BLACKROCK FLOATING RATE INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811‑21566

Name of Fund:

BlackRock Floating Rate Income Trust (BGT)

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		DECEMBER 31, 2023



		2023 Annual Report

BlackRock Core Bond Trust (BHK)

BlackRock Corporate High Yield Fund, Inc. (HYT)

BlackRock Credit Allocation Income Trust (BTZ)

BlackRock Floating Rate Income Trust (BGT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information (unaudited)

Section 19(a) Notices

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

December 31, 2023


	Total Cumulative Distributions for the Fiscal Period											% Breakdown of the Total Cumulative Distributions for the Fiscal Period
Trust Name		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital	^(a)		Total Per Common Share		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital		Total Per Common Share
BHK	$	0.538765	$	—	$	—	$	0.356435		$	0.895200		60	%	—	%	—	%	40	%	100	%
HYT		0.680896		—		—		0.253904			0.934800		73		—		—		27		100
BTZ		0.629857		—		—		0.376943			1.006800		63		—		—		37		100
BGT		1.236255		—		—		0.046605			1.282860		96		—		—		4		100

^(a)

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

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

Managed Distribution Plan

The Trusts, each with the approval of its Board of Trustees (the “Board”), has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis.



Trust Name	Amount Per Common Share
BHK	$	0.074600
HYT		0.077900
BTZ		0.083900
BGT		0.120280

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Each Trust is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under its Plan, a Trust will distribute all available investment income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned on a monthly basis, a Trust will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, a Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act.

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

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


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

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12‑month reporting period ended December 31, 2023. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the year before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies and small-capitalization U.S. stocks also advanced. Meanwhile, international developed market equities and emerging market stocks posted solid gains.

The 10‑year U.S. Treasury yield ended 2023 where it began despite an eventful year that saw significant moves in bond markets. Overall, U.S. Treasuries gained as investors began to anticipate looser financial conditions. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12‑month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

We believe developed market equities have priced in an optimistic scenario for rate cuts, which we view as premature, so we prefer an underweight stance in the near term. Nevertheless, we are overweight on Japanese stocks as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six‑ to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of December 31, 2023
	6‑Month	12‑Month
U.S. large cap equities (S&P 500^® Index)	8.04%		26.29	%
U.S. small cap equities (Russell 2000^® Index)	8.18		16.93
International equities (MSCI Europe, Australasia, Far East Index)	5.88		18.24
Emerging market equities (MSCI Emerging Markets Index)	4.71		9.83
3‑month Treasury bills (ICE BofA 3‑Month U.S. Treasury Bill Index)	2.70		5.02
U.S. Treasury securities (ICE BofA 10‑Year U.S. Treasury Index)	1.11		2.83
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.37		5.53
Tax‑exempt municipal bonds (Bloomberg Municipal Bond Index)	3.63		6.40
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.65		13.44

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

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		132

Statements of Operations		134

Statements of Changes in Net Assets		135

Statements of Cash Flows		137

Financial Highlights		139

Notes to Financial Statements		143

Report of Independent Registered Public Accounting Firm		158

Important Tax Information		159

Investment Objectives, Policies and Risks		160

Shareholder Update		170

Automatic Dividend Reinvestment Plan		178

Trustee and Officer Information		179

Additional Information		183

Glossary of Terms Used in this Report		186


4

The Benefits and Risks of Leveraging

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

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

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

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

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

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

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

Derivative Financial Instruments

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


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


Trust Summary as of December 31, 2023		BlackRock Core Bond Trust (BHK)

Investment Objective

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

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

Trust Information


Symbol on New York Stock Exchange		BHK
Initial Offering Date		November 27, 2001
Current Distribution Rate on Closing Market Price as of December 31, 2023 ($10.91)^(a)		8.21%
Current Monthly Distribution per Common Share^(b)		$ 0.074600
Current Annualized Distribution per Common Share^(b)		$ 0.895200
Leverage as of December 31, 2023^(c)		33%

^(a)

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

^(b)

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

^(c)

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

Market Price and Net Asset Value Per Share Summary


	12/31/23		12/31/22		Change			High		Low
Closing Market Price		$ 10.91		$ 10.38		5.11	%		$ 11.68		$ 9.14
Net Asset Value		11.02		10.89		1.19			11.77		9.61

GROWTH OF $10,000 INVESTMENT

^(a)

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

^(b)

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


6		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Trust Summary as of December 31, 2023 (continued)		BlackRock Core Bond Trust (BHK)

Performance

Returns for the period ended December 31, 2023 were as follows:


	Average Annual Total Returns
	1 Year			5 Years			10 Years
Trust at NAV^(a)(b)		10.12	%		2.64	%		4.16	%
Trust at Market Price^(a)(b)		14.38			4.46			5.00
Bloomberg U.S. Credit Index		8.18			2.45			2.83
Reference Benchmark^(c)		7.88			2.26			3.07
Bloomberg U.S. Long Government/Credit Index^(d)		7.13			1.12			3.22
Bloomberg Intermediate Credit Index^(e)		6.94			2.44			2.46
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index^(f)		13.44			5.35			4.59
Bloomberg CMBS, Eligible for U.S. Aggregate Index^(g)		5.42			1.68			2.06
Bloomberg MBS Index^(h)		5.05			0.25			1.38
Bloomberg ABS Index⁽ⁱ⁾		5.54			1.92			1.81

^(a)

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

^(b)

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

^(c)

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

^(d)

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

^(e)

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

^(f)

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

^(g)

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

^(h)

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

⁽ⁱ⁾

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

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

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

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

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

What factors influenced performance?

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

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

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

The Trust continued to favor agency MBS as a high-quality source of income as well as due to more attractive valuations driven by the spike in interest rate volatility in March 2023 and MBS selling by regional banks. In the fourth quarter of 2023, the Trust reduced the agency MBS allocation in order to take profits after a period of strong performance. The Trust reduced exposure to subordinated bank debt on concerns over pressures on the banking sector. Instead, the Trust maintained its maximum allocation of 25% to high yield bonds given solid U.S. corporate fundamentals.

Describe portfolio positioning at period end.

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


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


Trust Summary as of December 31, 2023 (continued)		BlackRock Core Bond Trust (BHK)

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

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION


Asset Type^(a)	Percentage of Total Investments
Corporate Bonds		44.1	%
U.S. Government Sponsored Agency Securities		14.3
U.S. Treasury Obligations		12.1
Asset-Backed Securities		10.2
Non‑Agency Mortgage-Backed Securities		9.3
Preferred Securities		5.0
Municipal Bonds		2.3
Floating Rate Loan Interests		1.5
Foreign Agency Obligations		1.2

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(b)	Percentage of Total Investments
AAA/Aaa^(c)		35.3	%
AA/Aa		4.0
A		12.4
BBB/Baa		19.5
BB/Ba		11.0
B		9.8
CCC/Caa		2.3
CC		0.2
C		—	^(d)
N/R^(e)		5.5

^(a)	Excludes short-term securities.

^(b)

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

^(c)

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

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

^(e)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments.


8		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Trust Summary as of December 31, 2023		BlackRock Corporate High Yield Fund, Inc. (HYT)

Investment Objective

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

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

Trust Information


Symbol on New York Stock Exchange		HYT
Initial Offering Date		May 30, 2003
Current Distribution Rate on Closing Market Price as of December 31, 2023 ($9.43)^(a)		9.91%
Current Monthly Distribution per Common Share^(b)		$ 0.077900
Current Annualized Distribution per Common Share^(b)		$ 0.934800
Leverage as of December 31, 2023^(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 borrowings outstanding as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary


	12/31/23		12/31/22		Change			High		Low
Closing Market Price	$	9.43	$	8.74		7.89	%	$	9.56	$	8.24
Net Asset Value		9.73		9.25		5.19			9.85		8.85

GROWTH OF $10,000 INVESTMENT

^(a)

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

^(b)

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


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


Trust Summary as of December 31, 2023 (continued)		BlackRock Corporate High Yield Fund, Inc. (HYT)

Performance

Returns for the period ended December 31, 2023 were as follows:


	Average Annual Total Returns
	1 Year			5 Years			10 Years
Trust at NAV^(a)(b)		16.80	%		7.18	%		5.90	%
Trust at Market Price^(a)(b)		19.80			9.57			6.29
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index		13.44			5.35			4.59

^(a)

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

^(b)

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

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

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

What factors influenced performance?

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

From a sector perspective, technology, independent energy, and cable and satellite were the largest contributors to the Trust’s performance over the reporting period. Notably, all of the portfolio’s high yield sector exposures posted positive returns. By credit rating, B‑rated bonds were the largest contributors to return while issues in the BB and CCC ratings categories were also meaningful contributors. From an asset allocation perspective, high yield was the most meaningful contributor to returns, although tactical allocations to bank loans and investment grade corporate bonds were also additive.

