(732,939	)

Total derivative assets and liabilities subject to an MNA	$	7,860,475		$	10,019,497

^(a)

Includes forward settling swaptions.

^(b)

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

^(c)

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

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


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)(d)
Bank of America N.A.	$	453,226	$	(453,226	)	$	—	$	—		$	—
Barclays Bank PLC		1,286,249		(1,286,249	)		—		—			—
BNP Paribas S.A.		113,597		—			—		—			113,597


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offse	t^(a)		Non-Cash Collateral Received			Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)(d)
Citibank N.A.	$	256,608	$	(256,608	)	$	—		$	—		$	—
Credit Suisse International		351,795		(351,795	)		—			—			—
Deutsche Bank AG		1,992,088		(1,992,088	)		—			—			—
Goldman Sachs Bank USA		564,267		(535,802	)		—			—			28,465
JPMorgan Chase Bank N.A.		583,079		(427,242	)		—			(100,000	)		55,837
Morgan Stanley & Co. International PLC		1,959,344		(1,525,778	)		—			(410,000	)		23,566
Nomura International Plc		176,941		(29,619	)		—			—			147,322
State Street Bank and Trust Co.		6,311		—			—			—			6,311
UBS AG		116,970		—			—			—			116,970

	$	7,860,475	$	(6,858,407	)	$	—		$	(510,000	)	$	492,068


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged	^(e)		Cash Collateral Pledged	^(e)		Net Amount of Derivative Liabilities	^(f)
Bank of America N.A.	$	917,944	$	(453,226	)	$	—		$	(464,718	)	$	—
Barclays Bank PLC		1,605,136		(1,286,249	)		(318,887	)		—			—
Citibank N.A.		454,815		(256,608	)		—			—			198,207
Credit Suisse International		1,662,409		(351,795	)		—			(1,310,614	)		—
Deutsche Bank AG		2,860,752		(1,992,088	)		—			(430,000	)		438,664
Goldman Sachs Bank USA		535,802		(535,802	)		—			—			—
JPMorgan Chase Bank N.A.		427,242		(427,242	)		—			—			—
Morgan Stanley & Co. International PLC		1,525,778		(1,525,778	)		—			—			—
Nomura International Plc		29,619		(29,619	)		—			—			—

	$	10,019,497	$	(6,858,407	)	$	(318,887	)	$	(2,205,332	)	$	636,871

^(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 from the individual counterparty is not shown for financial reporting purposes.

^(c)

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

^(d)

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

^(e)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(f)

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 Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End

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

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	69,195,476	$	6,274,261	$	75,469,737
Common Stocks
Energy Equipment & Services		—		—		8,021		8,021
Oil, Gas & Consumable Fuels		135,613		143,374		—		278,987
Corporate Bonds
Advertising Agencies		—		668,452		—		668,452
Aerospace & Defense		—		14,729,849		—		14,729,849
Airlines		—		11,159,943		—		11,159,943
Auto Components		—		4,167,035		—		4,167,035
Automobiles		—		9,304,639		—		9,304,639
Banks		—		15,273,287		—		15,273,287


56		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Corporate Bonds (continued)
Beverages	$	—	$	9,577,571	$	—	$	9,577,571
Biotechnology		—		1,976,458		—		1,976,458
Building Materials		—		2,195,528		—		2,195,528
Building Products		—		5,517,200		—		5,517,200
Capital Markets		—		19,687,025		—		19,687,025
Chemicals		—		4,713,325		—		4,713,325
Commercial Services & Supplies		—		1,755,855		—		1,755,855
Communications Equipment		—		1,545,785		—		1,545,785
Construction & Engineering		—		4,605,743		—		4,605,743
Construction Materials		—		2,061,162		—		2,061,162
Consumer Discretionary		—		4,555,307		—		4,555,307
Consumer Finance		—		8,067,733		—		8,067,733
Containers & Packaging		—		2,596,954		—		2,596,954
Diversified Consumer Services		—		5,438,033		—		5,438,033
Diversified Financial Services		—		37,024,045		—		37,024,045
Diversified Telecommunication Services		—		35,255,896		—		35,255,896
Education		—		293,335		—		293,335
Electric Utilities		—		28,461,756		—		28,461,756
Electrical Equipment		—		315,462		—		315,462
Electronic Equipment, Instruments & Components		—		2,996,144		—		2,996,144
Energy Equipment & Services		—		2,558,916		392,527		2,951,443
Environmental, Maintenance, & Security Service		—		1,691,182		—		1,691,182
Equity Real Estate Investment Trusts (REITs)		—		11,643,415		—		11,643,415
Food & Staples Retailing		—		5,030,744		—		5,030,744
Food Products		—		2,085,728		—		2,085,728
Gas Utilities		—		149,674		—		149,674
Health Care Equipment & Supplies		—		2,828,511		—		2,828,511
Health Care Providers & Services		—		16,845,719		—		16,845,719
Health Care Technology		—		2,293,107		—		2,293,107
Hotels, Restaurants & Leisure		—		14,524,302		3,928,706		18,453,008
Household Durables		—		2,333,708		—		2,333,708
Household Products		—		48,720		—		48,720
Independent Power and Renewable Electricity Producers		—		3,285,119		—		3,285,119
Insurance		—		26,327,170		—		26,327,170
Interactive Media & Services		—		1,831,190		—		1,831,190
Internet Software & Services		—		3,305,890		—		3,305,890
IT Services		—		6,100,241		—		6,100,241
Leisure Products		—		500,850		—		500,850
Machinery		—		2,328,530		—		2,328,530
Media		—		48,169,772		—		48,169,772
Metals & Mining		—		8,572,545		—		8,572,545
Mortgage Real Estate Investment Trusts (REITs)		—		115,374		—		115,374
Multi-line Retail		—		286,090		—		286,090
Multi-Utilities		—		1,376,908		—		1,376,908
Offshore Drilling & Other Services		—		713,834		—		713,834
Oil, Gas & Consumable Fuels		115,848		63,405,619		1,687,243		65,208,710
Personal Products		—		81,620		—		81,620
Pharmaceuticals		—		21,148,370		—		21,148,370
Producer Durables: Miscellaneous		—		5,641,874		—		5,641,874
Real Estate Management & Development		—		29,420,590		—		29,420,590
Road & Rail		—		9,070,147		—		9,070,147
Semiconductors & Semiconductor Equipment		—		6,936,234		—		6,936,234
Software		—		9,742,377		—		9,742,377
Specialty Retail		—		2,859,813		—		2,859,813
Technology Hardware, Storage & Peripherals		—		3,184,625		—		3,184,625
Textiles, Apparel & Luxury Goods		—		213,389		—		213,389
Thrifts & Mortgage Finance		—		606,770		—		606,770
Tobacco		—		7,470,383		—		7,470,383
Transportation		—		123,377		—		123,377
Transportation Infrastructure		—		2,618,098		786,503		3,404,601
Utilities		—		10,703,972		—		10,703,972
Wireless Telecommunication Services		—		11,605,376		—		11,605,376
Floating Rate Loan Interests		—		23,613,419		1,116,984		24,730,403


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

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Core Bond Trust (BHK)

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Foreign Agency Obligations	$	—		$	30,885,486		$	—	$	30,885,486
Municipal Bonds		—			27,504,983			—		27,504,983
Non-Agency Mortgage-Backed Securities		—			51,266,450			—		51,266,450
Preferred Securities
Capital Trusts		—			47,355,191			—		47,355,191
Preferred Stocks
Capital Markets		4,485,858			—			—		4,485,858
Thrifts & Mortgage Finance		—			21,300			—		21,300
Trust Preferred		825,366			—			—		825,366
U.S. Government Sponsored Agency Securities		—			111,266,916			—		111,266,916
U.S. Treasury Obligations		—			342,784,062			—		342,784,062
Short-Term Securities
Money Market Funds		13,822,437			—			—		13,822,437
U.S. Treasury Obligations		—			2,815,580			—		2,815,580
Options Purchased
Interest Rate Contracts		345,000			7,181,430			—		7,526,430
Unfunded Floating Rate Loan Interests^(a)		—			4			—		4

	$	19,730,122		$	1,297,757,066		$	14,194,245	$	1,331,681,433

Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—		$	424,214		$	—	$	424,214
Foreign Currency Exchange Contracts		—			252,099			—		252,099
Interest Rate Contracts		1,630,258			4,160,661			—		5,790,919
Liabilities
Credit Contracts		—			(776,142	)		—		(776,142	)
Interest Rate Contracts		(655,253	)		(8,901,657	)		—		(9,556,910	)

	$	975,005		$	(4,840,825	)	$	—	$	(3,865,820	)

^(a)

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

^(b)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $466,168,595 are categorized as Level 2 within the fair value hierarchy.

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


	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Total
Assets
Opening balance, as of December 31, 2020	$	27,859		$	21,047		$	7,038,030		$	617,454		$	7,704,390
Transfers into Level 3		1,286,514			—			—			—			1,286,514
Transfers out of Level 3		—			—			—			(245,481	)		(245,481	)
Accrued discounts/premiums		(50,989	)		—			7,601			845			(42,543	)
Net realized gain (loss)		—			—			771			35			806
Net change in unrealized appreciation (depreciation)^(a)(b)		50,893			(13,026	)		(196,849	)		18,059			(140,923	)
Purchases		4,959,984			—			6,891			727,530			5,694,405
Sales		—			—			(61,465	)		(1,458	)		(62,923	)

Closing balance, as of June 30, 2021	$	6,274,261		$	8,021		$	6,794,979		$	1,116,984		$	14,194,245

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021^(b)	$	50,893		$	(13,026	)	$	(196,849	)	$	18,059		$	(140,923	)

^(a)

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

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021 is generally due to investments no longer held or categorized as level 3 at period end.

See notes to financial statements.


58		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
Anchorage Capital Europe CLO 2 DAC, Series 2X, Class ER, (3 mo. EURIBOR + 6.45%), 6.45%, 04/15/34^(a)	EUR		203	$	238,755
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class B, (3 mo. LIBOR US + 1.80%), 1.96%, 05/15/30^(a)(b)	USD		500		497,534
Aurium CLO II DAC, Series 2X, Class ERR, (3 mo. EURIBOR + 6.08%), 0.48%, 06/22/34^(a)(c)	EUR		100		116,204
BBAM European CLO I DAC, Series 1X, Class ER, (3 mo. EURIBOR + 5.91%), 5.91%, 07/22/34^(a)	.		100		117,389
CVC Cordatus Loan Fund XX DAC, Series 20X, Class E, (3 mo. EURIBOR + 5.61%), 5.61%, 06/22/34^(a)			100		115,036
Galaxy XVIII CLO Ltd., Series 2018-28A, Class C, (3 mo. LIBOR US + 1.95%), 2.13%, 07/15/31^(a)(b)	USD		250		250,016
Greene King Finance PLC^(a)Series B1, (3 mo. LIBOR GBP + 1.80%), 1.88%, 12/15/34.	GBP		100		116,311
Series B2, (3 mo. LIBOR GBP + 2.08%), 2.16%, 03/15/36.			100		113,491
Invesco Euro CLO, Series 6X, Class E, (3 mo. EURIBOR + 5.99%), 1.00%, 07/15/34^(a)(c)	EUR		100		116,796
Northwoods Capital 21 Euro DAC, Series 2020- 21X, Class ER, (3 mo. EURIBOR + 6.06%), 6.06%, 07/22/34^(a)			100		115,611
Northwoods Capital 23 Euro DAC, Series 2021- 23X, Class E, (3 mo. EURIBOR + 6.21%), 6.21%, 03/15/34^(a)			100		116,568
OCP Euro CLO DAC, Series 2019-3X, Class ER, (3 mo. EURIBOR + 6.02%), 6.02%, 04/20/33^(a)	.		100		115,892
Providus Clo III DAC, Series 3X, Class ER, (3 mo. EURIBOR + 6.26%), 5.46%, 07/18/34^(a)(c)			100		117,389
Rockfield Park CLO, Class D, (3 mo. EURIBOR + 5.95%), 5.41%, 07/16/34^(a)(c)			100		117,389
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32	GBP		500		836,888
Voya CLO, Class ER, (3 mo. EURIBOR + 6.02%),, 5.48%, 07/15/35^(a)(c)	EUR		100		117,389


Total Asset-Backed Securities — 0.2% (Cost: $3,103,856)					3,218,658


		Shares

Common Stocks

Auto Components — 0.0%
Lear Corp.			227		39,789


Building Products — 0.0%
AZEK Co., Inc.^(d)			1,120		47,555


Chemicals — 0.4%
Atotech Ltd.^(d)			6,328		161,554
Diversey Holdings Ltd.^(d)			121,750		2,180,542
Element Solutions, Inc.			140,511		3,285,147

					5,627,243



Security	Shares		Value

Communications Equipment — 0.1%
CommScope Holding Co., Inc.^(d)		50,688	$	1,080,161


Consumer Finance — 0.0%
Ally Financial, Inc.		1		50


Diversified Financial Services^(e)— 0.0%
Kcad Holdings I Ltd.		2,223,465,984		22,235
UCI International Remainco LLC		109,729		1

				22,236

Diversified Telecommunication Services — 0.0%
Telecom Italia SpA/Milano		181,833		96,453


Electrical Equipment — 0.1%
Sensata Technologies Holding PLC^(d)		25,492		1,477,771


Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.^(e)		5,062		74,918


Entertainment — 0.1%
Live Nation Entertainment, Inc.^(d)		14,544		1,273,909


Equity Real Estate Investment Trusts (REITs) — 0.7%
Gaming and Leisure Properties, Inc.		84,514		3,915,534
VICI Properties, Inc.		198,954		6,171,553

				10,087,087

Hotels, Restaurants & Leisure — 0.1%
Aramark		28,378		1,057,080


Life Sciences Tools & Services^(d)— 0.3%
Avantor, Inc.		85,049		3,020,090
Syneos Health, Inc.		23,297		2,084,848

				5,104,938

Media^(d)— 0.1%
Clear Channel Outdoor Holdings, Inc.		482,919		1,274,906
Emmis Communications Corp., Class A		7,210		19,828
Mediaco Holding, Inc., Class A		912		3,283

				1,298,017

Metals & Mining — 0.2%
Constellium SE^(d)		168,859		3,199,878


Oil, Gas & Consumable Fuels — 1.6%
Cheniere Energy Partners LP		3,259		144,341
Chesapeake Energy Corp.		131,803		6,843,212
ConocoPhillips		19,844		1,208,500
Devon Energy Corp.		51,892		1,514,727
Diamondback Energy, Inc.		19,884		1,866,909
Energy Transfer LP		103,557		1,100,811
Enterprise Products Partners LP		60,737		1,465,584
EQT Corp.^(d)		43,680		972,317
Extraction Oil & Gas, Inc.^(d)		28,971		1,590,798
Extraction Oil & Gas, Inc., (Acquired 03/05/21,
Cost: $408,744)^(f)		27,964		1,529,105
Kinder Morgan, Inc.		24,441		445,559
Plains All American Pipeline LP		203,230		2,308,693
SM Energy Co.		85,171		2,097,762
Western Midstream Partners LP		13,487		288,891
Williams Cos., Inc.		16,617		441,181

				23,818,390


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Shares		Value

Road & Rail — 0.0%
Uber Technologies, Inc.^(d)			16,970	$	850,536

Semiconductors & Semiconductor Equipment^(d)— 0.0%
Maxeon Solar Technologies Ltd.			128		2,743
SunPower Corp.			1,025		29,951

					32,694

Total Common Stocks — 3.7% (Cost: $63,162,755)					55,188,705


		Par (000)

Corporate Bonds

Aerospace & Defense — 4.7%
Amsted Industries, Inc., 5.63%, 07/01/27^(b)	USD		890		937,838
Boeing Co., 5.93%, 05/01/60			5,000		6,904,293
Bombardier, Inc.^(b)
7.50%, 12/01/24			1,274		1,331,330
7.50%, 03/15/25			449		461,729
7.13%, 06/15/26			3,536		3,702,192
7.88%, 04/15/27			2,792		2,896,700
7.45%, 05/01/34			234		250,380
EnPro Industries, Inc., 5.75%, 10/15/26			2,192		2,311,683
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26^(b)			2,295		2,363,850
Howmet Aerospace, Inc., 5.13%, 10/01/24			44		48,565
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25^(b)			1,810		1,893,712
Rolls-Royce PLC
4.63%, 02/16/26	EUR		100		129,306
5.75%, 10/15/27^(b)	USD		3,113		3,428,938
Spirit AeroSystems, Inc., 5.50%, 01/15/25^(b)			926		983,875
SSL Robotics LLC, 9.75%, 12/31/23^(b)			501		552,869
TransDigm, Inc.
8.00%, 12/15/25^(b)			1,221		1,319,291
6.25%, 03/15/26^(b)			31,017		32,722,935
6.38%, 06/15/26			638		660,949
7.50%, 03/15/27			445		473,369
4.63%, 01/15/29^(b)			1,492		1,492,522
4.88%, 05/01/29^(b)			1,665		1,680,818
Triumph Group, Inc., 8.88%, 06/01/24^(b)			3,769		4,193,012

					70,740,156
Airlines — 2.5%
Air France-KLM, 3.88%, 07/01/26^(c)	EUR		100		116,740
American Airlines, Inc., 11.75%, 07/15/25^(b)	USD		3,818		4,791,590
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)
5.50%, 04/20/26			2,875		3,043,906
5.75%, 04/20/29			4,499		4,864,868
Delta Air Lines, Inc., 7.00%, 05/01/25^(b)			1,917		2,237,117
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28^(b)			3,066		3,408,649
Deutsche Lufthansa AG
2.88%, 02/11/25	EUR		100		120,671
3.75%, 02/11/28			200		244,288
Finnair OYJ, 4.25%, 05/19/25			200		241,893


Security		Par (000)		Value

Airlines (continued)
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(b)	USD		1,377	$	1,478,361
International Consolidated Airlines Group SA 2.75%, 03/25/25	EUR		200		237,152
3.75%, 03/25/29			100		118,871
Series IAG, 1.13%, 05/18/28^(g)			200		225,793
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)	USD		5,288		5,822,088
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25^(b)			216		244,276
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 10/15/27			4,714		5,230,039
Series 2020-1, Class B, 4.88%, 07/15/27			272		288,148
United Airlines, Inc.^(b)4.38%, 04/15/26			2,515		2,603,478
4.63%, 04/15/29			2,352		2,434,320

					37,752,248
Auto Components — 2.0%
Adient US LLC, 9.00%, 04/15/25^(b)			1,088		1,198,160
Clarios Global LP, 6.75%, 05/15/25^(b)			1,189		1,266,261
Clarios Global LP/Clarios US Finance Co. 4.38%, 05/15/26	EUR		301		369,181
6.25%, 05/15/26^(b)	USD		5,385		5,736,694
8.50%, 05/15/27^(b)			9,577		10,440,846
Dana Financing Luxembourg Sarl, 3.00%, 07/15/29	EUR		100		121,545
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)	USD		2,020		2,176,550
Faurecia SE 3.75%, 06/15/28	EUR		100		124,803
2.38%, 06/15/29			100		120,749
Goodyear Tire & Rubber Co. 9.50%, 05/31/25	USD		1,085		1,211,131
5.00%, 07/15/29^(b)			724		758,028
5.25%, 07/15/31^(b)			2,313		2,417,085
5.63%, 04/30/33			1,772		1,868,929
Grupo Antolin-Irausa SA, 3.50%, 04/30/28	EUR		146		172,575
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27^(h)			100		122,106
Meritor, Inc., 4.50%, 12/15/28^(b)	USD		383		388,266
Tenneco, Inc., 7.88%, 01/15/29^(b)			292		329,779
Titan International, Inc., 7.00%, 04/30/28^(b)			612		640,305
ZF Europe Finance BV, 2.00%, 02/23/26	EUR		100		119,777
ZF Finance GmbH 3.00%, 09/21/25			200		251,336
2.00%, 05/06/27			200		238,336
2.75%, 05/25/27			100		123,170

					30,195,612
Automobiles — 1.9%
Allison Transmission, Inc.^(b)5.88%, 06/01/29	USD		1,991		2,180,145
3.75%, 01/30/31			1,362		1,338,669
Asbury Automotive Group, Inc. 4.50%, 03/01/28			751		771,653
4.75%, 03/01/30			732		764,940
Carvana Co., 5.50%, 04/15/27^(b)			1,614		1,666,826


60		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobiles (continued)
Ford Motor Co. 4.75%, 01/15/43	USD		426	$	452,625
5.29%, 12/08/46			532		594,180
Ford Motor Credit Co. LLC 3.81%, 01/09/24			2,063		2,157,135
4.69%, 06/09/25			200		216,500
5.13%, 06/16/25			1,751		1,928,289
4.13%, 08/04/25			2,166		2,314,891
3.25%, 09/15/25	EUR		100		127,023
3.38%, 11/13/25	USD		489		507,069
2.33%, 11/25/25	EUR		300		367,475
4.39%, 01/08/26	USD		507		547,560
4.13%, 08/17/27			644		683,141
3.82%, 11/02/27			200		208,324
2.90%, 02/16/28			1,644		1,636,207
5.11%, 05/03/29			978		1,094,851
4.00%, 11/13/30			1,221		1,278,998
Group 1 Automotive, Inc., 4.00%, 08/15/28^(b)			243		247,253
Jaguar Land Rover Automotive PLC 4.50%, 01/15/26	EUR		100		125,664
6.88%, 11/15/26			100		137,862
Ken Garff Automotive LLC, 4.88%, 09/15/28^(b)	USD		680		693,600
LCM Investments Holdings II LLC, 4.88%, 05/01/29^(b)			1,218		1,248,450
Lithia Motors, Inc., 3.88%, 06/01/29^(b)			721		747,353
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(b)			574		572,565
Penske Automotive Group, Inc. 3.50%, 09/01/25			1,101		1,140,416
3.75%, 06/15/29			377		379,353
RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)	EUR		100		119,336
Renault SA, 2.38%, 05/25/26			100		120,176
Volvo Car AB, 2.50%, 10/07/27			100		129,637
Wabash National Corp., 5.50%, 10/01/25^(b)	USD		2,154		2,197,080

					28,695,246
Banks — 0.7%
Banca Monte dei Paschi di Siena SpA 2.63%, 04/28/25	EUR		125		150,283
(5 year EUR Swap + 8.92%), 8.50%, 09/10/30^(a)			100		108,793
Banco Bilbao Vizcaya Argentaria SA, Series .,
(5 year EUR Swap + 6.46%), 6.00%^(a)(i)			200		270,873
Banco BPM SpA^(a)
(5 year EUR Swap + 3.17%), 2.88%, 06/29/31			275		325,674
(5 year EUR Swap + 5.42%), 5.00%, 09/14/30			100		129,542
Banco de Sabadell SA, (5 year EUR Swap + 2.20%), 2.00%, 01/17/30^(a)			300		351,278
Banco Espirito Santo SA^(d)(j)4.75%, 01/15/22			1,900		315,410
4.00%, 01/21/22			1,100		182,606
Bank of Cyprus Pcl, (5 year EUR Swap + 2.79%), 2.50%, 06/24/27^(a)			200		232,454
CIT Group, Inc. 5.00%, 08/01/23	USD		313		338,431
6.00%, 04/01/36			3,261		3,815,370
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%^(a)(i)	EUR		200		261,433
Deutsche Pfandbriefbank AG, 4.60%, 02/22/27			100		127,940


Security		Par (000)		Value

Banks (continued)
HSBC Bank PLC, Series 1M, (6 mo. LIBOR US + 0.25%), 0.42%^(a)(i)	USD		170	$	159,202
Intesa Sanpaolo SpA 5.15%, 06/10/30	GBP		125		196,909
4.20%, 06/01/32^(b)	USD		855		876,170
4.95%, 06/01/42^(b)			630		652,380
(5 year EUR Swap + 5.75%), 5.88%, 03/04/29^(a)	EUR		200		266,137
Wells Fargo & Co., (5 year CMT + 3.45%), 3.90%^(a)(i)	USD		2,130		2,205,189

					10,966,074
Beverages — 2.1%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(b)(h)			5,290		5,554,657
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 2.00%, 09/01/28	EUR		148		175,898
3.00%, 09/01/29			143		169,201
4.00%, 09/01/29^(b)	USD		5,195		5,151,232
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(b)4.13%, 08/15/26			1,138		1,174,985
4.75%, 07/15/27	GBP		427		601,301
5.25%, 08/15/27	USD		3,429		3,497,580
Canpack SA/Eastern PA Land Investment Holding LLC, 3.13%, 11/01/25^(b)			584		593,600
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			155		189,875
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24^(b)			2,321		2,344,210
Silgan Holdings, Inc., 4.13%, 02/01/28			51		52,913
Triton Water Holdings, Inc., 6.25%, 04/01/29^(b)			693		694,733
Trivium Packaging Finance BV 3.75%, 08/15/26	EUR		116		139,445
5.50%, 08/15/26^(b)	USD		2,693		2,829,535
8.50%, 08/15/27^(b)			7,641		8,307,295

					31,476,460
Biotechnology — 0.1%
Cidron Aida Finco Sarl 5.00%, 04/01/28	EUR		105		126,216
6.25%, 04/01/28	GBP		133		187,659
Emergent BioSolutions, Inc., 3.88%, 08/15/28^(b)	USD		393		384,951

					698,826
Building Materials — 1.3%
APi Group DE, Inc., 4.13%, 07/15/29^(b)			727		722,914
Builders FirstSource, Inc., 6.75%, 06/01/27^(b)			610		653,462
Cornerstone Building Brands, Inc., 6.13%, 01/15/29^(b)			1,977		2,120,332
CP Atlas Buyer, Inc., 7.00%, 12/01/28^(b)			1,519		1,574,064
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25^(b)			1,490		1,605,475
Griffon Corp., 5.75%, 03/01/28			456		484,500
HT Troplast GmbH, 9.25%, 07/15/25	EUR		128		167,961
James Hardie International Finance DAC, 5.00%, 01/15/28^(b)	USD		458		485,061
Jeld-Wen, Inc.^(b)6.25%, 05/15/25			852		908,667
4.63%, 12/15/25			321		327,022
4.88%, 12/15/27			99		102,883


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Building Materials (continued)
Masonite International Corp.^(b)
5.75%, 09/15/26	USD		701	$	725,535
5.38%, 02/01/28			239		253,264
Patrick Industries, Inc., 4.75%, 05/01/29^(b)			354		351,787
PCF GmbH
4.75%, 04/15/26	EUR		100		120,979
(3 mo. EURIBOR + 4.75%), 4.75%, 04/15/26^(a)			100		119,843
SRM Escrow Issuer LLC, 6.00%, 11/01/28^(b)	USD		2,633		2,790,980
Standard Industries, Inc.
2.25%, 11/21/26	EUR		134		158,039
5.00%, 02/15/27^(b)	USD		576		596,520
4.38%, 07/15/30^(b)			2,327		2,399,719
3.38%, 01/15/31^(b)			1,025		981,140
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(b)			923		980,623
Victors Merger Corp., 6.38%, 05/15/29^(b)			1,088		1,096,160


					19,726,930

Building Products^(b)— 1.1%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27			1,464		1,519,661
Ambience Merger Sub, Inc., 7.13%, 07/15/29^(c)			428		432,280
BCPE Ulysses Intermediate, Inc., (7.75% Cash or 8.50% PIK), 7.75%, 04/01/27^(h)			752		770,800
Beacon Roofing Supply, Inc., 4.13%, 05/15/29			552		550,590
Foundation Building Materials, Inc., 6.00%, 03/01/29			1,097		1,086,030
GYP Holdings III Corp., 4.63%, 05/01/29			1,296		1,300,860
LBM Acquisition LLC, 6.25%, 01/15/29^(c)			2,713		2,733,890
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			1,617		1,693,347
SRS Distribution, Inc., 6.13%, 07/01/29			1,994		2,052,045
White Cap Buyer LLC, 6.88%, 10/15/28			2,589		2,770,877
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26^(h)			1,165		1,205,379

					16,115,759

Capital Markets — 1.8%
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29^(b)			613		630,054
Blackstone CQP Holdco LP, 5.50%, 05/24/31			2,021		2,105,862
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%^(a)(i)			4,775		4,884,825
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)			1,414		1,470,560
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Fin, 3.88%, 02/15/26^(b)			397		410,680
ESC Lehman Brothers Holding Production, 1.00%⁽ⁱ⁾			1,535		10,745
Hightower Holding LLC, 6.75%, 04/15/29^(b)			620		632,400
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			591		617,595
6.25%, 05/15/26			3,129		3,319,869
5.25%, 05/15/27^(b)			1,448		1,495,060
5.25%, 05/15/27			848		875,556
4.38%, 02/01/29^(b)			1,029		1,023,855
Lehman Brothers Holding Escrow, 1.00%⁽ⁱ⁾			430		3,010
Lehman Brothers Holdings, Inc.
1.00%, 02/05/22	EUR		3,950		49,647
4.75%, 01/16/49			1,890		23,531
5.38%, 10/17/49^(d)(j)			350		4,316


Security		Par (000)		Value

Capital Markets (continued)
NFP Corp.^(b)
4.88%, 08/15/28	USD		1,490	$	1,514,049
6.88%, 08/15/28			5,098		5,366,716
Ontex Group NV, 3.50%, 07/15/26^(c)	EUR		114		135,007
Owl Rock Technology Finance Corp., 3.75%, 06/17/26^(b)	USD		700		736,052
RP Escrow Issuer LLC, 5.25%, 12/15/25^(b)			803		838,131

					26,147,520

Chemicals — 2.1%
Ashland Services BV, 2.00%, 01/30/28	EUR		251		301,503
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)	USD		922		901,255
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(b)			376		393,860
Chemours Co.
4.00%, 05/15/26	EUR		200		242,633
5.75%, 11/15/28^(b)	USD		609		651,490
Element Solutions, Inc., 3.88%, 09/01/28^(b)			6,655		6,790,096
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(b)			791		813,583
HB Fuller Co., 4.25%, 10/15/28			541		559,140
Herens Holdco Sarl, 4.75%, 05/15/28^(b)			1,756		1,747,220
Herens Midco Sarl, 5.25%, 05/15/29	EUR		202		234,404
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)	USD		1,692		1,886,614
Ingevity Corp., 3.88%, 11/01/28^(b)			494		490,295
Kraton Polymers LLC/Kraton Polymers Capital Corp., 5.25%, 05/15/26	EUR		100		121,539
Minerals Technologies, Inc., 5.00%, 07/01/28^(b)	USD		878		912,857
Monitchem HoldCo 2 SA, 9.50%, 09/15/26	EUR		100		128,506
Monitchem HoldCo 3 SA, 5.25%, 03/15/25			222		271,139
Nobian Finance BV, 3.63%, 07/15/26^(c)			100		118,172
NOVA Chemicals Corp., 4.88%, 06/01/24^(b)	USD		456		481,080
OCI NV, 5.25%, 11/01/24^(b)			1,096		1,129,647
PQ Corp., 5.75%, 12/15/25^(b)			3,618		3,712,972
SCIH Salt Holdings, Inc.^(b)
4.88%, 05/01/28			1,761		1,760,789
6.63%, 05/01/29			990		992,475
Scotts Miracle-Gro Co., 4.00%, 04/01/31^(b)			1,457		1,452,454
Valvoline, Inc., 3.63%, 06/15/31^(b)			6		6,000
WESCO Distribution, Inc.^(b)
7.13%, 06/15/25			1,940		2,096,558
7.25%, 06/15/28			2,744		3,056,404

					31,252,685

Commercial Services & Supplies — 1.3%
ADT Security Corp., 4.88%, 07/15/32^(b)			1,262		1,329,820
AMN Healthcare, Inc., 4.00%, 04/15/29^(b)			502		505,547
APX Group, Inc.
7.88%, 12/01/22			840		843,150
8.50%, 11/01/24			274		286,330
6.75%, 02/15/27^(b)			1,620		1,727,244
ASGN, Inc., 4.63%, 05/15/28^(b)			351		367,662
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29^(b)			588		612,255
EC Finance PLC, 2.38%, 11/15/22	EUR		100		116,796
Fortress Transportation & Infrastructure Investors LLC^(b)
6.50%, 10/01/25	USD		386		400,958
9.75%, 08/01/27			261		301,781
5.50%, 05/01/28			1,773		1,846,136


62		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Commercial Services & Supplies (continued)
Herc Holdings, Inc., 5.50%, 07/15/27^(b)		USD	2,667	$	2,811,605
House of Finance NV, 4.38%, 07/15/26		EUR	100		120,354
Intertrust Group BV, 3.38%, 11/15/25			200		241,893
Loxam SAS 4.25%, 04/15/24			100		119,595
3.25%, 01/14/25			268		319,942
3.75%, 07/15/26			115		139,361
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)		USD	1,185		1,167,047
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)			1,697		1,771,244
Paprec Holding SA, 3.50%, 07/01/28^(c)		EUR	100		118,271
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)5.75%, 04/15/26		USD	653		721,350
3.38%, 08/31/27			339		328,830
6.25%, 01/15/28			1,100		1,170,125
TMS International Corp., 6.25%, 04/15/29^(b)			593		622,650
United Rentals North America, Inc., 5.25%, 01/15/30			496		543,313
Verisure Holding AB, 3.88%, 07/15/26		EUR	140		169,626
Verisure Midholding AB, 5.25%, 02/15/29			181		220,523

					18,923,408

Communications Equipment — 1.1%
Avaya, Inc., 6.13%, 09/15/28^(b)		USD	3,320		3,553,396
CommScope Technologies LLC^(b)6.00%, 06/15/25			1,701		1,737,146
5.00%, 03/15/27			1,438		1,472,153
CommScope, Inc.^(b)5.50%, 03/01/24			1,041		1,070,929
6.00%, 03/01/26			853		900,512
8.25%, 03/01/27			168		179,558
7.13%, 07/01/28			1,167		1,264,736
Nokia OYJ 3.38%, 06/12/22			714		727,634
4.38%, 06/12/27			439		484,924
ViaSat, Inc.^(b)5.63%, 04/15/27			2,857		2,982,222
6.50%, 07/15/28			2,431		2,592,564

					16,965,774

Construction & Engineering — 0.2%
SRS Distribution, Inc., 4.63%, 07/01/28^(b)			2,397		2,450,932


Construction Materials^(b)— 1.1%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/28			357		365,821
3.88%, 11/15/29			757		752,269
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			601		615,484
Core & Main LP, 6.13%, 08/15/25			7,720		7,874,400
H&E Equipment Services, Inc., 3.88%, 12/15/28			508		499,872
IAA, Inc., 5.50%, 06/15/27			1,538		1,614,469
Picasso Finance Sub, Inc., 6.13%, 06/15/25			1,652		1,746,577
Williams Scotsman International, Inc., 4.63%, 08/15/28			1,256		1,297,071
Winnebago Industries, Inc., 6.25%, 07/15/28			703		757,483
Wolverine Escrow LLC 8.50%, 11/15/24			309		299,730
9.00%, 11/15/26			629		613,275

					16,436,451

Consumer Discretionary — 2.5%
Carnival Corp. 11.50%, 04/01/23^(b)			3,079		3,465,107


Security	Par (000)			Value

Consumer Discretionary (continued)
Carnival Corp. (continued) 10.13%, 02/01/26		EUR	201	$	277,959
10.50%, 02/01/26^(b)		USD	1,296		1,508,868
7.63%, 03/01/26		EUR	128		168,028
5.75%, 03/01/27^(b)		USD	7,750		8,118,125
9.88%, 08/01/27^(b)			1,154		1,347,295
CoreLogic, Inc., 4.50%, 05/01/28^(b)			2,233		2,213,461
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26^(b)			772		804,810
Life Time, Inc.^(b)5.75%, 01/15/26			1,808		1,873,540
8.00%, 04/15/26			1,258		1,340,701
NCL Corp. Ltd.^(b)10.25%, 02/01/26			632		734,700
5.88%, 03/15/26			1,397		1,463,357
NCL Finance Ltd., 6.13%, 03/15/28^(b)			1,930		2,022,543
Nielsen Finance LLC/Nielsen Finance Co.^(b)5.63%, 10/01/28			1,905		2,011,851
5.88%, 10/01/30			1,365		1,485,698
4.75%, 07/15/31			917		919,293
Royal Caribbean Cruises Ltd.^(b)10.88%, 06/01/23			565		643,394
9.13%, 06/15/23			884		970,190
11.50%, 06/01/25			1,215		1,400,287
5.50%, 04/01/28			3,250		3,403,725
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26		EUR	200		244,524
Viking Cruises Ltd., 7.00%, 02/15/29^(b)		USD	244		253,865
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(b)			973		982,730

					37,654,051

Consumer Finance — 2.1%
Encore Capital Group, Inc. 4.88%, 10/15/25		EUR	100		125,245
5.38%, 02/15/26		GBP	100		145,765
4.25%, 06/01/28			159		219,945
Iron Mountain UK PLC, 3.88%, 11/15/25			200		279,869
MPH Acquisition Holdings LLC, 5.75%, 11/01/28^(b)		USD	2,165		2,175,630
Navient Corp. 6.13%, 03/25/24			1,359		1,466,714
5.88%, 10/25/24			665		717,369
5.00%, 03/15/27			42		43,460
Nexi SpA, Series ., 0.00%, 02/24/28^(g)(k)		EUR	100		119,729
OneMain Finance Corp. 6.88%, 03/15/25		USD	585		660,231
7.13%, 03/15/26			2,395		2,789,480
3.50%, 01/15/27			1,678		1,690,585
6.63%, 01/15/28			720		825,379
5.38%, 11/15/29			51		55,475
4.00%, 09/15/30			17		16,851
Sabre GLBL, Inc.^(b)9.25%, 04/15/25			2,638		3,136,134
7.38%, 09/01/25			1,322		1,437,675
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)			1,814		1,893,363
Square, Inc., 3.50%, 06/01/31^(b)			3,411		3,440,846
Verscend Escrow Corp., 9.75%, 08/15/26^(b)			9,470		9,979,012

					31,218,757


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Containers & Packaging — 0.6%
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26	USD		498	$	534,105
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26			439		455,550
Graham Packaging Co., Inc., 7.13%, 08/15/28^(b)			554		596,935
Graphic Packaging International LLC^(b)
4.75%, 07/15/27			574		620,138
3.50%, 03/15/28			67		67,503
3.50%, 03/01/29			156		154,549
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28^(b)			843		876,720
Intertape Polymer Group, Inc., 4.38%, 06/15/29^(b)			741		751,407
Kleopatra Finco Sarl, 4.25%, 03/01/26	EUR		100		119,032
LABL Escrow Issuer LLC^(b)
6.75%, 07/15/26	USD		2,208		2,355,340
10.50%, 07/15/27			944		1,040,760
Sealed Air Corp.^(b)
5.13%, 12/01/24			142		154,602
4.00%, 12/01/27			412		438,265

					8,164,906

Diversified Consumer Services — 3.0%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)
6.63%, 07/15/26			8,733		9,258,989
9.75%, 07/15/27			3,625		3,992,031
6.00%, 06/01/29			2,563		2,598,344
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
3.63%, 06/01/28	EUR		117		137,609
4.63%, 06/01/28^(b)	USD		7,261		7,274,873
4.88%, 06/01/28	GBP		100		137,237
Ascend Learning LLC, 6.88%, 08/01/25^(b)	USD		4,706		4,785,488
Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)			1,436		1,457,540
Brink’s Co., 5.50%, 07/15/25^(b)			281		298,387
Clarivate Science Holdings Corp.^(b)
3.88%, 06/30/28			2,076		2,094,912
4.88%, 06/30/29			2,855		2,929,944
Garda World Security Corp.^(b)
4.63%, 02/15/27			1,802		1,811,010
9.50%, 11/01/27			1,130		1,251,475
Graham Holdings Co., 5.75%, 06/01/26^(b)			705		733,200
Rekeep SpA, 7.25%, 02/01/26	EUR		200		255,245
Service Corp. International
5.13%, 06/01/29	USD		269		291,865
3.38%, 08/15/30			456		446,789
4.00%, 05/15/31			1,990		2,031,143
Sotheby’s, 7.38%, 10/15/27^(b)			2,688		2,899,680

