BLACKROCK CREDIT ALLOCATION INCOME TRUST

N-CSRS 1 d266561dncsrs.htm BLACKROCK CREDIT ALLOCATION INCOME TRUST BLACKROCK CREDIT ALLOCATION INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21972

Name of Fund:

BlackRock Credit Allocation Income Trust (BTZ)

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Credit Allocation Income Trust, 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: 12/31/2022

Date of reporting period: 06/30/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JUNE 30, 2022

2022 Semi-Annual Report

(Unaudited)

BlackRock Core Bond Trust (BHK)

BlackRock Corporate High Yield Fund, Inc. (HYT)

BlackRock Credit Allocation Income Trust (BTZ)

BlackRock Floating Rate Income Trust (BGT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information (unaudited)

Section 19(a) Notices

BlackRock Core Bond Trust’s (BHK), BlackRock Corporate High Yield Fund, Inc.’s (HYT), BlackRock Credit Allocation Income Trust’s (BTZ) and BlackRock Floating Rate Income Trust’s (BGT) (collectively the “Trusts”, or individually a “Trust”) amounts and sources of distributions reported are estimates and are being provided 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, 2022




	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	$	0.343768	$ —	$ —	$	0.029232		$	0.373000		92	%	—	%	—	%	8	%	100%
HYT		0.342518	—	—		0.046982			0.389500		88		—		—		12		100
BTZ		0.398786	—	—		0.020714			0.419500		95		—		—		5		100
BGT		0.306504	—	—		0.016996			0.323500		95		—		—		5		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

The Trusts, 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. Please refer to BHK and HYT’s prospectus for a more complete description of each Trust’s risks.


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The Markets in Review

Dear Shareholder,

The 12-month reporting period as of June 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were particularly steep. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates three times while indicating that additional large rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have significant room to rise before peaking.

Furthermore, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation. However, markets have been primed to expect sharp tightening, which could weigh on valuations until central banks begin to tap the brakes.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of a higher inflation regime leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities in a six- to twelve-month horizon.

Overall, 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, 2022
	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(19.96)%	(10.62)%

U.S. small cap equities (Russell 2000^® Index)	(23.43)	(25.20)

International equities (MSCI Europe, Australasia, Far East Index)	(19.57)	(17.77)

Emerging market equities (MSCI Emerging Markets Index)	(17.63)	(25.28)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.15	0.18

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(11.34)	(10.94)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(10.35)	(10.29)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(8.98)	(8.57)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(14.19)	(12.82)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page


Supplemental Information		2
The Markets in Review		3
Semi-Annual Report:
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summary		6
Financial Statements:
Schedules of Investments		15
Statements of Assets and Liabilities		124
Statements of Operations		126
Statements of Changes in Net Assets		127
Statements of Cash Flows		129
Financial Highlights		131
Notes to Financial Statements		135
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements		149
Additional Information		153
Glossary of Terms Used in this Report		156


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 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, 2022		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, 2022 ($11.32)^(a)		7.91%
Current Monthly Distribution per Common Share^(b)		$0.0746
Current Annualized Distribution per Common Share^(b)		$0.8952
Leverage as of June 30, 2022^(c)		40%

^(a)

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

^(b)

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

^(c)

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

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low

Closing Market Price	$	11.32	$	16.51		(31.44	)%	$	16.51	$	10.52
Net Asset Value		11.86		15.47		(23.34	)		15.47		11.66

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns


	6-month			1 Year			5 Years			10 Years

Trust at NAV^(a)(b)		(20.99	)%		(21.05	)%		1.58	%		4.25	%
Trust at Market Price^(a)(b)		(29.34	)		(26.28	)		1.90			3.93

Bloomberg U.S. Credit Index^(c)		(13.81	)		(13.64	)		1.24			2.45
Reference Benchmark^(d)		(14.74	)		(13.93	)		1.41			2.72
Bloomberg U.S. Long Government/Credit Index^(e)		(21.88	)		(20.14	)		1.03			2.63
Bloomberg Intermediate Credit Index^(f)		(8.52	)		(8.96	)		1.43			2.21
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index^(g)		(14.19	)		(12.82	)		2.09			4.47
Bloomberg CMBS, Eligible for U.S. Aggregate Index^(h)		(8.28	)		(8.89	)		1.58			2.35
Bloomberg MBS Index⁽ⁱ⁾		(8.78	)		(9.03	)		0.36			1.18
Bloomberg ABS Index^(j)		(3.77	)		(4.27	)		1.38			1.43

^(a)

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

^(b)

The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

Bloomberg U.S. Credit Index, 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.

^(d)

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

^(e)

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

^(f)

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

^(g)

Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, 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.

^(h)

Bloomberg CMBS, Eligible for U.S. Aggregate Index, this unmanaged index is the CMBS component of the Bloomberg U.S. Aggregate Index.


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Trust Summary as of June 30, 2022 (continued)		BlackRock Core Bond Trust (BHK)

⁽ⁱ⁾

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

^(j)

Bloomberg ABS Index, 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 a range of credit-oriented sectors including high yield corporate bonds, investment grade corporate bonds, floating rate bank loans and emerging market bonds weighed on the Trust’s performance. Allocations to U.S. Treasuries, U.S. agency securities and sovereign bonds also provided negative performance. Exposure to securitized assets including residential mortgage-backed securities (“MBS”), commercial mortgage-backed securities (“CMBS”) and collateralized loan obligations detracted as well. Finally, holdings of municipal bonds also provided negative returns.

Positive contributions to the Trust’s absolute performance over the period came from its use of derivatives, most notably interest rate swaps.

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

Describe recent portfolio activity.

Over the reporting period, the Trust increased exposure to investment grade corporate bonds, high yield corporate bonds, 30-year MBS, asset-backed securities (“ABS”), CMBS, non-agency adjustable-rate MBS and agency collateralized mortgage obligations (“CMOs”). Exposure to U.S. Treasuries, emerging market bonds, sovereign bonds and U.S. agency securities was trimmed.

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

Describe portfolio positioning at period end.

At period end, the Trust maintained 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 pass-through MBS, 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.


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


Trust Summary as of June 30, 2022 (continued)		BlackRock Core Bond Trust (BHK)

Overview of the Trust’s Total Investments


PORTFOLIO COMPOSITION

Asset Type^(a)	06/30/22

Corporate Bonds		41.7	%
U.S. Government Sponsored Agency Securities		18.5
U.S. Treasury Obligations		17.7
Asset-Backed Securities		6.1
Non-Agency Mortgage-Backed Securities		5.8
Preferred Securities		4.3
Floating Rate Loan Interests		2.2
Municipal Bonds		2.1
Foreign Agency Obligations		1.6


CREDIT QUALITY ALLOCATION

Credit Rating^(a)(b)	06/30/22

AAA/Aaa^(c)		38.8	%
AA/Aa		4.1
A		9.5
BBB/Baa		21.2
BB/Ba		11.4
B		7.9
CCC/Caa		2.8
CC		0.2
C		—	^(d)
N/R^(e)		4.1

^(a)	Excludes short-term securities.

^(b)

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

^(c)

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

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

^(e)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments.


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Trust Summary as of June 30, 2022		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, 2022 ($9.53)^(a)		9.81%
Current Monthly Distribution per Common Share^(b)		$0.0779
Current Annualized Distribution per Common Share^(b)		$0.9348
Leverage as of June 30, 2022^(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 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


	06/30/22		12/31/21		Change			High		Low

Closing Market Price	$	9.53	$	12.34		(22.77	)%	$	12.34	$	9.30
Net Asset Value		9.45		11.99		(21.18	)		11.99		9.45

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns


	6-month			1 Year			5 Years			10 Years

Trust at NAV^(a)(b)		(18.17	)%		(16.49	)%		3.21	%		6.33	%
Trust at Market Price^(a)(b)		(19.82	)		(15.99	)		5.59			6.04

Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index^(c)		(14.19	)		(12.82	)		2.09			4.47

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

^(c)

Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (formerly Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index), an unmanaged index (the “Reference Benchmark”) 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.

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.

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 experienced sharply negative returns in the period, as persistent inflation, aggressive rate hiking by the Fed and rising fears of recession weighed on credit-sentiment.

The Trust’s exposures to technology, cable & satellite, and midstream energy sectors were the largest absolute detractors from performance. From a credit quality perspective, holdings of bonds in the B, BB and CCC ratings categories were the largest detractors from return for the period.

From a sector perspective, independent energy was the largest absolute contributor over the period. From an asset allocation perspective, currency positioning and exposure to U.S. Treasuries were the most meaningful contributors.


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


Trust Summary as of June 30, 2022 (continued)		BlackRock Corporate High Yield Fund, Inc. (HYT)

Describe recent portfolio activity.

While key positioning themes have remained broadly consistent, the Trust tactically navigated sector- and issuer-level positioning to take advantage of market opportunities. The Trust increased exposure to investment grade corporate bonds during the period, while continuing to utilize liquid high yield products such as total return swaps and credit default swap indices. The Trust decreased exposure to equities. In sector terms, the Trust increased its allocation to the media & entertainment, independent energy and packaging sectors, while reducing risk in the banking, pharmaceuticals and health care sectors.

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

Describe portfolio positioning at period end.

The Trust was underweight in BB rated issues and overweight in select CCCs. With that said, 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 21% to bank loans, as well as roughly 6% exposure to investment grade bonds and approximately 3% in both equities and high yield liquid products.

Top sector overweights included technology, independent energy and property & casualty, while the biggest underweights were to finance companies, electric utilities, and media & entertainment.

Overview of the Trust’s Total Investments


PORTFOLIO COMPOSITION

Asset Type^(a)	06/30/22

Corporate Bonds		81.0	%
Floating Rate Loan Interests		15.2
Preferred Securities		2.2
Common Stocks		1.4
Other*		0.2


CREDIT QUALITY ALLOCATION

Credit Rating^(a)(b)	06/30/22

A		0.2	%
BBB/Baa		6.5
BB/Ba		39.3
B		38.4
CCC/Caa		11.7
CC		0.1
N/R		3.8

^(a)	Excludes short-term securities.

^(b)

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


10		2 0 2 2 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, 2022		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, 2022 ($10.89)^(a)		9.25%
Current Monthly Distribution per Common Share^(b)		$0.0839
Current Annualized Distribution per Common Share^(b)		$1.0068
Leverage as of June 30, 2022^(c)		33%

^(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


	06/30/22		12/31/21		Change			High		Low

Closing Market Price	$	10.89	$	15.05		(27.64	)%	$	15.05	$	10.30
Net Asset Value		11.63		15.10		(22.98	)		15.10		11.63

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns


	6-month			1 Year			5 Years			10 Years

Trust at NAV^(a)(b)		(20.22	)%		(20.08	)%		2.05	%		5.00	%
Trust at Market Price^(a)(b)		(25.05	)		(24.78	)		2.63			5.14

Reference Benchmark^(c)		(13.68	)		(13.11	)		1.73			3.50
Bloomberg U.S. Credit Index^(d)		(13.81	)		(13.64	)		1.24			2.45
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index^(e)		(14.19	)		(12.82	)		2.09			4.47
Bloomberg USD Capital Securities Index^(f)		(12.70	)		(12.37	)		2.26			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.

^(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)

^(f)

Bloomberg USD Capital Securities Index, an unmanaged index that tracks fixed-rate, investment grade capital securities denominated in USD.

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

Past performance is not an indication of future results.

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


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


Trust Summary as of June 30, 2022 (continued)		BlackRock Credit Allocation Income Trust (BTZ)

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

What factors influenced performance?

Risk assets sold off following persistently high inflation numbers, concerns around slowing economic growth, and interest rate hikes by central banks around the world. Detractors from performance included exposure to U.S. investment grade and high yield corporate bonds, capital securities, floating rate loan interest and collateralized loan obligations (“CLOs”). Allocations to Asian corporate credit, European investment grade and high yield corporate credit, and emerging market bonds also detracted.

The Trust’s positioning with respect to duration and corresponding interest rate sensitivity contributed to performance, along with exposure to equity downside hedges.

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

Describe recent portfolio activity.

Over the period, the Trust increased its cash position and exposure to floating rate loan interest, U.S. investment grade corporate bonds, CLOs and capital securities, while decreasing exposure to U.S. high yield corporate bonds. The Trust’s use of leverage increased over the period.

Describe portfolio positioning at period end.

At period end, the Trust was positioned for the Fed to continue to raise interest rates in order to address inflation while keeping a secondary focus on slowing growth. The Trust was also positioned with a domestic tilt given elevated global geopolitical risks, particularly in Europe. The Trust maintained core allocations to U.S. investment grade and high yield corporate bonds, bank loans and capital securities, with allocations to CLOs and select non-U.S. exposures as well.

Overview of the Trust’s Total Investments


PORTFOLIO COMPOSITION

Asset Type^(a)		06/30/22

Corporate Bonds		77.9%
Preferred Securities		11.2
Asset-Backed Securities		4.4
Floating Rate Loan Interests		4.4
Foreign Agency Obligations		1.4
Municipal Bonds		0.7


CREDIT QUALITY ALLOCATION


Credit Rating^(a)(b)	06/30/22


AAA/Aaa		0.6%
AA/Aa		2.0
A		11.5
BBB/Baa		43.8
BB/Ba		22.7
B		14.5
CCC/Caa		4.1
C		—^(c)
N/R^(d)		0.8

^(a)	Excludes short-term securities.

^(b)

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

^(d)


12		2 0 2 2 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, 2022		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, 2022 ($11.02)^(a)		7.05%
Current Monthly Distribution per Common Share^(b)		$0.0647
Current Annualized Distribution per Common Share^(b)		$0.7764
Leverage as of June 30, 2022^(c)		32%

^(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


	06/30/22		12/31/21		Change			High		Low

Closing Market Price	$	11.02	$	13.99		(21.23	)%	$	14.13	$	10.80
Net Asset Value		12.10		13.44		(9.97	)		13.57		12.10

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns


	6-month			1 Year			5 Years			10 Years

Trust at NAV^(a)(b)		(7.50	)%		(5.45	)%		2.87	%		4.82	%
Trust at Market Price^(a)(b)		(19.07	)		(8.93	)		1.64			3.71

S&P/LSTA Leveraged Loan Index^(c)		(4.55	)		(2.78	)		2.91			3.74

^(a)

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

^(b)

The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

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.

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.

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 lost ground in the first half of 2022. Loans’ floating-rate feature was a beneficial attribute when rates were rising in the first quarter 2022 but inflation and recession fears hit all asset classes in the second half of the period. In this environment, no ratings category contributed to absolute performance and virtually all sectors finished with negative returns. High-yield bonds also suffered losses in the semiannual period.


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


Trust Summary as of June 30, 2022 (continued)		BlackRock Floating Rate Income Trust (BGT)

B rated issues were the largest detractor within the Fund, followed by BBs and CCCs. With respect to sectors, technology, health care and building materials were the main detractors.

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

Describe recent portfolio activity.

The Fund maintained an underweight in BB and B rated securities, and it was slightly overweight in CCCs. The investment advisor increased the portfolio’s overall credit quality due to expectations for continued near-term volatility, raising its weighting in BBs while modestly decreasing its allocations to Bs and CCCs.

The Fund maintained a relatively low “hit rate” from an issuer count perspective, with positions in only about one-third of the investable universe.

Sector positioning remained broadly consistent over the past several quarters, reflecting the investment adviser’s focus on individual security selection. The Fund continued to use liquid, index-based derivatives in the loan and high-yield markets in order to manage its positioning.

Describe portfolio positioning at period end.

B rated loans were the Fund’s largest position, followed by BBs and CCCs. Its largest sector positions included technology, health care and consumer cyclicals, while it had lower weightings in refining, natural gas, and railroads.

The Fund 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 Fund did own in the latter category were typically deals of $1 billion or more.

Overview of the Trust’s Total Investments


PORTFOLIO COMPOSITION


Asset Type^(a)	06/30/22


Floating Rate Loan Interests		98.2%
Corporate Bonds		1.5
Other*		0.3


CREDIT QUALITY ALLOCATION


Credit Rating^(a)(b)	06/30/22


BBB/Baa		4.3%
BB/Ba		25.4
B		62.0
CCC/Caa		6.4
N/R		1.9

^(a)	Excludes short-term securities.

^(b)

*	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 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
522 Funding CLO Ltd.^(a)(b)
Series 2019-4A, Class CR, (3 mo. LIBOR US + 2.40%), 3.46%, 04/20/30	USD		500	$	479,102
Series 2019-4A, Class DR, (3 mo. LIBOR US + 3.65%), 4.71%, 04/20/30			600		576,098
AGL CLO 3 Ltd., Series 2020-3A, Class D, (3 mo. LIBOR US + 3.30%), 4.34%, 01/15/33^(a)(b)			250		238,781
ALM Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 6.00%), 7.04%, 10/15/29^(a)(b)			285		250,868
AMMC CLO 20 Ltd., Series 2017-20A, Class AR, (3 mo. LIBOR US + 0.87%), 1.91%, 04/17/29^(a)(b)			528		520,191
Anchorage Capital CLO Ltd.^(a)(b)
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.65%), 2.67%, 10/13/30			380		368,056
Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.20%), 4.22%, 10/13/30			720		690,895
Apidos CLO XXII, 2015-22A, Class CR, (3 mo. LIBOR US + 2.95%), 4.01%, 04/20/31^(a)(b)			250		231,597
Assurant CLO I Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.15%), 3.21%, 10/20/34^(a)(b)			500		464,533
Bain Capital Credit CLO 2021-5 Ltd., Class B, 2.83%, 10/23/34^(b)			500		467,647
Bain Capital Credit CLO Ltd., Series 2021-3A, Class D, (3 mo. LIBOR US + 3.10%), 4.28%, 07/24/34^(a)(b)			250		230,740
Ballyrock CLO Ltd., Series 2016-1A, Class DR2, (3 mo. LIBOR US + 3.15%), 4.19%, 10/15/28^(a)(b)			250		244,998
Birch Grove CLO 3 Ltd., Series 2021-3A, Class D1, (3 mo. LIBOR US + 3.20%), 3.40%, 01/19/35^(a)(b)			250		236,190
Birch Grove CLO Ltd., Series 19A, Class DR, (3 mo. LIBOR US + 3.35%), 5.18%, 06/15/31^(a)(b)			1,000		944,247
Canyon Capital CLO Ltd.^(a)(b)
Series 2016-1A, Class CR, (3 mo. LIBOR US + 1.90%), 2.94%, 07/15/31			250		235,740
Series 2021-2A, Class D, (3 mo. LIBOR US + 3.35%), 4.39%, 04/15/34			500		470,587
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.35%), 4.76%, 08/14/30^(a)(b)			1,000		929,014
CarVal CLO I Ltd., Series 2018-1A, Class E, (3 mo. LIBOR US + 5.77%), 6.81%, 07/16/31^(a)(b)			500		443,068
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 4.26%, 04/20/32^(a)(b)			500		443,751
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 7.50%, 07/20/32^(a)(b)			500		443,027
CarVal CLO VC Ltd., Series 2021-2A, Class D, (3 mo. LIBOR US + 3.25%), 3.41%, 10/15/34^(a)(b)			250		235,627
CBAM Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.40%), 3.46%, 07/20/30^(a)(b)			350		335,874
Cedar Funding IX CLO Ltd., Series 2018-9A, Class D, (3 mo. LIBOR US + 2.60%), 3.66%, 04/20/31^(a)(b)			250		229,192
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B, (3 mo. LIBOR US + 1.60%), 2.64%, 07/15/33^(a)(b)			500		476,181
CIFC Funding Ltd.^(a)(b)
Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.55%), 4.59%, 07/16/30			500		474,583
Series 2014-2RA, Class B1, (3 mo. LIBOR US + 2.80%), 3.98%, 04/24/30			750		705,982


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%), 2.94%, 10/22/31	USD		250	$	243,635
Series 2015-1A, Class ARR, (3 mo. LIBOR US + 1.11%), 2.25%, 01/22/31			1,000		982,023
Series 2020-1A, Class DR, (3 mo. LIBOR US + 3.10%), 4.14%, 07/15/36			500		467,008
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01%, 02/15/29^(b)			958		954,536
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. LIBOR US + 0.14%), 1.46%, 01/15/37^(a)			1,315		1,204,625
Dryden 50 Senior Loan Fund, Series 2017-50A, Class B, (3 mo. LIBOR US + 1.65%), 2.69%, 07/15/30^(a)(b)			250		240,423
Dryden 53 CLO Ltd., Series 2017-53A, Class B, (3 mo. LIBOR US + 1.40%), 2.44%, 01/15/31^(a)(b)			1,320		1,247,400
Dryden 64 CLO Ltd., Series 2018-64A, Class D, (3 mo. LIBOR US + 2.65%), 3.69%, 04/18/31^(a)(b)			1,250		1,142,934
Dryden 78 CLO Ltd., Series 2020-78A, Class D, (3 mo. LIBOR US + 3.00%), 4.04%, 04/17/33^(a)(b)			250		229,350
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class B1LR, (3 mo. LIBOR US + 3.15%), 4.56%, 08/15/30^(a)(b)			1,000		936,952
Eaton Vance CLO Ltd., Series 2015-1A, Class A2R, (3 mo. LIBOR US + 1.25%), 2.31%, 01/20/30^(a)(b)			1,000		971,475
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B, 3.50%, 11/25/50^(b)			110		93,060
Elevation CLO Ltd., Series 2021-12A, Class E, (3 mo. LIBOR US + 7.27%), 8.33%, 04/20/32^(a)(b)			500		445,622
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3 mo. LIBOR US + 1.70%), 2.74%, 04/15/33^(a)(b)			250		237,782
Elmwood CLO V Ltd., Series 2020-2A, Class CR, (3 mo. LIBOR US + 2.00%), 3.06%, 10/20/34^(a)(b)			436		406,058
Elmwood CLO VI Ltd., Series 2020-3A, Class BR, 2.71%, 10/20/34^(b)			250		235,379
Fairstone Financial Issuance Trust I, Series 2020- 1A, Class C, 5.16%, 10/20/39^(b)	CAD		170		127,923
Galaxy XX CLO Ltd., Series 2015-20A, Class CR, (3 mo. LIBOR US + 1.75%), 2.81%, 04/20/31^(a)(b).	USD		250		236,666
Generate CLO 3 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 4.66%, 10/20/29^(a)(b)			1,750		1,691,789
Generate CLO 4 Ltd., Series 2016-2A, Class DR, (3 mo. LIBOR US + 3.15%), 4.21%, 04/20/32^(a)(b)			1,500		1,386,585
Generate CLO 6 Ltd., Series 6A, Class DR, (3 mo. LIBOR US + 3.50%), 4.64%, 01/22/35^(a)(b)			750		698,444
GoldenTree Loan Management US CLO 3, Ltd., Series 2018-3A, Class B1, (3 mo. LIBOR US + 1.55%), 2.61%, 04/20/30^(a)(b)			250		237,751
GoldenTree Loan Management US CLO 4, Ltd., Class BR, 2.78%, 04/24/31^(b)			500		479,245
GoldenTree Loan Opportunities IX Ltd., Series 2014- 9A, Class BR2, (3 mo. LIBOR US + 1.60%), 2.84%, 10/29/29^(a)(b)			1,500		1,452,548
GoldenTree Loan Opportunities X Ltd., Series 2015- 10A, Class DR, (3 mo. LIBOR US + 3.05%), 4.11%, 07/20/31^(a)(b)			250		231,813
Golub Capital Partners CLO 55B Ltd., Series 2021- 55A, Class E, (3 mo. LIBOR US + 6.56%), 7.62%, 07/20/34^(a)(b)			250		232,038


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

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Grippen Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 3.30%), 4.36%, 01/20/30^(a)(b)	USD		250	$	236,532
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 7.49%, 04/15/33^(a)(b)			500		463,155
Highbridge Loan Management, Series 3A-2014, Class CR, (3 mo. LIBOR US + 3.60%), 4.64%, 07/18/29^(a)(b)			1,000		890,086
Lending Funding Trust, Series 2020-2A, Class C, 4.30%, 04/21/31^(b)			240		227,764
Litigation Fee Residual Funding Trust, 4.00%, 10/30/27^(c)			1,278		1,222,052
Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A4, (1 mo. LIBOR US + 0.48%), 2.10%, 09/25/36^(a)			6,276		2,012,219
Madison Park Funding LVII Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 3.10%), 4.14%, 10/15/31^(a)(b)			250		230,173
Madison Park Funding XXIII Ltd., Series 2017-23A, Class CR, (3 mo. LIBOR US + 2.00%), 3.22%, 07/27/31^(a)(b)			600		575,598
Madison Park Funding XXV Ltd., Series 2017-25A, Class A2R, (3 mo. LIBOR US + 1.65%), 2.83%, 04/25/29^(a)(b)			250		242,016
Madison Park Funding XXXIV Ltd., Series 2019-34A, Class DR, (3 mo. LIBOR US + 3.35%), 4.53%, 04/25/32^(a)(b)			250		235,495
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, (3 mo. LIBOR US + 1.90%), 2.94%, 07/17/34^(a)(b)			250		229,806
Marble Point CLO XVII Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 3.75%), 4.81%, 04/20/33^(a)(b)			250		239,074
Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3 mo. LIBOR US + 3.65%), 4.79%, 01/22/35^(a)(b)			250		242,135
Mariner Finance Issuance Trust^(b)
Series 2021-AA, Class C, 2.96%, 03/20/36			190		164,076
Series 2021-AA, Class D, 3.83%, 03/20/36			180		157,938
Navient Private Education Refi Loan Trust^(b)
Series 2021-DA, Class C, 3.48%, 04/15/60			770		690,333
Series 2021-DA, Class D, 4.00%, 04/15/60			440		394,737
Nelnet Student Loan Trust^(b)
Series 2021-A, Class D, 4.93%, 04/20/62			460		414,507
Series 2021-BA, Class B, 2.68%, 04/20/62			1,983		1,681,599
Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class BR, (3 mo. LIBOR US + 1.65%), 2.69%, 10/17/30^(a)(b)			250		239,804
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3 mo. LIBOR US + 1.80%), 2.86%, 07/20/31^(a)(b)			1,162		1,097,410
OCP CLO Ltd.^(a)(b)
Series 2015-9A, Class BR2, (SOFR + 1.75%), 2.02%, 01/15/33			250		235,659
Series 2017-13A, Class A1AR, (3 mo. LIBOR US + 0.96%), 2.00%, 07/15/30			1,000		982,528
Series 2017-14A, Class A2, (3 mo. LIBOR US + 1.50%), 2.98%, 11/20/30			1,320		1,253,966


Security		Par (000)		Value

Asset-Backed Securities (continued)
Octagon 54 Ltd., Series 2021-1A, Class D, (3 mo. LIBOR US + 3.05%), 4.09%, 07/15/34^(a)(b)	USD		250	$	233,054
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3 mo. LIBOR US + 1.40%), 2.58%, 01/25/31^(a)(b)			500		474,131
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 2.75%), 3.89%, 01/22/30^(a)(b)			500		459,336
OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 05/14/32^(b)			1,747		1,742,024
OZLM VIII Ltd., Series 2014-8A, Class CRR, (3 mo. LIBOR US + 3.15%), 4.19%, 10/17/29^(a)(b)			875		822,940
OZLM XXI Ltd., Series 2017-21A, Class C, (3 mo. LIBOR US + 2.67%), 3.73%, 01/20/31^(a)(b)			1,000		901,057
Palmer Square CLO 2013-2 Ltd., Series 2013-2A, Class A2R3, (3 mo. LIBOR US + 1.50%), 2.54%, 10/17/31^(a)(b)			250		236,522
Palmer Square CLO 2020-3 Ltd., Class A2R, 3.01%, 11/15/31^(b)			250		240,082
Palmer Square CLO Ltd., Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 3.81%, 07/20/30^(a)(b)			250		232,740
Palmer Square Loan Funding Ltd.^(a)(b)
Series 2019-3A, Class B, (3 mo. LIBOR US + 2.10%), 3.58%, 08/20/27			1,750		1,715,580
Series 2019-3A, Class C, (3 mo. LIBOR US + 3.40%), 4.88%, 08/20/27			750		740,328
Series 2019-4A, Class C, (3 mo. LIBOR US + 3.25%), 4.43%, 10/24/27			250		245,532
Series 2020-1A, Class C, (3 mo. LIBOR US + 2.50%), 3.98%, 02/20/28			250		237,552
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class DR, (3 mo. LIBOR US + 6.81%), 8.22%, 02/14/34^(a)(b)			1,300		1,165,093
PPM CLO 2 Ltd., Series 2019-2A, Class DR, (3 mo. LIBOR US + 3.40%), 4.44%, 04/16/32^(a)(b)			250		234,316
Prodigy Finance DAC, Series 2021-1A, Class C, (1 mo. LIBOR US + 3.75%), 5.37%, 07/25/51^(a)(b)			250		246,755
Rad CLO 3 Ltd., Series 2019-3A, Class DR, (3 mo. LIBOR US + 2.75%), 3.79%, 04/15/32^(a)(b)			400		372,292
Regatta XI Funding Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.85%), 3.89%, 07/17/31^(a)(b)			370		346,808
Republic Finance Issuance Trust, Series 2020-A, Class C, 4.05%, 11/20/30^(b)			240		224,562
Romark CLO Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 2.15%), 3.33%, 10/23/30^(a)(b)			500		481,962
Shackleton CLO Ltd., Series 2015-7RA, Class C, (3 mo. LIBOR US + 2.35%), 3.39%, 07/15/31^(a)(b)			250		237,994
SMB Private Education Loan Trust^(b)
Series 2021-C, Class C, 3.00%, 01/15/53			190		178,978
Series 2021-C, Class D, 3.93%, 01/15/53			160		146,048
Sterling Coofs Trust^(b)(c)
Series 2004-1, Class A, 2.00%, 04/15/29			863		8,633
Series 2004-2, Class Note, 2.08%, 03/30/30			805		8,047
Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A2, 3.45%, 02/25/32			95		86,196
TCW CLO Ltd., Series 2020-1A, Class DRR, (3 mo. LIBOR US + 3.40%), 4.46%, 04/20/34^(a)(b)			250		234,396


16		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
TICP CLO I-2 Ltd., Series 2018-IA, Class C, (3 mo. LIBOR US + 3.04%), 4.25%, 04/26/28^(a)(b)	USD		500	$	487,700
TICP CLO IX Ltd., Series 2017-9A, Class D, (3 mo. LIBOR US + 2.90%), 3.96%, 01/20/31^(a)(b)			500		471,569
TICP CLO XV Ltd., Series 2020-15A, Class D, (3 mo. LIBOR US + 3.15%), 4.21%, 04/20/33^(a)(b)			250		231,145
Trestles CLO Ltd.^(a)(b)
Series 2017-1A, Class B1R, (3 mo. LIBOR US + 1.75%), 2.93%, 04/25/32			1,750		1,629,413
Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 4.08%, 04/25/32			250		233,982
Trimaran Cavu Ltd., Series 2021-2A, Class D1, (3 mo. LIBOR US + 3.25%), 4.43%, 10/25/34^(a)(b)			500		467,707
Trimaran CAVU Ltd., Series 2019-2A, Class C, (3 mo. LIBOR US + 4.72%), 5.76%, 11/26/32^(a)(b)			500		494,703
Unique Pub Finance Co. PLC^(d)
Series A4, 5.66%, 06/30/27	GBP		636		810,524
Series M, 7.40%, 03/28/24			1,829		2,269,046
Series N, 6.46%, 03/30/32			100		139,397
Voya CLO 2017-2, Class AR, 2.69%, 06/07/30^(b)	USD		250		241,110
Voya CLO Ltd.^(a)(b)
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.13%), 2.17%, 10/15/30			250		246,257
Series 2018-2A, Class A2, (3 mo. LIBOR US + 1.25%), 2.29%, 07/15/31			1,000		966,737
Whitebox CLO I Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 3.05%), 4.23%, 07/24/32^(a)(b)			500		448,110
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.35%), 4.53%, 10/24/34^(a)(b)			500		470,916
Whitebox CLO III Ltd.^(a)(b)
Series 2021-3A, Class D, (3 mo. LIBOR US + 3.35%), 4.39%, 10/15/34			250		235,505
Series 2021-3A, Class E, (3 mo. LIBOR US + 6.85%), 7.89%, 10/15/34			250		232,502
York CLO 1 Ltd., Series 2014-1A, Class CRR, (3 mo. LIBOR US + 2.10%), 3.24%, 10/22/29^(a)(b)			250		242,491


Total Asset-Backed Securities — 10.2% (Cost: $69,577,848)					65,110,067


Corporate Bonds

Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 5.40%, 10/01/48			500		487,214


Aerospace & Defense — 2.1%
Amsted Industries, Inc., 5.63%, 07/01/27^(b)			30		28,200
Boeing Co., 3.20%, 03/01/29^(e)			1,175		1,016,709
Bombardier, Inc.^(b)7.50%, 03/15/25			35		31,631
7.13%, 06/15/26			612		504,582
7.88%, 04/15/27			395		328,802
6.00%, 02/15/28			415		311,001
7.45%, 05/01/34			100		74,995
Eaton Corp., 4.15%, 11/02/42			500		448,706
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(b)			200		159,296
General Electric Co., 6.15%, 08/07/37			2,150		2,219,561
Lockheed Martin Corp., 4.09%, 09/15/52			1,410		1,312,690
Northrop Grumman Corp., 3.85%, 04/15/45			350		294,632
Raytheon Technologies Corp., 2.25%, 07/01/30^(e)			2,000		1,724,163


Security		Par (000)		Value

Aerospace & Defense (continued)
Rolls-Royce PLC, 5.75%, 10/15/27^(b)	USD		1,000	$	901,300
Spirit AeroSystems, Inc.^(b)
5.50%, 01/15/25			105		97,125
7.50%, 04/15/25			22		20,433
TransDigm, Inc.
8.00%, 12/15/25^(b)			130		131,461
6.25%, 03/15/26^(b)			3,103		2,990,516
6.38%, 06/15/26			31		28,985
7.50%, 03/15/27			71		66,982
4.63%, 01/15/29			318		255,996
4.88%, 05/01/29			203		165,250
Triumph Group, Inc., 8.88%, 06/01/24^(b)			527		530,884


					13,643,900

Airlines — 1.4%
Air Canada, 3.88%, 08/15/26^(b)			255		215,702
American Airlines Pass-Through Trust
Series 2013-2, Class A, 4.95%, 07/15/24^(e)			810		794,536
Series 2015-2, Class A, 4.00%, 03/22/29			1,074		950,538
Series 2015-2, Class AA, 3.60%, 03/22/29			1,074		994,136
American Airlines, Inc., 11.75%, 07/15/25^(b)			303		313,575
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)
5.50%, 04/20/26			744		683,493
5.75%, 04/20/29			701		598,767
Avianca Midco 2 Ltd., 9.00%, 12/01/28^(b)			150		129,868
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28^(b)			49		46,105
Deutsche Lufthansa AG, 2.88%, 05/16/27^(d)	EUR		100		82,694
Gol Finance SA, 7.00%, 01/31/25^(b)	USD		200		124,288
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(b)			168		150,562
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)			465		457,493
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 04/15/29			406		399,366
Series 2020-1, Class B, 4.88%, 07/15/27			29		27,586
Series A, Class A, 4.30%, 02/15/27			2,512		2,401,272
United Airlines, Inc.^(b)
4.38%, 04/15/26			310		273,163
4.63%, 04/15/29			606		514,052


					9,157,196

Auto Components — 0.6%
Aptiv PLC, 4.40%, 10/01/46			465		369,351
Clarios Global LP, 6.75%, 05/15/25^(b)			154		152,529
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26^(d)	EUR		100		91,242
6.25%, 05/15/26^(b)	USD		743		715,137
8.50%, 05/15/27^(b)			1,815		1,754,152
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)			211		182,283
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29^(b)			75		55,388
Goodyear Tire & Rubber Co.
5.00%, 07/15/29			109		90,269
5.63%, 04/30/33			162		129,743
ZF Finance GmbH, 3.75%, 09/21/28^(d)	EUR		100		82,220


					3,622,314

Automobiles — 1.4%
Allison Transmission, Inc., 5.88%, 06/01/29^(b)	USD		129		119,970
Asbury Automotive Group, Inc.
4.50%, 03/01/28			18		15,615


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

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobiles (continued)
Asbury Automotive Group, Inc. (continued)
4.75%, 03/01/30	USD		84	$	69,069
5.00%, 02/15/32^(b)			106		86,655
Carvana Co.^(b)(e)
5.50%, 04/15/27			173		111,643
4.88%, 09/01/29			151		85,859
Constellation Automotive Financing PLC, 4.88%, 07/15/27^(d)	GBP		100		95,558
Ford Motor Co.
0.00%, 03/15/26(f)(g)	USD		150		136,800
4.35%, 12/08/26			7		6,488
3.25%, 02/12/32			420		314,118
4.75%, 01/15/43			2,000		1,424,669
5.29%, 12/08/46			19		14,571
Ford Motor Credit Co. LLC
4.69%, 06/09/25			200		189,002
4.13%, 08/04/25			279		264,265
4.39%, 01/08/26			200		184,212
2.70%, 08/10/26			200		170,430
4.95%, 05/28/27			401		372,429
4.13%, 08/17/27			200		176,100
3.82%, 11/02/27			400		340,000
2.90%, 02/16/28			200		161,152
5.11%, 05/03/29			200		179,295
3.63%, 06/17/31			500		387,500
General Motors Co., 6.25%, 10/02/43			2,506		2,387,433
General Motors Financial Co., Inc., 4.25%, 05/15/23			807		809,749
Group 1 Automotive, Inc., 4.00%, 08/15/28^(b)			30		25,074
Ken Garff Automotive LLC, 4.88%, 09/15/28^(b)			82		66,854
LCM Investments Holdings II LLC, 4.88%, 05/01/29^(b)			182		138,520
Lithia Motors, Inc., 3.88%, 06/01/29^(b)			89		75,595
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(b)			120		82,200
Penske Automotive Group, Inc.
3.50%, 09/01/25			29		27,188
3.75%, 06/15/29			46		38,302
RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)(d)	EUR		100		90,827
Sonic Automotive, Inc., 4.63%, 11/15/29^(b)	USD		40		30,992
Wabash National Corp., 4.50%, 10/15/28^(b)			149		113,985