There were no meaningful detractors from performance on an absolute basis.

Describe recent portfolio activity.

While key positioning themes remained broadly consistent, the Trust tactically navigated sector- and issuer-level positioning to take advantage of market opportunities. Exposure to bank loans and investment grade issues was reduced throughout the period as more interesting relative value developed in high yield bonds. Liquid product usage was active across total return swaps, high yield ETFs, and index credit default swaps. The Trust also increased its allocation to B‑rated credits.

Describe portfolio positioning at period end.

The Trust was underweight BB‑rated credits and overweight issues in the B ratings category as well as select CCC‑rated bonds. The Trust continued to hold meaningful tactical allocations to bank loans and investment grade issues, although as noted these exposures were trimmed over the period in favor of high yield corporate bonds. The largest sector weights included technology, independent energy, midstream, cable and satellite, and healthcare.


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


Trust Summary as of December 31, 2023 (continued)		BlackRock Corporate High Yield Fund, Inc. (HYT)

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION


Asset Type^(a)	Percentage of Total Investments
Corporate Bonds		88.2	%
Floating Rate Loan Interests		8.7
Preferred Securities		2.5
Other*		0.6

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(b)	Percentage of Total Investments
A		0.1	%
BBB/Baa		6.0
BB/Ba		38.6
B		43.6
CCC/Caa		8.9
C		—	^(c)
N/R		2.8

^(a)	Excludes short-term securities.

^(b)

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

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


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


Trust Summary as of December 31, 2023		BlackRock Credit Allocation Income Trust (BTZ)

Investment Objective

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

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

Trust Information


Symbol on New York Stock Exchange		BTZ
Initial Offering Date		December 27, 2006
Current Distribution Rate on Closing Market Price as of December 31, 2023 ($10.32)^(a)		9.76%
Current Monthly Distribution per Common Share^(b)		$ 0.083900
Current Annualized Distribution per Common Share^(b)		$ 1.006800
Leverage as of December 31, 2023^(c)		35%

^(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


	12/31/23		12/31/22		Change			High		Low
Closing Market Price	$	10.32	$	10.10		2.18	%	$	11.46	$	9.12
Net Asset Value		11.59		11.19		3.57			12.00		10.43

GROWTH OF $10,000 INVESTMENT

^(a)

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

^(b)


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


Trust Summary as of December 31, 2023 (continued)		BlackRock Credit Allocation Income Trust (BTZ)

Performance

Returns for the period ended December 31, 2023 were as follows:


	Average Annual Total Returns
	1 Year			5 Years			10 Years
Trust at NAV^(a)(b)		14.24	%		5.37	%		4.94	%
Trust at Market Price^(a)(b)		12.70			6.28			5.06
Reference Benchmark^(c)		9.94			3.63			3.64
Bloomberg U.S. Credit Index		8.18			2.45			2.83
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index^(d)		13.44			5.35			4.59
Bloomberg USD Capital Securities Index^(e)		9.13			3.90			4.12

^(a)

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

^(b)

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

^(c)

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

^(d)

^(e)

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

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

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

What factors influenced performance?

Contributions to the Trust’s performance over the reporting period were led by broad U.S. credit exposures, in particular to investment grade corporate bonds and high yield corporate bonds. Allocations to preferred securities as well as to floating rate bank loans and collateralized loan obligations (“CLOs”) also proved additive. Exposure to European corporate credit, Asian corporate credit and emerging market bonds contributed modestly.

The Trust’s stance with respect to duration and corresponding interest rate sensitivity detracted from performance.

Describe recent portfolio activity.

Over the period, the Trust increased exposure to both high yield and investment grade corporate bonds. The Trust also increased exposure to CLOs while favoring more well-protected structures. The Trust decreased exposure to preferred securities, European corporate credit and emerging markets. The Trust’s use of leverage decreased over the period.

Describe portfolio positioning at period end.

At period end, the Trust was positioned relatively conservatively given a higher cost of capital environment alongside the fourth quarter’s bond market rally and tightening of credit spreads which may have pulled forward some of 2024’s potential performance upside. In this vein, the Trust had significant allocations to higher quality investment grade corporate bonds and CLOs.


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


Trust Summary as of December 31, 2023 (continued)		BlackRock Credit Allocation Income Trust (BTZ)

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION


Asset Type^(a)	Percentage of Total Investments
Corporate Bonds		71.5	%
Asset-Backed Securities		9.6
Preferred Securities		7.7
U.S. Government Sponsored Agency Securities		4.5
Floating Rate Loan Interests		4.3
Foreign Agency Obligations		1.6
Other*		0.8

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(b)	Percentage of Total Investments
AAA/Aaa^(c)		9.7	%
AA/Aa		3.7
A		12.2
BBB/Baa		35.4
BB/Ba		19.7
B		16.2
CCC/Caa		2.3
CC		—	^(d)
N/R^(e)		0.8

^(a)	Excludes short-term securities.

^(b)

^(c)	Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.

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

^(e)

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


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


Trust Summary as of December 31, 2023		BlackRock Floating Rate Income Trust (BGT)

Investment Objective

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

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

Trust Information


Symbol on New York Stock Exchange		BGT
Initial Offering Date		August 30, 2004
Current Distribution Rate on Closing Market Price as of December 31, 2023 ($12.38)^(a)		11.66%
Current Monthly Distribution per Common Share^(b)		$ 0.120280
Current Annualized Distribution per Common Share^(b)		$ 1.443360
Leverage as of December 31, 2023^(c)		25%

^(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


	12/31/23		12/31/22		Change			High		Low
Closing Market Price	$	12.38	$	10.94		13.16	%	$	12.38	$	10.78
Net Asset Value		12.90		12.43		3.78			12.95		12.42

GROWTH OF $10,000 INVESTMENT

^(a)

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

^(b)

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


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


Trust Summary as of December 31, 2023 (continued)		BlackRock Floating Rate Income Trust (BGT)

Performance

Returns for the period ended December 31, 2023 were as follows:


	Average Annual Total Returns
	1 Year			5 Years			10 Years
Trust at NAV^(a)(b)		15.69	%		7.08	%		5.43	%
Trust at Market Price^(a)(b)		26.14			9.33			5.58
Morningstar LSTA Leveraged Loan Index		13.32			5.80			4.42

^(a)

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

^(b)

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

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

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

What factors influenced performance?

Bank loans performed well in 2023, as investors gravitated toward asset classes with the ability to perform well when interest rates were rising. In addition, the backdrop of falling inflation and continued economic growth fueled positive returns for the credit-sensitive areas of the fixed-income market.

The Trust’s allocation to B rated issues made the largest contribution to absolute performance, followed by BBs and CCCs, respectively. Its allocation to the technology and consumer cyclicals sectors also contributed. On the other hand, its position in CC rated securities was a slight detractor.

Describe recent portfolio activity.

The Trust’s allocation to BBB rated issues increased. It moved from an underweight to an overweight in BBs and reduced the extent of its overweight in CCCs. The Trust shifted from a slight overweight to a slight underweight in B2 rated bonds, while its overweight in B1s increased.

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

Describe portfolio positioning at period end.

The Trust was overweight in BBBs and BBs. It also maintained a small overweight in CCCs to capitalize on idiosyncratic opportunities, although the investment adviser took advantage of the markets to reduce some of the position. While technology continued to be the Trust’s largest absolute allocation at the sector level due to its large index weighting, the Trust was underweight in relative terms. The Trust’s active sector weightings were largely informed by bottom‑up security selection, although top‑down considerations also played a role in the investment adviser’s outlook on individual securities. The Trust’s out‑of‑benchmark allocations remained limited.


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


Trust Summary as of December 31, 2023 (continued)		BlackRock Floating Rate Income Trust (BGT)

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION


Asset Type^(a)	Percentage of Total Investments
Floating Rate Loan Interests		95.7	%
Corporate Bonds		1.6
Asset-Backed Securities		1.6
Other*		1.1

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(b)	Percentage of Total Investments
BBB/Baa		8.4	%
BB/Ba		24.5
B		58.3
CCC/Caa		6.0
CC		—	^(c)
N/R^(d)		2.8

^(a)	Excludes short-term securities.