					44,685,761

Diversified Financial Services — 1.6%
Acuris Finance US, Inc./Acuris Finance SARL, 5.00%, 05/01/28^(b)			2,232		2,224,991
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		225		313,194
Barclays PLC, 5.20%, 05/12/26	USD		800		913,712
Central Garden & Pet Co.
4.13%, 10/15/30			1,036		1,058,015
4.13%, 04/30/31^(b)			1,080		1,092,150
Citigroup, Inc., Series W, (5 year CMT + 3.60%), 4.00%^(a)(i)			855		883,856


Security		Par (000)		Value

Diversified Financial Services (continued)
Fairstone Financial, Inc., 7.88%, 07/15/24^(b)	USD		852	$	888,210
Garfunkelux Holdco 3 SA 6.75%, 11/01/25	EUR		300		370,490
7.75%, 11/01/25	GBP		100		144,002
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(b)(h)	USD		1,760		1,768,780
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%^(a)(i)			3,780		4,040,291
HSBC Holdings PLC, (5 year CMT + 3.65%), 4.60%^(a)(i)			445		461,687
HSE Finance Sarl, 5.63%, 10/15/26	EUR		100		121,907
Intrum AB
4.88%, 08/15/25			100		124,516
3.50%, 07/15/26			201		242,816
ION Trading Technologies Sarl, 5.75%, 05/15/28^(b)	USD		1,068		1,108,835
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(b)
5.25%, 03/15/22			264		265,320
4.25%, 02/01/27			1,504		1,501,872
4.75%, 06/15/29			759		759,000
ProGroup AG, 3.00%, 03/31/26	EUR		100		119,761
Spectrum Brands, Inc.^(b)5.00%, 10/01/29	USD		566		599,960
5.50%, 07/15/30			792		853,380
3.88%, 03/15/31			544		534,551
UBS Group AG, (5 year CMT + 3.31%), 4.38%^(a)(b)(i)			950		970,615
UniCredit SpA^(a)
(5 year EUR Swap + 2.80%), 2.73%, 01/15/32	EUR		200		242,408
(5 year EURIBOR ICE Swap Rate + 4.74%), 4.88%, 02/20/29			200		258,370
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26^(b)	USD		1,303		1,360,462

					23,223,151

Diversified Telecommunication Services — 4.2%
Cincinnati Bell, Inc.^(b)7.00%, 07/15/24			1,479		1,517,824
8.00%, 10/15/25			408		428,910
Consolidated Communications, Inc., 6.50%, 10/01/28⁽^b)			2,224		2,392,468
Intelsat Jackson Holdings SA, 8.00%, 02/15/24^(b)			370		382,125
Level 3 Financing, Inc.^(b)4.63%, 09/15/27			489		507,543
4.25%, 07/01/28			2,722		2,762,177
3.75%, 07/15/29			1,434		1,394,565
Lumen Technologies, Inc.
5.13%, 12/15/26^(b)			3,481		3,615,889
4.00%, 02/15/27^(b)			1,809		1,845,180
4.50%, 01/15/29^(b)			2,668		2,603,835
5.38%, 06/15/29^(b)			2,454		2,489,301
Series P, 7.60%, 09/15/39			696		791,700
Series U, 7.65%, 03/15/42			1,361		1,527,723
Series W, 6.75%, 12/01/23			1,228		1,361,827
Series Y, 7.50%, 04/01/24			1,254		1,407,615
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25^(h)			117		119,995
SoftBank Group Corp.
2.37%, 07/06/24	EUR		149		176,677
4.75%, 07/30/25			269		350,863
3.13%, 09/19/25			207		252,814


64		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
SoftBank Group Corp. (continued)
3.13%, 01/06/27	EUR		118	$	139,919
5.00%, 04/15/28			300		397,928
3.63%, 07/06/29			100		118,575
4.00%, 09/19/29			100		125,035
(5 year USD ICE Swap + 4.23%), 6.00%^(a)(i)	USD		464		468,686
Sprint Capital Corp.
6.88%, 11/15/28			4,319		5,539,117
8.75%, 03/15/32			7,033		10,690,160
Switch Ltd.^(b)
3.75%, 09/15/28			2,001		2,026,012
4.13%, 06/15/29			1,204		1,235,605
Telecom Italia Capital SA
6.38%, 11/15/33			1,521		1,813,793
6.00%, 09/30/34			2,322		2,679,007
7.20%, 07/18/36			266		343,140
7.72%, 06/04/38			251		342,181
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR		83		144,141
Telecom Italia SpA
4.00%, 04/11/24			139		177,794
5.30%, 05/30/24^(b)	USD		522		571,433
2.75%, 04/15/25	EUR		239		298,627
3.00%, 09/30/25			100		126,814
1.63%, 01/18/29			210		244,726
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28^(b)	USD		1,949		1,944,127
Zayo Group Holdings, Inc.^(b)
4.00%, 03/01/27			1,252		1,243,386
6.13%, 03/01/28			6,026		6,154,052

					62,753,289

Electric Utilities — 0.9%
Edison International, (5 year CMT + 4.70%), 5.38%^(a)(i)			2,200		2,216,060
FirstEnergy Corp.
2.65%, 03/01/30			142		141,428
Series B, 4.40%, 07/15/27			697		757,988
Series B, 2.25%, 09/01/30			117		112,182
Series C, 7.38%, 11/15/31			235		321,835
Series C, 5.35%, 07/15/47			2,644		3,172,800
Series C, 3.40%, 03/01/50			1,203		1,175,932
FirstEnergy Transmission LLC^(b)
5.45%, 07/15/44			1,953		2,436,869
4.55%, 04/01/49			814		954,710
NextEra Energy Operating Partners LP, 4.25%, 07/15/24^(b)			337		355,535
PG&E Corp., 5.25%, 07/01/30			1,265		1,277,017
Pike Corp., 5.50%, 09/01/28^(b)			874		908,960

					13,831,316

Electrical Equipment^(b)— 0.2%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			1,964		2,057,320
GrafTech Finance, Inc., 4.63%, 12/15/28			717		735,821

					2,793,141

Electronic Equipment, Instruments & Components — 0.7%
Belden, Inc., 3.88%, 03/15/28	EUR		100		123,577
Brightstar Escrow Corp., 9.75%, 10/15/25^(b)	USD		477		513,371
BWX Technologies, Inc.^(b)
5.38%, 07/15/26			200		205,290
4.13%, 06/30/28			1,344		1,369,200
4.13%, 04/15/29			991		1,008,343
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29			1,556		1,576,539


Security		Par (000)		Value

Electronic Equipment, Instruments & Components (continued)
Energizer Gamma Acquisition BV, 3.50%, 06/30/29	EUR		118	$	139,356
Energizer Holdings, Inc.^(b)4.75%, 06/15/28	USD		714		731,672
4.38%, 03/31/29			96		96,099
Imola Merger Corp., 4.75%, 05/15/29^(b)			3,443		3,541,986
Xerox Corp., 4.80%, 03/01/35			1,375		1,380,156

					10,685,589

Energy Equipment & Services — 1.0%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)6.88%, 04/01/27			799		847,939
6.25%, 04/01/28			2,258		2,357,149
ChampionX Corp., 6.38%, 05/01/26			889		931,139
Pioneer Energy Services Corp.^(b)(e)(h)(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25			1,998		2,013,547
(5.00% PIK), 5.00%, 11/15/25^(g)			1,484		1,647,032
TechnipFMC PLC, 6.50%, 02/01/26^(b)			1,745		1,884,191
USA Compression Partners LP/USA Compression Finance Corp. 6.88%, 04/01/26			2,237		2,343,257
6.88%, 09/01/27			2,109		2,253,003

					14,277,257

Environmental, Maintenance, & Security Service — 1.1%
Clean Harbors, Inc.^(b)4.88%, 07/15/27			678		710,205
5.13%, 07/15/29			1,069		1,162,537
Covanta Holding Corp., 5.00%, 09/01/30			779		817,950
GFL Environmental, Inc.^(b)4.25%, 06/01/25			487		507,230
3.75%, 08/01/25			842		865,155
5.13%, 12/15/26			2,531		2,677,596
4.00%, 08/01/28			1,780		1,758,373
3.50%, 09/01/28			1,002		999,495
4.75%, 06/15/29			2,120		2,201,196
Stericycle, Inc., 3.88%, 01/15/29^(b)			828		826,369
Tervita Corp., 11.00%, 12/01/25^(b)			692		774,853
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)			2,432		2,510,432

					15,811,391

Equity Real Estate Investment Trusts (REITs) — 2.3%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26^(b)			1,701		1,788,176
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28^(b)			901		920,029
Diversified Healthcare Trust, 9.75%, 06/15/25			1,006		1,114,145
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)			1,172		1,159,982
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26^(b)			1,082		1,090,115
Iron Mountain, Inc.^(b)5.25%, 07/15/30			1,823		1,929,791
5.63%, 07/15/32			1,570		1,680,402
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.63%, 05/01/24			1,472		1,594,106
4.63%, 06/15/25^(b)			1,948		2,081,185
4.50%, 09/01/26			2,274		2,427,495
5.75%, 02/01/27			117		130,177


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Equity Real Estate Investment Trusts (REITs) (continued)
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (continued)
3.88%, 02/15/29^(b)	USD		1,583	$	1,607,647
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26	GBP		100		140,899
5.00%, 10/15/27	USD		187		198,237
4.63%, 08/01/29			2,863		3,064,727
3.38%, 04/24/30	GBP		100		142,893
3.50%, 03/15/31	USD		3,974		4,013,700
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			3,304		3,393,373
4.50%, 02/15/29^(b)			997		997,818
RLJ Lodging Trust LP, 3.75%, 07/01/26^(b)			750		757,500
Service Properties Trust
4.50%, 06/15/23			220		225,500
4.35%, 10/01/24			217		218,519
7.50%, 09/15/25			1,798		2,035,693
5.50%, 12/15/27			658		702,237
Starwood Property Trust, Inc., 5.00%, 12/15/21			1,027		1,032,135
XHR LP, 4.88%, 06/01/29^(b)			345		356,213

					34,802,694

Food & Staples Retailing — 2.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)3.25%, 03/15/26			1,678		1,701,912
4.63%, 01/15/27			1,668		1,744,645
5.88%, 02/15/28			2,805		3,022,093
4.88%, 02/15/30			349		372,212
Bellis Acquisition Co. PLC, 3.25%, 02/16/26	GBP		110		152,353
Casino Guichard Perrachon SA, 5.25%, 04/15/27	EUR		117		141,854
Iceland Bondco PLC
4.63%, 03/15/25	GBP		100		136,082
4.38%, 05/15/28			146		190,030
Ingles Markets, Inc., 4.00%, 06/15/31^(b)	USD		204		203,745
Kraft Heinz Foods Co.
4.25%, 03/01/31			3,132		3,557,917
6.88%, 01/26/39			1,474		2,117,268
4.63%, 10/01/39			497		578,839
6.50%, 02/09/40			980		1,361,000
5.00%, 06/04/42			15		18,316
5.20%, 07/15/45			626		777,142
4.38%, 06/01/46			1,874		2,123,614
4.88%, 10/01/49			4,869		5,910,729
5.50%, 06/01/50			6,564		8,518,449
Lamb Weston Holdings, Inc., 4.88%, 05/15/28^(b)			906		1,002,263
Picard Groupe SAS, (3 mo. EURIBOR + 3.00%), 3.00%, 11/30/23^(a)	EUR		300		355,399
Post Holdings, Inc.^(b)
5.75%, 03/01/27	USD		4		4,185
5.63%, 01/15/28			484		513,040
5.50%, 12/15/29			40		42,850
4.50%, 09/15/31			1,454		1,451,601
Premier Foods Finance PLC, 3.50%, 10/15/26	GBP		100		138,330
Quatrim SASU, 5.88%, 01/15/24	EUR		200		246,368
TreeHouse Foods, Inc., 4.00%, 09/01/28	USD		405		401,963
U.S. Foods, Inc., 6.25%, 04/15/25^(b)			841		891,460


Security		Par (000)		Value

Food & Staples Retailing (continued)
United Natural Foods, Inc., 6.75%, 10/15/28^(b)	USD		487	$	524,090
US Foods, Inc., 4.75%, 02/15/29^(b)			1,671		1,704,420

					39,904,169

Food Products — 0.9%
Aramark Services, Inc.^(b)5.00%, 04/01/25			20		20,500
6.38%, 05/01/25			1,371		1,456,688
5.00%, 02/01/28			914		957,141
Chobani LLC/Chobani Finance Corp., Inc.^(b)7.50%, 04/15/25			2,200		2,288,902
4.63%, 11/15/28			1,375		1,424,844
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28^(b)			1,116		1,220,625
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.^(b)6.50%, 04/15/29			1,978		2,222,797
3.75%, 12/01/31			2,118		2,167,243
Picard Groupe SAS, 3.88%, 07/01/26^(c)	EUR		112		132,804
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29^(b)	USD		1,452		1,464,618
Tereos Finance Groupe I SA, 7.50%, 10/30/25	EUR		100		126,710

					13,482,872

Gas Utilities^(b)— 0.1%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31	USD		924		945,945
Superior Plus LP/Superior General Partner, Inc., 4.50%, 03/15/29			268		276,045

					1,221,990

Health Care Equipment & Supplies^(b)— 0.9%
Avantor Funding, Inc., 4.63%, 07/15/28			5,020		5,299,965
Hologic, Inc., 3.25%, 02/15/29			561		556,091
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 7.38%, 06/01/25			1,882		2,020,798
7.25%, 02/01/28			4,799		5,241,708

					13,118,562

Health Care Providers & Services — 6.2%
Acadia Healthcare Co., Inc.^(b)5.50%, 07/01/28			1,071		1,143,293
5.00%, 04/15/29			834		869,795
AdaptHealth LLC^(b)6.13%, 08/01/28			744		792,278
4.63%, 08/01/29			637		644,963
AHP Health Partners, Inc.^(b)9.75%, 07/15/26			1,561		1,679,324
5.75%, 07/15/29^(c)			1,558		1,579,423
Centene Corp. 4.25%, 12/15/27			870		916,763
2.45%, 07/15/28^(c)			4,463		4,523,250
4.63%, 12/15/29			5,577		6,133,417
3.00%, 10/15/30			4,054		4,164,593
2.50%, 03/01/31			5,807		5,727,154
CHS/Community Health Systems, Inc.^(b)6.63%, 02/15/25			3,611		3,818,596
8.00%, 03/15/26			5,819		6,269,972
5.63%, 03/15/27			3,610		3,853,675


66		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc.^(b)(continued) 6.00%, 01/15/29	USD		3,005	$	3,215,350
6.88%, 04/15/29			964		1,008,797
6.13%, 04/01/30			1,421		1,442,315
DaVita, Inc., 4.63%, 06/01/30^(b)			704		723,867
Encompass Health Corp. 4.50%, 02/01/28			348		361,040
4.75%, 02/01/30			1,972		2,095,250
4.63%, 04/01/31			1,035		1,108,951
HCA, Inc. 5.38%, 02/01/25			294		331,632
5.88%, 02/15/26			142		164,102
5.63%, 09/01/28			1,761		2,086,785
3.50%, 09/01/30			5,230		5,571,885
Legacy LifePoint Health LLC^(b)6.75%, 04/15/25			1,050		1,118,933
4.38%, 02/15/27			420		425,040
LifePoint Health, Inc., 5.38%, 01/15/29^(b)			1,220		1,189,500
ModivCare, Inc., 5.88%, 11/15/25^(b)			391		418,370
Molina Healthcare, Inc.^(b)4.38%, 06/15/28			1,896		1,976,580
3.88%, 11/15/30			1,483		1,544,174
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(b)			2,484		2,689,129
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(b)			433		466,016
Surgery Center Holdings, Inc.^(b)6.75%, 07/01/25			1,992		2,031,840
10.00%, 04/15/27			3,608		3,959,780
Teleflex, Inc., 4.63%, 11/15/27			214		227,951
Tenet Healthcare Corp. 4.63%, 07/15/24			1,378		1,398,257
4.63%, 09/01/24^(b)			1,234		1,266,528
7.50%, 04/01/25^(b)			833		899,748
4.88%, 01/01/26^(b)			3,803		3,944,472
6.25%, 02/01/27^(b)			80		83,500
5.13%, 11/01/27^(b)			2,350		2,464,562
4.63%, 06/15/28^(b)			465		478,578
6.13%, 10/01/28^(b)			2,116		2,254,894
4.25%, 06/01/29^(b)			1,643		1,663,537
Vizient, Inc., 6.25%, 05/15/27^(b)			2,585		2,733,637

					93,461,496

Health Care Technology — 1.3%
CAB SELAS, 3.38%, 02/01/28	EUR		103		121,522
Catalent Pharma Solutions, Inc. 5.00%, 07/15/27^(b)	USD		625		653,100
2.38%, 03/01/28	EUR		432		513,269
3.13%, 02/15/29^(b)	USD		1,050		1,016,799
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(b)			6,190		6,290,587
Charles River Laboratories International, Inc.^(b) 4.25%, 05/01/28			1,108		1,145,395
3.75%, 03/15/29			145		146,994
4.00%, 03/15/31			544		565,940
Chrome Bidco SASU, 3.50%, 05/31/28	EUR		107		128,620
Chrome Holdco SASU, 5.00%, 05/31/29			100		121,391
Indigo Merger Sub, Inc., 2.88%, 07/15/26^(b)(c)	USD		2,163		2,197,197
IQVIA, Inc.^(b) 5.00%, 10/15/26			1,504		1,556,640


Security		Par (000)		Value

Health Care Technology (continued)
IQVIA, Inc.^(b)(continued) 5.00%, 05/15/27	USD		1,811	$	1,897,022
Mednax, Inc., 6.25%, 01/15/27^(b)			1,163		1,231,326
Syneos Health, Inc., 3.63%, 01/15/29^(b)			2,207		2,184,930
US Acute Care Solutions LLC, 6.38%, 03/01/26^(b)			191		197,360

					19,968,092

Healthcare — 0.0%
Akumin, Inc., 7.00%, 11/01/25^(b)			600		622,914


Hotels, Restaurants & Leisure — 6.0%
1011778 BC ULC/New Red Finance, Inc.^(b)5.75%, 04/15/25			648		686,076
3.88%, 01/15/28^(c)			1,299		1,315,238
4.38%, 01/15/28			1,701		1,724,389
Accor SA, 0.70%, 12/07/27^(g)	EUR		158		97,767
Affinity Gaming, 6.88%, 12/15/27^(b)	USD		792		840,510
Boyd Gaming Corp. 8.63%, 06/01/25^(b)			1,191		1,312,923
4.75%, 12/01/27			931		963,585
4.75%, 06/15/31^(b)			2,093		2,171,487
Boyne USA, Inc., 4.75%, 05/15/29^(b)			1,265		1,305,138
Burger King France SAS, 6.00%, 05/01/24	EUR		100		120,530
Caesars Entertainment, Inc.^(b)6.25%, 07/01/25	USD		7,617		8,074,020
8.13%, 07/01/27			5,602		6,230,544
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(b)			1,582		1,667,032
Carrols Restaurant Group, Inc., 5.88%, 07/01/29^(b)			547		539,479
CCM Merger, Inc., 6.38%, 05/01/26^(b)			915		960,750
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op^(b)5.50%, 05/01/25			3,928		4,099,850
6.50%, 10/01/28			293		315,708
Churchill Downs, Inc.^(b)5.50%, 04/01/27			3,300		3,438,786
4.75%, 01/15/28			1,001		1,035,745
Cirsa Finance International Sarl, 4.75%, 05/22/25	EUR		247		293,979
Codere Finance 2 Luxembourg SA 10.75%, 09/30/23			23		29,167
(4.50% Cash plus 7.13% PIK), 11.63%, 11/01/23^(b)(d)(h)(j)	USD		207		150,149
Codere Finance Luxembourg SA, 10.75%, 09/30/23^(l)	EUR		113		142,030
CPUK Finance Ltd., 4.50%, 08/28/27	GBP		100		140,066
Everi Holdings, Inc., 5.00%, 07/15/29^(b)(c)	USD		282		282,000
Full House Resorts, Inc., 8.25%, 02/15/28^(b)			347		378,230
Gamma Bidco SpA, 6.25%, 07/15/25	EUR		249		311,343
Genting New York LLC/GENNY Capital, Inc., 3.30%, 02/15/26^(b)	USD		459		463,341
Golden Nugget, Inc., 6.75%, 10/15/24^(b)			6,456		6,521,980
Hilton Domestic Operating Co., Inc. 5.38%, 05/01/25^(b)			772		812,530
5.75%, 05/01/28^(b)			600		649,242
4.88%, 01/15/30			1,647		1,758,172
4.00%, 05/01/31^(b)			690		696,120
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 4.88%, 07/01/31^(b)			261		260,316
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			240		250,200


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
International Game Technology PLC, 3.50%, 06/15/26	EUR		100	$	121,421
IRB Holding Corp., 7.00%, 06/15/25^(b)	USD		794		857,536
Marriott Ownership Resorts, Inc., 4.50%, 06/15/29^(b)			837		848,509
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			386		400,958
Merlin Entertainments Ltd., 5.75%, 06/15/26^(b)			484		506,414
MGM Resorts International 7.75%, 03/15/22			2,168		2,265,994
6.00%, 03/15/23			1,243		1,329,637
5.75%, 06/15/25			322		355,086
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(b)			1,439		1,440,799
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27^(b)			1,393		1,496,082
Penn National Gaming, Inc., 4.13%, 07/01/29^(b)(c)			704		703,120
Playtika Holding Corp., 4.25%, 03/15/29^(b)			2,328		2,326,394
Powdr Corp., 6.00%, 08/01/25^(b)			1,172		1,230,600
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26^(b)			973		986,603
Scientific Games International, Inc. 8.63%, 07/01/25^(b)			1,054		1,154,130
5.00%, 10/15/25^(b)			2,186		2,257,045
3.38%, 02/15/26	EUR		800		951,066
8.25%, 03/15/26^(b)	USD		3,634		3,897,392
7.00%, 05/15/28^(b)			706		771,093
7.25%, 11/15/29^(b)			241		271,848
SeaWorld Parks & Entertainment, Inc., 9.50%, 08/01/25^(b)			743		796,868
Sisal Group SpA, 7.00%, 07/31/23	EUR		69		82,058
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(b)	USD		4,350		4,687,995
Station Casinos LLC, 4.50%, 02/15/28^(b)			1,147		1,166,551
Stonegate Pub Co. Financing PLC 8.00%, 07/13/25	GBP		136		194,751
8.25%, 07/31/25			100		144,555
Travel + Leisure Co., 6.63%, 07/31/26^(b)	USD		871		986,843
Vail Resorts, Inc., 6.25%, 05/15/25^(b)			811		868,078
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28^(b)			811		841,988
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)			1,353		1,453,257
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b)7.75%, 04/15/25			1,164		1,254,210
5.13%, 10/01/29			3,346		3,534,212
Yum! Brands, Inc. 4.75%, 01/15/30^(b)			238		257,637
5.35%, 11/01/43			30		31,875

					90,511,027

Household Durables — 1.4%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/28^(b)			406		432,390
Brookfield Residential Properties, Inc./Brookfield Residential US LLC^(b)5.00%, 06/15/29			1,154		1,162,655
4.88%, 02/15/30			1,783		1,765,705
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)			1,328		1,423,457
Diebold Nixdorf, Inc., 9.38%, 07/15/25^(b)			645		715,144


Security		Par (000)		Value

Household Durables (continued)
Forestar Group, Inc., 3.85%, 05/15/26^(b)	USD		576	$	581,213
Hurricane Finance PLC, 8.00%, 10/15/25	GBP		100		150,572
Installed Building Products, Inc., 5.75%, 02/01/28^(b)	USD		723		760,957
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26^(b)	.		2,650		2,809,000
KB Home, 4.00%, 06/15/31			535		539,681
LGI Homes, Inc., 4.00%, 07/15/29^(b)			434		436,170
Mattamy Group Corp.^(b)
5.25%, 12/15/27			830		867,350
4.63%, 03/01/30			1,141		1,165,531
Meritage Homes Corp., 5.13%, 06/06/27			286		319,605
NCR Corp.^(b)
5.75%, 09/01/27			234		247,601
5.00%, 10/01/28			563		582,181
5.13%, 04/15/29			1,027		1,059,094
6.13%, 09/01/29			815		888,350
5.25%, 10/01/30			576		597,600
New Home Co., Inc., 7.25%, 10/15/25^(b)			378		400,567
Newell Brands, Inc., 6.00%, 04/01/46			210		266,112
Nobel Bidco BV, 3.13%, 06/15/28	EUR		100		118,575
Taylor Morrison Communities, Inc.^(b)
5.88%, 06/15/27	USD		1,377		1,557,731
5.13%, 08/01/30			336		364,184
Tempur Sealy International, Inc., 4.00%, 04/15/29^(b)			1,517		1,535,887
Toll Brothers Finance Corp., 4.35%, 02/15/28			66		72,435
Tri Pointe Homes, Inc., 5.70%, 06/15/28			291		320,828

					21,140,575

Household Products — 0.1%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26^(b)			1,040		1,055,600


Independent Power and Renewable Electricity Producers — 0.8%
Calpine Corp.^(b)
5.25%, 06/01/26			420		432,075
4.50%, 02/15/28			2,113		2,155,260
5.13%, 03/15/28			3,928		3,996,740
4.63%, 02/01/29			811		797,327
5.00%, 02/01/31			1,398		1,391,010
3.75%, 03/01/31			15		14,285
Clearway Energy Operating LLC, 4.75%, 03/15/28^(b)			690		723,637
NRG Energy, Inc.
5.75%, 01/15/28			14		14,910
5.25%, 06/15/29^(b)			163		173,391
3.63%, 02/15/31^(b)			1,449		1,423,932
TerraForm Power Operating LLC^(b)
4.25%, 01/31/23			182		186,778
4.75%, 01/15/30			1,053		1,078,451

					12,387,796

Insurance — 2.0%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(b)
4.25%, 10/15/27			6,162		6,254,368
6.75%, 10/15/27			8,903		9,356,697
AmWINS Group, Inc., 7.75%, 07/01/26^(b)			1,278		1,355,511
Ardonagh Midco 2 PLC, (11.50% Cash or 12.75% PIK), 11.50%, 01/15/27^(b)(h)			402		440,443
AssuredPartners, Inc., 5.63%, 01/15/29^(b)			1,375		1,375,000
BroadStreet Partners, Inc., 5.88%, 04/15/29^(b)			1,064		1,085,280
Galaxy Bidco Ltd., 6.50%, 07/31/26	GBP		100		145,765


68		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Insurance (continued)
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)	USD		1,979	$	2,107,635
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer Inc., (7.63% Cash or 8.37% PIK), 7.63%, 10/15/25^(b)(h)			1,039		1,099,096
HUB International Ltd., 7.00%, 05/01/26^(b)			6,615		6,860,350
Liberty Mutual Group, Inc., (5 year EUR Swap + 3.70%), 3.63%, 05/23/59^(a)	EUR		100		123,471
Societa Cattolica di Assicurazioni SC, (3 mo. EURIBOR + 4.46%), 4.25%, 12/14/47^(a)			100		133,580
Unipol Gruppo SpA, 3.25%, 09/23/30			175		233,270


					30,570,466

Interactive Media & Services — 0.9%
Arches Buyer, Inc.^(b)4.25%, 06/01/28	USD		562		555,678
6.13%, 12/01/28			244		251,320
Cablevision Lightpath LLC^(b)3.88%, 09/15/27			866		855,902
5.63%, 09/15/28			1,201		1,223,219
Netflix, Inc. 4.88%, 04/15/28			400		465,000
5.88%, 11/15/28			1,914		2,349,301
6.38%, 05/15/29			216		275,886
3.88%, 11/15/29	EUR		196		279,760
5.38%, 11/15/29^(b)	USD		1,141		1,385,854
3.63%, 06/15/30	EUR		393		553,608
4.88%, 06/15/30^(b)	USD		343		407,930
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.^(b)6.00%, 02/15/28			1,233		1,235,700
10.75%, 06/01/28			485		545,625
Twitter, Inc., 3.88%, 12/15/27^(b)			1,663		1,766,938
United Group BV 4.88%, 07/01/24	EUR		199		238,501
4.00%, 11/15/27			324		381,455


					12,771,677

Internet Software & Services — 1.1%
ANGI Group LLC, 3.88%, 08/15/28^(b)	USD		1,361		1,352,494
Endure Digital, Inc., 6.00%, 02/15/29^(b)			1,003		992,970
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^(b)5.25%, 12/01/27			1,113		1,168,650
3.50%, 03/01/29			700		695,450
Match Group Holdings II LLC^(b)4.63%, 06/01/28			813		845,414
5.63%, 02/15/29			318		343,440
4.13%, 08/01/30			481		489,417
MercadoLibre, Inc., 2.38%, 01/14/26			8		8,030
Uber Technologies, Inc.^(b)7.50%, 05/15/25			3,268		3,526,826
0.00%, 12/15/25^(g)(k)			1,757		1,781,598
8.00%, 11/01/26			1,878		2,023,545
7.50%, 09/15/27			2,407		2,645,245
6.25%, 01/15/28			1,033		1,111,725


					16,984,804

IT Services — 2.8%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(b)			793		820,390
Austin BidCo, Inc., 7.13%, 12/15/28^(b)			372		381,185
Banff Merger Sub, Inc. 8.38%, 09/01/26	EUR		100		124,016


Security		Par (000)		Value

IT Services (continued)
Banff Merger Sub, Inc. (continued) 9.75%, 09/01/26^(b)	USD		8,508	$	8,954,670
Booz Allen Hamilton, Inc.^(b)3.88%, 09/01/28			1,867		1,904,340
4.00%, 07/01/29			2,400		2,454,000
Camelot Finance SA, 4.50%, 11/01/26^(b)			2,798		2,927,407
Castle US Holding Corp., 9.50%, 02/15/28^(b)			1,890		1,970,325
Centurion Bidco SpA, 5.88%, 09/30/26	EUR		125		154,790
Dun & Bradstreet Corp.^(b)6.88%, 08/15/26	USD		2,137		2,265,220
10.25%, 02/15/27			1,362		1,503,961
Fair Isaac Corp., 4.00%, 06/15/28^(b)			915		945,800
Gartner, Inc.^(b)4.50%, 07/01/28			1,523		1,608,471
3.63%, 06/15/29			1,212		1,230,180
3.75%, 10/01/30			1,632		1,669,716
KBR, Inc., 4.75%, 09/30/28^(b)			955		955,000
Rackspace Technology Global, Inc., 5.38%, 12/01/28^(b)			2,268		2,324,700
Science Applications International Corp., 4.88%, 04/01/28^(b)			904		948,070
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.^(b)5.75%, 06/01/25			1,117		1,175,642
6.75%, 06/01/25			4,922		5,005,083
Twilio, Inc., 3.88%, 03/15/31			1,163		1,193,529
Unisys Corp., 6.88%, 11/01/27^(b)			574		627,290
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)			1,280		1,272,000


					42,415,785

Leisure Products — 0.2%
Mattel, Inc. 6.75%, 12/31/25^(b)			532		558,972
5.88%, 12/15/27^(b)			769		838,210
3.75%, 04/01/29^(b)			569		591,760
6.20%, 10/01/40			552		680,340
5.45%, 11/01/41			840		968,100


					3,637,382

Machinery — 1.3%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28^(b)			553		566,134
Clark Equipment Co., 5.88%, 06/01/25^(b)			1,375		1,451,484
Colfax Corp., 6.38%, 02/15/26^(b)			753		795,168
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(h)			1,662		1,803,270
Madison IAQ LLC^(b)4.13%, 06/30/28			534		539,340
5.88%, 06/30/29			1,985		2,019,738
Mueller Water Products, Inc., 4.00%, 06/15/29^(b)			565		580,605
Novafives SAS, 5.00%, 06/15/25	EUR		100		111,312
Platin 1426 GmbH, 5.38%, 06/15/23			100		119,381
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(b)	USD		405		413,100
Renk AG/Frankfurt am Main, 5.75%, 07/15/25			229		282,447
Sofima Holding SpA 3.75%, 01/15/28			123		146,547
(3 mo. EURIBOR + 4.00%), 4.00%, 01/15/28^(a)			117		139,246
Stevens Holding Co., Inc., 6.13%, 10/01/26^(b)	USD		813		871,943
Terex Corp., 5.00%, 05/15/29^(b)			1,651		1,721,168
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(b)			2,649		2,745,026


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Machinery (continued)
TK Elevator Midco GmbH, 4.38%, 07/15/27	EUR		173	$	214,224
TK Elevator US Newco Inc., 5.25%, 07/15/27^(b)	USD		3,533		3,722,899
Vertical Holdco GmbH 6.63%, 07/15/28	EUR		100		126,288
7.63%, 07/15/28^(b)	USD		1,432		1,553,992


					19,923,312

Media — 13.3%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28^(b)			798		839,895
Altice Financing SA 2.25%, 01/15/25	EUR		170		195,532
7.50%, 05/15/26^(b)	USD		4,149		4,320,354
3.00%, 01/15/28	EUR		196		220,943
5.00%, 01/15/28^(b)	USD		1,693		1,659,428
Altice France Holding SA^(b)8.00%, 05/15/27	EUR		100		127,919
10.50%, 05/15/27	USD		9,928		11,032,490
6.00%, 02/15/28			2,258		2,248,516
AMC Networks, Inc. 4.75%, 08/01/25			1,216		1,248,467
4.25%, 02/15/29			684		689,985
Block Communications, Inc., 4.88%, 03/01/28^(b)			791		806,820
Cable One, Inc.^(b)1.13%, 03/15/28^(g)			1,164		1,183,807
4.00%, 11/15/30			936		939,510
CCO Holdings LLC/CCO Holdings Capital Corp. 5.13%, 05/01/27^(b)			751		787,724
5.00%, 02/01/28^(b)			262		274,773
5.38%, 06/01/29^(b)			2,119		2,316,279
4.75%, 03/01/30^(b)			1,252		1,323,990
4.50%, 08/15/30^(b)			5,597		5,827,674
4.25%, 02/01/31^(b)			1,194		1,216,387
4.50%, 05/01/32			4,035		4,181,269
4.50%, 06/01/33^(b)			1,997		2,043,450
Cinemark USA, Inc.^(b)5.88%, 03/15/26			643		672,867
5.25%, 07/15/28			631		646,775
Clear Channel International BV, 6.63%, 08/01/25^(b)			1,965		2,064,881
Clear Channel Outdoor Holdings, Inc.^(b)7.75%, 04/15/28			2,705		2,833,542
7.50%, 06/01/29			3,829		3,964,303
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27^(b)			7,948		8,148,449
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26^(b)			10,967		11,597,602
CSC Holdings LLC 5.25%, 06/01/24			859		930,901
5.75%, 01/15/30^(b)			2,953		3,067,429
4.13%, 12/01/30^(b)			1,617		1,606,894
4.63%, 12/01/30^(b)			8,421		8,261,927
3.38%, 02/15/31^(b)			1,353		1,278,463
4.50%, 11/15/31^(b)			2,591		2,606,909
5.00%, 11/15/31^(b)			1,447		1,453,946
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26^(b)			1,360		880,600
DISH DBS Corp. 5.88%, 07/15/22			4,569		4,766,381
5.00%, 03/15/23			1,948		2,038,835
7.75%, 07/01/26			2,785		3,154,012


Security		Par (000)		Value

Media (continued)
DISH DBS Corp. (continued) 5.13%, 06/01/29^(b)	USD		4,997		$ 4,934,188
DISH Network Corp.^(g)2.38%, 03/15/24			1,680		1,628,550
3.38%, 08/15/26			2,495		2,546,147
Frontier Communications Holdings LLC^(b)5.88%, 10/15/27			2,553		2,734,901
5.00%, 05/01/28			3,673		3,797,258
6.75%, 05/01/29			2,518		2,677,314
GCI LLC, 4.75%, 10/15/28^(b)			448		458,528
Hughes Satellite Systems Corp., 5.25%, 08/01/26			755		845,736
iHeartCommunications, Inc., 8.38%, 05/01/27			201		214,965
LCPR Senior Secured Financing DAC^(b)6.75%, 10/15/27			3,016		3,250,343
5.13%, 07/15/29			2,237		2,312,499
Liberty Broadband Corp.^(b)(g)
1.25%, 09/30/50			2,588		2,604,822
2.75%, 09/30/50			4,538		4,764,532
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(b)(h)			1,659		1,635,090
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(b)			407		427,859
Live Nation Entertainment, Inc. 2.50%, 03/15/23^(g)			953		1,330,674
4.88%, 11/01/24^(b)			134		136,144
2.00%, 02/15/25^(g)			778		868,248
6.50%, 05/15/27^(b)			5,230		5,804,254
4.75%, 10/15/27^(b)			624		646,620
3.75%, 01/15/28^(b)			971		975,292
Lorca Telecom Bondco SA, 4.00%, 09/18/27	EUR		205		247,333
Meredith Corp., 6.88%, 02/01/26	USD		307		319,280
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(b)			972		1,020,600
News Corp., 3.88%, 05/15/29^(b)			688		694,880
Outfront Media Capital LLC/Outfront Media Capital Corp.^(b)5.00%, 08/15/27			1,569		1,624,527
4.25%, 01/15/29			668		672,175
Qualitytech LP/QTS Finance Corp., 3.88%, 10/01/28^(b)			1,228		1,313,223
Radiate Holdco LLC/Radiate Finance, Inc.^(b)4.50%, 09/15/26			2,788		2,885,580
6.50%, 09/15/28			6,404		6,728,363
Sable International Finance Ltd., 5.75%, 09/07/27^(b)			600		631,320
Scripps Escrow II, Inc.^(b)3.88%, 01/15/29			87		86,307
5.38%, 01/15/31			870		867,251
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)			1,318		1,294,935
Sirius XM Radio, Inc.^(b)4.00%, 07/15/28			3,096		3,188,880
5.50%, 07/01/29			2,126		2,316,702
4.13%, 07/01/30			1,213		1,223,771
Summer BC Holdco A Sarl, 9.25%, 10/31/27	EUR		180		231,581
Summer BC Holdco B Sarl, 5.75%, 10/31/26			300		372,160
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25^(h)			151		182,558
TEGNA, Inc., 5.50%, 09/15/24^(b)	USD		144		146,520
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(b)			2,000		2,104,000


70		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Telesat Canada/Telesat LLC, 4.88%, 06/01/27^(b)	USD		1,146	$	1,105,890
Terrier Media Buyer, Inc., 8.88%, 12/15/27^(b)			4,158		4,495,837
Univision Communications, Inc.^(b)
5.13%, 02/15/25			800		816,160
6.63%, 06/01/27			1,205		1,305,678
UPC Broadband Finco BV, 4.88%, 07/15/31^(b)			2,494		2,499,736
UPC Holding BV, 3.88%, 06/15/29	EUR		100		120,129
UPCB Finance VII Ltd., 3.63%, 06/15/29			360		435,863
Videotron Ltd., 3.63%, 06/15/29^(b)	USD		1,977		2,015,967
Virgin Media Finance PLC, 3.75%, 07/15/30	EUR		142		168,166
Virgin Media Secured Finance PLC^(b)
5.50%, 05/15/29	USD		906		973,950
4.50%, 08/15/30			795		800,962
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28	GBP		100		140,405
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(b)	USD		3,073		3,134,460
WMG Acquisition Corp., 3.88%, 07/15/30^(b)			655		661,485
Ziggo Bond Co. BV^(b)
6.00%, 01/15/27			291		304,095
5.13%, 02/28/30			868		888,389
Ziggo BV
5.50%, 01/15/27^(b)			1,368		1,421,352
2.88%, 01/15/30	EUR		106		125,690
4.88%, 01/15/30^(b)	USD		1,651		1,692,275