					8,792,119

Banks — 1.5%
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25^(d)	EUR		100		92,518
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%^(a)(h)	USD		2,000		1,683,322
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%^(a)			200		182,100
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26^(d)			252		227,458
Bank of Communications Co. Ltd., (5 year CMT + 3.35%), 3.80%^(a)(d)(h)			518		506,993
Grupo Aval Ltd., 4.38%, 02/04/30^(b)			200		155,788
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(b)			3,151		3,006,472
Krung Thai Bank PCL, (5 year CMT + 3.53%), 4.40%^(a)(d)(h)			252		217,980
NBK Tier 1 Ltd., 3.63%^(a)(b)(h)			209		187,486
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33^(a)(b)			500		471,230


Security		Par (000)		Value

Banks (continued)
SVB Financial Group, Series D, (5 year CMT + 3.07%), 4.25%^(a)(h)	USD		1,275	$	962,027
Wells Fargo & Co.
3.90%, 05/01/45			2,250		1,891,446
Series BB, (5 year CMT + 3.45%), 3.90%^(a)(h)			245		211,006


					9,795,826

Beverages — 1.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(e)			4,600		4,323,493
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(b)(i)			301		223,270
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29^(b)			1,466		1,176,465
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27^(b)			242		172,560
Ball Corp.
5.25%, 07/01/25			12		12,008
2.88%, 08/15/30			25		20,123
3.13%, 09/15/31			254		204,887
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			23		23,495
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24^(b)			431		411,605
Silgan Holdings, Inc., 4.13%, 02/01/28			25		22,418
Trivium Packaging Finance BV^(b)
5.50%, 08/15/26			205		193,666
8.50%, 08/15/27			738		691,951


					7,475,941

Biotechnology — 0.2%
Baxalta, Inc., 5.25%, 06/23/45			500		498,957
Cidron Aida Finco SARL, 5.00%, 04/01/28^(d)	EUR		100		87,049
Gilead Sciences, Inc., 4.80%, 04/01/44	USD		1,000		967,467


					1,553,473

Building Materials^(b)— 0.2%
Cornerstone Building Brands, Inc., 6.13%, 01/15/29			171		109,858
CP Atlas Buyer, Inc., 7.00%, 12/01/28			41		29,609
Jeld-Wen, Inc.
6.25%, 05/15/25			98		94,080
4.63%, 12/15/25			12		10,200
Masonite International Corp.
Class C, 5.38%, 02/01/28			17		15,385
Class C, 3.50%, 02/15/30			145		115,416
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28			55		45,212
9.75%, 07/15/28			26		22,230
SRM Escrow Issuer LLC, 6.00%, 11/01/28			408		344,854
Standard Industries, Inc.
4.75%, 01/15/28			54		46,170
4.38%, 07/15/30			501		395,164
3.38%, 01/15/31			64		47,207
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29			117		102,082


					1,377,467

Building Products — 0.8%
Advanced Drainage Systems, Inc.
5.00%, 09/30/27^(b)			191		176,106
6.38%, 06/15/30			290		283,205
Beacon Roofing Supply, Inc., 4.13%, 05/15/29^(b)			68		55,299


18		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Building Products (continued)
Foundation Building Materials, Inc., 6.00%, 03/01/29^(b)	USD		103	$	75,448
GYP Holdings III Corp., 4.63%, 05/01/29^(b)			159		123,977
Home Depot, Inc., 5.88%, 12/16/36			1,660		1,908,636
LBM Acquisition LLC, 6.25%, 01/15/29^(b)			148		95,285
Lowe’s Cos., Inc., 4.38%, 09/15/45			1,000		866,615
Patrick Industries, Inc., 4.75%, 05/01/29^(b)			43		32,002
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26^(b)			157		127,643
SRS Distribution, Inc.^(b)4.63%, 07/01/28			362		316,750
6.13%, 07/01/29			265		209,078
6.00%, 12/01/29			371		291,320
White Cap Buyer LLC, 6.88%, 10/15/28^(b)			291		232,800
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26^(b)(i)			142		118,215


					4,912,379

Capital Markets — 2.6%
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%^(a)(e)(h)			5,195		3,998,851
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)			129		106,425
FMR LLC, 4.95%, 02/01/33^(b)			2,300		2,301,028
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			112		104,530
6.25%, 05/15/26			57		53,361
5.25%, 05/15/27			309		273,725
4.38%, 02/01/29			207		167,289
Kane Bidco Ltd., 6.50%, 02/15/27^(d)	GBP		100		106,295
NFP Corp.^(b)4.88%, 08/15/28	USD		358		306,616
6.88%, 08/15/28			1,008		831,640
Northern Trust Corp., 3.95%, 10/30/25^(e)			8,000		8,032,617
Raymond James Financial, Inc., 4.95%, 07/15/46			400		389,811


					16,672,188

Chemicals — 0.9%
Air Liquide Finance SA, 3.50%, 09/27/46^(b)			360		303,623
Ashland LLC, 3.38%, 09/01/31^(b)			186		151,288
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)			498		406,552
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81^(a)(b)			219		219,246
Diamond BC BV, 4.63%, 10/01/29^(b)			419		335,074
Element Solutions, Inc., 3.88%, 09/01/28^(b)			807		665,880
EverArc Escrow SARL, 5.00%, 10/30/29^(b)			372		313,118
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(b)			101		100,495
HB Fuller Co., 4.25%, 10/15/28			74		62,091
Herens Holdco SARL, 4.75%, 05/15/28^(b)			400		332,320
Herens Midco SARL, 5.25%, 05/15/29^(d)	EUR		100		68,377
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)	USD		230		181,700
Ingevity Corp., 3.88%, 11/01/28^(b)			57		47,738
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(b)(i)			155		141,769
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(b)			76		64,030
Lune Holdings SARL, 5.63%, 11/15/28^(d)	EUR		100		84,142
Minerals Technologies, Inc., 5.00%, 07/01/28^(b)	USD		114		99,214
Monitchem HoldCo 3 SA, 5.25%, 03/15/25^(d)	EUR		100		96,018
NOVA Chemicals Corp., 4.88%, 06/01/24^(b)	USD		41		38,970
Sasol Financing USA LLC, 6.50%, 09/27/28			200		181,663


Security		Par (000)		Value

Chemicals (continued)
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26^(b)	USD		200	$	160,000
Scotts Miracle-Gro Co. 4.00%, 04/01/31			122		91,195
4.38%, 02/01/32			18		13,684
Sherwin-Williams Co., 4.50%, 06/01/47			350		310,161
WESCO Distribution, Inc.^(b)7.13%, 06/15/25			117		116,746
7.25%, 06/15/28			252		249,228
WR Grace Holdings LLC^(b)5.63%, 10/01/24			21		20,345
5.63%, 08/15/29			1,144		842,270


					5,696,937

Commercial Services & Supplies — 0.3%
ADT Security Corp.^(b)4.13%, 08/01/29			19		15,420
4.88%, 07/15/32			25		19,901
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26^(b)			200		171,165
APX Group, Inc.^(b)6.75%, 02/15/27			123		114,070
5.75%, 07/15/29			181		140,129
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29^(b)(e)			26		21,627
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28^(d)	EUR		100		83,155
EC Finance PLC, 3.00%, 10/15/26^(d)			100		91,409
Fortress Transportation & Infrastructure Investors LLC^(b)
6.50%, 10/01/25	USD		50		47,175
5.50%, 05/01/28			194		160,130
Herc Holdings, Inc., 5.50%, 07/15/27^(b)			164		149,716
Hertz Corp.^(b)4.63%, 12/01/26			85		71,067
5.00%, 12/01/29			70		53,900
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)			145		115,224
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)			146		122,275
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29^(b)			7		5,548
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)
5.75%, 04/15/26			103		96,047
6.25%, 01/15/28			177		148,077
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)			400		343,328
United Rentals North America, Inc., 5.25%, 01/15/30			40		37,100
Williams Scotsman International, Inc., 4.63%, 08/15/28^(b)			146		124,465


					2,130,928

Communications Equipment — 0.2%
Avaya, Inc., 6.13%, 09/15/28^(b)			398		259,695
Ciena Corp., 4.00%, 01/31/30^(b)			71		61,282
CommScope Technologies LLC, 6.00%, 06/15/25^(b)			143		123,695
CommScope, Inc.^(b)
8.25%, 03/01/27			44		34,782
7.13%, 07/01/28^(e)			171		129,974
4.75%, 09/01/29			213		171,826
Nokia OYJ 4.38%, 06/12/27			31		29,285
6.63%, 05/15/39			88		87,010


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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Communications Equipment (continued)
Viasat, Inc.^(b)5.63%, 09/15/25	USD		169	$	136,693
6.50%, 07/15/28			35		24,109
Viavi Solutions, Inc., 3.75%, 10/01/29^(b)			202		169,178


					1,227,529

Construction & Engineering — 0.6%
ITR Concession Co. LLC, 4.20%, 07/15/25^(b)			4,000		3,984,403


Construction Materials^(b)— 0.1%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/28			158		135,329
3.88%, 11/15/29			46		36,777
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			74		60,242
H&E Equipment Services, Inc., 3.88%, 12/15/28			37		29,924
IAA, Inc., 5.50%, 06/15/27			12		11,177
Picasso Finance Sub, Inc., 6.13%, 06/15/25			175		170,625
Thor Industries, Inc., 4.00%, 10/15/29			114		90,288
Winnebago Industries, Inc., 6.25%, 07/15/28			77		70,512


					604,874

Consumer Discretionary — 0.6%
APi Escrow Corp., 4.75%, 10/15/29^(b)			68		54,910
APi Group DE, Inc., 4.13%, 07/15/29^(b)			89		70,684
Carnival Corp.^(b)10.50%, 02/01/26			605		602,259
5.75%, 03/01/27			649		468,760
9.88%, 08/01/27			258		251,550
4.00%, 08/01/28			811		665,020
6.00%, 05/01/29			216		151,764
CoreLogic, Inc., 4.50%, 05/01/28^(b)			350		269,500
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26^(b)			60		50,280
Life Time, Inc.^(b)5.75%, 01/15/26			174		155,986
8.00%, 04/15/26			146		130,122
NCL Corp. Ltd., 5.88%, 03/15/26^(b)			156		122,443
NCL Finance Ltd., 6.13%, 03/15/28^(b)			177		128,767
Nielsen Finance LLC/Nielsen Finance Co.^(b)5.63%, 10/01/28			208		193,170
5.88%, 10/01/30			125		114,770
Royal Caribbean Cruises Ltd.^(b)10.88%, 06/01/23			45		45,150
9.13%, 06/15/23			103		101,863
11.50%, 06/01/25			82		84,255
5.50%, 08/31/26			61		45,292
5.50%, 04/01/28			340		236,300
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26^(d)	EUR		88		77,789
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(b)	USD		124		97,775


					4,118,409

Consumer Finance — 0.7%
American Express Co., (5 year CMT + 2.85%), 3.55%^(a)(h)			500		406,805
Block, Inc., 3.50%, 06/01/31^(b)			821		654,222
HealthEquity, Inc., 4.50%, 10/01/29^(b)			397		347,375
MPH Acquisition Holdings LLC, 5.50%, 09/01/28^(b)			139		123,710
Navient Corp. 7.25%, 09/25/23			28		27,703
6.13%, 03/25/24			51		48,355
5.88%, 10/25/24			39		35,848


Security		Par (000)		Value

Consumer Finance (continued)
Navient Corp. (continued) 5.50%, 03/15/29	USD		193	$	148,786
OneMain Finance Corp. 7.13%, 03/15/26			150		138,635
3.50%, 01/15/27			206		164,800
6.63%, 01/15/28			165		147,470
5.38%, 11/15/29			59		47,811
4.00%, 09/15/30			91		67,454
Sabre Global, Inc.^(b)9.25%, 04/15/25			99		95,391
7.38%, 09/01/25			64		59,360
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)			258		228,327
Shift4 Payments, Inc., 0.00%, 12/15/25^(f)(g)			236		189,154
SLM Corp., 3.13%, 11/02/26			117		94,473
Verscend Escrow Corp., 9.75%, 08/15/26^(b)			1,355		1,317,738


					4,343,417

Containers & Packaging — 0.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(b)
6.00%, 06/15/27			400		395,892
3.25%, 09/01/28			200		170,714
Clydesdale Acquisition Holdings, Inc.^(b)6.63%, 04/15/29			481		451,962
8.75%, 04/15/30			256		220,818
Crown Americas LLC, 5.25%, 04/01/30^(b)			91		85,313
Graphic Packaging International LLC^(b)4.75%, 07/15/27			53		50,042
3.50%, 03/15/28			11		9,460
International Paper Co., 6.00%, 11/15/41			870		903,092
Klabin Austria GmbH, 3.20%, 01/12/31^(b)			200		152,250
LABL, Inc., 5.88%, 11/01/28^(b)			176		142,107
Sealed Air Corp., 4.00%, 12/01/27^(b)			49		44,174
Suzano Austria GmbH, 3.75%, 01/15/31			80		64,616


					2,690,440

Diversified Consumer Services — 0.6%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)6.63%, 07/15/26			748		686,387
9.75%, 07/15/27			200		169,268
6.00%, 06/01/29			939		681,875
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28^(b)			1,241		1,013,077
Clarivate Science Holdings Corp.^(b)3.88%, 07/01/28			406		339,216
4.88%, 07/01/29			297		243,837
Garda World Security Corp., 4.63%, 02/15/27^(b)			81		69,660
Graham Holdings Co., 5.75%, 06/01/26^(b)			27		26,730
Rekeep SpA, 7.25%, 02/01/26^(d)	EUR		100		90,293
Service Corp. International, 4.00%, 05/15/31	USD		394		336,378
Sotheby’s, 7.38%, 10/15/27^(b)			465		430,950


					4,087,671

Diversified Financial Services — 4.8%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28^(b)			272		225,711
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(b)			200		187,500
Bank of America Corp., 3.25%, 10/21/27^(e)			4,000		3,759,667
Barclays PLC, 3.65%, 03/16/25^(e)			4,320		4,224,511


20		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Financial Services (continued)
BNP Paribas S.A., (5 year CMT + 3.34%), 4.63%^(a)(b)(h)	USD		2,000	$	1,475,996
Castlelake Aviation Finance DAC, 5.00%, 04/15/27^(b)			50		41,508
Central Garden & Pet Co.
4.13%, 10/15/30			116		95,179
4.13%, 04/30/31^(b)			119		95,529
Citigroup, Inc.^(a)(h)
(5 year CMT + 3.42%), 3.88%			3,160		2,622,800
Series W, (5 year CMT + 3.60%), 4.00%			105		90,825
Series Y, (5 year CMT + 3.00%), 4.15%			335		268,837
Credit Agricole SA, (5 year USD Swap + 4.90%), 7.88%^(a)(b)(h)			1,000		986,230
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25^(d)	GBP		100		108,948
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(b)(i)	USD		217		164,309
Goldman Sachs Group, Inc.
3.75%, 05/22/25^(e)			8,965		8,857,815
Series R, (5 year CMT + 3.22%), 4.95%^(a)(h)			465		418,654
HSBC Holdings PLC
6.10%, 01/14/42			610		670,054
(5 year CMT + 3.25%), 4.70%^(a)(h)			275		206,802
(5 year USD ICE Swap + 4.37%), 6.38%^(a)(h)			1,750		1,692,161
Intrum AB, 3.00%, 09/15/27^(d)	EUR		100		80,550
ION Trading Technologies SARL, 5.75%, 05/15/28^(b)	USD		200		159,958
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28^(b)			220		180,950
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(b)
4.25%, 02/01/27			42		33,908
4.75%, 06/15/29			46		35,394
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%^(a)(h)			595		560,085
Morgan Stanley
4.00%, 07/23/25			905		904,237
3.13%, 07/27/26			2,000		1,907,891
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25^(b)			200		129,787
Shriram Transport Finance Co. Ltd.^(d)
5.95%, 10/24/22			200		197,440
5.10%, 07/16/23			200		192,000
Spectrum Brands, Inc.^(b)
5.00%, 10/01/29			53		45,831
5.50%, 07/15/30			104		93,596
UBS Group AG, (5 year CMT + 3.31%), 4.38%^(a)(b)(h)			200		146,320


					30,860,983

Diversified Telecommunication Services — 3.2%
AT&T, Inc.
6.38%, 03/01/41			520		581,531
5.15%, 03/15/42			1,200		1,151,343
4.75%, 05/15/46			2,710		2,508,283
3.65%, 06/01/51			350		273,745
Consolidated Communications, Inc., 6.50%, 10/01/28^(b)			229		194,783
Frontier Communications Holdings LLC, 8.75%, 05/15/30^(b)			201		203,209
Level 3 Financing, Inc.^(b)
3.40%, 03/01/27			61		52,541
4.25%, 07/01/28			403		322,904


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Level 3 Financing, Inc.^(b)(continued)
3.63%, 01/15/29	USD		108	$	83,274
3.75%, 07/15/29			243		187,889
Lumen Technologies, Inc.
5.13%, 12/15/26^(b)			300		252,546
4.00%, 02/15/27^(b)			228		192,831
4.50%, 01/15/29^(b)			240		178,655
5.38%, 06/15/29^(b)			412		326,211
Series U, 7.65%, 03/15/42			157		120,497
Series W, 6.75%, 12/01/23			74		73,307
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25⁽ⁱ⁾			148		68,080
SoftBank Group Corp., 5.00%, 04/15/28^(d)	EUR		100		83,123
Sprint Capital Corp.
6.88%, 11/15/28	USD		977		1,027,335
8.75%, 03/15/32			743		894,186
Switch Ltd.^(b)
3.75%, 09/15/28			210		207,721
4.13%, 06/15/29			430		425,631
Telecom Italia Capital SA
6.38%, 11/15/33			131		101,158
6.00%, 09/30/34			337		254,189
7.20%, 07/18/36			60		45,555
7.72%, 06/04/38			79		60,949
Telecom Italia SpA^(d)
3.00%, 09/30/25	EUR		100		96,935
1.63%, 01/18/29			200		151,345
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30^(b)	USD		104		71,947
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28^(b)			184		151,320
Verizon Communications, Inc., 6.55%, 09/15/43^(e)			6,751		8,133,030
Zayo Group Holdings, Inc.^(b)
4.00%, 03/01/27			1,080		895,957
6.13%, 03/01/28			1,192		860,755


					20,232,765

Education — 0.1%
Grand Canyon University, 5.13%, 10/01/28			702		655,170


Electric Utilities — 3.6%
Cleveland Electric Illuminating Co., 5.95%, 12/15/36			434		458,530
Duke Energy Carolinas LLC
6.10%, 06/01/37			640		703,802
6.00%, 01/15/38^(e)			1,675		1,861,975
Duke Energy Florida LLC^(e)
6.35%, 09/15/37			2,775		3,179,784
6.40%, 06/15/38			770		900,352
E.ON International Finance BV, 6.65%, 04/30/38^(b)			3,100		3,386,366
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29^(b)			201		157,195
FirstEnergy Corp.
2.65%, 03/01/30			180		148,500
Series B, 2.25%, 09/01/30			14		11,095
Series C, 3.40%, 03/01/50			488		330,815
FirstEnergy Transmission LLC^(b)
5.45%, 07/15/44			391		365,472
4.55%, 04/01/49			109		87,704
NextEra Energy Operating Partners LP, 4.25%, 09/15/24^(b)			3		2,858
Ohio Power Co., Series D, 6.60%, 03/01/33			3,000		3,498,962
Oncor Electric Delivery Co. LLC, 2.75%, 05/15/30^(e)			1,150		1,046,703


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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Electric Utilities (continued)
PacifiCorp., 6.25%, 10/15/37	USD		1,225	$	1,380,105
Public Power Corp. SA, 3.88%, 03/30/26^(d)	EUR		100		91,329
Southern California Edison Co., 5.63%, 02/01/36	USD		1,300		1,309,448
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37^(e)			3,920		4,347,693


					23,268,688

Electrical Equipment^(b)— 0.0%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			256		237,440
GrafTech Finance, Inc., 4.63%, 12/15/28			91		73,664


					311,104

Electronic Equipment, Instruments & Components — 0.4%
BWX Technologies, Inc.^(b)
4.13%, 06/30/28			181		161,090
4.13%, 04/15/29			24		21,060
Corning, Inc., 4.38%, 11/15/57			2,000		1,636,257
Energizer Holdings, Inc.^(b)
4.75%, 06/15/28			31		24,605
4.38%, 03/31/29			13		9,981
Imola Merger Corp., 4.75%, 05/15/29^(b)			203		169,842
Vertiv Group Corp., 4.13%, 11/15/28^(b)			462		375,107
Xerox Corp., 4.80%, 03/01/35			34		26,090


					2,424,032

Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27			227		206,995
6.25%, 04/01/28			447		395,729
Halliburton Co., 5.00%, 11/15/45			500		458,503
Petroleos Mexicanos
8.75%, 06/02/29^(b)			156		139,552
6.70%, 02/16/32			130		98,475
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			188		171,024
6.88%, 09/01/27			259		229,862
Vallourec SA, 8.50%, 06/30/26^(d)	EUR		17		16,452
Weatherford International Ltd.^(b)
6.50%, 09/15/28	USD		9		8,077
8.63%, 04/30/30			140		116,170

					1,840,839

Entertainment^(b)— 0.0%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/29			86		72,670
Lindblad Expeditions LLC, 6.75%, 02/15/27			178		152,635
NCL Corp. Ltd., 7.75%, 02/15/29			74		56,610


					281,915

Environmental, Maintenance & Security Service — 0.3%
Clean Harbors, Inc., 5.13%, 07/15/29(b)			109		98,918
Covanta Holding Corp.
4.88%, 12/01/29^(b)			167		135,891
5.00%, 09/01/30			30		24,489
GFL Environmental, Inc.^(b)
4.25%, 06/01/25			98		92,485
3.75%, 08/01/25			8		7,420
5.13%, 12/15/26			135		129,100
4.00%, 08/01/28			294		242,550
3.50%, 09/01/28			131		112,333
4.75%, 06/15/29			287		237,492
4.38%, 08/15/29			211		169,855


Security		Par (000)		Value

Environmental, Maintenance & Security Service (continued)
Stericycle, Inc., 3.88%, 01/15/29^(b)	USD		92	$	75,210
Tervita Corp., 11.00%, 12/01/25^(b)			77		83,738
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)			358		318,011


					1,727,492

Equity Real Estate Investment Trusts (REITs) — 1.5%
Alexandria Real Estate Equities, Inc., 4.00%, 02/01/50			550		453,626
American Tower Corp., 2.10%, 06/15/30^(e)			1,700		1,361,448
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27^(b)			120		99,508
Crown Castle International Corp., 2.90%, 04/01/41			350		252,265
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28^(b)			110		93,940
ERP Operating LP, 4.50%, 06/01/45			1,155		1,073,868
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)			95		79,391
Healthpeak Properties, Inc., 4.00%, 06/01/25			2,000		1,994,155
Iron Mountain, Inc.^(b)
5.25%, 07/15/30			66		57,380
5.63%, 07/15/32			236		199,556
LMIRT Capital Pte. Ltd., 7.25%, 06/19/24^(d)			250		217,500
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27			28		25,611
4.63%, 08/01/29			400		351,000
3.50%, 03/15/31			988		778,702
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			446		395,651
4.50%, 02/15/29^(b)			4		3,392
RLJ Lodging Trust LP^(b)
3.75%, 07/01/26			76		65,859
4.00%, 09/15/29			66		54,213
Simon Property Group LP, 4.75%, 03/15/42			1,670		1,527,219
Ventas Realty LP, 4.13%, 01/15/26			870		860,662


					9,944,946

Food & Staples Retailing — 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
3.25%, 03/15/26			94		81,869
7.50%, 03/15/26			65		64,657
4.63%, 01/15/27			104		92,905
5.88%, 02/15/28			219		204,684
4.88%, 02/15/30			95		81,495
Bellis Acquisition Co. PLC, 3.25%, 02/16/26^(d)	GBP		100		94,341
Darling Ingredients, Inc., 6.00%, 06/15/30^(b)	USD		212		211,290
Kraft Heinz Foods Co.
6.50%, 02/09/40			110		118,865
4.88%, 10/01/49			266		234,945
5.50%, 06/01/50			565		542,351
Lamb Weston Holdings, Inc.^(b)
4.88%, 05/15/28			95		89,406
4.13%, 01/31/30			172		148,876
4.38%, 01/31/32			317		275,790
Market Bidco Finco PLC, 5.50%, 11/04/27^(d)	GBP		100		92,515
Ocado Group PLC, 3.88%, 10/08/26^(d)			100		97,624
Performance Food Group, Inc.^(b)
5.50%, 10/15/27	USD		28		25,921
4.25%, 08/01/29			349		291,415
Post Holdings, Inc.^(b)
5.50%, 12/15/29			22		19,668


22		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Food & Staples Retailing (continued)
Post Holdings, Inc.^(b)(continued)
4.63%, 04/15/30	USD		47	$	39,657
4.50%, 09/15/31			28		22,900
U.S. Foods, Inc., 4.75%, 02/15/29^(b)			218		190,573


					3,021,747

Food Products — 0.3%
Aramark Services, Inc.^(b)
5.00%, 04/01/25			46		44,075
5.00%, 02/01/28			323		292,706
BRF SA, 4.88%, 01/24/30^(d)			200		158,600
Chobani LLC/Chobani Finance Corp., Inc.^(b)
7.50%, 04/15/25			501		460,103
4.63%, 11/15/28			248		209,560
Grupo Bimbo SAB de CV, (5 year CMT + 3.28%), 5.95%^(a)(b)(h)			200		195,500
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31^(b)			233		191,150
Pilgrim’s Pride Corp., 3.50%, 03/01/32^(b)			117		91,406
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29^(b)			177		149,636


					1,792,736

Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31^(b)			62		52,723


Health Care Equipment & Supplies — 0.3%
Avantor Funding, Inc.^(b)
4.63%, 07/15/28			442		405,182
3.88%, 11/01/29			196		171,431
Embecta Corp., 6.75%, 02/15/30^(b)			104		93,634
Hologic, Inc., 3.25%, 02/15/29^(b)			10		8,547
Thermo Fisher Scientific, Inc., 5.30%, 02/01/44			1,000		1,072,298


					1,751,092

Health Care Providers & Services — 2.1%
Acadia Healthcare Co., Inc.^(b)
5.50%, 07/01/28			37		34,569
5.00%, 04/15/29			36		32,318
AdaptHealth LLC^(b)
6.13%, 08/01/28			49		43,342
5.13%, 03/01/30			18		15,172
Aetna, Inc., 4.50%, 05/15/42			575		514,041
AHP Health Partners, Inc., 5.75%, 07/15/29^(b)			219		160,899
Cano Health LLC, 6.25%, 10/01/28^(b)			85		69,513
Centene Corp.
2.45%, 07/15/28			695		579,658
4.63%, 12/15/29			155		144,538
3.00%, 10/15/30			621		514,654
2.50%, 03/01/31			704		558,807
2.63%, 08/01/31			570		453,435
CHS/Community Health Systems, Inc.^(b)
8.00%, 03/15/26			838		763,158
5.63%, 03/15/27			374		316,542
6.00%, 01/15/29			332		275,035
6.13%, 04/01/30			203		123,830
Elevance Health, Inc.
2.75%, 10/15/42^(f)			39		267,556
4.38%, 12/01/47			1,000		920,371
3.60%, 03/15/51			600		486,881


Security		Par (000)		Value

Health Care Providers & Services (continued)
Encompass Health Corp.
4.50%, 02/01/28	USD		31	$	26,539
4.75%, 02/01/30			285		238,841
4.63%, 04/01/31			141		114,171
HCA, Inc., 5.50%, 06/15/47			1,090		972,316
Legacy LifePoint Health LLC^(b)
6.75%, 04/15/25			130		125,659
4.38%, 02/15/27			65		55,693
LifePoint Health, Inc., 5.38%, 01/15/29^(b)			243		178,605
Medline Borrower LP^(b)
3.88%, 04/01/29			322		274,251
5.25%, 10/01/29			919		754,775
ModivCare, Inc., 5.88%, 11/15/25^(b)			48		44,160
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28			123		109,872
3.88%, 11/15/30			275		235,065
3.88%, 05/15/32			161		135,012
Northwell Healthcare, Inc., 4.26%, 11/01/47			725		664,513
Owens & Minor, Inc., 6.63%, 04/01/30^(b)			96		87,693
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(b)			195		166,433
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(b)			68		66,130
Surgery Center Holdings, Inc.^(b)
6.75%, 07/01/25			378		346,452
10.00%, 04/15/27			435		421,361
Teleflex, Inc., 4.63%, 11/15/27			14		12,915
Tenet Healthcare Corp.^(b)
4.63%, 09/01/24			98		94,080
4.88%, 01/01/26			330		303,600
6.25%, 02/01/27			65		59,827
5.13%, 11/01/27			363		326,700
4.63%, 06/15/28			55		47,893
6.13%, 10/01/28			122		104,405
4.25%, 06/01/29			34		28,635
6.13%, 06/15/30			193		178,058
UnitedHealth Group, Inc., 2.75%, 05/15/40			1,000		778,855


					13,226,828

Health Care Technology — 0.4%
Catalent Pharma Solutions, Inc.^(b)
3.13%, 02/15/29			106		86,966
3.50%, 04/01/30			373		304,342
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(b)			479		466,397
Charles River Laboratories International, Inc.^(b)
4.25%, 05/01/28			67		60,187
3.75%, 03/15/29			23		19,960
4.00%, 03/15/31			66		56,261
Chrome Bidco SASU, 3.50%, 05/31/28^(d)	EUR		100		85,755
IQVIA, Inc.^(b)
5.00%, 10/15/26	USD		280		266,652
5.00%, 05/15/27			266		251,663
Minerva Merger Sub, Inc., 6.50%, 02/15/30^(b)			552		459,038
Syneos Health, Inc., 3.63%, 01/15/29^(b)			577		488,620


					2,545,841

Hotels, Restaurants & Leisure — 2.2%
1011778 BC ULC/New Red Finance, Inc.^(b)
3.88%, 01/15/28			317		275,131
4.38%, 01/15/28			138		120,653
4.00%, 10/15/30			122		97,905


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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Accor SA, (5 year EUR Swap + 4.56%), 4.38%^(a)(d)(h)	EUR		100	$	91,174
Affinity Gaming, 6.88%, 12/15/27^(b)	USD		4		3,360
Airbnb, Inc., 0.00%, 03/15/26^(f)(g)			383		318,273
Boyd Gaming Corp.
4.75%, 12/01/27			121		109,505
4.75%, 06/15/31^(b)			219		185,059
Boyne USA, Inc., 4.75%, 05/15/29^(b)			200		173,188
Caesars Entertainment, Inc.^(b)
6.25%, 07/01/25			840		809,533
8.13%, 07/01/27			876		846,435
4.63%, 10/15/29			697		541,917
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(b)			103		98,500
Carnival Corp., 7.63%, 03/01/26^(b)			48		37,178
CDI Escrow Issuer, Inc., 5.75%, 04/01/30^(b)			868		789,880
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25^(b)			213		206,610
Churchill Downs, Inc., 4.75%, 01/15/28^(b)			202		179,780
Corvias Campus Living, 5.30%, 07/01/50^(c)			5,620		3,427,098
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.^(b)
4.63%, 01/15/29			156		132,990
6.75%, 01/15/30			199		152,733
Food Service Project SA, 5.50%, 01/21/27^(d)	EUR		100		89,862
Fortune Star BVI Ltd., 6.75%, 07/02/23^(d)	USD		200		157,175
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25^(b)			39		38,220
3.75%, 05/01/29^(b)			75		63,611
4.88%, 01/15/30			219		197,921
4.00%, 05/01/31^(b)			289		240,159
3.63%, 02/15/32^(b)			77		61,167
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			44		41,454
McDonald’s Corp., 3.70%, 02/15/42			1,750		1,463,404
Melco Resorts Finance Ltd., 5.25%, 04/26/26^(d)			250		175,000
Merlin Entertainments Ltd., 5.75%, 06/15/26^(b)			200		182,501
MGM China Holdings Ltd., 5.88%, 05/15/26^(d)			450		341,663
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(b)			144		117,360
Powdr Corp., 6.00%, 08/01/25^(b)			240		238,200
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(b)
5.63%, 09/01/29			63		44,853
5.88%, 09/01/31			79		54,827
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26^(b)			121		105,875
Royal Caribbean Cruises Ltd., 5.38%, 07/15/27^(b)			191		138,832
Scientific Games International, Inc.^(b)
8.63%, 07/01/25			136		139,414
7.00%, 05/15/28			100		93,843
7.25%, 11/15/29			96		90,030
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(b)(j)			135		136,665
Station Casinos LLC^(b)
4.50%, 02/15/28			123		103,887
4.63%, 12/01/31			187		145,860
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25^(d)	GBP		100		111,170


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Vail Resorts, Inc., 6.25%, 05/15/25^(b)	USD		105	$	104,871
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28^(b)			104		90,965
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)(e)			125		107,061
Wynn Macau Ltd.^(d)
4.88%, 10/01/24			200		145,124
5.50%, 10/01/27			200		128,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b)
7.75%, 04/15/25			163		158,641
5.13%, 10/01/29			393		309,527
Yum! Brands, Inc.
4.75%, 01/15/30^(b)			2		1,815
3.63%, 03/15/31			62		52,080
5.35%, 11/01/43			44		36,465


					14,304,404

Household Durables — 0.3%
Ashton Woods USA LLC/Ashton Woods Finance Co.^(b)
4.63%, 08/01/29			68		51,000
4.63%, 04/01/30			98		71,966
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(b)
5.00%, 06/15/29			141		106,606
4.88%, 02/15/30			178		129,317
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)			173		152,946
Controladora Mabe SA de CV, 5.60%, 10/23/28^(b)			215		218,333
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26^(b)			147		144,060
Mattamy Group Corp., 4.63%, 03/01/30^(b)			135		98,660
Meritage Homes Corp., 5.13%, 06/06/27			35		32,037
NCR Corp.^(b)
5.00%, 10/01/28			73		61,896
5.13%, 04/15/29			91		76,962
6.13%, 09/01/29			57		49,297
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(b)			223		149,968
Taylor Morrison Communities, Inc.^(b)
5.88%, 06/15/27			119		109,683
5.13%, 08/01/30			37		30,728
Tempur Sealy International, Inc.^(b)
4.00%, 04/15/29			151		121,637
3.88%, 10/15/31			164		123,000
Tri Pointe Homes, Inc., 5.25%, 06/01/27			28		24,476


					1,752,572

Household Products — 0.0%
Energizer Holdings, Inc., 6.50%, 12/31/27^(b)			80		70,100


Independent Power and Renewable Electricity Producers — 0.5%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24^(d)			200		190,725
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24^(d)			200		188,662
Calpine Corp.^(b)
4.50%, 02/15/28			20		18,158
5.13%, 03/15/28			539		474,482
4.63%, 02/01/29			46		38,284
5.00%, 02/01/31			41		33,146


24		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Independent Power and Renewable Electricity Producers (continued)
Calpine Corp.^(b)(continued)
3.75%, 03/01/31	USD		4	$	3,254
Clearway Energy Operating LLC^(b)
4.75%, 03/15/28			100		89,968
3.75%, 01/15/32			203		160,878
Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27^(b)			197		153,855
Greenko Dutch BV, 3.85%, 03/29/26^(d)			194		164,415
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26^(d)			200		176,500
India Cleantech Energy, 4.70%, 08/10/26^(b)			243		193,483
India Green Energy Holdings
5.38%, 04/29/24^(b)			250		233,750
5.38%, 04/29/24^(d)			250		233,750
Investment Energy Resources Ltd., 6.25%, 04/26/29^(b)			200		169,600
NRG Energy, Inc.^(b)
5.25%, 06/15/29			47		41,948
3.63%, 02/15/31			183		143,470
3.88%, 02/15/32			164		130,262
SCC Power PLC^(b)(i)
(4% PIK), 4.00%, 05/17/32			130		15,379
(8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28			239		103,336
TerraForm Power Operating LLC, 4.75%, 01/15/30^(b)			121		103,635


					3,060,940

Insurance — 3.5%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(b)			140		109,591
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(b)
4.25%, 10/15/27			786		680,338
6.75%, 10/15/27			1,136		1,008,064
5.88%, 11/01/29			845		701,189
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25			1,495		1,474,712
Allstate Corp.^(a)
(3 mo. LIBOR US + 2.12%), 6.50%, 05/15/67			1,750		1,769,814
Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53			2,000		1,752,500
AmWINS Group, Inc., 4.88%, 06/30/29^(b)			164		134,303
Aon Global Ltd.
3.88%, 12/15/25			1,445		1,429,064
4.60%, 06/14/44			500		450,255
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42			500		470,732
Five Corners Funding Trust, 4.42%, 11/15/23^(b)(e)			2,050		2,061,278
Galaxy Bidco Ltd., 6.50%, 07/31/26^(d)	GBP		100		111,383
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)	USD		161		150,720
HUB International Ltd.^(b)
7.00%, 05/01/26			900		846,360
5.63%, 12/01/29			35		28,912
Liberty Mutual Group, Inc., 6.50%, 05/01/42^(b)			2,000		2,228,170
Prudential Financial, Inc.^(e)
5.90%, 03/17/36			500		538,387
5.70%, 12/14/36			1,625		1,765,648