^(b)

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

^(d)

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


T R U S T S U M M A R Y		17


Schedule of Investments December 31, 2023		BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
522 Funding CLO Ltd.^(a)(b)
Series 2019‑4A, Class CR, (3‑mo. CME Term SOFR + 2.66%), 8.08%, 04/20/30	USD		500	$	499,234
Series 2019‑4A, Class DR, (3‑mo. CME Term SOFR + 3.91%), 9.33%, 04/20/30			600		592,143
AGL CLO Ltd., Series 2020‑3A, Class D, (3‑mo. CME Term SOFR + 3.56%), 8.96%, 01/15/33^(a)(b)			250		245,045
ALM Ltd., Series 2020‑1A, Class D, (3‑mo. CME Term SOFR + 6.26%), 11.66%, 10/15/29^(a)(b)			285		278,198
Anchorage Capital CLO Ltd.^(a)(b)
Series 2013‑1A, Class A2R, (3‑mo. CME Term SOFR + 1.91%), 7.31%, 10/13/30			380		380,458
Series 2013‑1A, Class CR, (3‑mo. CME Term SOFR + 3.46%), 8.86%, 10/13/30			720		713,500
Apidos CLO XXII, Series 2015‑22A, Class CR, (3-mo. CME Term SOFR + 3.21%), 8.63%, 04/20/31^(a)(b)			250		245,523
Apidos CLO XXIV, Series 2016‑24A, Class A1AL, (3‑mo. CME Term SOFR + 1.21%), 6.63%, 10/20/30^(a)(b)			500		499,088
Apidos CLO XXVI, Series 2017‑26A, Class A1AR, (3‑mo. CME Term SOFR + 1.16%), 6.56%, 07/18/29^(a)(b)			880		879,271
Apidos CLO XXVII, Series 2017‑27A, Class A1R, (3‑mo. CME Term SOFR + 1.19%), 6.59%, 07/17/30^(a)(b)			214		213,496
ASSURANT CLO I Ltd., Series 2017‑1A, Class CR, (3‑mo. CME Term SOFR + 2.41%), 7.83%, 10/20/34^(a)(b)			500		492,041
Bain Capital Credit CLO Ltd.^(a)(b)
Series 2021‑3A, Class D, (3‑mo. CME Term SOFR + 3.36%), 8.76%, 07/24/34			250		240,416
Series 2021‑5A, Class B, (3‑mo. CME Term SOFR + 1.91%), 7.32%, 10/23/34			500		495,170
Ballyrock CLO Ltd., Series 2022‑21A, Class D, (3-mo. CME Term SOFR + 8.76%), 14.18%, 10/20/35^(a)(b)			500		499,468
Barings CLO Ltd., Series 2017‑1A, Class D, (3‑mo. CME Term SOFR + 3.86%), 9.26%, 07/18/29^(a)(b)			250		249,964
Benefit Street Partners CLO II Ltd., Series 2013‑IIA, Class A1R2, (3‑mo. CME Term SOFR + 1.13%), 6.53%, 07/15/29^(a)(b)			44		44,495
Birch Grove CLO Ltd.^(a)(b)
Series 19A, Class DR, (3‑mo. CME Term SOFR + 3.61%), 9.00%, 06/15/31			1,000		996,309
Series 2021‑3A, Class D1, (3‑mo. CME Term SOFR + 3.46%), 8.86%, 01/19/35			250		246,600
BlueMountain CLO XXVIII Ltd., Series 2021‑28A, Class D, (3‑mo. CME Term SOFR + 3.16%), 8.56%, 04/15/34^(a)(b)			500		487,990
Buttermilk Park CLO Ltd., Series 2018‑1A, Class D, (3‑mo. CME Term SOFR + 3.36%), 8.76%, 10/15/31^(a)(b)			250		243,555
Canyon Capital CLO Ltd.^(a)(b)
Series 2016‑1A, Class CR, (3‑mo. CME Term SOFR + 2.16%), 7.56%, 07/15/31			250		246,859
Series 2021‑2A, Class D, (3‑mo. CME Term SOFR + 3.61%), 9.01%, 04/15/34			500		486,659
Carlyle Global Market Strategies CLO Ltd.^(a)(b)
Series 2013‑1A, Class A1RR, (3‑mo. CME Term SOFR + 1.21%), 6.59%, 08/14/30			165		165,139


Security		Par (000)		Value

Asset-Backed Securities (continued)
Carlyle Global Market Strategies CLO Ltd.^(a)(b)(continued)
Series 2013‑1A, Class CR, (3‑mo. CME Term SOFR + 3.61%), 8.99%, 08/14/30	USD		1,000	$	983,617
CarVal CLO II Ltd., Series 2019‑1A, Class DR, (3-mo. CME Term SOFR + 3.46%), 8.88%, 04/20/32^(a)(b)			500		481,933
CarVal CLO III Ltd., Series 2019‑2A, Class E, (3‑mo. CME Term SOFR + 6.70%), 12.12%, 07/20/32^(a)(b)			500		479,718
CarVal CLO VC Ltd., Series 2021‑2A, Class D, (3-mo. CME Term SOFR + 3.51%), 8.91%, 10/15/34^(a)(b)			250		239,923
CBAM Ltd., Series 2017‑1A, Class C, (3‑mo. CME Term SOFR + 2.66%), 8.08%, 07/20/30^(a)(b)			350		348,413
Cedar Funding IX CLO Ltd.^(a)(b)
Series 2018‑9A, Class A1, (3‑mo. CME Term SOFR + 1.24%), 6.66%, 04/20/31			246		245,698
Series 2018‑9A, Class D, (3‑mo. CME Term SOFR + 2.86%), 8.28%, 04/20/31			250		240,837
Cedar Funding VII CLO Ltd., Series 2018‑7A, Class A1, (3‑mo. CME Term SOFR + 1.26%), 6.68%, 01/20/31^(a)(b)			471		471,035
Cedar Funding X CLO Ltd., Series 2019‑10A, Class BR, (3‑mo. CME Term SOFR + 1.86%), 7.28%, 10/20/32^(a)(b)			930		922,688
Cedar Funding XIV CLO Ltd., Series 2021‑14A, Class B, (3‑mo. CME Term SOFR + 1.86%), 7.26%, 07/15/33^(a)(b)			500		495,373
Cedar Funding XV CLO Ltd., Series 2022‑15A, Class B, (3‑mo. CME Term SOFR + 1.80%), 7.22%, 04/20/35^(a)(b)			400		395,002
CIFC Funding Ltd.^(a)(b)
Series 2013‑1A, Class CR, (3‑mo. CME Term SOFR + 3.81%), 9.21%, 07/16/30			500		497,735
Series 2014‑2RA, Class B1, (3‑mo. CME Term SOFR + 3.06%), 8.46%, 04/24/30			750		743,812
Series 2014‑3A, Class BR2, (3‑mo. CME Term SOFR + 2.06%), 7.47%, 10/22/31			250		248,973
Series 2015‑1A, Class ARR, (3‑mo. CME Term SOFR + 1.37%), 6.78%, 01/22/31			929		930,656
Series 2015‑3A, Class AR, (3‑mo. CME Term SOFR + 1.13%), 6.53%, 04/19/29			180		179,618
Series 2017‑2A, Class AR, (3‑mo. CME Term SOFR + 1.21%), 6.63%, 04/20/30			448		447,642
Series 2017‑4A, Class A1R, (3‑mo. CME Term SOFR + 1.21%), 6.61%, 10/24/30			422		421,222
Series 2019‑1A, Class DR, (3‑mo. CME Term SOFR + 3.36%), 8.78%, 04/20/32			500		498,310
Series 2020‑1A, Class DR, (3‑mo. CME Term SOFR + 3.36%), 8.76%, 07/15/36			500		489,694
Series 2022‑7A, Class C, (3‑mo. CME Term SOFR + 3.85%), 9.26%, 10/22/35			500		503,539
Series 2022‑7A, Class D, (3‑mo. CME Term SOFR + 5.35%), 10.76%, 10/22/35			600		600,417
CWHEQ Revolving Home Equity Loan Trust, Series 2006‑I, Class 1A, (1‑mo. Term SOFR + 0.25%), 5.62%, 01/15/37^(a)			970		880,821
Dewolf Park CLO Ltd., Series 2017‑1A, Class DR, (3‑mo. CME Term SOFR + 3.11%), 8.51%, 10/15/30^(a)(b)			280		276,299