					199,312,327

Metals & Mining — 2.8%
Allegheny Technologies, Inc., 7.88%, 08/15/23			284		311,335
Arconic Corp.^(b)
6.00%, 05/15/25			1,484		1,581,603
6.13%, 02/15/28			2,032		2,179,767
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)			5,873		6,467,641
Constellium SE^(b)
5.88%, 02/15/26			3,827		3,940,662
5.63%, 06/15/28			1,235		1,324,538
3.75%, 04/15/29			3,074		3,043,260
Freeport-McMoRan, Inc.
5.40%, 11/14/34			262		316,445
5.45%, 03/15/43			4,792		5,857,357
Glencore Funding LLC, Series GLEN, 0.00%, 03/27/25^(g)(k)			200		194,660
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(b)			1,645		1,682,078
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28^(b)			661		733,710
Kaiser Aluminum Corp.^(b)
4.63%, 03/01/28			447		461,807
4.50%, 06/01/31			712		730,185
KME SE, 6.75%, 02/01/23	EUR		100		109,682
New Gold, Inc.^(b)
6.38%, 05/15/25	USD		239		246,768
7.50%, 07/15/27			2,345		2,544,325
Novelis Corp.^(b)
5.88%, 09/30/26			1,470		1,529,174
4.75%, 01/30/30			4,149		4,356,450
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29	EUR		100		121,575
thyssenkrupp AG
1.88%, 03/06/23			127		150,873
2.88%, 02/22/24			409		491,860


Security		Par (000)		Value

Metals & Mining (continued)
United States Steel Corp.
6.25%, 03/15/26	USD		116	$	119,573
6.88%, 03/01/29			1,838		1,966,660
Vedanta Resources Finance II PLC, 8.95%, 03/11/25^(b)			1,154		1,130,920


					41,592,908

Mortgage Real Estate Investment Trusts (REITs)^(b)— 0.1%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/29			956		942,712
Starwood Property Trust, Inc., 5.50%, 11/01/23			157		164,457


					1,107,169

Multi-line Retail — 0.5%
Dufry One BV, 2.00%, 02/15/27	EUR		194		216,812
Macy’s, Inc., 8.38%, 06/15/25^(b)	USD		3,066		3,376,279
Marks & Spencer PLC, 4.50%, 07/10/27	GBP		200		295,941
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)	USD		2,192		2,339,960
Victoria’s Secret & Co., 4.63%, 07/15/29^(b)(c)			867		867,000


					7,095,992

Offshore Drilling & Other Services^(b)— 0.1%
Entegris, Inc.
4.38%, 04/15/28			1,037		1,082,369
3.63%, 05/01/29			535		541,687


					1,624,056

Oil, Gas & Consumable Fuels — 14.6%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)			2,544		2,754,389
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)
7.88%, 05/15/26			2,299		2,569,385
5.75%, 03/01/27			341		354,640
5.38%, 06/15/29			1,137		1,185,322
Antero Resources Corp.^(b)
7.63%, 02/01/29			1,310		1,454,100
5.38%, 03/01/30			997		1,017,568
Apache Corp.
4.88%, 11/15/27			1,094		1,184,791
4.38%, 10/15/28			185		196,933
4.25%, 01/15/30			1,125		1,186,875
5.10%, 09/01/40			1,080		1,131,300
5.25%, 02/01/42			359		379,643
4.75%, 04/15/43			1,015		1,055,295
4.25%, 01/15/44			229		223,760
5.35%, 07/01/49			305		321,013
Arcosa, Inc., 4.38%, 04/15/29^(b)			2,048		2,083,840
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27			2,218		3,065,587
5.88%, 06/30/29			2,109		2,109,000
Baytex Energy Corp., 8.75%, 04/01/27^(b)			499		502,742
Brand Industrial Services, Inc., 8.50%, 07/15/25^(b)			2,543		2,585,544
Buckeye Partners LP
4.13%, 03/01/25^(b)			34		35,233
5.85%, 11/15/43			816		809,880
5.60%, 10/15/44			1,073		1,040,810
Callon Petroleum Co.
6.25%, 04/15/23			221		221,256
6.13%, 10/01/24			534		526,412
9.00%, 04/01/25^(b)			3,096		3,374,640


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Callon Petroleum Co. (continued)
8.00%, 08/01/28^(b)(c)	USD		3,213	$	3,249,146
Cellnex Telecom SA^(g)
Series CLNX, 0.50%, 07/05/28	EUR		100		161,713
Series CLNX, 0.75%, 11/20/31			800		926,782
Centennial Resource Production LLC
6.88%, 04/01/27^(b)	USD		1,284		1,313,031
3.25%, 04/01/28^(g)			450		592,020
Cheniere Energy Partners LP
4.50%, 10/01/29			2,308		2,481,100
4.00%, 03/01/31^(b)			4,004		4,184,180
Cheniere Energy, Inc., 4.63%, 10/15/28^(b)			8,556		9,026,580
Chesapeake Energy Corp.^(b)
5.50%, 02/01/26			111		117,105
5.88%, 02/01/29			364		394,014
CITGO Petroleum Corp.^(b)
7.00%, 06/15/25			1,453		1,514,128
6.38%, 06/15/26			1,302		1,357,335
CNX Resources Corp., 6.00%, 01/15/29^(b)			1,159		1,253,134
Colgate Energy Partners III LLC^(b)
7.75%, 02/15/26			647		709,274
5.88%, 07/01/29			1,651		1,712,912
Comstock Resources, Inc.^(b)
7.50%, 05/15/25			933		967,987
6.75%, 03/01/29			2,877		3,064,667
5.88%, 01/15/30			1,477		1,506,540
Continental Resources, Inc.
4.50%, 04/15/23			146		151,925
5.75%, 01/15/31^(b)			662		792,745
4.90%, 06/01/44			691		782,561
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27^(b)			418		428,973
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(b)			3,881		4,016,835
DCP Midstream Operating LP^(b)
6.45%, 11/03/36			1,282		1,499,940
6.75%, 09/15/37			2,344		2,818,660
DT Midstream, Inc.^(b)
4.13%, 06/15/29			2,468		2,505,834
4.38%, 06/15/31			3,139		3,207,399
Dycom Industries, Inc., 4.50%, 04/15/29^(b)			564		568,884
eG Global Finance PLC
4.38%, 02/07/25	EUR		133		155,438
6.75%, 02/07/25^(b)	USD		1,613		1,667,786
6.25%, 10/30/25	EUR		463		562,178
8.50%, 10/30/25^(b)	USD		1,586		1,677,195
Endeavor Energy Resources LP/EER Finance, Inc.^(b)
5.50%, 01/30/26			3,785		3,931,669
5.75%, 01/30/28			316		336,935
Energy Transfer LP, Series H, (5 year CMT + 5.69%), 6.50%^(a)(i)			3,372		3,437,754
EnLink Midstream LLC
5.63%, 01/15/28^(b)			899		949,695
5.38%, 06/01/29			474		494,676
EnLink Midstream Partners LP
4.40%, 04/01/24			1,638		1,719,900
4.15%, 06/01/25			108		113,113
4.85%, 07/15/26			297		307,395
5.60%, 04/01/44			1,316		1,190,980
5.05%, 04/01/45			220		189,200


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
EQM Midstream Partners LP
6.00%, 07/01/25^(b)	USD		1,338	$	1,455,075
4.13%, 12/01/26			361		369,574
6.50%, 07/01/27^(b)			1,929		2,150,835
4.50%, 01/15/29^(b)			1,274		1,296,139
4.75%, 01/15/31^(b)			2,084		2,147,437
EQT Corp.
3.13%, 05/15/26^(b)			984		1,008,315
3.90%, 10/01/27			1,622		1,737,567
5.00%, 01/15/29			271		302,157
8.50%, 02/01/30			880		1,146,561
3.63%, 05/15/31^(b)			276		287,730
Genesis Energy LP/Genesis Energy Finance Corp.
5.63%, 06/15/24			82		82,205
6.50%, 10/01/25			350		353,500
8.00%, 01/15/27			1,093		1,148,333
7.75%, 02/01/28			188		194,287
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25^(b)			634		630,830
Harvest Midstream I LP, 7.50%, 09/01/28^(b)			718		779,748
Hess Midstream Operations LP, 5.13%, 06/15/28^(b)			466		488,717
Hilcorp Energy I LP/Hilcorp Finance Co.^(b)
5.75%, 02/01/29			296		308,580
6.00%, 02/01/31			564		597,840
Independence Energy Finance LLC, 7.25%, 05/01/26^(b)			2,211		2,321,926
Indigo Natural Resources LLC, 5.38%, 02/01/29^(b)			2,640		2,758,800
ITT Holdings LLC, 6.50%, 08/01/29^(b)(c)			1,889		1,924,419
MasTec, Inc., 4.50%, 08/15/28^(b)			1,122		1,181,275
Matador Resources Co., 5.88%, 09/15/26			5,187		5,342,610
MEG Energy Corp.^(b)
7.13%, 02/01/27			295		314,271
5.88%, 02/01/29			562		585,885
Murphy Oil Corp.
5.75%, 08/15/25			833		854,866
6.38%, 12/01/42			141		139,642
Murphy Oil USA, Inc., 4.75%, 09/15/29			928		976,442
Neptune Energy Bondco PLC, 6.63%, 05/15/25^(b)			200		205,340
New Enterprise Stone & Lime Co., Inc.^(b)
6.25%, 03/15/26			480		492,854
9.75%, 07/15/28			438		490,560
New Fortress Energy, Inc.^(b)
6.75%, 09/15/25			5,338		5,464,777
6.50%, 09/30/26			6,468		6,609,002
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(b)			2,011		2,111,550
NGPL PipeCo LLC, 7.77%, 12/15/37^(b)			1,640		2,346,025
Northern Oil and Gas, Inc., 8.13%, 03/01/28^(b)			2,707		2,916,792
NuStar Logistics LP
5.75%, 10/01/25			719		781,912
6.00%, 06/01/26			908		985,180
6.38%, 10/01/30			75		82,868
Occidental Petroleum Corp.
2.70%, 02/15/23			287		293,371
6.95%, 07/01/24			363		408,912
2.90%, 08/15/24			2,523		2,579,767
5.50%, 12/01/25			450		497,259
5.55%, 03/15/26			164		181,220
3.40%, 04/15/26			440		449,900
3.20%, 08/15/26			90		90,675


72		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp. (continued)
3.00%, 02/15/27	USD		25	$	24,813
8.88%, 07/15/30			164		219,332
6.13%, 01/01/31			1,235		1,453,015
4.30%, 08/15/39			2,394		2,286,270
6.20%, 03/15/40			3,730		4,217,586
4.50%, 07/15/44			1,099		1,057,787
4.63%, 06/15/45			2,824		2,753,400
6.60%, 03/15/46			57		67,756
4.40%, 04/15/46			2,413		2,317,686
4.10%, 02/15/47			340		316,581
4.20%, 03/15/48			1,598		1,494,130
4.40%, 08/15/49			472		453,120
Ovintiv Exploration, Inc., 5.38%, 01/01/26			211		237,786
Ovintiv, Inc.
7.38%, 11/01/31			485		643,939
6.50%, 08/15/34			314		414,516
Parkland Corp.^(b)
5.88%, 07/15/27			1,223		1,303,559
4.50%, 10/01/29			562		571,099
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25^(b)			5,637		5,678,657
PDC Energy, Inc.
1.13%, 09/15/21^(g)			1,153		1,142,940
6.13%, 09/15/24			711		727,140
6.25%, 12/01/25			298		308,430
Range Resources Corp.
4.88%, 05/15/25			464		480,240
9.25%, 02/01/26			114		125,685
8.25%, 01/15/29^(b)			626		705,815
SM Energy Co.
10.00%, 01/15/25^(b)			4,914		5,544,663
5.63%, 06/01/25			125		123,750
6.75%, 09/15/26			209		212,658
6.50%, 07/15/28			1,095		1,125,112
Southwestern Energy Co.
6.45%, 01/23/25			76		84,132
7.50%, 04/01/26			237		250,924
8.38%, 09/15/28			370		418,100
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27			339		354,509
5.88%, 03/15/28			808		858,500
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(b)
7.50%, 10/01/25			711		778,545
6.00%, 12/31/30			784		815,062
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.88%, 04/15/26			1,082		1,136,435
5.38%, 02/01/27			188		195,755
6.50%, 07/15/27			786		851,804
6.88%, 01/15/29			602		678,231
5.50%, 03/01/30			1,989		2,187,224
4.88%, 02/01/31^(b)			353		382,123
4.00%, 01/15/32^(b)			252		259,220
Transocean, Inc., 11.50%, 01/30/27^(b)			965		1,031,291
UGI International LLC, 3.25%, 11/01/25	EUR		100		121,077
Vine Energy Holdings LLC, 6.75%, 04/15/29^(b)	USD		3,217		3,385,892
Viper Energy Partners LP, 5.38%, 11/01/27^(b)			716		745,864


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Western Midstream Operating LP
4.75%, 08/15/28	USD		145	$	156,600
5.45%, 04/01/44			1,561		1,681,977
5.30%, 03/01/48			2,255		2,401,575
5.50%, 08/15/48			576		626,913
6.50%, 02/01/50			3,291		3,810,435


					218,502,459

Personal Products — 0.1%
Coty, Inc.
4.00%, 04/15/23	EUR		200		235,066
3.88%, 04/15/26			206		245,178
4.75%, 04/15/26			100		115,428
5.00%, 04/15/26^(b)	USD		676		685,451
6.50%, 04/15/26^(b)			100		101,305
Edgewell Personal Care Co., 5.50%, 06/01/28^(b)			472		500,320


					1,882,748

Pharmaceuticals — 3.3%
Bausch Health Americas, Inc., 9.25%, 04/01/26^(b)			306		332,836
Bausch Health Cos., Inc.^(b)
6.13%, 04/15/25			344		352,600
9.00%, 12/15/25			339		363,510
5.75%, 08/15/27			1,292		1,371,303
7.00%, 01/15/28			1,393		1,434,790
5.00%, 01/30/28			1,385		1,314,019
4.88%, 06/01/28			4,013		4,107,306
5.00%, 02/15/29			2,500		2,331,250
6.25%, 02/15/29			2,338		2,312,399
7.25%, 05/30/29			2,892		2,955,364
5.25%, 01/30/30			1,627		1,513,110
5.25%, 02/15/31			225		210,026
Cheplapharm Arzneimittel GmbH
3.50%, 02/11/27	EUR		166		198,781
4.38%, 01/15/28			100		123,170
5.50%, 01/15/28^(b)	USD		1,643		1,684,075
Elanco Animal Health, Inc., 5.90%, 08/28/28			241		282,035
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/27^(b)			2,219		2,263,380
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., 6.13%, 04/01/29^(b)			2,740		2,685,200
Gruenenthal GmbH
3.63%, 11/15/26	EUR		100		121,875
4.13%, 05/15/28			100		122,227
Jaguar Holding Co. II/PPD Development LP^(b)
4.63%, 06/15/25	USD		529		555,450
5.00%, 06/15/28			3,623		3,927,042
Jazz Securities DAC, 4.38%, 01/15/29^(b)			2,194		2,274,739
Nidda BondCo GmbH
5.00%, 09/30/25	EUR		100		118,990
7.25%, 09/30/25			237		288,456
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24			100		118,250
Organon & Co./Organon Foreign Debt Co-Issuer BV
2.88%, 04/30/28			120		144,247
4.13%, 04/30/28^(b)	USD		4,094		4,175,061
5.13%, 04/30/31^(b)			3,727		3,839,555
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25^(b)			1,300		1,365,000
Par Pharmaceutical, Inc., 7.50%, 04/01/27^(b)			5,373		5,492,979
Prestige Brands, Inc., 3.75%, 04/01/31^(b)			834		804,080


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Pharmaceuticals (continued)
Rossini Sarl, 6.75%, 10/30/25	EUR		201	$	249,551
Teva Pharmaceutical Finance Netherlands II BV
6.00%, 01/31/25			100		127,824
4.50%, 03/01/25			100		122,340
1.88%, 03/31/27			100		108,518
1.63%, 10/15/28			100		104,405
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25	USD		200		219,500


					50,115,243

Real Estate Management & Development — 0.8%
Adler Group SA
3.25%, 08/05/25	EUR		200		244,653
2.75%, 11/13/26			100		119,909
Aedas Homes Opco SLU, 4.00%, 08/15/26			100		121,243
Canary Wharf Group Investment Holdings PLC
1.75%, 04/07/26			100		119,366
3.38%, 04/23/28	GBP		100		139,541
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28^(b)	USD		1,654		1,783,773
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24	EUR		100		115,504
Fastighets AB Balder, (5 year EUR Swap + 3.19%), 2.87%, 06/02/81^(a)			175		205,503
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(b)	USD		2,113		2,231,751
Heimstaden Bostad AB^(a)(i)
(5 year EUR Swap + 3.15%), 2.63%	EUR		200		234,126
(5 year EUR Swap + 3.91%), 3.38%			100		122,602
Howard Hughes Corp.^(b)
5.38%, 08/01/28	USD		1,334		1,416,214
4.13%, 02/01/29			1,090		1,090,022
4.38%, 02/01/31			1,032		1,028,264
Peach Property Finance GmbH, 4.38%, 11/15/25	EUR		100		124,279
Realogy Group LLC/Realogy Co-Issuer Corp.^(b)
7.63%, 06/15/25	USD		684		741,935
5.75%, 01/15/29			1,555		1,625,581


					11,464,266

Road & Rail — 0.1%
Autostrade per l’Italia SpA
1.88%, 11/04/25	EUR		100		123,277
2.00%, 01/15/30			279		341,576
CMA CGM SA, 7.50%, 01/15/26			215		283,485
Danaos Corp., 8.50%, 03/01/28^(b)	USD		726		796,110
Getlink SE, 3.50%, 10/30/25	EUR		220		270,648


					1,815,096

Semiconductors & Semiconductor Equipment — 1.0%
ams AG
6.00%, 07/31/25			200		253,869
2.13%, 11/03/27^(g)			100		116,145
Atkore, Inc., 4.25%, 06/01/31^(b)	USD		908		919,622
Microchip Technology, Inc., 4.25%, 09/01/25			3,008		3,157,997
ON Semiconductor Corp., 3.88%, 09/01/28^(b)			1,700		1,751,238
Sensata Technologies BV^(b)
5.63%, 11/01/24			1,400		1,555,750
5.00%, 10/01/25			2,021		2,250,889
4.00%, 04/15/29			1,771		1,797,713


Security		Par (000)		Value

Semiconductors & Semiconductor Equipment (continued)
Sensata Technologies, Inc., 4.38%, 02/15/30^(b)	USD		2,001	$	2,108,737
Synaptics, Inc., 4.00%, 06/15/29^(b)			1,094		1,099,470


					15,011,430

Software — 2.8%
ACI Worldwide, Inc., 5.75%, 08/15/26^(b)			1,657		1,737,779
Black Knight InfoServ LLC, 3.63%, 09/01/28^(b)			1,997		1,986,935
Boxer Parent Co., Inc.
6.50%, 10/02/25	EUR		373		469,145
7.13%, 10/02/25^(b)	USD		1,099		1,175,930
9.13%, 03/01/26^(b)			3,346		3,531,770
BY Crown Parent LLC, 7.38%, 10/15/24^(b)			4,370		4,448,660
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26^(b)			2,794		2,926,715
Cedacri Mergeco SpA, (3 mo. EURIBOR + 4.63%), 4.63%, 05/15/28^(a)	EUR		163		195,693
Crowdstrike Holdings, Inc., 3.00%, 02/15/29	USD		1,451		1,452,379
Elastic NV, 4.13%, 07/15/29^(b)(c)			1,617		1,617,000
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28^(b)			959		938,688
MicroStrategy, Inc., 6.13%, 06/15/28^(b)			1,778		1,778,000
MSCI, Inc.^(b)
3.63%, 09/01/30			1,263		1,291,620
3.88%, 02/15/31			1,370		1,421,731
3.63%, 11/01/31			1,078		1,105,705
Nuance Communications, Inc., 5.63%, 12/15/26			884		920,942
Open Text Corp., 3.88%, 02/15/28^(b)			94		95,297
Open Text Holdings, Inc., 4.13%, 02/15/30^(b)			1,365		1,392,027
PTC, Inc., 4.00%, 02/15/28^(b)			493		509,269
Rocket Software, Inc., 6.50%, 02/15/29^(b)			2,044		2,028,220
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)			5,376		5,696,947
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)			5,216		5,431,160


					42,151,612

Specialty Retail — 1.4%
Gap, Inc., 8.88%, 05/15/27^(b)			932		1,078,510
Goldstory SASU, 5.38%, 03/01/26	EUR		100		121,243
L Brands, Inc.
6.63%, 10/01/30^(b)	USD		737		853,078
6.88%, 11/01/35			2,966		3,755,697
6.75%, 07/01/36			384		480,960
PetSmart, Inc./PetSmart Finance Corp.^(b)
4.75%, 02/15/28			1,897		1,970,509
7.75%, 02/15/29			6,375		7,028,437
Staples, Inc.^(b)
7.50%, 04/15/26			4,814		4,986,028
10.75%, 04/15/27			858		872,286
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24^(a)	EUR		100		117,074


					21,263,822

Textiles, Apparel & Luxury Goods — 0.2%
BK LC Lux Finco1 Sarl, 5.25%, 04/30/29			100		121,243
Crocs, Inc., 4.25%, 03/15/29^(b)	USD		870		887,400
European TopSoho Sarl, Series SMCP, 4.00%, 09/21/21^(d)(g)(j)	EUR		200		210,179
Hanesbrands, Inc., 5.38%, 05/15/25^(b)	USD		277		293,274
Levi Strauss & Co.
5.00%, 05/01/25			98		99,960
3.50%, 03/01/31^(b)			616		612,427


74		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Textiles, Apparel & Luxury Goods (continued)
William Carter Co.^(b)
5.50%, 05/15/25	USD		264	$	279,315
5.63%, 03/15/27			543		571,344
Wolverine World Wide, Inc., 6.38%, 05/15/25^(b)			391		415,973


					3,491,115

Thrifts & Mortgage Finance — 0.6%
Enact Holdings, Inc., 6.50%, 08/15/25^(b)			2,613		2,880,049
Home Point Capital, Inc., 5.00%, 02/01/26^(b)			1,600		1,492,000
Jerrold Finco PLC, 5.25%, 01/15/27	GBP		140		200,008
MGIC Investment Corp., 5.25%, 08/15/28	USD		857		908,420
Nationstar Mortgage Holdings, Inc.^(b)
6.00%, 01/15/27			422		437,310
5.50%, 08/15/28			1,314		1,324,683
5.13%, 12/15/30			713		709,435
United Wholesale Mortgage LLC, 5.50%, 04/15/29^(b)			519		518,881


					8,470,786

Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28	EUR		226		278,833


Transportation Infrastructure — 0.0%
Atlantia SpA, 1.88%, 02/12/28			128		155,875
Heathrow Finance PLC, 4.63%, 09/01/29^(l)	GBP		215		305,960


					461,835

Utilities — 0.3%
Orano SA, 2.75%, 03/08/28	EUR		100		123,792
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)	USD		2,301		2,381,995
Solaris Midstream Holdings LLC, 7.63%, 04/01/26^(b)			589		624,340
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP		252		356,676
Vistra Operations Co. LLC, 4.38%, 05/01/29^(b)	USD		1,257		1,263,285


					4,750,088

Wireless Telecommunication Services — 3.2%
Altice France SA
2.50%, 01/15/25	EUR		169		197,354
7.38%, 05/01/26^(b)	USD		379		394,134
5.88%, 02/01/27	EUR		100		125,665
8.13%, 02/01/27^(b)	USD		3,783		4,121,579
5.50%, 01/15/28^(b)			1,997		2,072,287
4.13%, 01/15/29	EUR		200		237,446
5.13%, 01/15/29^(b)	USD		794		797,970
5.13%, 07/15/29^(b)			6,752		6,785,085
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31			511		550,592
Matterhorn Telecom SA, 4.00%, 11/15/27	EUR		300		365,050
SBA Communications Corp., 3.88%, 02/15/27	USD		6,017		6,178,887
Sprint Corp.
7.88%, 09/15/23			924		1,049,734
7.13%, 06/15/24			764		881,465
T-Mobile USA, Inc.
4.75%, 02/01/28			357		382,436
2.63%, 02/15/29			396		391,050
2.88%, 02/15/31			2,826		2,804,805
3.50%, 04/15/31^(b)			2,011		2,080,480


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
T-Mobile USA, Inc. (continued)
3.50%, 04/15/31	USD		1,605	$	1,660,453
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC^(b)
7.88%, 02/15/25			1,089		1,166,591
6.50%, 02/15/29			3,328		3,336,320
VICI Properties LP/VICI Note Co., Inc.^(b)
3.50%, 02/15/25			560		571,054
4.25%, 12/01/26			2,664		2,771,146
3.75%, 02/15/27			1,223		1,243,938
4.63%, 12/01/29			1,285		1,365,313
4.13%, 08/15/30			3,142		3,226,268
Vmed O2 UK Financing I PLC
4.00%, 01/31/29	GBP		200		273,364
4.25%, 01/31/31^(b)	USD		257		252,493
4.50%, 07/15/31^(c)	GBP		201		279,111
4.75%, 07/15/31^(b)(c)	USD		2,500		2,537,500
Vodafone Group PLC, (5 year EUR Swap + 3.23%), 3.00%, 08/27/80^(a)	EUR		100		121,840


					48,221,410


Total Corporate Bonds — 118.1% (Cost: $1,681,757,300)					1,770,237,098


Floating Rate Loan Interests^(a)

Aerospace & Defense — 0.5%
Peraton Holding Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 0.75%, 0.75% Floor), 8.50%, 02/01/29^(e)	USD		1,611		1,643,220
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28			4,565		4,574,363
Spirit Aerosystems, Inc., 2020 Term Loan B, (1 mo. LIBOR + 5.25%, 0.75% Floor), 6.00%, 01/15/25			1,028		1,033,406
WP CPP Holdings LLC, 2018 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/30/25			321		314,398


					7,565,387

Air Freight & Logistics — 0.0%
AIT Worldwide Logistics, Inc, 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50% 04/06/28			388		387,395


Airlines — 0.7%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28			3,424		3,567,393
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27			962		1,026,608
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/20/27			1,648		1,739,777
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/21/28			3,604		3,648,008


					9,981,786

Auto Components — 0.1%
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/30/26			1,335		1,321,566


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Building Products — 0.1%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/23/27	USD		514	$	512,053
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24			391		390,671


					902,724

Capital Markets — 0.1%
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 04/07/28^(e)			1,206		1,233,135
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.00%), 3.13%, 06/03/26			646		642,906


					1,876,041

Chemicals — 0.8%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26			2,345		2,375,786
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 03/18/28			2,566		2,551,579
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 06/30/27			2,166		2,151,810
Invictus US LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/28/25			1,989		1,985,151
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.85%, 03/30/26			298		298,375
Klockner-Pentaplast of America, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.50% Floor), 5.25%, 02/09/26^(e)			550		552,371
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/15/24			2,697		2,678,051


					12,593,123

Commercial Services & Supplies — 0.8%
Asurion LLC, 2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.35%, 12/23/26			2,239		2,212,176
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.35%, 12/12/25			490		489,300
Diamond (BC) BV, USD Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 09/06/24			2,608		2,592,567
GFL Environmental, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 3.50%, 05/30/25			545		545,378
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.10%, 08/27/25			6,646		6,657,060


					12,496,481

Construction & Engineering — 0.8%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			12,387		12,175,752


Construction Materials — 0.0%
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.00%, 10/25/23			442		441,627


Security		Par (000)		Value

Containers & Packaging^(c)— 0.2%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/03/24	USD		2,892	$	2,820,214
Charter NEX US, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			467		467,833


					3,288,047

Diversified Consumer Services — 0.1%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 01/29/27			365		364,123
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24			559		557,909
TruGreen Limited Partnership, 2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 1.00% Floor), 9.25%, 11/02/28^(e)			868		885,360


					1,807,392

Diversified Financial Services — 1.1%
AQGEN Ascensus, Inc., 2021 2nd Lien Term Loan, 05/04/29^(c)(e)(m)			739		731,610
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			2,298		2,302,484
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 02/16/28			543		544,378
LBM Acquisition LLC
Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			32		31,748
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			215		213,761
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			4,255		4,264,535
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25			5,009		5,034,839
White Cap Buyer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			2,918		2,921,983


					16,045,338

Diversified Telecommunication Services — 1.4%
Frontier Communications Corp., 2021 DIP Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/01/28			1,620		1,619,940
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			904		916,973
2017 Term Loan B4, (PRIME + 5.50%), 8.75%, 01/02/24			1,899		1,931,251
2017 Term Loan B5, (Fixed + 8.62%), 8.63%, 01/02/24			10,040		10,201,073
2020 DIP Term Loan, (PRIME + 4.75%, 1.00% Floor), 6.50%, 07/13/22			4,440		4,465,458
Northwest Fiber LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%), 3.82%, 04/30/27			1,126		1,124,992


					20,259,687

Electrical Equipment — 0.1%
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 03/31/27			1,244		1,237,398


76		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Entertainment — 0.1%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25^(e)	USD		2,096	$	2,159,359


Health Care Equipment & Supplies — 0.1%
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.09%, 06/30/25			455		454,727
EUR Term Loan B, (3 mo.EURIBOR + 3.50%), 3.50%, 06/30/25	EUR		990		1,174,139


					1,628,866

Health Care Providers & Services — 1.1%
AHP Health Partners, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/30/25	USD		943		944,542
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.00%, 01/08/27			2,130		2,135,316
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/10/25			3,811		3,241,275
EyeCare Partners LLC
2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.25%), 8.35%, 02/18/28			3,500		3,351,250
2020 Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 02/18/27			748		740,928
Gentiva Health Services, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.75%), 2.88%, 07/02/25			1,064		1,060,798
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 08/06/26			995		994,741
Quorum Health Corp., 2020 Term Loan, (1 mo. LIBOR + 8.25%, 1.00% Floor), 9.25%, 04/29/25^(c)			1,479		1,495,770
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 11/16/25			442		440,578
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 12/13/26			2,375		2,364,122


					16,769,320

Health Care Services — 0.1%
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 3.69%, 07/25/26			983		976,768


Health Care Technology — 0.7%
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.41%, 02/11/26			682		683,784
Polaris Newco LLC, USD Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 06/04/28			2,071		2,075,929
Verscend Holdings Corp., 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 7.50%, 02/01/29^(e)			8,084		8,164,840


					10,924,553

Hotels, Restaurants & Leisure — 0.6%
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 12/23/24			1,492		1,478,673
2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.60%, 07/20/25			898		900,419
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			2,074		2,057,473


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Golden Nugget, Inc., 2020 Initial Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23^(e)	USD		292	$	323,862
Great Canadian Gaming Corp., Term Loan, 11/01/26^(c)(m)			303		303,379
IRB Holding Corp, 2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27			2,025		2,023,570
Life Time Fitness, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/16/24			1,341		1,343,984


					8,431,360

Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.10%, 08/12/26			93		91,912


Industrial Conglomerates — 0.2%
PSAV Holdings LLC, 2018 2nd Lien Term Loan, (6 mo. LIBOR + 7.25%, 1.00% Floor), 8.25%, 09/01/25			1,279		1,029,728
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23			1,796		1,805,936


					2,835,664

Insurance — 0.7%
Alliant Holdings Intermediate LLC
2020 Term Loan B3, 11/06/27^(c)(m)			762		763,029
Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 05/09/25			1,990		1,966,964
HUB International Ltd., 2018 Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 04/25/25			1,393		1,376,650
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 09/01/27			1,051		1,050,070
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 12/31/25			3,593		3,552,183
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/03/26			1,257		1,254,549
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			538		538,878


					10,502,323

Interactive Media & Services — 0.3%
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26			640		639,785
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			3,886		3,941,328


					4,581,113

Internet & Direct Marketing Retail — 0.1%
CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27			1,269		1,268,820


IT Services — 1.4%
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/02/25			1,468		1,459,217
Celestial -Saturn Parent, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 7.00%, 04/13/29^(e)			1,413		1,420,065


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 (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

IT Services (continued)
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27	USD		1,470	$	1,472,101
Optiv Security, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/01/24			2,238		2,184,460
Peak 10 Holding Corp.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 3.65%, 08/01/24			863		789,622
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.38%, 08/01/25			420		375,001
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 02/12/27			2,323		2,266,191
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/09/28			10,251		10,571,344
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/05/26			903		902,124


					21,440,125

Life Sciences Tools & Services — 0.3%
Icon Luxembourg Sarl^(c)(m)
1st Lien Term Loan B, 06/16/28			538		539,102
Term Loan B, 06/16/28			2,162		2,164,645
Parexel International Corp., Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 09/27/24			1,906		1,894,842


					4,598,589

Machinery — 0.6%
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 5.10%, 09/21/26			2,342		2,347,879
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 3.17%, 03/28/25			7,469		7,333,067


					9,680,946

Media — 1.2%
A-L Parent LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			474		457,591
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 07/15/25			240		235,856
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.15%, 08/14/26			1,000		997,573
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.69%, 08/21/26			6,274		6,119,894
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			1,011		1,011,158
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 09/13/24			1,990		1,979,159
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.35%, 02/23/29			288		292,141
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26			193		193,314
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/09/27			6,160		6,091,004


					17,377,690


Security		Par (000)		Value

Oil, Gas & Consumable Fuels — 0.7%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%, 11/01/25^(c)	USD		9,113	$	10,050,751
McDermott Technology Americas, Inc., 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 06/30/24^(e)			90		54,239


					10,104,990

Pharmaceuticals — 0.2%
Endo Luxembourg Finance Co. I Sarl, 2021 Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 03/27/28			2,494		2,402,493


Professional Services — 0.2%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 02/06/26			3,041		3,025,446


Software — 3.3%
Barracuda Networks, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28			958		973,959
By Crown Parent LLC, Term Loan B1, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/26			130		130,235
Castle US Holding Corp., USD Term Loan B, (3 mo. LIBOR + 3.75%), 3.90%, 01/29/27			1,181		1,164,895
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24			978		977,281
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.43%, 05/27/24			1,707		1,635,744
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 8.75%, 07/31/28			506		522,131
2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 07/31/27			1,396		1,393,472
Helios Software Holdings, Inc., 2021 USD Term Loan B, (6 mo. LIBOR + 3.75%), 3.90%, 03/11/28			662		661,823
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed + 7.12%), 7.13%, 02/25/25			2,634		2,679,094
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 02/25/27			2,259		2,243,308
Magenta Buyer LLC^(c)(m)
2021 USD 1st Lien Term Loan, 05/03/28			3,087		3,083,913
2021 USD 2nd Lien Term Loan, 05/03/29^(e)			1,960		1,935,500
Mitchell International, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 11/29/24			2,372		2,348,121
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.35%, 12/01/25			613		612,346
Planview Parent, Inc., 2nd Lien Term Loan, (1 Week LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/17/28			850		845,750
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.11%, 04/26/24			1,006		1,006,659
Proof Point, Inc.^(c)(m)
1st Lien Term Loan, 06/09/28			1,334		1,325,836
2nd Lien Term Loan, 06/08/29			2,006		2,023,552


78		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/22/28	USD		1,799	$	1,792,704
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 7.25%, 04/22/29			6,751		6,945,445
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.34%, 05/30/25			1,785		1,764,709
Sabre GLBL, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			483		484,988
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.25%), 3.33%, 08/01/25			3,705		3,679,498
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27			3,380		3,380,725
Tempo Acquisition LLC
2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26			171		171,418
Term Loan, (PRIME + 1.75%), 5.00%, 05/01/24 .			1,845		1,841,166
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.36%, 03/04/28			1,576		1,597,670
Ultimate Software Group, Inc.
2021 Incremental Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 05/03/26			880		880,869
Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 05/03/26			564		564,120


					48,666,931

Specialty Retail — 0.3%
Eyemart Express LLC, 2020 2nd Lien Term Loan, 08/04/25^(c)(m)			438		435,213
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/28			3,167		3,167,792
Sotheby’s, Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 01/15/27			742		745,763
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 5.18%, 04/16/26			845		822,144


					5,170,912

Trading Companies & Distributors — 0.0%
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/03/28			570		565,500


Wireless Telecommunication Services — 0.2%
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.85%, 06/10/27			2,508		2,506,798


Total Floating Rate Loan Interests — 19.2% (Cost: $285,707,156)					288,090,222


Security	Shares				Value

Investment Companies

Equity Funds — 0.6%
iShares Preferred & Income Securities ETF⁽ⁿ⁾				203,000	$	7,985,005


Total Investment Companies — 0.6% (Cost: $7,427,338)						7,985,005


			Par (000)

Preferred Securities

Capital Trusts — 2.2%

Automobiles^(a)(i)— 0.1%
General Motors Financial Co., Inc., Series C, 5.70%		USD		655		733,600
Volkswagen International Finance NV
3.88%		EUR		100		131,016
Series ., 3.50%				100		128,016


						992,632

Banks⁽ⁱ⁾— 0.2%
CaixaBank SA, 6.38%^(a)				200		258,773
CIT Group, Inc., Series A, 5.80%^(a)		USD		1,647		1,701,137
ING Groep NV, 6.75%^(a)				200		220,500
Intesa Sanpaolo SpA, 7.75%^(a)		EUR		200		290,193
Stichting AK Rabobank Certificaten, 2.19%^(l)				161		256,404


						2,727,007

Diversified Financial Services^(a)(i)— 1.6%
Banco Santander SA, 4.38%				200		244,858
Bank of America Corp.
Series AA, 6.10%		USD		130		145,973
Series X, 6.25%				2,242		2,480,212
Series Z, 6.50%				1,634		1,850,505
Credit Suisse Group AG^(b)
6.38%				1,658		1,848,057
5.25%				1,077		1,138,927
6.25%				200		219,000
HSBC Holdings PLC, 6.00%				2,298		2,550,780
JPMorgan Chase & Co.
Series FF, 5.00%				5,918		6,255,030
Series HH, 4.60%				1,416		1,467,401
Series Q, 5.15%				850		877,625
Series U, 6.13%				4,228		4,582,095
Natwest Group PLC, 8.63%				607		611,383
UniCredit SpA, 3.88%		EUR		200		226,775


						24,498,621

Diversified Telecommunication Services^(a)(i)— 0.1%
Telefonica Europe BV
5.88%				200		263,829
4.38%				600		771,788


						1,035,617

Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26				320		388,879


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 (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Food & Staples Retailing — 0.0%
Casino Guichard Perrachon SA, 3.99%^(a)(i)	EUR		100	$	87,271


Health Care Providers & Services — 0.0%
Korian SA, 4.13%^(a)(i)	GBP		200		279,338


Insurance — 0.0%
Legal & General Group PLC, 5.63%^(a)(i)			200		309,859


Internet & Direct Marketing Retail — 0.0%
Rakuten Group, Inc., 4.25%^(a)(i)	EUR		225		274,798


Oil, Gas & Consumable Fuels^(a)(i)— 0.1%
Abertis Infraestructuras Finance BV, 3.25%			200		245,154
BP Capital Markets PLC, 4.25%	GBP		125		183,097
Repsol International Finance BV
3.75%	EUR		100		126,853
4.25%			100		130,422


					685,526

Real Estate Management & Development^(a)(i)— 0.0%
Aroundtown SA, 3.38%			100		123,170
Heimstaden Bostad AB, 3.00%			175		207,083


					330,253

Transportation Infrastructure — 0.0%
Poste Italiane SpA, 2.63%^(a)(i)			200		236,913


Utilities^(a)(i)— 0.1%
Electricite de France SA
3.00%			200		245,095
2.88%			200		244,375
3.38%			400		495,051
6.00%	GBP		100		154,515


					1,139,036

Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 4.20%, 10/03/78^(a)	EUR		300		399,301


Total Capital Trusts — 2.2%					33,385,051


		Shares

Preferred Stocks — 1.1%

Banks — 0.0%
CF-B L2 (D), LLC, (Acquired 04/08/15, Cost: $666,513)^(f)			680,898		7,007


Commercial Services & Supplies — 0.1%
Verscend Intermediate Holding^(e)			790		835,027


Security	Shares		Value

Insurance — 0.1%
Alliant Holdings, Inc.^(e)		1,431	$	1,402,366


Interactive Media & Services — 0.7%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $7,000,256)^(e)(f)		63,886		10,837,303


Media — 0.2%
Ligado Networks LCC, 0.00%, 07/22/21		32,168		2,573,472


Total Preferred Stocks — 1.1%				15,655,175


Total Preferred Securities — 3.3% (Cost: $45,680,042)				49,040,226


Total Long-Term Investments — 145.1% (Cost: $2,086,838,447)				2,173,759,914


Options Purchased — 0.0% (Cost: $7,896)				15,203


Total Investments — 145.1% (Cost: $2,086,846,343)				2,173,775,117
Liabilities in Excess of Other Assets — (45.1)%				(675,177,843	)


Net Assets — 100.0%			$	1,498,597,274

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

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

^(c)	When-issued security.