Security		Par (000)		Value

Insurance (continued)
Ryan Specialty Group LLC, 4.38%, 02/01/30^(b)	USD		92	$	80,040
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47^(b)			700		623,064
Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53^(a)(e)			4,500		4,219,110


					22,633,634

Interactive Media & Services^(b)— 0.2%
Arches Buyer, Inc., 4.25%, 06/01/28			73		59,437
Cablevision Lightpath LLC
3.88%, 09/15/27			420		347,550
5.63%, 09/15/28			400		312,904
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.75%, 04/30/27			328		270,125
6.00%, 02/15/28			147		105,636
Twitter, Inc.
3.88%, 12/15/27			206		194,208
5.00%, 03/01/30			122		115,747


					1,405,607

Internet Software & Services — 0.4%
ANGI Group LLC, 3.88%, 08/15/28^(b)			174		132,483
Booking Holdings, Inc., 0.75%, 05/01/25^(f)			256		306,893
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^(b)
5.25%, 12/01/27			27		24,705
3.50%, 03/01/29			111		93,583
Match Group Holdings II LLC^(b)
5.63%, 02/15/29			6		5,610
4.13%, 08/01/30			20		16,702
3.63%, 10/01/31			357		281,137
Uber Technologies, Inc.
0.00%, 12/15/25^(f)(g)			1,068		851,962
8.00%, 11/01/26^(b)			132		131,406
7.50%, 09/15/27^(b)			456		441,764
6.25%, 01/15/28^(b)			190		175,720
4.50%, 08/15/29^(b)			518		426,055
Zillow Group, Inc., 1.38%, 09/01/26^(f)			37		36,963


					2,924,983

IT Services — 1.0%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(b)			99		82,071
Booz Allen Hamilton, Inc.^(b)
3.88%, 09/01/28			137		121,245
4.00%, 07/01/29			242		211,007
CA Magnum Holdings, 5.38%, 10/31/26^(b)			258		223,170
Camelot Finance SA, 4.50%, 11/01/26^(b)			81		73,880
Condor Merger Sub, Inc., 7.38%, 02/15/30^(b)			605		491,726
Dun & Bradstreet Corp., 5.00%, 12/15/29^(b)			458		395,598
Fair Isaac Corp., 4.00%, 06/15/28^(b)			240		212,602
Fidelity National Information Services, Inc., 4.50%, 08/15/46			1,000		881,391
Fiserv, Inc., 4.40%, 07/01/49			500		429,706
Gartner, Inc.^(b)
4.50%, 07/01/28			218		200,169
3.63%, 06/15/29			155		134,287
3.75%, 10/01/30			93		79,166


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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

IT Services (continued)
International Business Machines Corp., 1.95%, 05/15/30^(e)	USD		2,000	$	1,676,074
KBR, Inc., 4.75%, 09/30/28^(b)			134		118,099
Science Applications International Corp., 4.88%, 04/01/28^(b)			73		68,073
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25^(b)			168		158,043
Twilio, Inc., 3.88%, 03/15/31			342		281,387
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)			646		541,117


					6,378,811

Leisure Products — 0.1%
Mattel, Inc.
3.75%, 04/01/29^(b)			69		62,003
6.20%, 10/01/40			218		208,190
5.45%, 11/01/41			149		130,785


					400,978

Machinery — 0.4%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28^(b)			71		59,285
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(i)			241		233,770
Madison IAQ LLC, 5.88%, 06/30/29^(b)			201		154,030
Mueller Water Products, Inc., 4.00%, 06/15/29^(b)			94		82,000
OT Merger Corp., 7.88%, 10/15/29^(b)			78		44,799
Schenck Process Holding GmbH/Darmstadt, 5.38%, 06/15/23^(d)	EUR		100		100,819
Stevens Holding Co., Inc., 6.13%, 10/01/26^(b)	USD		90		86,625
Terex Corp., 5.00%, 05/15/29^(b)			205		174,250
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(b)			514		472,469
TK Elevator Holdco GmbH, 7.63%, 07/15/28^(b)			200		179,500
TK Elevator Midco GmbH, 4.38%, 07/15/27^(d)	EUR		100		90,280
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(b)	USD		768		684,722


					2,362,549

Media — 6.4%
Altice Financing SA
3.00%, 01/15/28^(d)	EUR		100		78,054
5.75%, 08/15/29^(b)	USD		930		746,325
Altice France Holding SA, 10.50%, 05/15/27^(b)			1,288		1,080,812
AMC Networks, Inc.
5.00%, 04/01/24			2		1,937
4.75%, 08/01/25			135		125,758
4.25%, 02/15/29			83		67,246
Bell Telephone Co. of Canada or Bell Canada, 3.65%, 03/17/51			335		267,192
Block Communications, Inc., 4.88%, 03/01/28^(b)			87		73,515
Cable One, Inc.
1.13%, 03/15/28^(f)			694		581,572
4.00%, 11/15/30^(b)			174		142,937
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 02/01/28^(b)			270		249,129
5.38%, 06/01/29^(b)			49		43,798
4.75%, 03/01/30^(b)			180		153,945
4.50%, 08/15/30^(b)			340		282,295
4.25%, 02/01/31^(b)			431		351,265
4.75%, 02/01/32^(b)			414		338,983
4.50%, 05/01/32			180		145,746
4.50%, 06/01/33^(b)			227		178,880


Security		Par (000)		Value

Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. (continued)
4.25%, 01/15/34^(b)	USD		936	$	723,060
Charter Communications Operating LLC/Charter Communications Operating Capital
4.91%, 07/23/25^(e)			4,700		4,710,904
5.38%, 05/01/47			1,100		936,608
4.80%, 03/01/50			1,000		792,360
Clear Channel International BV, 6.63%, 08/01/25^(b)			256		238,080
Clear Channel Outdoor Holdings, Inc.^(b)
5.13%, 08/15/27			760		641,691
7.75%, 04/15/28			819		595,880
7.50%, 06/01/29			566		406,988
CMG Media Corp., 8.88%, 12/15/27^(b)			563		444,776
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22			2,600		2,659,564
Comcast Corp.
6.45%, 03/15/37			790		925,105
4.60%, 08/15/45			2,000		1,882,054
4.70%, 10/15/48			3,000		2,904,380
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)			1,493		1,341,655
CSC Holdings LLC
5.25%, 06/01/24			247		230,945
5.75%, 01/15/30^(b)			443		322,296
4.13%, 12/01/30^(b)			400		312,000
4.50%, 11/15/31^(b)			570		439,555
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27^(b)			299		255,068
Discovery Communications LLC
3.25%, 04/01/23			1,850		1,844,655
3.45%, 03/15/25			210		203,327
DISH DBS Corp.
7.75%, 07/01/26			343		267,368
5.25%, 12/01/26^(b)			739		579,258
5.75%, 12/01/28^(b)			763		564,933
5.13%, 06/01/29			79		48,004
DISH Network Corp., 3.38%, 08/15/26^(f)			176		118,888
Frontier Communications Holdings LLC^(b)
5.88%, 10/15/27			247		222,078
5.00%, 05/01/28			394		334,900
6.75%, 05/01/29			249		204,802
6.00%, 01/15/30			213		163,893
GCI LLC, 4.75%, 10/15/28^(b)			135		116,971
iHeartCommunications, Inc.
6.38%, 05/01/26			91		84,629
5.25%, 08/15/27^(b)			66		56,485
4.75%, 01/15/28^(b)			50		41,204
Iliad Holding SASU^(b)
6.50%, 10/15/26			529		476,084
7.00%, 10/15/28			402		349,714
Kaixo Bondsco Telecom SA, 5.13%, 09/30/29^(d)	EUR		100		79,382
LCPR Senior Secured Financing DAC, 5.13%, 07/15/29^(b)	USD		673		561,955
Liberty Broadband Corp.^(b)(f)
1.25%, 09/30/50			279		260,586
2.75%, 09/30/50			537		510,784
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(b)(i)			182		93,035


26		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(b)	USD		510	$	397,800
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26^(b)			200		175,000
Live Nation Entertainment, Inc.^(b)
4.88%, 11/01/24			21		20,055
6.50%, 05/15/27			465		457,290
4.75%, 10/15/27			169		149,822
3.75%, 01/15/28			130		112,125
Lorca Telecom Bondco SA, 4.00%, 09/18/27^(d)	EUR		100		87,474
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(b)	USD		108		99,360
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%^(a)(d)(h)			400		370,200
Outfront Media Capital LLC/Outfront Media Capital Corp.^(b)
5.00%, 08/15/27			123		107,471
4.25%, 01/15/29			80		63,730
4.63%, 03/15/30			10		7,879
Paramount Global, 5.85%, 09/01/43			645		602,605
Radiate Holdco LLC/Radiate Finance, Inc.^(b)
4.50%, 09/15/26			464		400,098
6.50%, 09/15/28			1,131		874,122
Sable International Finance Ltd.
5.75%, 09/07/27^(b)			200		183,320
5.75%, 09/07/27^(d)			200		183,320
Scripps Escrow II, Inc., 3.88%, 01/15/29^(b)			11		9,218
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)			666		528,248
Sirius XM Radio, Inc.^(b)
3.13%, 09/01/26			331		295,328
5.00%, 08/01/27			112		103,882
4.00%, 07/15/28			96		83,040
4.13%, 07/01/30			57		47,606
3.88%, 09/01/31			302		240,467
Stagwell Global LLC, 5.63%, 08/15/29^(b)			69		55,444
Summer BC Holdco B SARL, 5.75%, 10/31/26^(d)	EUR		100		91,292
TCI Communications, Inc., 7.88%, 02/15/26	USD		610		684,526
Tele Columbus AG, 3.88%, 05/02/25^(d)	EUR		100		87,787
United Group BV, 5.25%, 02/01/30^(d)			100		77,275
Univision Communications, Inc.^(b)
5.13%, 02/15/25	USD		52		48,932
6.63%, 06/01/27			70		66,648
7.38%, 06/30/30			88		86,020
UPC Broadband Finco BV, 4.88%, 07/15/31^(b)			303		246,945
Videotron Ltd., 3.63%, 06/15/29^(b)			178		144,493
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(b)			307		254,033
VTR Comunicaciones SpA, 4.38%, 04/15/29^(b)			200		135,500
VZ Secured Financing BV, 3.50%, 01/15/32^(d)	EUR		100		78,639
Walt Disney Co., 7.63%, 11/30/28	USD		385		453,233
WMG Acquisition Corp., 3.88%, 07/15/30^(b)			37		30,767
Ziggo Bonds Co. BV, 6.00%, 01/15/27^(b)			150		132,750


					41,129,037

Metals & Mining — 1.1%
ABJA Investment Co. Pte Ltd^.^(d)
5.95%, 07/31/24			250		249,375
5.45%, 01/24/28			200		188,000
Allegheny Technologies, Inc.
4.88%, 10/01/29			68		54,229


Security		Par (000)		Value

Metals & Mining (continued)
Allegheny Technologies, Inc. (continued)
5.13%, 10/01/31	USD		187	$	143,250
Arconic Corp.^(b)
6.00%, 05/15/25			87		84,851
6.13%, 02/15/28			244		227,842
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)			682		632,859
Carpenter Technology Corp.
6.38%, 07/15/28			154		137,462
7.63%, 03/15/30			134		123,052
Commercial Metals Co.
4.13%, 01/15/30			48		40,416
4.38%, 03/15/32			51		41,773
Constellium SE^(b)
5.63%, 06/15/28			250		223,686
3.75%, 04/15/29			841		666,974
FMG Resources August 2006 Pty. Ltd., 6.13%, 04/15/32^(b)			276		248,400
JSW Steel Ltd., 5.95%, 04/18/24^(d)			200		197,500
Kaiser Aluminum Corp.^(b)
4.63%, 03/01/28			119		99,070
4.50%, 06/01/31			535		404,931
Mineral Resources Ltd.^(b)
8.00%, 11/01/27			86		83,850
8.50%, 05/01/30			88		86,680
Mongolian Mining Corp./Energy Resources LLC, 9.25%, 04/15/24^(b)			200		134,600
New Gold, Inc., 7.50%, 07/15/27^(b)			470		408,900
Nexa Resources SA, 5.38%, 05/04/27^(b)			299		276,257
Novelis Corp.^(b)
3.25%, 11/15/26			342		289,084
4.75%, 01/30/30			534		443,850
3.88%, 08/15/31			473		364,300
Rio Tinto Finance USA PLC, 4.75%, 03/22/42			400		397,759
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29^(b)			82		69,775
thyssenkrupp AG, 2.88%, 02/22/24^(d)	EUR		51		51,263
U.S. Steel Corp., 6.88%, 03/01/29	USD		231		201,568
Vedanta Resources Finance II PLC, 13.88%, 01/21/24⁽^d)			400		356,000


					6,927,556

Multiline Retail — 0.1%
Bath & Body Works, Inc.
6.88%, 11/01/35			141		114,563
6.75%, 07/01/36			49		39,195
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)			252		232,238


					385,996

Multi-Utilities — 0.2%
KeySpan Gas East Corp., 5.82%, 04/01/41^(b)			1,010		1,014,174


Offshore Drilling & Other Services — 0.1%
Entegris, Inc.^(b)
4.38%, 04/15/28			168		148,260
3.63%, 05/01/29			30		25,087
KLA Corp., 3.30%, 03/01/50			500		395,998


					569,345


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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels — 7.9%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)	USD		557	$	541,265
Antero Midstream Partners LP/Antero Midstream
Finance Corp.^(b)
5.75%, 03/01/27			184		171,120
5.75%, 01/15/28			39		35,506
5.38%, 06/15/29			140		125,378
Antero Resources Corp., 7.63%, 02/01/29^(b)			142		144,452
Apache Corp.
4.25%, 01/15/30			133		117,871
5.10%, 09/01/40			321		271,046
5.25%, 02/01/42			25		20,912
5.35%, 07/01/49			97		76,644
Arcosa, Inc., 4.38%, 04/15/29^(b)			238		201,956
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27			625		784,490
5.88%, 06/30/29			152		133,760
Buckeye Partners LP
4.13%, 03/01/25^(b)			179		165,724
5.85%, 11/15/43			94		66,740
5.60%, 10/15/44			59		41,086
Burlington Resources LLC, 5.95%, 10/15/36			685		745,521
Callon Petroleum Co.
6.13%, 10/01/24			85		86,309
9.00%, 04/01/25^(b)			706		748,360
6.38%, 07/01/26			80		73,800
8.00%, 08/01/28^(b)(e)			407		390,964
7.50%, 06/15/30			375		345,052
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31^(d)(f)	EUR		100		71,367
Cenovus Energy, Inc., 4.25%, 04/15/27	USD		400		392,058
Centennial Resource Production LLC
6.88%, 04/01/27^(b)			31		29,439
3.25%, 04/01/28^(f)			322		400,487
Central Parent, Inc./Central Merger Sub, Inc., 7.25%, 06/15/29			383		368,637
Cheniere Energy Partners LP
4.50%, 10/01/29			463		413,320
4.00%, 03/01/31			308		261,892
3.25%, 01/31/32^(b)			421		331,538
Cheniere Energy, Inc., 4.63%, 10/15/28			1,466		1,320,236
Chesapeake Energy Corp.^(b)
5.88%, 02/01/29			28		26,404
6.75%, 04/15/29			350		338,460
Citgo Holding, Inc., 9.25%, 08/01/24^(b)			298		288,315
Civitas Resources, Inc., 5.00%, 10/15/26^(b)			60		53,850
CNX Midstream Partners LP, 4.75%, 04/15/30^(b)			63		52,920
CNX Resources Corp.
2.25%, 05/01/26^(f)			337		492,525
6.00%, 01/15/29^(b)			74		69,131
Colgate Energy Partners III LLC^(b)
7.75%, 02/15/26			181		172,065
5.88%, 07/01/29			238		208,548
Comstock Resources, Inc.^(b)
6.75%, 03/01/29			472		422,643
5.88%, 01/15/30			537		461,820
ConocoPhillips, 6.50%, 02/01/39			600		704,132
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31^(b)			1,000		851,540


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Crescent Energy Finance LLC, 7.25%, 05/01/26^(b)	USD		496	$	451,360
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.^(b)
5.63%, 05/01/27			34		30,260
6.00%, 02/01/29			121		105,582
8.00%, 04/01/29			59		54,797
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(b)			570		535,800
DCP Midstream Operating LP
6.45%, 11/03/36^(b)			106		103,880
6.75%, 09/15/37^(b)			172		163,615
5.60%, 04/01/44			2		1,616
Devon Energy Corp.
5.85%, 12/15/25			1,000		1,040,866
4.75%, 05/15/42			300		272,066
DT Midstream, Inc.^(b)
4.13%, 06/15/29			276		233,910
4.38%, 06/15/31			409		342,537
Dycom Industries, Inc., 4.50%, 04/15/29^(b)			69		60,245
Earthstone Energy Holdings LLC, 8.00%, 04/15/27^(b)			198		187,358
Ecopetrol SA, 4.63%, 11/02/31			130		98,150
eG Global Finance PLC
6.75%, 02/07/25^(b)			441		415,812
6.25%, 10/30/25^(d)	EUR		142		133,360
8.50%, 10/30/25^(b)	USD		200		193,750
Enbridge, Inc.^(a)
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78			1,935		1,722,418
Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80			950		868,604
Endeavor Energy Resources LP/EER Finance, Inc.^(b)
6.63%, 07/15/25			128		128,627
5.75%, 01/30/28			239		227,683
Energy Transfer LP
4.05%, 03/15/25			500		492,468
4.75%, 01/15/26			1,250		1,245,319
3.90%, 07/15/26			310		297,872
5.30%, 04/15/47			540		467,588
Series H, (5 year CMT + 5.69%), 6.50%^(a)(h)			433		382,736
EnLink Midstream LLC
5.63%, 01/15/28^(b)			165		151,349
5.38%, 06/01/29			328		287,068
EnLink Midstream Partners LP
4.40%, 04/01/24			144		140,565
4.15%, 06/01/25			10		9,309
4.85%, 07/15/26			67		61,808
5.60%, 04/01/44			155		109,773
5.05%, 04/01/45			33		22,316
5.45%, 06/01/47			42		29,725
Enterprise Products Operating LLC, 6.13%, 10/15/39			1,400		1,479,615
EOG Resources, Inc., 5.10%, 01/15/36			200		197,820
EQM Midstream Partners LP
6.00%, 07/01/25^(b)			65		62,314
4.13%, 12/01/26			68		58,735
6.50%, 07/01/27^(b)			245		227,801
4.50%, 01/15/29^(b)			13		10,554
7.50%, 06/01/30			57		54,757
4.75%, 01/15/31^(b)			456		363,660


28		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
EQT Corp., 1.75%, 05/01/26^(f)	USD		132	$	310,926
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25			29		26,753
7.75%, 02/01/28			75		64,879
Gulfport Energy Corp., 8.00%, 05/17/26^(b)			25		24,593
Harvest Midstream I LP, 7.50%, 09/01/28^(b)			40		37,569
Hess Corp., 4.30%, 04/01/27			1,100		1,072,267
Hess Midstream Operations LP, 4.25%, 02/15/30^(b)			162		135,669
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28^(b)			22		20,735
Hilong Holding Ltd., 9.75%, 11/18/24^(d)			207		112,466
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26^(d)			200		187,000
HTA Group Ltd., 7.00%, 12/18/25^(b)			200		166,788
IHS Holding Ltd., 6.25%, 11/29/28^(b)			200		159,500
Impulsora Pipeline LLC, 6.05%, 12/31/42^(c)			1,658		1,467,997
ITT Holdings LLC, 6.50%, 08/01/29^(b)			232		185,600
Kinder Morgan, Inc., 5.05%, 02/15/46			1,400		1,252,710
Kinetik Holdings LP, 5.88%, 06/15/30			378		360,088
Marathon Petroleum Corp., 6.50%, 03/01/41			1,150		1,255,217
Matador Resources Co., 5.88%, 09/15/26			875		841,120
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26^(d)			288		261,360
MPLX LP, 4.25%, 12/01/27			250		241,244
Murphy Oil Corp.
5.75%, 08/15/25			42		41,559
5.88%, 12/01/27			40		37,330
6.13%, 12/01/42			18		13,455
Murphy Oil USA, Inc., 4.75%, 09/15/29			95		85,506
Nabors Industries Ltd.^(b)
7.25%, 01/15/26			58		51,437
7.50%, 01/15/28			94		80,840
Nabors Industries, Inc., 7.38%, 05/15/27^(b)			226		214,700
New Fortress Energy, Inc.^(b)
6.75%, 09/15/25			585		552,825
6.50%, 09/30/26			758		686,567
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(b)			115		103,500
NGPL PipeCo LLC, 7.77%, 12/15/37^(b)			138		150,177
Northern Oil & Gas, Inc., 8.13%, 03/01/28^(b)			620		584,350
NuStar Logistics LP
6.00%, 06/01/26			99		92,565
6.38%, 10/01/30			17		14,770
Occidental Petroleum Corp.
6.95%, 07/01/24			43		44,290
8.00%, 07/15/25			25		26,313
5.88%, 09/01/25			79		78,656
5.50%, 12/01/25			101		99,485
8.88%, 07/15/30			67		76,921
6.63%, 09/01/30			442		455,260
6.13%, 01/01/31			53		53,712
7.50%, 05/01/31			58		62,350
6.45%, 09/15/36			68		69,700
6.20%, 03/15/40			637		627,445
6.60%, 03/15/46			44		46,728
Oil & Gas Holding Co., 7.63%, 11/07/24^(d)			200		205,725
OQ SAOC, 5.13%, 05/06/28^(b)			200		188,350
PDC Energy, Inc.
6.13%, 09/15/24			58		57,605
5.75%, 05/15/26			164		152,984
Pertamina Persero PT, 3.65%, 07/30/29^(d)			239		218,386


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos
6.50%, 03/13/27	USD		212	$	183,009
5.95%, 01/28/31			181		132,058
6.38%, 01/23/45			98		58,923
6.75%, 09/21/47			67		41,038
7.69%, 01/23/50			79		52,733
Pioneer Natural Resources Co., 0.25%, 05/15/25^(f)			191		412,942
Puma International Financing SA, 5.13%, 10/06/24^(b)			200		181,000
Range Resources Corp.
5.00%, 03/15/23			122		121,085
4.88%, 05/15/25			10		9,754
Rockcliff Energy II LLC, 5.50%, 10/15/29^(b)			257		233,862
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26			1,750		1,808,154
SM Energy Co.
5.63%, 06/01/25			38		35,910
6.75%, 09/15/26			85		80,186
6.63%, 01/15/27			22		20,570
6.50%, 07/15/28			122		112,204
Southwestern Energy Co.
5.38%, 02/01/29			232		215,203
4.75%, 02/01/32			109		93,143
Suncor Energy, Inc., 6.50%, 06/15/38			1,000		1,105,583
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27			38		36,228
5.88%, 03/15/28			4		3,647
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(b)
6.00%, 03/01/27			29		25,883
6.00%, 12/31/30			20		16,600
6.00%, 09/01/31			88		72,600
Tap Rock Resources LLC, 7.00%, 10/01/26^(b)			519		490,049
TransCanada PipeLines Ltd., 4.63%, 03/01/34			500		479,762
Transocean, Inc., 11.50%, 01/30/27^(b)			81		76,029
Venture Global Calcasieu Pass LLC^(b)
3.88%, 08/15/29			559		488,971
4.13%, 08/15/31			476		406,752
3.88%, 11/01/33			1,070		882,750
Vermilion Energy, Inc., 6.88%, 05/01/30^(b)			108		96,660
Vivo Energy Investments BV, 5.13%, 09/24/27^(b)			200		188,500
Western Midstream Operating LP
4.75%, 08/15/28			25		22,841
5.45%, 04/01/44			229		190,331
5.30%, 03/01/48			75		60,461
5.50%, 08/15/48			69		56,235
5.75%, 02/01/50			678		544,474
Williams Cos., Inc.
3.90%, 01/15/25			1,150		1,136,070
4.00%, 09/15/25			750		738,291


					50,813,194

Pharmaceuticals — 2.3%
AbbVie, Inc.
3.80%, 03/15/25^(e)			3,250		3,223,983
3.60%, 05/14/25			870		855,852
3.20%, 05/14/26			500		481,639
4.55%, 03/15/35			2,140		2,081,573
4.45%, 05/14/46			2,095		1,900,394
Bausch Health Cos., Inc.^(b)
9.00%, 12/15/25			23		16,994
6.13%, 02/01/27			43		36,550


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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Pharmaceuticals (continued)
Bausch Health Cos., Inc.^(b)(continued)
5.00%, 02/15/29	USD		83	$	43,160
6.25%, 02/15/29			8		4,258
7.25%, 05/30/29			27		14,648
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27^(d)	EUR		100		89,128
CVS Health Corp.
5.13%, 07/20/45	USD		700		674,256
5.05%, 03/25/48			1,821		1,743,149
Elanco Animal Health, Inc., 6.40%, 08/28/28			6		5,711
Gruenenthal GmbH, 4.13%, 05/15/28^(d)	EUR		100		89,600
Jazz Securities DAC, 4.38%, 01/15/29^(b)	USD		500		444,758
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24^(d)	EUR		100		92,587
Option Care Health, Inc., 4.38%, 10/31/29^(b)	USD		142		121,765
Organon & Co./Organon Foreign Debt Co-Issuer BV^(b)
4.13%, 04/30/28			598		529,230
5.13%, 04/30/31			587		506,481
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25^(b)			164		114,808
PRA Health Sciences, Inc., 2.88%, 07/15/26^(b)			400		356,000
Prestige Brands, Inc., 3.75%, 04/01/31^(b)			101		83,749
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25	EUR		100		102,064
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25	USD		200		194,162
Utah Acquisition Sub, Inc., 3.95%, 06/15/26			750		706,570


					14,513,069

Real Estate Management & Development — 0.5%
Adler Group SA, 2.75%, 11/13/26^(d)	EUR		100		52,502
China Aoyuan Group Ltd.^(d)(k)(l)
5.98%, 08/18/25	USD		489		46,394
6.20%, 03/24/26			450		36,000
China SCE Group Holdings Ltd., 7.38%, 04/09/24^(d)			200		66,000
CIFI Holdings Group Co. Ltd., 6.45%, 11/07/24^(d)			200		128,000
Country Garden Holdings Co. Ltd., 6.50%, 04/08/24^(d)			200		124,000
DIC Asset AG, 2.25%, 09/22/26^(d)	EUR		100		69,689
Easy Tactic Ltd., 11.75%, 08/02/23^(d)	USD		200		43,600
Fantasia Holdings Group Co. Ltd.^(d)(k)(l)
11.75%, 04/17/22			200		16,500
10.88%, 01/09/23			307		25,328
11.88%, 06/01/23			400		33,000
9.25%, 07/28/23			300		24,750
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(b)			35		29,356
Global Prime Capital Pte. Ltd.^(d)
5.50%, 10/18/23			200		197,037
5.95%, 01/23/25			200		187,000
Howard Hughes Corp.^(b)
5.38%, 08/01/28			19		15,913
4.13%, 02/01/29			74		57,075
4.38%, 02/01/31			80		59,207
Kaisa Group Holdings Ltd., 11.95%, 11/12/23^(d)(k)(l)			259		34,317
KWG Group Holdings Ltd., 5.88%, 11/10/24^(d)			200		39,000
MAF Sukuk Ltd.^(d)
4.64%, 05/14/29			200		200,100
3.93%, 02/28/30			200		191,287


Security		Par (000)		Value

Real Estate Management & Development (continued)
Modern Land China Co. Ltd., 9.80%, 04/11/23^(c)(d)(k)(l)	USD		200	$	32,000
Realogy Group LLC/Realogy Co-Issuer Corp.^(b)
5.75%, 01/15/29			180		136,498
5.25%, 04/15/30			91		67,340
Ronshine China Holdings Ltd., 7.35%, 12/15/23^(d)			200		25,000
Shimao Group Holdings Ltd., 3.45%, 01/11/31^(d)			200		21,000
Shui On Development Holding Ltd., 5.50%, 03/03/25^(d)			282		212,910
Starwood Property Trust, Inc., 4.38%, 01/15/27^(b)			52		45,139
Theta Capital Pte. Ltd., 8.13%, 01/22/25^(d)			200		172,000
Times China Holdings Ltd., 6.20%, 03/22/26^(d)			611		85,540
Wanda Properties Overseas Ltd., 6.88%, 07/23/23^(d)			200		159,000
Yanlord Land HK Co. Ltd., 6.75%, 04/23/23^(d)			250		234,950
Yuzhou Group Holdings Co. Ltd.^(d)(k)(l)
8.38%, 10/30/24			200		14,000
7.70%, 02/20/25			263		17,095
7.38%, 01/13/26			200		13,000
6.35%, 01/13/27			200		13,000
Zhenro Properties Group Ltd., 7.88%, 04/14/24^(d)(k)(l)			200		13,000


					2,937,527

Road & Rail — 1.1%
Burlington Northern Santa Fe LLC, 5.75%, 05/01/40			1,890		2,073,383
CSX Corp., 4.75%, 05/30/42			350		333,383
Danaos Corp., 8.50%, 03/01/28^(b)			100		99,002
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(b)			2,435		2,384,833
Norfolk Southern Corp.
4.15%, 02/28/48			1,300		1,157,728
3.16%, 05/15/55			400		290,693
Seaspan Corp., 5.50%, 08/01/29^(b)			230		185,050
Union Pacific Corp., 3.84%, 03/20/60			800		667,769


					7,191,841

Semiconductors & Semiconductor Equipment — 0.9%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27			2,850		2,742,258
Broadcom, Inc., 3.46%, 09/15/26			735		704,177
Entegris Escrow Corp., 4.75%, 04/15/29^(b)			1,033		961,959
Microchip Technology, Inc.^(f)
0.13%, 11/15/24			220		218,900
1.63%, 02/15/25			53		131,854
Qualcomm, Inc., 4.65%, 05/20/35			250		256,023
Sensata Technologies BV^(b)
5.00%, 10/01/25			70		67,200
4.00%, 04/15/29			159		134,845
Sensata Technologies, Inc.^(b)
4.38%, 02/15/30			462		393,244
3.75%, 02/15/31			13		10,419
Synaptics, Inc., 4.00%, 06/15/29^(b)			129		104,745


					5,725,624

Software — 1.7%
ACI Worldwide, Inc., 5.75%, 08/15/26^(b)			262		252,901
Black Knight InfoServ LLC, 3.63%, 09/01/28^(b)			255		220,575
Boxer Parent Co., Inc.
6.50%, 10/02/25^(d)	EUR		100		98,130
7.13%, 10/02/25^(b)	USD		187		179,064
9.13%, 03/01/26^(b)			467		436,277
Elastic NV, 4.13%, 07/15/29^(b)			254		212,034


30		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28^(b)	USD		200	$	158,728
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)			156		125,909
Microsoft Corp., 3.50%, 11/15/42^(e)			4,000		3,541,294
MicroStrategy, Inc., 6.13%, 06/15/28^(b)(e)			305		242,881
MSCI, Inc.^(b)
4.00%, 11/15/29			51		45,203
3.63%, 09/01/30			81		67,528
3.88%, 02/15/31			14		11,970
3.63%, 11/01/31			96		79,022
3.25%, 08/15/33			124		98,839
Open Text Corp., 3.88%, 12/01/29^(b)			133		111,939
Open Text Holdings, Inc., 4.13%, 02/15/30^(b)			83		71,799
Oracle Corp.
5.38%, 07/15/40^(e)			3,025		2,755,073
4.00%, 11/15/47			400		296,615
3.60%, 04/01/50			1,250		868,323
Playtika Holding Corp., 4.25%, 03/15/29^(b)			354		292,050
PTC, Inc., 4.00%, 02/15/28^(b)			35		31,628
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)			484		451,359
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)			269		201,870


					10,851,011

Specialty Retail — 0.2%
Arko Corp., 5.13%, 11/15/29^(b)			123		93,176
Bath & Body Works, Inc., 7.60%, 07/15/37			42		33,859
Carvana Co., 10.25%, 05/01/30^(b)			113		92,660
National Vision Holdings, Inc., 2.50%, 05/15/25^(f)			165		185,015
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29^(b)			493		443,951
Staples, Inc., 7.50%, 04/15/26^(b)			177		146,710
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24^(a)(d)	EUR		100		100,035


					1,095,406

Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc., 4.65%, 02/23/46	USD		2,400		2,470,574
II-VI, Inc., 5.00%, 12/15/29^(b)			499		435,378


					2,905,952

Textiles, Apparel & Luxury Goods^(b)— 0.0%
Crocs, Inc.
4.25%, 03/15/29			15		11,095
4.13%, 08/15/31			99		70,068
Kontoor Brands, Inc., 4.13%, 11/15/29			67		53,206
Levi Strauss & Co., 3.50%, 03/01/31			110		89,925


					224,294

Thrifts & Mortgage Finance^(b)— 0.1%
Home Point Capital, Inc., 5.00%, 02/01/26			116		80,040
Nationstar Mortgage Holdings, Inc.
6.00%, 01/15/27			33		28,626
5.13%, 12/15/30			69		51,580
5.75%, 11/15/31			66		50,536
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26			203		167,761


					378,543

Tobacco — 0.8%
Altria Group, Inc.
5.38%, 01/31/44			2,000		1,700,251


Security		Par (000)		Value

Tobacco (continued)
Altria Group, Inc. (continued)
3.88%, 09/16/46	USD		1,250	$	840,896
Reynolds American, Inc.
4.45%, 06/12/25			635		631,177
7.00%, 08/04/41			1,000		1,020,820
5.85%, 08/15/45			1,500		1,258,639


					5,451,783

Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28^(d)	EUR		100		85,412


Transportation Infrastructure — 0.5%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(b)	USD		200		180,375
DP World Salaam, (5 year CMT + 5.75%), 6.00%^(a)(d)(h)			200		200,563
FedEx Corp., 4.75%, 11/15/45			1,250		1,145,593
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27^(d)			200		167,850
i-595 Express LLC, 3.31%, 12/31/31^(c)			728		691,089
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26^(b)			580		573,984


					2,959,454

Utilities — 1.3%
Consensus Cloud Solutions, Inc.^(b)
6.00%, 10/15/26			48		41,294
6.50%, 10/15/28			45		37,134
Electricite de France SA^(b)
5.60%, 01/27/40			2,800		2,678,813
(10 year USD Swap + 3.71%), 5.25%^(a)(h)			4,200		3,973,304
FEL Energy VI SARL, 5.75%, 12/01/40			188		136,904
Genneia SA, 8.75%, 09/02/27^(b)			92		86,573
Inkia Energy Ltd., 5.88%, 11/09/27^(b)			200		181,850
Mong Duong Finance Holdings BV, 5.13%, 05/07/29^(d)			576		463,428
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)			86		74,820
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33^(d)			214		200,306
Thames Water Kemble Finance PLC, 4.63%, 05/19/26^(d)	GBP		168		190,749
Vistra Operations Co. LLC, 4.38%, 05/01/29^(b)	USD		172		143,900


					8,209,075

Wireless Telecommunication Services — 1.2%
Altice France SA^(b)
5.13%, 07/15/29			744		561,720
5.50%, 10/15/29			321		245,215
Crown Castle International Corp., 3.10%, 11/15/29			1,000		882,789
Kenbourne Invest SA, 6.88%, 11/26/24^(b)			210		191,008
Millicom International Cellular SA, 4.50%, 04/27/31^(b)			200		148,000
Rogers Communications, Inc., 7.50%, 08/15/38			2,325		2,812,485
SBA Communications Corp.
3.13%, 02/01/29			17		13,915
3.88%, 02/15/27			333		303,959
Sprint Corp., 7.63%, 03/01/26			234		246,549
T-Mobile USA, Inc.
2.63%, 02/15/29			308		259,270
3.38%, 04/15/29			106		92,750
2.88%, 02/15/31			127		105,439


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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
T-Mobile USA, Inc. (continued)
3.50%, 04/15/31	USD		253	$	218,448
4.50%, 04/15/50			500		443,652
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29^(b)			368		269,560
Vmed O2 U.K. Financing I PLC
4.50%, 07/15/31^(d)	GBP		100		95,862
4.75%, 07/15/31^(b)	USD		452		365,148
Vodafone Group PLC, 4.25%, 09/17/50			700		584,879


					7,840,648


Total Corporate Bonds — 69.7% (Cost: $496,414,702)					446,817,045


Floating Rate Loan Interests^(a)

Aerospace & Defense — 0.1%
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 11/17/28^(m)			52		49,357
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 9.00%, 02/01/29			189		175,583
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/01/28			567		531,125
Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 01/15/25			136		132,320


					888,385

Air Freight & Logistics — 0.1%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.72%, 04/06/28			77		69,034
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/15/28			274		246,966


					316,000

Airlines — 0.2%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.81%, 04/20/28			433		412,067
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28^(c)			237		217,447
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.31%, 06/21/27			141		138,555
United Airlines, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.39%, 04/21/28			433		401,814


					1,169,883

Auto Components — 0.0%
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/30/26			69		64,221


Banks — 0.1%
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 6.67%, 08/02/27			661		606,997