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Schedule of Investments (continued) December 31, 2023		BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Dryden CLO Ltd.^(a)(b)
Series 2017‑53A, Class B, (3‑mo. CME Term SOFR + 1.66%), 7.06%, 01/15/31	USD		1,320	$	1,312,526
Series 2018‑64A, Class D, (3‑mo. CME Term SOFR + 2.91%), 8.31%, 04/18/31			1,250		1,224,497
Series 2020‑78A, Class D, (3‑mo. CME Term SOFR + 3.26%), 8.66%, 04/17/33			250		245,631
Series 2022-106A, Class C, (3‑mo. CME Term SOFR + 3.90%), 9.29%, 10/15/35			500		503,556
Dryden Senior Loan Fund^(a)(b)
Series 2015‑37A, Class AR, (3‑mo. CME Term SOFR + 1.36%), 6.76%, 01/15/31			236		236,466
Series 2017‑50A, Class B, (3‑mo. CME Term SOFR + 1.91%), 7.31%, 07/15/30			250		249,705
Dryden XXVIII Senior Loan Fund^(a)(b)
Series 2013‑28A, Class A1LR, (3‑mo. CME Term SOFR + 1.46%), 6.85%, 08/15/30			220		220,137
Series 2013‑28A, Class B1LR, (3‑mo. CME Term SOFR + 3.41%), 8.80%, 08/15/30			1,000		981,197
Eaton Vance CLO Ltd., Series 2015‑1A, Class A2R, (3‑mo. CME Term SOFR + 1.51%), 6.93%, 01/20/30^(a)(b)			1,000		986,871
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021‑A, Class B, 3.50%, 11/25/50^(b)			110		87,932
Elmwood CLO 21 Ltd., Series 2022‑8A, Class CR, (3‑mo. CME Term SOFR + 2.70%), 8.12%, 10/20/36^(a)			500		499,633
Elmwood CLO IV Ltd., Series 2020‑1A, Class B, (3‑mo. CME Term SOFR + 1.96%), 7.36%, 04/15/33^(a)(b)			250		249,854
Elmwood CLO V Ltd., Series 2020‑2A, Class CR, (3‑mo. CME Term SOFR + 2.26%), 7.68%, 10/20/34^(a)(b)			436		432,716
Elmwood CLO VI Ltd., Series 2020‑3A, Class BR, (3‑mo. CME Term SOFR + 1.91%), 7.33%, 10/20/34^(a)(b)			250		249,878
Fairstone Financial Issuance Trust I, Series 2020‑1A, Class C, 5.16%, 10/20/39^(b)	CAD		170		119,401
Flatiron CLO Ltd., Series 2018‑1A, Class A, (3‑mo. CME Term SOFR + 1.21%), 6.61%, 04/17/31^(a)(b)	USD		1,280		1,278,584
Galaxy CLO Ltd., Series 2023‑31A, Class E, (3‑mo. CME Term SOFR + 8.43%), 13.82%, 04/15/36^(a)(b)			350		351,270
Galaxy XX CLO Ltd., Series 2015‑20A, Class CR, (3‑mo. CME Term SOFR + 2.01%), 7.43%, 04/20/31^(a)(b)			250		249,879
Galaxy XXIII CLO Ltd., Series 2017‑23A, Class AR, (3‑mo. CME Term SOFR + 1.13%), 6.53%, 04/24/29^(a)(b)			248		247,582
Galaxy XXVII CLO Ltd., Series 2018‑27A, Class A, (3‑mo. CME Term SOFR + 1.28%), 6.67%, 05/16/31^(a)(b)			1,825		1,822,242
Generate CLO Ltd.^(a)(b)
Series 2A, Class AR, (3‑mo. CME Term SOFR + 1.41%), 6.82%, 01/22/31			232		232,370
Series 4A, Class DR, (3‑mo. CME Term SOFR + 3.41%), 8.83%, 04/20/32			1,500		1,464,282
Series 6A, Class DR, (3‑mo. CME Term SOFR + 3.76%), 9.17%, 01/22/35			750		758,730


Security		Par (000)		Value

Asset-Backed Securities (continued)
GoldenTree Loan Management U.S. CLO Ltd.^(a)(b)
Series 2018‑3A, Class B1, (3‑mo. CME Term SOFR + 1.81%), 7.23%, 04/20/30	USD		250	$	249,928
Series 2019‑5A, Class BR, (3‑mo. CME Term SOFR + 1.86%), 7.26%, 04/24/31			500		499,853
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class BR2, (3‑mo. CME Term SOFR + 1.86%), 7.25%, 10/29/29^(a)(b)			1,500		1,499,250
GoldenTree Loan Opportunities X Ltd., Series 2015-10A, Class DR, (3‑mo. CME Term SOFR + 3.31%), 8.73%, 07/20/31^(a)(b)			250		247,592
Golub Capital Partners CLO Ltd., Series 2021‑55A, Class E, (3‑mo. CME Term SOFR + 6.82%), 12.24%, 07/20/34^(a)(b)			250		249,403
Gracie Point International Funding, Series 2023‑1, Class D, (3‑mo. SOFR + 4.50%), 9.72%, 09/01/26^(a)			162		161,598
Grippen Park CLO Ltd., Series 2017‑1A, Class D, (3‑mo. CME Term SOFR + 3.56%), 8.98%, 01/20/30^(a)(b)			250		250,075
Highbridge Loan Management, Series 3A‑2014, Class CR, (3‑mo. CME Term SOFR + 3.86%), 9.26%, 07/18/29^(a)(b)			1,000		990,337
Litigation Fee Residual, Series 2020‑1, Class A, 4.00%, 10/30/27^(c)			460		450,092
Long Beach Mortgage Loan Trust, Series 2006‑8, Class 2A4, (1‑mo. Term SOFR + 0.59%), 5.95%, 09/25/36^(a)			6,035		1,648,132
Madison Park Funding LIV Ltd., Series 2022‑54A, Class E1, (3‑mo. CME Term SOFR + 8.95%), 14.36%, 10/21/34^(a)(b)			263		266,257
Madison Park Funding XLVIII Ltd., Series 2021‑48A, Class E, (3‑mo. CME Term SOFR + 6.51%), 11.91%, 04/19/33^(a)			500		495,018
Madison Park Funding XVII Ltd., Series 2015‑17A, Class DR, (3‑mo. CME Term SOFR + 3.86%), 9.27%, 07/21/30^(a)(b)			1,000		985,364
Madison Park Funding XXIII Ltd.^(a)(b)
Series 2017‑23A, Class AR, (3‑mo. CME Term SOFR + 1.23%), 6.62%, 07/27/31			970		969,878
Series 2017‑23A, Class CR, (3‑mo. CME Term SOFR + 2.26%), 7.65%, 07/27/31			600		599,369
Madison Park Funding XXV Ltd.^(a)(b)
Series 2017‑25A, Class A1R, (3‑mo. CME Term SOFR + 1.23%), 6.61%, 04/25/29			1,435		1,434,690
Series 2017‑25A, Class A2R, (3‑mo. CME Term SOFR + 1.91%), 7.29%, 04/25/29			250		250,251
Madison Park Funding XXXI Ltd., Series 2018‑31A, Class D, (3‑mo. CME Term SOFR + 3.26%), 8.67%, 01/23/31^(a)(b)			625		615,144
Madison Park Funding XXXIV Ltd., Series 2019‑34A, Class DR, (3‑mo. CME Term SOFR + 3.61%), 8.99%, 04/25/32^(a)(b)			250		249,430
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, (3‑mo. CME Term SOFR + 1.91%), 7.31%, 07/15/33^(a)(b)			900		900,281
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, (3‑mo. CME Term SOFR + 2.16%), 7.56%, 07/17/34^(a)(b)			250		247,534