^(d)	Non-income producing security.

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

^(f)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $12,373,415, representing 0.8% of its net assets as of period end, and an original cost of $8,075,513.

^(g)	Convertible security.

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

⁽ⁱ⁾	Perpetual security with no stated maturity date.

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

^(k)	Zero-coupon bond.

^(l)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

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

⁽ⁿ⁾	Affiliate of the Trust.


80		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

Affiliates



Affiliated Issuer	Value at 12/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class^(a)		$ —	$	—	$	—		$	—	$	—	$	—		—	$	174	$	—
iShares Preferred & Income Securities ETF		9,511,970		—		(1,675,627	)		62,881		85,781		7,985,005		203,000		161,719		—


								$	62,881	$	85,781	$	7,985,005			$	161,893	$	—

^(a)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Short Contracts
Euro Bund		3		09/08/21	$	614	$	(3,738	)
10-Year U.S. Treasury Note		183		09/21/21		24,233		(91,495	)
U.S. Long Bond		4		09/21/21		642		(14,242	)
Ultra U.S. Treasury Bond		32		09/21/21		6,160		(255,195	)
Long Gilt		4		09/28/21		709		(5,025	)
5-Year U.S. Treasury Note		146		09/30/21		18,014		56,808


							$	(312,887	)

Forward Foreign Currency Exchange Contracts



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

USD	47,031,835	EUR	38,798,000	BNP Paribas S.A.		09/15/21	$	957,076
USD	159,638	EUR	134,000	Morgan Stanley & Co. International PLC		09/15/21		505
USD	239,199	EUR	197,000	Natwest Markets PLC		09/15/21		5,251
USD	75,197	EUR	62,000	State Street Bank and Trust Co.		09/15/21		1,569
USD	7,111,716	GBP	5,032,000	BNP Paribas S.A.		09/15/21		149,789
USD	139,446	GBP	99,000	Morgan Stanley & Co. International PLC		09/15/21		2,477
USD	80,703	GBP	57,000	State Street Bank and Trust Co.		09/15/21		1,842
USD	199,127	GBP	141,000	State Street Bank and Trust Co.		09/15/21		4,049
USD	206,997	GBP	146,000	State Street Bank and Trust Co.		09/15/21		5,002


							$	1,127,560

Exchange-Traded Options Purchased

Description

Number of

Contracts

Expiration

Date

Exercise Price

Notional

Amount (000)

Value

Call

Euro STOXX Banks

09/17/21

EUR

90.00

EUR

15,203


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 (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc.
(HYT)

OTC Credit Default Swaps — Sell Protection



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

CenturyLink, Inc.	1.00	%	Quarterly	Barclays Bank PLC	12/20/23	NR	USD	856	$	(13,399	)	$	(33,764	)	$	20,365
Altice France SA.	5.00		Quarterly	Credit Suisse International	06/20/25	B	EUR	80		8,808			7,388			1,420
CenturyLink, Inc.	1.00		Quarterly	Barclays Bank PLC	06/20/25	NR	USD	1,221		(62,180	)		(134,216	)		72,036
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/25	BB+	EUR	60		8,701			9,251			(550	)
Virgin Media Finance PLC	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B	EUR	70		10,056			8,332			1,724
CMA CGM SA	5.00		Quarterly	Goldman Sachs International	06/20/26	B	EUR	20		1,828			1,855			(27	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/26	NR	EUR	30		2,742			1,538			1,204

									$	(43,444	)	$	(139,616	)	$	96,172

^(a)

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

^(b)

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

OTC Total Return Swaps

Paid by the Trust

Received by the Trust

Upfront

Premium

Unrealized

Rate

Frequency

Reference

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount (000)

Value

Paid

(Received)

Appreciation

Depreciation

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

09/20/21

USD

5,139

265,050

—

265,050

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

09/20/21

USD

1,513

63,902

—

63,902

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

09/20/21

USD

1,766

56,479

—

56,479

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

09/20/21

USD

7,709

162,163

—

162,163

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

09/20/21

USD

1,000

21,338

—

21,338

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Barclays Bank PLC

N/A

09/20/21

USD

1,000

20,676

—

20,676

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

12/20/21

USD

5,044

103,361

—

103,361

3-Month LIBOR, Plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

12/20/21

USD

1,707

33,607

—

33,607

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

12/20/21

USD

1,500

29,462

—

29,462

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

12/20/21

USD

2,886

70,535

—

70,535

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

12/20/21

USD

1,800

55,127

—

55,127

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Barclays Bank PLC

N/A

12/20/21

USD

2,048

49,396

—

49,396


82		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

OTC Total Return Swaps (continued)

Paid by the Trust

Received by the Trust

Upfront

Premium

Unrealized

Rate

Frequency

Reference

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount (000)

Value

Paid

(Received)

Appreciation

Depreciation

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

12/20/21

USD

775

12,758

—

12,758

3-Month LIBOR, plus 0.15%

Quarterly

Markit iBoxx $ Liquid High Yield Index

At Maturity

Morgan Stanley & Co. International PLC

N/A

12/20/21

USD

2,296

38,526

—

38,526

982,380

—

982,380

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



Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	28,364	$	(167,980	)	$	1,079,129	$	(577	)

Derivative Financial Instruments Categorized by Risk Exposure

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


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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	56,808	$	—	$	56,808
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		1,127,560		—		—		1,127,560
Options purchased
Investments at value — unaffiliated^(b)		—		—		15,203		—		—		—		15,203
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		125,113		—		—		982,380		—		1,107,493


	$	—	$	125,113	$	15,203	$	1,127,560	$	1,039,188	$	—	$	2,307,064

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	369,695	$	—	$	369,695
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		168,557		—		—		—		—		168,557


	$	—	$	168,557	$	—	$	—	$	369,695	$	—	$	538,252

^(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.

For the six months ended June 30, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	428,122	$	—		$	5,328,475	$	—	$	5,756,597
Forward foreign currency exchange contracts		—		—		—		(842,688	)		—		—		(842,688	)
Options purchased^(a)		—		—		36,755		—			—		—		36,755


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)



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

Options written	$	—	$	—	$	(7,419	)	$	—		$	—		$	—	$	(7,419	)
Swaps		—		55,394		—			—			1,113,082			—		1,168,476


	$	—	$	55,394	$	457,458		$	(842,688	)	$	6,441,557		$	—	$	6,111,721

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—		$	—		$	(400,309	)	$	—	$	(400,309	)
Forward foreign currency exchange contracts		—		—		—			2,444,621			—			—		2,444,621
Options purchased^(b)		—		—		13,409			—			—			—		13,409
Swaps		—		52,929		—			—			(225,801	)		—		(172,872	)


	$	—	$	52,929	$	13,409		$	2,444,621		$	(626,110	)	$	—	$	1,884,849

^(a)

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

^(b)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	—	^(a)
Average notional value of contracts — short	$	52,681,927
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	55,983,102
Average amounts sold — in USD	$	1,245,366
Options
Average value of option contracts purchased	$	16,098
Average value of option contracts written	$	—	^(a)
Credit default swaps
Average notional value — buy protection	$	159,094
Average notional value — sell protection	$	2,407,053
Total return swaps
Average notional value	$	36,183,000

^(a)

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

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets			Liabilities

Derivative Financial Instruments
Futures contracts	$	—		$	65,416
Forward foreign currency exchange contracts		1,127,560			—
Options		15,203	^(a)		—
Swaps — centrally cleared		62,592			—
Swaps — OTC^(b)		1,107,493			168,557

Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities		2,312,848			233,973

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(77,795	)		(65,416	)


Total derivative assets and liabilities subject to an MNA	$	2,235,053		$	168,557

^(a)

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

^(b)

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


84		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)



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

Barclays Bank PLC	$	162,473	$	(162,473)		$	—	$	—		$	—
BNP Paribas S.A.		1,106,865		—			—		—			1,106,865
Credit Suisse International		11,550		—			—		—			11,550
Goldman Sachs International		1,855		(27)			—		—			1,828
JPMorgan Chase Bank N.A.		10,056		—			—		—			10,056
Morgan Stanley & Co. International PLC		924,541		(550)			—		(870,000	)		53,991
Natwest Markets PLC		5,251		—			—		—			5,251
State Street Bank and Trust Co.		12,462		—			—		—			12,462


	$	2,235,053	$	(163,050)		$	—	$	(870,000	)	$	1,202,003



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

Barclays Bank PLC	$	167,980	$	(162,473)		$	—	$	—		$	5,507
Goldman Sachs International		27		(27)			—		—			—
Morgan Stanley & Co. International PLC		550		(550)			—		—			—


	$	168,557	$	(163,050)		$	—	$	—		$	5,507

^(a)

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

^(b)

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

^(c)

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

^(d)

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	3,218,658	$	—	$	3,218,658
Common Stocks
Auto Components		39,789		—		—		39,789
Building Products		47,555		—		—		47,555
Chemicals		5,627,243		—		—		5,627,243
Communications Equipment		1,080,161		—		—		1,080,161
Consumer Finance		50		—		—		50
Diversified Financial Services		—		—		22,236		22,236
Diversified Telecommunication Services		—		96,453		—		96,453
Electrical Equipment		1,477,771		—		—		1,477,771
Energy Equipment & Services		—		—		74,918		74,918
Entertainment		1,273,909		—		—		1,273,909
Equity Real Estate Investment Trusts (REITs)		10,087,087		—		—		10,087,087
Hotels, Restaurants & Leisure		1,057,080		—		—		1,057,080
Life Sciences Tools & Services		5,104,938		—		—		5,104,938
Media		1,298,017		—		—		1,298,017
Metals & Mining		3,199,878		—		—		3,199,878
Oil, Gas & Consumable Fuels		22,289,285		1,529,105		—		23,818,390


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		85

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2		Level 3		Total

Common Stocks (continued)
Road & Rail	$	850,536	$	—	$	—	$	850,536
Semiconductors & Semiconductor Equipment		32,694		—		—		32,694
Corporate Bonds
Aerospace & Defense		—		70,740,156		—		70,740,156
Airlines		225,793		37,526,455		—		37,752,248
Auto Components		—		30,195,612		—		30,195,612
Automobiles		—		28,695,246		—		28,695,246
Banks		—		10,966,074		—		10,966,074
Beverages		—		31,476,460		—		31,476,460
Biotechnology		—		698,826		—		698,826
Building Materials		—		19,726,930		—		19,726,930
Building Products		—		16,115,759		—		16,115,759
Capital Markets		—		26,147,520		—		26,147,520
Chemicals		—		31,252,685		—		31,252,685
Commercial Services & Supplies		—		18,923,408		—		18,923,408
Communications Equipment		—		16,965,774		—		16,965,774
Construction & Engineering		—		2,450,932		—		2,450,932
Construction Materials		—		16,436,451		—		16,436,451
Consumer Discretionary		—		37,654,051		—		37,654,051
Consumer Finance		119,729		31,099,028		—		31,218,757
Containers & Packaging		—		8,164,906		—		8,164,906
Diversified Consumer Services		—		44,685,761		—		44,685,761
Diversified Financial Services		—		23,223,151		—		23,223,151
Diversified Telecommunication Services		—		62,753,289		—		62,753,289
Electric Utilities		—		13,831,316		—		13,831,316
Electrical Equipment		—		2,793,141		—		2,793,141
Electronic Equipment, Instruments & Components		—		10,685,589		—		10,685,589
Energy Equipment & Services		—		10,616,678		3,660,579		14,277,257
Environmental, Maintenance, & Security Service		—		15,811,391		—		15,811,391
Equity Real Estate Investment Trusts (REITs)		—		34,802,694		—		34,802,694
Food & Staples Retailing		—		39,904,169		—		39,904,169
Food Products		—		13,482,872		—		13,482,872
Gas Utilities		—		1,221,990		—		1,221,990
Health Care Equipment & Supplies		—		13,118,562		—		13,118,562
Health Care Providers & Services		—		93,461,496		—		93,461,496
Health Care Technology		—		19,968,092		—		19,968,092
Healthcare		—		622,914		—		622,914
Hotels, Restaurants & Leisure		97,767		90,413,260		—		90,511,027
Household Durables		—		21,140,575		—		21,140,575
Household Products		—		1,055,600		—		1,055,600
Independent Power and Renewable Electricity Producers		—		12,387,796		—		12,387,796
Insurance		—		30,570,466		—		30,570,466
Interactive Media & Services		—		12,771,677		—		12,771,677
Internet Software & Services		—		16,984,804		—		16,984,804
IT Services		—		42,415,785		—		42,415,785
Leisure Products		—		3,637,382		—		3,637,382
Machinery		—		19,923,312		—		19,923,312
Media		—		199,312,327		—		199,312,327
Metals & Mining		194,660		41,398,248		—		41,592,908
Mortgage Real Estate Investment Trusts (REITs)		—		1,107,169		—		1,107,169
Multi-line Retail		—		7,095,992		—		7,095,992
Offshore Drilling & Other Services		—		1,624,056		—		1,624,056
Oil, Gas & Consumable Fuels		1,088,495		217,413,964		—		218,502,459
Personal Products		—		1,882,748		—		1,882,748
Pharmaceuticals		—		50,115,243		—		50,115,243
Real Estate Management & Development		—		11,464,266		—		11,464,266
Road & Rail		—		1,815,096		—		1,815,096
Semiconductors & Semiconductor Equipment		116,145		14,895,285		—		15,011,430
Software		—		42,151,612		—		42,151,612
Specialty Retail		—		21,263,822		—		21,263,822
Textiles, Apparel & Luxury Goods		210,179		3,280,936		—		3,491,115
Thrifts & Mortgage Finance		—		8,470,786		—		8,470,786
Transportation		—		278,833		—		278,833


86		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

Corporate Bonds (continued)
Transportation Infrastructure	$	—		$	461,835		$	—	$	461,835
Utilities		—			4,750,088			—		4,750,088
Wireless Telecommunication Services		—			48,221,410			—		48,221,410
Floating Rate Loan Interests		—			268,986,661			19,103,561		288,090,222
Investment Companies		7,985,005			—			—		7,985,005
Preferred Securities
Capital Trusts		—			33,385,051			—		33,385,051
Preferred Stocks		—			2,573,472			13,074,696		15,648,168
Options Purchased
Equity Contracts		15,203			—			—		15,203
Unfunded Floating Rate Loan Interests^(a)		—			37			—		37


	$	63,518,969		$	2,074,313,188		$	35,935,990		2,173,768,147

Investments Valued at NAV^(b)										7,007


									$	2,173,775,154

Derivative Financial Instruments^(c)
Assets
Credit Contracts	$	—		$	96,749		$	—	$	96,749
Foreign Currency Exchange Contracts		—			1,127,560			—		1,127,560
Interest Rate Contracts		56,808			982,380			—		1,039,188
Liabilities
Credit Contracts		—			(577	)		—		(577	)
Interest Rate Contracts		(369,695	)		—			—		(369,695	)


	$	(312,887	)	$	2,206,112		$	—	$	1,893,225

^(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 per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(c)

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $657,000,000 are categorized as Level 2 within the fair value hierarchy.



	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Preferred Stocks			Total

Assets
Opening balance, as of December 31, 2020	$	1,712,957		$	2,451,440		$	19,366,986		$	10,338,450		$	33,869,833
Transfers into Level 3^(a)		—			—			—			—			—
Transfers out of Level 3^(b)		—			—			(15,979,436	)		(1,930,104	)		(17,909,540	)
Accrued discounts/premiums		—			70,859			11,164			—			82,023
Net realized gain (loss)		(3,355,506	)		14,996			295			—			(3,340,215	)
Net change in unrealized appreciation (depreciation)^(c)(d)		4,109,875			1,152,660			398,015			3,892,150			9,552,700
Purchases		—			64,245			15,318,450			774,200			16,156,895
Sales		(2,370,172	)		(93,621	)		(11,913	)		—			(2,475,706	)


Closing balance, as of June 30, 2021	$	97,154		$	3,660,579		$	19,103,561		$	13,074,696		$	35,935,990


Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021^(c)	$	(144,960	)	$	1,176,673		$	398,015		$	3,892,150		$	5,321,878

^(a)

As of December 31, 2020, the Trust used observable inputs in determining the value of certain investments. As of June 30, 2021, 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.

^(b)

As of December 31, 2020, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 2021, 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.

^(c)

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

^(d)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments


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		87

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Corporate High Yield Fund, Inc. (HYT)

with values based upon unadjusted third party pricing information in the amount of $19,125,797. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

Value

Valuation

Approach

Unobservable

Inputs

Range of

Unobservable

Inputs

Utilized

^(a)

Weighted

Average of

Unobservable

Inputs Based

on Fair Value

Assets

Common Stocks

74,918

Market

EBITDA Multiple

3.50x

—

Corporate Bonds

3,660,579

Income

Discount Rate

11%

—

Market

EBITDA Multiple

3.50x

—

Preferred Stocks

13,074,696

Income

Discount Rate

11% - 28%

25%

Market

Revenue Multiple

7.47x

—

16,810,193

^(a)

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

See notes to financial statements.


88		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities
Allegro CLO II-S Ltd., Series 2014-1RA, Class B, (3 mo. LIBOR US + 2.15%), 2.34%, 10/21/28^(a)(b)	$	500	$	500,032
Allegro CLO VI Ltd.^(a)(b)
Series 2017-2A, Class B, (3 mo. LIBOR US + 1.50%), 1.69%, 01/17/31		360		358,022
Series 2017-2A, Class C, (3 mo. LIBOR US + 1.80%), 1.99%, 01/17/31		2,400		2,383,568
ALM VII R Ltd.^(a)(b)
Series 2013-7R2A, Class A2R2, (3 mo. LIBOR US + 1.65%), 1.78%, 10/15/27		750		751,055
Series 2013-7R2A, Class BR2, (3 mo. LIBOR US + 2.20%), 2.33%, 10/15/27		400		400,000
American Airlines Group, Inc., 5.18%, 08/15/23^(c)		1,598		1,596,018
Anchorage Capital CLO Ltd.^(a)(b)
Series 2013-1A, Class BR, (3 mo. LIBOR US + 2.15%), 2.28%, 10/13/30		1,000		997,485
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.85%), 2.03%, 01/28/31		1,000		995,015
Anchorage Capital CLO R Ltd., Series 2014-3RA, Class D, (3 mo. LIBOR US + 2.60%), 2.78%, 01/28/31^(a)(b)		1,000		973,709
Apidos CLO XV, Series 2013-15A, Class DRR, (3 mo. LIBOR US + 2.70%), 2.89%, 04/20/31^(a)(b)		1,000		983,009
Apidos CLO XX, Series 2015-20A, Class BRR, (3 mo. LIBOR US + 1.95%), 2.08%, 07/16/31^(a)(b)		1,000		1,000,038
Ares XLIX CLO Ltd., Series 2018-49A, Class D, (3 mo. LIBOR US + 3.00%), 3.18%, 07/22/30^(a)(b)		1,000		999,902
ARES XLVII CLO Ltd., Series 2018-47A, Class D, (3 mo. LIBOR US + 2.70%), 2.83%, 04/15/30^(a)(b)		1,500		1,481,774
Ares XLVIII CLO Ltd., Series 2018-48A, Class C, (3 mo. LIBOR US + 1.80%), 1.99%, 07/20/30^(a)(b)		500		497,480
Ares XXXVII CLO Ltd.^(a)(b)
Series 2015-4A, Class A3R, (3 mo. LIBOR US + 1.50%), 1.63%, 10/15/30		1,000		999,209
Series 2015-4A, Class BR, (3 mo. LIBOR US + 1.80%), 1.93%, 10/15/30		1,750		1,740,781
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3 mo. LIBOR US + 1.18%), 1.36%, 10/24/31^(a)(b)		400		400,039
Atrium XV, Series 15A, Class C, (3 mo. LIBOR US + 2.20%), 2.37%, 01/23/31^(a)(b)		250		250,031
Benefit Street Partners Clo XII Ltd., Series 2017-12A, Class B, (3 mo. LIBOR US + 2.00%), 2.13%, 10/15/30^(a)(b)		1,000		999,018
Canyon CLO Ltd., Series 2020-3A, Class C, (3 mo. LIBOR US + 2.50%), 2.63%, 01/15/34^(a)(b)		500		503,088
CarVal CLO I Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.89%), 3.02%, 07/16/31^(a)(b)		500		499,996
Cent CLO Ltd., Series C17A, Class BR, (3 mo. LIBOR US + 1.85%), 2.04%, 04/30/31^(a)(b)		1,000		991,910
CIFC Funding II Ltd.^(a)(b)
Series 2013-2A, Class A3LR, (3 mo. LIBOR US + 1.95%), 2.14%, 10/18/30		1,000		997,486
Series 2013-2A, Class B1LR, (3 mo. LIBOR US + 3.05%), 3.24%, 10/18/30		1,000		1,000,096
CIFC Funding Ltd.^(a)(b)
Series 2014-4RA, Class A2, (3 mo. LIBOR US + 1.65%), 1.84%, 10/17/30		600		599,998
Series 2014-4RA, Class B, (3 mo. LIBOR US + 2.20%), 2.39%, 10/17/30		400		399,984


Security	Par (000)		Value

Asset-Backed Securities (continued)
CIFC Funding Ltd.^(a)(b)(continued)
Series 2018-1A, Class C, (3 mo. LIBOR US + 1.75%), 1.94%, 04/18/31	$	1,000	$	991,986
Series 2018-1A, Class D, (3 mo. LIBOR US + 2.65%), 2.84%, 04/18/31		1,200		1,182,548
Elevation CLO Ltd., Series 2017-7A, Class C, (3 mo. LIBOR US + 1.90%), 2.03%, 07/15/30^(a)(b)		1,500		1,462,952
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3 mo. LIBOR US + 2.60%), 2.79%, 04/20/31^(a)(b)		1,000		991,392
Greenwood Park CLO Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.50%), 2.63%, 04/15/31^(a)(b)		1,000		988,147
Highbridge Loan Management Ltd.^(a)(b)
Series 12A-18, Class B, (3 mo. LIBOR US + 1.85%), 2.04%, 07/18/31		1,250		1,242,964
Series 4A-2014, Class A2R, (3 mo. LIBOR US + 1.50%), 1.68%, 01/28/30		650		648,755
Series 6A-2015, Class BR, (3 mo. LIBOR US + 1.75%), 1.93%, 02/05/31		1,500		1,484,317
Long Point Park CLO Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 1.70%), 1.89%, 01/17/30^(a)(b)		1,000		989,566
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR2, (3 mo. LIBOR US + 1.90%), 2.03%, 04/19/30^(a)(b)		1,000		996,011
Madison Park Funding XXVII Ltd.^(a)(b)
Series 2018-27A, Class B, (3 mo. LIBOR US + 1.80%), 1.99%, 04/20/30		1,000		991,750
Series 2018-27A, Class C, (3 mo. LIBOR US + 2.60%), 2.79%, 04/20/30		1,000		985,282
Marble Point CLO XI Ltd., Series 2017-2A, Class B, (3 mo. LIBOR US + 1.50%), 1.69%, 12/18/30^(a)(b)		1,000		990,222
MP CLO III Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR US + 2.00%), 2.19%, 10/20/30^(a)(b)		1,000		989,647
Neuberger Berman CLO XV, Series 2013-15A, Class CR, (3 mo. LIBOR US + 2.05%), 2.18%, 10/15/29^(a)(b)		1,000		999,957
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR2, (3 mo. LIBOR US + 3.00%), 3.19%, 10/21/30^(a)(b)		2,700		2,686,530
Neuberger Berman CLO XXII Ltd.^(a)(b)
Series 2016-22A, Class BR, (3 mo. LIBOR US + 1.65%), 1.78%, 10/17/30		400		400,011
Series 2016-22A, Class CR, (3 mo. LIBOR US + 2.20%), 2.33%, 10/17/30		1,000		1,000,142
Neuberger Berman CLO XXIII Ltd., Series 2016-23A, Class CR, (3 mo. LIBOR US + 2.15%), 2.28%, 10/17/27^(a)(b)		500		500,056
Neuberger Berman Loan Advisers CLO Ltd.^(a)(b)
Series 2017-26A, Class A, (3 mo. LIBOR US + 1.17%), 1.30%, 10/18/30		2,000		2,000,051
Series 2017-26A, Class B, (3 mo. LIBOR US + 1.50%), 1.63%, 10/18/30		1,000		997,760
Series 2017-26A, Class C, (3 mo. LIBOR US + 1.75%), 1.88%, 10/18/30		1,500		1,496,190
Series 2018-27A, Class D, (3 mo. LIBOR US + 2.60%), 2.73%, 01/15/30		1,000		984,356
OCP CLO Ltd.^(a)(b)
Series 2014-6A, Class BR, (3 mo. LIBOR US + 2.15%), 2.28%, 10/17/30		500		500,054
Series 2015-10A, Class CR, (3 mo. LIBOR US + 2.60%), 2.78%, 10/26/27		600		599,994


S C H E D U L E O F I N V E S T M E N T S		89

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities (continued)
OCP CLO Ltd.^(a)(b)(continued)
Series 2016-11A, Class BR, (3 mo. LIBOR US + 2.45%), 2.63%, 10/26/30	$	1,500	$	1,500,618
Series 2016-12A, Class BR, (3 mo. LIBOR US + 2.20%), 2.39%, 10/18/28		1,000		1,000,145
Series 2017-14A, Class B, (3 mo. LIBOR US + 1.95%), 2.11%, 11/20/30		1,000		997,333
Octagon Investment Partners 26 Ltd., Series 2016- 1A, Class DR, (3 mo. LIBOR US + 2.85%), 2.98%, 07/15/30^(a)(b)		500		495,598
Octagon Investment Partners 34 Ltd., Series 2017- 1A, Class B1, (3 mo. LIBOR US + 1.40%), 1.59%, 01/20/30^(a)(b)		1,000		990,214
Octagon Investment Partners Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.75%), 2.94%, 01/20/31^(a)(b)		1,000		991,088
Octagon Investment Partners XVII Ltd.^(a)(b)
Series 2013-1A, Class BR2, (3 mo. LIBOR US + 1.40%), 1.58%, 01/25/31		1,000		999,215
Series 2013-1A, Class CR2, (3 mo. LIBOR US + 1.70%), 1.88%, 01/25/31		1,000		989,346
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class CRR, (3 mo. LIBOR US + 1.90%), 2.08%, 01/22/30^(a)(b)		900		898,600
OHA Credit Partners XII Ltd., Series 2015-12A, Class DR, (3 mo. LIBOR US + 2.90%), 3.07%, 07/23/30^(a)(b)		600		593,865
OHA Loan Funding Ltd., Series 2015-1A, Class DR2, (3 mo. LIBOR US + 4.00%), 4.16%, 11/15/32^(a)(b)		1,000		1,004,350
OZLM XXI Ltd., Series 2017-21A, Class B, (3 mo. LIBOR US + 1.90%), 2.09%, 01/20/31^(a)(b)		1,800		1,801,048
Palmer Square CLO Ltd.^(a)(b)
Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.45%), 1.64%, 04/18/31		1,500		1,492,670
Series 2019-1A, Class C, (3 mo. LIBOR US + 3.75%), 3.90%, 11/14/32		1,000		1,005,020
Park Avenue Institutional Advisers CLO Ltd., Series 2019-1A, Class C, (3 mo. LIBOR US + 3.85%), 4.01%, 05/15/32^(a)(b)		1,500		1,500,258
Regatta VII Funding Ltd., Series 2016-1A, Class DR2, (3 mo. LIBOR US + 3.05%), 3.18%, 06/20/34^(a)(b)(c)		500		500,000
Regatta XVI Funding Ltd.^(a)(b)
Series 2019-2A, Class C, (3 mo. LIBOR US + 2.70%), 2.83%, 01/15/33		1,000		1,004,036
Series 2019-2A, Class D, (3 mo. LIBOR US + 3.90%), 4.03%, 01/15/33		1,000		1,005,919
Rockford Tower CLO Ltd.^(a)(b)
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.19%), 1.38%, 10/20/30		2,000		2,000,401
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.84%, 10/20/30		1,000		987,902
RR Ltd., Series 2018-5A, Class C, (3 mo. LIBOR US + 3.10%), 3.23%, 10/15/31^(a)(b)		650		650,075
Sound Point Clo XXI Ltd., Series 2018-3A, Class A1A, (3 mo. LIBOR US + 1.18%), 1.36%, 10/26/31^(a)(b)		1,400		1,400,001
Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.60%), 2.73%, 01/15/30^(a)(b)		1,500		1,495,570


Security	Par (000)		Value

Asset-Backed Securities (continued)
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.15%), 1.28%, 01/16/31^(a)(b)	$	2,500	$	2,499,997
TICP CLO IX Ltd., Series 2017-9A, Class A, (3 mo. LIBOR US + 1.14%), 1.33%, 01/20/31^(a)(b)		1,000		999,696
York CLO Ltd.^(a)(b)
Series 2014-1A, Class ARR, (3 mo. LIBOR US + 1.12%), 1.30%, 10/22/29		2,000		2,000,985
Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.85%), 2.03%, 01/22/31		1,500		1,498,928
Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.60%), 2.78%, 01/22/31		1,800		1,767,932


Total Asset-Backed Securities — 5.8% (Cost: $84,403,864)				84,470,193


	Shares

Common Stocks

Oil, Gas & Consumable Fuels — 0.1%
Extraction Oil & Gas, Inc., (Acquired 03/05/21, Cost: $142,030)^(d)		11,417		624,296
SM Energy Co.		29,048		715,452


				1,339,748


Total Common Stocks — 0.1% (Cost: $266,756)				1,339,748


	Par (000)

Corporate Bonds

Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc., 5.40%, 10/01/48	$	2,215		2,961,243


Aerospace & Defense — 4.1%
Boeing Co., 5.15%, 05/01/30^(e)		6,775		8,022,650
Bombardier, Inc.^(b)
8.75%, 12/01/21		1,794		1,854,099
6.00%, 10/15/22^(e)		3		3,004
6.13%, 01/15/23		1,425		1,500,703
7.50%, 12/01/24		442		461,890
7.50%, 03/15/25		114		117,232
7.13%, 06/15/26		1,322		1,384,134
7.88%, 04/15/27^(f)		825		855,938
7.45%, 05/01/34		137		146,590
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26^(b)		516		531,480
General Dynamics Corp., 4.25%, 04/01/50		1,260		1,617,112
General Electric Co., 3.63%, 05/01/30		2,340		2,609,285
Howmet Aerospace, Inc., 5.13%, 10/01/24		45		49,669
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25^(b)		1,010		1,056,712
Lockheed Martin Corp., 2.80%, 06/15/50		1,965		1,973,110
Moog, Inc., 4.25%, 12/15/27^(b)		320		331,200
Northrop Grumman Corp.
4.03%, 10/15/47		2,400		2,863,402
5.25%, 05/01/50		3,050		4,283,633
Raytheon Technologies Corp.
4.63%, 11/16/48		2,805		3,608,549


90		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Aerospace & Defense (continued)
Raytheon Technologies Corp. (continued)
3.13%, 07/01/50^(f)	$	3,545	$	3,639,582
Rolls-Royce PLC, 5.75%, 10/15/27^(b)		1,533		1,688,584
TransDigm, Inc.
8.00%, 12/15/25^(b)		1,596		1,724,478
6.25%, 03/15/26^(b)(f)		15,876		16,749,180
6.38%, 06/15/26		16		16,576
7.50%, 03/15/27		432		459,540
4.63%, 01/15/29^(b)		516		516,181
4.88%, 05/01/29^(b)		622		627,909
Triumph Group, Inc., 8.88%, 06/01/24^(b)		1,706		1,897,925


				60,590,347

Airlines — 1.7%
American Airlines Group, Inc., 5.18%, 08/15/23^(a)(c)		1,584		1,558,620
American Airlines, Inc., 11.75%, 07/15/25^(b)		775		972,625
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)
5.50%, 04/20/26		1,078		1,141,332
5.75%, 04/20/29		1,943		2,101,056
British Airways Pass Through Trust, Series 2020-1, Class A, 4.25%, 11/15/32^(b)		1,920		2,066,550
Delta Air Lines, Inc., 7.00%, 05/01/25^(b)		174		203,056
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(b)		531		570,087
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)		2,480		2,730,480
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 03/15/27^(b)		1,973		1,840,089
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 10/15/27^(e)		6,461		7,168,733
Series B, 4.75%, 04/11/22^(f)		1,915		1,946,599
United Airlines, Inc.^(b)
4.38%, 04/15/26		1,022		1,057,954
4.63%, 04/15/29		863		893,205


				24,250,386

Auto Components — 1.2%
BorgWarner, Inc., 2.65%, 07/01/27		2,710		2,874,113
Clarios Global LP, 6.75%, 05/15/25^(b)		497		529,295
Clarios Global LP/Clarios US Finance Co.^(b)
6.25%, 05/15/26^(f)		4,801		5,114,553
8.50%, 05/15/27^(e)		6,515		7,102,653
Goodyear Tire & Rubber Co.
5.00%, 07/15/29^(b)		270		282,690
5.25%, 07/15/31^(b)		797		832,865
5.63%, 04/30/33		663		699,266


				17,435,435

Automobiles — 2.9%
Allison Transmission, Inc.^(b)
5.88%, 06/01/29		855		936,225
3.75%, 01/30/31		723		710,615
Asbury Automotive Group, Inc.
4.50%, 03/01/28		197		202,418
4.75%, 03/01/30		191		199,595
Carvana Co., 5.50%, 04/15/27^(b)		602		621,703
Ford Motor Co., 7.45%, 07/16/31^(f)		3,660		4,812,900
Ford Motor Credit Co. LLC
5.88%, 08/02/21^(f)		9,420		9,468,042
4.69%, 06/09/25		200		216,500
5.13%, 06/16/25		1,070		1,178,338


Security	Par (000)		Value

Automobiles (continued)
Ford Motor Credit Co. LLC (continued)
3.38%, 11/13/25	$	207	$	214,649
2.90%, 02/16/28		627		624,028
4.00%, 11/13/30		200		209,500
General Motors Co.
4.88%, 10/02/23		1,875		2,042,691
6.25%, 10/02/43		940		1,297,663
5.95%, 04/01/49^(f)		3,455		4,703,236
General Motors Financial Co., Inc.
4.25%, 05/15/23		931		989,469
2.75%, 06/20/25^(f)		4,235		4,458,986
Group 1 Automotive, Inc., 4.00%, 08/15/28^(b)		78		79,365
LCM Investments Holdings II LLC, 4.88%, 05/01/29^(b)		456		467,400
Lithia Motors, Inc., 3.88%, 06/01/29^(b)		269		278,832
Nissan Motor Co. Ltd., 4.81%, 09/17/30^(b)(f)		7,125		8,044,411
Penske Automotive Group, Inc.
3.50%, 09/01/25		441		456,788
3.75%, 06/15/29		141		141,880
Tesla, Inc., 5.30%, 08/15/25^(b)		785		811,407


				43,166,641

Banks — 3.0%
Australia & New Zealand Banking Group Ltd., (5 year CMT + 1.70%), 2.57%, 11/25/35^(a)(b)(f)		5,445		5,289,164
CIT Group, Inc., 5.00%, 08/01/23		286		309,238
Credit Suisse AG, 6.50%, 08/08/23^(b)(f)		6,000		6,627,840
Fifth Third Bancorp, Series H, (3 mo. LIBOR US + 3.03%), 5.10%^(a)(g)		5,000		5,187,500
Intesa Sanpaolo SpA^(b)
5.71%, 01/15/26^(f)		9,840		11,130,371
4.95%, 06/01/42		3,045		3,153,171
Santander Holdings USA, Inc., 4.40%, 07/13/27		830		932,761
Truist Financial Corp., Series L, (3 mo. LIBOR US + 3.10%), 5.05%^(a)(g)		5,270		5,441,275
Wells Fargo & Co., 5.61%, 01/15/44^(f)		4,119		5,629,126


				43,700,446

Beverages — 2.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(f)		6,170		7,809,678
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49^(f)		5,000		6,874,205
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(b)(h)		3,048		3,200,400
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29^(b)		2,074		2,056,527
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(b)
4.13%, 08/15/26		1,315		1,357,737
5.25%, 08/15/27		1,662		1,695,240
Ball Corp., 5.25%, 07/01/25		30		33,862
Canpack SA/Eastern PA Land Investment Holding LLC, 3.13%, 11/01/25^(b)		228		231,748
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26		151		184,975
Keurig Dr. Pepper, Inc., 4.60%, 05/25/28^(f)		3,215		3,774,733
Trivium Packaging Finance BV^(b)(f)
5.50%, 08/15/26		2,830		2,973,481
8.50%, 08/15/27		3,036		3,300,739


				33,493,325

Biotechnology — 0.5%
Baxalta, Inc., 5.25%, 06/23/45^(f)		6,000		7,947,974


S C H E D U L E O F I N V E S T M E N T S		91

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Building Materials^(b)— 0.4%
CP Atlas Buyer, Inc., 7.00%, 12/01/28	$	361	$	374,086
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25		783		843,683
Jeld-Wen, Inc.
4.63%, 12/15/25		96		97,801
4.88%, 12/15/27		74		76,902
Masonite International Corp.
5.75%, 09/15/26		282		291,870
5.38%, 02/01/28		206		218,294
SRM Escrow Issuer LLC, 6.00%, 11/01/28		1,169		1,239,140
Standard Industries, Inc.
5.00%, 02/15/27		303		313,794
4.38%, 07/15/30		906		934,312
3.38%, 01/15/31		390		373,312
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29		386		410,098
Victors Merger Corp., 6.38%, 05/15/29		407		410,053


				5,583,345

Building Products^(b)— 0.2%
LBM Acquisition LLC, 6.25%, 01/15/29		705		710,428
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26		431		451,350
SRS Distribution, Inc., 6.13%, 07/01/29		805		828,434
White Cap Buyer LLC, 6.88%, 10/15/28		1,172		1,254,333


				3,244,545

Capital Markets — 1.1%
Blackstone CQP Holdco LP, 5.50%, 05/24/31		757		788,787
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%^(a)(e)(g)		5,215		5,334,945
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)		532		553,280
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24		520		543,400
6.25%, 05/15/26		782		829,702
5.25%, 05/15/27		1,995		2,059,828
4.38%, 02/01/29^(b)		435		432,825
Jefferies Financial Group, Inc., 5.50%, 10/18/23^(f)		4,000		4,302,350
NFP Corp., 6.88%, 08/15/28^(b)		589		620,046
RP Escrow Issuer LLC, 5.25%, 12/15/25^(b)		340		354,875
State Street Corp., (SOFR + 2.65%), 3.15%, 03/30/31^(a)		840		918,171