Security		Par (000)			Value

Beverages — 0.0%
Naked Juice LLC
2nd Lien Term Loan, (SOFR + 6.00%), 8.15%, 01/24/30^(c)	USD		20		$	18,000
Term Loan, (SOFR + 3.25%), 5.40%, 01/24/29			150			139,637


						157,637
Capital Markets — 0.1%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 7.50%, 08/02/29^(c)			122			113,400
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (SOFR + 3.75%, 1.00% Floor), 5.28%, 04/09/27			104			97,599
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 8.42%, 04/07/28			145			140,650


						351,649
Chemicals — 0.1%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.00%, 08/27/26			250			243,106
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 03/18/28			309			294,465
New Arclin U.S. Holding Corp., 2021 Term Loan , (1 mo. LIBOR + 3.75%), 5.42%, 09/30/28			110			101,642
WR Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 6.06%, 09/22/28			212			200,597


						839,810

Commercial Services & Supplies — 0.1%
Amentum Government Services Holdings LLC, 2022 Term Loan, (SOFR + 4.00%), 5.30%, 02/15/29			94			89,242
Asurion LLC, 2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 4.92%, 12/23/26			48			43,444
Propulsion BC Finco SARL, Term Loan, 02/10/29^(c)(m)			138			130,410
Tempo Acquisition LLC, 2022 Term Loan B, (SOFR + 3.00%), 4.53%, 08/31/28			—	⁽ⁿ⁾		1
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 08/27/25			632			603,088


						866,185

Communications Equipment — 0.0%
ViaSat, Inc., Term Loan, (SOFR + 4.50%), 6.14%, 03/02/29			262			243,445


Construction & Engineering — 0.2%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.40%, 06/21/24			1,337			1,152,102


Construction Materials — 0.0%
BCPE Empire Holdings, Inc., 2022 Incremental Term Loan, (SOFR + 4.62%), 6.25%, 06/11/26			27			25,204
Smyrna Ready Mix Concrete LLC, (SOFR + 4.25%), 5.88%, 04/02/29^(c)			66			60,885


						86,089

Containers & Packaging — 0.1%
BWAY Holding Co., 2017 Term Loan B, (1 Week LIBOR + 3.25%), 4.31%, 04/03/24			206			193,112


32		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Containers & Packaging (continued)
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/01/27	USD		129		$	121,466
Clydesdale Acquisition Holdings, Inc., Term Loan B, (SOFR + 4.25%), 5.88%, 04/13/29			112			104,492


						419,070

Diversified Consumer Services — 0.1%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 01/29/27			41			39,077
Ascend Learning LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 12/10/29^(c)			83			75,946
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.54%, 01/15/27			113			107,732
TruGreen LP, 2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 0.75% Floor), 10.17%, 11/02/28^(c)			106			101,230


					323,985
Diversified Financial Services — 0.2%
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.84%, 12/01/27			114			103,337
EP Purchaser LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.75%, 11/06/28			102			96,688
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 10/01/27			460			434,538
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (SOFR + 4.00%), 6.20%, 02/16/28			66			61,736
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 09/21/29			18			17,167
2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 09/23/28			111			104,048
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/18/27			—	⁽ⁿ⁾		1
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 09/25/26			39			35,992
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.25%, 09/01/25			239			195,193
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 5.28%, 10/19/27			301			276,228


						1,324,928

Diversified Telecommunication Services — 0.0%
Cincinnati Bell, Inc., 2021 Term Loan B2, (SOFR + 3.25%), 4.88%, 11/22/28			58			54,658
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.06%, 05/01/28			195			182,522


						237,180

Food Products — 0.0%
Chobani LLC, 2020 Term Loan B, 10/25/27^(m)			20			18,444


Gas Utilities — 0.0%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 12/21/28			172			148,310


Health Care Providers & Services — 0.1%
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.25%, 01/08/27			119			112,344


Security		Par (000)		Value

Health Care Providers & Services (continued)
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/10/25	USD		322	$	105,801
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 6.50%, 1.00% Floor), 7.50%, 04/29/25			116		77,057
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 11/16/25			76		71,204


					366,406

Health Care Services — 0.0%
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 9.88%, 11/01/29			78		71,760


Health Care Technology — 0.2%
Athenahealth, Inc., 2022 Term Loan B, (SOFR + 3.50%), 5.01%, 02/15/29			1,156		1,061,527
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 06/02/28			259		238,693


					1,300,220

Hotels, Restaurants & Leisure — 0.1%
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 5.53%, 01/27/29			271		249,404
Great Canadian Gaming Corp., 2021 Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.10%, 11/01/26			38		35,663
IRB Holding Corp., 2022 Term Loan B, (SOFR + 3.15%, 0.75% Floor), 4.24%, 12/15/27			115		107,113
Scientific Games International, Inc., 2022 USD Term Loan, (SOFR + 3.00%), 4.36%, 04/14/29			95		90,012


					482,192

Household Durables — 0.1%
Solis IV BV, USD Term Loan B1, (SOFR + 3.50%), 4.84%, 02/26/29.			147		126,145
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.60%, 10/06/28			284		232,760


					358,905

Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 3.67%, 08/12/26			27		25,099


Industrial Conglomerates — 0.0%
AVSC Holding Corp., 2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.58%, 09/01/25			313		247,871
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.30%, 11/28/23			56		55,971


					303,842

Insurance — 0.1%
Alliant Holdings Intermediate LLC, 2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 5.01%, 11/06/27			94		87,216
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 12/31/25			92		86,207


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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Insurance (continued)
Sedgwick Claims Management Services, Inc. (continued)
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 09/03/26	USD		140	$	132,521
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.92%, 09/03/26			51		49,724


					355,668

Interactive Media & Services — 0.0%
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.67%, 10/30/26.			79		74,138
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			79		72,104


					146,242

IT Services — 0.1%
Banff Merger Sub, Inc.
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.50%), 7.17%, 02/27/26			279		261,390
2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/02/25			45		42,363
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/01/27			234		222,859
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27^(c)			110		98,886


					625,498

Leisure Products — 0.0%
Peloton Interactive, Inc., Term Loan, (SOFR + 6.50%), 8.35%, 05/25/27			71		67,495


Machinery — 0.2%
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 7.25%, 09/21/26^(c)			228		217,290
SPX Flow, Inc., (SOFR + 4.50%), 6.13%, 04/05/29			254		236,474
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 5.88%, 03/28/25			577		527,645


					981,409

Media — 0.2%
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 3.79%, 07/15/25			23		20,635
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 5.41%, 08/14/26			94		85,863
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.74%, 08/21/26			590		505,521
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (SOFR + 4.25%), 4.92%, 02/01/29			238		218,208
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.42%, 09/13/24			90		84,287
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.42%, 09/13/24			207		194,420
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.92%, 02/23/29			35		32,842
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/09/27			387		355,330


					1,497,106


Security		Par (000)		Value

Metals & Mining — 0.0%
Grinding Media, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.80%, 10/12/28^(c)	USD		64	$	57,798


Oil, Gas & Consumable Fuels — 0.3%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.02%, 11/01/25			1,541		1,615,717
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 06/28/24			9		5,013


					1,620,730

Professional Services — 0.1%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 4.87%, 02/06/26			114		106,800
Element Materials Technology Group U.S. Holdings, Inc.^(m)
2022 USD Delayed Draw Term Loan B, 04/12/29	.		39		37,698
2022 USD Delayed Draw Term Loan D, 04/12/29			85		81,678
Galaxy U.S. Opco, Inc., Term Loan, (SOFR + 4.75%), 6.28%, 04/29/29			179		167,589


					393,765

Real Estate Management & Development — 0.0%
Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 11/03/28			249		224,081


Software — 0.7%
Barracuda Networks, Inc., 2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.99%, 10/30/28			91		90,742
Central Parent, Inc., 2022 USD Term Loan B, 07/06/29^(m)			119		112,173
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.67%, 10/08/29^(c)			180		156,600
2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/08/28			229		209,757
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/28/24^(c)			375		323,648
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.42%, 07/31/28			62		60,016
2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 07/30/27			90		84,791
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 5.95%, 03/11/28			80		73,701
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 6.23%, 07/27/28			569		509,591
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.48%, 07/27/29			280		254,800
McAfee LLC, 2022 USD Term Loan B, (SOFR + 4.00%), 5.15%, 03/01/29			744		675,180
Planview Parent, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.92%, 12/18/28^(c)			103		97,850
Proofpoint, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 4.82%, 08/31/28			19		17,812
2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.82%, 08/31/29			242		231,110


34		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 04/24/28	USD		218	$	201,336
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.92%, 05/30/25			9		8,878
Sabre Global, Inc.
2021 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 12/17/27			68		63,010
2021 Term Loan B2, (1 mo. LIBOR + 3.50%), 5.17%, 12/17/27			108		100,442
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 10/07/27			516		479,937
Sovos Compliance LLC
2021 Delayed Draw Term Loan, (1 mo. LIBOR + 4.50%), 6.15%, 08/11/28			17		16,430
2021 Term Loan, (1 mo. LIBOR + 4.50%), 6.17%, 08/11/28			101		94,664
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.25%, 03/03/28			189		184,936
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 6.21%, 05/03/27			280		257,272
2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.21%, 05/04/26			187		174,985
Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/04/26			145		136,356


					4,616,017

Specialty Retail — 0.0%
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28			27		24,933
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 6.29%, 04/16/26			74		64,589


					89,522

Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc., Term Loan B, (SOFR + 3.50%), 4.45%, 02/17/29			606		549,857


Trading Companies & Distributors — 0.0%
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.49%, 01/31/28^(c)			68		59,459
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/02/28			177		162,223


					221,682

Transportation — 0.0%
Brown Group Holding, LLC, 2022 Term Loan B2, 07/02/29^(m)			175		167,708


Wireless Telecommunication Services — 0.0%
MetroNet Systems Holdings LLC, 2021 1st Lien Term Loan, (SOFR + 3.75%), 5.05%, 06/02/28			14		12,862


Total Floating Rate Loan Interests — 3.7% (Cost: $25,742,255)					23,750,184


Security		Par (000)		Value

Foreign Agency Obligations

Argentina — 0.0%
Argentine Republic Government International Bond, 2.50%, 07/09/41^(o)	USD		245	$	63,019


Bahrain — 0.0%
Bahrain Government International Bond, 6.75%, 09/20/29^(d)			200		190,975


Canada — 1.1%
CDP Financial, Inc., 5.60%, 11/25/39^(b)(e)			5,890		6,825,753


Chile — 0.0%
Chile Government International Bond, 4.34%, 03/07/42			200		178,500


Colombia — 0.1%
Colombia Government International Bond
4.50%, 01/28/26			300		281,212
3.88%, 04/25/27			200		176,475
3.13%, 04/15/31			200		148,350


					606,037

Dominican Republic — 0.1%
Dominican Republic International Bond
5.95%, 01/25/27^(d)			228		217,711
5.50%, 02/22/29^(b)			160		139,030
4.50%, 01/30/30^(b)			226		180,348
4.88%, 09/23/32^(b)			150		115,294
6.40%, 06/05/49^(d)			150		111,544


					763,927

Egypt — 0.0%
Egypt Government International Bond, 7.50%, 02/16/61^(b)			219		120,998


Guatemala — 0.1%
Guatemala Government Bond
4.50%, 05/03/26^(d)			200		192,162
5.38%, 04/24/32^(b)			200		184,163


					376,325

Hungary — 0.0%
Hungary Government International Bond, 5.25%, 06/16/29^(b)			200		199,271


Indonesia — 0.1%
Indonesia Government International Bond, 4.10%, 04/24/28			300		294,712


Italy — 0.5%
Republic of Italy Government International Bond, 5.38%, 06/15/33			2,925		3,021,151


Ivory Coast — 0.0%
Ivory Coast Government International Bond, 6.38%, 03/03/28^(d)			200		176,788


Mexico — 0.1%
Mexico Government International Bond
3.75%, 01/11/28			200		191,900
2.66%, 05/24/31			269		221,387


					413,287


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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Mongolia — 0.0%
Mongolia Government International Bond, 5.13%, 04/07/26^(d)		USD	250	$	222,527


Morocco — 0.0%
Morocco Government International Bond, 3.00%, 12/15/32^(b)			221		156,910


Nigeria — 0.0%
Nigeria Government International Bond, 7.88%, 02/16/32^(d)			200		138,500


Oman — 0.1%
Oman Government International Bond^(d)
6.50%, 03/08/47			228		191,235
6.75%, 01/17/48			200		172,000


					363,235
Pakistan — 0.0%
Pakistan Government International Bond, 6.00%, 04/08/26^(d)			200		134,022


Panama — 0.1%
Panama Government International Bond
3.88%, 03/17/28			200		190,912
3.16%, 01/23/30			253		225,376


					416,288
Paraguay — 0.1%
Paraguay Government International Bond^(b)
4.95%, 04/28/31			200		184,537
5.40%, 03/30/50			200		154,663


					339,200
Peru — 0.0%
Peruvian Government International Bond
2.78%, 01/23/31			126		107,242
1.86%, 12/01/32			171		130,045


					237,287
Qatar — 0.0%
Qatar Government International Bond, 4.00%, 03/14/29^(b)			240		242,400


Romania — 0.1%
Romanian Government International Bond^(b)
5.25%, 11/25/27			154		146,685
3.00%, 02/14/31			108		83,079
3.63%, 03/27/32			156		121,807


					351,571
Saudi Arabia — 0.1%
Saudi Government International Bond^(d)
4.50%, 04/17/30			278		283,560
2.25%, 02/02/33			222		184,260


					467,820
South Africa — 0.1%
Republic of South Africa Government International Bond
4.85%, 09/30/29			200		170,725
5.88%, 04/20/32			200		169,000


					339,725


Security	Par (000)			Value

Sri Lanka — 0.0%
Sri Lanka Government International Bond^(d)(k)(l)
6.85%, 03/14/24		USD	432	$	121,008
7.85%, 03/14/29			200		56,022


					177,030
Ukraine — 0.0%
Ukraine Government International Bond
7.75%, 09/01/25^(d)			385		95,288
7.25%, 03/15/33^(b)			200		49,000


					144,288
Uruguay — 0.0%
Uruguay Government International Bond, 4.38%, 10/27/27			90		91,029


Total Foreign Agency Obligations — 2.7% (Cost: $18,207,650)					17,052,575


Municipal Bonds

California — 0.9%
East Bay Municipal Utility District Water System Revenue, RB, BAB, 5.87%, 06/01/40			1,900		2,250,740
State of California, GO, BAB
7.55%, 04/01/39			280		380,623
7.63%, 03/01/40			1,720		2,322,471
University of California, RB, BAB, 5.95%, 05/15/45			885		1,017,250


					5,971,084
Georgia — 0.3%
Municipal Electric Authority of Georgia, Refunding RB, BAB, 7.06%, 04/01/57			1,929		2,195,891


Illinois — 0.3%
State of Illinois, GO, 5.10%, 06/01/33			2,000		2,008,682


Indiana — 0.5%
Indianapolis Local Public Improvement Bond Bank, RB, BAB, Series B-2, 6.12%, 01/15/40			2,535		2,958,782


New Jersey — 0.1%
State of New Jersey, GO
Series A, 4.00%, 06/01/30			250		265,672
Series A, 4.00%, 06/01/31			190		200,082
Series A, 4.00%, 06/01/32			180		189,203


					654,957
New York — 1.4%
Metropolitan Transportation Authority, RB, BAB, 7.34%, 11/15/39			1,295		1,745,657
New York City Industrial Development Agency, Refunding RB
(AGM), 3.19%, 03/01/40			165		135,239
Class A, (AGM), 3.00%, 01/01/46			50		38,530
New York City Municipal Water Finance Authority, Refunding RB, BAB, 5.72%, 06/15/42			1,390		1,621,062
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series E-1, 4.00%, 02/01/41			1,000		976,032
New York State Dormitory Authority, RB, BAB Series D, 5.60%, 03/15/40			1,900		2,117,723


36		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

New York (continued)
New York State Dormitory Authority, RB, BAB (continued)
Series F, 5.63%, 03/15/39		USD	1,100	$	1,200,950
Port Authority of New York & New Jersey, RB, 159th Series, 6.04%, 12/01/29			780		876,338


					8,711,531

Total Municipal Bonds — 3.5% (Cost: $20,708,226)					22,500,927


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 4.8%
Alternative Loan Trust
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35			463		427,804
Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.19%), 1.80%, 03/20/47^(a)			419		337,352
Series 2007-OA10, Class 2A1, (1 mo. LIBOR US + 0.50%), 2.12%, 09/25/47^(a)			4,297		3,443,637
Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37			241		209,233
BRAVO Residential Funding Trust, Series 2021- NQM1, Class A1, 0.94%, 02/25/49^(a)(b)			1,025		957,551
Chase Home Lending Mortgage Trust, Class A12, 6.50%, 04/25/49^(a)(b)			672		670,717
COLT Mortgage Loan Trust^(a)(b)
Series 2020-2, Class M1, 5.25%, 03/25/65			3,050		2,969,894
Series 2020-3, Class M1, 3.36%, 04/27/65			3,820		3,580,396
Series 2022-1, Class A1, 4.55%, 04/25/67			1,788		1,765,279
Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67^(a)(b)			315		306,073
Ellington Financial Mortgage Trust, Series 2020-1, Class M1, 5.24%, 05/25/65^(a)(b)			1,500		1,473,097
GMACM Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 3.23%, 06/19/35^(a)			110		103,937
GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ2, Class A4, 2.50%, 06/25/52^(a)(b)			1,150		979,825
GS Mortgage-Backed Securities Trust^(a)(b)
2.50%, 11/25/51			989		848,145
Series 2021-PJ7, Class A2, 2.50%, 01/25/52			2,589		2,207,420
GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37			84		62,321
JP Morgan Mortgage Trust
Series 2006-S3, Class 1A12, 6.50%, 08/25/36			42		19,765
Series 2022-INV3, Class A3B, 3.00%, 09/25/52^(a)(b)			818		726,520
Mello Mortgage Capital Acceptance, Series 2022- INV2, Class A3, 3.00%, 04/25/52^(a)(b)			841		746,377
Merrill Lynch Mortgage Investors Trust, Series 2006- A3, Class 3A1, 2.79%, 05/25/36^(a)			170		133,619
MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65^(a)(b)			2,750		2,492,863
OBX Trust, Series 2022-INC3, Class A1, 3.00%, 02/25/52^(a)(b)			750		663,110
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52^(a)(b)			1,128		998,697


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	$	1,922,994
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65^(a)(b)			2,000		1,926,736
Verus Securitization Trust, Series 2022-3, Class A1, 4.13%, 02/25/67^(b)			947		927,986


					30,901,348

Commercial Mortgage-Backed Securities^(a)— 4.9%
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.72%, 04/14/33^(b)			4,170		3,919,664
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.27%), 1.89%, 07/25/37^(b)			761		671,041
Citigroup Commercial Mortgage Trust
Series 2013-GC15, Class B, 5.35%, 09/10/46			7,183		7,153,583
Series 2020-420K, Class D, 3.42%, 11/10/42^(b)			270		209,400
COMM Mortgage Trust
Series 2015-CR22, Class C, 4.21%, 03/10/48			5,000		4,726,726
Series 2015-LC19, Class C, 4.37%, 02/10/48			3,500		3,361,730
Commercial Mortgage Trust, Series 2013-CR11, Class B, 5.28%, 08/10/50			7,000		7,007,237
Credit Suisse Mortgage Capital Certificates Trust, Series 2020-FACT, Class D, (1 mo. LIBOR US + 3.71%), 5.03%, 10/15/37^(b)			900		856,359
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 3.58%, 07/15/38^(b)			825		795,922
GS Mortgage Securities Corp. Trust, Series 2020- TWN3, Class D, (1 mo. LIBOR US + 3.70%), 5.02%, 11/15/37^(b)			1,500		1,467,240
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1 mo. LIBOR US + 1.00%), 2.62%, 04/25/31^(b)			1,366		1,338,162


					31,507,064

Total Non-Agency Mortgage-Backed Securities — 9.7%
(Cost: $65,355,196)					62,408,412


Preferred Securities

Capital Trusts — 6.5%

Automobiles — 0.0%
Volkswagen International Finance NV, 4.38%^(a)(d)(h)		EUR	100		84,083


Banks^(a)(h)— 1.9%
Banco Mercantil del Norte SA, 6.75%^(b)		USD	200		187,750
Bank of East Asia Ltd., 5.88%^(d)			250		246,062
Credit Agricole SA, 4.75%^(b)			200		155,433
Industrial & Commercial Bank of China Ltd., 3.20%^(d)			250		236,250
ING Groep NV, 3.88%			2,000		1,448,429
Kasikornbank PCL, 5.28%^(d)			300		274,931
Nordea Bank Abp, 6.13%^(b)			2,960		2,851,321
Rizal Commercial Banking Corp., 6.50%^(d)			200		191,163
SVB Financial Group, Series C, 4.00%			2,000		1,523,960
TMBThanachart Bank PCL, 4.90%^(d)			250		228,016


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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security	Par (000)				Value

Banks (continued)
U.S. Bancorp, 3.70%		USD		1,900	$	1,458,250
Wells Fargo & Co., Series S, 5.90%^(e)				3,390		3,065,238


						11,866,803

Capital Markets — 0.4%
Bank of New York Mellon Corp., Series I, 3.75%^(a)(e)(h)				2,845		2,322,457


Diversified Financial Services^(a)(h)— 3.4%
Bank of America Corp.
Series FF, 5.88%^(e)				3,500		3,073,110
Series X, 6.25%				1,050		1,020,600
Barclays PLC, 4.38%				310		237,728
Credit Suisse Group AG, 6.38%^(b)				300		247,874
HSBC Holdings PLC
6.50%				1,090		987,089
6.00%				435		389,869
JPMorgan Chase & Co.
Series FF, 5.00%				3,027		2,671,328
Series HH, 4.60%				165		139,346
Series I, 4.71%^(e)				3,581		3,394,788
Series V, 5.60%^(e)				3,640		3,403,400
Lloyds Banking Group PLC, 7.50%				1,750		1,705,676
NatWest Group PLC, 6.00%				1,575		1,457,517
Societe Generale SA, 7.88%^(b)				1,000		979,810
UBS Group AG, 3.88%^(b)				2,000		1,627,943
Woori Bank, 4.25%^(d)				250		239,656


						21,575,734

Electric Utilities^(a)— 0.4%
Edison International, Series B, 5.00%^(h)				115		91,497
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79				2,750		2,416,429


						2,507,926

Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp., 7.00%^(a)(b)(h)				162		147,015


Insurance — 0.4%
Heungkuk Life Insurance Co. Ltd., 4.48%^(a)(d)(h)				200		194,850
MetLife, Inc., 6.40%, 12/15/66				2,554		2,567,434


						2,762,284

Real Estate Management & Development — 0.0%
Aroundtown SA, 3.38%^(a)(d)(h)		EUR		100		77,278


Utilities — 0.0%
Electricite de France SA, 3.38%^(a)(d)(h)				200		136,225


Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 3.10%, 01/03/79^(a)(d)				100		100,066


						41,579,871


			Shares

Preferred Stocks — 0.6%^(a)(h)

Capital Markets — 0.6%
Goldman Sachs Group, Inc., Series J, 5.50%				92,000		2,248,480
Morgan Stanley, Series K, 5.85%				66,567		1,646,202


						3,894,682


Security	Shares			Value

Thrifts & Mortgage Finance — 0.0%
Fannie Mae, Series S			10,000	$	34,800


					3,929,482


Trust Preferred — 0.1%

Banks — 0.1%
Citigroup Capital XIII, 7.61%, 10/30/40^(a)			29,583		792,824


					792,824

Total Preferred Securities — 7.2% (Cost: $52,636,215)					46,302,177


	Par (000)

U.S. Government Sponsored Agency Securities

Agency Obligations — 1.0%
Fannie Mae, 5.63%, 07/15/37^(e)		USD	1,600		1,951,327
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30^(g)			6,055		4,617,177


					6,568,504

Collateralized Mortgage Obligations — 4.9%
Fannie Mae REMICS
Series 2015-47, Class GL, 3.50%, 07/25/45			1,636		1,573,829
Series 2022-25, Class KL, 4.00%, 05/25/52			14,500		14,194,179
Freddie Mac REMICS
Series 4350, Class DY, 4.00%, 06/15/44			1,996		2,023,648
Series 4398, Class ZX, 4.00%, 09/15/54			10,458		10,305,393
Series 4549, Class TZ, 4.00%, 11/15/45			3,187		3,214,126


					31,311,175

Interest Only Collateralized Mortgage Obligations — 0.1%
Fannie Mae REMICS
Series 1997-50, Class SI, (1 mo. LIBOR US + 9.20%), 1.20%, 04/25/23^(a)			1		3
Series 2012-47, Class NI, 4.50%, 04/25/42			1,039		215,188
Ginnie Mae^(a)
Series 2009-116, Class KS, (1 mo. LIBOR US + 6.47%), 4.96%, 12/16/39			713		76,716
Series 2011-52, Class NS, (1 mo. LIBOR US + 6.67%), 5.16%, 04/16/41			6,124		636,582


					928,489

Mortgage-Backed Securities — 24.8%
Fannie Mae Mortgage-Backed Securities^(e)
3.00%, 07/14/22			7,306		6,865,806
4.00%, 07/14/22			3,364		3,363,808
4.50%, 07/14/22			3,312		3,435,671
Freddie Mac Mortgage-Backed Securities^(e)
3.00%, 07/14/22			1,998		1,975,848
4.50%, 07/14/22			663		684,310
Ginnie Mae Mortgage-Backed Securities, 5.50%, 08/15/33			27		27,817
Uniform Mortgage-Backed Securities^(e)
2.00%, 07/14/22 - 01/03/51			19,715		17,190,614
3.00%, 07/14/22			5,266		5,031,272
3.50%, 07/14/22 - 04/01/52			15,000		14,683,269
4.00%, 07/14/22 - 04/25/52^(p)			62,689		61,976,058
4.50%, 07/14/22			3,409		3,515,441
5.50%, 07/14/22			309		331,508
6.00%, 07/14/22			259		283,360


38		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value


Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities^(e) (continued)
5.00%, 08/01/34	USD		634		$	666,780
2.50%, 10/01/51 - 01/01/52			42,608			38,624,750


						158,656,312

Principal Only Collateralized Mortgage Obligations^(q) — 0.0%
Fannie Mae Interest Strip
Series 203, Class 1, 0.00%, 02/25/23			—	⁽ⁿ⁾		64
Series 228, Class 1, 0.00%, 06/25/23			—	⁽ⁿ⁾		53
Fannie Mae REMICS
Series 1993-51, Class E, 0.00%, 02/25/23			—	⁽ⁿ⁾		213
Series 1993-70, Class A, 0.00%, 05/25/23			—	⁽ⁿ⁾		68


						398


Total U.S. Government Sponsored Agency Securities — 30.8%
(Cost: $206,676,043)						197,464,878


U.S. Treasury Obligations
U.S. Treasury Bonds^(e)
1.88%, 02/15/41 - 02/15/51			29,800			22,490,055
3.00%, 11/15/44			61,400			56,898,133
2.50%, 02/15/46			66,500			56,387,324
2.75%, 11/15/47			2,000			1,791,719
U.S. Treasury Notes^(e)
2.75%, 04/30/23 - 08/31/25			29,300			29,134,949
3.00%, 09/30/25			2,400			2,396,531
2.88%, 08/15/28			1,000			987,813
3.13%, 11/15/28			3,000			3,006,211
1.13%, 02/15/31			19,000			16,326,641

Total U.S. Treasury Obligations — 29.6% (Cost: $212,164,260)						189,419,376

Total Long-Term Investments — 167.1% (Cost: $1,167,482,395)						1,070,825,641


		Shares

Short-Term Securities

Money Market Funds — 2.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33%^(r)(s)			18,146,817			18,146,817


Total Short-Term Securities — 2.8% (Cost: $18,146,817)						18,146,817


Total Investments Before TBA Sale Commitments — 169.9%
(Cost: $1,185,629,212)						1,088,972,458


Security		Par (000)			Value


TBA Sale Commitments

Mortgage-Backed Securities — (3.9)%

Uniform Mortgage-Backed Securities, 4.00%, 07/14/52^(p)	USD		(25,500	)	$	(25,144,893	)


Total TBA Sale Commitments — (3.9)% (Proceeds: $(24,956,602))						(25,144,893	)


Total Investments, Net of TBA Sale Commitments — 166.0%
(Cost: $1,160,672,610)						1,063,827,565
Liabilities in Excess of Other Assets — (66.0)%						(423,142,943	)


Net Assets — 100.0%					$	640,684,622

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

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

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

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

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

^(f)	Convertible security.

^(g)	Zero-coupon bond.

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

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

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

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

^(l)	Non-income producing security.

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

⁽ⁿ⁾	Rounds to less than 1,000.

^(o)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(p)	Represents or includes a TBA transaction.

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

^(r)	Affiliate of the Trust.

^(s)	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		39

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Core Bond Trust (BHK)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	25,976,159	$	—	$	(7,829,342	)^(a)	$	—	$	—	$	18,146,817		18,146,817	$	28,783	$	—

^(a)

Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements⁽

^a)

Credit Agricole Corporate and Investment Bank

1.50

%^(b)

10/06/21

Open

3,925,000

3,931,665

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

1.50

^(b)

10/06/21

Open

2,910,000

2,914,312

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

1.50

^(b)

10/06/21

Open

777,562

778,883

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

1.50

^(b)

10/06/21

Open

2,396,875

2,400,945

U.S. Treasury Obligations

Open/Demand

Barclays Capital, Inc.

(1.75

)^(b)

01/10/22

Open

182,823

181,303

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.79

^(b)

02/14/22

Open

8,130,000

8,147,771

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.79

^(b)

02/14/22

Open

9,265,747

9,286,001

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.78

^(b)

02/22/22

Open

3,478,125

3,486,156

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.78

^(b)

02/22/22

Open

4,846,100

4,857,289

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.78

^(b)

02/22/22

Open

4,067,212

4,076,603

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.78

^(b)

02/22/22

Open

3,212,402

3,219,820

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.95

^(b)

02/22/22

Open

3,038,287

3,047,153

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.50

^(b)

03/14/22

Open

2,870,000

2,873,691

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

1.50

^(b)

03/14/22

Open

24,687,500

24,719,251

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

1.50

^(b)

03/14/22

Open

66,235,250

66,320,826

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

1.50

^(b)

03/14/22

Open

14,740,000

14,759,023

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

1.60

^(b)

03/14/22

Open

2,280,000

2,282,106

U.S. Government Sponsored Agency Securities

Open/Demand

BNP Paribas S.A.

1.79

^(b)

03/14/22

Open

2,876,194

2,881,832

Capital Trusts

Open/Demand

HSBC Securities (USA), Inc.

1.75

^(b)

03/14/22

Open

1,752,500

1,755,725

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.75

^(b)

03/14/22

Open

1,411,000

1,413,597

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.75

^(b)

03/14/22

Open

1,069,500

1,071,468

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

^(b)

03/14/22

Open

783,344

785,091

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.92

^(b)

03/14/22

Open

3,912,750

3,921,946

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.69

^(b)

03/17/22

Open

3,865,000

3,871,705

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.75

^(b)

03/17/22

Open

4,870,250

4,879,551

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.75

^(b)

03/17/22

Open

4,109,400

4,117,248

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.75

^(b)

03/17/22

Open

1,752,500

1,755,847

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.75

^(b)

03/17/22

Open

7,384,587

7,398,690

Foreign Agency Obligations

Open/Demand

TD Securities (USA) LLC

1.75

^(b)

03/17/22

Open

1,064,844

1,066,877

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.75

^(b)

03/17/22

Open

4,359,375

4,367,700

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.25

^(b)

04/12/22

Open

111,150

110,955

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.25

)^(b)

04/28/22

Open

93,620

93,412

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(0.75

)^(b)

04/28/22

Open

108,341

108,055

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.75

^(b)

04/29/22

Open

3,580,000

3,584,748

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.75

^(b)

04/29/22

Open

8,628,812

8,640,258

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.75

^(b)

05/04/22

Open

2,404,025

2,407,047

Capital Trusts

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

05/04/22

Open

2,760,312

2,763,782

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

05/04/22

Open

3,103,750

3,107,651

Corporate Bonds

Open/Demand


40		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements⁽

^a)

Credit Agricole Corporate and Investment Bank

1.75

%^(b)

05/10/22

Open

523,750

524,517

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.75

^(b)

05/10/22

Open

875,875

877,158

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.74

^(b)

05/10/22

Open

2,016,687

2,019,613

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.74

^(b)

05/10/22

Open

1,840,406

1,843,076

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.74

^(b)

05/10/22

Open

1,750,937

1,753,478

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.74

^(b)

05/10/22

Open

3,076,781

3,081,245

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

1.56

^(b)

05/23/22

Open

1,005,000

1,005,870

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

1.56

^(b)

05/23/22

Open

2,424,000

2,426,098

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

1.56

^(b)

05/23/22

Open

1,832,500

1,834,086

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

1.56

^(b)

05/23/22

Open

3,037,500

3,040,129

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

1.56

^(b)

05/23/22

Open

14,855,500

14,868,358

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

1.56

^(b)

05/23/22

Open

11,831,625

11,841,866

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

1.56

^(b)

05/23/22

Open

35,635,894

35,666,739

U.S. Treasury Obligations

Open/Demand

Nomura Securities International, Inc.

1.56

^(b)

05/23/22

Open

17,911,875

17,927,379

U.S. Treasury Obligations

Open/Demand

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

501,510

501,838

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

274,298

274,477

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

929,474

930,082

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,035,612

1,036,290

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

884,372

884,952

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

820,368

820,905

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

386,940

387,194

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

776,652

777,161

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

818,267

818,803

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

657,628

658,058

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

603,403

603,798

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

520,932

521,273

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,079,464

1,080,171

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

715,356

715,825

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

646,320

646,743

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,262,244

1,263,070

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,637,753

1,638,826

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,969,394

1,970,683

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,303,628

1,304,481

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

831,858

832,403

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

470,683

470,991

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

693,237

693,691

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

320,625

320,835

U.S. Government Sponsored Agency Securities

Up to 30 Days


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

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements⁽

^a)

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,049,909

1,050,597

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

662,781

663,215

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,138,956

1,139,702

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,008,149

1,008,809

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,226,486

1,227,289

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

536,222

536,574

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

510,357

510,692

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

700,036

700,494

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,910,991

1,912,242

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,061,554

1,062,250

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

687,176

687,626

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

1,299,595

1,300,446

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

1.31

06/10/22

07/14/22

594,043

594,432

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

2,584,281

2,585,961

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

10,070,016

10,076,562

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

2,665,649

2,667,381

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

1,004,032

1,004,685

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

10,321,823

10,328,532

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

6,612,724

6,617,022

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

4,880,021

4,883,193

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

3,330,407

3,332,571

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

3,403,442

3,405,655

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

3,543,156

3,545,459

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

2,300,249

2,301,745

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

2,288,864

2,290,352

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

2,183,234

2,184,653

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

2,118,207

2,119,584

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

2,188,130

2,189,552

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

7,595,210

7,600,147

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

6,686,029

6,690,375

U.S. Government Sponsored Agency Securities

Up to 30 Days

Barclays Capital, Inc.