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


Schedule of Investments (continued) December 31, 2023		BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Marble Point CLO XVII Ltd., Series 2020‑1A, Class D, (3‑mo. CME Term SOFR + 4.01%), 9.43%, 04/20/33^(a)(b)	USD		250	$	242,026
Marble Point CLO XXIII Ltd., Series 2021‑4A, Class D1, (3‑mo. CME Term SOFR + 3.91%), 9.32%, 01/22/35^(a)(b)			250		249,598
Mariner Finance Issuance Trust, Series 2022‑AA, Class A, 6.45%, 10/20/37^(b)			515		518,568
Navient Private Education Refi Loan Trust^(b)
Series 2019‑D, Class A2A, 3.01%, 12/15/59			517		485,649
Series 2019‑GA, Class A, 2.40%, 10/15/68			186		174,409
Series 2021‑CA, Class A, 1.06%, 10/15/69			808		700,527
Series 2021‑DA, Class C, 3.48%, 04/15/60			770		681,338
Series 2021‑DA, Class D, 4.00%, 04/15/60			440		399,475
Series 2021‑EA, Class A, 0.97%, 12/16/69			948		817,009
Series 2023‑A, Class A, 5.51%, 10/15/71			167		166,511
Nelnet Student Loan Trust^(b)
Series 2021‑A, Class D, 4.93%, 04/20/62			460		382,836
Series 2021‑BA, Class B, 2.68%, 04/20/62			1,983		1,624,546
Series 2021‑CA, Class AFL, (1‑mo. Term SOFR + 0.85%), 6.21%, 04/20/62^(a)			382		375,346
Neuberger Berman CLO XXII Ltd., Series 2016‑22A, Class BR, (3‑mo. CME Term SOFR + 1.91%), 7.31%, 10/17/30^(a)(b)			250		249,779
Neuberger Berman Loan Advisers CLO Ltd.^(a)(b)
Series 2017‑25A, Class AR, (3‑mo. CME Term SOFR + 1.19%), 6.59%, 10/18/29			1,224		1,224,471
Series 2020‑37A, Class CR, (3‑mo. CME Term SOFR + 2.06%), 7.48%, 07/20/31			1,163		1,151,812
Neuberger Berman Loan Advisers NBLA CLO Ltd., Series 2022‑52A, Class D, (3‑mo. CME Term SOFR + 5.75%), 11.15%, 10/24/35^(a)(b)			568		565,116
OCP CLO Ltd.^(a)(b)
Series 2015‑9A, Class BR2, (3‑mo. CME Term SOFR + 1.75%), 7.14%, 01/15/33			250		247,934
Series 2017‑13A, Class A1AR, (3‑mo. CME Term SOFR + 1.22%), 6.62%, 07/15/30			971		969,764
Series 2017‑14A, Class A2, (3‑mo. CME Term SOFR + 1.76%), 7.13%, 11/20/30			1,620		1,615,143
Octagon 54 Ltd., Series 2021‑1A, Class D, (3‑mo. CME Term SOFR + 3.31%), 8.71%, 07/15/34^(a)(b)			250		242,583
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3‑mo. CME Term SOFR + 1.23%), 6.63%, 07/19/30^(a)(b)			2,514		2,510,414
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3‑mo. CME Term SOFR + 1.66%), 7.04%, 01/25/31^(a)(b)			500		496,869
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, (3‑mo. CME Term SOFR + 1.26%), 6.64%, 02/14/31^(a)(b)			250		249,591
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3‑mo. CME Term SOFR + 3.01%), 8.42%, 01/22/30^(a)(b)			500		476,235
OZLM VIII Ltd., Series 2014‑8A, Class CRR, (3‑mo. CME Term SOFR + 3.41%), 8.81%, 10/17/29^(a)(b)			875		873,121
OZLM XXI Ltd., Series 2017‑21A, Class C, (3‑mo. CME Term SOFR + 2.93%), 8.35%, 01/20/31^(a)(b)			1,000		974,144
Palmer Square CLO Ltd.^(a)
Series 2013‑2A, Class A2R3, (3‑mo. CME Term SOFR + 1.76%), 7.16%, 10/17/31^(b)			250		249,331


Security		Par (000)		Value

Asset-Backed Securities (continued)
Palmer Square CLO Ltd.^(a)(continued)
Series 2015‑2A, Class CR2, (3‑mo. CME Term SOFR + 3.01%), 8.43%, 07/20/30^(b)	USD		250	$	248,460
Series 2020-3ARR, Class A1R2, (3‑mo. CME Term SOFR + 1.65%), 7.02%, 11/15/36^(c)			250		250,025
Series 2020-3ARR, Class A2R2, (3‑mo. CME Term SOFR + 2.30%), 7.67%, 11/15/36^(c)			250		250,025
Series 2022‑4A, Class C, (3‑mo. CME Term SOFR + 4.00%), 9.42%, 10/20/35^(b)			1,000		1,010,714
Palmer Square Loan Funding Ltd.^(a)(b)
Series 2021‑1A, Class A1, (3‑mo. CME Term SOFR + 1.16%), 6.58%, 04/20/29			84		84,038
Series 2021‑2A, Class A1, (3‑mo. CME Term SOFR + 1.06%), 6.43%, 05/20/29			110		110,143
Series 2021‑3A, Class A1, (3‑mo. CME Term SOFR + 1.06%), 6.48%, 07/20/29			402		401,511
Park Avenue Institutional Advisers CLO Ltd., Series 2017‑1A, Class DR, (3‑mo. CME Term SOFR + 7.07%), 12.45%, 02/14/34^(a)(b)			1,300		1,209,105
PPM CLO Ltd., Series 2019‑2A, Class DR, (3‑mo. CME Term SOFR + 3.66%), 9.06%, 04/16/32^(a)(b)			250		242,767
Prodigy Finance DAC, Series 2021‑1A, Class C, (1‑mo. Term SOFR + 3.86%), 9.22%, 07/25/51^(a)(b)			86		86,164
Rad CLO Ltd., Series 2019‑3A, Class DR, (3‑mo. CME Term SOFR + 3.01%), 8.41%, 04/15/32^(a)(b)			400		394,237
Regatta XI Funding Ltd., Series 2018‑1A, Class D, (3‑mo. CME Term SOFR + 3.11%), 8.51%, 07/17/31^(a)(b)			370		363,165
Regatta XVIII Funding Ltd., Series 2021‑1A, Class B, (3‑mo. CME Term SOFR + 1.71%), 7.11%, 01/15/34^(a)(b)			850		845,092
Regional Management Issuance Trust, Series 2022-2B, Class A, 7.10%, 11/17/32^(b)			200		201,841
Republic Finance Issuance Trust, Series 2020‑A, Class C, 4.05%, 11/20/30^(b)			240		227,459
Romark CLO Ltd., Series 2017‑1A, Class B, (3‑mo. CME Term SOFR + 2.41%), 7.82%, 10/23/30^(a)(b)			500		497,704
RRX Ltd., Series 2020‑1A, Class E, (3‑mo. CME Term SOFR + 6.71%), 12.11%, 04/15/33^(a)(b)			500		493,167
Shackleton CLO Ltd., Series 2015‑7RA, Class C, (3‑mo. CME Term SOFR + 2.61%), 8.01%, 07/15/31^(a)(b)			250		246,689
Signal Peak CLO Ltd., Series 2017‑4A, Class XR, (3‑mo. CME Term SOFR + 1.21%), 6.59%, 10/26/34^(a)(b)			1,100		1,099,802
SMB Private Education Loan Trust
Series 2019‑A, Class A2A, 3.44%, 07/15/36^(b)			1,239		1,191,941
Series 2019‑B, Class A2A, 2.84%, 06/15/37^(b)			246		232,837
Series 2021‑A, Class A2B, 1.59%, 01/15/53^(b)			359		318,007
Series 2021‑C, Class C, 3.00%, 01/15/53^(b)			143		123,047
Series 2021‑C, Class D, 3.93%, 01/15/53^(b)			141		130,657
Series 2021‑D, Class A1A, 1.34%, 03/17/53^(b)			1,105		993,933
Series 2022‑C, Class A1A, 4.48%, 05/16/50^(b)			344		333,348
Series 2023‑B, Class A1B, (30‑day Avg SOFR + 1.80%), 7.14%, 10/16/56^(a)(b)			225		227,347
Series 2023‑C, Class A1A, 5.67%, 11/15/52			1,604		1,612,034
Sterling COOFS Trust^(c)
Series 2004‑1, Class A, 2.36%, 04/15/29			700		7,002
Series 2004‑2, Class Note, 2.08%, 03/30/30^(b)			437		4,373


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


Schedule of Investments (continued) December 31, 2023		BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Structured Asset Securities Corp. Pass-Through Certificates, Series 2002‑AL1, Class A2, 3.45%, 02/25/32	USD		31	$	26,834
Symphony CLO XXXII Ltd., Series 2022‑32A, Class B, (3‑mo. CME Term SOFR + 1.85%), 7.26%, 04/23/35^(a)(b)			600		593,595
TCI‑Symphony CLO Ltd., Series 2017‑1A, Class AR, (3‑mo. CME Term SOFR + 1.19%), 6.59%, 07/15/30^(a)(b)			463		462,947
TCW CLO Ltd., Series 2020‑1A, Class DRR, (3‑mo. CME Term SOFR + 3.66%), 9.08%, 04/20/34^(a)(b)			250		237,438
TICP CLO IX Ltd., Series 2017‑9A, Class D, (3‑mo. CME Term SOFR + 3.16%), 8.58%, 01/20/31^(a)(b)			500		499,946
TICP CLO XV Ltd., Series 2020‑15A, Class D, (3‑mo. CME Term SOFR + 3.41%), 8.83%, 04/20/33^(a)(b)			250		246,932
Trestles CLO Ltd.^(a)(b)
Series 2017‑1A, Class B1R, (3‑mo. CME Term SOFR + 2.01%), 7.39%, 04/25/32			1,750		1,726,972
Series 2017‑1A, Class CR, (3‑mo. CME Term SOFR + 3.16%), 8.54%, 04/25/32			250		243,527
Trimaran CAVU Ltd.^(a)
Series 2019‑2A, Class C, (3‑mo. CME Term SOFR + 4.98%), 10.38%, 11/26/32^(b)			500		498,434
Series 2021‑2A, Class D1, (3‑mo. CME Term SOFR + 3.51%), 8.89%, 10/25/34^(b)			500		490,819
Series 2022‑1, Class E, (3‑mo. CME Term SOFR + 9.08%), 14.49%, 10/22/35			500		500,456
Series 2022‑2A, Class D, (3‑mo. CME Term SOFR + 6.12%), 11.54%, 01/20/36^(b)			400		407,877
Series 2023‑1, Class E, (3‑mo. CME Term SOFR + 8.94%), 14.28%, 07/20/36			500		498,671
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32^(d)	GBP		6		7,688
Voya CLO Ltd.^(a)(b)
Series 2014‑2A, Class A1RR, (3‑mo. CME Term SOFR + 1.28%), 6.68%, 04/17/30	USD		158		158,159
Series 2017‑2A, Class A2AR, (3‑mo. CME Term SOFR + 1.91%), 7.31%, 06/07/30			250		249,979
Series 2017‑4A, Class A1, (3‑mo. CME Term SOFR + 1.39%), 6.79%, 10/15/30			196		195,662
Series 2018‑2A, Class A2, (3‑mo. CME Term SOFR + 1.51%), 6.91%, 07/15/31			1,000		989,150
Series 2022‑4A, Class C, (3‑mo. CME Term SOFR + 4.05%), 9.47%, 10/20/33			1,000		1,000,023
Whetstone Park CLO Ltd., Series 2021‑1A, Class B1, (3‑mo. CME Term SOFR + 1.86%), 7.28%, 01/20/35^(a)(b)			725		721,740
Whitebox CLO I Ltd., Series 2019‑1A, Class CR, (3‑mo. CME Term SOFR + 3.31%), 8.71%, 07/24/32^(a)(b)			500		492,507
Whitebox CLO II Ltd., Series 2020‑2A, Class DR, (3‑mo. CME Term SOFR + 3.61%), 9.01%, 10/24/34^(a)(b)			500		484,150