				16,738,209

Chemicals — 2.4%
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)		760		742,900
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(b)		372		389,670
DuPont de Nemours, Inc., 5.42%, 11/15/48^(f)		7,500		10,413,387
Element Solutions, Inc., 3.88%, 09/01/28^(b)		2,810		2,867,043
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(b)		299		307,536
Herens Holdco Sarl, 4.75%, 05/15/28^(b)		290		288,550
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)		203		226,349
Ingevity Corp., 3.88%, 11/01/28^(b)		100		99,250
International Flavors & Fragrances, Inc., 3.47%, 12/01/50^(b)		4,765		4,953,028
LYB Finance Co. BV, 8.10%, 03/15/27^(b)(f)		6,000		7,986,157
NOVA Chemicals Corp., 4.88%, 06/01/24^(b)		240		253,200
SCIH Salt Holdings, Inc.^(b) 4.88%, 05/01/28		660		659,921


Security	Par (000)		Value

Chemicals (continued)
SCIH Salt Holdings, Inc.^(b)(continued)
6.63%, 05/01/29	$	371	$	371,928
Scotts Miracle-Gro Co., 4.00%, 04/01/31^(b)		547		545,293
Valvoline, Inc., 3.63%, 06/15/31^(b)		3		3,000
WESCO Distribution, Inc.^(b)
7.13%, 06/15/25		1,485		1,604,840
7.25%, 06/15/28		1,354		1,508,153
WR Grace & Co-Conn, 5.63%, 10/01/24^(b)		1,493		1,650,317


				34,870,522

Commercial Services & Supplies — 0.8%
ADT Security Corp.
4.13%, 06/15/23		174		183,135
4.88%, 07/15/32^(b)		1,061		1,118,018
AerCap Global Aviation Trust, (3 mo. LIBOR US + 4.30%), 6.50%, 06/15/45^(a)(b)		5,000		5,337,500
ASGN, Inc., 4.63%, 05/15/28^(b)		230		240,918
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29^(b)		223		232,199
Fortress Transportation & Infrastructure Investors LLC^(b)
6.50%, 10/01/25		163		169,316
5.50%, 05/01/28		645		671,606
Herc Holdings, Inc., 5.50%, 07/15/27^(b)		796		839,159
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)		443		436,289
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)		635		662,781
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)
5.75%, 04/15/26		252		278,377
3.38%, 08/31/27		261		253,170
6.25%, 01/15/28		626		665,908
United Rentals North America, Inc.
4.88%, 01/15/28		777		824,008
5.25%, 01/15/30		44		48,197


				11,960,581

Communications Equipment — 0.6%
Avaya, Inc., 6.13%, 09/15/28^(b)		1,396		1,494,139
CommScope Technologies LLC^(b)
6.00%, 06/15/25		646		659,728
5.00%, 03/15/27		1,035		1,059,581
CommScope, Inc.^(b)
5.50%, 03/01/24		1,114		1,146,027
6.00%, 03/01/26		591		623,919
8.25%, 03/01/27		69		73,747
7.13%, 07/01/28		690		747,787
Nokia OYJ, 6.63%, 05/15/39		324		419,580
ViaSat, Inc.^(b)
5.63%, 04/15/27		1,208		1,260,947
6.50%, 07/15/28		1,296		1,382,132


				8,867,587

Construction & Engineering — 0.1%
SRS Distribution, Inc., 4.63%, 07/01/28^(b)		897		917,183


Construction Materials^(b)— 0.5%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28		764		782,878
BCPE Empire Holdings, Inc., 7.63%, 05/01/27		225		230,422
Core & Main LP, 6.13%, 08/15/25		2,671		2,724,420
H&E Equipment Services, Inc., 3.88%, 12/15/28		280		275,520
IAA, Inc., 5.50%, 06/15/27		1,054		1,106,405
Picasso Finance Sub, Inc., 6.13%, 06/15/25		823		870,117


92		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Construction Materials (continued)
Williams Scotsman International, Inc., 4.63%, 08/15/28	$	541	$	558,691
Wolverine Escrow LLC
8.50%, 11/15/24		430		417,100
9.00%, 11/15/26		246		239,850


				7,205,403

Consumer Discretionary^(b)— 0.7%
Carnival Corp.
10.50%, 02/01/26		1,404		1,634,607
5.75%, 03/01/27		2,836		2,970,710
9.88%, 08/01/27		680		793,900
CoreLogic, Inc., 4.50%, 05/01/28		883		875,274
NCL Finance Ltd., 6.13%, 03/15/28		1,259		1,319,369
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28		768		811,077
5.88%, 10/01/30		444		483,260
4.75%, 07/15/31		343		343,857
Royal Caribbean Cruises Ltd., 5.50%, 04/01/28		1,289		1,349,970
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29		385		388,850


				10,970,874

Consumer Finance — 1.1%
Global Payments, Inc., 2.90%, 05/15/30^(f)		4,715		4,912,395
MPH Acquisition Holdings LLC, 5.75%, 11/01/28^(b)		1,235		1,241,064
Navient Corp.
7.25%, 09/25/23		498		549,668
6.13%, 03/25/24		59		63,676
5.00%, 03/15/27		329		340,433
OneMain Finance Corp.
7.13%, 03/15/26		1,231		1,433,758
3.50%, 01/15/27		627		631,702
6.63%, 01/15/28		506		580,058
5.38%, 11/15/29		26		28,281
Sabre GLBL, Inc., 9.25%, 04/15/25^(b)		697		828,615
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)		362		377,838
Square, Inc., 3.50%, 06/01/31^(b)		1,282		1,293,217
Verscend Escrow Corp., 9.75%, 08/15/26^(b)		3,791		3,994,766


				16,275,471

Containers & Packaging — 1.7%
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26		224		240,240
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26		355		368,383
Graphic Packaging International LLC, 3.50%, 03/01/29^(b)		264		261,545
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28^(b)		64		66,560
International Paper Co.^(f)
8.70%, 06/15/38		4,000		6,672,614
7.30%, 11/15/39		10,000		15,468,137
LABL Escrow Issuer LLC^(b)
6.75%, 07/15/26		742		791,514
10.50%, 07/15/27		311		342,878


Security	Par (000)		Value

Containers & Packaging (continued)
Sealed Air Corp.^(b)
4.00%, 12/01/27	$	109	$	115,949
6.88%, 07/15/33		182		230,215


				24,558,035

Diversified Consumer Services — 1.2%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)
6.63%, 07/15/26^(f)		5,419		5,745,386
9.75%, 07/15/27^(f)		1,642		1,808,252
6.00%, 06/01/29		1,313		1,331,106
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28		2,649		2,653,975
Ascend Learning LLC, 6.88%, 08/01/25		1,611		1,639,163
Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)		200		203,000
Clarivate Science Holdings Corp.^(b)
3.88%, 06/30/28		777		784,078
4.88%, 06/30/29		1,068		1,096,035
Garda World Security Corp., 9.50%, 11/01/27^(b)		413		457,398
Service Corp. International
5.13%, 06/01/29		468		507,780
3.38%, 08/15/30		585		573,183
4.00%, 05/15/31		744		759,382


				17,558,738

Diversified Financial Services — 5.2%
Barclays PLC
4.84%, 05/09/28^(f)		4,000		4,496,738
(3 mo. LIBOR US + 1.90%), 4.97%, 05/16/29^(a)		3,220		3,770,544
BNP Paribas SA, (5 year CMT + 3.34%), 4.63%^(a)(b)(g)		13,999		14,573,239
Citigroup, Inc., 6.68%, 09/13/43^(f)		4,125		6,333,168
Credit Suisse Group AG, (5 year USD Swap + 4.60%), 7.50%^(a)(b)(g)		3,250		3,605,355
Deutsche Bank AG, (SOFR + 1.87%), 2.13%, 11/24/26^(a)		3,260		3,307,945
Doric Nimrod Air Alpha Pass-Through Trust, Series 2013-1, Class A, 5.25%, 05/30/23^(b)		738		741,126
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(b)(h)		326		328,071
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(b)
5.25%, 03/15/22		480		482,400
4.25%, 02/01/27		178		177,748
Lloyds Banking Group PLC, 4.65%, 03/24/26^(f)		8,650		9,792,355
Natwest Group PLC
6.10%, 06/10/23		2,500		2,739,420
6.00%, 12/19/23^(f)		10,080		11,306,099
5.13%, 05/28/24^(f)		5,250		5,830,239
Spectrum Brands, Inc.
5.75%, 07/15/25		1,002		1,026,800
5.00%, 10/01/29^(b)		72		76,320
UniCredit SPA, (5 year CMT + 4.75%), 5.46%, 06/30/35^(a)(b)		6,135		6,689,246
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26^(b)		314		327,848


				75,604,661


S C H E D U L E O F I N V E S T M E N T S		93

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Telecommunication Services — 6.7%
AT&T, Inc.
4.65%, 06/01/44	$	28	$	32,982
4.35%, 06/15/45		95		108,995
3.50%, 09/15/53^(b)(f)		15,960		16,034,542
3.55%, 09/15/55^(b)		727		729,438
Cincinnati Bell, Inc.^(b)
7.00%, 07/15/24		222		227,828
8.00%, 10/15/25		132		138,765
Consolidated Communications, Inc., 6.50%, 10/01/28^(b)		1,313		1,412,460
Intelsat Jackson Holdings SA, 8.00%, 02/15/24^(b)		1,040		1,074,081
Level 3 Financing, Inc.
5.38%, 05/01/25		614		627,048
4.63%, 09/15/27^(b)		1,065		1,105,385
3.75%, 07/15/29^(b)		460		447,350
Lumen Technologies, Inc.
5.63%, 04/01/25^(f)		1,909		2,071,265
5.13%, 12/15/26^(b)		1,317		1,368,034
4.00%, 02/15/27^(b)		890		907,800
4.50%, 01/15/29^(b)		1,022		997,421
5.38%, 06/15/29^(b)		917		930,191
Series P, 7.60%, 09/15/39		112		127,400
Series U, 7.65%, 03/15/42		494		554,515
Series Y, 7.50%, 04/01/24^(f)		564		633,090
Sprint Capital Corp.
6.88%, 11/15/28		2,765		3,546,112
8.75%, 03/15/32		1,764		2,681,280
Switch Ltd.^(b)
3.75%, 09/15/28		821		831,262
4.13%, 06/15/29		42		43,103
Telecom Italia Capital SA
6.38%, 11/15/33		442		527,085
6.00%, 09/30/34		818		943,767
7.20%, 07/18/36		186		239,940
7.72%, 06/04/38		319		434,883
Telecom Italia SpA, 5.30%, 05/30/24^(b)		1,662		1,819,391
Telefonica Emisiones SAU, 5.21%, 03/08/47		5,000		6,241,373
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28^(b)		729		727,177
Verizon Communications, Inc.^(f)
6.40%, 09/15/33		9,475		13,058,654
6.55%, 09/15/43		13,225		21,137,695
5.01%, 04/15/49		6,998		9,243,550
Zayo Group Holdings, Inc.^(b)
4.00%, 03/01/27		5,098		5,062,926
6.13%, 03/01/28		2,586		2,640,952


				98,707,740

Electric Utilities — 4.1%
Edison International, (5 year CMT + 4.70%), 5.38%^(a)(g)		6,851		6,901,012
Emera, Inc., Series 16-A, (3 mo. LIBOR US + 5.44%), 6.75%, 06/15/76^(a)		7,500		8,784,375
FirstEnergy Corp.
2.65%, 03/01/30		55		54,778
Series B, 4.40%, 07/15/27		376		408,900
Series B, 2.25%, 09/01/30		46		44,106
Series C, 7.38%, 11/15/31		688		942,223
Series C, 5.35%, 07/15/47		1,110		1,332,000
Series C, 3.40%, 03/01/50		74		72,335


Security	Par (000)		Value

Electric Utilities (continued)
FirstEnergy Transmission LLC, 5.45%, 07/15/44^(b)	$	849	$	1,059,345
NextEra Energy Capital Holdings, Inc., (3 mo. LIBOR US + 2.41%), 4.80%, 12/01/77^(a)		5,000		5,619,131
NextEra Energy Operating Partners LP^(b)
4.25%, 07/15/24		712		751,160
4.25%, 09/15/24		26		27,430
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42		2,750		3,791,002
Pacific Gas and Electric Co., 4.20%, 06/01/41		2,310		2,275,866
PG&E Corp., 5.25%, 07/01/30		563		568,349
Pike Corp., 5.50%, 09/01/28^(b)		374		388,960
Progress Energy, Inc., 7.00%, 10/30/31^(f)		12,000		16,652,826
Puget Energy, Inc.
6.00%, 09/01/21		275		277,621
5.63%, 07/15/22^(f)		5,550		5,772,353
Sempra Energy, (5 year CMT + 4.55%), 4.88%^(a)(g)		4,375		4,746,875


				60,470,647

Electrical Equipment^(b)— 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26		714		747,926
GrafTech Finance, Inc., 4.63%, 12/15/28		296		303,770


				1,051,696

Electronic Equipment, Instruments & Components — 0.3%
BWX Technologies, Inc.^(b)
5.38%, 07/15/26		737		756,494
4.13%, 04/15/29		120		122,100
CDW LLC/CDW Finance Corp.
4.13%, 05/01/25		371		387,695
3.25%, 02/15/29		715		724,438
Energizer Holdings, Inc.^(b)
4.75%, 06/15/28		450		461,137
4.38%, 03/31/29		41		41,042
Imola Merger Corp., 4.75%, 05/15/29^(b)		1,337		1,375,439


				3,868,345

Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27		515		546,544
6.25%, 04/01/28		607		633,653
TechnipFMC PLC, 6.50%, 02/01/26^(b)		685		739,639
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26		655		686,113
6.88%, 09/01/27		1,216		1,299,029


				3,904,978

Environmental, Maintenance, & Security Service — 0.5%
Clean Harbors, Inc., 5.13%, 07/15/29^(b)		1,278		1,389,825
Covanta Holding Corp., 5.00%, 09/01/30		309		324,450
GFL Environmental, Inc.^(b)
3.75%, 08/01/25		587		603,143
5.13%, 12/15/26^(f)		1,887		1,996,295
4.00%, 08/01/28		199		196,582
3.50%, 09/01/28		504		502,740
4.75%, 06/15/29		821		852,444
Tervita Corp., 11.00%, 12/01/25^(b)		302		338,158
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)		1,010		1,042,573


				7,246,210


94		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Equity Real Estate Investment Trusts (REITs) — 1.5%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26^(b)	$	383	$	402,629
Crown Castle International Corp., 3.30%, 07/01/30		1,220		1,306,978
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)		364		360,267
Host Hotels & Resorts LP, Series D, 3.75%, 10/15/23^(f)		3,600		3,795,393
Iron Mountain, Inc.^(b)
4.88%, 09/15/27		606		628,213
5.25%, 07/15/30		486		514,470
5.63%, 07/15/32		778		832,709
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24		4,627		5,010,821
4.63%, 06/15/25^(b)		755		806,619
4.50%, 09/01/26		1,658		1,769,915
4.50%, 01/15/28		430		454,725
3.88%, 02/15/29^(b)		697		707,852
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27		178		188,696
4.63%, 08/01/29		847		906,680
3.50%, 03/15/31		2,631		2,657,284
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27		1,500		1,540,575


				21,883,826

Food & Staples Retailing — 1.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
5.75%, 03/15/25		49		50,102
3.25%, 03/15/26^(b)		1,296		1,314,468
4.63%, 01/15/27^(b)		1,885		1,971,616
5.88%, 02/15/28^(b)		928		999,823
4.88%, 02/15/30^(b)		142		151,444
General Mills, Inc.
4.20%, 04/17/28		620		714,727
2.88%, 04/15/30		725		768,003
Kraft Heinz Foods Co.
4.25%, 03/01/31		1,341		1,523,361
5.00%, 07/15/35		297		364,306
7.13%, 08/01/39^(b)		4,415		6,445,382
4.63%, 10/01/39		100		116,467
5.00%, 06/04/42		12		14,653
5.20%, 07/15/45		9		11,173
4.38%, 06/01/46		226		256,103
4.88%, 10/01/49		248		301,060
5.50%, 06/01/50		2,751		3,570,118
Lamb Weston Holdings, Inc., 4.88%, 05/15/28^(b)		284		314,175
Post Holdings, Inc.^(b)
5.63%, 01/15/28		428		453,680
4.63%, 04/15/30		596		606,031
4.50%, 09/15/31		420		419,307
US Foods, Inc., 4.75%, 02/15/29^(b)		642		654,840
Walmart, Inc., 5.25%, 09/01/35^(f)		5,150		6,996,405


				28,017,244

Food Products^(b)— 0.5%
Aramark Services, Inc.
5.00%, 04/01/25		1,367		1,401,175
6.38%, 05/01/25		1,038		1,102,875


Security	Par (000)		Value

Food Products (continued)
Aramark Services, Inc. (continued)
5.00%, 02/01/28	$	929	$	972,849
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25		246		255,941
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28		399		436,406
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
6.50%, 04/15/29		2,168		2,436,312
3.75%, 12/01/31		730		746,972
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29		624		629,423


				7,981,953

Gas Utilities^(b)— 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31		346		354,218
Superior Plus LP/Superior General Partner, Inc., 4.50%, 03/15/29		101		104,032


				458,250

Health Care Equipment & Supplies — 0.2%
Avantor Funding, Inc., 4.63%, 07/15/28^(b)		2,351		2,482,115
Hologic, Inc., 3.25%, 02/15/29^(b)		90		89,213
Medtronic, Inc., 4.63%, 03/15/45^(f)		647		848,739
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28^(b)		142		155,099


				3,575,166

Health Care Providers & Services — 4.9%
Aetna, Inc., 3.88%, 08/15/47		3,500		3,914,257
AHP Health Partners, Inc., 9.75%, 07/15/26^(b)		860		925,188
Anthem, Inc., 4.55%, 03/01/48^(f)		5,000		6,249,068
Centene Corp.
4.25%, 12/15/27		1,331		1,402,541
2.45%, 07/15/28⁽ⁱ⁾		1,359		1,377,346
4.63%, 12/15/29		3,232		3,554,457
3.00%, 10/15/30		1,181		1,213,218
2.50%, 03/01/31		2,906		2,866,042
CHS/Community Health Systems, Inc.^(b)
6.63%, 02/15/25		2,540		2,686,025
8.00%, 03/15/26		1,573		1,694,907
5.63%, 03/15/27		1,180		1,259,650
6.00%, 01/15/29		812		868,840
6.88%, 04/15/29		91		95,229
6.13%, 04/01/30		473		480,095
DaVita, Inc., 4.63%, 06/01/30^(b)		265		272,478
Encompass Health Corp.
4.50%, 02/01/28		106		109,972
4.75%, 02/01/30		1,103		1,171,937
4.63%, 04/01/31		250		267,863
HCA, Inc.
5.38%, 09/01/26		665		765,249
5.63%, 09/01/28		1,297		1,536,945
5.88%, 02/01/29		312		376,740
3.50%, 09/01/30		1,428		1,521,348
5.25%, 06/15/49		3,500		4,461,422
Legacy LifePoint Health LLC^(b)
6.75%, 04/15/25		409		435,851
4.38%, 02/15/27		491		496,892


S C H E D U L E O F I N V E S T M E N T S		95

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care Providers & Services (continued)
LifePoint Health, Inc., 5.38%, 01/15/29^(b)	$	479	$	467,025
ModivCare, Inc., 5.88%, 11/15/25^(b)		152		162,640
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28		795		828,787
3.88%, 11/15/30		710		739,288
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(b)		432		467,675
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(b)		72		77,490
Surgery Center Holdings, Inc.^(b)
6.75%, 07/01/25		375		382,500
10.00%, 04/15/27		972		1,066,770
Teleflex, Inc., 4.25%, 06/01/28^(b)		748		779,790
Tenet Healthcare Corp.
4.63%, 07/15/24		1,145		1,161,831
4.63%, 09/01/24^(b)		882		905,250
7.50%, 04/01/25^(b)		367		396,408
4.88%, 01/01/26^(b)(f)		4,187		4,342,756
6.25%, 02/01/27^(b)		144		150,300
5.13%, 11/01/27^(b)		2,180		2,286,275
4.63%, 06/15/28^(b)		37		38,080
6.13%, 10/01/28^(b)		797		849,315
4.25%, 06/01/29^(b)		614		621,675
UnitedHealth Group, Inc., 6.88%, 02/15/38^(f)		10,000		15,506,204


				71,233,619

Health Care Technology^(b)— 0.5%
Catalent Pharma Solutions, Inc., 5.00%, 07/15/27		733		765,956
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25		650		660,562
Charles River Laboratories International, Inc.
4.25%, 05/01/28		324		334,935
3.75%, 03/15/29		141		142,939
4.00%, 03/15/31		204		212,227
Indigo Merger Sub, Inc., 2.88%, 07/15/26⁽ⁱ⁾		1,021		1,037,142
IQVIA, Inc.
5.00%, 10/15/26		554		573,390
5.00%, 05/15/27		1,192		1,248,620
Mednax, Inc., 6.25%, 01/15/27		426		451,028
Syneos Health, Inc., 3.63%, 01/15/29		1,446		1,431,540


				6,858,339

Hotels, Restaurants & Leisure — 2.5%
1011778 BC ULC/New Red Finance, Inc.^(b)
5.75%, 04/15/25		552		584,436
3.88%, 01/15/28⁽ⁱ⁾		1,425		1,442,812
4.38%, 01/15/28		2,509		2,543,499
Boyd Gaming Corp.
8.63%, 06/01/25^(b)		169		186,301
4.75%, 12/01/27		393		406,755
4.75%, 06/15/31^(b)		775		804,062
Boyne USA, Inc., 4.75%, 05/15/29^(b)		484		499,357
Caesars Entertainment, Inc.^(b)
6.25%, 07/01/25		3,215		3,407,900
8.13%, 07/01/27		2,439		2,712,656
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(b)		1,048		1,104,330
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25^(b)		1,111		1,159,606


Security	Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Churchill Downs, Inc.^(b)
5.50%, 04/01/27	$	1,907	$	1,987,202
4.75%, 01/15/28		282		291,788
Golden Nugget, Inc., 6.75%, 10/15/24^(b)		1,269		1,281,969
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25^(b)		319		335,747
5.75%, 05/01/28^(b)		451		488,014
4.88%, 01/15/30		1,288		1,374,940
4.00%, 05/01/31^(b)		285		287,528
Las Vegas Sands Corp.
3.50%, 08/18/26		96		102,072
3.90%, 08/08/29		88		93,686
Marriott International, Inc., Series EE, 5.75%, 05/01/25		1,295		1,494,818
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26		186		193,208
McDonald’s Corp., 4.20%, 04/01/50^(f)		480		578,368
MGM Resorts International
7.75%, 03/15/22		1,059		1,106,867
6.00%, 03/15/23		1,335		1,428,049
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(b)		538		538,672
Playtika Holding Corp., 4.25%, 03/15/29^(b)		954		953,342
Scientific Games International, Inc.^(b)
8.63%, 07/01/25		442		483,990
5.00%, 10/15/25		270		278,775
8.25%, 03/15/26		2,063		2,212,526
7.00%, 05/15/28		451		492,582
7.25%, 11/15/29		218		245,904
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(b)		1,648		1,776,050
Vail Resorts, Inc., 6.25%, 05/15/25^(b)		341		365,000
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)		602		646,608
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29^(b)		1,386		1,463,962
Yum! Brands, Inc.
7.75%, 04/01/25^(b)		802		872,175
4.75%, 01/15/30^(b)		135		146,139
3.63%, 03/15/31		134		133,330


				36,505,025

Household Durables — 0.5%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC, 4.88%, 02/15/30^(b)		770		762,531
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)		507		543,443
Lennar Corp.
4.75%, 11/15/22		1,605		1,679,231
5.25%, 06/01/26		890		1,032,925
Mattamy Group Corp., 4.63%, 03/01/30^(b)		524		535,266
NCR Corp.^(b)
5.75%, 09/01/27		512		541,760
5.00%, 10/01/28		241		249,211
5.13%, 04/15/29		289		298,031
6.13%, 09/01/29		175		190,750
5.25%, 10/01/30		245		254,188
Newell Brands, Inc., 6.00%, 04/01/46		51		64,627
PulteGroup, Inc.
5.00%, 01/15/27		55		64,321
7.88%, 06/15/32		56		80,388


96		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Household Durables (continued)
Tempur Sealy International, Inc., 4.00%, 04/15/29^(b)	$	569	$	576,084
Toll Brothers Finance Corp., 4.35%, 02/15/28		35		38,413


				6,911,169

Household Products — 0.0%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26^(b)		157		159,355


Independent Power and Renewable Electricity Producers — 0.7%
Calpine Corp.^(b)
5.25%, 06/01/26		906		932,047
4.50%, 02/15/28		1,057		1,078,140
5.13%, 03/15/28		3,279		3,336,382
4.63%, 02/01/29		195		191,712
5.00%, 02/01/31		125		124,375
Clearway Energy Operating LLC, 4.75%, 03/15/28^(b)		630		660,713
NRG Energy, Inc.
6.63%, 01/15/27		2,029		2,100,461
5.75%, 01/15/28		52		55,380
5.25%, 06/15/29^(b)		960		1,021,200
3.63%, 02/15/31^(b)		514		505,108
TerraForm Power Operating LLC^(b)
4.25%, 01/31/23		214		219,618
5.00%, 01/31/28		231		244,571
4.75%, 01/15/30		127		130,070


				10,599,777

Insurance — 3.9%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27^(b)		2,837		2,981,573
Allstate Corp., Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53^(a)		5,000		5,443,750
American International Group, Inc., (3 mo. LIBOR US + 4.20%), 8.18%, 05/15/58^(a)		3,755		5,429,555
AmWINS Group, Inc., 7.75%, 07/01/26^(b)		167		177,129
Aon PLC, 4.25%, 12/12/42^(f)		6,500		7,547,525
AssuredPartners, Inc., 5.63%, 01/15/29^(b)		581		581,000
Farmers Exchange Capital II, (3 mo. LIBOR US + 3.74%), 6.15%, 11/01/53^(a)(b)		4,890		6,319,182
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)		100		106,500
HUB International Ltd., 7.00%, 05/01/26^(b)		1,724		1,787,943
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40^(b)(f)		12,000		16,802,078
Principal Financial Group, Inc., (3 mo. LIBOR US + 3.04%), 3.20%, 05/15/55^(a)		5,000		4,972,500
Progressive Corp., Series B, (3 mo. LIBOR US + 2.54%), 5.38%^(a)(g)		5,000		5,242,450


				57,391,185

Interactive Media & Services — 0.5%
Cablevision Lightpath LLC^(b)
3.88%, 09/15/27		368		363,709
5.63%, 09/15/28		540		549,990
Netflix, Inc.
3.63%, 06/15/25^(b)		210		225,506
5.88%, 11/15/28		1,698		2,084,176
6.38%, 05/15/29		72		91,962
5.38%, 11/15/29^(b)		2,007		2,437,695
4.88%, 06/15/30^(b)		461		548,267
Twitter, Inc., 3.88%, 12/15/27^(b)		697		740,563


				7,041,868


Security	Par (000)		Value

Internet Software & Services — 1.3%
ANGI Group LLC, 3.88%, 08/15/28^(b)	$	582	$	578,362
Booking Holdings, Inc.
3.55%, 03/15/28^(f)		3,375		3,765,767
4.63%, 04/13/30		2,185		2,607,308
Expedia Group, Inc., 6.25%, 05/01/25^(b)(f)		5,550		6,456,065
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^(b)
5.25%, 12/01/27		370		388,500
3.50%, 03/01/29		265		263,278
Match Group Holdings II LLC, 4.13%, 08/01/30^(b)		383		389,703
Uber Technologies, Inc.^(b)
7.50%, 05/15/25		2,018		2,177,826
8.00%, 11/01/26		481		518,277
7.50%, 09/15/27		1,892		2,079,270
6.25%, 01/15/28		440		473,532


				19,697,888

IT Services — 1.1%
Banff Merger Sub, Inc., 9.75%, 09/01/26^(b)		2,178		2,292,345
Booz Allen Hamilton, Inc.^(b)
3.88%, 09/01/28		735		749,700
4.00%, 07/01/29		851		870,148
Camelot Finance SA, 4.50%, 11/01/26^(b)		1,254		1,311,998
Dun & Bradstreet Corp.^(b)
6.88%, 08/15/26		1,210		1,282,600
10.25%, 02/15/27		822		907,677
Gartner, Inc.^(b)
4.50%, 07/01/28		587		619,942
3.63%, 06/15/29		410		416,150
3.75%, 10/01/30		895		915,683
Leidos, Inc., 4.38%, 05/15/30		2,215		2,515,199
Rackspace Technology Global, Inc., 5.38%, 12/01/28^(b)(f)		920		943,000
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25^(b)		2,026		2,060,199
Twilio, Inc., 3.88%, 03/15/31		413		423,841
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)		551		547,556


				15,856,038

Leisure Products — 0.2%
Mattel, Inc.
6.75%, 12/31/25^(b)(f)		763		801,684
5.88%, 12/15/27^(b)		503		548,270
3.75%, 04/01/29^(b)		213		221,520
6.20%, 10/01/40		325		400,563
5.45%, 11/01/41		353		406,832


				2,378,869

Machinery^(b)— 0.5%
Colfax Corp., 6.38%, 02/15/26		671		708,576
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(h)		166		180,110
Madison IAQ LLC
4.13%, 06/30/28		200		202,000
5.88%, 06/30/29		743		756,003
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25		878		895,560
Terex Corp., 5.00%, 05/15/29		618		644,265
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26		1,307		1,354,379


S C H E D U L E O F I N V E S T M E N T S		97

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery (continued)
TK Elevator US Newco Inc., 5.25%, 07/15/27	$	1,547	$	1,630,151
Vertical Holdco GmbH, 7.63%, 07/15/28		664		720,566


				7,091,610

Media — 9.3%
Altice Financing SA^(b)
7.50%, 05/15/26		1,901		1,979,511
5.00%, 01/15/28		863		845,887
Altice France Holding SA^(b)
10.50%, 05/15/27		4,955		5,506,244
6.00%, 02/15/28		734		730,917
AMC Networks, Inc., 4.25%, 02/15/29		263		265,301
Cable One, Inc., 4.00%, 11/15/30^(b)		246		246,923
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27^(b)(f)		3,132		3,285,155
5.00%, 02/01/28^(b)		162		169,898
5.38%, 06/01/29^(b)		1,823		1,992,721
4.75%, 03/01/30^(b)		313		330,998
4.50%, 08/15/30^(b)		3,937		4,099,259
4.25%, 02/01/31^(b)		1,456		1,483,300
4.50%, 05/01/32		1,582		1,639,347
4.50%, 06/01/33^(b)		747		764,375
Charter Communications Operating LLC/Charter Communications Operating Capital
6.38%, 10/23/35		479		640,264
6.48%, 10/23/45^(f)		9,584		13,198,909
5.38%, 05/01/47		1,500		1,838,115
6.83%, 10/23/55		3,540		5,210,789
Cinemark USA, Inc., 5.25%, 07/15/28^(b)		236		241,900
Clear Channel Outdoor Holdings, Inc.^(b)
7.75%, 04/15/28		1,038		1,087,326
7.50%, 06/01/29		1,432		1,482,602
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27^(b)(f)		6,446		6,608,568
Comcast Corp.
3.75%, 04/01/40		545		614,368
4.95%, 10/15/58		3,795		5,247,777
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26^(b)(f)		5,588		5,909,310
Cox Communications, Inc., 8.38%, 03/01/39^(b)		5,000		8,375,651
CSC Holdings LLC
5.25%, 06/01/24		1,061		1,149,810
5.38%, 02/01/28^(b)		336		355,471
7.50%, 04/01/28^(b)		877		962,507
5.75%, 01/15/30^(b)		406		421,732
4.13%, 12/01/30^(b)		680		675,750
4.63%, 12/01/30^(b)		3,197		3,136,609
3.38%, 02/15/31^(b)		225		212,605
4.50%, 11/15/31^(b)		969		974,950
5.00%, 11/15/31^(b)		542		544,602
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26^(b)		1,155		747,862
Discovery Communications LLC, 4.88%, 04/01/43		4,000		4,826,216
DISH DBS Corp.
5.88%, 07/15/22		2,545		2,654,944
5.88%, 11/15/24		164		176,095
7.75%, 07/01/26		2,123		2,404,297
5.13%, 06/01/29^(b)		1,191		1,176,029
Fox Corp., 3.05%, 04/07/25		475		508,611
Frontier Communications Holdings LLC^(b)
5.88%, 10/15/27		1,001		1,072,321


Security	Par (000)		Value

Media (continued)
Frontier Communications Holdings LLC^(b)(continued)
5.00%, 05/01/28	$	1,372	$	1,418,415
6.75%, 05/01/29		1,347		1,432,225
Gray Television, Inc., 7.00%, 05/15/27^(b)		415		448,719
Hughes Satellite Systems Corp., 5.25%, 08/01/26		351		393,183
iHeartCommunications, Inc.
6.38%, 05/01/26		370		393,568
8.38%, 05/01/27		74		78,558
5.25%, 08/15/27^(b)		376		393,070
4.75%, 01/15/28^(b)		184		189,290
Lamar Media Corp., 4.00%, 02/15/30		307		310,718
LCPR Senior Secured Financing DAC^(b)
6.75%, 10/15/27		955		1,029,203
5.13%, 07/15/29		963		995,501
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(b)(h)		764		753,100
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(b)		132		138,765
Live Nation Entertainment, Inc.^(b)
4.88%, 11/01/24		136		138,176
6.50%, 05/15/27		2,164		2,401,607
4.75%, 10/15/27		391		405,174
3.75%, 01/15/28		411		412,817
Meredith Corp., 6.88%, 02/01/26		116		120,640
News Corp., 3.88%, 05/15/29^(b)		257		259,570
Outfront Media Capital LLC/Outfront Media Capital Corp.^(b)
5.00%, 08/15/27		554		573,606
4.25%, 01/15/29		256		257,600
Radiate Holdco LLC/Radiate Finance, Inc.^(b)
4.50%, 09/15/26		1,219		1,261,665
6.50%, 09/15/28		2,880		3,025,872
Scripps Escrow II, Inc.^(b)
3.88%, 01/15/29		37		36,705
5.38%, 01/15/31		367		365,840
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)		225		221,063
Sirius XM Radio, Inc.^(b)
5.00%, 08/01/27		626		655,891
4.00%, 07/15/28		991		1,020,730
5.50%, 07/01/29		1,669		1,818,709
4.13%, 07/01/30		101		101,897
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(b)		1,000		1,052,000
Telesat Canada/Telesat LLC, 4.88%, 06/01/27^(b)		650		627,250
Time Warner Cable LLC, 6.55%, 05/01/37		3,519		4,793,690
UPC Broadband Finco BV, 4.88%, 07/15/31^(b)		934		936,148
ViacomCBS, Inc.
5.85%, 09/01/43		1,300		1,781,150
(3 mo. LIBOR US + 3.90%), 5.88%, 02/28/57^(a)		2,111		2,148,365
Videotron Ltd.^(b)
5.13%, 04/15/27		999		1,043,955
3.63%, 06/15/29		747		761,723
Virgin Media Secured Finance PLC^(b)
5.50%, 08/15/26		487		502,219
5.50%, 05/15/29		833		895,475
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(b)		1,452		1,481,040
WMG Acquisition Corp., 3.88%, 07/15/30^(b)		263		265,604
Ziggo Bond Co. BV, 6.00%, 01/15/27^(b)		955		997,975


98		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
Ziggo BV^(b)
5.50%, 01/15/27	$	775	$	805,225
4.88%, 01/15/30		887		909,175


				135,848,697

Metals & Mining — 2.2%
Allegheny Technologies, Inc., 7.88%, 08/15/23		286		313,528
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22^(f)		5,000		5,200,938
Arconic Corp.^(b)
6.00%, 05/15/25		705		751,368
6.13%, 02/15/28		552		592,141
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)		2,697		2,970,071
Commercial Metals Co., 4.88%, 05/15/23		2,194		2,313,134
Constellium SE^(b)
5.88%, 02/15/26		1,701		1,751,520
3.75%, 04/15/29		1,077		1,066,230
Freeport-McMoRan, Inc.
4.38%, 08/01/28		887		936,894
5.40%, 11/14/34		65		78,507
5.45%, 03/15/43		1,607		1,964,268
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(b)		817		835,415
Kaiser Aluminum Corp.^(b)
4.63%, 03/01/28		704		727,321
4.50%, 06/01/31		266		272,794
New Gold, Inc., 7.50%, 07/15/27^(b)		1,357		1,472,345
Novelis Corp.^(b)
5.88%, 09/30/26		1,745		1,815,244
4.75%, 01/30/30		2,718		2,853,900
Southern Copper Corp., 5.88%, 04/23/45		3,870		5,379,300
Steel Dynamics, Inc., 3.25%, 10/15/50		1,145		1,140,936
Vedanta Resources Finance II PLC, 8.95%, 03/11/25^(b)		210		205,800


				32,641,654

Multi-line Retail — 0.1%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)		820		875,350


Multi-Utilities — 0.2%
NiSource, Inc., 3.60%, 05/01/30		2,200		2,435,855


Offshore Drilling & Other Services — 0.1%
Lam Research Corp., 4.88%, 03/15/49		875		1,179,993


Oil, Gas & Consumable Fuels — 16.4%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)		1,038		1,123,843
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)
7.88%, 05/15/26		207		231,345
5.75%, 03/01/27		654		680,160
5.75%, 01/15/28		127		133,638
5.38%, 06/15/29		425		443,063
Antero Resources Corp., 5.38%, 03/01/30^(b)		373		380,695
Apache Corp.
4.88%, 11/15/27		470		509,005
4.38%, 10/15/28		38		40,451
4.25%, 01/15/30		458		483,190
5.10%, 09/01/40		172		180,170
5.25%, 02/01/42		57		60,278


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/27^(b)	$	576	$	796,113
Brand Industrial Services, Inc., 8.50%, 07/15/25^(b)		984		1,000,462
Buckeye Partners LP
4.13%, 03/01/25^(b)		594		615,532
5.85%, 11/15/43		383		380,128
5.60%, 10/15/44		376		364,720
Callon Petroleum Co.
6.25%, 04/15/23		92		92,107
6.13%, 10/01/24		282		277,993
9.00%, 04/01/25^(b)		2,039		2,222,510
8.00%, 08/01/28^(b)(i)		1,170		1,183,162
Cenovus Energy, Inc.
3.00%, 08/15/22		183		186,723
3.80%, 09/15/23		104		109,724
5.38%, 07/15/25		1,186		1,356,823
5.40%, 06/15/47		77		95,282
Cheniere Energy Partners LP
5.63%, 10/01/26		380		394,250
4.50%, 10/01/29		1,206		1,296,450
4.00%, 03/01/31^(b)		1,350		1,410,750
Cheniere Energy, Inc., 4.63%, 10/15/28^(b)		3,525		3,718,875
Chesapeake Energy Corp.^(b)
5.50%, 02/01/26		43		45,365
5.88%, 02/01/29		162		175,358
Cimarex Energy Co., 4.38%, 06/01/24		38		41,360
CNOOC Petroleum North America ULC, 6.40%, 05/15/37		2,000		2,629,125
CNX Resources Corp., 6.00%, 01/15/29^(b)		73		78,929
Colgate Energy Partners III LLC^(b)
7.75%, 02/15/26		276		302,565
5.88%, 07/01/29		429		445,087
Comstock Resources, Inc.^(b)
7.50%, 05/15/25		569		590,337
6.75%, 03/01/29		816		869,228
5.88%, 01/15/30		553		564,060
ConocoPhillips, 4.88%, 10/01/47^(b)		3,815		5,019,376
Continental Resources, Inc.
5.75%, 01/15/31^(b)		157		188,008
4.90%, 06/01/44		3,031		3,432,623
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27^(b)		216		221,670
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(b)		1,677		1,735,695
DCP Midstream Operating LP^(b)
6.45%, 11/03/36		247		288,990
6.75%, 09/15/37		1,527		1,836,217
Devon Energy Corp.^(b)
8.25%, 08/01/23		811		924,011
5.25%, 09/15/24		100		111,389
5.25%, 10/15/27		130		140,125
5.88%, 06/15/28		204		227,083
4.50%, 01/15/30		117		128,629
Diamondback Energy, Inc.
4.75%, 05/31/25		2,170		2,443,300
3.50%, 12/01/29		692		740,818
DT Midstream, Inc.^(b)
4.13%, 06/15/29		894		907,705
4.38%, 06/15/31		1,092		1,115,795
eG Global Finance PLC^(b)
6.75%, 02/07/25		703		726,877