(1.00

)^(b)

06/14/22

Open

360,704

360,543

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(3.00

)^(b)

06/17/22

Open

19,175

19,159

Corporate Bonds

Open/Demand


42		2 0 2 2 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, 2022

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)

Credit Suisse Securities (USA) LLC

(0.50

)%^(b)

06/22/22

Open

80,313

80,304

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(5.00

)^(b)

06/24/22

Open

53,240

53,188

Corporate Bonds

Open/Demand

421,477,646

421,979,136

^(a)

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

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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

Long Contracts
10-Year U.S. Ultra Long Treasury Note		510		09/21/22	$	64,802	$	(1,194,485	)
Ultra U.S. Treasury Bond		202		09/21/22		31,177		(321,567	)


								(1,516,052	)

Short Contracts
10-Year Japanese Government Treasury Bonds		8		09/12/22		8,762		(8,569	)
10-Year U.S. Treasury Note		861		09/21/22		101,907		(498,627	)
U.S. Long Bond		86		09/21/22		11,876		253,119
2-Year U.S. Treasury Note		98		09/30/22		20,565		83,174
5-Year U.S. Treasury Note		418		09/30/22		46,868		(668,942	)


								(839,845	)


							$	(2,355,897	)

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	129,803		CAD	166,000	JPMorgan Chase Bank N.A.		09/21/22	$	822
USD	4,612,856		EUR	4,296,000	Natwest Markets PLC		09/21/22		85,808
USD	3,534,696		GBP	2,848,000	HSBC Bank USA N.A.		09/21/22		62,638
USD	1,371,984		GBP	1,094,000	Natwest Markets PLC		09/21/22		38,265


									187,533


EUR	259,164		USD	274,485	Morgan Stanley & Co. International PLC		09/21/22		(1,383	)
GBP	39,726		USD	48,595	Standard Chartered Bank		09/21/22		(164	)
USD	2,103		EUR	2,000	State Street Bank and Trust Co.		09/21/22		(4	)


									(1,551	)


								$	185,982

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.38.V2		5.00	%		Quarterly		06/20/27	USD	4,836	$	134,860	$	(152,992	)	$	287,852
CDX.NA.IG.38.V1		1.00			Quarterly		06/20/27	USD	21,660		249		(192,636	)		192,885


										$	135,109	$	(345,628	)	$	480,737


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, 2022

BlackRock Core Bond Trust (BHK)

Centrally Cleared Interest Rate Swaps



														Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Trust		Received by the Trust		Effective Date			Termination Date		Notional Amount (000)		Value

Rate	Frequency	Rate	Frequency

1-Day SOFR, 0.82%	Annual	3.01%	Annual		10/05/22	^(a)		06/30/24	USD	14,905	$	(31,070	)	$	64		$	(31,134	)
2.86%	Annual	1-Day SOFR, 0.82%	Annual		10/05/22	^(a)		11/30/26	USD	14,905		(21,474	)		136			(21,610	)
3-Month LIBOR, 2.29%	Quarterly	1.59%	Semi-Annual		N/A			10/14/31	USD	26,700		(3,166,547	)		(1,167,130	)		(1,999,417	)
1.61%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly		N/A			03/30/32	USD	26,000		3,134,114			1,193,244			1,940,870
1.66%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly		N/A			04/26/32	USD	25,400		3,047,567			1,096,166			1,951,401
1.86%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly		N/A			10/15/41	USD	14,800		2,775,140			833,343			1,941,797
3-Month LIBOR, 2.29%	Quarterly	1.93%	Semi-Annual		N/A			10/23/51	USD	3,550		(711,966	)		(156,824	)		(555,142	)


											$	5,025,764		$	1,798,999		$	3,226,765

^(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	)

Casino Guichard-Perrachon S.A.	5.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	B		EUR	10		$	(1,501	)	$	(867	)	$	(634	)
Novafives S.A.S	5.00		Quarterly	Citibank N.A.	06/20/23	B-		EUR	10			(1,161	)		(668	)		(493	)
Faurecia SE	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/25	BB		EUR	10			100			461			(361	)
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/25	CCC		EUR	10			(3,225	)		1,223			(4,448	)
Virgin Media Finance PLC	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B		EUR	10			257			948			(691	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	NR		EUR	10			(3,280	)		836			(4,116	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	NR		EUR	10			(3,280	)		939			(4,219	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB+		EUR	10			(295	)		397			(692	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Bank of America N.A.	12/20/26	B+		EUR	10			(1,625	)		(391	)		(1,234	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Barclays Bank PLC	12/20/26	B+		EUR	5			(825	)		199			(1,024	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+		EUR	5			(802	)		204			(1,006	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+		EUR	25			(4,064	)		961			(5,025	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/26	B+		EUR	25			(4,064	)		1,139			(5,203	)
K&S AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB		EUR	10			825			805			20
CMA CGM SA	5.00		Quarterly	Barclays Bank PLC	06/20/27	BB+		EUR	2			(70	)		50			(120	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB+		EUR	40			(1,736	)		1,826			(3,562	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB+		EUR	9			(383	)		297			(680	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	9			(385	)		323			(708	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	8			(362	)		304			(666	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	2			(102	)		86			(188	)
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB		EUR	30			(5,009	)		(5,308	)		299
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB		EUR	10			(1,670	)		(1,109	)		(561	)
CMBX.NA.8	3.00		Monthly	Barclays Bank PLC	10/17/57	N/R		USD	5,000			(861,017	)		(483,158	)		(377,859	)
CMBX.NA.8	3.00		Monthly	Credit Suisse International	10/17/57	N/R		USD	2,500			(430,508	)		(239,040	)		(191,468	)
CMBX.NA.8	3.00		Monthly	Morgan Stanley & Co. International PLC	10/17/57	N/R		USD	5,550			(955,729	)		(702,621	)		(253,108	)
CMBX.NA.9	3.00		Monthly	Credit Suisse International	09/17/58	N/R		USD	5,000			(854,607	)		(518,760	)		(335,847	)
CMBX.NA.9	3.00		Monthly	Credit Suisse International	09/17/58	N/R		USD	2,500			(427,304	)		(259,381	)		(167,923	)
CMBX.NA.9	3.00		Monthly	Credit Suisse International	09/17/58	N/R		USD	5,000			(854,607	)		(518,711	)		(335,896	)
				Morgan Stanley & Co.
CMBX.NA.9	3.00		Monthly	International PLC	09/17/58	N/R		USD	2,153			(367,993	)		(233,803	)		(134,190	)


											$	(4,784,422	)	$	(2,952,819	)	$	(1,831,603	)

^(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.


44		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

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



Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation

Centrally Cleared Swaps^(a)	$	3,122,953	$	(1,669,582	)	$	6,314,805	$	(2,607,303	)
OTC Swaps		10,998		(2,963,817	)		319		(1,831,922	)

^(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)	$	—	$	—	$	—	$	—	$	336,293	$	—	$	336,293
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		187,533		—		—		187,533
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)		—		480,737		—		—		5,834,068		—		6,314,805
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		11,317		—		—		—		—		11,317


	$	—	$	492,054	$	—	$	187,533	$	6,170,361	$	—	$	6,849,948


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	2,692,190	$	—	$	2,692,190
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		1,551		—		—		1,551
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		—		—		—		2,607,303		—		2,607,303
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		4,795,739		—		—		—		—		4,795,739


	$	—	$	4,795,739	$	—	$	1,551	$	5,299,493	$	—	$	10,096,783

^(a)

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

For the period ended June 30, 2022, 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	$	—	$	—	$	—	$	—	$	(5,093,903	)	$	—	$	(5,093,903	)
Forward foreign currency exchange contracts		—		—		—		561,113		—			—		561,113
Options purchased^(a)		—		—		—		—		1,415,046			—		1,415,046
Options written		—		—		—		—		(4,116,630	)		—		(4,116,630	)
Swaps		—		1,053,924		—		—		4,392,609			—		5,446,533


	$	—	$	1,053,924	$	—	$	561,113	$	(3,402,878	)	$	—	$	(1,787,841	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(3,573,400	)	$	—	$	(3,573,400	)
Forward foreign currency exchange contracts		—		—		—		338,746		—			—		338,746
Options purchased^(b)		—		—		—		—		688,971			—		688,971


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, 2022

BlackRock Core Bond Trust (BHK)



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

Options written	$	—	$	—		$	—	$	—	$	(88,306	)	$	—	$	(88,306	)
Swaps		—		(1,005,449	)		—		—		2,061,194			—		1,055,745


	$	—	$	(1,005,449	)	$	—	$	338,746	$	(911,541	)	$	—	$	(1,578,244	)

^(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	$	98,401,751
Average notional value of contracts — short	$	185,025,796
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	10,855,734
Average amounts sold — in USD	$	527,856
Options:
Average value of option contracts purchased	$	6,313
Average value of option contracts written	$	1,008
Average notional value of swaption contracts purchased	$	38,171,250
Average notional value of swaption contracts written	$	190,790,000
Credit default swaps:
Average notional value — buy protection	$	27,808,075
Average notional value — sell protection	$	27,916,390
Interest rate swaps:
Average notional value — pays fixed rate	$	322,728,000
Average notional value — receives fixed rate	$	260,598,750

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	$	992,585		$	1,082,239
Forward foreign currency exchange contracts		187,533			1,551
Swaps — centrally cleared		—			824,758
Swaps — OTC^(a)		11,317			4,795,739


Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,191,435			6,704,287


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(992,585	)		(1,906,997	)


Total derivative assets and liabilities subject to an MNA	$	198,850		$	4,797,290

^(a)

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


46		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

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



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

Barclays Bank PLC	$	249	$	(249	)	$	—	$	—		$	—
Credit Suisse International		3,288		(3,288	)		—		—			—
HSBC Bank USA N.A.		62,638		—			—		—			62,638
JPMorgan Chase Bank N.A.		6,240		(6,240	)		—		—			—
Morgan Stanley & Co. International PLC		2,362		(2,362	)		—		—			—
Natwest Markets PLC		124,073		—			—		—			124,073


	$	198,850	$	(12,139	)	$	—	$	—		$	186,711




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

Bank of America N.A.	$	1,625	$	—		$	—	$	—		$	1,625
Barclays Bank PLC		862,161		(249	)		—		(655,000	)		206,912
Citibank N.A.		1,161		—			—		—			1,161
Credit Suisse International		2,577,299		(3,288	)		—		(2,550,000	)		24,011
JPMorgan Chase Bank N.A.		20,120		(6,240	)		—		—			13,880
Morgan Stanley & Co. International PLC		1,334,756		(2,362	)		—		(1,254,000	)		78,394
Standard Chartered Bank		164		—			—		—			164
State Street Bank and Trust Co.		4		—			—		—			4


	$	4,797,290	$	(12,139	)	$	—	$	(4,459,000)		$	326,151

^(a)

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

^(b)

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

^(c)

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

^(d)

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

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	63,871,335	$	1,238,732	$	65,110,067
Corporate Bonds
Advertising Agencies		—		487,214		—		487,214
Aerospace & Defense		—		13,643,900		—		13,643,900
Airlines		—		9,157,196		—		9,157,196
Auto Components		—		3,622,314		—		3,622,314
Automobiles		—		8,792,119		—		8,792,119
Banks		—		9,795,826		—		9,795,826
Beverages		—		7,475,941		—		7,475,941
Biotechnology		—		1,553,473		—		1,553,473
Building Materials		—		1,377,467		—		1,377,467
Building Products		—		4,912,379		—		4,912,379
Capital Markets		—		16,672,188		—		16,672,188
Chemicals		—		5,696,937		—		5,696,937
Commercial Services & Supplies		—		2,130,928		—		2,130,928


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, 2022

BlackRock Core Bond Trust (BHK)

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2		Level 3		Total

Corporate Bonds (continued)
Communications Equipment	$	—	$	1,227,529	$	—	$	1,227,529
Construction & Engineering		—		3,984,403		—		3,984,403
Construction Materials		—		604,874		—		604,874
Consumer Discretionary		—		4,118,409		—		4,118,409
Consumer Finance		—		4,343,417		—		4,343,417
Containers & Packaging		—		2,690,440		—		2,690,440
Diversified Consumer Services		—		4,087,671		—		4,087,671
Diversified Financial Services		—		30,860,983		—		30,860,983
Diversified Telecommunication Services		—		20,232,765		—		20,232,765
Education		—		655,170		—		655,170
Electric Utilities		—		23,268,688		—		23,268,688
Electrical Equipment		—		311,104		—		311,104
Electronic Equipment, Instruments & Components		—		2,424,032		—		2,424,032
Energy Equipment & Services		—		1,840,839		—		1,840,839
Entertainment		—		281,915		—		281,915
Environmental, Maintenance & Security Service		—		1,727,492		—		1,727,492
Equity Real Estate Investment Trusts (REITs)		—		9,944,946		—		9,944,946
Food & Staples Retailing		—		3,021,747		—		3,021,747
Food Products		—		1,792,736		—		1,792,736
Gas Utilities		—		52,723		—		52,723
Health Care Equipment & Supplies		—		1,751,092		—		1,751,092
Health Care Providers & Services		—		13,226,828		—		13,226,828
Health Care Technology		—		2,545,841		—		2,545,841
Hotels, Restaurants & Leisure		—		10,877,306		3,427,098		14,304,404
Household Durables		—		1,752,572		—		1,752,572
Household Products		—		70,100		—		70,100
Independent Power and Renewable Electricity Producers		—		3,060,940		—		3,060,940
Insurance		—		22,633,634		—		22,633,634
Interactive Media & Services		—		1,405,607		—		1,405,607
Internet Software & Services		—		2,924,983		—		2,924,983
IT Services		—		6,378,811		—		6,378,811
Leisure Products		—		400,978		—		400,978
Machinery		—		2,362,549		—		2,362,549
Media		—		41,129,037		—		41,129,037
Metals & Mining		—		6,927,556		—		6,927,556
Multiline Retail		—		385,996		—		385,996
Multi-Utilities		—		1,014,174		—		1,014,174
Offshore Drilling & Other Services		—		569,345		—		569,345
Oil, Gas & Consumable Fuels		71,367		49,273,830		1,467,997		50,813,194
Pharmaceuticals		—		14,513,069		—		14,513,069
Real Estate Management & Development		—		2,905,527		32,000		2,937,527
Road & Rail		—		7,191,841		—		7,191,841
Semiconductors & Semiconductor Equipment		—		5,725,624		—		5,725,624
Software		—		10,851,011		—		10,851,011
Specialty Retail		—		1,095,406		—		1,095,406
Technology Hardware, Storage & Peripherals		—		2,905,952		—		2,905,952
Textiles, Apparel & Luxury Goods		—		224,294		—		224,294
Thrifts & Mortgage Finance		—		378,543		—		378,543
Tobacco		—		5,451,783		—		5,451,783
Transportation		—		85,412		—		85,412
Transportation Infrastructure		—		2,268,365		691,089		2,959,454
Utilities		—		8,209,075		—		8,209,075
Wireless Telecommunication Services		—		7,840,648		—		7,840,648
Floating Rate Loan Interests		—		22,021,335		1,728,849		23,750,184
Foreign Agency Obligations		—		17,052,575		—		17,052,575
Municipal Bonds		—		22,500,927		—		22,500,927
Non-Agency Mortgage-Backed Securities		—		62,408,412		—		62,408,412
Preferred Securities
Capital Trusts		—		41,579,871		—		41,579,871
Preferred Stocks
Capital Markets		3,894,682		—		—		3,894,682
Thrifts & Mortgage Finance		—		34,800		—		34,800
Trust Preferred		792,824		—		—		792,824


48		2 0 2 2 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, 2022

BlackRock Core Bond Trust (BHK)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

U.S. Government Sponsored Agency Securities	$	—		$	197,464,878		$	—	$	197,464,878
U.S. Treasury Obligations		—			189,419,376			—		189,419,376
Short-Term Securities
Money Market Funds		18,146,817			—			—		18,146,817

Liabilities
Investments
TBA Sale Commitments		—			(25,144,893	)		—		(25,144,893	)
Unfunded Floating Rate Loan Interests^(a)		—			(17,250	)		—		(17,250	)


	$	22,905,690		$	1,032,318,860		$	8,585,765	$	1,063,810,315


Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—		$	481,056		$	—	$	481,056
Foreign Currency Exchange Contracts		—			187,533			—		187,533
Interest Rate Contracts		336,293			5,834,068			—		6,170,361
Liabilities
Credit Contracts		—			(1,831,922	)		—		(1,831,922	)
Foreign Currency Exchange Contracts		—			(1,551	)		—		(1,551	)
Interest Rate Contracts		(2,692,190	)		(2,607,303	)		—		(5,299,493	)


	$	(2,355,897	)	$	2,061,881		$	—	$	(294,016	)

^(a)

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

^(b)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $421,979,136 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					Corporate Bonds			Floating Rate Loan Interests			Total


Assets
Opening balance, as of December 31, 2021		$	2,843,303		$	6,314,241		$	580,932		$	9,738,476
Transfers into Level 3			—			35,938			1,194,425			1,230,363
Transfers out of Level 3			(1,539,188	)		—			(4,762	)		(1,543,950	)
Accrued discounts/premiums			(42,355	)		—			2,848			(39,507	)
Net realized gain (loss)			402			—			5,819			6,221
Net change in unrealized appreciation (depreciation)^(a)(b)			6,229			(680,141	)		(167,434	)		(841,346	)
Purchases			—			—			448,795			448,795
Sales			(29,659	)		(51,854	)		(331,774	)		(413,287	)


Closing balance, as of June 30, 2022		$	1,238,732		$	5,618,184		$	1,728,849		$	8,585,765


Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022^(b)		$	6,229		$	(680,141	)	$	(156,791	)	$	(830,703	)

^(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, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.


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

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Core Bond Trust (BHK)

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 with values based upon unadjusted third-party pricing information in the amount of $1,777,529. 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
Asset Backed Securities	$	1,222,052	Income	Discount Rate	8	%	—


Corporate Bonds		5,586,184	Income	Credit Spread	123 - 698		557



	$	6,808,236

^(a)

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

See notes to financial statements.


50		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities
AlbaCore EURO CLO I DAC, Series 1X, Class ER, (3 mo. EURIBOR + 5.96%), 5.96%, 10/18/34^(a)(b)	EUR	100	$	85,012
Anchorage Capital Europe CLO 2 DAC, Series 2X, Class ER, (3 mo. EURIBOR + 6.45%), 6.45%, 04/15/34^(a)(b)		203		177,154
Ares XXXIIR CLO Ltd., Series 2014-32RA, Class B, (3 mo. LIBOR US + 1.80%), 3.21%, 05/15/30^(b)(c)	USD	500		469,720
Aurium CLO II DAC, Series 2X, Class ERR, (3 mo. EURIBOR + 6.08%), 6.08%, 06/22/34^(a)(b)	EUR	100		85,623
BBAM European CLO I DAC, Series 1X, Class ER, (3 mo. EURIBOR + 5.91%), 5.91%, 07/22/34^(a)(b)		100		85,886
Bilbao CLO II DAC, Series 2X, Class DR, (3 mo. EURIBOR + 5.97%), 5.97%, 08/20/35^(a)(b)		100		84,038
BlueMountain Fuji Eur CLO IV DAC, Series 4X, Class ER, (3 mo. EURIBOR + 6.21%), 6.21%, 02/25/34^(a)(b)		100		86,652
Contego CLO IX DAC, Series 9X, Class E, (3 mo. EURIBOR + 6.01%), 6.01%, 01/24/34^(a)(b)		100		86,005
Contego CLO VIII DAC, Series 8X, Class ER, (3 mo. EURIBOR + 6.06%), 6.06%, 01/25/34^(a)(b)		100		86,959
CVC Cordatus Loan Fund XX DAC, Series 20X, Class E, (3 mo. EURIBOR + 5.61%), 5.61%, 06/22/34^(a)(b)		100		83,511
Galaxy XVIII CLO Ltd., Series 2018-28A, Class C, (3 mo. LIBOR US + 1.95%), 2.99%, 07/15/31^(b)(c)	USD	250		235,018
Greene King Finance PLC^(b)
Series B1, (3 mo. LIBOR GBP + 1.92%), 2.86%, 12/15/34	GBP	100		99,673
Series B2, (3 mo. LIBOR GBP + 2.20%), 3.29%, 03/15/36^(a)		100		98,601
Invesco Euro CLO, Series 6X, Class E, (3 mo. EURIBOR + 5.99%), 5.99%, 07/15/34^(a)(b)	EUR	100		86,599
Neuberger Berman Loan Advisers Euro CLO 2 DAC, Series 2021-2X, Class E, (3 mo. EURIBOR + 6.06%), 6.06%, 04/15/34^(a)(b)		100		86,207
Northwoods Capital 21 Euro DAC, Series 2020- 21X, Class ER, (3 mo. EURIBOR + 6.06%), 6.06%, 07/22/34^(a)(b)		100		85,681
Northwoods Capital 23 Euro DAC, Series 2021- 23X, Class E, (3 mo. EURIBOR + 6.21%), 6.21%, 03/15/34^(a)(b)		100		84,981
OCP Euro CLO DAC, Series 2019-3X, Class ER, (3 mo. EURIBOR + 6.02%), 6.02%, 04/20/33^(a)(b)		100		86,872
Providus CLO III DAC, Series 3X, Class ER, (3 mo. EURIBOR + 6.26%), 6.26%, 07/18/34^(a)(b)		100		87,112
Rockfield Park CLO DAC, Class D, (3 mo. EURIBOR + 5.95%), 5.95%, 07/16/34^(a)(b)		100		86,467


Security	Par (000)					Value

Asset-Backed Securities (continued)
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32^(a)		GBP		300		$	418,190
Voya Euro CLO II DAC, Class ER, (3 mo. EURIBOR + 6.02%), 6.02%, 07/15/35^(a)(b)		EUR		100			85,806


Total Asset-Backed Securities — 0.3% (Cost: $3,526,878)							2,871,767


			Shares

Common Stocks

Building Products — 0.0%
AZEK Co., Inc.^(d)				1,120			18,749


Chemicals — 0.2%
Diversey Holdings Ltd.^(d)				180,731			1,192,825
Element Solutions, Inc.				82,998			1,477,364


							2,670,189

Communications Equipment — 0.0%
CommScope Holding Co., Inc.^(d)				47,956			293,491


Consumer Finance — 0.0%
Ally Financial, Inc.				1	^(e)		33


Containers & Packaging — 0.1%
Ardagh Metal Packaging S.A., (Acquired 08/02/21, Cost: $1,599,352)^(f)				162,646			992,141


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


							22,236

Diversified Telecommunication Services — 0.0%
Liberty Global PLC, Class A^(d)				1,859			39,132


Electrical Equipment — 0.1%
Sensata Technologies Holding PLC				22,226			918,156


Equity Real Estate Investment Trusts (REITs) — 0.1%
Gaming & Leisure Properties, Inc.				15,227			698,310


IT Services^(d)— 0.0%
Block, Inc.				4,614			283,576
Twilio, Inc., Class A				2,522			211,369


							494,945

Life Sciences Tools & Services^(d)— 0.3%
Avantor, Inc.				42,131			1,272,673
Syneos Health, Inc.				25,747			1,845,545


							3,118,218

Media — 0.0%
Clear Channel Outdoor Holdings, Inc.^(d)				482,919			516,723


Metals & Mining — 0.2%
Constellium SE^(d)				138,993			1,836,098


Oil, Gas & Consumable Fuels — 0.7%
Cheniere Energy, Inc.				10,284			1,368,081
Chesapeake Energy Corp.^(h)				36,373			2,949,850
Energy Transfer LP				299,594			2,989,948
Targa Resources Corp.				18,383			1,096,914
Western Midstream Partners LP				8,811			214,195


							8,618,988


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Shares		Value

Road & Rail — 0.1%
Uber Technologies, Inc.^(d)			46,373	$	948,792


Semiconductors & Semiconductor Equipment^(d)— 0.0%
Maxeon Solar Technologies Ltd.			128		1,701
SunPower Corp.			1,025		16,205


					17,906

Software — 0.2%
Informatica, Inc., Class A^(d)			84,308		1,751,077


Total Common Stocks — 2.0% (Cost: $49,107,717)					22,955,184


		Par (000)

Corporate Bonds

Aerospace & Defense — 4.6%
Amsted Industries, Inc., 5.63%, 07/01/27^(c)	USD		890		836,600
Bombardier, Inc.^(c)
7.50%, 03/15/25			385		347,944
7.13%, 06/15/26			3,386		2,791,689
7.88%, 04/15/27			4,116		3,426,200
6.00%, 02/15/28			2,483		1,860,760
7.45%, 05/01/34			234		175,488
EnPro Industries, Inc., 5.75%, 10/15/26			2,192		2,115,280
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(c)			2,295		1,827,922
Howmet Aerospace, Inc., 5.13%, 10/01/24			44		43,615
Rolls-Royce PLC, 5.75%, 10/15/27^(c)			4,093		3,689,021
Spirit AeroSystems, Inc.^(c)
5.50%, 01/15/25			866		801,050
7.50%, 04/15/25			126		117,022
TransDigm, Inc.
8.00%, 12/15/25^(c)			1,221		1,234,724
6.25%, 03/15/26^(c)			28,132		27,112,215
6.38%, 06/15/26			328		306,680
7.50%, 03/15/27			445		419,817
4.63%, 01/15/29			2,156		1,735,623
4.88%, 05/01/29			1,665		1,355,377
Triumph Group, Inc., 8.88%, 06/01/24^(c)			3,523		3,548,965


					53,745,992

Airlines — 2.7%
Air Canada, 3.88%, 08/15/26^(c)			1,881		1,591,119
Air France-KLM, 3.88%, 07/01/26^(a)	EUR		200		169,768
American Airlines, Inc., 11.75%, 07/15/25^(c)	USD		4,476		4,632,212
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(c)
5.50%, 04/20/26			2,908		2,671,574
5.75%, 04/20/29			4,767		4,070,040
Delta Air Lines, Inc., 7.00%, 05/01/25^(c)			751		760,154
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28^(c)			1,897		1,791,780
Deutsche Lufthansa AG^(a)
2.88%, 02/11/25	EUR		100		93,284
2.88%, 05/16/27			100		82,693
3.75%, 02/11/28			200		168,196
3.50%, 07/14/29			300		235,919
Finnair OYJ, 4.25%, 05/19/25^(a)			200		172,329


Security		Par (000)		Value

Airlines (continued)
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(c)	USD		1,377	$	1,234,067
International Consolidated Airlines Group SA^(a)
2.75%, 03/25/25	EUR		200		177,235
3.75%, 03/25/29			100		73,985
Series IAG, 1.13%, 05/18/28			200		140,807
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(c)	USD		4,424		4,347,416
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25^(c)			216		221,656
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 04/15/29			2,853		2,803,052
Series 2020-1, Class B, 4.88%, 07/15/27			232		220,689
United Airlines, Inc.^(c)
4.38%, 04/15/26			2,515		2,216,143
4.63%, 04/15/29			3,374		2,862,063


					30,736,181

Auto Components — 2.2%
Adient U.S. LLC, 9.00%, 04/15/25^(c)			1,088		1,131,520
Clarios Global LP, 6.75%, 05/15/25^(c)			1,189		1,177,645
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26^(a)	EUR		301		274,637
6.25%, 05/15/26^(c)	USD		5,408		5,205,200
8.50%, 05/15/27^(c)			12,095		11,689,515
Dana Financing Luxembourg SARL, 3.00%, 07/15/29^(a)	EUR		100		74,666
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(c)	USD		1,960		1,693,244
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29^(c)			601		443,839
Faurecia SE^(a)
2.75%, 02/15/27	EUR		356		290,062
3.75%, 06/15/28			100		80,809
Goodyear Tire & Rubber Co.
9.50%, 05/31/25	USD		1,085		1,122,077
5.00%, 07/15/29			724		599,586
5.63%, 04/30/33			1,072		858,543
Grupo Antolin-Irausa SA, 3.50%, 04/30/28^(a)	EUR		146		101,839
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27^(a)(i)			100		81,487
Meritor, Inc., 4.50%, 12/15/28^(c)	USD		383		368,760
Titan International, Inc., 7.00%, 04/30/28			348		326,911
ZF Europe Finance BV, 2.00%, 02/23/26^(a)	EUR		100		86,583
ZF Finance GmbH^(a)
2.00%, 05/06/27			200		161,301
2.75%, 05/25/27			100		82,547


					25,850,771

Automobiles — 2.4%
Allison Transmission, Inc., 5.88%, 06/01/29^(c)	USD		1,230		1,143,900
Asbury Automotive Group, Inc.
4.50%, 03/01/28			751		651,493
4.75%, 03/01/30			147		120,871
5.00%, 02/15/32^(c)			953		779,077
Carvana Co.^(c)
5.50%, 04/15/27			1,524		983,494
4.88%, 09/01/29			1,222		694,836
Constellation Automotive Financing PLC, 4.88%, 07/15/27^(a)	GBP		100		95,558


52		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Automobiles (continued)
Ford Motor Co.
3.25%, 02/12/32	USD	3,346	$	2,502,473
4.75%, 01/15/43		426		303,454
5.29%, 12/08/46		532		407,993
Ford Motor Credit Co. LLC
3.81%, 01/09/24		713		691,751
4.69%, 06/09/25		200		189,002
5.13%, 06/16/25		2,014		1,923,209
4.13%, 08/04/25		2,166		2,051,603
3.38%, 11/13/25		489		440,330
4.39%, 01/08/26		507		466,977
2.70%, 08/10/26		1,611		1,372,814
4.95%, 05/28/27		969		899,959
4.13%, 08/17/27		644		567,042
3.82%, 11/02/27		200		170,000
2.90%, 02/16/28		1,644		1,324,669
5.11%, 05/03/29		1,248		1,118,800
4.00%, 11/13/30		1,424		1,153,803
3.63%, 06/17/31		1,200		930,000
Group 1 Automotive, Inc., 4.00%, 08/15/28^(c)		243		203,095
Jaguar Land Rover Automotive PLC^(a)
6.88%, 11/15/26	EUR	100		91,757
4.50%, 07/15/28		138		103,238
Ken Garff Automotive LLC, 4.88%, 09/15/28^(c)	USD	680		554,401
LCM Investments Holdings II LLC, 4.88%, 05/01/29^(c)		1,552		1,181,227
Lithia Motors, Inc., 3.88%, 06/01/29^(c)		721		612,403
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(c)		975		667,875
Penske Automotive Group, Inc.
3.50%, 09/01/25		1,040		975,000
3.75%, 06/15/29		377		313,913
RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)(b)	EUR	400		363,308
Renault SA, 2.38%, 05/25/26^(a)		100		89,690
Sonic Automotive, Inc., 4.63%, 11/15/29^(c)	USD	362		280,481
Volvo Car AB, 2.50%, 10/07/27^(a)	EUR	100		90,791
Wabash National Corp., 4.50%, 10/15/28^(c)	USD	1,072		820,080


				27,330,367

Banks — 0.7%
Banca Monte dei Paschi di Siena SpA^(a)
2.63%, 04/28/25	EUR	125		115,648
1.88%, 01/09/26		100		87,207
Banco BPM SpA^(a)(b)
(5 year EUR Swap + 3.17%), 2.88%, 06/29/31		275		244,238
(5 year EUR Swap + 5.42%), 5.00%, 09/14/30		100		99,689
Banco de Sabadell SA, (5 year EUR Swap + 2.20%), 2.00%, 01/17/30^(a)(b)		200		182,343
Banco Espirito Santo SA^(j)
4.75%, 01/15/22^(b)		1,900		288,710
4.00%, 01/21/22^(g)		1,100		167,148
BPER Banca, (5 year EUR Swap + 3.73%), 3.88%, 07/25/32^(a)(b)		200		177,646
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%^(a)(b)(k)		400		378,310
First-Citizens Bank & Trust Co., 6.00%, 04/01/36	USD	3,261		3,446,379
HSBC Bank PLC, Series 1M, (6 mo. LIBOR US + 0.25%), 3.12%^(b)(k)		170		129,710
Intesa Sanpaolo SpA 5.15%, 06/10/30^(a)	GBP	125		131,417


Security	Par (000)			Value

Banks (continued)
Intesa Sanpaolo SpA (continued)
(1 year CMT + 2.60%), 4.20%, 06/01/32^(b)(c)		USD	855	$	626,250
(1 year CMT + 2.75%), 4.95%, 06/01/42^(b)(c)			630		425,652
Wells Fargo & Co., Series BB, (5 year CMT + 3.45%), 3.90%^(b)(k)			2,130		1,834,463


					8,334,810

Beverages — 2.0%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(c)(i)			3,279		2,432,445
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
2.00%, 09/01/28^(a)		EUR	148		122,354
3.00%, 09/01/29^(a)			507		395,244
4.00%, 09/01/29^(c)		USD	6,731		5,401,628
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(c)
5.25%, 04/30/25			200		184,999
4.13%, 08/15/26			938		794,683
4.75%, 07/15/27		GBP	427		372,857
5.25%, 08/15/27		USD	355		253,136
Ball Corp.
2.88%, 08/15/30			151		121,541
3.13%, 09/15/31			2,110		1,702,010
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25^(c)			584		521,585
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			155		158,334
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24^(c)			2,321		2,216,555
OI European Group BV, 2.88%, 02/15/25^(a)		EUR	100		94,901
Silgan Holdings, Inc., 4.13%, 02/01/28		USD	150		134,510
Trivium Packaging Finance BV^(c)
5.50%, 08/15/26			2,693		2,544,104
8.50%, 08/15/27			5,584		5,235,579


					22,686,465

Biotechnology^(a)— 0.0%
Cidron Aida Finco SARL
5.00%, 04/01/28		EUR	269		234,162
6.25%, 04/01/28		GBP	133		132,354
Grifols Escrow Issuer SA, 3.88%, 10/15/28		EUR	100		86,327


					452,843

Building Materials — 0.9%
Cornerstone Building Brands, Inc., 6.13%, 01/15/29^(c)		USD	956		614,175
CP Atlas Buyer, Inc., 7.00%, 12/01/28^(c)			354		255,652
HT Troplast GmbH, 9.25%, 07/15/25^(a)		EUR	128		118,712
James Hardie International Finance DAC, 5.00%, 01/15/28^(c)		USD	458		407,620
Jeld-Wen, Inc.^(c)
6.25%, 05/15/25			852		817,920
4.63%, 12/15/25			101		85,850
Masonite International Corp.^(c)
Class C, 5.38%, 02/01/28			239		216,295
Class C, 3.50%, 02/15/30			1,179		938,449
New Enterprise Stone & Lime Co., Inc.^(c)
5.25%, 07/15/28			435		357,585
9.75%, 07/15/28			640		547,200
PCF GmbH, 4.75%, 04/15/26^(a)		EUR	100		82,526
SRM Escrow Issuer LLC, 6.00%, 11/01/28^(c)		USD	2,731		2,308,323


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Building Materials (continued)
Standard Industries, Inc.
2.25%, 11/21/26^(a)		EUR	134	$	109,616
5.00%, 02/15/27^(c)		USD	576		514,113
4.38%, 07/15/30^(c)			2,148		1,694,235
3.38%, 01/15/31^(c)			819		604,109
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(c)			923		805,317


					10,477,697

Building Products — 1.4%
Advanced Drainage Systems, Inc.
5.00%, 09/30/27^(c)			1,128		1,040,039
6.38%, 06/15/30			2,037		1,989,273
Beacon Roofing Supply, Inc., 4.13%, 05/15/29^(c)			552		448,897
Foundation Building Materials, Inc., 6.00%, 03/01/29^(c)			931		681,958
GYP Holdings III Corp., 4.63%, 05/01/29^(c)			1,296		1,010,530
LBM Acquisition LLC, 6.25%, 01/15/29^(c)			1,243		800,261
Patrick Industries, Inc., 4.75%, 05/01/29^(c)			354		263,457
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26^(c)			1,130		918,707
SRS Distribution, Inc.^(c)
4.63%, 07/01/28			2,495		2,183,125
6.13%, 07/01/29			2,261		1,783,873
6.00%, 12/01/29			2,431		1,908,894
White Cap Buyer LLC, 6.88%, 10/15/28^(c)			2,782		2,225,600
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26^(c)(i)			1,165		969,862


					16,224,476

Capital Markets — 1.6%
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29^(c)			613		522,399
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%^(b)(k)			4,775		3,675,556
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(c)			1,129		931,425
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			591		551,584
6.25%, 05/15/26			696		651,567
5.25%, 05/15/27			1,899		1,682,210
4.38%, 02/01/29			1,324		1,070,004
Kane Bidco Ltd., 6.50%, 02/15/27^(a)		GBP	165		175,386
Lehman Brothers Holding Escrow, 1.00%^(d)(g)(j)(k)		USD	430		1,720
Lehman Brothers Holdings, Inc.^(d)(g)(j)
5.38%, 10/17/12		EUR	350		2,017
1.00%, 05/17/13		USD	1,535		6,140
1.00%, 02/05/22		EUR	3,950		22,767
4.75%, 01/16/49			1,890		10,894
NFP Corp.^(c)
4.88%, 08/15/28		USD	2,374		2,033,260
6.88%, 08/15/28			7,250		5,981,540
OWL Rock Core Income Corp., 5.50%, 03/21/25^(c)			873		838,107
Sherwood Financing PLC, 6.00%, 11/15/26^(a)		GBP	100		97,450


					18,254,026

Chemicals — 3.1%
Ashland LLC, 3.38%, 09/01/31^(c)		USD	1,561		1,269,677
Axalta Coating Systems LLC, 3.38%, 02/15/29^(c)			2,201		1,796,830


Security	Par (000)		Value

Chemicals (continued)
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(c)	USD	998	$	896,803
Chemours Co.
4.00%, 05/15/26	EUR	200		185,487
5.75%, 11/15/28^(c)	USD	609		519,008
Diamond BC BV, 4.63%, 10/01/29^(c)		2,340		1,871,298
Element Solutions, Inc., 3.88%, 09/01/28^(c)		6,899		5,692,572
EverArc Escrow SARL, 5.00%, 10/30/29^(c)		3,027		2,547,871
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27^(a)	EUR	100		88,253
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(c)	USD	791		787,045
HB Fuller Co., 4.25%, 10/15/28		606		508,470
Herens Holdco SARL, 4.75%, 05/15/28^(c)		2,396		1,990,597
Herens Midco SARL, 5.25%, 05/15/29^(a)	EUR	202		138,121
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(c)	USD	1,619		1,279,010
Ingevity Corp., 3.88%, 11/01/28^(c)		494		413,725
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(c)(i)		1,238		1,132,324
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(c)		610		513,925
Lune Holdings SARL, 5.63%, 11/15/28^(a)	EUR	150		126,213
Minerals Technologies, Inc., 5.00%, 07/01/28^(c)	USD	878		764,123
Monitchem HoldCo 2 SA, 9.50%, 09/15/26^(a)	EUR	100		98,769
Monitchem HoldCo 3 SA, 5.25%, 03/15/25^(a)		222		213,161
NOVA Chemicals Corp., 4.88%, 06/01/24^(c)	USD	456		433,427
Olympus Water U.S. Holding Corp.^(a)
3.88%, 10/01/28	EUR	100		84,708
5.38%, 10/01/29		100		75,087
SCIL IV LLC/SCIL USA Holdings LLC
4.38%, 11/01/26^(a)		100		84,811
5.38%, 11/01/26^(c)	USD	1,284		1,027,200
Scotts Miracle-Gro Co.
4.00%, 04/01/31		843		630,143
4.38%, 02/01/32		146		110,994
SPCM SA, 3.13%, 03/15/27^(c)		512		431,278
WESCO Distribution, Inc.^(c)
7.13%, 06/15/25		1,940		1,935,790
7.25%, 06/15/28		2,744		2,713,816
WR Grace Holdings LLC, 5.63%, 08/15/29^(c)		7,039		5,182,464