Security		Par (000)		Value

Asset-Backed Securities (continued)
Whitebox CLO III Ltd.^(a)(b)
Series 2021‑3A, Class D, (3‑mo. CME Term SOFR + 3.61%), 9.01%, 10/15/34	USD		250	$	245,415
Series 2021‑3A, Class E, (3‑mo. CME Term SOFR + 7.11%), 12.51%, 10/15/34			250		246,232


Total Asset-Backed Securities — 15.5% (Cost: $93,445,277)					92,303,943


Corporate Bonds

Aerospace & Defense — 2.5%
Boeing Co. 2.95%, 02/01/30			800		720,741
3.60%, 05/01/34			550		485,946
Bombardier, Inc.^(b)7.13%, 06/15/26^(e)			425		423,016
7.88%, 04/15/27^(e)			122		122,021
6.00%, 02/15/28^(e)			667		649,842
7.50%, 02/01/29			90		91,492
8.75%, 11/15/30			294		313,023
7.45%, 05/01/34			100		114,000
Embraer Netherlands Finance BV, 7.00%, 07/28/30^(b)			263		274,806
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(b)(e)			200		195,471
L3Harris Technologies, Inc. 2.90%, 12/15/29			1,200		1,084,378
1.80%, 01/15/31			300		246,404
Lockheed Martin Corp., 3.80%, 03/01/45			800		687,771
Northrop Grumman Corp. 4.70%, 03/15/33			400		403,398
3.85%, 04/15/45			850		713,960
Rolls-Royce PLC, 5.75%, 10/15/27^(b)			400		400,687
RTX Corp. 2.38%, 03/15/32			1,000		833,349
5.15%, 02/27/33			900		917,230
4.50%, 06/01/42			300		272,434
Spirit AeroSystems, Inc.^(b)9.38%, 11/30/29^(e)			296		323,905
9.75%, 11/15/30			279		299,918
TransDigm, Inc.^(b)6.25%, 03/15/26^(e)			2,900		2,894,990
6.75%, 08/15/28			1,232		1,260,437
7.13%, 12/01/31			635		665,426
Triumph Group, Inc., 9.00%, 03/15/28^(b)			703		747,531

					15,142,176

Air Freight & Logistics — 0.2%
FedEx Corp., 4.75%, 11/15/45^(e)			1,250		1,151,594


Automobile Components — 0.6%
Aptiv PLC, 4.40%, 10/01/46			465		376,328
Clarios Global LP, 6.75%, 05/15/25^(b)			237		239,086


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


Schedule of Investments (continued) December 31, 2023		BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobile Components (continued)
Clarios Global LP/Clarios U.S. Finance Co. 4.38%, 05/15/26^(d)	EUR		200	$	218,910
6.25%, 05/15/26^(b)(e)	USD		371		371,482
8.50%, 05/15/27^(b)(e)			1,287		1,291,486
6.75%, 05/15/28^(b)			366		373,399
Dana Financing Luxembourg SARL, 8.50%, 07/15/31^(d)	EUR		100		120,580
Forvia SE, 3.75%, 06/15/28^(d)			100		108,037
Goodyear Tire & Rubber Co., 5.63%, 04/30/33	USD		81		72,607
Tenneco, Inc., 8.00%, 11/17/28^(b)			15		12,806
ZF Finance GmbH, 3.75%, 09/21/28^(d)	EUR		100		106,334

					3,291,055

Automobiles — 0.8%
Asbury Automotive Group, Inc., 4.50%, 03/01/28	USD		10		9,497
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)			111		109,890
Ford Motor Co. 6.10%, 08/19/32^(e)			168		169,349
4.75%, 01/15/43			2,000		1,650,959
General Motors Co., 6.25%, 10/02/43			2,506		2,556,429
LCM Investments Holdings II LLC^(b)4.88%, 05/01/29			55		51,090
8.25%, 08/01/31			172		179,517
RCI Banque SA, (5‑year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)(d)	EUR		100		106,752

					4,833,483

Banks — 4.6%
Banco BPM SpA, (3‑mo. EURIBOR + 2.80%), 6.00%, 06/14/28^(a)			150		173,229
Banco de Sabadell SA, (1‑year EUR Swap + 2.40%), 5.25%, 02/07/29^(a)(d)			100		113,943
Bangkok Bank PCL/Hong Kong, (5‑year CMT + 4.73%), 5.00%^(a)	USD		500		481,250
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26^(d)			252		239,652
Bank of America Corp., (3‑mo. CME Term SOFR + 1.57%), 4.27%, 07/23/29^(a)(e)			4,000		3,861,957
Barclays PLC, (1‑year CMT + 1.05%), 2.28%, 11/24/27^(a)(e)			3,000		2,756,427
Citigroup, Inc.^(a)
(1‑day SOFR + 2.34%), 6.27%, 11/17/33^(e)			1,567		1,676,707
(1‑day SOFR + 2.66%), 6.17%, 05/25/34			290		300,085
Credit Suisse AG/New York, 5.00%, 07/09/27			900		900,190
Deutsche Bank AG/New York, (1‑day SOFR + 3.18%), 6.72%, 01/18/29^(a)(e)			850		890,126
Freedom Mortgage Corp. 12.00%, 10/01/28^(b)			64		69,896
12.25%, 10/01/30			65		71,354
Goldman Sachs Group, Inc., (3‑mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29^(a)(e)			4,000		3,869,308
HSBC Holdings PLC, 6.10%, 01/14/42			610		690,643
JPMorgan Chase & Co.^(a)
(1‑day SOFR + 1.18%), 2.55%, 11/08/32			1,000		834,378
(1‑day SOFR + 2.08%), 4.91%, 07/25/33			1,381		1,365,436
(3‑mo. CME Term SOFR + 1.42%), 3.70%, 05/06/30			1,000		941,089
(3‑mo. CME Term SOFR + 2.46%), 3.11%, 04/22/41			800		615,905
Morgan Stanley, (1‑day SOFR + 1.73%), 5.12%, 02/01/29^(a)(e)			3,000		3,013,643
NatWest Group PLC, (1‑year CMT + 2.27%), 5.52%, 09/30/28^(a)			1,000		1,005,306


Security		Par (000)		Value

Banks (continued)
Northern Trust Corp., 6.13%, 11/02/32	USD		95	$	102,014
Standard Chartered PLC, (5‑year USD ICE Swap + 1.97%), 4.87%, 03/15/33^(a)(b)			500		468,170
Wells Fargo & Co.^(a)
(1‑day SOFR + 2.02%), 5.39%, 04/24/34			1,124		1,128,883
(1‑day SOFR + 2.53%), 3.07%, 04/30/41^(e)			2,250		1,702,251

					27,271,842

Beverages — 0.8%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(e)			4,600		4,509,110
Keurig Dr. Pepper, Inc., 2.25%, 03/15/31			400		340,326