S C H E D U L E O F I N V E S T M E N T S		99

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
eG Global Finance PLC^(b)(continued)
8.50%, 10/30/25	$	787	$	832,252
El Paso Natural Gas Co. LLC, 8.63%, 01/15/22		2,345		2,444,679
Enbridge, Inc.^(a)
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78		5,000		5,457,688
Series 16-A, (3 mo. LIBOR US + 3.89%), 6.00%, 01/15/77		5,880		6,520,606
Endeavor Energy Resources LP/EER Finance, Inc.^(b)
6.63%, 07/15/25		322		344,540
5.50%, 01/30/26		2,136		2,218,770
5.75%, 01/30/28		518		552,317
Energy Transfer LP
4.25%, 03/15/23		553		580,197
5.88%, 01/15/24^(f)		3,366		3,729,879
6.13%, 12/15/45		3,579		4,561,862
Series B, (3 mo. LIBOR US + 4.16%), 6.63%^(a)(g)		5,000		4,893,750
Energy Transfer Operating LP
5.20%, 02/01/22^(f)		10,200		10,357,204
5.50%, 06/01/27		406		476,151
EnLink Midstream LLC
5.63%, 01/15/28^(b)		380		401,428
5.38%, 06/01/29		188		196,201
EnLink Midstream Partners LP
4.40%, 04/01/24		613		643,650
4.15%, 06/01/25		48		50,272
4.85%, 07/15/26		64		66,240
5.60%, 04/01/44		523		473,315
5.05%, 04/01/45		68		58,480
Enterprise Products Operating LLC
4.90%, 05/15/46^(f)		5,375		6,636,807
Series E, (3 mo. LIBOR US + 3.03%), 5.25%, 08/16/77^(a)		4,800		5,032,675
EOG Resources, Inc., 4.38%, 04/15/30^(f)		2,965		3,510,007
EQM Midstream Partners LP
4.13%, 12/01/26		226		231,368
4.50%, 01/15/29^(b)		408		415,090
4.75%, 01/15/31^(b)		1,255		1,293,202
EQT Corp.
3.13%, 05/15/26^(b)		368		377,093
3.90%, 10/01/27		573		613,826
5.00%, 01/15/29		135		150,521
8.50%, 02/01/30		376		489,894
3.63%, 05/15/31^(b)		104		108,420
Exxon Mobil Corp., 3.45%, 04/15/51^(f)		3,890		4,233,737
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28		293		302,798
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25^(b)		40		39,800
Harvest Midstream I LP, 7.50%, 09/01/28^(b)		261		283,446
Hess Corp., 5.80%, 04/01/47^(f)		5,000		6,515,151
Hilcorp Energy I LP/Hilcorp Finance Co.^(b)
5.75%, 02/01/29		109		113,633
6.00%, 02/01/31		312		330,720
Independence Energy Finance LLC, 7.25%, 05/01/26^(b)		976		1,024,966
Indigo Natural Resources LLC, 5.38%, 02/01/29^(b)		819		855,855
ITT Holdings LLC, 6.50%, 08/01/29^(b)(i)		711		724,331
Kinder Morgan, Inc.
7.80%, 08/01/31		197		281,906
7.75%, 01/15/32^(f)		4,586		6,578,955


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp.
4.75%, 12/15/23	$	1,230	$	1,342,139
4.70%, 05/01/25^(f)		4,280		4,826,899
5.13%, 12/15/26		937		1,101,752
Matador Resources Co., 5.88%, 09/15/26		1,540		1,586,200
MEG Energy Corp.^(b)
6.50%, 01/15/25		1,486		1,536,152
5.88%, 02/01/29		71		74,018
MPLX LP
4.13%, 03/01/27		825		921,852
5.20%, 03/01/47		3,500		4,309,248
4.70%, 04/15/48^(f)		5,000		5,808,501
5.50%, 02/15/49		2,640		3,417,053
Murphy Oil Corp.
5.75%, 08/15/25		49		50,286
6.38%, 12/01/42		47		46,547
Murphy Oil USA, Inc., 4.75%, 09/15/29		323		339,861
New Fortress Energy, Inc.^(b)
6.75%, 09/15/25		2,347		2,402,741
6.50%, 09/30/26		2,156		2,203,001
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(b)		771		809,550
NGPL PipeCo LLC, 7.77%, 12/15/37^(b)		1,117		1,597,872
Northern Oil and Gas, Inc., 8.13%, 03/01/28^(b)		1,020		1,099,050
NuStar Logistics LP
6.00%, 06/01/26		373		404,705
6.38%, 10/01/30		45		49,721
Occidental Petroleum Corp.
2.70%, 02/15/23		170		173,774
6.95%, 07/01/24		92		103,636
2.90%, 08/15/24		1,236		1,263,810
5.50%, 12/01/25		218		240,894
5.55%, 03/15/26		79		87,295
3.40%, 04/15/26		149		152,353
3.20%, 08/15/26		52		52,390
3.00%, 02/15/27		10		9,925
8.88%, 07/15/30		17		22,736
6.13%, 01/01/31		522		614,149
4.30%, 08/15/39		915		873,825
6.20%, 03/15/40		1,461		1,651,982
4.50%, 07/15/44		557		536,112
4.63%, 06/15/45		967		942,825
4.40%, 04/15/46		902		866,371
4.10%, 02/15/47		177		164,808
4.20%, 03/15/48		914		854,590
4.40%, 08/15/49		161		154,560
Ovintiv Exploration, Inc., 5.38%, 01/01/26		70		78,886
Ovintiv, Inc.
7.38%, 11/01/31		171		227,038
6.50%, 08/15/34		104		137,292
Parkland Corp., 4.50%, 10/01/29^(b)		210		213,400
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25^(b)		724		729,350
PDC Energy, Inc.
6.25%, 12/01/25		135		139,725
5.75%, 05/15/26		759		792,912
Petroleos Mexicanos
3.50%, 01/30/23		5,000		5,090,000
4.63%, 09/21/23^(f)		3,965		4,124,343
4.88%, 01/18/24		2,000		2,095,250


100		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline LP, Series B, (3 mo. LIBOR US + 4.11%), 6.13%^(a)(g)	$	2,215	$	1,956,288
Range Resources Corp.
5.88%, 07/01/22		280		287,000
5.00%, 08/15/22		559		569,638
5.00%, 03/15/23^(f)		551		570,285
4.88%, 05/15/25		30		31,050
9.25%, 02/01/26		111		122,378
8.25%, 01/15/29^(b)		93		104,858
Rockies Express Pipeline LLC, 6.88%, 04/15/40^(b)		580		613,350
Sabine Pass Liquefaction LLC
5.63%, 04/15/23^(f)		10,510		11,290,833
5.75%, 05/15/24		2,575		2,889,627
5.88%, 06/30/26		1,481		1,753,144
SM Energy Co.
10.00%, 01/15/25^(b)		1,870		2,109,996
5.63%, 06/01/25		44		43,560
6.75%, 09/15/26		74		75,295
6.63%, 01/15/27		111		114,053
Southwestern Energy Co.
4.10%, 03/15/22		550		554,125
6.45%, 01/23/25		214		236,898
7.50%, 04/01/26		40		42,350
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27		141		147,451
5.88%, 03/15/28		317		336,813
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.88%, 04/15/26		669		702,657
5.38%, 02/01/27		5		5,206
6.50%, 07/15/27		228		247,088
6.88%, 01/15/29		921		1,037,626
5.50%, 03/01/30		912		1,002,890
4.88%, 02/01/31^(b)		64		69,280
TransCanada PipeLines Ltd., 4.88%, 05/15/48		4,000		5,055,547
Transcanada Trust, (3 mo. LIBOR US + 3.53%), 5.63%, 05/20/75^(a)		2,755		2,982,287
Transocean, Inc., 11.50%, 01/30/27^(b)		294		314,196
Vine Energy Holdings LLC, 6.75%, 04/15/29^(b)		1,286		1,353,515
Viper Energy Partners LP, 5.38%, 11/01/27^(b)		156		162,507
Western Midstream Operating LP
5.45%, 04/01/44		12		12,930
5.30%, 03/01/48		1,180		1,256,700
5.50%, 08/15/48		61		66,392
6.50%, 02/01/50		1,525		1,765,698
Williams Cos., Inc.
3.70%, 01/15/23		2,245		2,337,803
4.55%, 06/24/24		527		580,602
8.75%, 03/15/32		2,478		3,807,697
5.10%, 09/15/45^(f)		5,075		6,306,619


				239,938,460

Personal Products — 0.0%
Edgewell Personal Care Co., 5.50%, 06/01/28^(b)		140		148,400


Pharmaceuticals — 4.7%
AbbVie, Inc.
5.00%, 12/15/21^(f)		1,631		1,646,701
2.80%, 03/15/23		3,000		3,099,446
4.75%, 03/15/45^(f)		5,485		6,876,807
4.70%, 05/14/45^(f)		3,255		4,053,274


Security	Par (000)		Value

Pharmaceuticals (continued)
Bausch Health Americas, Inc., 8.50%, 01/31/27^(b)	$	1,137	$	1,235,805
Bausch Health Cos., Inc.^(b)
9.00%, 12/15/25		1,014		1,087,312
5.75%, 08/15/27		326		346,010
7.00%, 01/15/28		536		552,080
5.00%, 01/30/28		37		35,104
4.88%, 06/01/28		1,260		1,289,610
5.00%, 02/15/29		1,023		953,947
6.25%, 02/15/29		1,122		1,109,714
7.25%, 05/30/29		1,242		1,269,212
CVS Health Corp.^(f)
5.13%, 07/20/45		3,879		5,045,221
5.05%, 03/25/48		8,205		10,657,275
Elanco Animal Health, Inc., 5.90%, 08/28/28		353		413,105
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/27^(b)		1,134		1,156,680
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., 6.13%, 04/01/29^(b)		983		963,340
Jaguar Holding Co. II/PPD Development LP^(b)
4.63%, 06/15/25		183		192,150
5.00%, 06/15/28		1,361		1,475,215
Jazz Securities DAC, 4.38%, 01/15/29^(b)		1,053		1,091,750
Merck & Co., Inc., 6.50%, 12/01/33^(f)		6,420		9,443,452
Organon & Co./Organon Foreign Debt Co-Issuer BV^(b)
4.13%, 04/30/28		1,633		1,665,333
5.13%, 04/30/31		1,599		1,647,290
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25^(b)		394		413,700
Par Pharmaceutical, Inc., 7.50%, 04/01/27^(b)		3,021		3,088,459
Prestige Brands, Inc., 3.75%, 04/01/31^(b)		318		306,592
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30^(f)		8,270		8,204,519
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25		200		219,500


				69,538,603

Producer Durables: Miscellaneous — 0.3%
Oracle Corp., 3.95%, 03/25/51		4,425		4,829,838


Real Estate Management & Development^(b)— 0.5%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25		183		193,285
Greystar Real Estate Partners LLC, 5.75%, 12/01/25		360		370,080
Howard Hughes Corp.
5.38%, 08/01/28		762		808,962
4.13%, 02/01/29		321		321,007
4.38%, 02/01/31		351		349,729
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29^(f)		4,485		4,598,421
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29		362		378,431


				7,019,915

Road & Rail — 1.8%
BNSF Funding Trust I, (3 mo. LIBOR US + 2.35%), 6.61%, 12/15/55^(a)		6,125		7,012,145
CSX Corp., 3.80%, 04/15/50		770		877,058
Norfolk Southern Corp., 6.00%, 03/15/05^(f)		12,700		17,885,005


				25,774,208

Semiconductors & Semiconductor Equipment — 2.7%
Analog Devices, Inc., 2.95%, 04/01/25		2,010		2,150,584


S C H E D U L E O F I N V E S T M E N T S		101

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Semiconductors & Semiconductor Equipment (continued)
Broadcom, Inc.
4.70%, 04/15/25^(f)	$	5,865	$	6,607,306
5.00%, 04/15/30		10,970		12,942,095
Microchip Technology, Inc., 4.25%, 09/01/25		1,825		1,916,005
NVIDIA Corp.
3.50%, 04/01/50^(f)		2,785		3,143,979
3.70%, 04/01/60		1,760		2,070,517
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 05/01/30^(b)		1,755		1,907,281
ON Semiconductor Corp., 3.88%, 09/01/28^(b)		728		749,942
QUALCOMM, Inc., 4.30%, 05/20/47^(f)		3,500		4,418,943
Sensata Technologies BV^(b)
5.63%, 11/01/24		695		772,319
5.00%, 10/01/25		572		637,065
4.00%, 04/15/29		433		439,531
Sensata Technologies, Inc., 4.38%, 02/15/30^(b)		1,774		1,869,515


				39,625,082

Software — 1.2%
Black Knight InfoServ LLC, 3.63%, 09/01/28^(b)		859		854,671
Boxer Parent Co., Inc.^(b)
7.13%, 10/02/25		764		817,480
9.13%, 03/01/26		336		354,655
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26^(b)(e)		1,108		1,160,630
CDK Global, Inc., 4.88%, 06/01/27		457		483,278
Crowdstrike Holdings, Inc., 3.00%, 02/15/29		470		470,447
Elastic NV, 4.13%, 07/15/29^(b)		590		590,000
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28^(b)		205		200,658
MSCI, Inc.^(b)
3.63%, 09/01/30		131		133,968
3.88%, 02/15/31		1,137		1,179,933
3.63%, 11/01/31		402		412,331
Open Text Corp., 3.88%, 02/15/28^(b)		474		480,541
Open Text Holdings, Inc., 4.13%, 02/15/30^(b)		901		918,840
PTC, Inc.^(b)
3.63%, 02/15/25		166		170,980
4.00%, 02/15/28		867		895,611
Rocket Software, Inc., 6.50%, 02/15/29^(b)		1,141		1,132,191
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)(f)		4,171		4,420,009
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)		3,081		3,208,091


				17,884,314

Specialty Retail — 0.5%
Gap, Inc., 8.88%, 05/15/27^(b)		350		405,020
L Brands, Inc., 6.88%, 11/01/35		1,119		1,416,934
PetSmart, Inc./PetSmart Finance Corp.^(b)
4.75%, 02/15/28		731		759,326
7.75%, 02/15/29		3,203		3,531,307
Staples, Inc.^(b)
7.50%, 04/15/26		1,666		1,725,535
10.75%, 04/15/27		276		280,595


				8,118,717

Technology Hardware, Storage & Peripherals — 0.5%
Dell International LLC/EMC Corp. 7.13%, 06/15/24^(b)		1,233		1,264,688


Security	Par (000)		Value

Technology Hardware, Storage & Peripherals (continued)
Dell International LLC/EMC Corp. (continued)
5.85%, 07/15/25	$	2,395	$	2,809,849
8.35%, 07/15/46		2,355		3,851,846


				7,926,383

Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc., 5.38%, 05/15/25^(b)		117		123,874
Levi Strauss & Co.
5.00%, 05/01/25		54		55,080
3.50%, 03/01/31^(b)		236		234,631
William Carter Co., 5.63%, 03/15/27^(b)		365		384,053


				797,638

Thrifts & Mortgage Finance — 0.2%
Home Point Capital, Inc., 5.00%, 02/01/26^(b)		614		572,555
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25^(b)		268		272,690
MGIC Investment Corp., 5.25%, 08/15/28		337		357,220
Nationstar Mortgage Holdings, Inc.^(b)
6.00%, 01/15/27		794		822,806
5.50%, 08/15/28		565		569,594
5.13%, 12/15/30		303		301,485
United Wholesale Mortgage LLC, 5.50%, 04/15/29^(b)		339		338,922


				3,235,272

Tobacco — 2.0%
Altria Group, Inc., 10.20%, 02/06/39^(f)		13,392		23,064,787
BAT Capital Corp., 4.54%, 08/15/47		3,000		3,190,264
Reynolds American, Inc., 5.85%, 08/15/45		2,335		2,859,104


				29,114,155

Transportation Infrastructure — 0.6%
FedEx Corp., 5.25%, 05/15/50^(e)		6,000		8,140,106
Signature Aviation US Holdings, Inc., 4.00%, 03/01/28^(b)		541		544,906


				8,685,012

Utilities^(b)— 0.3%
Midland Cogeneration Venture LP, 5.25%, 03/15/25^(f)		2,232		2,243,287
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28		1,087		1,125,262
Vistra Operations Co. LLC
5.63%, 02/15/27		812		842,450
4.38%, 05/01/29		471		473,355


				4,684,354

Wireless Telecommunication Services — 3.4%
Altice France SA^(b)
7.38%, 05/01/26^(f)		2,825		2,937,802
8.13%, 02/01/27		1,112		1,211,524
5.50%, 01/15/28		1,180		1,224,486
5.13%, 01/15/29		338		339,690
5.13%, 07/15/29		2,767		2,780,558
American Tower Corp., 3.60%, 01/15/28		4,000		4,399,561
Crown Castle International Corp.
3.65%, 09/01/27^(f)		8,000		8,820,746
4.15%, 07/01/50		820		936,221
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24^(b)		635		660,202
SBA Communications Corp.
4.88%, 09/01/24		1,938		1,971,915
3.88%, 02/15/27		2,781		2,855,823


102		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Wireless Telecommunication Services (continued)
Sprint Corp.
7.88%, 09/15/23	$	421	$	478,288
7.13%, 06/15/24		796		918,385
7.63%, 03/01/26		1,196		1,459,120
T-Mobile USA, Inc.
4.50%, 02/01/26		538		548,287
4.75%, 02/01/28		913		978,051
2.63%, 02/15/29		156		154,050
3.88%, 04/15/30		2,925		3,269,623
2.88%, 02/15/31		881		874,393
3.50%, 04/15/31^(b)		751		776,947
3.50%, 04/15/31		697		721,081
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29^(b)		1,355		1,358,388
VICI Properties LP/VICI Note Co., Inc.^(b)
3.50%, 02/15/25		946		964,674
4.25%, 12/01/26		2,963		3,082,172
3.75%, 02/15/27		1,004		1,021,188
4.63%, 12/01/29		1,298		1,379,125
4.13%, 08/15/30		3,067		3,149,257
Vmed O2 UK Financing I PLC, 4.75%, 07/15/31^(b)(i)		974		988,610


				50,260,167


Total Corporate Bonds — 111.7% (Cost: $1,444,194,041)				1,637,353,815


Floating Rate Loan Interests^(a)

Oil, Gas & Consumable Fuels — 0.1%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%, 11/01/25		784		864,689


Total Floating Rate Loan Interests — 0.1% (Cost: $784,000)				864,689


Foreign Agency Obligations

Brazil — 0.5%
Brazilian Government International Bond, 5.00%, 01/27/45		6,525		6,615,942


Colombia — 0.3%
Colombia Government International Bond, 5.63%, 02/26/44		4,000		4,525,750


Indonesia — 0.3%
Indonesia Government International Bond, 5.88%, 01/15/24^(b)		4,400		4,964,575


Mexico — 0.4%
Mexico Government International Bond, 4.75%, 03/08/44^(f)		5,800		6,422,775


Security	Par (000)		Value

Uruguay — 0.3%
Uruguay Government International Bond, 5.10%, 06/18/50	$	3,500	$	4,582,375


Total Foreign Agency Obligations — 1.8% (Cost: $23,636,261)				27,111,417


Municipal Bonds

New York — 0.9%
Metropolitan Transportation Authority, RB, BAB, 6.55%, 11/15/31		10,000		13,180,000


Total Municipal Bonds — 0.9% (Cost: $9,833,900)				13,180,000


Preferred Securities

Capital Trusts — 14.5%

Automobiles — 0.2%
General Motors Financial Co., Inc., Series C, 5.70%^(a)(g)		2,565		2,872,800


Banks^(a)(g)— 4.0%
CIT Group, Inc., Series A, 5.80%		3,000		3,098,610
HSBC Capital Funding Dollar 1 LP, 10.18%^(b)(f)		11,835		19,592,132
Huntington Bancshares, Inc., Series F, 5.63%		6,450		7,490,063
Macquarie Bank Ltd., 6.13%^(b)		1,885		2,061,719
Nordea Bank Abp, 6.13%^(b)		5,540		6,104,415
SVB Financial Group, Series C, 4.00%		5,000		5,089,000
US Bancorp, Series J, 5.30%^(f)		10,415		11,742,912
Wells Fargo & Co.
Series S, 5.90%		281		302,778
Series U, 5.88%		2,655		2,973,361


				58,454,990

Capital Markets — 0.0%
State Street Corp., Series F, 3.72%^(a)(g)		618		618,494


Consumer Finance^(a)(g)— 0.6%
American Express Co., Series C, 3.40%		4,510		4,515,637
Capital One Financial Corp., Series E, 3.93%		5,000		5,017,900


				9,533,537

Diversified Financial Services — 7.0%
Bank of America Corp., Series AA, 6.10%^(a)(g)		8,630		9,690,368
Bank of America Corp., Series U, 5.20%^(a)(f)(g)		5,785		6,017,846
Barclays PLC, 8.00%^(a)(g)		4,500		5,118,750
BNP Paribas SA^(a)(b)(f)(g)
7.20%		5,000		5,337,500
6.75%		5,000		5,170,050
BNP Paribas SA, 7.38%^(a)(b)(g)		4,535		5,286,087
Citigroup, Inc., 5.90%^(a)(g)		2,210		2,332,611
Credit Agricole SA, 8.13%^(a)(b)(g)		5,000		6,075,000
Credit Suisse Group AG, 7.50%^(a)(b)(g)		1,865		2,028,187
HSBC Holdings PLC, 6.50%^(a)(g)		2,615		2,999,091
JPMorgan Chase & Co., 8.75%, 09/01/30		2,000		3,003,950
JPMorgan Chase & Co., Series Q, 5.15%^(a)(g)		4,000		4,130,000


S C H E D U L E O F I N V E S T M E N T S		103

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
JPMorgan Chase & Co.^(a)(f)(g)
Series R, 6.00%	$	7,408	$	7,875,630
Series S, 6.75%		9,775		10,839,009
Lloyds Banking Group PLC, 7.50%^(a)(g)		8,285		9,693,450
Natwest Group PLC, 8.00%^(a)(g)		970		1,147,093
Natwest Group PLC, 8.63%^(a)(f)(g)		5,135		5,172,075
Societe Generale SA, 7.38%^(a)(b)(g)		1,980		1,997,424
UBS Group AG, 7.00%^(a)(b)(f)(g)		7,500		8,259,375


				102,173,496

Electric Utilities — 0.6%
PPL Capital Funding, Inc., Series A, 2.81%, 03/30/67^(a)(e)		8,300		8,154,750


Insurance — 1.5%
ACE Capital Trust II, 9.70%, 04/01/30^(f)		7,000		10,683,756
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%, 04/01/27		5,000		5,125,985
MetLife, Inc., 6.40%, 12/15/36		5,000		6,421,613


				22,231,354

Oil, Gas & Consumable Fuels — 0.2%
Enterprise Products Operating LLC, 2.91%, 06/01/67^(a)		2,500		2,275,000


Wireless Telecommunication Services — 0.4%
Vodafone Group PLC, 7.00%, 04/04/79^(a)		4,745		5,749,660


Total Capital Trusts — 14.5%				212,064,081


	Shares

Preferred Stocks — 3.2%

Banks^(a)(g)— 2.0%
Citigroup, Inc., Series K, 6.88%		488,320		13,990,368
Wells Fargo & Co., Series Q, 5.85%		550,500		15,166,275


				29,156,643

Capital Markets^(a)(g)— 0.7%
Goldman Sachs Group, Inc., Series J, 5.50%		162,450		4,451,130
State Street Corp., Series D, 5.90%		220,495		6,317,182


				10,768,312

Equity Real Estate Investment Trusts (REITs) — 0.1%
Vornado Realty Trust, Series K, 5.70%^(g)		50,000		1,301,000


Interactive Media & Services — 0.4%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $3,526,645)^(c)(d)		32,185		5,459,703


Total Preferred Stocks — 3.2%				46,685,658


Total Preferred Securities — 17.7% (Cost: $231,715,070)				258,749,739


Total Long-Term Investments — 138.1% (Cost: $1,794,833,892)				2,023,069,601


Security	Shares		Value


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%^(j)(k)		10,753,181	$	10,753,181


Total Short-Term Securities — 0.7% (Cost: $10,753,181)				10,753,181


Options Purchased — 0.1% (Cost: $2,572,876)				1,144,657


Total Investments Before Options Written — 138.9% (Cost: $1,808,159,949)				2,034,967,439


Options Written — (0.0)% (Premiums Received: $(202,613))				(153,796	)


Total Investments, Net of Options Written — 138.9% (Cost: $1,807,957,336)				2,034,813,643

Liabilities in Excess of Other Assets — (38.9)%				(569,724,990	)


Net Assets — 100.0%			$	1,465,088,653

^(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)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $6,083,999, representing 0.4% of its net assets as of period end, and an original cost of $3,668,675.

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

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

^(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⁾	When-issued security.

^(j)	Affiliate of the Trust.

^(k)	Annualized 7-day yield as of period end.


104		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

Affiliates



Affiliated Issuer	Value at 12/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	24,122,699	$	—	$	(13,369,518	)^(a)	$	—	$	—	$	10,753,181		10,753,181	$	1,368	$	—

^(a)

Represents net amount purchased (sold).

Reverse Repurchase Agreements

Interest

Trade

Maturity

Face Value

Including

Type of Non-Cash Underlying

Remaining

Contractual Maturity

Counterparty

Rate

Date

^(a)

Face Value

Accrued Interest

Collateral

of the Agreements^(a

⁾

J.P. Morgan Securities LLC

0.75

%^(b)

03/19/21

Open

580,520

581,778

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

^(b)

04/06/21

Open

6,348,862

6,357,107

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

^(b)

04/06/21

Open

13,856,017

13,875,647

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.25

^(b)

04/06/21

Open

449,065

449,330

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

^(b)

04/07/21

Open

5,938,500

5,944,043

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

^(b)

04/07/21

Open

6,277,500

6,283,359

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

^(b)

04/07/21

Open

948,750

949,636

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

^(b)

04/07/21

Open

4,281,446

4,285,442

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

^(b)

04/07/21

Open

5,018,488

5,023,171

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.40

^(b)

04/07/21

Open

5,256,250

5,261,156

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

^(b)

04/07/21

Open

5,372,812

5,377,827

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

^(b)

04/07/21

Open

1,174,668

1,176,312

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

^(b)

04/07/21

Open

8,327,620

8,333,449

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

^(b)

04/07/21

Open

3,002,889

3,006,042

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

^(b)

04/07/21

Open

3,880,000

3,884,074

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

^(b)

04/07/21

Open

1,436,120

1,437,628

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

^(b)

04/07/21

Open

3,478,954

3,482,607

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.60

^(b)

04/07/21

Open

1,013,528

1,014,946

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.60

^(b)

04/07/21

Open

2,067,086

2,069,980

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

04/07/21

Open

2,701,350

2,704,186

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

^(b)

04/08/21

Open

5,281,250

5,288,028

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

04/12/21

Open

8,966,700

8,975,555

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

04/12/21

Open

9,273,600

9,282,758

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

04/12/21

Open

2,878,758

2,881,600

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

04/12/21

Open

18,564,594

18,582,926

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

04/12/21

Open

2,893,359

2,896,216

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

04/12/21

Open

3,129,503

3,135,340

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

04/12/21

Open

10,242,900

10,262,006

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.28

^(b)

04/13/21

Open

3,841,375

3,843,735

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.28

^(b)

04/29/21

Open

3,283,556

3,285,140

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.30

^(b)

04/29/21

Open

3,242,969

3,244,644

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.30

^(b)

04/29/21

Open

3,505,781

3,507,593

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

^(b)

05/03/21

Open

1,746,420

1,747,708

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

05/14/21

Open

4,558,200

4,559,902

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

05/14/21

Open

4,591,231

4,592,945

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.42

^(b)

05/14/21

Open

3,550,564

3,552,552

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.30

^(b)

06/02/21

Open

513,600

513,778

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.30

^(b)

06/02/21

Open

4,241,013

4,242,479

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.43

^(b)

06/02/21

Open

1,082,500

1,082,862

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

06/02/21

Open

5,693,750

5,695,743

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

06/02/21

Open

3,078,125

3,079,202

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

^(b)

06/02/21

Open

3,740,625

3,742,506

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

^(b)

06/02/21

Open

4,749,875

4,752,263

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.65

^(b)

06/02/21

Open

2,073,945

2,074,993

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

06/03/21

Open

1,571,876

1,572,407

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

06/03/21

Open

9,887,500

9,890,837

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.65

^(b)

06/03/21

Open

651,758

652,075

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		105

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Interest

Trade

Maturity

Face Value
Including

Type of Non-Cash Underlying

Remaining

Contractual Maturity

Counterparty

Rate

Date

^(a)

Face Value

Accrued Interest

Collateral

of the Agreements^(a

⁾

BNP Paribas S.A.

0.65

%^(b)

06/03/21

Open

15,300,495

15,307,954

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/08/21

Open

5,772,962

5,774,021

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/08/21

Open

5,652,460

5,653,497

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/08/21

Open

4,839,244

4,840,131

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

9,511,500

9,513,128

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

2,075,000

2,075,355

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

2,205,000

2,205,377

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

6,579,125

6,580,251

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

7,044,375

7,045,580

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

4,261,469

4,262,198

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

7,164,912

7,166,138

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

7,660,087

7,661,398

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

21,711,780

21,715,495

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

2,892,500

2,892,995

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

7,543,594

7,544,885

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/08/21

Open

3,437,528

3,438,116

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

^(b)

06/08/21

Open

4,698,750

4,699,899

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

^(b)

06/08/21

Open

10,273,525

10,276,036

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

^(b)

06/08/21

Open

3,847,575

3,848,516

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/09/21

Open

9,371,781

9,373,421

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/09/21

Open

6,824,620

6,825,814

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

06/09/21

Open

7,402,500

7,404,659

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

06/09/21

Open

17,086,781

17,091,765

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

06/09/21

Open

479,400

479,540

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

7,642,500

7,643,748

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

3,942,256

3,942,900

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

790,149

790,278

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

6,460,000

6,461,055

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

5,700,000

5,700,931

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

7,537,500

7,538,731

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

15,750,000

15,752,572

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

8,613,469

8,614,876

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

5,556,937

5,557,845

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

10,390,000

10,391,697

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

8,819,475

8,820,916

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

15,660,000

15,662,558

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

3,591,000

3,591,587

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

14,737,500

14,739,907

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

9,320,375

9,321,897

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

9,784,462

9,786,061

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

^(b)

06/09/21

Open

8,370,000

8,371,367

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

^(b)

06/10/21

Open

2,696,760

2,697,389

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(3.00

)^(b)

06/11/21

Open

468,374

467,710

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/11/21

Open

5,347,781

5,348,539

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/11/21

Open

3,905,000

3,905,553

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/11/21

Open

4,987,500

4,988,207

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/11/21

Open

6,082,182

6,083,044

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/11/21

Open

10,063,494

10,064,919

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.30

^(b)

06/11/21

Open

5,075,000

5,075,719

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

06/11/21

Open

1,692,143

1,692,542

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

^(b)

06/11/21

Open

1,931,250

1,931,752

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(3.00

)^(b)

06/11/21

Open

206,483

206,190

Corporate Bonds

Open/Demand

BNP Paribas S.A.

(1.00

)^(b)

06/22/21

Open

111,925

111,900

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

06/29/21

Open

6,796,875

6,796,969

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

06/29/21

Open

4,212,500

4,212,559

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

06/29/21

Open

5,906,250

5,906,332

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

06/29/21

Open

4,468,750

4,468,812

Capital Trusts

Open/Demand

588,500,605

588,758,744

^(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.


106		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
Ultra U.S. Treasury Bond		98		09/21/21	$	18,865	$	801,308


Short Contracts
10-Year U.S. Treasury Note		1,679		09/21/21		222,336		(1,282,174	)
10-Year U.S. Ultra Long Treasury Note		68		09/21/21		10,000		(164,362	)
U.S. Long Bond		107		09/21/21		17,180		(523,452	)
5-Year U.S. Treasury Note		127		09/30/21		15,670		49,416


								(1,920,572	)


							$	(1,119,264	)

Exchange-Traded Options Purchased



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

Call
Financial Select Sector SPDR Fund		10,827		07/02/21	USD	38.00	USD	39,724	$	16,241
Energy Select Sector SPDR Fund		3,412		07/16/21	USD	56.00	USD	18,380		151,834
SPDR S&P 500 ETF Trust		2,107		07/16/21	USD	432.00	USD	90,192		364,511
Financial Select Sector SPDR Fund		8,770		07/23/21	USD	37.50	USD	32,177		267,485
Alerian MLP ETF		7,352		07/30/21	USD	40.50	USD	26,769		91,900
Energy Select Sector SPDR Fund		2,707		08/20/21	USD	58.00	USD	14,583		243,630


									$	1,135,601

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Put

30-Year Interest Rate Swap, 08/15/51

2.50%

Semi-Annual

3-Month
LIBOR, 0.15%

Quarterly

JPMorgan Chase
Bank N.A.

08/13/21

2.50

USD

40,000

9,056

Exchange-Traded Options Written



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

Call
Energy Select Sector SPDR Fund		3,412		07/16/21	USD	59.00	USD	18,380	$	(35,826	)
Alerian MLP ETF		7,352		07/30/21	USD	43.00	USD	26,769		(36,760	)
Energy Select Sector SPDR Fund		2,707		08/20/21	USD	63.00	USD	14,583		(81,210	)


									$	(153,796	)

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



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation			Value

Options Written	$	N/A	$	N/A	$	61,938	$	(13,121	)	$	(153,796	)


S C H E D U L E O F I N V E S T M E N T S		107

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	850,724	$	—	$	850,724
Options purchased
Investments at value — unaffiliated^(b)		—		—		1,135,601		—		9,056		—		1,144,657


	$	—	$	—	$	1,135,601	$	—	$	859,780	$	—	$	1,995,381

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	1,969,988	$	—	$	1,969,988
Options written
Options written at value		—		—		153,796		—		—		—		153,796


	$	—	$	—	$	153,796	$	—	$	1,969,988	$	—	$	2,123,784

^(a)

^(b)

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

For the six months ended June 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—		$	—	$	—	$	3,269,108		$	—	$	3,269,108
Options purchased^(a)		—		—			5,809,438		—		(2,429,396	)		—		3,380,042
Options written		—		—			957,279		—		571,397			—		1,528,676
Swaps		—		(79,350	)		—		—		—			—		(79,350	)


	$	—	$	(79,350	)	$	6,766,717	$	—	$	1,411,109		$	—	$	8,098,476

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	—	$	—	$	(1,095,212	)	$	—	$	(1,095,212	)
Options purchased^(b)		—		—			794,393		—		156,174			—		950,567
Options written		—		—			136,375		—		—			—		136,375
Swaps		—		75,621			—		—		—			—		75,621


	$	—	$	75,621		$	930,768	$	—	$	(939,038	)	$	—	$	67,351

^(a)

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

^(b)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	18,312,219
Average notional value of contracts — short	$	268,656,578
Options
Average value of option contracts purchased	$	1,487,500
Average value of option contracts written	$	208,164
Average notional value of swaption contracts purchased	$	40,000,000
Credit default swaps
Average notional value — buy protection	$	6,287,500

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


108		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

Derivative Financial Instruments — Offsetting as of Period End

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



	Assets			Liabilities

Derivative Financial Instruments
Futures contracts	$	91,875		$	335,915
Options		1,144,657	^(a)		153,796


Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,236,532			489,711


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,227,476	)		(489,711	)


Total derivative assets and liabilities subject to an MNA	$	9,056		$	—

^(a)

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

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



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

JPMorgan Chase Bank N.A.	$	9,056	$	—	$	—	$	—	$	9,056

^(a)

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	82,374,175	$	2,096,018	$	84,470,193
Common Stocks
Oil, Gas & Consumable Fuels		715,452		624,296		—		1,339,748
Corporate Bonds		—		1,635,795,195		1,558,620		1,637,353,815
Floating Rate Loan Interests		—		864,689		—		864,689
Foreign Agency Obligations		—		27,111,417		—		27,111,417
Municipal Bonds		—		13,180,000		—		13,180,000
Preferred Securities
Capital Trusts		—		212,064,081		—		212,064,081
Preferred Stocks		41,225,955		—		5,459,703		46,685,658
Short-Term Securities
Money Market Funds		10,753,181		—		—		10,753,181
Options Purchased
Equity Contracts		1,135,601		—		—		1,135,601
Interest Rate Contracts		—		9,056		—		9,056


	$	53,830,189	$	1,972,022,909	$	9,114,341	$	2,034,967,439

Derivative Financial Instruments^(a)
Assets
Interest Rate Contracts	$	850,724	$	—	$	—	$	850,724


S C H E D U L E O F I N V E S T M E N T S		109

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Credit Allocation Income Trust (BTZ)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2		Level 3		Total

Liabilities
Equity Contracts	$	(153,796	)	$	—	$	—	$	(153,796	)
Interest Rate Contracts		(1,969,988	)		—		—		(1,969,988	)


	$	(1,273,060	)	$	—	$	—	$	(1,273,060	)

^(a)

Derivative financial instruments are futures contracts and options written. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $588,758,744 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.