				35,543,000

Commercial Services & Supplies — 1.6%
ADT Security Corp.^(c)
4.13%, 08/01/29		104		84,403
4.88%, 07/15/32		143		113,831
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26^(c)		940		804,478
AMN Healthcare, Inc., 4.00%, 04/15/29^(c)		502		424,190
APX Group, Inc.^(c)
6.75%, 02/15/27		1,620		1,502,390
5.75%, 07/15/29		1,478		1,144,255
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29^(c)		198		164,699
BCP V Modular Services Finance II PLC^(a)
4.75%, 11/30/28	EUR	300		249,465
6.13%, 11/30/28	GBP	100		94,889
EC Finance PLC, 3.00%, 10/15/26^(a)	EUR	209		191,045


54		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services & Supplies (continued)
Fortress Transportation & Infrastructure Investors LLC^(c)
6.50%, 10/01/25	USD	386	$	364,195
9.75%, 08/01/27		261		255,102
5.50%, 05/01/28		1,713		1,413,935
Herc Holdings, Inc., 5.50%, 07/15/27^(c)		2,566		2,342,504
Hertz Corp.^(c)
4.63%, 12/01/26		666		556,829
5.00%, 12/01/29		476		366,520
Inter Media & Communication SpA, 6.75%, 02/09/27^(a)	EUR	100		93,259
Loxam SAS^(a)
4.25%, 04/15/24		100		100,364
3.25%, 01/14/25		268		252,750
3.75%, 07/15/26		115		103,196
4.50%, 02/15/27		101		90,733
Metis Merger Sub LLC, 6.50%, 05/15/29^(c)	USD	1,185		941,657
NESCO Holdings II, Inc., 5.50%, 04/15/29^(c)		1,353		1,133,137
Paprec Holding SA, 3.50%, 07/01/28^(a)	EUR	100		81,300
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29^(c)	USD	25		19,813
Prime Security Services Borrower LLC/Prime Finance, Inc.^(c)
5.75%, 04/15/26		859		801,017
6.25%, 01/15/28		1,813		1,516,748
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(c)		1,872		1,606,773
United Rentals North America, Inc., 5.25%, 01/15/30		496		460,040
Verisure Holding AB, 3.88%, 07/15/26^(a)	EUR	140		128,271
Verisure Midholding AB, 5.25%, 02/15/29^(a)		181		144,171
Williams Scotsman International, Inc., 4.63%, 08/15/28^(c)	USD	1,196		1,019,590


				18,565,549

Communications Equipment — 0.9%
Avaya, Inc., 6.13%, 09/15/28^(c)		2,743		1,789,807
Ciena Corp., 4.00%, 01/31/30^(c)		548		472,995
CommScope Technologies LLC, 6.00%, 06/15/25^(c)		2,145		1,855,425
CommScope, Inc.^(c)
6.00%, 03/01/26		853		785,639
8.25%, 03/01/27		115		90,907
7.13%, 07/01/28		1,152		875,612
4.75%, 09/01/29		1,197		965,614
Nokia OYJ, 4.38%, 06/12/27		439		414,722
Viasat, Inc.^(c)
5.63%, 09/15/25		1,109		896,997
5.63%, 04/15/27		837		723,718
6.50%, 07/15/28		1,011		696,397
Viavi Solutions, Inc., 3.75%, 10/01/29^(c)		1,546		1,294,800


				10,862,633

Construction Materials^(c)— 0.5%
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28		632		541,314
3.88%, 11/15/29		299		239,048
BCPE Empire Holdings, Inc., 7.63%, 05/01/27		601		489,265
H&E Equipment Services, Inc., 3.88%, 12/15/28		358		289,532
IAA, Inc., 5.50%, 06/15/27		1,538		1,432,555
Picasso Finance Sub, Inc., 6.13%, 06/15/25		1,652		1,610,700


Security	Par (000)		Value

Construction Materials (continued)
Thor Industries, Inc., 4.00%, 10/15/29	USD	909	$	719,928
Winnebago Industries, Inc., 6.25%, 07/15/28		585		535,711


				5,858,053

Consumer Discretionary — 2.5%
APi Escrow Corp., 4.75%, 10/15/29^(c)		542		437,665
APi Group DE, Inc., 4.13%, 07/15/29^(c)		727		577,383
Carnival Corp.
10.13%, 02/01/26^(a)	EUR	201		208,058
10.50%, 02/01/26^(c)	USD	2,076		2,066,596
7.63%, 03/01/26^(a)	EUR	128		104,876
5.75%, 03/01/27^(c)	USD	5,177		3,739,244
9.88%, 08/01/27^(c)		1,778		1,733,550
4.00%, 08/01/28^(c)		5,463		4,479,660
6.00%, 05/01/29^(c)		1,753		1,231,675
CoreLogic, Inc., 4.50%, 05/01/28^(c)		2,266		1,744,820
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26^(c)		561		470,118
Life Time, Inc.^(c)
5.75%, 01/15/26		1,307		1,171,686
8.00%, 04/15/26		1,019		908,184
NCL Corp. Ltd., 5.88%, 03/15/26^(c)		1,545		1,212,655
NCL Finance Ltd., 6.13%, 03/15/28^(c)		849		617,648
Nielsen Finance LLC/Nielsen Finance Co.^(c)
5.63%, 10/01/28		1,905		1,769,173
5.88%, 10/01/30		1,190		1,092,610
Royal Caribbean Cruises Ltd.^(c)
10.88%, 06/01/23		505		506,687
9.13%, 06/15/23		884		874,241
11.50%, 06/01/25		725		744,937
5.50%, 08/31/26		458		340,065
5.50%, 04/01/28		2,176		1,512,320
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26^(a)	EUR	176		155,578
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(c)	USD	973		767,215


				28,466,644

Consumer Finance — 2.9%
American Express Co., (5 year CMT + 2.85%), 3.55%^(b)(k)		4,020		3,270,712
Block, Inc., 3.50%, 06/01/31^(c)		5,964		4,752,473
Encore Capital Group, Inc.^(a)
4.88%, 10/15/25	EUR	100		100,865
5.38%, 02/15/26	GBP	100		113,970
4.25%, 06/01/28		159		159,292
HealthEquity, Inc., 4.50%, 10/01/29^(c)	USD	2,604		2,278,500
Iron Mountain U.K. PLC, 3.88%, 11/15/25^(a)	GBP	200		217,577
MPH Acquisition Holdings LLC, 5.50%, 09/01/28^(c)	USD	1,144		1,018,159
Navient Corp.
6.13%, 03/25/24		1,297		1,229,737
5.88%, 10/25/24		665		611,263
5.50%, 03/15/29		745		574,329
Nexi SpA, 0.00%, 02/24/28^(a)(l)	EUR	100		68,217
OneMain Finance Corp.
6.88%, 03/15/25	USD	585		554,440
7.13%, 03/15/26		1,766		1,632,190
3.50%, 01/15/27		1,527		1,221,600
6.63%, 01/15/28		720		643,507
5.38%, 11/15/29		188		152,348


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Consumer Finance (continued)
OneMain Finance Corp. (continued)
4.00%, 09/15/30.	USD		545	$	403,981
Sabre Global, Inc.^(c)
9.25%, 04/15/25			1,250		1,204,437
7.38%, 09/01/25			1,322		1,226,155
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(c)			2,212		1,957,598
SLM Corp., 3.13%, 11/02/26			930		750,938
Verscend Escrow Corp., 9.75%, 08/15/26^(c)			9,470		9,209,575


					33,351,863

Containers & Packaging — 0.9%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(c)
6.00%, 06/15/27			2,279		2,255,595
3.25%, 09/01/28			213		181,810
Clydesdale Acquisition Holdings, Inc.^(c)
6.63%, 04/15/29			2,605		2,447,736
8.75%, 04/15/30			1,713		1,477,582
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			433		399,442
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26			439		417,761
Graphic Packaging International LLC
4.75%, 07/15/27^(c)			574		541,966
3.50%, 03/15/28^(c)			67		57,621
2.63%, 02/01/29^(a)	EUR		342		290,804
3.50%, 03/01/29^(c)	USD		156		130,993
Kleopatra Finco SARL, 4.25%, 03/01/26^(a)	EUR		100		85,408
LABL, Inc., 5.88%, 11/01/28^(c)	USD		1,415		1,142,509
Sealed Air Corp.^(c)
5.13%, 12/01/24			142		140,935
4.00%, 12/01/27			412		371,422


					9,941,584

Diversified Consumer Services — 2.5%
Allied Universal Holdco LLC/Allied Universal
Finance Corp.^(c)
6.63%, 07/15/26			5,900		5,414,017
9.75%, 07/15/27			3,116		2,637,195
6.00%, 06/01/29			3,451		2,506,018
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
3.63%, 06/01/28^(a)	EUR		117		92,259
4.63%, 06/01/28^(c)	USD		6,945		5,679,599
4.88%, 06/01/28^(a)	GBP		100		95,467
Brink’s Co., 5.50%, 07/15/25^(c)	USD		281		270,384
Clarivate Science Holdings Corp.^(c)
3.88%, 07/01/28			3,464		2,894,201
4.88%, 07/01/29			2,498		2,050,858
Garda World Security Corp., 4.63%, 02/15/27^(c)			807		694,020
Graham Holdings Co., 5.75%, 06/01/26^(c)			705		697,950
Rekeep SpA, 7.25%, 02/01/26^(a)	EUR		200		180,586
Service Corp. International
5.13%, 06/01/29	USD		269		253,449
3.38%, 08/15/30			270		221,063
4.00%, 05/15/31			2,401		2,049,854
Sotheby’s, 7.38%, 10/15/27^(c)			2,888		2,676,521


					28,413,441


Security		Par (000)		Value

Diversified Financial Services — 1.5%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28^(c)	USD		2,432	$	2,018,122
Barclays PLC, 5.20%, 05/12/26			800		796,586
Castlelake Aviation Finance DAC, 5.00%, 04/15/27^(c)			403		334,551
Central Garden & Pet Co.
4.13%, 10/15/30			768		630,152
4.13%, 04/30/31^(c)			998		801,160
Citigroup, Inc.^(b)(k)
Series W, (5 year CMT + 3.60%), 4.00%			855		739,575
Series Y, (5 year CMT + 3.00%), 4.15%			10		8,025
Deutsche Bank AG, (5 year EURIBOR ICE Swap Rate + 3.30%), 4.00%, 06/24/32^(a)(b)	EUR		100		95,835
Garfunkelux Holdco 3 SA^(a)
6.75%, 11/01/25			300		278,924
7.75%, 11/01/25	GBP		100		108,948
Global Aircraft Leasing Co. Ltd.^(c)(i)
(6.50% Cash or 7.25% PIK), 6.50%, 09/15/24	USD		683		517,357
Series 2021, (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24			1,508		1,142,310
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%^(b)(k)			3,780		3,403,249
HSBC Holdings PLC, (5 year CMT + 3.65%), 4.60%^(b)(k)			445		342,051
Intrum AB^(a)
4.88%, 08/15/25	EUR		200		189,546
3.50%, 07/15/26			201		175,630
ION Trading Technologies SARL, 5.75%, 05/15/28^(c)	USD		1,268		1,014,134
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28^(c)			1,779		1,463,228
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(c)
4.25%, 02/01/27			780		629,711
4.75%, 06/15/29			370		284,688
Lincoln Financing SARL, 3.63%, 04/01/24^(a)	EUR		100		101,263
Spectrum Brands, Inc.^(c)
5.00%, 10/01/29.	USD		424		366,650
5.50%, 07/15/30.			292		262,788
UBS Group AG, (5 year CMT + 3.31%), 4.38%^(b)(c)(k)			950		695,020
UniCredit SpA, (5 year EUR Swap + 2.80%), 2.73%, 01/15/32^(a)(b)	EUR		200		177,337
VistaJet Malta Finance PLC/XO Management
Holding, Inc., 6.38%, 02/01/30^(c)	USD		862		689,600


					17,266,440

Diversified Telecommunication Services — 4.2%
Consolidated Communications, Inc., 6.50%, 10/01/28^(c)			2,164		1,840,655
Frontier Communications Holdings LLC, 8.75%, 05/15/30^(c)			1,470		1,486,155
Level 3 Financing, Inc.^(c)
3.40%, 03/01/27			446		384,152
4.63%, 09/15/27			489		416,873
4.25%, 07/01/28			1,395		1,117,744
3.63%, 01/15/29			826		636,889
3.75%, 07/15/29			948		732,998
Lumen Technologies, Inc.
5.13%, 12/15/26^(c)			1,288		1,084,264
4.00%, 02/15/27^(c)			2,353		1,990,050


56		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Lumen Technologies, Inc. (continued)
4.50%, 01/15/29^(c)	USD		1,927	$	1,434,449
5.38%, 06/15/29^(c)			2,647		2,095,828
Series U, 7.65%, 03/15/42			912		699,960
Series W, 6.75%, 12/01/23			1,228		1,216,499
Series Y, 7.50%, 04/01/24			646		637,118
SoftBank Group Corp.^(a)
2.13%, 07/06/24	EUR		149		139,749
4.75%, 07/30/25			269		249,937
3.13%, 09/19/25			207		181,706
2.88%, 01/06/27			118		95,490
5.00%, 04/15/28			100		83,123
Sprint Capital Corp.
6.88%, 11/15/28	USD		4,617		4,854,868
8.75%, 03/15/32			6,823		8,211,344
Switch Ltd.^(c)
3.75%, 09/15/28			1,853		1,832,895
4.13%, 06/15/29			3,064		3,032,871
Telecom Italia Capital SA
6.38%, 11/15/33			1,521		1,174,516
6.00%, 09/30/34			2,322		1,751,415
7.20%, 07/18/36			266		201,959
7.72%, 06/04/38			251		193,647
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR		83		89,693
Telecom Italia SpA
4.00%, 04/11/24^(a)			139		143,116
5.30%, 05/30/24^(c)	USD		322		309,394
2.75%, 04/15/25^(a)	EUR		239		231,676
3.00%, 09/30/25^(a)			100		96,935
1.63%, 01/18/29^(a)			410		310,257
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30^(c)	USD		800		553,440
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28^(c)			1,498		1,231,940
Zayo Group Holdings, Inc.^(c)
4.00%, 03/01/27			2,345		1,945,389
6.13%, 03/01/28			7,530		5,437,488


					48,126,482

Electric Utilities — 0.8%
Edison International, Series A, (5 year CMT + 4.70%), 5.38%^(b)(k)			2,200		1,787,500
FirstEnergy Corp.
2.65%, 03/01/30			1,399		1,154,175
Series B, 2.25%, 09/01/30			117		92,722
Series C, 3.40%, 03/01/50			4,094		2,775,323
FirstEnergy Transmission LLC^(c)
5.45%, 07/15/44			2,074		1,938,591
4.55%, 04/01/49			814		654,964
NextEra Energy Operating Partners LP, 4.25%, 07/15/24^(c)			337		322,374
Public Power Corp. SA, 3.38%, 07/31/28^(a)	EUR		110		90,721


					8,816,370

Electrical Equipment^(c)— 0.2%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26	USD		2,205		2,045,137
GrafTech Finance, Inc., 4.63%, 12/15/28			717		580,406


					2,625,543

Electronic Equipment, Instruments & Components — 0.8%
Belden, Inc., 3.88%, 03/15/28^(a)	EUR		100		89,349


Security		Par (000)		Value

Electronic Equipment, Instruments & Components (continued)
BWX Technologies, Inc.^(c)
4.13%, 06/30/28	USD		1,415	$	1,259,350
4.13%, 04/15/29			1,267		1,111,793
Energizer Gamma Acquisition BV, 3.50%, 06/30/29^(a)	EUR		118		87,779
Energizer Holdings, Inc.^(c)
4.75%, 06/15/28	USD		388		307,963
4.38%, 03/31/29			96		73,702
Imola Merger Corp., 4.75%, 05/15/29^(c)			3,460		2,894,844
Vertiv Group Corp., 4.13%, 11/15/28^(c)			3,744		3,039,828
Xerox Corp., 4.80%, 03/01/35			372		285,453


					9,150,061

Energy Equipment & Services — 0.6%
Archrock Partners LP/Archrock Partners Finance Corp.^(c)
6.88%, 04/01/27			799		728,584
6.25%, 04/01/28			2,258		1,999,007
CGG SA, 7.75%, 04/01/27^(a)	EUR		100		89,076
Saipem Finance International BV^(a)
2.63%, 01/07/25			100		86,988
3.38%, 07/15/26			100		82,534
USA Compression Partners LP/USA
Compression Finance Corp.
6.88%, 04/01/26	USD		1,942		1,766,637
6.88%, 09/01/27			1,063		943,413
Vallourec SA, 8.50%, 06/30/26^(a)	EUR		125		120,973
Weatherford International Ltd.^(c)
6.50%, 09/15/28	USD		74		66,415
8.63%, 04/30/30			1,439		1,194,063


					7,077,690

Entertainment^(c)— 0.2%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/29			1,289		1,089,205
Lindblad Expeditions LLC, 6.75%, 02/15/27			1,331		1,141,333
NCL Corp. Ltd., 7.75%, 02/15/29			575		439,875


					2,670,413

Environmental, Maintenance & Security Service — 1.1%
Clean Harbors, Inc.^(c)
4.88%, 07/15/27			678		620,370
5.13%, 07/15/29			1,069		970,117
Covanta Holding Corp.
4.88%, 12/01/29^(c)			1,174		955,307
5.00%, 09/01/30			413		337,132
GFL Environmental, Inc.^(c)
4.25%, 06/01/25			487		459,592
3.75%, 08/01/25			427		396,043
5.13%, 12/15/26			1,241		1,186,768
4.00%, 08/01/28			2,291		1,890,075
3.50%, 09/01/28			408		349,860
4.75%, 06/15/29			1,067		882,942
4.38%, 08/15/29			1,294		1,041,670
Stericycle, Inc., 3.88%, 01/15/29^(c)			768		627,840
Tervita Corp., 11.00%, 12/01/25^(c)			415		451,313
Waste Pro USA, Inc., 5.50%, 02/15/26^(c)			2,868		2,547,644


					12,716,673


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

Consolidated Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Equity Real Estate Investment Trusts (REITs) — 1.3%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27^(c)	USD		962	$	797,724
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28^(c)			901		769,454
Diversified Healthcare Trust, 9.75%, 06/15/25			374		368,858
Global Net Lease, Inc./Global Net Lease
Operating Partnership LP, 3.75%, 12/15/27^(c)			774		646,825
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26^(c)			1,021		878,060
Iron Mountain, Inc.^(c)
5.25%, 07/15/30			694		603,360
5.63%, 07/15/32			697		589,367
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27			187		171,043
4.63%, 08/01/29			2,863		2,512,283
3.50%, 03/15/31			4,369		3,443,471
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			1,892		1,678,412
4.50%, 02/15/29^(c)			997		845,355
RLJ Lodging Trust LP^(c)
3.75%, 07/01/26			690		597,932
4.00%, 09/15/29			530		435,349
Service Properties Trust
4.35%, 10/01/24			129		104,825
7.50%, 09/15/25			477		437,051


					14,879,369

Food & Staples Retailing — 2.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(c)
3.25%, 03/15/26			1,678		1,461,455
4.63%, 01/15/27			1,668		1,490,058
5.88%, 02/15/28			1,440		1,345,867
4.88%, 02/15/30			349		299,386
Bellis Acquisition Co. PLC^(a)
3.25%, 02/16/26	GBP		200		188,682
4.50%, 02/16/26			225		219,114
Casino Guichard Perrachon SA, 5.25%, 04/15/27^(a)	EUR		117		81,869
Darling Ingredients, Inc., 6.00%, 06/15/30^(c)	USD		1,628		1,622,546
Iceland Bondco PLC^(a)
4.63%, 03/15/25	GBP		246		231,098
4.38%, 05/15/28			146		117,299
Kraft Heinz Foods Co.
6.50%, 02/09/40	USD		980		1,058,976
4.88%, 10/01/49			2,035		1,797,416
5.50%, 06/01/50			4,607		4,422,324
Lamb Weston Holdings, Inc.^(c)
4.88%, 05/15/28			906		852,646
4.13%, 01/31/30			1,483		1,283,625
4.38%, 01/31/32			1,908		1,659,960
Market Bidco Finco PLC, 5.50%, 11/04/27^(a)	GBP		187		173,003
Ocado Group PLC, 3.88%, 10/08/26^(a)			120		117,149
Performance Food Group, Inc., 4.25%, 08/01/29^(c)	USD		1,890		1,578,150
Picard Groupe SAS, 3.88%, 07/01/26^(a)	EUR		112		95,635
Post Holdings, Inc.^(c)
5.75%, 03/01/27	USD		2		1,938
5.63%, 01/15/28			484		459,413


Security		Par (000)		Value

Food & Staples Retailing (continued)
Post Holdings, Inc.^(c)(continued)
5.50%, 12/15/29	USD		243	$	217,237
4.50%, 09/15/31			194		158,663
Premier Foods Finance PLC, 3.50%, 10/15/26^(a)	GBP		100		105,601
Quatrim SASU, 5.88%, 01/15/24^(a)	EUR		200		198,672
U.S. Foods, Inc.^(c)
6.25%, 04/15/25	USD		841		838,898
4.75%, 02/15/29			1,687		1,474,759
United Natural Foods, Inc., 6.75%, 10/15/28^(c)			268		250,457


					23,801,896

Food Products — 1.0%
Aramark Services, Inc.^(c)
5.00%, 04/01/25			20		19,163
6.38%, 05/01/25			1,507		1,474,373
5.00%, 02/01/28			1,469		1,331,222
Chobani LLC/Chobani Finance Corp., Inc.^(c)
7.50%, 04/15/25			3,601		3,307,046
4.63%, 11/15/28			1,712		1,446,640
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31^(c)			1,672		1,371,688
Pilgrim’s Pride Corp., 3.50%, 03/01/32^(c)			990		773,438
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29^(c)			1,392		1,176,797
Tereos Finance Groupe I SA, 7.50%, 10/30/25^(a)	EUR		100		102,855


					11,003,222

Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31^(c)	USD		537		456,651


Health Care Equipment & Supplies^(c)— 0.5%
Avantor Funding, Inc.
4.63%, 07/15/28			4,615		4,230,570
3.88%, 11/01/29			1,061		928,004
Embecta Corp., 6.75%, 02/15/30			782		704,058
Hologic, Inc., 3.25%, 02/15/29			316		270,085


					6,132,717

Health Care Providers & Services — 5.0%
180 Medical, Inc., 3.88%, 10/15/29^(c)			354		306,210
Acadia Healthcare Co., Inc.^(c)
5.50%, 07/01/28			604		564,317
5.00%, 04/15/29			273		245,081
AdaptHealth LLC^(c)
6.13%, 08/01/28			372		329,041
5.13%, 03/01/30			146		123,065
AHP Health Partners, Inc., 5.75%, 07/15/29^(c)			1,951		1,433,400
Cano Health LLC, 6.25%, 10/01/28^(c)			773		632,157
Centene Corp.
2.45%, 07/15/28			3,159		2,634,732
4.63%, 12/15/29			758		706,835
3.00%, 10/15/30			4,521		3,746,779
2.50%, 03/01/31			5,181		4,112,471
2.63%, 08/01/31			1,906		1,516,223
CHS/Community Health Systems, Inc.^(c)
8.00%, 03/15/26			4,979		4,534,326
5.63%, 03/15/27			2,325		1,967,810
6.00%, 01/15/29			3,005		2,489,402
6.88%, 04/15/29			552		356,040
6.13%, 04/01/30			1,579		963,190


58		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
Encompass Health Corp.
4.50%, 02/01/28	USD		348	$	297,922
4.75%, 02/01/30			1,972		1,652,615
4.63%, 04/01/31			1,035		838,065
HCA, Inc., 4.63%, 03/15/52^(c)			1,545		1,236,096
Legacy LifePoint Health LLC^(c)
6.75%, 04/15/25			1,050		1,014,940
4.38%, 02/15/27			420		359,864
LifePoint Health, Inc., 5.38%, 01/15/29^(c)			887		651,945
Medline Borrower LP^(c)
3.88%, 04/01/29			378		321,946
5.25%, 10/01/29			6,071		4,986,112
ModivCare, Inc., 5.88%, 11/15/25^(c)			391		359,720
Molina Healthcare, Inc.^(c)
4.38%, 06/15/28			1,756		1,568,584
3.88%, 11/15/30			1,259		1,076,168
3.88%, 05/15/32			1,191		998,756
Owens & Minor, Inc., 6.63%, 04/01/30^(c)			727		664,093
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(c)			2,424		2,068,884
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(c)			433		421,093
Surgery Center Holdings, Inc.^(c)
6.75%, 07/01/25			1,992		1,825,748
10.00%, 04/15/27			3,318		3,213,963
Teleflex, Inc., 4.63%, 11/15/27			294		271,215
Tenet Healthcare Corp.
4.63%, 07/15/24			567		544,167
4.63%, 09/01/24^(c)			1,234		1,184,640
4.88%, 01/01/26^(c)			2,046		1,882,320
6.25%, 02/01/27^(c)			357		328,588
5.13%, 11/01/27^(c)			677		609,300
4.63%, 06/15/28^(c)			465		404,913
6.13%, 10/01/28^(c)			596		510,045
4.25%, 06/01/29^(c)			92		77,483
6.13%, 06/15/30^(c)			1,412		1,302,683


					57,332,947

Health Care Technology — 1.6%
CAB SELAS, 3.38%, 02/01/28^(a)	EUR		103		86,462
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27^(c)	USD		625		588,331
2.38%, 03/01/28^(a)	EUR		332		283,568
3.13%, 02/15/29^(c)	USD		931		763,823
3.50%, 04/01/30^(c)			2,168		1,768,935
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(c)			5,723		5,572,428
Charles River Laboratories International, Inc.^(c)
4.25%, 05/01/28			1,108		995,328
3.75%, 03/15/29			145		125,838
4.00%, 03/15/31			544		463,732
Chrome Bidco SASU, 3.50%, 05/31/28^(a)	EUR		232		198,951
IQVIA, Inc.^(c)
5.00%, 10/15/26	USD		1,504		1,432,304
5.00%, 05/15/27			1,011		956,507
Minerva Merger Sub, Inc., 6.50%, 02/15/30^(c)			2,838		2,360,053
Syneos Health, Inc., 3.63%, 01/15/29^(c)			3,097		2,622,628


					18,218,888


Security		Par (000)		Value

Hotels, Restaurants & Leisure — 5.5%
1011778 BC ULC/New Red Finance, Inc.^(c)
5.75%, 04/15/25	USD		648	$	651,775
3.88%, 01/15/28			1,531		1,328,786
4.38%, 01/15/28			1,581		1,382,268
4.00%, 10/15/30			712		571,380
Accor SA, 0.70%, 12/07/27^(a)	EUR		158		67,982
Affinity Gaming, 6.88%, 12/15/27^(c)	USD		108		90,724
Boyd Gaming Corp.
4.75%, 12/01/27			931		842,555
4.75%, 06/15/31^(c)			1,960		1,656,239
Boyne USA, Inc., 4.75%, 05/15/29^(c)			1,576		1,364,721
Caesars Entertainment, Inc.^(c)
6.25%, 07/01/25			6,083		5,862,370
8.13%, 07/01/27			6,466		6,247,773
4.63%, 10/15/29			3,366		2,617,065
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(c)			1,522		1,455,504
Carnival Corp., 7.63%, 03/01/26^(c)			395		305,943
CCM Merger, Inc., 6.38%, 05/01/26^(c)			915		833,041
CDI Escrow Issuer, Inc., 5.75%, 04/01/30^(c)			3,368		3,064,880
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25^(c)			2,704		2,622,880
6.50%, 10/01/28			293		278,095
Churchill Downs, Inc.^(c)
5.50%, 04/01/27			3,251		3,088,450
4.75%, 01/15/28			1,326		1,180,140
Cirsa Finance International SARL, 4.75%, 05/22/25^(a)	EUR		247		228,119
Codere Finance 2 Luxembourg SA^(a)(i)
(2% Cash or 10.75% PIK), 12.75%, 11/30/27			56		53,196
(8.00% Cash or 3.00% PIK), 11.00%, 09/30/26			137		148,976
CPUK Finance Ltd., 4.50%, 08/28/27^(a)	GBP		100		108,866
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.^(c)
4.63%, 01/15/29	USD		236		201,190
6.75%, 01/15/30			1,341		1,029,218
Food Service Project SA, 5.50%, 01/21/27^(a)	EUR		163		146,475
Gamma Bidco SpA, 6.25%, 07/15/25^(a)			249		242,674
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25^(c)	USD		772		756,560
5.75%, 05/01/28^(c)			600		570,498
3.75%, 05/01/29^(c)			411		348,589
4.88%, 01/15/30			1,528		1,380,930
4.00%, 05/01/31^(c)			917		762,027
3.63%, 02/15/32^(c)			426		338,404
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			240		226,112
IRB Holding Corp., 7.00%, 06/15/25^(c)			794		777,207
Merlin Entertainments Ltd., 5.75%, 06/15/26^(c)			484		441,652
MGM Resorts International
6.00%, 03/15/23			1,243		1,240,116
5.75%, 06/15/25			322		306,705
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(c)			1,247		1,016,305
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27^(c)			1,332		1,398,067


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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Powdr Corp., 6.00%, 08/01/25^(c)	USD		1,211	$	1,201,918
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(c)
5.63%, 09/01/29			576		410,089
5.88%, 09/01/31			636		441,392
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26^(c)			973		851,375
Royal Caribbean Cruises Ltd., 5.38%, 07/15/27^(c)			1,679		1,220,415
Scientific Games International, Inc.^(c)
8.63%, 07/01/25			1,054		1,080,455
7.00%, 05/15/28			706		662,532
7.25%, 11/15/29			241		226,012
Sisal SpA, 7.00%, 07/31/23^(a)	EUR		69		71,486
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(c)	USD		1,518		1,536,717
Station Casinos LLC^(c)
4.50%, 02/15/28			1,147		968,768
4.63%, 12/01/31			1,433		1,117,740
Stonegate Pub Co. Financing PLC^(a)
8.00%, 07/13/25	GBP		136		151,481
8.25%, 07/31/25			246		273,477
Vail Resorts, Inc., 6.25%, 05/15/25^(c)	USD		811		810,002
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28^(c)			811		709,349
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(c)			1,353		1,158,831
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(c)
7.75%, 04/15/25			1,164		1,132,875
5.13%, 10/01/29			2,617		2,061,149
Yum! Brands, Inc.
4.75%, 01/15/30^(c)			238		215,985
5.35%, 11/01/43			30		24,863


					63,561,368

Household Durables — 1.4%
Ashton Woods USA LLC/Ashton Woods Finance Co.^(c)
6.63%, 01/15/28			406		345,100
4.63%, 08/01/29			547		410,250
4.63%, 04/01/30			777		570,590
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(c)
5.00%, 06/15/29			1,154		872,505
4.88%, 02/15/30			1,693		1,229,964
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(c)			1,328		1,174,059
Installed Building Products, Inc., 5.75%, 02/01/28^(c)			723		642,341
K Hovnanian Enterprises, Inc.^(c)
10.00%, 11/15/25			359		380,604
7.75%, 02/15/26			1,893		1,855,140
KB Home, 7.25%, 07/15/30			328		310,792
Mattamy Group Corp.^(c)
5.25%, 12/15/27			830		677,797
4.63%, 03/01/30			679		496,223
Meritage Homes Corp., 5.13%, 06/06/27			286		261,787
NCR Corp.^(c)
5.75%, 09/01/27			234		207,682
5.00%, 10/01/28			563		477,366
5.13%, 04/15/29			739		625,002
6.13%, 09/01/29			815		704,859
Nobel Bidco BV, 3.13%, 06/15/28^(a)	EUR		100		70,213


Security		Par (000)		Value

Household Durables (continued)
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(c)	USD		1,738	$	1,168,805
Taylor Morrison Communities, Inc.^(c)
5.88%, 06/15/27			1,377		1,269,195
5.13%, 08/01/30			336		279,043
Tempur Sealy International, Inc.^(c)
4.00%, 04/15/29			1,291		1,039,952
3.88%, 10/15/31			504		378,000
Tri Pointe Homes, Inc., 5.70%, 06/15/28			291		251,128


					15,698,397

Household Products — 0.0%
Energizer Holdings, Inc., 6.50%, 12/31/27^(c)			610		534,513


Independent Power and Renewable Electricity Producers — 0.7%
Calpine Corp.^(c)
5.25%, 06/01/26			136		129,200
4.50%, 02/15/28			1,198		1,087,637
5.13%, 03/15/28			2,597		2,286,139
4.63%, 02/01/29			342		284,636
5.00%, 02/01/31			311		251,422
3.75%, 03/01/31			15		12,201
Clearway Energy Operating LLC^(c)
4.75%, 03/15/28			690		620,780
3.75%, 01/15/32			1,395		1,105,537
Cullinan Holdco Scsp, 4.63%, 10/15/26^(a)	EUR		100		84,458
NRG Energy, Inc.
5.75%, 01/15/28	USD		14		12,725
5.25%, 06/15/29^(c)			163		145,478
3.63%, 02/15/31^(c)			1,329		1,041,923
3.88%, 02/15/32^(c)			746		592,535
TerraForm Power Operating LLC, 4.75%, 01/15/30^(c)			1,053		901,884


					8,556,555

Insurance — 2.6%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(c)			1,205		943,262
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(c)
4.25%, 10/15/27			6,469		5,599,375
6.75%, 10/15/27			8,981		7,969,560
5.88%, 11/01/29			6,477		5,374,679
AmWINS Group, Inc., 4.88%, 06/30/29^(c)			1,494		1,223,471
Ardonagh Midco 2 PLC, (11.50% Cash or 12.75% PIK), 11.50%, 01/15/27^(c)(i)			455		474,111
Galaxy Bidco Ltd., 6.50%, 07/31/26^(a)	GBP		200		222,766
GTCR AP Finance, Inc., 8.00%, 05/15/27^(c)	USD		1,723		1,612,987
HUB International Ltd., 7.00%, 05/01/26^(c)			6,615		6,220,746
Liberty Mutual Group, Inc., (5 year EUR Swap + 3.70%), 3.63%, 05/23/59^(a)(b)	EUR		100		94,182
Ryan Specialty Group LLC, 4.38%, 02/01/30^(c)	USD		711		618,570


					30,353,709

Interactive Media & Services — 0.7%
Arches Buyer, Inc., 4.25%, 06/01/28^(c)			562		457,583
Cablevision Lightpath LLC^(c)
3.88%, 09/15/27			1,066		882,115
5.63%, 09/15/28			1,201		939,494
Iliad SA, 2.38%, 06/17/26^(a)	EUR		100		91,696
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.^(c)
4.75%, 04/30/27	USD		1,783		1,468,393
6.00%, 02/15/28			1,115		801,253


60		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Interactive Media & Services (continued)
Northwest Fiber LLC/Northwest Fiber Finance
Sub, Inc.^(c)(continued)
10.75%, 06/01/28	USD		485	$	431,548
Twitter, Inc.^(c)
3.88%, 12/15/27			1,922		1,811,975
5.00%, 03/01/30			844		800,745
United Group BV^(a)
4.88%, 07/01/24	EUR		199		189,358
4.00%, 11/15/27			324		257,151
4.63%, 08/15/28			124		99,215


					8,230,526

Internet & Direct Marketing Retail — 0.0%
Very Group Funding PLC, 6.50%, 08/01/26^(a)	GBP		224		206,775


Internet Software & Services — 1.5%
ANGI Group LLC, 3.88%, 08/15/28^(c)	USD		1,361		1,036,263
Endurance International Group Holdings, Inc., 6.00%, 02/15/29^(c)			614		443,069
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^(c)
5.25%, 12/01/27			1,113		1,018,395
3.50%, 03/01/29			849		715,783
Match Group Holdings II LLC^(c)
4.63%, 06/01/28			813		737,066
5.63%, 02/15/29			318		297,330
4.13%, 08/01/30			181		151,154
3.63%, 10/01/31			870		685,125
Uber Technologies, Inc.
7.50%, 05/15/25^(c)			2,820		2,793,126
0.00%, 12/15/25^(l)			1,757		1,401,590
8.00%, 11/01/26^(c)			1,878		1,869,549
7.50%, 09/15/27^(c)			2,655		2,572,111
6.25%, 01/15/28^(c)			1,356		1,254,083
4.50%, 08/15/29^(c)			2,836		2,332,610


					17,307,254

IT Services — 2.2%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(c)			886		734,496
Booz Allen Hamilton, Inc.^(c)
3.88%, 09/01/28			1,374		1,215,990
4.00%, 07/01/29			2,334		2,035,084
CA Magnum Holdings, 5.38%, 10/31/26^(c)			2,652		2,293,980
Camelot Finance SA, 4.50%, 11/01/26^(c)			2,737		2,496,415
Condor Merger Sub, Inc., 7.38%, 02/15/30^(c)			3,136		2,548,847
Dun & Bradstreet Corp., 5.00%, 12/15/29^(c)			2,175		1,878,656
Fair Isaac Corp., 4.00%, 06/15/28^(c)			1,959		1,735,361
Gartner, Inc.^(c)
4.50%, 07/01/28			1,628		1,494,838
3.63%, 06/15/29			1,022		885,430
3.75%, 10/01/30			533		453,716
KBR, Inc., 4.75%, 09/30/28^(c)			1,050		925,405
La Financiere Atalian SASU, 5.13%, 05/15/25^(a)	EUR		300		239,758
Science Applications International Corp., 4.88%, 04/01/28^(c)	USD		1,024		954,880
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25^(c)			1,117		1,050,801


Security		Par (000)		Value

IT Services (continued)
Twilio, Inc., 3.88%, 03/15/31	USD		1,829	$	1,504,846
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(c)			3,017		2,527,167