					4,849,436

Biotechnology — 0.8%
Amgen, Inc. 5.25%, 03/02/30			800		822,397
4.20%, 03/01/33			1,000		951,191
5.25%, 03/02/33^(e)			600		615,139
4.40%, 05/01/45			650		576,909
Baxalta, Inc., 5.25%, 06/23/45			500		498,073
Cidron Aida Finco SARL, 5.00%, 04/01/28^(d)	EUR		100		106,171
Gilead Sciences, Inc., 4.80%, 04/01/44	USD		1,000		963,997

					4,533,877

Broadline Retail — 0.2%
Amazon.com, Inc., 4.05%, 08/22/47^(e)			1,500		1,352,433
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)			44		42,282

					1,394,715

Building Products — 1.4%
Advanced Drainage Systems, Inc.^(b)5.00%, 09/30/27			215		207,475
6.38%, 06/15/30			247		248,851
Beacon Roofing Supply, Inc.^(b)4.13%, 05/15/29			86		78,402
6.50%, 08/01/30			191		195,292
Foundation Building Materials, Inc., 6.00%, 03/01/29^(b)			47		42,259
GYP Holdings III Corp., 4.63%, 05/01/29^(b)			138		125,981
Home Depot, Inc., 5.88%, 12/16/36			1,660		1,855,454
Lowe’s Cos., Inc. 1.70%, 10/15/30			1,600		1,328,855
5.00%, 04/15/33^(e)			1,000		1,021,277
4.38%, 09/15/45			1,000		873,550
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26^(b)			56		54,923
SRS Distribution, Inc.^(b)4.63%, 07/01/28			299		283,660
6.13%, 07/01/29^(e)			347		328,966
6.00%, 12/01/29^(e)			546		509,094
White Cap Buyer LLC, 6.88%, 10/15/28^(b)(e)			887		858,626
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26^(b)(e)(f)			136		135,368

					8,148,033

Capital Markets — 0.8%
Ares Capital Corp., 7.00%, 01/15/27			95		97,717
Aretec Group, Inc., 10.00%, 08/15/30^(b)			65		69,072
Blackstone Private Credit Fund 7.05%, 09/29/25			56		56,990
3.25%, 03/15/27			53		48,619
Blue Owl Capital Corp. 3.75%, 07/22/25			129		123,559


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


Schedule of Investments (continued) December 31, 2023		BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Capital Markets (continued)
Blue Owl Capital Corp. (continued) 3.40%, 07/15/26	USD		46	$	42,766
Blue Owl Capital Corp. II, 8.45%, 11/15/26			94		96,843
Blue Owl Credit Income Corp. 3.13%, 09/23/26			31		28,310
7.75%, 09/16/27			215		221,675
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)(e)			129		121,856
FMR LLC, 4.95%, 02/01/33^(b)			2,300		2,218,969
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.25%, 05/15/26			115		109,723
5.25%, 05/15/27			431		387,135
9.75%, 01/15/29			188		191,798
4.38%, 02/01/29			142		118,578
Raymond James Financial, Inc., 4.95%, 07/15/46			400		373,156
SURA Asset Management SA, 4.88%, 04/17/24^(d)			178		176,410

					4,483,176

Chemicals — 0.9%
Avient Corp., 7.13%, 08/01/30^(b)			74		76,979
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31^(b)			173		181,431
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)			198		177,691
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(b)			242		235,170
Braskem Idesa SAPI, 6.99%, 02/20/32^(b)			200		113,024
Celanese U.S. Holdings LLC, 6.70%, 11/15/33			65		70,499
Chemours Co.^(b)5.75%, 11/15/28			85		80,963
4.63%, 11/15/29			118		103,599
Element Solutions, Inc., 3.88%, 09/01/28^(b)			859		790,827
HB Fuller Co., 4.25%, 10/15/28			74		69,194
Herens Holdco SARL, 4.75%, 05/15/28^(b)			200		164,077
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)(e)			220		210,364
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(b)(f)			185		137,687
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(b)			90		76,107
Olympus Water U.S. Holding Corp. 9.63%, 11/15/28^(d)	EUR		100		118,123
9.75%, 11/15/28^(b)	USD		563		597,564
Sasol Financing USA LLC, 6.50%, 09/27/28			200		188,812
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26^(b)(e)			200		191,986
Scotts Miracle-Gro Co. 4.50%, 10/15/29			84		74,635
4.38%, 02/01/32			46		38,871
Sherwin-Williams Co., 4.50%, 06/01/47			350		320,123
SK Invictus Intermediate II SARL, 5.00%, 10/30/29^(b)			311		269,792
WR Grace Holdings LLC^(b)4.88%, 06/15/27			105		101,021
5.63%, 08/15/29^(e)			632		556,133
7.38%, 03/01/31			152		152,046

					5,096,718

Commercial Services & Supplies — 1.4%
ADT Security Corp.^(b)4.13%, 08/01/29			19		17,485
4.88%, 07/15/32			39		36,075


Security		Par (000)		Value

Commercial Services & Supplies (continued)
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26^(b)	USD		200	$	198,112
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)(e)6.63%, 07/15/26			415		412,821
9.75%, 07/15/27			249		243,994
6.00%, 06/01/29			898		732,134
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28^(b)			729		664,637
APX Group, Inc.^(b)6.75%, 02/15/27			123		122,692
5.75%, 07/15/29			181		168,738
Ashtead Capital, Inc., 5.95%, 10/15/33^(b)			250		254,700
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28^(d)	EUR		100		101,977
Fortress Transportation and Infrastructure Investors LLC 6.50%, 10/01/25^(b)	USD		411		409,684
9.75%, 08/01/27^(b)			219		227,760
5.50%, 05/01/28^(b)(e)			361		347,153
7.88%, 12/01/30			481		501,096
Garda World Security Corp.^(b)4.63%, 02/15/27			88		84,849
9.50%, 11/01/27			96		96,782
7.75%, 02/15/28			370		382,805
6.00%, 06/01/29			16		14,342
Herc Holdings, Inc., 5.50%, 07/15/27^(b)(e)			360		355,434
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)			82		74,155
Neptune Bidco U.S., Inc., 9.29%, 04/15/29^(b)			120		111,900
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)			146		134,990
Paprec Holding SA, 7.25%, 11/17/29^(d)	EUR		100		118,261
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)5.75%, 04/15/26	USD		100		100,542
6.25%, 01/15/28^(e)			216		214,740
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)(e)			400		345,944
United Rentals North America, Inc., 6.00%, 12/15/29^(b)			1,052		1,068,062
Verisure Holding AB, 9.25%, 10/15/27^(d)	EUR		100		118,428
Williams Scotsman, Inc. 6.13%, 06/15/25^(b)	USD		175		175,345
7.38%, 10/01/31			199		208,703

					8,044,340

Communications Equipment — 0.1%
CommScope Technologies LLC, 6.00%, 06/15/25^(b)(e)			365		297,475
CommScope, Inc., 4.75%, 09/01/29^(b)			161		108,096
Viasat, Inc. 5.63%, 09/15/25^(b)			314		306,162
5.63%, 04/15/27^(b)			97		93,848
7.50%, 05/30/31			33		25,905

					831,486

Construction & Engineering — 0.2%
Arcosa, Inc., 4.38%, 04/15/29^(b)			117		108,972
Brand Industrial Services, Inc., 10.38%, 08/01/30			1,004		1,061,760
Pike Corp., 8.63%, 01/31/31^(b)			57		59,898

					1,230,630


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


Schedule of Investments (continued) December 31, 2023		BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Construction Materials — 0.7%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27^(b)	USD		210	$	202,496
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28^(b)			183		185,750
Emerald Debt Merger Sub LLC 6.38%, 12/15/30^(b)	EUR		110		129,698
6.38%, 12/15/30^(d)			100		117,907
6.63%, 12/15/30^(b)	USD		1,603		1,637,256
HT Troplast GmbH, 9.38%, 07/15/28	EUR		100		111,981
Jeld‑Wen, Inc., 4.63%, 12/15/25^(b)	USD		155		149,963
Masonite International Corp., 5.38%, 02/01/28^(b)			17		16,320
New Enterprise Stone & Lime Co., Inc.^(b)5.25%, 07/15/28			55		52,465
9.75%, 07/15/28			26		26,000
Resideo Funding, Inc., 4.00%, 09/01/29^(b)			42		36,645
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28^(b)			56		57,656
Smyrna Ready Mix Concrete LLC 6.00%, 11/01/28^(b)			262		257,960
8.88%, 11/15/31			479		503,513
Standard Industries, Inc./New Jersey^(b)5.00%, 02/15/27			157		153,065
4.75%, 01/15/28			62		59,687
4.38%, 07/15/30			170		156,126
3.38%, 01/15/31			44		37,852
Summit Materials LLC/Summit Materials Finance Corp.^(b)5.25%, 01/15/29			19		18,383
7.25%, 01/15/31			295		310,843

					4,221,566

Consumer Discretionary — 0.0%
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26^(d)	EUR		88		96,574