110		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Shares		Value

Common Stocks

Auto Components — 0.0%
Lear Corp.			89	$	15,600


Construction & Engineering — 0.0%
McDermott International Ltd.^(a)			76,644		37,556


Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.^(b)			546		8,081


Household Durables — 0.0%
Berkline Benchcraft Equity LLC^(b)			6,155		—


Media — 0.1%
Clear Channel Outdoor Holdings, Inc.^(a)			72,096		190,334


Metals & Mining — 0.0%
Ameriforge Group, Inc.			832		18,304
Preferred Proppants LLC^(b)			7,476		710


					19,014

Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp.^(a)			1,252		37,735


Software — 0.0%
Avaya Holdings Corp.^(a)			40		1,076


Specialty Retail — 0.1%
NMG Parent LLC			2,218		276,511


Total Common Stocks — 0.2% (Cost: $2,784,923)					585,907


		Par (000)

Corporate Bonds

Airlines^(c)— 0.4%
Allegiant Travel Co., 8.50%, 02/05/24	USD		740		799,200
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26			347		367,386


					1,166,586

Auto Components — 0.1%
Clarios Global LP, 6.75%, 05/15/25^(c)			275		292,870


Automobiles — 0.0%
AutoNation, Inc., 4.75%, 06/01/30			87		102,895


Beverages — 0.1%
Triton Water Holdings, Inc., 6.25%, 04/01/29^(c)			252		252,630


Building Materials — 0.0%
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(c)			73		77,557


Chemicals — 0.0%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(c)			32		35,681


Construction Materials^(c)— 0.3%
Core & Main LP, 6.13%, 08/15/25			140		142,800
Wolverine Escrow LLC, 9.00%, 11/15/26			950		926,250


					1,069,050


Security		Par (000)		Value

Consumer Finance — 0.1%
PayPal Holdings, Inc., 1.65%, 06/01/25	USD		261	$	267,864


Diversified Telecommunication Services^(c)— 0.5%
Zayo Group Holdings, Inc.
4.00%, 03/01/27			1,233		1,224,517
6.13%, 03/01/28			155		158,294


					1,382,811

Electric Utilities — 0.0%
Pike Corp., 5.50%, 09/01/28^(c)			89		92,560
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 11/10/21^(b)			1,050		—


					92,560

Energy Equipment & Services^(b)(c)(d)— 0.1%
Pioneer Energy Services Corp.
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25			216		217,274
(5.00% PIK), 5.00%, 11/15/25			160		178,088


					395,362

Equity Real Estate Investment Trusts (REITs) — 0.0%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.63%, 06/15/25^(c)			85		90,811


Hotels, Restaurants & Leisure — 0.1%
Marriott International, Inc., Series EE, 5.75%, 05/01/25			233		268,952


Household Products — 0.0%
Berkline Benchcraft LLC, 4.50%, 06/01/22^(b)(e)			400		—


Internet Software & Services — 0.0%
Uber Technologies, Inc., 6.25%, 01/15/28^(c)			137		147,441


Machinery^(c)— 0.4%
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(d)			561		608,685
Madison IAQ LLC, 5.88%, 06/30/29			499		507,732


					1,116,417

Media^(c)— 0.3%
Liberty Broadband Corp., 2.75%, 09/30/50^(f)			315		330,725
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(d)			120		118,237
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26			353		365,355


					814,317

Oil, Gas & Consumable Fuels — 0.1%
eG Global Finance PLC, 8.50%, 10/30/25^(c)			182		192,381


Semiconductors & Semiconductor Equipment — 0.0%
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25^(c)			47		49,432


Software — 0.1%
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26^(c)			162		169,695


Total Corporate Bonds — 2.6% (Cost: $7,600,167)					7,985,312


S C H E D U L E O F I N V E S T M E N T S		111

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Floating Rate Loan Interests^(e)

Aerospace & Defense — 5.7%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 04/28/28	USD		3,932	$	3,941,935
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 6.00%, 05/25/28			800		801,750
Bleriot US Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 4.15%, 10/30/26			445		445,322
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.65%, 04/06/26			1,252		1,218,855
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.65%, 04/06/26			2,329		2,267,069
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 5.63%, 04/09/26^(b)			463		444,058
Peraton Holding Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 0.75%, 0.75% Floor), 8.50%, 02/01/29^(b)			1,396		1,423,920
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28			4,243		4,251,968
Spirit Aerosystems, Inc., 2020 Term Loan B, (1 mo. LIBOR + 5.25%, 0.75% Floor), 6.00%, 01/15/25			614		617,242
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.35%, 12/09/25			1,966		1,935,098


					17,347,217

Air Freight & Logistics — 0.8%
AIT Worldwide Logistics, Inc, 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/06/28			295		294,540
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			2,131		2,088,189


					2,382,729

Airlines — 2.3%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28			786		818,815
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 01/29/27			241		229,916
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 2.07%, 12/14/23			1,213		1,182,814
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 2.10%, 04/28/23			753		733,819
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27			1,472		1,570,860
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/21/28			2,306		2,334,402


					6,870,626

Auto Components — 2.9%
Adient US LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 04/08/28			508		507,843
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/30/26			2,843		2,814,876
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 01/31/28			1,552		1,551,334


Security		Par (000)		Value

Auto Components (continued)
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 3.15%, 05/16/24	USD		2,349	$	2,325,693
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 3.40%, 12/02/26			134		132,646
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 02/05/26			1,605		1,584,106


					8,916,498

Automobiles — 0.1%
MajorDrive Holdings IV LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 05/12/28			305		305,095


Building Materials — 0.1%
CHI Overhead Doors, Inc, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.50%, 07/31/25			112		112,153
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/12/28			263		262,181


					374,334

Building Products — 1.6%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/23/27			1,524		1,519,257
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24			1,067		1,065,206
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			328		328,557
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/19/26			1,976		1,974,287


					4,887,307

Capital Markets — 2.6%
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 4.75%, 04/09/27			3,592		3,604,984
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 04/07/28^(b)			1,114		1,139,065
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/12/27			877		875,771
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 2.60%, 06/27/25			513		511,402
Focus Financial Partners LLC
2021 Delayed Draw Term Loan, 3.00%, 06/24/28			172		171,772
2021 Term Loan, 06/24/28^(g)			747		744,346
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/12/24^(b)			814		811,173


					7,858,513

Chemicals — 6.1%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26			1,583		1,603,583
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 03/18/28			2,155		2,142,889
Axalta Coating Systems US Holdings Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 1.90%, 06/01/24			1,146		1,137,992


112		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/24^(b)	USD		717	$	709,617
Element Solutions, Inc., 2021 Term Loan B, 01/31/26^(g)			1,243		1,240,676
Encapsys LLC, 2020 Term Loan B2, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.25%, 11/07/24			760		759,187
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 06/30/27			915		909,127
Invictus US LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/28/25			472		471,427
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.85%, 03/30/26			526		525,738
Klockner-Pentaplast of America, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.50% Floor), 5.25%, 02/09/26^(b)			792		795,975
Lonza Group AG, USD Term Loan B, 04/29/28^(g)			643		643,347
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 2.65%, 03/02/26			1,597		1,584,588
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/14/24^(b)			262		262,587
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/15/24			1,065		1,057,659
NIC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/29/27			456		454,577
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.50%), 3.63%, 10/14/24			1,078		1,071,021
PQ Corp., 2021 Term Loan B, 05/26/28^(g)			1,083		1,082,101
Pregis TopCo Corp., 2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 08/01/26			438		437,691
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27			800		803,339
Sparta US Holdco LLC, 2021 Term Loan, 2021 Term Loan, 05/04/28^(g)			716		716,222
Starfruit Finco BV, 2018 USD Term Loan B, (PRIME + 1.75%), 3.13%, 10/01/25			122		121,373


					18,530,716

Commercial Services & Supplies — 5.0%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 05/12/28			2,335		2,340,775
Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.85%, 03/11/25			95		94,106
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 3.10%, 11/03/23			1,467		1,458,567
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.10%, 11/03/24			701		693,638
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.35%, 12/23/26			490		484,184
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 5.35%, 01/31/28			689		693,578
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/26/26			1,213		1,207,498
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.35%, 12/12/25			1,588		1,587,523


Security		Par (000)		Value

Commercial Services & Supplies (continued)
Diamond (BC) BV, USD Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 09/06/24	USD		1,009	$	1,002,729
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/09/25			331		328,179
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/03/23			265		236,178
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			607		598,030
Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 03/09/28			1,088		1,083,055
Prime Security Services Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 09/23/26			1,230		1,228,434
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.10%, 08/27/25			2,164		2,167,722


					15,204,196

Communications Equipment — 0.2%
Avantor Funding, Inc., USD Term Loan B3, (1 mo. LIBOR + 2.00%, 1.00% Floor), 3.00%, 11/21/24			462		461,464


Construction & Engineering — 2.1%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			2,503		2,460,305
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 01/21/28			644		642,484
SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 06/02/28			2,112		2,109,656
USIC Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 05/12/28			1,094		1,090,879


					6,303,324

Construction Materials — 2.5%
Core & Main LP
2017 Term Loan B, (3 mo. LIBOR + 2.00%, 1.00% Floor), 3.75%, 08/01/24			1,521		1,519,051
2021 Term Loan B, 2.75%, 06/09/28			2,727		2,708,569
Filtration Group Corp.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/29/25			1,487		1,473,345
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/29/25			746		746,360
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.00%, 10/25/23			704		703,450
Tamko Building Products, Inc., Term Loan B, (1 mo. LIBOR + 3.00%), 3.13%, 05/29/26			543		540,930


					7,691,705

Containers & Packaging — 2.0%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/03/24			1,493		1,456,092
Charter NEX US, Inc.
2020 Term Loan, (1 mo. LIBOR + 4.25%), 0.00%, 12/01/27			—		—
2021 Term Loan, 12/01/27^(g)			2,597		2,600,071
Flex Acquisition Co., Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 03/02/28			1,261		1,255,357


S C H E D U L E O F I N V E S T M E N T S		113

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Containers & Packaging (continued)
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 4.10%, 08/01/26	USD		385	$	384,434
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/18/27			507		505,822


					6,201,776

Distributors — 1.0%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.10%, 01/15/27			915		907,864
TMK Hawk Parent Corp.
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 2.25%, 1.00% Floor), 10.50%, 05/30/24^(b)			585		573,665
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/28/24			1,920		1,705,531


					3,187,060

Diversified Consumer Services — 2.4%
Ascend Learning LLC
2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24			305		304,251
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/12/24			627		627,260
Bright Horizons Family Solutions LLC, 2017 Term Loan B, (1 mo. LIBOR + 1.75%, 1.00% Floor), 2.50%, 11/07/23			1,142		1,137,559
Frontdoor, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.25%), 2.35%, 05/20/28			452		452,000
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 3.85%, 07/11/25			1,602		1,569,524
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 12/22/25			1,036		1,008,692
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (1 mo. LIBOR + 2.25%), 2.32%, 05/15/24			694		689,701
PAI Holdco, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/28/27			222		222,790
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23			290		293,327
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23			455		433,952
Voyage Australia Property Ltd., USD Term Loan B, 06/16/28^(b)(g)			461		461,000


					7,200,056

Diversified Financial Services — 9.4%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.60%, 07/31/26			866		866,957
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 03/10/28^(b)			526		525,374
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 02/04/28			1,521		1,514,220
AQGEN Ascensus, Inc., 2021 2nd Lien Term Loan, 6.25%, 05/04/29^(b)			1,557		1,541,430
AQGEN Island Holdings, Inc., Term Loan, 05/20/28^(g)			1,744		1,738,559
Belron Finance US LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 04/13/28			1,727		1,723,571


Security		Par (000)		Value

Diversified Financial Services (continued)
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28	USD		412	$	416,635
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			2,261		2,265,251
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 4.15%, 02/07/25			564		559,034
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 02/16/28			527		528,088
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.50%, 07/03/24			1,040		1,033,336
LBM Acquisition LLC
2021 Incremental Delayed Draw Term Loan B2, 4.50%, 12/17/27			257		254,751
2021 Incremental Term Loan B2, 12/17/27			514		509,503
Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			87		86,601
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			589		584,559
LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/02/27			629		629,666
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			3,483		3,491,160
RV Retailer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 02/08/28^(b)			577		577,996
SMG US Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 2.66%, 01/23/25			954		920,438
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 4.40%, 07/30/25			1,432		1,378,876
Therma Intermediate LLC, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/16/27			432		432,486
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25			4,468		4,491,409
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 02/28/27			917		913,229
White Cap Buyer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			766		767,108
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 2.57%, 04/30/28			1,003		991,857


					28,742,094

Diversified Telecommunication Services — 3.0%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/30/27			354		354,220
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/02/27			497		497,568
Frontier Communications Corp., 2021 DIP Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/01/28			1,235		1,234,909
GCI LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 10/15/25			760		758,354
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			245		248,472
2020 DIP Term Loan, (PRIME + 4.75%, 1.00% Floor), 6.50%, 07/13/22			85		85,314


114		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Iridium Satellite LLC, 2021 Term Loan B, (1 mo. LIBOR + 6.75%, 1.00% Floor), 3.75%, 11/04/26	USD		1,077	$	1,078,282
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 03/01/27			1,183		1,163,988
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/15/24			1,414		1,411,979
Orbcomm, Inc., Term Loan B, 06/17/28^(g)			454		452,865
TDC A/S, EUR Term Loan, (6 mo.EURIBOR + 3.00%), 3.00%, 06/04/25	EUR		819		964,960
Virgin Media SFA Finance Ltd., GBP Term Loan L, (LIBOR - GBP + 3.25%), 3.31%, 01/15/27	GBP		600		817,621


					9,068,532

Electric Utilities — 1.2%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 12/15/27	USD		818		817,485
Triton Water Holdings, Inc, Term Loan, 03/31/28^(g)			2,800		2,796,108


					3,613,593

Electrical Equipment — 0.7%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, 06/23/28^(g)			536		536,338
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 03/31/27			1,514		1,506,271


					2,042,609

Electronic Equipment, Instruments & Components — 0.1%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 02/12/25			417		417,022


Energy Equipment & Services — 0.1%
Dell International LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%, 0.25% Floor), 2.00%, 09/19/25			357		357,349


Entertainment — 0.4%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25^(b)			1,217		1,253,391


Environmental, Maintenance, & Security Service — 0.7%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 09/07/27			1,229		1,223,935
TruGreen Limited Partnership, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27			758		760,371


					1,984,306

Equity Real Estate Investment Trusts (REITs) — 0.6%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 05/11/24			445		439,975
VICI Properties LLC, Replacement Term Loan B, (1 mo. LIBOR + 1.75%), 1.84%, 12/20/24			1,529		1,515,284


					1,955,259

Food & Staples Retailing — 1.0%
H Food Holdings LLC, 2018 Incremental Term Loan B2, (1 mo. LIBOR + 4.00%), 4.10%, 05/23/25			458		456,061
Hearthside Food Solutions LLC 2018 Term Loan B, (1 mo. LIBOR + 3.68%), 3.79%, 05/23/25			518		514,921


Security		Par (000)		Value

Food & Staples Retailing (continued)
Hearthside Food Solutions LLC (continued)
2020 Incremental Term Loan B3, (1 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/23/25	USD		102	$	101,843
US Foods, Inc.
2016 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 06/27/23			1,456		1,440,333
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 09/13/26			399		392,873


					2,906,031

Food Products — 2.7%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.59%, 10/01/25			670		667,218
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.60%, 10/10/26			262		261,993
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/23/27			1,912		1,914,747
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.35%, 01/29/27			2,213		2,177,722
JBS USA LUX SA, 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 05/01/26			318		317,118
Reynolds Group Holdings, Inc.
2017 Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 02/05/23			1,182		1,179,509
2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 3.35%, 02/05/26			250		248,595
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 06/08/28			1,132		1,136,272
UTZ Quality Foods LLC, 2021 Term Loan B, 01/20/28^(g)			427		425,976


					8,329,150

Health Care Equipment & Supplies — 1.0%
Avantor Funding, Inc., 2020 Incremental Term Loan B4, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 11/06/27			1,276		1,275,054
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 05/04/28			479		479,302
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.09%, 06/30/25			1,282		1,281,213


					3,035,569

Health Care Providers & Services — 3.7%
AHP Health Partners, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/30/25			491		491,626
CCRR Parent, Inc, Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 03/06/28			828		832,065
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 06/07/23			1,147		1,145,887
Da Vinci Purchaser Corp., 2019 Term Loan, 01/08/27^(g).			743		744,857
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/10/25			1,193		1,018,690
EyeCare Partners LLC
2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.25%), 8.35%, 02/18/28			780		746,850


S C H E D U L E O F I N V E S T M E N T S		115

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
EyeCare Partners LLC (continued)
2020 Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 02/18/27	USD		1,053	$	1,042,798
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 4.65%, 03/05/26			654		625,967
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 08/06/26			2,642		2,641,742
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/07/23			305		303,742
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 02/14/25			33		32,882
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 12/13/26			1,564		1,556,837


					11,183,943

Health Care Services — 1.2%
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 3.69%, 07/25/26			1,289		1,280,951
Unified Physician Management LLC, 2020 Term Loan, 12/18/27^(b)(g)			1,154		1,155,235
WP CityMD Bidco LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 08/13/26			1,098		1,099,318


					3,535,504

Health Care Technology — 3.0%
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.41%, 02/11/26			226		226,928
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24			899		897,582
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 10/10/25			1,362		1,352,418
Polaris Newco LLC, USD Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 06/04/28			3,314		3,321,418
Press Ganey Holdings, Inc., 2021 Term Loan B, 07/25/26^(g)			1,049		1,050,426
Quintiles IMS, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 1.85%, 03/07/24			307		304,717
Verscend Holdings Corp., 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 7.50%, 02/01/29^(b)			1,902		1,921,020


					9,074,509

Hotels, Restaurants & Leisure — 7.8%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.85%, 11/19/26			1,013		998,742
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 02/02/26			265		258,549
Aristocrat Leisure Ltd., 2020 Incremental Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/24			615		615,337
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 2.34%, 09/15/23			700		698,498
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 12/23/24			1,266		1,254,071
2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.60%, 07/20/25			2,234		2,239,339


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
CCM Merger, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/04/25	USD		385	$	384,526
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 2.11%, 03/10/28^(b)			484		478,950
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.25%, 03/31/28^(b)			573		584,460
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/08/24			2,769		2,649,088
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.10%, 11/30/23			832		828,501
Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, (3.00% PIK), 5.25%, 12/01/23^(d)			96		95,684
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			1,047		1,038,393
Golden Nugget, Inc., 2020 Initial Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23^(b)			110		121,749
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.75%, 08/25/25^(b)			367		369,061
IRB Holding Corp, 2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27			2,997		2,994,980
IRB Holding Corp., 2020 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/05/25			983		980,979
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/29/24			359		344,608
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 03/11/28			1,223		1,216,686
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.85%, 08/14/24			795		789,309
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.65%, 07/10/25			544		543,992
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.25% Floor), 2.50%, 02/08/27			1,279		1,263,643
Travelport Finance (Luxembourg) Sarl
2019 Term Loan, (3 mo. LIBOR + 5.00%), 5.20%, 05/29/26			1,376		1,253,218
2020 Super Priority Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 3.50%, 02/28/25			815		853,706
Whatabrands LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.83%, 08/02/26			584		581,450
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 05/30/25			341		338,174


					23,775,693

Household Durables — 1.3%
ACProducts Holdings, Inc., 2021 Term Loan B, (6 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 05/17/28			2,158		2,145,678
Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 02/04/27			941		932,792
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27			735		736,224


					3,814,694

Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 03/03/28^(b)			333		331,658


116		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Independent Power and Renewable Electricity Producers — 0.5%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 01/15/25	USD		315	$	310,895
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.10%, 08/12/26			473		466,731
Term Loan B9, (1 mo. LIBOR + 2.00%), 2.11%, 04/06/26			880		868,197


					1,645,823

Industrial Conglomerates — 2.2%
AVSC Holding Corp.^(d)
2020 Term Loan B1, (0.25% PIK), 2.25%, 03/03/25			2,346		2,147,040
2020 Term Loan B3, (10.00% PIK), 7.50%, 10/15/26			732		873,169
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23			810		814,880
Vertical Midco GmbH, USD Term Loan B, (6 mo. LIBOR + 4.25%), 4.48%, 07/29/27			1,185		1,185,550
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 2.84%, 03/02/27			1,833		1,820,307


					6,840,946

Insurance — 3.7%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 05/09/25			1,798		1,777,320
2020 Term Loan B3, 11/06/27^(g)			926		926,821
Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 05/09/25			635		627,577
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/19/28			1,529		1,519,134
AssuredPartners Capital, Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/13/27			419		418,909
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 02/13/27			633		629,785
2021 Term Loan B, 02/12/27^(g)			193		193,097
HUB International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 04/25/25			1,783		1,762,420
2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 04/25/25			543		542,323
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 09/01/27			1,015		1,014,373
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 12/31/25			492		486,455
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/03/26			743		741,339
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			517		517,594


					11,157,147

Interactive Media & Services — 3.0%
Adevinta ASA, USD Term Loan B, 04/20/28^(g)			1,545		1,544,808
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 12/06/27			1,475		1,469,886


Security		Par (000)		Value

Interactive Media & Services (continued)
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26	USD		1,763	$	1,763,140
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.10%, 08/10/27			458		454,759
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			3,967		4,023,271


					9,255,864

Internet & Direct Marketing Retail — 0.6%
CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27			1,684		1,683,780


Internet Software & Services — 0.4%
Uber Technologies, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 02/25/27			1,311		1,309,381


IT Services — 6.9%
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 11/24/28			885		887,947
2020 USD Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/24/27			478		478,997
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/02/25			1,274		1,265,704
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 10/31/26			1,532		1,524,352
Celestial -Saturn Parent, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 7.00%, 04/13/29^(b)			783		786,915
CoreLogic, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 06/04/28			2,284		2,276,006
Fleetcor Technologies Operating Company, LLC, 2021 Term Loan B4, 04/28/28^(g)			305		304,366
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27			3,459		3,465,671
GreenSky Holdings LLC, 2020 Term Loan B2, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/29/25^(b)			962		954,520
Maximus, Inc., Term Loan B, 05/28/28^(g)			625		624,481
Optiv Security, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/01/24			625		609,572
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.38%, 08/01/25			605		540,180
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 02/12/27			1,580		1,541,389
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/09/28			2,590		2,670,937
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/05/26			597		595,717
Trans Union LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.85%, 11/16/26			1,163		1,154,887
Virtusa Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/11/28.			651		653,322
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 2.35%, 03/31/28			609		604,524


					20,939,487


S C H E D U L E O F I N V E S T M E N T S		117

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Leisure Products — 0.2%
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/19/24	USD		621	$	599,825


Life Sciences Tools & Services — 2.8%
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27			2,742		2,753,148
Icon Luxembourg Sarl^(g)
1st Lien Term Loan B, 06/16/28			456		456,237
Term Loan B, 06/16/28			1,828		1,831,166
Maravai Intermediate Holdings LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/27			765		767,569
PPD, Inc., Initial Term Loan, (1 mo. LIBOR + 2.25%, 0.50% Floor), 2.75%, 01/13/28			2,738		2,733,428


					8,541,548

Machinery — 2.7%
Clark Equipment Co., 2021 Incremental Term Loan, (3 mo. LIBOR + 2.25%), 2.40%, 05/18/24			843		841,202
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 05/14/28^(b)			266		265,668
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 02/28/27			1,399		1,382,188
Madison IAQ LLC, Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 06/16/28			2,280		2,280,000
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 3.17%, 03/28/25			3,423		3,360,283


					8,129,341

Media — 13.6%
A-L Parent LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			1,791		1,728,189
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 07/15/25			699		686,187
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 2.90%, 01/31/26			965		947,192
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.15%, 08/14/26			2,163		2,157,529
Cable One, Inc., 2021 Term Loan B4, 05/03/28^(g)			306		304,623
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 1.86%, 04/30/25			2,082		2,077,910
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.69%, 08/21/26			4,008		3,910,025
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			5,634		5,637,212
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.32%, 07/17/25			1,326		1,305,996
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.57%, 04/15/27			1,307		1,293,109
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 01/07/28			592		591,397
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.35%, 03/24/25			831		825,869
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.88%, 10/19/26			1,579		1,535,296


Security		Par (000)			Value

Media (continued)
MCC Iowa LLC, Term Loan N, (1 Week LIBOR + 1.75%), 1.85%, 02/15/24	USD		55		$	54,473
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 09/13/24			2,168			2,156,720
2020 Incremental Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.75%, 09/15/24			1,587			1,589,021
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.35%, 02/23/29			764			774,986
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.59%, 09/19/26			828			825,933
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26			1,500			1,500,322
Sinclair Television Group Inc., 2021 Term Loan B3, (1 mo. LIBOR + 3.00%), 3.11%, 04/01/28			518			512,529
Terrier Media Buyer, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 12/17/26			—	^(h)		145
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 3.10%, 09/28/23^(b)			2,539			2,525,878
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 3.07%, 01/31/29			356			353,508
Virgin Media Bristol LLC
2020 USD Term Loan Q, (3 mo. LIBOR + 3.25%), 3.35%, 01/31/29			1,453			1,450,777
USD Term Loan N, (1 mo. LIBOR + 2.50%), 2.57%, 01/31/28			609			603,382
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.86%, 05/18/25			1,829			1,792,696
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 2.23%, 01/20/28			412			408,142
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/09/27			3,846			3,803,249


						41,352,295

Metals & Mining — 0.4%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (3 mo. LIBOR + 4.50%), 4.64%, 07/31/25			1,093			1,083,745


Multi-line Retail — 0.2%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 08/04/24			582			580,857


Oil, Gas & Consumable Fuels — 0.6%
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 12/13/25			896			853,025
EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.15%, 02/07/25			479			474,981
Lealand Finance Company BV, 2020 Take Back Term Loan, (3.00% PIK), 3.00%, 06/30/25^(d)			177			78,975
McDermott Technology Americas, Inc., 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 06/30/24^(b)			25			14,951
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 2.25%, 01/31/28			399			399,251


						1,821,183


118		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Personal Products — 1.5%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 09/25/26	USD		4,506	$	4,520,138


Pharmaceuticals — 3.5%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 3.63%, 05/04/25			1,207		1,182,835
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 02/22/28			1,262		1,263,348
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.84%, 08/01/27			766		753,761
Grifols Worldwide Operations USA, Inc., USD
2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.09%, 11/15/27			1,044		1,033,803
Jazz Financing Lux Sarl, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 04/21/28			1,409		1,412,959
Organon Finance 1 LLC, USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 06/02/28			1,022		1,022,644
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/18/27			812		808,521
Prestige Brands, Inc., 2021 Term Loan B, 06/11/28^(g)			314		314,132
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 06/02/25			2,773		2,760,039


					10,552,042

Professional Services — 1.2%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 02/06/26			3,811		3,791,616


Real Estate Management & Development — 0.7%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 04/18/24			1,265		1,253,696
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 08/21/25			902		893,055
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/08/25			28		28,089


					2,174,840

Road & Rail — 0.3%
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 09/25/25			154		153,812
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 5.62%, 08/04/25			751		710,823


					864,635

Semiconductors & Semiconductor Equipment — 0.1%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 09/19/26			300		298,865


Software — 17.5%
2U, Inc., Term Loan, 11/30/24^(g)			893		877,372
Applied Systems, Inc.
2017 1st Lien Term Loan, (PRIME + 2.25%), 3.77%, 09/19/24			306		304,911
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.75% Floor), 6.25%, 09/19/25			439		444,048
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/25			1,519		1,522,329
2020 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28			535		544,031


Security		Par (000)		Value

Software (continued)
Cloudera, Inc., Term Loan B, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 12/22/27	USD		604	$	603,796
Cornerstone OnDemand, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.34%, 04/22/27			395		394,751
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24			1,155		1,154,757
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.43%, 05/27/24			870		833,475
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/29/23			314		302,973
E2open LLC, 2020 Term Loan B, 10/29/27^(g)			178		178,000
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 8.75%, 07/31/28			1,316		1,357,954
Helios Software Holdings, Inc., 2021 USD Term Loan B, (6 mo. LIBOR + 3.75%), 3.90%, 03/11/28			1,315		1,314,535
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed + 7.12%), 7.13%, 02/25/25			1,093		1,114,860
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 02/25/27			4,594		4,561,678
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, 05/03/28^(g)			2,851		2,848,149
2021 USD 2nd Lien Term Loan, 9.00%, 05/03/29^(b)			1,491		1,472,362
McAfee LLC, 2018 USD Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/30/24			609		608,697
MED ParentCo LP, 2020 Incremental Term Loan B, (1 mo. LIBOR + 6.25%, 1.00% Floor), 7.25%, 08/31/26			535		534,957
Mitchell International, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 11/29/24			307		304,196
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.35%, 12/01/25			752		750,529
2020 Add-On Term Loan, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 12/01/24			1,268		1,272,487
Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			901		902,832
Planview Parent, Inc.
2nd Lien Term Loan, (1 Week LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/17/28			572		569,140
Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			1,334		1,335,419
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.11%, 04/26/24			944		944,925
Proof Point, Inc.^(g)
1st Lien Term Loan, 06/09/28			1,719		1,708,480
2nd Lien Term Loan, 06/08/29			895		902,831
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/22/28			3,803		3,790,192
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 7.25%, 04/22/29			1,825		1,877,579
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.34%, 05/30/25			422		416,900
Sabre GLBL, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			684		686,983
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.25%), 3.33%, 08/01/25			2,411		2,394,808


S C H E D U L E O F I N V E S T M E N T S		119

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27	USD		3,161	$	3,161,779
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26			3,341		3,344,315
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.36%, 03/04/28			1,799		1,823,842
Ultimate Software Group, Inc.
2020 2nd Lien Incremental Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 05/03/27			1,225		1,244,392
2021 Incremental Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 05/03/26			2,254		2,255,448
Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 05/03/26			2,435		2,435,122


					53,095,834

Specialty Retail — 4.5%
Belron Finance US LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.44%, 11/13/25			272		270,325
2019 USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.44%, 10/30/26			665		660,095
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (LIBOR - GBP + 4.75%), 4.83%, 06/23/25	GBP		1,000		1,378,638
EG Group Ltd., 2021 Term Loan, 03/31/26^(g)	USD		354		354,000
Eyemart Express LLC, 2020 2nd Lien Term Loan, 6.25%, 08/04/25			869		864,899
Mavis Tire Express Services Corp., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/04/28			1,876		1,880,690
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.35%, 08/31/26			1,070		1,068,988
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/28			3,651		3,651,913
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			986		972,340
Sotheby’s, Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 01/15/27			2,017		2,026,184
Woof Holdings, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/21/27			340		339,865
WOOF Holdings, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/21/28			345		348,450


					13,816,387

Technology Hardware, Storage & Peripherals — 0.4%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.10%, 07/23/26			858		815,285
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.84%, 04/29/23			349		348,790


					1,164,075

Thrifts & Mortgage Finance — 0.1%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.75%, 05/23/25			457		457,281


Security		Par (000)		Value

Trading Companies & Distributors — 0.7%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 2.60%, 04/23/28	USD		859	$	853,417
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/03/28			947		940,420
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 4.92%, 04/01/28			422		423,283


					2,217,120

Wireless Telecommunication Services — 1.8%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/30/28			684		682,442
Metronet Systems Holdings LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.50%, 05/26/28			397		396,690
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 04/11/25			2,086		2,066,182
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.85%, 06/10/27			2,215		2,214,544


					5,359,858


Total Floating Rate Loan Interests — 145.5% (Cost: $439,861,502)					442,397,435


		Shares

Investment Companies

Fixed Income Funds — 2.4%
Invesco Senior Loan ETF			133,000		2,945,950
iShares iBoxx $ High Yield Corporate Bond ETF^(i)(j)			28,000		2,465,120
iShares iBoxx $ Investment Grade Corporate Bond ETF^(i)(j)			15,000		2,015,400


					7,426,470


Total Investment Companies — 2.4% (Cost: $7,072,018)					7,426,470


		Benefical Interest (000)

Other Interests

IT Services^(k)— 0.0%
Millennium Corp.	USD		991		—
Millennium Lender Claims			930		—


Total Other Interests — 0.0% (Cost: $ —)					—


		Shares

Warrants

Metals & Mining — 0.0%
Ameriforge Group, Inc. (Expires 06/08/22)			2,642		—


120		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp. (Expires 10/27/24)^(a)		617	$	4,739


Total Warrants — 0.0% (Cost: $ — )				4,739


Total Long-Term Investments — 150.7% (Cost: $457,318,610)				458,399,863


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%^(i)(j)		217,930		217,930


Total Short-Term Securities — 0.1% (Cost: $217,930)				217,930


Total Investments — 150.8% (Cost: $457,536,540)				458,617,793

Liabilities in Excess of Other Assets — (50.8)%				(154,516,747	)


Net Assets — 100.0%			$	304,101,046

^(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)	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)	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.

^(e)	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.

^(f)	Convertible security.

^(g)	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.

^(h)	Amount is less than 500.

⁽ⁱ⁾	Affiliate of the Trust.

^(j)	Annualized 7-day yield as of period end.

^(k)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

Affiliates



Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	—	$	217,930	^(a)	$	—		$	—	$	—		$	217,930		217,930	$	21	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		5,499,900		—			(3,042,464	)		215,893		(208,209	)		2,465,120		28,000		74,250		—
iShares iBoxx $ Investment Grade Corporate Bond ETF		2,071,950		—			—			—		(56,550	)		2,015,400		15,000		19,533		—

									$	215,893	$	(264,759	)	$	4,698,450			$	93,804	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	901,894		EUR	744,000	BNP Paribas S.A.	09/15/21	$	18,353
USD	1,800,369		GBP	1,274,000	Citibank N.A.	09/15/21		37,751

							$	56,104


S C H E D U L E O F I N V E S T M E N T S		121

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	56,104	$	—	$	—	$	56,104

For the six months ended June 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(132,078	)	$	—	$	—	$	(132,078	)


Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	148,527		$	—	$	—	$	148,527

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	3,398,657

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

Derivative Financial Instruments — Offsetting as of Period End

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



	Assets		Liabilities

Derivative Financial Instruments
Forward foreign currency exchange contracts	$	56,104	$	—

Total derivative assets and liabilities in the Statements of Assets and Liabilities		56,104		—

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA	$	56,104	$	—

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



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

BNP Paribas S.A.	$	18,353	$	—	$	—	$	—	$	18,353
Citibank N.A.		37,751		—		—		—		37,751


	$	56,104	$	—	$	—	$	—	$	56,104

^(a)

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


122		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks
Auto Components	$	15,600	$	—		$	—	$	15,600
Construction & Engineering		37,556		—			—		37,556
Energy Equipment & Services		—		—			8,081		8,081
Household Durables		—		—			—		—
Media		190,334		—			—		190,334
Metals & Mining		—		18,304			710		19,014
Oil, Gas & Consumable Fuels		37,735		—			—		37,735
Software		1,076		—			—		1,076
Specialty Retail		—		276,511			—		276,511
Corporate Bonds		—		7,589,950			395,362		7,985,312
Floating Rate Loan Interests		—		420,895,757			21,501,678		442,397,435
Investment Companies		7,426,470		—			—		7,426,470
Other Interests		—		—			—		—
Warrants		4,739		—			—		4,739
Short-Term Securities
Money Market Funds		217,930		—			—		217,930
Unfunded Floating Rate Loan Interests^(a)		—		177			—		177
Liabilities
Unfunded Floating Rate Loan Interests^(a)		—		(363	)		—		(363	)


	$	7,931,440	$	428,780,336		$	21,905,831	$	458,617,607

Derivative Financial Instruments^(b)
Assets
Foreign Currency Exchange Contracts	$	—	$	56,104		$	—	$	56,104

^(a)

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

^(b)

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $131,000,000 are categorized as Level 2 within the fair value hierarchy.




	Common Stocks			Corporate Bonds		Floating Rate Loan Interests			Total


Assets
Opening balance, as of December 31, 2020	$	32,417		$	262,106	$	19,654,013		$	19,948,536
Transfers into Level 3		—			—		2,723,223			2,723,223
Transfers out of Level 3^(a)		—			—		(9,750,730	)		(9,750,730	)
Accrued discounts/premiums		—			7,656		13,525			21,181
Net realized gain (loss)		—			1,773		32,010			33,783
Net change in unrealized appreciation (depreciation)^(b),(c)		(23,626	)		127,144		253,103			356,621


S C H E D U L E O F I N V E S T M E N T S		123

Schedule of Investments (unaudited) (continued)

June 30, 2021

BlackRock Floating Rate Income Trust (BGT)




	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Total


Purchases	$	—		$	6,940		$	12,079,943		$	12,086,883
Sales		—			(10,257	)		(3,503,409	)		(3,513,666	)

Closing balance, as of June 30, 2021	$	8,791		$	395,362		$	21,501,678		$	21,905,831

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021^(c)	$	(23,626	)	$	127,144		$	286,261		$	389,779

^(a)

^(b)

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

^(c)

See notes to financial statements.


124		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

June 30, 2021


	BHK		HYT^(a)		BTZ		BGT

ASSETS
Investments, at value — unaffiliated^(b)	$	1,317,858,992	$	2,165,790,112	$	2,024,214,258	$	453,919,343
Investments, at value — affiliated^(c)		13,822,437		7,985,005		10,753,181		4,698,450
Cash		594,492		14,412		—		1,503,138
Cash pledged:
Collateral — exchange-traded options written		—		—		1,200,000		—
Collateral — OTC derivatives		3,400,000		—		—		—
Futures contracts		985,970		650,000		2,798,000		—
Centrally cleared swaps		6,467,940		—		—		—
Foreign currency, at value^(d)		791,142		1,004,470		3,760,832		—
Receivables:
Investments sold		2,775,435		7,273,474		7,452,243		10,185,994
Options written		11,802		—		—		—
Reverse repurchase agreements		—		—		4,389,694		—
Dividends — unaffiliated		24,339		65,655		17,813		—
Dividends — affiliated		245		10		103		—
Interest — unaffiliated		11,515,632		27,853,586		24,242,311		1,091,672
Variation margin on futures contracts		254,220		—		91,875		—
Variation margin on centrally cleared swaps		—		62,592		—		—
Swap premiums paid		2,732		28,364		—		—
Unrealized appreciation on:
Forward foreign currency exchange contracts		252,099		1,127,560		—		56,104
OTC swaps		424,214		1,079,129		—		—
Unfunded floating rate loan interests		4		37		—		177

Total assets		1,359,181,695		2,212,934,406		2,078,920,310		471,454,878


LIABILITIES
Foreign bank overdraft^(d)		—		—		—		2,670
Cash received:
Collateral — reverse repurchase agreements		611,000		—		4,825,906		—
Collateral — OTC derivatives		510,000		870,000		80,000		—
Options written, at value^(e)		6,988,739		—		153,796		—
Reverse repurchase agreements, at value		466,168,595		—		588,758,744		—
Payables:
Investments purchased		7,903,829		52,909,082		12,220,314		35,413,930
Reverse repurchase agreements		—		—		4,389,694		—
Swaps		—		1,888		—		—
Bank borrowings		—		657,000,000		—		131,000,000
Income dividend distributions		—		—		343,826		37,146
Interest expense		—		517,046		—		111,899
Investment advisory fees		544,151		1,053,017		1,031,919		266,064
Trustees’ and Officer’s fees		309,170		790,821		1,028,285		297,348
Options written		21,748		—		—		—
Other accrued expenses		573,968		961,305		663,258		224,412
Variation margin on futures contracts		116,256		65,416		335,915		—
Variation margin on centrally cleared swaps		291,452		—		—		—
Swap premiums received		3,006,338		167,980		—		—
Unrealized depreciation on:
OTC swaps		349,651		577		—		—
Unfunded floating rate loan interests		—		—		—		363

Total liabilities		487,394,897		714,337,132		613,831,657		167,353,832


NET ASSETS	$	871,786,798	$	1,498,597,274	$	1,465,088,653	$	304,101,046


F I N A N C I A L S T A T E M E N T S		125

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2021


	BHK		HYT^(a)			BTZ		BGT

NET ASSETS CONSIST OF
Paid-in capital^(f)(g)(h)	$	754,730,308	$	1,562,963,576		$	1,266,567,413	$	331,286,022
Accumulated earnings (loss)		117,056,490		(64,366,302	)		198,521,240		(27,184,976	)

NET ASSETS	$	871,786,798	$	1,498,597,274		$	1,465,088,653	$	304,101,046


Net asset value^(f)(g)(h)	$	16.16	$	12.29		$	15.67	$	13.60


^(a)Consolidated Statement of Assets and Liabilities.
^(b)Investments, at cost — unaffiliated	$	1,219,635,237	$	2,079,419,005		$	1,797,406,768	$	453,202,641
^(c)Investments, at cost — affiliated	$	13,822,437	$	7,427,338		$	10,753,181	$	4,333,899
^(d)Foreign currency, at cost	$	798,627	$	1,007,011		$	3,836,647	$	(2,772	)
^(e)Premiums received	$	7,220,795	$	—		$	202,613	$	—
^(f)Shares outstanding		53,958,567		121,944,143			93,478,999		22,360,371
^(g)Shares authorized		Unlimited		200 million			Unlimited		Unlimited
^(h)Par value	$	0.001	$	0.10		$	0.001	$	0.001

See notes to financial statements.