					24,975,670

Leisure Products — 0.3%
Mattel, Inc.
3.75%, 04/01/29^(c)			569		511,300
6.20%, 10/01/40			1,016		970,280
5.45%, 11/01/41			1,827		1,603,654


					3,085,234

Machinery — 1.3%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28^(c)			553		461,755
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(c)(i)			1,662		1,612,140
IMA Industria Macchine Automatiche SPA, 3.75%, 01/15/28^(a)	EUR		123		103,153
Madison IAQ LLC, 5.88%, 06/30/29^(c)	USD		1,608		1,232,243
Mueller Water Products, Inc., 4.00%, 06/15/29^(c)			565		492,872
Novafives SAS, 5.00%, 06/15/25^(a)	EUR		100		68,117
OT Merger Corp., 7.88%, 10/15/29^(c)	USD		621		356,671
Renk AG/Frankfurt am Main, 5.75%, 07/15/25^(a)	EUR		229		218,382
Schenck Process Holding GmbH/Darmstadt, 5.38%, 06/15/23^(a)			100		100,819
Stevens Holding Co., Inc., 6.13%, 10/01/26^(c)	USD		813		782,512
Terex Corp., 5.00%, 05/15/29^(c)			1,766		1,501,100
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(c)			3,261		2,997,511
TK Elevator Holdco GmbH
6.63%, 07/15/28^(a)	EUR		90		80,442
7.63%, 07/15/28^(c)	USD		1,284		1,152,390
TK Elevator Midco GmbH, 4.38%, 07/15/27^(a)	EUR		273		246,465
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(c)	USD		4,038		3,600,139


					15,006,711

Media — 13.4%
Altice Financing SA
2.25%, 01/15/25^(a)	EUR		170		155,900
5.00%, 01/15/28^(c)	USD		1,693		1,364,287
4.25%, 08/15/29^(a)	EUR		101		79,647
5.75%, 08/15/29^(c)	USD		5,301		4,254,052
Altice France Holding SA^(c)
8.00%, 05/15/27	EUR		100		85,926
10.50%, 05/15/27	USD		10,328		8,666,638
AMC Networks, Inc.
4.75%, 08/01/25			1,216		1,132,753
4.25%, 02/15/29			684		554,170
Block Communications, Inc., 4.88%, 03/01/28^(c)			791		668,395
Cable One, Inc.
1.13%, 03/15/28			1,164		975,432
4.00%, 11/15/30^(c)			1,040		854,339
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27^(c)			621		586,069
5.00%, 02/01/28^(c)			670		618,209
5.38%, 06/01/29^(c)			2,119		1,894,047
4.75%, 03/01/30^(c)			1,542		1,318,796
4.50%, 08/15/30^(c)			2,162		1,795,061


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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. (continued)
4.25%, 02/01/31^(c)	USD		1,782	$	1,452,330
4.75%, 02/01/32^(c)			2,979		2,439,205
4.50%, 05/01/32			1,367		1,106,860
4.50%, 06/01/33^(c)			1,587		1,250,588
4.25%, 01/15/34^(c)			5,012		3,871,770
Charter Communications Operating LLC/Charter Communications Operating Capital
5.25%, 04/01/53			1,849		1,562,430
5.50%, 04/01/63			1,227		1,042,212
Clear Channel International BV, 6.63%, 08/01/25^(c)			1,965		1,827,450
Clear Channel Outdoor Holdings, Inc.^(c)
5.13%, 08/15/27			5,413		4,570,358
7.75%, 04/15/28			4,659		3,389,749
7.50%, 06/01/29			4,136		2,974,032
CMG Media Corp., 8.88%, 12/15/27^(c)			3,833		3,028,108
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(c)			8,561		7,693,171
CSC Holdings LLC
5.25%, 06/01/24			859		803,165
5.75%, 01/15/30^(c)			1,398		1,017,087
4.13%, 12/01/30^(c)			2,781		2,169,180
4.63%, 12/01/30^(c)			1,430		956,298
3.38%, 02/15/31^(c)			1,353		1,000,286
4.50%, 11/15/31^(c)			2,998		2,311,908
Directv Financing LLC/Directv Financing Co.- Obligor, Inc., 5.88%, 08/15/27^(c)			2,469		2,106,230
DISH DBS Corp.
5.88%, 07/15/22			1,734		1,724,168
5.00%, 03/15/23			1,232		1,172,581
5.25%, 12/01/26^(c)			4,721		3,700,509
5.75%, 12/01/28^(c)			4,408		3,263,727
5.13%, 06/01/29			2,490		1,513,024
DISH Network Corp., 3.38%, 08/15/26			780		526,890
Frontier Communications Holdings LLC^(c)
5.88%, 10/15/27			2,183		1,962,741
5.00%, 05/01/28			1,786		1,518,100
6.75%, 05/01/29			2,102		1,728,895
6.00%, 01/15/30			1,437		1,105,700
GCI LLC, 4.75%, 10/15/28^(c)			874		757,276
Iliad Holding SASU^(c)
6.50%, 10/15/26			2,836		2,552,315
7.00%, 10/15/28			1,741		1,514,558
Kaixo Bondsco Telecom SA, 5.13%, 09/30/29^(a)	EUR		131		103,991
LCPR Senior Secured Financing DAC^(c)
6.75%, 10/15/27	USD		1,657		1,545,699
5.13%, 07/15/29			1,939		1,619,065
Liberty Broadband Corp.^(c)
1.25%, 09/30/50			2,444		2,282,696
2.75%, 09/30/50			4,421		4,205,173
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(c)(i)(m)			1,252		679,498
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(c)			3,863		3,013,140
Live Nation Entertainment, Inc.^(c)
4.88%, 11/01/24			134		127,970
6.50%, 05/15/27			4,178		4,108,729
4.75%, 10/15/27			1,012		897,158


Security		Par (000)		Value

Media (continued)
Live Nation Entertainment, Inc.^(c)(continued) 3.75%, 01/15/28	USD		1,318	$	1,136,775
Lorca Telecom Bondco SA, 4.00%, 09/18/27^(a)	EUR		251		219,559
Magallanes, Inc.^(c)
5.14%, 03/15/52	USD		6,425		5,392,824
5.39%, 03/15/62			3,278		2,742,042
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(c)			972		894,240
Outfront Media Capital LLC/Outfront Media Capital Corp.^(c)
5.00%, 08/15/27			1,904		1,663,620
4.25%, 01/15/29			698		556,041
Radiate Holdco LLC/Radiate Finance, Inc.^(c)
4.50%, 09/15/26			2,818		2,429,905
6.50%, 09/15/28			6,229		4,814,238
Sable International Finance Ltd., 5.75%, 09/07/27^(c)			539		494,047
Scripps Escrow II, Inc., 3.88%, 01/15/29^(c)			87		72,909
Sinclair Television Group, Inc., 4.13%, 12/01/30^(c)			2,814		2,231,966
Sirius XM Radio, Inc.^(c)
3.13%, 09/01/26			2,692		2,401,883
5.00%, 08/01/27			653		605,671
4.00%, 07/15/28			927		801,855
5.50%, 07/01/29			88		80,190
4.13%, 07/01/30			257		214,644
3.88%, 09/01/31			1,821		1,449,971
Stagwell Global LLC, 5.63%, 08/15/29^(c)			553		444,352
Summer BC Holdco A SARL, 9.25%, 10/31/27^(a)	EUR		180		145,321
Summer BC Holdco B SARL, 5.75%, 10/31/26^(a)			300		273,875
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25^(a)(i)			151		127,809
Tele Columbus AG, 3.88%, 05/02/25^(a)			285		250,192
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28^(c)	USD		2,000		1,764,800
United Group BV, 5.25%, 02/01/30^(a)	EUR		100		77,275
Univision Communications, Inc.^(c)
5.13%, 02/15/25	USD		800		752,800
6.63%, 06/01/27			1,018		969,248
7.38%, 06/30/30			645		630,488
UPC Broadband Finco BV, 4.88%, 07/15/31^(c)			2,494		2,032,610
Videotron Ltd., 3.63%, 06/15/29^(c)			1,518		1,232,252
Virgin Media Finance PLC, 3.75%, 07/15/30^(a)	EUR		142		110,654
Virgin Media Secured Finance PLC, 4.50%, 08/15/30^(c)	USD		550		451,941
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28^(a)	GBP		100		97,384
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(c)	USD		2,360		1,952,826
VZ Secured Financing BV, 3.50%, 01/15/32^(a)	EUR		170		133,687
WMG Acquisition Corp.
3.88%, 07/15/30^(c)	USD		655		544,665
2.25%, 08/15/31^(a)	EUR		141		112,188
Ziggo Bonds Co. BV^(c)
6.00%, 01/15/27	USD		291		257,535
5.13%, 02/28/30			868		680,869
Ziggo BV, 4.88%, 01/15/30^(c)			1,165		987,852


					155,432,744


62		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Metals & Mining — 2.9%
Allegheny Technologies, Inc.
4.88%, 10/01/29	USD		550	$	438,620
5.13%, 10/01/31			1,063		814,302
Arconic Corp.^(c)
6.00%, 05/15/25			1,484		1,447,351
6.13%, 02/15/28			2,032		1,897,441
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(c)			4,781		4,436,507
Carpenter Technology Corp.
6.38%, 07/15/28			168		149,958
7.63%, 03/15/30			1,007		924,724
Commercial Metals Co.
4.13%, 01/15/30			372		313,225
4.38%, 03/15/32			398		325,991
Constellium SE^(c)
5.88%, 02/15/26			1,569		1,464,897
5.63%, 06/15/28			1,851		1,656,168
3.75%, 04/15/29			2,891		2,292,773
ERO Copper Corp., 6.50%, 02/15/30^(c)			829		665,272
FMG Resources August 2006 Pty. Ltd., 6.13%, 04/15/32^(c)			2,088		1,879,200
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28^(c)			121		124,945
Kaiser Aluminum Corp.^(c)
4.63%, 03/01/28			1,190		990,699
4.50%, 06/01/31			1,624		1,229,172
Mineral Resources Ltd.^(c)
8.00%, 11/01/27			640		624,000
8.50%, 05/01/30			651		641,235
New Gold, Inc., 7.50%, 07/15/27^(c)			2,345		2,040,150
Novelis Corp.^(c)
3.25%, 11/15/26			2,729		2,306,755
4.75%, 01/30/30			2,681		2,228,394
3.88%, 08/15/31			2,808		2,162,694
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29^(a)	EUR		100		82,400
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29^(c)	USD		659		560,754
thyssenkrupp AG, 2.88%, 02/22/24^(a)	EUR		100		100,516
U.S. Steel Corp., 6.88%, 03/01/29	USD		1,799		1,569,789
Vedanta Resources Finance II PLC, 8.95%, 03/11/25^(c)			577		455,830


					33,823,762

Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 5.50%, 11/01/23^(c)			157		155,234


Multiline Retail — 0.4%
Bath & Body Works, Inc.
6.88%, 11/01/35			2,391		1,942,687
6.75%, 07/01/36			384		307,162
Dufry One BV, 2.50%, 10/15/24^(a)	EUR		100		94,700
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(c)	USD		2,132		1,964,809


					4,309,358

Offshore Drilling & Other Services^(c)— 0.1%
Entegris, Inc.
4.38%, 04/15/28			1,073		946,922
3.63%, 05/01/29			190		158,884


					1,105,806


Security		Par (000)		Value

Oil, Gas & Consumable Fuels — 15.6%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(c)	USD		2,715	$	2,638,301
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(c)
5.75%, 03/01/27			545		506,850
5.38%, 06/15/29			1,137		1,018,252
Antero Resources Corp., 7.63%, 02/01/29^(c)			701		713,106
Apache Corp.
4.25%, 01/15/30			1,185		1,050,206
5.10%, 09/01/40			1,697		1,432,913
5.25%, 02/01/42			359		300,297
5.35%, 07/01/49			604		477,244
Arcosa, Inc., 4.38%, 04/15/29^(c)			1,988		1,686,926
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(c)
9.00%, 11/01/27			3,527		4,427,031
5.88%, 06/30/29			1,004		883,520
Buckeye Partners LP
4.13%, 03/01/25^(c)			34		31,478
5.85%, 11/15/43			816		579,360
5.60%, 10/15/44			553		385,092
Callon Petroleum Co.
6.13%, 10/01/24			534		542,224
9.00%, 04/01/25^(c)			3,648		3,866,880
6.38%, 07/01/26			655		604,237
8.00%, 08/01/28^(c)			3,400		3,266,040
7.50%, 06/15/30			2,743		2,523,944
Cellnex Telecom SA^(a)
1.75%, 10/23/30	EUR		100		74,568
Series CLNX, 0.75%, 11/20/31			900		642,302
Centennial Resource Production LLC, 6.88%, 04/01/27^(c)	USD		1,222		1,160,454
Central Parent, Inc./Central Merger Sub, Inc., 7.25%, 06/15/29.			2,747		2,643,987
Cheniere Energy Partners LP
4.50%, 10/01/29			2,722		2,429,929
4.00%, 03/01/31			3,130		2,661,439
3.25%, 01/31/32^(c)			3,011		2,371,162
Cheniere Energy, Inc., 4.63%, 10/15/28			9,106		8,200,590
Chesapeake Energy Corp.^(c)
5.88%, 02/01/29			96		90,528
6.75%, 04/15/29			2,933		2,836,299
CITGO Petroleum Corp.^(c)
7.00%, 06/15/25			1,453		1,405,777
6.38%, 06/15/26			1,302		1,201,967
Civitas Resources, Inc., 5.00%, 10/15/26^(c)			477		428,108
CNX Midstream Partners LP, 4.75%, 04/15/30^(c)			502		421,680
CNX Resources Corp., 6.00%, 01/15/29^(c)			518		483,916
Colgate Energy Partners III LLC^(c)
7.75%, 02/15/26			647		615,061
5.88%, 07/01/29			1,986		1,740,232
Comstock Resources, Inc.^(c)
6.75%, 03/01/29			2,456		2,199,176
5.88%, 01/15/30			2,798		2,406,280
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31^(c)			4,645		3,955,403
Crescent Energy Finance LLC, 7.25%, 05/01/26^(c)			3,339		3,038,490
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.^(c)
5.63%, 05/01/27			423		376,470


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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.^(c)(continued)
6.00%, 02/01/29	USD		334	$	291,442
8.00%, 04/01/29			534		495,958
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(c)			3,952		3,714,880
DCP Midstream Operating LP
6.45%, 11/03/36^(c)			920		901,600
6.75%, 09/15/37^(c)			2,031		1,931,989
5.60%, 04/01/44			22		17,779
Diamondback Energy, Inc., 4.25%, 03/15/52			873		724,028
DT Midstream, Inc.^(c)
4.13%, 06/15/29			2,325		1,970,437
4.38%, 06/15/31			2,745		2,298,937
Dycom Industries, Inc., 4.50%, 04/15/29^(c)			564		492,434
Earthstone Energy Holdings LLC, 8.00%, 04/15/27^(c)			1,494		1,413,697
eG Global Finance PLC
6.75%, 02/07/25^(c)			1,613		1,520,874
6.25%, 10/30/25^(a)	EUR		463		434,828
8.50%, 10/30/25^(c)	USD		1,586		1,536,437
EG Global Finance PLC, 4.38%, 02/07/25^(a)	EUR		133		124,046
Energy Transfer LP, Series H, (5 year CMT + 5.69%), 6.50%^(b)(k)	USD		3,372		2,980,570
EnLink Midstream LLC
5.63%, 01/15/28^(c)			1,302		1,194,282
5.38%, 06/01/29			1,561		1,366,199
EnLink Midstream Partners LP
4.40%, 04/01/24			1,638		1,598,926
4.15%, 06/01/25			108		100,534
4.85%, 07/15/26			297		273,983
5.60%, 04/01/44			1,433		1,014,870
5.05%, 04/01/45			220		148,775
5.45%, 06/01/47			246		174,104
EQM Midstream Partners LP
6.00%, 07/01/25^(c)			492		471,671
4.13%, 12/01/26			361		311,814
6.50%, 07/01/27^(c)			1,929		1,793,585
4.50%, 01/15/29^(c)			147		119,346
7.50%, 06/01/30			421		404,432
4.75%, 01/15/31^(c)			1,748		1,394,030
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25			350		322,875
7.75%, 02/01/28			188		162,629
Gulfport Energy Corp., 8.00%, 05/17/26^(c)			152		149,527
Harbour Energy PLC, 5.50%, 10/15/26^(c)			420		377,475
Harvest Midstream I LP, 7.50%, 09/01/28^(c)			315		295,858
Hess Midstream Operations LP, 4.25%, 02/15/30^(c)			1,313		1,099,592
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28^(c)			262		246,938
ITT Holdings LLC, 6.50%, 08/01/29^(c)			1,889		1,511,200
Kinetik Holdings LP, 5.88%, 06/15/30			2,774		2,642,554
MasTec, Inc., 4.50%, 08/15/28^(c)			951		855,600
Matador Resources Co., 5.88%, 09/15/26			5,186		4,985,198
MPLX LP, 4.95%, 03/14/52			2,212		1,911,516
Murphy Oil Corp.
5.75%, 08/15/25			605		598,654
5.88%, 12/01/27			228		212,781
6.13%, 12/01/42			141		105,398


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Murphy Oil USA, Inc., 4.75%, 09/15/29	USD		928	$	835,256
Nabors Industries Ltd.^(c)
7.25%, 01/15/26			375		332,569
7.50%, 01/15/28			877		754,220
Nabors Industries, Inc., 7.38%, 05/15/27^(c)			1,461		1,387,950
Neptune Energy Bondco PLC, 6.63%, 05/15/25^(c)			200		192,000
New Fortress Energy, Inc.^(c)
6.75%, 09/15/25			3,227		3,049,515
6.50%, 09/30/26			4,988		4,517,938
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(c)			948		853,200
NGPL PipeCo LLC, 7.77%, 12/15/37^(c)			1,640		1,784,708
Northern Oil & Gas, Inc., 8.13%, 03/01/28^(c)			3,877		3,654,072
NuStar Logistics LP
5.75%, 10/01/25			719		672,265
6.00%, 06/01/26			908		848,980
6.38%, 10/01/30			75		65,162
Occidental Petroleum Corp.
6.95%, 07/01/24			363		373,890
8.00%, 07/15/25			138		145,245
5.88%, 09/01/25			444		442,069
5.50%, 12/01/25			641		631,385
8.88%, 07/15/30			549		630,295
6.63%, 09/01/30			3,013		3,103,390
6.13%, 01/01/31			293		296,934
7.50%, 05/01/31			533		572,975
6.45%, 09/15/36			451		462,275
6.20%, 03/15/40			3,936		3,876,960
6.60%, 03/15/46			227		241,074
Parkland Corp., 5.88%, 07/15/27^(c)			1,223		1,109,872
PDC Energy, Inc., 6.13%, 09/15/24			356		353,577
Range Resources Corp., 4.88%, 05/15/25			464		452,586
Rockcliff Energy II LLC, 5.50%, 10/15/29^(c)			1,911		1,738,953
SM Energy Co.
5.63%, 06/01/25			380		359,100
6.75%, 09/15/26			724		682,994
6.63%, 01/15/27			137		128,095
6.50%, 07/15/28			970		892,114
Southwestern Energy Co.
5.95%, 01/23/25			11		10,867
5.38%, 02/01/29			1,724		1,599,182
4.75%, 02/01/32			856		731,473
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27			339		323,196
5.88%, 03/15/28			808		736,700
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(c)
6.00%, 03/01/27			250		223,125
6.00%, 12/31/30			171		141,930
6.00%, 09/01/31			686		565,950
Tap Rock Resources LLC, 7.00%, 10/01/26^(c)			4,398		4,152,672
Transocean, Inc., 11.50%, 01/30/27^(c)			965		905,778
UGI International LLC, 2.50%, 12/01/29^(a)	EUR		100		78,588
Venture Global Calcasieu Pass LLC^(c)
3.88%, 08/15/29	USD		4,507		3,942,386
4.13%, 08/15/31			3,821		3,265,121
3.88%, 11/01/33			7,004		5,778,300
Vermilion Energy, Inc., 6.88%, 05/01/30^(c)			807		722,265
Western Midstream Operating LP 4.75%, 08/15/28			145		132,475


64		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Western Midstream Operating LP (continued)
5.45%, 04/01/44	USD		1,561	$	1,297,410
5.30%, 03/01/48			1,851		1,492,184
5.50%, 08/15/48			703		572,945
5.75%, 02/01/50			3,337		2,679,807


					179,805,973

Personal Products — 0.0%
Coty, Inc.
3.88%, 04/15/26^(a)	EUR		206		190,382
4.75%, 04/15/26^(a)			100		89,862
6.50%, 04/15/26^(c)	USD		100		92,194


					372,438

Pharmaceuticals — 1.2%
Almirall SA, 2.13%, 09/30/26^(a)	EUR		100		93,008
Bausch Health Cos., Inc.^(c)
9.00%, 12/15/25	USD		74		54,675
6.13%, 02/01/27			334		283,900
7.00%, 01/15/28			402		230,145
5.00%, 02/15/29			1,091		567,320
6.25%, 02/15/29			55		29,271
7.25%, 05/30/29			325		176,313
Cheplapharm Arzneimittel GmbH
3.50%, 02/11/27^(a)	EUR		166		147,953
4.38%, 01/15/28^(a)			100		89,040
5.50%, 01/15/28^(c)	USD		1,643		1,372,715
Elanco Animal Health, Inc., 6.40%, 08/28/28			241		229,408
Gruenenthal GmbH^(a)
3.63%, 11/15/26	EUR		100		94,572
4.13%, 05/15/28			217		194,431
Jazz Securities DAC, 4.38%, 01/15/29^(c)	USD		1,994		1,773,696
Nidda BondsCo GmbH, 5.00%, 09/30/25^(a)	EUR		100		84,360
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24^(a)			300		277,761
Option Care Health, Inc., 4.38%, 10/31/29^(c)	USD		914		783,755
Organon & Co./Organon Foreign Debt Co-Issuer BV
2.88%, 04/30/28^(a)	EUR		120		105,031
4.13%, 04/30/28^(c)	USD		2,005		1,774,425
5.13%, 04/30/31^(c)			1,680		1,449,554
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25^(c)			1,480		1,036,074
PRA Health Sciences, Inc., 2.88%, 07/15/26^(c)			2,163		1,925,070
Prestige Brands, Inc., 3.75%, 04/01/31^(c)			834		691,553
Rossini SARL, 6.75%, 10/30/25^(a)	EUR		201		202,229
Teva Pharmaceutical Finance Netherlands II BV
6.00%, 01/31/25			100		102,064
4.50%, 03/01/25			200		195,744
3.75%, 05/09/27			100		88,604
1.63%, 10/15/28^(a)			100		73,671
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25	USD		200		194,162

					14,320,504

Real Estate — 0.1%
VICI Properties LP, 5.63%, 05/15/52			1,030		937,475


Real Estate Management & Development — 0.6%
Adler Group SA^(a)
3.25%, 08/05/25	EUR		200		112,936
2.75%, 11/13/26			200		105,005


Security		Par (000)		Value

Real Estate Management & Development (continued)
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28^(c)	USD		1,451	$	1,347,616
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24^(a)	EUR		100		86,519
DIC Asset AG, 2.25%, 09/22/26^(a)			200		139,377
Fastighets AB Balder, (5 year EUR Swap + 3.19%), 2.87%, 06/02/81^(a)(b)			175		98,142
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(c)	USD		491		411,826
Heimstaden Bostad AB^(a)(b)(k)
(5 year EUR Swap + 3.15%), 2.63%	EUR		200		106,338
(5 year EUR Swap + 3.91%), 3.38%			100		61,435
Howard Hughes Corp.^(c)
5.38%, 08/01/28	USD		1,334		1,117,225
4.13%, 02/01/29			943		727,324
4.38%, 02/01/31			660		488,454
Realogy Group LLC/Realogy Co-Issuer Corp.^(c)
5.75%, 01/15/29			1,495		1,133,688
5.25%, 04/15/30			714		528,360
Starwood Property Trust, Inc., 4.38%, 01/15/27^(c)			406		352,432
WeWork Cos. LLC/WW Co.-Obligor, Inc., 5.00%, 07/10/25^(c)			1,057		682,663


					7,499,340

Road & Rail — 0.2%
Autostrade per l’Italia SpA^(a)
1.88%, 11/04/25	EUR		100		96,844
2.00%, 01/15/30			279		228,786
Danaos Corp., 8.50%, 03/01/28^(c)	USD		161		159,393
Seaspan Corp., 5.50%, 08/01/29^(c)			1,800		1,448,222


					1,933,245

Semiconductors & Semiconductor Equipment — 1.2%
ams-OSRAM AG^(a)
2.13%, 11/03/27	EUR		100		75,040
Series AMS, 0.00%, 03/05/25^(l)			200		163,225
Entegris Escrow Corp., 4.75%, 04/15/29^(c)	USD		6,364		5,926,336
Sensata Technologies BV^(c)
5.63%, 11/01/24			1,400		1,382,024
5.00%, 10/01/25			2,021		1,940,160
4.00%, 04/15/29			1,041		882,851
Sensata Technologies, Inc.^(c)
4.38%, 02/15/30			3,030		2,579,068
3.75%, 02/15/31			146		117,013
Synaptics, Inc., 4.00%, 06/15/29^(c)			1,094		888,306


					13,954,023

Software — 2.2%
ACI Worldwide, Inc., 5.75%, 08/15/26^(c)			1,133		1,093,651
Black Knight InfoServ LLC, 3.63%, 09/01/28^(c)			1,997		1,727,405
Boxer Parent Co., Inc.
6.50%, 10/02/25^(a)	EUR		373		366,024
7.13%, 10/02/25^(c)	USD		1,099		1,052,358
9.13%, 03/01/26^(c)			3,346		3,125,872
Cedacri Mergeco SpA, (3 mo. EURIBOR + 4.63%), 4.63%, 05/15/28^(a)(b)	EUR		163		157,455
Elastic NV, 4.13%, 07/15/29^(c)	USD		2,011		1,678,743
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28^(c)			959		761,101
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(c)			1,386		1,118,658
Maxar Technologies, Inc., 7.75%, 06/15/27			421		417,009
MicroStrategy, Inc., 6.13%, 06/15/28^(c)			2,441		1,943,842


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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
MSCI, Inc.^(c)
3.63%, 09/01/30	USD		551	$	459,357
3.88%, 02/15/31			821		701,955
3.63%, 11/01/31			798		656,872
3.25%, 08/15/33			976		777,960
Open Text Corp.^(c)
3.88%, 02/15/28			29		25,794
3.88%, 12/01/29			991		834,075
Open Text Holdings, Inc., 4.13%, 02/15/30^(c)			1,365		1,180,793
Playtika Holding Corp., 4.25%, 03/15/29^(c)			2,013		1,660,725
PTC, Inc., 4.00%, 02/15/28^(c)			493		445,508
SS&C Technologies, Inc., 5.50%, 09/30/27^(c)			4,790		4,466,962
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(c)			682		511,804


					25,163,923

Specialty Retail — 0.7%
Arko Corp., 5.13%, 11/15/29^(c)			981		743,134
Bath & Body Works, Inc., 7.60%, 07/15/37			246		198,319
Carvana Co., 10.25%, 05/01/30^(c)			843		691,260
Douglas GmbH, 6.00%, 04/08/26^(a)	EUR		100		80,692
Goldstory SASU, 5.38%, 03/01/26^(a)			100		88,211
PetSmart, Inc./PetSmart Finance Corp.^(c) 4.75%, 02/15/28	USD		695		601,342
7.75%, 02/15/29			3,886		3,499,382
Staples, Inc., 7.50%, 04/15/26^(c)			2,925		2,424,445
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24^(a)(b)	EUR		100		100,035


					8,426,820

Technology Hardware, Storage & Peripherals — 0.1%
II-VI, Inc., 5.00%, 12/15/29^(c)	USD		1,896		1,654,260


Textiles, Apparel & Luxury Goods — 0.2%
BK LC Lux Finco1 SARL, 5.25%, 04/30/29^(a)	EUR		100		82,657
Crocs, Inc.^(c)
4.25%, 03/15/29	USD		369		272,942
4.13%, 08/15/31			971		687,231
European TopSoho SARL, Series SMCP, 4.00%, 09/21/21^(a)(j)	EUR		200		181,530
Kontoor Brands, Inc., 4.13%, 11/15/29^(c)	USD		525		416,913
Levi Strauss & Co., 3.50%, 03/01/31^(c)			668		546,090
William Carter Co., 5.63%, 03/15/27^(c)			543		508,470


					2,695,833

Thrifts & Mortgage Finance — 0.5%
doValue SpA, 3.38%, 07/31/26^(a)	EUR		128		115,568
Enact Holdings, Inc., 6.50%, 08/15/25^(c)	USD		2,158		2,035,253
Home Point Capital, Inc., 5.00%, 02/01/26^(c)			1,023		705,870
Jerrold Finco PLC^(a)
4.88%, 01/15/26	GBP		100		106,879
5.25%, 01/15/27			140		150,270
MGIC Investment Corp., 5.25%, 08/15/28	USD		857		767,401
Nationstar Mortgage Holdings, Inc.^(c) 6.00%, 01/15/27			85		73,732
5.13%, 12/15/30			569		425,344
5.75%, 11/15/31			527		403,524
Rocket Mortgage LLC/Rocket Mortgage Co- Issuer, Inc., 2.88%, 10/15/26^(c)			1,110		917,315


					5,701,156


Security		Par (000)		Value

Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28^(a)	EUR		226	$	193,031


Transportation Infrastructure^(a)— 0.0%
Autostrade per l’Italia SpA, 1.63%, 01/25/28			150		130,885
Heathrow Finance PLC, 4.63%, 09/01/29⁽ⁿ⁾	GBP		215		225,471


					356,356

Utilities — 0.3%
Consensus Cloud Solutions, Inc.^(c)
6.00%, 10/15/26	USD		386		332,076
6.50%, 10/15/28			475		391,970
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(c)			1,965		1,709,550
Thames Water Kemble Finance PLC, 4.63%, 05/19/26^(a)	GBP		252		286,124
Vistra Operations Co. LLC, 4.38%, 05/01/29^(c)	USD		1,257		1,051,644


					3,771,364

Wireless Telecommunication Services — 1.9%
Altice France SA
2.50%, 01/15/25^(a)	EUR		169		154,409
5.88%, 02/01/27^(a)			100		90,805
8.13%, 02/01/27^(c)	USD		2,712		2,496,098
5.50%, 01/15/28^(c)			1,286		1,036,336
4.13%, 01/15/29^(a)	EUR		200		157,818
5.13%, 01/15/29^(c)	USD		794		601,542
5.13%, 07/15/29^(c)			1,641		1,238,955
4.25%, 10/15/29^(a)	EUR		147		114,652
5.50%, 10/15/29^(c)	USD		2,390		1,825,745
SBA Communications Corp.
3.13%, 02/01/29			96		78,576
3.88%, 02/15/27			5,258		4,799,450
T-Mobile USA, Inc.
4.75%, 02/01/28			396		383,807
2.63%, 02/15/29			1,928		1,622,965
3.38%, 04/15/29			607		531,125
2.88%, 02/15/31			1,184		982,992
3.50%, 04/15/31			992		856,523
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/25^(c)			1,089		1,050,776
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29^(c)			2,510		1,838,575
Vmed O2 U.K. Financing I PLC 4.00%, 01/31/29^(a)	GBP		200		193,122
4.25%, 01/31/31^(c)	USD		257		206,564
4.50%, 07/15/31^(a)	GBP		201		192,683
4.75%, 07/15/31^(c)	USD		1,668		1,347,494
Vodafone Group PLC, (5 year EUR Swap + 3.23%), 3.00%, 08/27/80^(a)(b)	EUR		100		79,309


					21,880,321


Total Corporate Bonds — 112.1% (Cost: $1,494,541,740)					1,296,381,435


Floating Rate Loan Interests^(b)

Aerospace & Defense — 0.7%
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 11/17/28^(o)	USD		412		391,058


66		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Aerospace & Defense (continued)
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 9.00%, 02/01/29	USD		1,564		$	1,450,585
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/01/28			5,143			4,819,132
Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 01/15/25			1,109			1,078,656
WP CPP Holdings LLC, 2018 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.99%, 04/30/25			318			262,113


						8,001,544

Air Freight & Logistics — 0.4%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.72%, 04/06/28			609			550,485
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/15/28			4,425			3,982,400


						4,532,885

Airlines — 1.0%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.81%, 04/20/28			3,547			3,377,834
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28^(g)			1,924			1,765,270
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.31%, 06/21/27			1,146			1,129,616
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.81%, 10/20/27			1,648			1,636,151
United Airlines, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.39%, 04/21/28			3,568			3,306,957


						11,215,828

Auto Components — 0.1%
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/30/26			1,242			1,156,338


Banks — 0.4%
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 6.67%, 08/02/27			4,573			4,197,770


Beverages — 0.1%
Naked Juice LLC
2nd Lien Term Loan, (SOFR + 6.00%), 8.15%, 01/24/30^(g)			156			140,400
Term Loan, (SOFR + 3.25%), 5.40%, 01/24/29			733			680,709


						821,109

Building Products — 0.0%
Standard Industries, Inc., 2021 Term Loan B, 09/22/28^(o)			—	^(e)		1


Security		Par (000)			Value

Capital Markets — 0.2%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 7.50%, 08/02/29^(g)	USD		994		$	924,486
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 8.42%, 04/07/28			1,206			1,169,820


						2,094,306

Chemicals — 0.7%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.00%, 08/27/26			2,321			2,257,009
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 03/18/28			2,540			2,421,782
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/15/24			1,426			1,374,940
New Arclin U.S. Holding Corp., 2021 Term Loan , (1 mo. LIBOR + 3.75%), 5.42%, 09/30/28			885			814,199
WR Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 6.06%, 09/22/28			1,514			1,432,900


						8,300,830

Commercial Services & Supplies — 0.7%
Asurion LLC, 2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 4.92%, 12/23/26			2,216			2,004,332
GFL Environmental, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 4.24%, 05/30/25			—	^(e)		1
Propulsion BC Finco SARL, Term Loan, 02/10/29^(g)(o)			887			838,302
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 08/27/25			5,496			5,248,765


						8,091,400

Communications Equipment — 0.1%
ViaSat, Inc., Term Loan, (SOFR + 4.50%), 6.14%, 03/02/29			1,767			1,641,010


Construction & Engineering — 1.3%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.40%, 06/21/24			14,367			12,357,887
New Arclin U.S. Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.67%, 09/30/29^(g)			2,814			2,652,195


						15,010,082

Construction Materials — 0.0%
BCPE Empire Holdings, Inc., 2022 Incremental Term Loan, (SOFR + 4.62%), 6.25%, 06/11/26			191			179,230
Smyrna Ready Mix Concrete LLC, (SOFR + 4.25%), 5.88%, 04/02/29^(g)			344			317,218


						496,448

Containers & Packaging — 0.2%
BWAY Holding Co., 2017 Term Loan B, (1 Week LIBOR + 3.25%), 4.31%, 04/03/24			1,951			1,835,506
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/01/27			1			1
Clydesdale Acquisition Holdings, Inc., Term Loan B, (SOFR + 4.25%), 5.88%, 04/13/29			842			785,561


						2,621,068


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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Diversified Consumer Services — 0.2%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 01/29/27	USD		362		$	343,315
Ascend Learning LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 12/10/29^(g)			657			601,155
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.54%, 01/15/27			405			386,693
TruGreen LP, 2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 0.75% Floor), 10.17%, 11/02/28^(g)			868			828,940


						2,160,103

Diversified Financial Services — 1.0%
AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.81%, 08/02/28^(g)			250			232,846
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.84%, 12/01/27			2,101			1,897,901
EP Purchaser LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.75%, 11/06/28			369			350,217
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 10/01/27			3,713			3,502,293
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (SOFR + 4.00%), 6.20%, 02/16/28			543			510,440
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 09/21/29			144			137,340
2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 09/23/28			889			837,071
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/18/27			—	^(e)		5
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 09/25/26			314			291,624
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.25%, 09/01/25			2,627			2,143,209
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 5.28%, 10/19/27			1,594			1,464,059


						11,367,005

Diversified Telecommunication Services — 0.1%
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.06%, 05/01/28			1,124			1,048,957
Intelsat Jackson Holdings SA, 2017 Term Loan B3, (PRIME + 4.75%), 9.50%, 11/27/23			4			3,875


						1,052,832

Electrical Equipment — 0.1%
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 03/31/27			1,231			1,159,222


Security		Par (000)		Value

Food Products — 0.0%
Chobani LLC, 2020 Term Loan B, 10/25/27^(o)	USD		168	$	152,213


Gas Utilities — 0.1%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 12/21/28			1,353		1,165,600


Health Care Providers & Services — 0.4%
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.25%, 01/08/27			1,235		1,166,938
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/10/25			3,034		998,346
EyeCare Partners LLC, 2020 Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 02/18/27			739		681,497
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 6.50%, 1.00% Floor), 7.50%, 04/29/25			1,453		968,625
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 11/16/25			442		411,402


					4,226,808

Health Care Services — 0.0%
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 9.88%, 11/01/29			631		580,520


Health Care Technology — 1.4%
Athenahealth, Inc., 2022 Term Loan B, (SOFR + 3.50%), 5.01%, 02/15/29			7,574		6,953,667
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 06/02/28			1,255		1,156,338
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.67%, 04/02/29^(g)			8,084		7,598,960