Consumer Finance — 1.2%
Block, Inc. 2.75%, 06/01/26	USD		446		420,591
3.50%, 06/01/31^(e)			476		422,665
Bread Financial Holdings, Inc., 9.75%, 03/15/29^(b)			88		91,227
Capital One Financial Corp.^(a)
(1‑day SOFR + 2.60%), 5.82%, 02/01/34			440		437,855
(1‑day SOFR + 2.86%), 6.38%, 06/08/34			70		72,044
Ford Motor Credit Co. LLC 2.75%, 06/14/24	GBP		100		125,624
7.35%, 03/06/30	USD		394		423,275
7.20%, 06/10/30^(e)			236		251,351
GTCR W‑2 Merger Sub LLC, 7.50%, 01/15/31^(b)			1,177		1,243,762
Moody’s Corp., 2.75%, 08/19/41			350		254,907
Navient Corp. 5.50%, 03/15/29			30		27,664
9.38%, 07/25/30			148		155,056
OneMain Finance Corp. 6.88%, 03/15/25			53		53,651
7.13%, 03/15/26^(e)			168		171,157
3.50%, 01/15/27			116		107,351
6.63%, 01/15/28			165		166,574
9.00%, 01/15/29^(e)			200		211,446
5.38%, 11/15/29			42		39,329
7.88%, 03/15/30			245		252,196
4.00%, 09/15/30			130		111,248
Sabre GLBL, Inc., 8.63%, 06/01/27			348		316,687
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)			395		384,102


Security		Par (000)		Value

Consumer Finance (continued)
Shift4 Payments, Inc., 0.00%, 12/15/25^(g)(h)	USD		112	$	124,253
Verscend Escrow Corp., 9.75%, 08/15/26^(b)(e)			1,355		1,364,523

					7,228,538

Consumer Staples Distribution & Retail — 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)3.25%, 03/15/26			34		32,079
7.50%, 03/15/26			65		66,208
4.63%, 01/15/27			111		107,915
5.88%, 02/15/28			219		219,147
6.50%, 02/15/28			109		110,302
3.50%, 03/15/29			198		179,781
4.88%, 02/15/30^(e)			241		230,716
Bellis Acquisition Co. PLC, 3.25%, 02/16/26^(d)	GBP		100		118,021
Kraft Heinz Foods Co. 5.00%, 06/04/42	USD		500		481,625
4.38%, 06/01/46			200		174,558
Lamb Weston Holdings, Inc.^(b)4.88%, 05/15/28			229		223,961
4.13%, 01/31/30			90		82,974
4.38%, 01/31/32			94		85,754
Market Bidco Finco PLC, 5.50%, 11/04/27^(d)	GBP		100		112,169
Performance Food Group, Inc.^(b)5.50%, 10/15/27	USD		28		27,589
4.25%, 08/01/29			95		87,133
Post Holdings, Inc.^(b)4.63%, 04/15/30			159		146,255
4.50%, 09/15/31			9		8,065
U.S. Foods, Inc.^(b)6.88%, 09/15/28			123		126,611
4.75%, 02/15/29			129		122,517
4.63%, 06/01/30			27		25,163
7.25%, 01/15/32^(e)			148		154,322
United Natural Foods, Inc., 6.75%, 10/15/28^(b)			24		19,429
Walgreens Boots Alliance, Inc. 3.20%, 04/15/30			19		16,725
4.80%, 11/18/44			61		50,824
4.10%, 04/15/50			93		67,534

					3,077,377

Containers & Packaging — 1.0%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(b)6.00%, 06/15/27			372		370,667
4.00%, 09/01/29^(e)			666		563,753
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 5.25%, 04/30/25^(b)			200		194,504
2.13%, 08/15/26^(d)	EUR		200		196,313
4.13%, 08/15/26^(b)	USD		227		207,137
5.25%, 08/15/27^(b)			202		156,927
Ball Corp., 6.00%, 06/15/29^(e)			129		131,731
Clydesdale Acquisition Holdings, Inc.^(b)6.63%, 04/15/29			315		309,825
8.75%, 04/15/30			476		443,807
Crown Americas LLC, 5.25%, 04/01/30			12		11,818
LABL, Inc.^(b)5.88%, 11/01/28			81		73,388
9.50%, 11/01/28			301		304,010
Mauser Packaging Solutions Holding Co.^(b)7.88%, 08/15/26^(e)			1,913		1,946,824
9.25%, 04/15/27			44		43,188


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


Schedule of Investments (continued) December 31, 2023		BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Containers & Packaging (continued)
OI European Group BV, 6.25%, 05/15/28	EUR		100	$	115,473
Owens-Brockway Glass Container, Inc.^(b)6.63%, 05/13/27	USD		27		27,003
7.25%, 05/15/31			118		119,639
Sealed Air Corp., 5.00%, 04/15/29^(b)			38		36,747
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28^(b)			122		123,051
Trident TPI Holdings, Inc., 12.75%, 12/31/28^(b)			23		24,610
Trivium Packaging Finance BV^(b)5.50%, 08/15/26			305		299,238
8.50%, 08/15/27			200		196,100

					5,895,753

Diversified Consumer Services — 0.2%
Graham Holdings Co., 5.75%, 06/01/26^(b)			27		26,838
Grand Canyon University, 5.13%, 10/01/28			702		627,700
Service Corp. International, 4.00%, 05/15/31			20		17,910
Sotheby’s, 7.38%, 10/15/27^(b)(e)			465		448,444

					1,120,892

Diversified REITs — 1.2%
American Tower Corp., 2.90%, 01/15/30^(e)			2,500		2,224,758
Crown Castle, Inc. 3.10%, 11/15/29			750		671,025
2.10%, 04/01/31			1,000		814,457
2.90%, 04/01/41			350		249,793
Equinix, Inc., 2.50%, 05/15/31			500		424,412
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/32			379		319,972
6.75%, 12/01/33			115		124,065
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27			70		72,894
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)			127		116,329
Prologis LP, 4.63%, 01/15/33^(e)			1,000		1,004,437
SBA Communications Corp. 3.13%, 02/01/29^(e)			321		288,417
3.88%, 02/15/27			18		17,286
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(b)			605		613,352
VICI Properties LP, 4.95%, 02/15/30			106		102,854
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/01/29^(b)			239		225,198

					7,269,249

Diversified Telecommunication Services — 2.9%
AT&T, Inc. 6.38%, 03/01/41			520		569,598
5.15%, 03/15/42			1,200		1,153,686
4.75%, 05/15/46^(e)			1,500		1,355,783
Bell Telephone Co. of Canada or Bell Canada, Series US‑4, 3.65%, 03/17/51			335		256,775
Cablevision Lightpath LLC^(b)3.88%, 09/15/27			220		193,192
5.63%, 09/15/28			200		157,622
Cellnex Telecom SA, 2.13%, 08/11/30	EUR		100		113,436
Frontier Communications Holdings LLC^(b)5.88%, 10/15/27	USD		182		175,830
5.00%, 05/01/28			293		270,784
8.75%, 05/15/30			966		993,733
Iliad Holding SASU, 6.50%, 10/15/26^(b)			529		527,965
Kaixo Bondco Telecom SA, 5.13%, 09/30/29^(d)	EUR		100		102,943


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Level 3 Financing, Inc.
3.40%, 03/01/27	USD		689	$	661,440
4.63%, 09/15/27			656		393,600
3.63%, 01/15/29			68		34,680
10.50%, 05/15/30			686		665,204
Level 3 New Money TSA, 11.00%, 11/15/29⁽ⁱ⁾			445		445,417
Lumen Technologies, Inc., 4.00%, 02/15/27			329		212,327
Network i2i Ltd., (5‑year CMT + 4.27%), 5.65%^(a)(d)(j).			400		393,250
Sable International Finance Ltd., 5.75%, 09/07/27^(b)			200		189,310
SoftBank Group Corp.^(d)
3.13%, 09/19/25	EUR		100		106,522
3.88%, 07/06/32			100		94,150
Telecom Italia Capital SA
6.38%, 11/15/33	USD		3		2,934
6.00%, 09/30/34			284		269,709
7.20%, 07/18/36			227		227,868
7.72%, 06/04/38			95		96,742
Telecom Italia SpA/Milano, 6.88%, 02/15/28^(d)	EUR		100		117,317
Verizon Communications, Inc., 6.55%, 09/15/43^(e)	USD		5,000		5,751,972
Zayo Group Holdings, Inc.^(b)(e)
4.00%, 03/01/27			1,745		1,399,097
6.13%, 03/01/28			647		475,196

					17,408,082

Electric Utilities — 4.8%
Baltimore Gas and Electric Co.
3.50%, 08/15/46			800		611,727
3.75%, 08/15/47			500		395,536
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/32