126		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended June 30, 2021


	BHK			HYT^(a)			BTZ			BGT


INVESTMENT INCOME
Dividends — unaffiliated	$	136,619		$	712,699		$	1,131,034		$	44,805
Dividends — affiliated		1,333			161,893			1,368			93,804
Interest — unaffiliated		23,023,236			55,502,188			46,989,575			9,178,158
Other income — unaffiliated		—			448,027			—			251,098
Foreign taxes withheld		(191	)		—			—			—


Total investment income		23,160,997			56,824,807			48,121,977			9,567,865


EXPENSES
Investment advisory		3,080,820			6,273,087			6,271,993			1,621,079
Accounting services		67,016			100,792			98,755			33,852
Professional		63,092			84,171			69,619			59,479
Trustees and Officer		62,694			141,720			176,278			48,241
Custodian		40,595			37,807			16,634			15,340
Transfer agent		27,555			46,370			108,555			19,394
Registration		9,281			29,290			17,868			4,194
Printing and postage		4,836			4,357			18,331			3,306
Miscellaneous		103,659			101,381			50,875			13,274


Total expenses excluding interest expense		3,459,548			6,818,975			6,828,908			1,818,159
Interest expense		143,886			2,917,508			1,572,003			619,801


Total expenses		3,603,434			9,736,483			8,400,911			2,437,960
Less:
Fees waived and/or reimbursed by the Manager		(2,708	)		(24,785	)		(3,788	)		(22,487	)


Total expenses after fees waived and/or reimbursed		3,600,726			9,711,698			8,397,123			2,415,473


Net investment income		19,560,271			47,113,109			39,724,854			7,152,392


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		14,150,246			36,989,533			12,294,317			2,642,134
Investments — affiliated		—			62,881			—			215,893
Forward foreign currency exchange contracts		(119,321	)		(842,688	)		—			(132,078	)
Foreign currency transactions		25,991			(27,287	)		17,924			(38,438	)
Futures contracts		249,694			5,756,597			3,269,108			—
Options written		1,242,302			(7,419	)		1,528,676			—
Swaps		(673,973	)		1,168,476			(79,350	)		—


		14,874,939			43,100,093			17,030,675			2,687,511

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(31,739,826	)		(3,587,720	)		(19,640,776	)		1,904,517
Investments — affiliated		—			85,781			—			(264,759	)
Forward foreign currency exchange contracts		548,116			2,444,621			—			148,527
Foreign currency translations		(78,144	)		96,576			(81,592	)		(12	)
Futures contracts		1,755,592			(400,309	)		(1,095,212	)		—
Options written		(2,579,293	)		—			136,375			—
Swaps		2,222,910			(172,872	)		75,621			—
Unfunded floating rate loan interests		4			37			—			92


		(29,870,641	)		(1,533,886	)		(20,605,584	)		1,788,365


Net realized and unrealized gain (loss)		(14,995,702	)		41,566,207			(3,574,909	)		4,475,876


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,564,569		$	88,679,316		$	36,149,945		$	11,628,268

^(a)	Consolidated Statement of Operations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		127

Statements of Changes in Net Assets


	BHK						HYT^(a)

	Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20			Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	19,560,271		$	38,672,682		$	47,113,109		$	96,242,373
Net realized gain (loss)		14,874,939			16,499,153			43,100,093			(33,028,961	)
Net change in unrealized appreciation (depreciation)		(29,870,641	)		49,956,262			(1,533,886	)		55,781,645


Net increase in net assets resulting from operations		4,564,569			105,128,097			88,679,316			118,995,057


DISTRIBUTIONS TO SHAREHOLDERS^(b)
From net investment income and net realized gain		(20,120,605	)		(44,507,265	)		(47,481,630	)^(c)		(100,401,036	)
Return of capital		—			—			—			(13,554,876	)


Decrease in net assets resulting from distributions to shareholders		(20,120,605	)		(44,507,265	)		(47,481,630	)		(113,955,912	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions		373,022			—			492,678			—


NET ASSETS
Total increase (decrease) in net assets		(15,183,014	)		60,620,832			41,690,364			5,039,145
Beginning of period		886,969,812			826,348,980			1,456,906,910			1,451,867,765


End of period	$	871,786,798		$	886,969,812		$	1,498,597,274		$	1,456,906,910

^(a)	Consolidated Statement of Changes in Net Assets.

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

^(c)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


128		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	BTZ						BGT

	Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20			Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	39,724,854		$	79,503,585		$	7,152,392		$	15,066,809
Net realized gain (loss)		17,030,675			20,528,950			2,687,511			(12,507,913	)
Net change in unrealized appreciation (depreciation)		(20,605,584	)		62,634,726			1,788,365			135,008


Net increase in net assets resulting from operations		36,149,945			162,667,261			11,628,268			2,693,904


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(39,214,440	)^(b)		(79,320,638	)		(7,233,580	)^(b)		(15,793,436	)
Return of capital		—			(14,794,018	)		—			(4,425,207	)


Decrease in net assets resulting from distributions to shareholders		(39,214,440	)		(94,114,656	)		(7,233,580	)		(20,218,643	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		—			(155,227,064	)		(419,729	)		(6,057,572	)


NET ASSETS
Total increase (decrease) in net assets		(3,064,495	)		(86,674,459	)		3,974,959			(23,582,311	)
Beginning of period		1,468,153,148			1,554,827,607			300,126,087			323,708,398


End of period	$	1,465,088,653		$	1,468,153,148		$	304,101,046		$	300,126,087

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		129

Statements of Cash Flows (unaudited)

Six Months Ended June 30, 2021


	BHK			HYT			BTZ			BGT


CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	4,564,569		$	88,679,316		$	36,149,945		$	11,628,268
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities
Proceeds from sales of long-term investments and principal paydowns/payups		165,502,903			706,015,071			245,323,790			127,891,646
Purchases of long-term investments		(325,843,419	)		(676,857,516	)		(216,252,882	)		(128,857,443	)
Net proceeds from sales (purchases) of short-term securities		(5,753,555	)		200,000			13,369,518			(217,930	)
Amortization of premium and accretion of discount on investments and other fees		1,038,642			685,482			1,347,543			(410,765	)
Premiums paid on closing options written		(8,143,318	)		(11,167	)		(6,420,566	)		—
Premiums received from options written		6,957,440			3,748			5,022,926			—
Net realized gain on investments and options written		(16,192,789	)		(36,821,490	)		(13,811,024	)		(2,856,316	)
Net unrealized (appreciation) depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests		32,858,034			1,230,153			19,428,780			(1,788,365	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		56			26			321			23
Dividends — unaffiliated		—			6,090			(1	)		—
Interest — unaffiliated		(945,137	)		1,516,342			(65,362	)		343,997
Variation margin on futures contracts		(123,406	)		—			(18,375	)		—
Variation margin on centrally cleared swaps		—			(62,592	)		—			—
Swap premiums paid		(2,732	)		48,729			15,776			—
Prepaid expenses		8,283			13,253			13,920			2,791
Increase (Decrease) in Liabilities
Cash received
Collateral — reverse repurchase agreements		611,000			—			(7,152,586	)		—
Collateral — OTC derivatives		20,000			30,000			(110,000	)		—
Payables
Swaps		—			1,888			—			—
Interest expense		21,312			(32,301	)		(1,191,556	)		(7,092	)
Investment advisory fees		44,686			(13,425	)		(50,965	)		(6,619	)
Trustees’ and Officer’s fees		41,865			85,513			111,683			29,325
Other accrued expenses		149,016			228,772			240,136			42,845
Variation margin on futures contracts		(3,756	)		(90,835	)		200,982			—
Variation margin on centrally cleared swaps		165,357			—			—			—
Swap premiums received		(578,178	)		(44,340	)		—			—


Net cash provided by (used for) operating activities		(145,603,127	)		84,810,717			76,152,003			5,794,365


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(23,771,144	)		(56,485,278	)		(46,713,502	)		(8,645,433	)
Payments for bank borrowings		—			(323,000,000	)		—			(83,000,000	)
Net payments on redemption of capital shares		—			—			—			(419,729	)
Proceeds from bank borrowings		—			295,000,000			—			85,000,000
Increase (decrease) in bank overdraft		(89,584	)		(819,608	)		—			2,670
Net borrowing of reverse repurchase agreements		169,226,269			—			(24,221,880	)		—


Net cash provided by (used for) for financing activities		145,365,541			(85,304,886	)		(70,935,382	)		(7,062,492	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(73,933	)		(5,465	)		(81,592	)		(12	)


CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency		(311,519	)		(499,634	)		5,135,029			(1,268,139	)
Restricted and unrestricted cash and foreign currency at beginning of period		12,551,063			2,168,516			2,623,803			2,771,277


Restricted and unrestricted cash and foreign currency at end of period	$	12,239,544		$	1,668,882		$	7,758,832		$	1,503,138


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	122,574		$	2,949,809		$	2,763,559		$	626,893


NON-CASH FINANCING ACTIVITIES
Capital shares issued in reinvestment of distributions paid to shareholders	$	373,022		$	492,678		$	—		$	—


130		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2021


	BHK		HYT		BTZ		BGT

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	594,492	$	14,412	$	—	$	1,503,138
Cash pledged
Collateral — exchange-traded options written		—		—		1,200,000		—
Collateral — OTC derivatives		3,400,000		—		—		—
Futures contracts		985,970		650,000		2,798,000		—
Centrally cleared swaps		6,467,940		—		—		—
Foreign currency at value		791,142		1,004,470		3,760,832		—

	$	12,239,544	$	1,668,882	$	7,758,832	$	1,503,138

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		131

Financial Highlights

(For a share outstanding throughout each period)


			BHK

		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			2019			2018			2017			2016

Net asset value, beginning of period			$	16.45		$	15.32		$	15.79		$	14.08		$	14.96		$	15.25		$	14.29


Net investment income^(a)				0.36			0.72			0.22			0.66			0.72			0.76			0.79
Net realized and unrealized gain (loss)				(0.28	)		1.24			(0.36	)		1.82			(0.82	)		(0.27	)		1.01


Net increase (decrease) from investment operations				0.08			1.96			(0.14	)		2.48			(0.10	)		0.49			1.80


Distributions^(b)
From net investment income				(0.37	)		(0.64	)		(0.27	)		(0.73	)		(0.78	)		(0.78	)		(0.84	)
From net realized gain				—			(0.19	)		(0.04	)		(0.04	)		—			—			—
Return of capital				—			—			(0.02	)		—			—			—			—


Total distributions				(0.37	)		(0.83	)		(0.33	)		(0.77	)		(0.78	)		(0.78	)		(0.84	)


Net asset value, end of period			$	16.16		$	16.45		$	15.32		$	15.79		$	14.08		$	14.96		$	15.25


Market price, end of period			$	16.52		$	16.30		$	14.58		$	14.56		$	12.85		$	14.10		$	14.33


Total Return^(c)
Based on net asset value				0.57	%^(d)		13.24	%		(0.75	)%^(d)		18.86	%		(0.24	)%		3.88	%		13.67	%


Based on market price				3.76	%^(d)		17.90	%		2.43	%^(d)		20.09	%		(3.40	)%		4.20	%		20.85	%


Ratios to Average Net Assets
Total expenses				0.84	%^(e)		0.91	%^(f)		1.42	%^(e)(g)		1.72	%		1.60	%		1.16	%		0.97	%


Total expenses after fees waived and/or reimbursed				0.84	%^(e)		0.90	%^(f)		1.42	%^(e)		1.72	%		1.60	%		1.16	%		0.97	%

Total expenses after fees waived and/or reimbursed and excluding interest expense				0.81	%^(e)		0.75	%^(f)		0.79	%^(e)		0.77	%		0.82	%		0.78	%		0.78	%


Net investment income				4.57	%^(e)		4.52	%^(f)		4.15	%^(e)		4.63	%		4.99	%		5.19	%		5.48	%


Supplemental Data
Net assets, end of period (000)			$	871,787		$	886,970		$	826,349		$	851,650		$	759,385		$	806,848		$	822,549


Borrowings outstanding, end of period (000)			$	466,169		$	296,921		$	271,749		$	273,621		$	316,216		$	289,078		$	288,239


Portfolio turnover rate^(h)				13	%		69	%		21	%		27	%		28	%		32	%		35	%


^(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) Aggregate total return. ^(e) Annualized. ^(f) Excludes expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%. ^(g) 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%. ^(h) Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			2019			2018			2017			2016

	Portfolio turnover rate (excluding MDRs)			13	%		55	%		11	%		27	%		28	%		32	%		35	%

See notes to financial statements.


132		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


			HYT^(a)
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			2019			2018			2017			2016

Net asset value, beginning of period			$	11.95		$	11.91		$	11.82		$	11.90		$	12.22		$	11.79		$	12.06


Net investment income^(b)				0.39			0.79			0.25			0.79			0.83			0.85			0.82
Net realized and unrealized gain (loss)				0.34			0.18			0.22			(0.01	)		(0.31	)		0.47			(0.10	)


Net increase from investment operations				0.73			0.97			0.47			0.78			0.52			1.32			0.72


Distributions^(c)
From net investment income				(0.39	)^(d)		(0.82	)		(0.35	)		(0.86	)		(0.84	)		(0.89	)		(0.99	)
Return of capital				—			(0.11	)		(0.03	)		—			—			—			—


Total distributions				(0.39	)		(0.93	)		(0.38	)		(0.86	)		(0.84	)		(0.89	)		(0.99	)


Net asset value, end of period			$	12.29		$	11.95		$	11.91		$	11.82		$	11.90		$	12.22		$	11.79


Market price, end of period			$	12.32		$	11.43		$	11.20		$	10.51		$	10.70		$	11.13		$	10.88


Total Return^(e)
Based on net asset value				6.23	%^(f)		9.57	%		4.28	%^(f)		8.06	%		5.25	%		12.41	%^(g)		7.76	%


Based on market price				11.34	%^(f)		11.45	%		10.28	%^(f)		6.86	%		3.91	%		10.94	%		20.29	%


Ratios to Average Net Assets^(h)
Total expenses				1.33	%⁽ⁱ⁾		1.50	%		1.92	%^(i)(j)		2.19	%		1.99	%		1.54	%		1.39	%^(k)


Total expenses after fees waived and/or reimbursed				1.33	%⁽ⁱ⁾		1.49	%		1.92	%⁽ⁱ⁾		2.19	%		1.99	%		1.54	%		1.39	%

Total expenses after fees waived and/or reimbursed and excluding interest expense				0.93	%⁽ⁱ⁾		0.94	%		0.93	%⁽ⁱ⁾		0.92	%		0.94	%		0.91	%		0.93	%


Net investment income				6.45	%⁽ⁱ⁾		7.06	%		6.39	%⁽ⁱ⁾		6.87	%		6.88	%		7.04	%		7.30	%


Supplemental Data
Net assets, end of period (000)			$	1,498,597		$	1,456,907		$	1,451,868		$	1,440,436		$	1,482,422		$	1,545,622		$	1,492,948


Borrowings outstanding, end of period (000)			$	657,000		$	685,000		$	607,000		$	486,000		$	647,000		$	649,000		$	604,000

Asset coverage, end of period per $1,000 of bank borrowings			$	3,281		$	3,127		$	3,392		$	3,965		$	3,292		$	3,382		$	3,472


Portfolio turnover rate				33	%		82	%		20	%		64	%		65	%		75	%		66	%

^(a) Consolidated Financial Highlights. ^(b) Based on average shares outstanding. ^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. ^(e) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. ^(f) Aggregate total return. ^(g) Includes proceeds received from a settlement of litigation, which had no impact on the Trust’s total return. ^(h) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			2019			2018			2017			2016

	Investments in underlying funds			—	%		0.01	%		0.01	%		—	%		0.01	%		0.04	%		0.11	%

⁽ⁱ⁾	Annualized.

^(j)	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%.

^(k)	Includes reorganization costs. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense would have been 1.34%, 1.34% and 0.97%, respectively.

See notes to consolidated financial statements.


F I N A N C I A L H I G H L I G H T S		133

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BTZ
	Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 11/01/19 to 12/31/19			Year Ended October 31,
	Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 11/01/19 to 12/31/19			2019			2018			2017			2016

Net asset value, beginning of period		$	15.71		$	14.97		$	14.94		$	13.72		$	14.88		$	14.61		$	14.33

Net investment income^(a)			0.42			0.84			0.13			0.79			0.81			0.81			0.88
Net realized and unrealized gain (loss)			(0.04	)		0.91			0.15			1.25			(1.17	)		0.30			0.32


Net increase (decrease) from investment operations			0.38			1.75			0.28			2.04			(0.36	)		1.11			1.20


Distributions^(b)
From net investment income			(0.42	)^(c)		(0.85	)		(0.23	)		(0.79	)		(0.80	)		(0.79	)		(0.86	)
Return of capital			—			(0.16	)		(0.02	)		(0.03	)		—			(0.05	)		(0.06	)


Total distributions			(0.42	)		(1.01	)		(0.25	)		(0.82	)		(0.80	)		(0.84	)		(0.92	)


Net asset value, end of period		$	15.67		$	15.71		$	14.97		$	14.94		$	13.72		$	14.88		$	14.61


Market price, end of period		$	15.59		$	14.71		$	13.98		$	13.55		$	11.72		$	13.36		$	12.87


Total Return^(d)
Based on net asset value			2.56	%^(e)		12.78	%		2.02	%^(e)		16.17	%		(1.72	)%		8.53	%		9.61	%


Based on market price			8.98	%^(e)		13.07	%		5.05	%^(e)		23.34	%		(6.49	)%		10.62	%		10.43	%


Ratios to Average Net Assets
Total expenses			1.17	%^(f)		1.35	%		1.68	%^(f)(g)		2.26	%		1.82	%		1.23	%		1.20	%


Total expenses after fees waived and/or reimbursed			1.17	%^(f)		1.35	%		1.68	%^(f)(g)		2.25	%		1.82	%		1.23	%		1.20	%

Total expenses after fees waived and/or reimbursed and excluding interest expense			0.95	%^(f)		0.94	%		0.92	%^(f)		1.08	%		0.94	%		0.87	%		0.95	%


Net investment income			5.55	%^(f)		5.69	%		5.29	%^(f)		5.57	%		5.69	%		5.53	%		6.21	%


Supplemental Data
Net assets, end of period (000)		$	1,465,089		$	1,468,153		$	1,554,828		$	1,551,243		$	1,439,954		$	1,598,034		$	1,579,170


Borrowings outstanding, end of period (000)		$	588,759		$	614,172		$	577,231		$	568,461		$	707,102		$	477,822		$	638,327


Portfolio turnover rate			10	%		34	%		2	%		18	%		30	%		25	%		29	%

^(a)	Based on average shares outstanding.

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

^(c)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Aggregate total return.

^(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%.

See notes to financial statements.


134		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


			BGT
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 11/01/19 to 12/31/19			Year Ended October 31,
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 11/01/19 to 12/31/19			2019			2018			2017			2016

Net asset value, beginning of period			$	13.40		$	14.10		$	13.95		$	14.33		$	14.49		$	14.41		$	14.18

Net investment income^(a)				0.32			0.66			0.12			0.80			0.76			0.73			0.74
Net realized and unrealized gain (loss)				0.20			(0.47	)		0.26			(0.37	)		(0.21	)		0.12			0.19


Net increase from investment operations				0.52			0.19			0.38			0.43			0.55			0.85			0.93


Distributions^(b)
From net investment income				(0.32	)^(c)		(0.69	)		(0.23	)		(0.81	)		(0.71	)		(0.77	)		(0.70	)
Return of capital				—			(0.20	)		—			—			—			—			—


Total distributions				(0.32	)		(0.89	)		(0.23	)		(0.81	)		(0.71	)		(0.77	)		(0.70	)


Net asset value, end of period			$	13.60		$	13.40		$	14.10		$	13.95		$	14.33		$	14.49		$	14.41


Market price, end of period			$	12.86		$	11.79		$	12.87		$	12.42		$	12.72		$	14.31		$	13.58


Total Return^(d)
Based on net asset value				4.11	%^(e)		2.83	%		2.89	%^(e)		4.00	%		4.25	%		6.13	%		7.27	%


Based on market price				11.89	%^(e)		(0.88	)%		5.48	%^(e)		4.31	%		(6.30	)%		11.21	%		12.25	%


Ratios to Average Net Assets^(f)
Total expenses				1.62	%^(g)		1.72	%		2.11	%^(g)		2.41	%		2.29	%		1.92	%		1.58	%


Total expenses after fees waived and/or reimbursed				1.60	%^(g)		1.70	%		2.11	%^(g)		2.41	%		2.29	%		1.92	%		1.58	%

Total expenses after fees waived and/or reimbursed and excluding interest expense				1.19	%^(g)		1.17	%		1.28	%^(g)		1.16	%		1.21	%		1.20	%		1.16	%


Net investment income				4.75	%^(g)		5.13	%		5.23	%^(g)		5.68	%		5.27	%		5.02	%		5.29	%


Supplemental Data
Net assets, end of period (000)			$	304,101		$	300,126		$	323,708		$	321,091		$	339,096		$	342,890		$	340,944


Borrowings outstanding, end of period (000)			$	131,000		$	129,000		$	130,000		$	123,000		$	142,000		$	150,000		$	148,000


Asset coverage, end of period per $1,000 of bank borrowings			$	3,321		$	3,327		$	3,490		$	3,610		$	3,389		$	3,287		$	3,304


Portfolio turnover rate				30	%		65	%		6	%		53	%		57	%		63	%		47	%

^(a) Based on average shares outstanding. ^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(c) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. ^(d) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. ^(e) Aggregate total return. ^(f) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 11/01/19 to 12/31/19			Year Ended October 31,
		Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 11/01/19 to 12/31/19			2019			2018			2017			2016

	Investments in underlying funds			0.01	%		0.02	%		0.04	%		0.04	%		0.01	%		—	%		—	%

^(g)	Annualized.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		135

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

Trust Name

Herein Referred To As

Organized

Diversification
Classification

BlackRock Core Bond Trust

BHK

Delaware

Diversified

BlackRock Corporate High Yield Fund, Inc.

HYT

Maryland

Diversified

BlackRock Credit Allocation Income Trust

BTZ

Delaware

Diversified

BlackRock Floating Rate Income Trust

BGT

Delaware

Diversified

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

Basis of Consolidation: The accompanying consolidated financial statements of HYT include the accounts of BLK HYT (Luxembourg) Investments, S.a.r.l., BLK HYV (Luxembourg) Investments, S.a.r.l., BLK COY (Luxembourg) Investments, S.a.r.l., BLK CYE (Luxembourg) Investments, S.a.r.l. (the “Luxembourg Subsidiaries”) and HYT Subsidiary LLC (Delaware) (the “U.S. Subsidiary”), which are wholly-owned taxable subsidiaries of HYT (collectively, the “Taxable Subsidiaries”). The U.S. Subsidiary enables the Trust to hold investments in operating companies and still satisfy regulated investment company tax requirements. Income earned and gains realized on the investments held by the U.S. Subsidiary are taxable to such subsidiary. The Luxembourg Subsidiaries hold shares of private Canadian companies. Such shares are held in the Taxable Subsidiaries in order to realize benefits under the Double Tax Avoidance Convention between Canada and Luxembourg, the result of which that gains on the sale of such shares will generally not be subject to capital gains taxes in Canada. Income earned on the investments held by the Luxembourg Subsidiaries may be taxable to such subsidiary in Luxembourg. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for HYT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for HYT. HYT may invest up to 25% of its total assets in the U.S. Subsidiary. Intercompany accounts and transactions have been eliminated. The Taxable Subsidiaries are subject to the same investment policies and restrictions that apply to the Trust.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Trust does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Realized currency gains (losses) on foreign currency related transactions are reported as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. Each Trust has elected to treat realized gains (losses) from certain forward foreign currency exchange contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as


136		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

“Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written and swaps) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowings to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to the Trusts’ managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Trusts’ net assets. Each business day, the Trusts use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

•

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


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Notes to Financial Statements (unaudited) (continued)

benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

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. 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.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third party pricing services utilize one or a combination of, but not limited to, the following inputs.



		Standard Inputs Generally Considered By Third Party Pricing Services

Market approach		(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
		(ii) recapitalizations and other transactions across the capital structure; and
		(iii) market multiples of comparable issuers.

Income approach		(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
		(ii) quoted prices for similar investments or assets in active markets; and
		(iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

Cost approach		(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
		(ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
		(iii) relevant news and other public sources; and
		(iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used, as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:


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Notes to Financial Statements (unaudited) (continued)

•

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 Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of June 30, 2021, certain investments of HYT were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	*SECURITIES AND OTHER INVESTMENTS*

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.


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Notes to Financial Statements (unaudited) (continued)

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Trusts may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Trusts had the following unfunded floating rate loan interests:



Trust Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)

BHK	LBM Acquisition LLC	$	1,925	$	1,906	$	1,910	$	4


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Notes to Financial Statements (unaudited) (continued)



Trust Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)

HYT	LBM Acquisition LLC	$	15,997	$	15,837	$	15,874	$	37
BGT	LBM Acquisition LLC		43,637		43,201		43,301		100
	Metronet Systems Holdings LLC		44,110		44,000		44,077		77
	Precision Medicine Group LLC		96,813		96,813		96,450		(363	)
	Therma Intermediate LLC		83,588		83,588		83,588		—

Forward Commitments, When-Issued and Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A Trust may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a Trust may be required to pay more at settlement than the security is worth. In addition, a Trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Trust assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a Trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Commitments: Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate HYT to make future cash payments. As of June 30, 2021, HYT had outstanding commitments of $1,084,310. These commitments are not included in the net assets of HYT as of June 30, 2021.

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the six months ended June 30, 2021, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Trusts were as follows:



Trust Name	Average Amount Outstanding		Daily Weighted Average Interest Rate

BHK	$	381,487,631		0.08	%
BTZ		598,214,260		0.53

Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

As of period end, the following table is a summary of BHK and BTZ’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:



Trust Name/Counterparty	Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest^(a)		Cash Collateral Pledged/Received^(a)		Net Amount

BHK
Barclays Capital, Inc.	$	(143,911	)	$	143,911	$	—	$	—
BNP Paribas S.A.		(234,535,043	)		234,535,043		—		—
Credit Agricole Corporate and Investment Bank		(58,791,968	)		58,791,968		—		—
Credit Suisse Securities (USA) LLC		(63,562	)		63,562		—		—
Nomura Securities International, Inc.		(123,615,357	)		123,615,357		—		—


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Notes to Financial Statements (unaudited) (continued)


Trust Name/Counterparty	Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest^(a)		Cash Collateral Pledged/Received^(a)		Net Amount
Royal Bank of Canada	$	(41,192,362	)	$	41,192,362	$	—	$	—
TD Securities (USA) LLC		(7,826,392	)		7,826,392		—		—

	$	(466,168,595	)	$	466,168,595	$	—	$	—

^(a)

Net collateral, including accrued interest, with a value of $470,846,810 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.


Trust Name/Counterparty	Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest^(a)		Cash Collateral Pledged/Received^(a)		Net Amount
BTZ
Barclays Capital, Inc.	$	(152,686,451	)	$	152,686,451	$	—	$	—
BNP Paribas S.A.		(82,083,516	)		82,083,516		—		—
Credit Suisse Securities (USA) LLC		(25,631,954	)		25,631,954		—		—
J.P. Morgan Securities LLC		(10,619,155	)		10,619,155		—		—
RBC Capital Markets LLC		(317,737,668	)		317,737,668		—		—

	$	(588,758,744	)	$	588,758,744	$	—	$	—

^(a)

Net collateral, including accrued interest, with a value of $659,354,596 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.


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Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

•

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.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trusts and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Trusts’ counterparty on the swap. Each Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

•

Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Trusts may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trusts will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trusts will


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Notes to Financial Statements (unaudited) (continued)

either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

•

Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or make a payment to the counterparty.

•

Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trust and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, BHK, BTZ and BGT pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of the Trust’s managed assets.



Trust Name	Investment Advisory Fees

BHK		0.50	%
BTZ		0.62
BGT		0.75


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Notes to Financial Statements (unaudited) (continued)

For purposes of calculating these fees, “managed assets” are determined as total assets of (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

For such services, HYT pays the Manager a monthly fee at an annual rate equal to 0.60% of the average daily value of HYT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage.

The Manager provides investment management and other services to the Taxable Subsidiary. The Manager does not receive separate compensation from the Taxable Subsidiary for providing investment management or administrative services. However, HYT pays the Manager based on HYT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.

With respect to each Trust, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”) and, with respect to BHK, BlackRock (Singapore) Limited (“BRS”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BIL and BRS for services they provide for that portion of each Trust for which BIL and BRS, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.

Expense Waivers and Reimbursements: With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2022. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2021, the amounts waived were as follows:



Trust Name	Fees Waived and/or Reimbursed by the Manager

BHK	$	2,708
HYT		370
BTZ		3,788
BGT		71

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2022. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2021, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:



Trust Name	Fees Waived and/or Reimbursed by the Manager

HYT	$	24,415
BGT		22,416

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2021, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:



Trust Name	Purchases		Sales		Net Realized Gain (Loss)

BHK	$	199,038	$	8,932	$	677

7.	*PURCHASES AND SALES*

For the six months ended June 30, 2021, purchases and sales of investments, including paydowns/payups and excluding short-term securities, were as follows:



Trust Name	Purchases		Sales

BHK	$	328,854,319	$	158,460,743
HYT		723,961,468		709,044,113
BTZ		211,055,893		229,839,457
BGT		147,033,830		136,515,653

8.	*INCOME TAX INFORMATION*

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required, except with respect to any taxes related to the Taxable Subsidiaries.


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Notes to Financial Statements (unaudited) (continued)

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

As of December 31, 2020, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



Trust Name	Non-Expiring

HYT	$	180,070,278
BTZ		30,497,786
BGT		28,596,408

As of June 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



	BHK			HYT			BTZ			BGT

Tax cost	$	1,234,677,909		$	2,089,426,808		$	1,812,875,858		$	458,038,561
Gross unrealized appreciation	$	118,283,497		$	125,354,836		$	228,292,657		$	5,204,414
Gross unrealized depreciation		(16,975,637	)		(39,113,302	)		(7,271,523	)		(4,569,078	)
Net unrealized appreciation (depreciation)	$	101,307,860		$	86,241,534		$	221,021,134		$	635,336

9.	*BANK BORROWINGS*

BGT and HYT are party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to HYT and BGT. As of period end, HYT and BGT have not received any notice to terminate. HYT and BGT has granted a security interest in substantially all of their assets to SSB.

The SSB Agreement allows for the maximum commitment amounts of $732,000,000 for HYT and $168,000,000 for BGT.

Advances will be made by SSB to BGT and HYT, at HYT and BGT’s option of (a) the higher of (i) 0.80% above the Fed Funds rate and (ii) 0.80% above Overnight LIBOR or (b) 0.80% above 7-day, 30-day, 60-day or 90-day LIBOR. Overnight LIBOR and LIBOR rates are subject to a 0% floor.

In addition, BGT and HYT paid a commitment fee (based on the daily unused portion of the commitments). The fees associated with each of the agreements are included in the Statements of Operations as borrowing costs, if any. Advances to BGT and HYT as of period end, if any, are shown in the Statements of Assets and Liabilities as bank borrowings payable. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value.

BGT and HYT may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding short-term borrowings is less than 300%.

For the six months ended June 30, 2021, the average amount of bank borrowings and the daily weighted average interest rates for BGT and HYT for loans under the revolving credit agreements were as follows:



Trust Name	Average Amount Outstanding		Daily Weighted Average Interest Rate

HYT	$	635,198,895		0.93	%
BGT		132,353,591		0.94

10.

PRINCIPAL RISKS

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

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to


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raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.

With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.


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Notes to Financial Statements (unaudited) (continued)

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust’s portfolio are disclosed in its Schedule of Investments.

Certain Trusts invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

Certain Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Trusts may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Certain Trusts invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a Trust concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Trusts may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trusts is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

BHK, BTZ and BGT is authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares. HYT is authorized to issue 200 million shares, par value $0.10, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:



Trust Name	Six Months Ended 06/30/21		Year Ended 12/31/20

BHK
Shares issued from dividend reinvestment		23,441		—
HYT
Shares issued from dividend reinvestment		40,087		—

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2020 through November 30, 2021, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2020, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended June 30, 2021, BHK, HYT and BTZ did not repurchase any shares.

The total cost of the shares repurchased is reflected in Trusts’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs were as follows:



	BTZ					BGT

	Shares			Amounts		Shares		Amounts

Six Months Ended June 30, 2021		—		$	—		35,289	$	419,729
Year Ended December 31, 2020		10,386,555	^(a)		155,227,064		557,488		6,057,572

^(a)

Common shares issued and outstanding had a net decrease of 10,386,555 as a result of shares repurchased in a tender offer.

12.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name

Declaration
Date

Record
Date

Payable/
Paid Date

Dividend Per
Common Share

BHK

07/01/21

07/15/21

07/30/21

0.074600


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Notes to Financial Statements (unaudited) (continued)

Trust Name

Declaration
Date

Record
Date

Payable/
Paid Date

Dividend Per
Common Share

08/02/21

08/16/21

08/31/21

0.074600

HYT

07/01/21

07/15/21

07/30/21

0.077900

08/02/21

08/16/21

08/31/21

0.077900

BTZ

07/01/21

07/15/21

07/30/21

0.083900

08/02/21

08/16/21

08/31/21

0.083900

BGT

07/01/21

07/15/21

07/30/21

0.064700

08/02/21

08/16/21

08/31/21

0.064700


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

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Core Bond Trust (“BHK”), BlackRock Corporate High Yield Fund, Inc. (“HYT”), BlackRock Credit Allocation Income Trust (“BTZ”) and BlackRock Floating Rate Income Trust (“BGT” and together with BHK, HYT and BTZ,, the “Funds” and each, a “Fund”) met on May 4, 2021 (the “May Meeting”) and June 8-9, 2021 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager, BlackRock International Limited (“BIL”) and each Fund and (2) the Manager, BlackRock (Singapore) Limited (“BRS” and together with BIL, the “Sub-Advisors”) and BHK. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members whom are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to


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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

engage in open, candid discussions with the Board. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing COVID-19 pandemic.

B. The Investment Performance of each Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2020, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and, with respect to BTZ and BGT, a custom peer group of funds as defined by BlackRock (“Customized Peer Group”) and the performance of BHK as compared with its custom benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, BHK underperformed, outperformed, and outperformed, respectively, its customized benchmark. The Board noted that BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for BHK, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BHK’s underperformance relative to its customized benchmark during the applicable periods.

The Board noted that for the one-, three- and five-year periods reported, HYT ranked in the first quartile against its Performance Peers.

The Board noted that for each of the one-, three- and five-year periods reported, BTZ ranked in the first quartile against its Customized Peer Group. The Board noted that BlackRock believes that the Customized Peer Group is an appropriate performance metric for BTZ, and that BlackRock has explained its rationale for this belief to the Board.

The Board noted that for the one-, three- and five-year periods reported, BGT ranked in the first, first and third quartiles, respectively, against its Customized Peer Group. The Board noted that BlackRock believes that the Customized Peer Group is an appropriate performance metric for BGT, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BGT’s underperformance relative to its Customized Peer Group during the applicable period.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund


D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S		151

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2020 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that BHK’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.

The Board noted that HYT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board noted that BTZ’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the fourth and second quartiles, respectively, relative to the Expense Peers. The Board also noted, however, that given the comparability limitations of the Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that are generally similar to BTZ. The Board noted that BTZ’s actual management fee rate and total expense ratio each ranked in the second quartile relative to the supplemental peer group.

The Board noted that BGT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee was appropriate.

Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.


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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

The Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2022, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BRS and BHK for a one-year term ending June 30, 2022. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.


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Additional Information

Trust Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trusts will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust.

The distributions paid by a Trust for any particular month may be more or less than the amount of net investment income earned by a Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value per share (“NAV”) and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

The following information is a summary of certain changes since December 31, 2020. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

Except if noted otherwise herein, there were no changes to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.


154		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information (continued)

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.


A D D I T I O N A L I N F O R M A T I O N		155

Additional Information (continued)


Trust and Service Providers
Investment Adviser BlackRock Advisors, LLC Wilmington, DE 19809 Sub-Adviser BlackRock International Limited Edinburgh, EH3 8BL United Kingdom BlackRock (Singapore) Limited^(a) 079912 Singapore Accounting Agent and Custodian State Street Bank and Trust Company Boston, MA 02111		Transfer Agent Computershare Trust Company, N.A. Canton, MA 02021 Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116 Legal Counsel Willkie Farr & Gallagher LLP New York, NY 10019 Address of the Trusts 100 Bellevue Parkway Wilmington, DE 19809

^(a)For BHK.


156		2 0 2 1 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Currency Abbreviation

CAD		Canadian Dollar

EUR		Euro

GBP		British Pound

JPY		Japanese Yen

USD		United States Dollar

Portfolio Abbreviation

AGM		Assured Guaranty Municipal Corp.

BAB		Build America Bond

CAB		Capital Appreciation Bonds

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

CR		Custodian Receipt

DAC		Designated Activity Company

DIP		Debtor-In-Possession

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

GO		General Obligation Bonds

LIBOR		London Interbank Offered Rate

MSCI		Morgan Stanley Capital International

MTN		Medium-Term Note

PCL		Public Company Limited

PIK		Payment-in-Kind

RB		Revenue Bond

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s

SAB		Special Assessment Bonds

SOFR		Secured Overnight Financing Rate

SPDR		Standard & Poor’s Depository Receipt


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		157

Want to know more?

blackrock.com | 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

TAXBOND-06/21-SAR

(b) Not Applicable

Item 2 –

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

Item 3 –

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

Item 4 –

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

Item 5 –

Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 –

Investments

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

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

Item 7 –

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

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report.

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

Item 9 –

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

Item 10 –

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

Item 11 –

Controls and Procedures

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

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

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable to this semi-annual report

Item 13 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 2009¹

The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

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

BlackRock 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: September 2, 2021

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: September 2, 2021


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Corporate High Yield Fund, Inc.

Date: September 2, 2021

EX-99.CERT 2 d211394dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 Certification Pursuant to Section 302

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Corporate High Yield Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Corporate High Yield Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 2, 2021

/ s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Corporate High Yield Fund, Inc.

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Corporate High Yield Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Corporate High Yield Fund, Inc.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 2, 2021

/s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Corporate High Yield Fund, Inc.

EX-99.906CERT 3 d211394dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 Certification Pursuant to Section 906

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Corporate High Yield Fund, Inc. (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant’s Report on Form N-CSR for the period ended June 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: September 2, 2021

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Corporate High Yield Fund, Inc.

Date: September 2, 2021

/s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Corporate High Yield Fund, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

EX-99.SECTION19 4 d211394dex99section19.htm SECTION 19 NOTICES Section 19 Notices


BlackRock Corporate High Yield Fund, Inc.
Cusip: 09255P107
Ticker: HYT

Record Date		June 15, 2021
Pay Date		June 30, 2021

Distribution Amount per share	$	0.077900

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized capital gains and return of capital. All amounts are expressed per common share.


	Current Distribution		% Breakdown of the Current Distribution		Total Cumulative Distributions for the Fiscal Year to Date		% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date

Net Income	$	0.069640		89%	$	0.342245		88%
Net Realized Short-Term Capital Gains	$	—		0%	$	—		0%
Net Realized Long-Term Capital Gains	$	—		0%	$	—		0%

Return of Capital	$	0.008260		11%	$	0.047255		12%

Total (per common share)	$	0.077900		100%	$	0.389500		100%


Average annual total return (in relation to NAV) for the 5-year period ending on May 31, 2021								10.08%

Annualized current distribution rate expressed as a percentage of NAV as of May 31, 2021								7.71%


Cumulative total return (in relation to NAV) for the fiscal year through May 31, 2021								4.02%

Cumulative fiscal year distributions as a percentage of NAV as of May 31, 2021								2.57%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Funds Managed Distribution Plan.

The Fund estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Contact Number: 800-882-0052


BlackRock Corporate High Yield Fund, Inc.
Cusip: 09255P107
Ticker: HYT

Record Date		July 15, 2021
Pay Date		July 30, 2021

Distribution Amount per share	$	0.077900


	Current Distribution		% Breakdown of the Current Distribution		Total Cumulative Distributions for the Fiscal Year to Date		% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date

Net Income	$	0.063740		82%	$	0.405872		87%
Net Realized Short-Term Capital Gains	$	—		0%	$	—		0%
Net Realized Long-Term Capital Gains	$	—		0%	$	—		0%

Return of Capital	$	0.014160		18%	$	0.061528		13%

Total (per common share)	$	0.077900		100%	$	0.467400		100%


Average annual total return (in relation to NAV) for the 5-year period ending on June 30, 2021								10.48%

Annualized current distribution rate expressed as a percentage of NAV as of June 30, 2021								7.61%


Cumulative total return (in relation to NAV) for the fiscal year through June 30, 2021								6.14%

Cumulative fiscal year distributions as a percentage of NAV as of June 30, 2021								3.17%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Funds Managed Distribution Plan.

When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

Contact Number: 800-882-0052

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