					15,708,965

Hotels, Restaurants & Leisure — 0.5%
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 12/23/24			1,477		1,419,268
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 5.53%, 01/27/29			2,714		2,764,869
Great Canadian Gaming Corp., 2021 Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.10%, 11/01/26			303		284,366
IRB Holding Corp., 2022 Term Loan B, (SOFR + 3.15%, 0.75% Floor), 4.24%, 12/15/27			1,157		1,083,510


					5,552,013

Household Durables — 0.2%
Solis IV BV, USD Term Loan B1, (SOFR + 3.50%), 4.84%, 02/26/29			1,135		973,977
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.60%, 10/06/28			2,084		1,706,093


					2,680,070


68		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 3.67%, 08/12/26	USD		92		$	87,304


Industrial Conglomerates — 0.2%
AVSC Holding Corp., 2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.58%, 09/01/25			1,279			1,013,099
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.30%, 11/28/23			927			918,190


						1,931,289

Insurance — 0.5%
Alliant Holdings Intermediate LLC
2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 5.01%, 11/06/27			964			893,969
Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/09/25			1,970			1,858,402
AssuredPartners, Inc., 2022 Term Loan, (SOFR + 3.50%), 5.03%, 02/12/27			1,087			1,011,166
Hub International Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 4.21%, 04/25/25			—	^(e)		1
Ryan Specialty Group LLC, Term Loan, (SOFR + 3.00%, 0.75% Floor), 4.63%, 09/01/27^(g)			543			521,279
Sedgwick Claims Management Services, Inc. 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 12/31/25			846			792,597
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 09/03/26			498			472,815
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.92%, 09/03/26			527			507,928


						6,058,157

Interactive Media & Services — 0.2%
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.67%, 10/30/26			367			345,632
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			2,807			2,553,808


						2,899,440

IT Services — 1.7%
Banff Merger Sub, Inc.
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.50%), 7.17%, 02/27/26			2,250			2,107,980
2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/02/25			1,294			1,202,488
CoreLogic, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.19%, 06/04/29^(g)			1,285			925,057
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/01/27			1,342			1,279,536
Optiv Security, Inc., 1st Lien Term Loan, (6 mo. LIBOR + 3.25%, 1.00% Floor), 5.33%, 02/01/24			1,219			1,163,820
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27^(g)			2,299			2,069,294


Security		Par (000)			Value

IT Services (continued)
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 10.25%, 10/09/28	USD		10,251		$	10,174,118
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 05/05/26^(g)			343			319,734


						19,242,027

Leisure Products — 0.0%
Peloton Interactive, Inc., Term Loan, (SOFR + 6.50%), 8.35%, 05/25/27			512			486,723


Machinery — 1.1%
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/21/28			1,216			1,133,745
Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%), 4.52%, 06/21/28			—	^(e)		1
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 7.25%, 09/21/26^(g)			1,986			1,892,090
SPX Flow, Inc., (SOFR + 4.50%), 6.13%, 04/05/29			1,918			1,782,793
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 5.88%, 03/28/25			8,501			7,776,709


						12,585,338

Media — 1.5%
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 3.79%, 07/15/25			238			214,196
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.74%, 08/21/26			6,513			5,576,924
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 12/12/26			502			460,185
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (SOFR + 4.25%), 4.92%, 02/01/29			1,850			1,692,636
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.42%, 09/13/24			2,732			2,566,607
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.42%, 09/13/24			826			776,494
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.92%, 02/23/29			288			270,239
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/09/27			6,160			5,661,542


						17,218,823

Metals & Mining — 0.0%
Grinding Media, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.80%, 10/12/28^(g)			149			136,662


Oil, Gas & Consumable Fuels — 1.0%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.02%, 11/01/25			11,117			11,654,006
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 06/28/24			90			54,239


						11,708,245


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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Professional Services — 0.4%
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (SOFR + 3.25%), 4.75%, 01/18/29	USD		533	$	496,530
Term Loan, (1 mo. LIBOR + 3.25%), 4.87%, 02/06/26			1,831		1,724,023
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Delayed Draw Term Loan B, 0.00%, 04/12/29			297		283,932
2022 USD Delayed Draw Term Loan D, 04/12/29^(o)			642		615,186
Galaxy U.S. Opco, Inc., Term Loan, (SOFR + 4.75%), 6.28%, 04/29/29			1,339		1,253,639


					4,373,310

Real Estate Management & Development — 0.2%
Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 11/03/28			1,980		1,783,688


Semiconductors & Semiconductor Equipment — 0.1%
MKS Instruments, Inc., 2022 Term Loan B, 04/08/29^(o)			1,043		995,256


Software — 3.7%
Barracuda Networks, Inc., 2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.99%, 10/30/28			722		719,819
Central Parent, Inc., 2022 USD Term Loan B, 07/06/29^(o)			869		819,145
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.67%, 10/08/29^(g)			1,463		1,272,810
2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/08/28			3,293		3,020,933
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/28/24^(g)			1,936		1,669,940
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.42%, 07/31/28			506		489,808
2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 07/30/27			894		842,401
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 5.95%, 03/11/28			406		372,809
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 6.23%, 07/27/28			4,526		4,055,693
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.48%, 07/27/29			2,293		2,086,630
McAfee LLC, 2022 USD Term Loan B, (SOFR + 4.00%), 5.15%, 03/01/29			5,121		4,647,386
Planview Parent, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.92%, 12/18/28^(g)			850		807,500
Proofpoint, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.82%, 08/31/29			2,006		1,915,730
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 04/24/28			1,247		1,149,709


Security		Par (000)		Value

Software (continued)
RealPage, Inc. (continued)
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 8.17%, 04/23/29	USD		6,751	$	6,402,502
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.92%, 05/30/25			1,768		1,669,659
Sabre Global, Inc.
2021 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 12/17/27			526		490,479
2021 Term Loan B2, (1 mo. LIBOR + 3.50%), 5.17%, 12/17/27			838		781,852
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.62%, 08/01/25			2,165		2,074,309
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 10/07/27			2,803		2,608,849
Sovos Compliance LLC
2021 Delayed Draw Term Loan, (1 mo. LIBOR + 4.50%), 6.15%, 08/11/28			100		93,552
2021 Term Loan, (1 mo. LIBOR + 4.50%), 6.17%, 08/11/28			574		539,023
Tempo Acquisition LLC, Non-Extended Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 05/01/24			200		196,950
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.25%, 03/03/28			1,576		1,542,116
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 6.21%, 05/03/27			2,065		1,899,944
2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.21%, 05/04/26			749		699,987


					42,869,535

Specialty Retail — 0.0%
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28			66		61,456
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 6.29%, 04/16/26			648		562,120


					623,576

Textiles, Apparel & Luxury Goods — 0.3%
Crocs, Inc., Term Loan B, (SOFR + 3.50%), 4.45%, 02/17/29			4,319		3,922,274


Trading Companies & Distributors — 0.2%
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.49%, 01/31/28^(g)			564		490,538
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/02/28			1,538		1,413,390


					1,903,928

Transportation — 0.1%
Brown Group Holding, LLC, 2022 Term Loan B2, 07/02/29^(o)			1,277		1,223,787


Total Floating Rate Loan Interests — 21.1%
(Cost: $263,522,784)					244,035,332


70		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Preferred Securities

Capital Trusts — 1.8%^(b)(d)

Automobiles^(k)— 0.1%
General Motors Financial Co., Inc., Series C, 5.70%	USD		655	$	569,850
Volkswagen International Finance NV^(a) 3.75%	EUR		100		89,076
4.38%			100		84,083


					743,009

Banks^(k)— 0.1%
AIB Group PLC, 5.25%^(a)			200		190,465
CaixaBank SA, 6.38%^(a)			200		207,494
Credit Agricole SA, 4.75%^(c)	USD		1,095		850,997


					1,248,956

Diversified Financial Services^(k)— 1.2%
Barclays PLC, 4.38%			2,490		1,909,490
Credit Suisse Group AG^(c) 6.38%			1,658		1,369,919
5.25%			1,077		831,966
6.25%			200		182,000
Deutsche Bank AG, 6.75%^(a)	EUR		200		187,194

HSBC Holdings PLC, 6.00%	USD		2,298		2,059,582
JPMorgan Chase & Co.
Series FF, 5.00%			5,918		5,222,635
Series HH, 4.60%			1,416		1,195,842
Series Q, 5.15%			850		804,313


					13,762,941

Diversified Telecommunication Services — 0.0%
British Telecommunications PLC, 4.88%, 11/23/81^(c)			200		170,000


Electric Utilities^(k)— 0.1%
Edison International, Series B, 5.00%			940		747,893
Naturgy Finance BV, 2.37%^(a)	EUR		200		161,908


					909,801

Food & Staples Retailing — 0.0%
Casino Guichard Perrachon SA, 3.99%^(a)(k)			100		39,979


Health Care Providers & Services — 0.0%
Korian SA, 4.13%^(a)(k)	GBP		200		191,139


Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp., 7.00%^(c)(k)	USD		1,272		1,154,340


Internet & Direct Marketing Retail — 0.0%
Rakuten Group, Inc., 4.25%^(a)(k)	EUR		225		162,722


Media — 0.0%
SES SA, 2.88%^(a)(k)			300		262,511


Oil, Gas & Consumable Fuels^(a)(k)— 0.0%
Abertis Infraestructuras Finance BV, 3.25%			200		167,166
BP Capital Markets PLC, 4.25%	GBP		125		132,811
Repsol International Finance BV 3.75%	EUR		100		94,347
4.25%			100		89,600


					483,924

Transportation Infrastructure — 0.0%
Poste Italiane SpA, 2.63%^(a)(k)			200		145,665


Security		Par (000)		Value


Utilities^(a)(k)— 0.1%
Electricite de France SA 3.00%	EUR		200	$	159,027
2.88%			200		162,432
3.38%			400		272,450
6.00%	GBP		100		107,281


					701,190

Wireless Telecommunication Services^(a)— 0.1%
Vodafone Group PLC 2.63%, 08/27/80	EUR		400		361,753
4.20%, 10/03/78			200		184,439


					546,192


					20,522,369


		Shares


Preferred Stocks — 1.2%

Banks — 0.0%
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $666,513)^(f)			680,898		12,581


Commercial Services & Supplies — 0.1%
Verscend Intermediate Holding^(g)			790		914,362


Insurance — 0.1%
Alliant Holdings, Inc.^(g)			1,431		1,296,704


Interactive Media & Services — 0.9%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $7,000,256)^(f)(g)			63,886		10,574,153


Wireless Telecommunication Services — 0.1%
Ligado Networks LLC			32,168		1,351,073


					14,148,873


Total Preferred Securities — 3.0% (Cost: $39,376,732)					34,671,242


Total Long-Term Investments — 138.5% (Cost: $1,850,075,851)					1,600,914,960


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33%^(p)(q)			2,647,274		2,647,274


Total Short-Term Securities — 0.2% (Cost: $2,647,274)					2,647,274


Total Investments — 138.7% (Cost: $1,852,723,125)					1,603,562,234

Liabilities in Excess of Other Assets — (38.7)%					(447,530,893	)


Net Assets — 100.0%				$	1,156,031,341

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

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

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

^(d)	Non-income producing security.

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


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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

^(f)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $11,578,875, representing 1.0% of its net assets as of period end, and an original cost of $9,266,121.

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

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

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

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

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

^(l)	Zero-coupon bond.

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

⁽ⁿ⁾	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(o)	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.

^(p)	Affiliate of the Trust.

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

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	—	$	2,647,274	^(a)	$	—		$	—		$	—		$	2,647,274		2,647,274	$	1,883	$	—
iShares Preferred & Income Securities ETF^(b)		8,004,290		—			(6,688,816	)		(738,522	)		(576,952	)		—		—		100,053		—


									$	(738,522	)	$	(576,952	)	$	2,647,274			$	101,936	$	—

^(a)

Represents net amount purchased (sold).

^(b)

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 BTP		3		09/08/22	$	387	$	(10,786	)
10-Year U.S. Treasury Note		55		09/21/22		6,510		62,915
U.S. Long Bond		4		09/21/22		552		4,544
Ultra U.S. Treasury Bond		68		09/21/22		10,495		173,848


							$	230,521

Forward Foreign Currency Exchange Contracts



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

USD	34,341,532		EUR	32,038,000	BNP Paribas S.A.		09/21/22	$	580,460
USD	47,540		EUR	45,000	Morgan Stanley & Co. International PLC		09/21/22		120
USD	98,403		EUR	93,000	Natwest Markets PLC		09/21/22		402
USD	195,062		EUR	185,000	Natwest Markets PLC		09/21/22		112
USD	32,976		EUR	31,000	Toronto-Dominion Bank		09/21/22		308
USD	7,140,606		GBP	5,694,000	Natwest Markets PLC		09/21/22		198,929


									780,331


72		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

Forward Foreign Currency Exchange Contracts (continued)



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

USD	35,758		EUR	34,000	State Street Bank and Trust Co.		09/21/22	$	(71	)
USD	9,638		GBP	8,000	Commonwealth Bank of Australia		09/21/22		(115	)


									(186	)


								$	780,145

OTC Credit Default Swaps — Sell Protection



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

Casino Guichard-Perrachon S.A.	5.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	B	EUR	80	$	(12,008	)	$	(6,938	)	$	(5,070	)
Novafives S.A.S.	5.00		Quarterly	Citibank N.A.	06/20/23	B-	EUR	60		(6,968	)		(4,009	)		(2,959	)
Novafives S.A.S.	5.00		Quarterly	Goldman Sachs International	06/20/23	B-	EUR	25		(2,959	)		(1,679	)		(1,280	)
Novafives S.A.S.	5.00		Quarterly	Goldman Sachs International	06/20/23	B-	EUR	15		(1,686	)		(1,025	)		(661	)
CenturyLink, Inc.	1.00		Quarterly	Barclays Bank PLC	12/20/23	NR	USD	856		(24,612	)		(20,391	)		(4,221	)
CenturyLink, Inc.	1.00		Quarterly	Barclays Bank PLC	06/20/25	NR	USD	1,221		(109,524	)		(101,832	)		(7,692	)
Faurecia SE	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/25	BB	EUR	20		200			924			(724	)
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/25	CCC	EUR 60			(19,349	)		7,341			(26,690	)
Virgin Media Finance PLC	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B	EUR	70		1,798			6,632			(4,834	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	NR	EUR	50		(16,400	)		4,179			(20,579	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	NR	EUR	50		(16,400	)		4,694			(21,094	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/26	BB+	EUR	30		(427	)		1,254			(1,681	)
CMA CGM SA	5.00		Quarterly	Goldman Sachs International	06/20/26	BB+	EUR	20		(285	)		1,508			(1,793	)
Adler Real Estate AG	5.00		Quarterly	Citibank N.A.	12/20/26	CCC	EUR	20		(6,657	)		441			(7,098	)
Adler Real Estate AG	5.00		Quarterly	Goldman Sachs International	12/20/26	CCC	EUR	10		(3,329	)		(21	)		(3,308	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	CCC	EUR	40		(13,314	)		—			(13,314	)
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/26	CCC	EUR 10			(3,329	)		42			(3,371	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB+	EUR	100		(2,952	)		3,973			(6,925	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Bank of America N.A.	12/20/26	B+	EUR	50		(8,127	)		(1,953	)		(6,174	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Barclays Bank PLC	12/20/26	B+	EUR	41		(6,601	)		1,588			(8,189	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+	EUR	39		(6,416	)		1,633			(8,049	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+	EUR	55		(8,940	)		2,115			(11,055	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/26	B+	EUR 55			(8,940	)		2,507			(11,447	)
K&S AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB	EUR	90		7,429			7,244			185
CMA CGM SA	5.00		Quarterly	Barclays Bank PLC	06/20/27	BB+	EUR	10		(440	)		317			(757	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB+	EUR	180		(7,814	)		8,213			(16,027	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB+	EUR	56		(2,428	)		1,882			(4,310	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+	EUR	56		(2,439	)		2,048			(4,487	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+	EUR	53		(2,293	)		1,925			(4,218	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+	EUR	15		(649	)		539			(1,188	)
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB	EUR	180		(30,056	)		(31,846	)		1,790
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB	EUR	50		(8,349	)		(5,545	)		(2,804	)


									$	(324,264	)	$	(114,240	)	$	(210,024	)

^(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.


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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

OTC Total Return Swaps


Paid by the Trust			Received by the Trust				Effective Date		Termination Date		Notional Amount (000)						Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency		Reference	Frequency		Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

1-Day SOFR,0.82%		Quarterly	Markit iBoxx $ Liquid High Yield Index		Monthly	Morgan Stanley & Co. International PLC		N/A		09/20/22		USD	6,125	$	(811,135	)	$	(135	)	$	(811,000	)
1-Day SOFR,0.82%		Quarterly	Markit iBoxx $ Liquid High Yield Index		Monthly	Morgan Stanley & Co. International PLC		N/A		09/20/22		USD	3,546		(464,913	)		(83	)		(464,830	)
1-Day SOFR,0.82%		Quarterly	Markit iBoxx $ Liquid High Yield Index		Monthly	JPMorgan Chase Bank N.A.		N/A		12/20/22		USD	1,000		(133,477	)		(23	)		(133,454	)
1-Day SOFR,0.82%		Quarterly	Markit iBoxx $ Liquid High Yield Index		Monthly	Morgan Stanley & Co. International PLC		N/A		12/20/22		USD	3,084		(413,076	)		(72	)		(413,004	)
1-Day SOFR,0.82%		Quarterly	Markit iBoxx $ Liquid High Yield Index		Monthly	Morgan Stanley & Co. International PLC		N/A		12/20/22		USD	2,859		(390,659	)		(67	)		(390,592	)
1-Day SOFR,0.82%		Quarterly	Markit iBoxx $ Liquid High Yield Index		Monthly	Morgan Stanley & Co. International PLC		N/A		12/20/22		USD	1,513		(186,975	)		(69	)		(186,906	)
1-Day SOFR,0.82%		Quarterly	Markit iBoxx $ Liquid High Yield Index		Monthly	Morgan Stanley & Co. International PLC		N/A		12/20/22		USD	3,071		(181,436	)		(1,074	)		(180,362	)
1-Day SOFR,0.82%		Quarterly	Markit iBoxx $ Liquid High Yield Index		Monthly	Morgan Stanley & Co. International PLC		N/A		12/20/22		USD	9,430		(391,442	)		(4,334	)		(387,108	)
1-Day SOFR,0.82%		Quarterly	Markit iBoxx $ Liquid High Yield Index		Monthly	BNP Paribas S.A.		N/A		03/20/23		USD	3,507		(146,441	)		(1,686	)		(144,755	)
1-Day SOFR,0.82%		Quarterly	Markit iBoxx $ Liquid High Yield Index		Monthly	JPMorgan Chase Bank N.A.		N/A		03/20/23		USD	2,048		(138,869	)		(1,645	)		(137,224	)


														$	(3,258,423	)	$	(9,188	)	$	(3,249,235	)

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	$	60,999	$	(184,427	)	$	1,975	$	(3,461,234	)


74		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

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)	$	—	$	—	$	—	$	—	$	241,307	$	—	$	241,307
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		780,331		—		—		780,331
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		62,974		—		—		—		—		62,974


	$	—	$	62,974	$	—	$	780,331	$	241,307	$	—	$	1,084,612

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	10,786	$	—	$	10,786
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		186		—		—		186
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		387,238		—		—		3,258,423		—		3,645,661


	$	—	$	387,238	$	—	$	186	$	3,269,209	$	—	$	3,656,633

^(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).

For the period ended June 30, 2022, 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	$	—	$	—		$	308,321		$	—	$	2,981,076		$	—	$	3,289,397
Forward foreign currency exchange contracts		—		—			—			2,932,157		—			—		2,932,157
Options purchased^(a)		—		(101	)		516,715			—		(5,345	)		—		511,269
Options written		—		4,028			(27,735	)		—		—			—		(23,707	)
Swaps		—		61,740			—			—		(1,410,677	)		—		(1,348,937	)


	$	—	$	65,667		$	797,301		$	2,932,157	$	1,565,054		$	—	$	5,360,179

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	—		$	—	$	229,035		$	—	$	229,035
Forward foreign currency exchange contracts		—		—			—			1,218,978		—			—		1,218,978
Options purchased^(b)		—		—			9,031			—		—			—		9,031
Options written		—		—			(7,688	)		—		—			—		(7,688	)
Swaps		—		(281,626	)		—			—		(3,680,602	)		—		(3,962,228	)


	$	—	$	(281,626	)	$	1,343		$	1,218,978	$	(3,451,567	)	$	—	$	(2,512,872	)

^(a)

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

^(b)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — short	$	21,513,856
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	45,313,952
Average amounts sold — in USD	$	111,538
Options:
Average value of option contracts purchased	$	163,489


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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)



Average value of option contracts written	$	55,193
Average notional value of swaption contracts purchased	$	—^(a	⁾
Average notional value of swaption contracts written	$	—^(a	⁾
Credit default swaps:
Average notional value — sell protection	$	3,391,427
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	$	—	$	213,568
Forward foreign currency exchange contracts		780,331		186
Swaps — OTC^(a)		62,974		3,645,661


Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities		843,305		3,859,415


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(213,568	)


Total derivative assets and liabilities subject to an MNA	$	843,305	$	3,645,847

^(a)

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


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

Barclays Bank PLC	$	1,905	$	(1,905	)	$	—	$	—	$	—
BNP Paribas S.A.		580,460		(146,441	)		—		—		434,019
Citibank N.A.		441		(441	)		—		—		—
Credit Suisse International		15,097		(15,097	)		—		—		—
Goldman Sachs International		1,508		(1,508	)		—		—		—
JPMorgan Chase Bank N.A.		34,133		(34,133	)		—		—		—
Morgan Stanley & Co. International PLC		10,010		(10,010	)		—		—		—
Natwest Markets PLC		199,443		—			—		—		199,443
Toronto-Dominion Bank		308		—			—		—		308


	$	843,305	$	(209,535	)	$	—	$	—	$	633,770




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	^(c)(d)

Bank of America N.A.	$	8,127	$	—		$	—	$	—		$	8,127
Barclays Bank PLC		143,082		(1,905	)		—		—			141,177
BNP Paribas S.A.		146,441		(146,441	)		—		—			—
Citibank N.A.		14,066		(441	)		—		—			13,625
Commonwealth Bank of Australia		115		—			—		—			115
Credit Suisse International		41,122		(15,097	)		—		—			26,025
Goldman Sachs International		9,767		(1,508	)		—		—			8,259
JPMorgan Chase Bank N.A.		401,912		(34,133	)		—		(270,000	)		97,779


76		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)



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	^(c)(d)

Morgan Stanley & Co. International PLC	$	2,881,144	$	(10,010	)	$	—	$	(2,410,000	)	$	461,134
State Street Bank and Trust Co		71		—			—		—			71


	$	3,645,847	$	(209,535	)	$	—	$	(2,680,000	)	$	756,312

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

^(c)

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

^(d)

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	2,871,767	$	—	$	2,871,767
Common Stocks
Building Products		18,749		—		—		18,749
Chemicals		2,670,189		—		—		2,670,189
Communications Equipment		293,491		—		—		293,491
Consumer Finance		33		—		—		33
Containers & Packaging		—		992,141		—		992,141
Diversified Financial Services		—		—		22,236		22,236
Diversified Telecommunication Services		39,132		—		—		39,132
Electrical Equipment		918,156		—		—		918,156
Equity Real Estate Investment Trusts (REITs)		698,310		—		—		698,310
IT Services		494,945		—		—		494,945
Life Sciences Tools & Services		3,118,218		—		—		3,118,218
Media		516,723		—		—		516,723
Metals & Mining		1,836,098		—		—		1,836,098
Oil, Gas & Consumable Fuels		8,618,988		—		—		8,618,988
Road & Rail		948,792		—		—		948,792
Semiconductors & Semiconductor Equipment		17,906		—		—		17,906
Software		1,751,077		—		—		1,751,077
Corporate Bonds
Aerospace & Defense		—		53,745,992		—		53,745,992
Airlines		140,807		30,595,374		—		30,736,181
Auto Components		—		25,850,771		—		25,850,771
Automobiles		—		27,330,367		—		27,330,367
Banks		—		8,167,662		167,148		8,334,810
Beverages		—		22,686,465		—		22,686,465
Biotechnology		—		452,843		—		452,843
Building Materials		—		10,477,697		—		10,477,697
Building Products		—		16,224,476		—		16,224,476
Capital Markets		—		18,210,488		43,538		18,254,026
Chemicals		—		35,543,000		—		35,543,000
Commercial Services & Supplies		—		18,565,549		—		18,565,549
Communications Equipment		—		10,862,633		—		10,862,633
Construction Materials		—		5,858,053		—		5,858,053
Consumer Discretionary		—		28,466,644		—		28,466,644
Consumer Finance		68,217		33,283,646		—		33,351,863
Containers & Packaging		—		9,941,584		—		9,941,584
Diversified Consumer Services		—		28,413,441		—		28,413,441
Diversified Financial Services		—		17,266,440		—		17,266,440


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, 2022

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)
Diversified Telecommunication Services	$	—	$	48,126,482		$	—	$	48,126,482
Electric Utilities		—		8,816,370			—		8,816,370
Electrical Equipment		—		2,625,543			—		2,625,543
Electronic Equipment, Instruments & Components		—		9,150,061			—		9,150,061
Energy Equipment & Services		—		7,077,690			—		7,077,690
Entertainment		—		2,670,413			—		2,670,413
Environmental, Maintenance & Security Service		—		12,716,673			—		12,716,673
Equity Real Estate Investment Trusts (REITs)		—		14,879,369			—		14,879,369
Food & Staples Retailing		—		23,801,896			—		23,801,896
Food Products		—		11,003,222			—		11,003,222
Gas Utilities		—		456,651			—		456,651
Health Care Equipment & Supplies		—		6,132,717			—		6,132,717
Health Care Providers & Services		—		57,332,947			—		57,332,947
Health Care Technology		—		18,218,888			—		18,218,888
Hotels, Restaurants & Leisure		67,982		63,493,386			—		63,561,368
Household Durables		—		15,698,397			—		15,698,397
Household Products		—		534,513			—		534,513
Independent Power and Renewable Electricity Producers		—		8,556,555			—		8,556,555
Insurance		—		30,353,709			—		30,353,709
Interactive Media & Services		—		8,230,526			—		8,230,526
Internet & Direct Marketing Retail		—		206,775			—		206,775
Internet Software & Services		—		17,307,254			—		17,307,254
IT Services		—		24,975,670			—		24,975,670
Leisure Products		—		3,085,234			—		3,085,234
Machinery		—		15,006,711			—		15,006,711
Media		—		155,432,744			—		155,432,744
Metals & Mining		—		33,823,762			—		33,823,762
Mortgage Real Estate Investment Trusts (REITs)		—		155,234			—		155,234
Multiline Retail		—		4,309,358			—		4,309,358
Offshore Drilling & Other Services		—		1,105,806			—		1,105,806
Oil, Gas & Consumable Fuels		642,302		179,163,671			—		179,805,973
Personal Products		—		372,438			—		372,438
Pharmaceuticals		—		14,320,504			—		14,320,504
Real Estate		—		937,475			—		937,475
Real Estate Management & Development		—		7,499,340			—		7,499,340
Road & Rail		—		1,933,245			—		1,933,245
Semiconductors & Semiconductor Equipment		238,265		13,715,758			—		13,954,023
Software		—		25,163,923			—		25,163,923
Specialty Retail		—		8,426,820			—		8,426,820
Technology Hardware, Storage & Peripherals		—		1,654,260			—		1,654,260
Textiles, Apparel & Luxury Goods		181,530		2,514,303			—		2,695,833
Thrifts & Mortgage Finance		—		5,701,156			—		5,701,156
Transportation		—		193,031			—		193,031
Transportation Infrastructure		—		356,356			—		356,356
Utilities		—		3,771,364			—		3,771,364
Wireless Telecommunication Services		—		21,880,321			—		21,880,321
Floating Rate Loan Interests		—		218,030,656			26,004,676		244,035,332
Preferred Securities
Capital Trusts		—		20,522,369			—		20,522,369
Preferred Stocks		1,351,073		—			12,785,219		14,136,292
Short-Term Securities
Money Market Funds		2,647,274		—			—		2,647,274
Liabilities
Unfunded Floating Rate Loan Interests^(a)		—		(114,763	)		—		(114,763	)


	$	27,278,257	$	1,537,133,816		$	39,022,817		1,603,434,890


Investments Valued at NAV^(b)									12,581


								$	1,603,447,471

Derivative Financial Instruments^(c)
Assets
Credit Contracts	$	—	$	1,975		$	—	$	1,975


78		2 0 2 2 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, 2022

BlackRock Corporate High Yield Fund, Inc. (HYT)

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2			Level 3		Total


Assets (continued)
Foreign Currency Exchange Contracts	$	—		$	780,331		$	—	$	780,331
Interest Rate Contracts		241,307			—			—		241,307
Liabilities
Credit Contracts		—			(211,999	)		—		(211,999	)
Foreign Currency Exchange Contracts		—			(186	)		—		(186	)
Interest Rate Contracts		(10,786	)		(3,249,235	)		—		(3,260,021	)


	$	230,521		$	(2,679,114)		$	—	$	(2,448,593)

^(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)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $494,000,000 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, 2021	$	22,236	$	—		$	15,655,042		$	12,823,367		$	28,500,645
Transfers into Level 3^(a)		—		238,206			16,125,707			—			16,363,913
Transfers out of Level 3^(b)		—		—			(51,527	)		—			(51,527	)
Accrued discounts/premiums		—		—			37,568			—			37,568
Net realized gain (loss)				2,023			(60,565	)		—			(58,542	)
Net change in unrealized appreciation (depreciation)^(c)(d)		—		(27,520	)		(2,378,214	)		(38,148	)		(2,443,882	)
Purchases		—		—			1,798,450			—			1,798,450
Sales		—		(2,023	)		(5,121,785	)		—			(5,123,808	)


Closing balance, as of June 30, 2022	$	22,236	$	210,686		$	26,004,676		$	12,785,219		$	39,022,817


Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022^(d)	$	—	$	(27,520	)	$	(2,268,210	)	$	(38,148	)	$	(2,333,878	)

^(a)

As of December 31, 2021, the Trust used observable inputs in determining the value of certain investments. As of June 30, 2022, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(b)

As of December 31, 2021, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 2022, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(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 with values based upon unadjusted third-party pricing information in the amount of $26,237,598. 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

Preferred Stocks

12,785,219

Income

Discount Rate

13%

Market

Revenue Multiple

3.35x - 4.10x

3.73x

12,785,219

^(a)

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

See notes to financial statements.


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

Schedule of Investments (unaudited)

June 30, 2022

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%), 3.25%, 10/21/28^(a)(b)	$	500	$	484,275
Allegro CLO VI Ltd.^(a)(b)
Series 2017-2A, Class B, (3 mo. LIBOR US + 1.50%), 2.54%, 01/17/31		360		340,260
Series 2017-2A, Class C, (3 mo. LIBOR US + 1.80%), 2.84%, 01/17/31		2,400		2,257,394
American Airlines, Inc., 5.18%, 08/15/23^(c)		1,059		1,057,838
Anchorage Capital CLO 3-R Ltd.^(a)(b)
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.85%), 3.09%, 01/28/31		1,000		949,663
Series 2014-3RA, Class D, (3 mo. LIBOR US + 2.60%), 3.84%, 01/28/31		1,000		898,640
Anchorage Capital CLO Ltd., Series 2013-1A, Class BR, (3 mo. LIBOR US + 2.15%), 3.17%, 10/13/30^(a)(b)		1,000		967,533
Apidos CLO XV, Series 2013-15A, Class DRR, (3 mo. LIBOR US + 2.70%), 3.76%, 04/20/31^(a)(b)		1,000		899,094
Apidos CLO XX, Series 2015-20A, Class BRR, (3 mo. LIBOR US + 1.95%), 2.99%, 07/16/31^(a)(b)		1,000		948,405
Ares XLIX CLO Ltd., Series 2018-49A, Class D, (3 mo. LIBOR US + 3.00%), 4.14%, 07/22/30^(a)(b)		1,000		928,472
Ares XLVII CLO Ltd., Series 2018-47A, Class D, (3 mo. LIBOR US + 2.70%), 3.74%, 04/15/30^(a)(b)		1,500		1,308,550
Ares XLVIII CLO Ltd., Series 2018-48A, Class C, (3 mo. LIBOR US + 1.80%), 2.86%, 07/20/30^(a)(b)		500		470,158
Ares XXXVII CLO Ltd.^(a)(b)
Series 2015-4A, Class A3R, (3 mo. LIBOR US + 1.50%), 2.54%, 10/15/30		1,000		943,305
Series 2015-4A, Class BR, (3 mo. LIBOR US + 1.80%), 2.84%, 10/15/30		1,750		1,658,312
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3 mo. LIBOR US + 1.18%), 2.36%, 10/24/31^(a)(b)		400		391,195
Atrium XV, Series 15A, Class C, (3 mo. LIBOR US + 2.20%), 3.38%, 01/23/31^(a)(b)		250		238,264
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class B, (3 mo. LIBOR US + 2.00%), 3.04%, 10/15/30^(a)(b)		1,000		950,791
Canyon CLO Ltd., Series 2020-3A, Class C, (3 mo. LIBOR US + 2.50%), 3.54%, 01/15/34^(a)(b)		500		468,901
Carlyle C17 CLO Ltd., Series C17A, Class BR, (3 mo. LIBOR US + 1.85%), 3.14%, 04/30/31^(a)(b)		1,000		942,176
CarVal CLO I Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.89%), 3.93%, 07/16/31^(a)(b)		500		471,117
CIFC Funding Ltd.^(a)(b)
Series 2013-2A, Class A3LR, (3 mo. LIBOR US + 1.95%), 2.99%, 10/18/30		1,000		952,849
Series 2013-2A, Class B1LR, (3 mo. LIBOR US + 3.05%), 4.09%, 10/18/30		1,000		920,632
Series 2018-1A, Class C, (3 mo. LIBOR US + 1.75%), 2.79%, 04/18/31		1,000		943,755
Series 2018-1A, Class D, (3 mo. LIBOR US + 2.65%), 3.69%, 04/18/31		1,200		1,105,198
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3 mo. LIBOR US + 2.60%), 3.66%, 04/20/31^(a)(b)		1,000		931,926
Generate CLO 2 Ltd.^(a)(b)
Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.85%), 2.99%, 01/22/31		1,500		1,414,435


Security	Par (000)		Value

Asset-Backed Securities (continued)
Generate CLO 2 Ltd.^(a)(b)(continued)
Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.60%), 3.74%, 01/22/31	$	1,800	$	1,668,667
Greenwood Park CLO Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.50%), 3.54%, 04/15/31^(a)(b)		1,000		894,575
Highbridge Loan Management Ltd.^(a)(b)
Series 12A-18, Class B, (3 mo. LIBOR US + 1.85%), 2.89%, 07/18/31		1,250		1,178,707
Series 4A-2014, Class A2R, (3 mo. LIBOR US + 1.50%), 2.74%, 01/28/30		650		619,122
HPS Loan Management Ltd., Series 6A-2015, Class BR, (3 mo. LIBOR US + 1.75%), 3.11%, 02/05/31^(a)(b)		1,500		1,414,076
Long Point Park CLO Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 1.70%), 2.74%, 01/17/30^(a)(b)		1,000		938,611
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR2, (3 mo. LIBOR US + 1.90%), 2.94%, 04/19/30^(a)(b)		1,000		965,077
Madison Park Funding XXVII Ltd.^(a)(b)
Series 2018-27A, Class B, (3 mo. LIBOR US + 1.80%), 2.86%, 04/20/30		1,000		943,576
Series 2018-27A, Class C, (3 mo. LIBOR US + 2.60%), 3.66%, 04/20/30		1,000		911,648
Marble Point CLO XI Ltd., Series 2017-2A, Class B, (3 mo. LIBOR US + 1.50%), 2.54%, 12/18/30^(a)(b)		1,000		942,002
MP CLO III Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR US + 2.00%), 3.06%, 10/20/30^(a)(b)		1,000		950,980
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR2, (3 mo. LIBOR US + 3.00%), 4.10%, 10/21/30^(a)(b)		2,700		2,489,150
Neuberger Berman CLO XXII Ltd.^(a)(b)
Series 2016-22A, Class BR, (3 mo. LIBOR US + 1.65%), 2.69%, 10/17/30		400		383,686
Series 2016-22A, Class CR, (3 mo. LIBOR US + 2.20%), 3.24%, 10/17/30		1,000		953,025
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A, Class C, (3 mo. LIBOR US + 1.75%), 2.79%, 10/18/30^(a)(b)		1,500		1,421,514
Neuberger Berman Loan Advisers CLO 27 Ltd., Series 2018-27A, Class D, (3 mo. LIBOR US + 2.60%), 3.64%, 01/15/30^(a)(b)		1,000		922,093
OCP CLO Ltd.^(a)(b)
Series 2014-6A, Class BR, (3 mo. LIBOR US + 2.15%), 3.19%, 10/17/30		500		478,257
Series 2016-11A, Class BR, (3 mo. LIBOR US + 2.45%), 3.66%, 10/26/30		1,500		1,443,157
Series 2017-14A, Class B, (3 mo. LIBOR US + 1.95%), 3.43%, 11/20/30		1,000		950,664
Octagon Investment Partners 26 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 2.85%), 3.89%, 07/15/30^(a)(b)		500		447,803
Octagon Investment Partners 33 Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.75%), 3.81%, 01/20/31^(a)(b)		1,000		915,391
Octagon Investment Partners 34 Ltd., Series 2017-1A, Class B1, (3 mo. LIBOR US + 1.40%), 2.46%, 01/20/30^(a)(b)		1,000		952,003


80		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities (continued)
Octagon Investment Partners XVII Ltd.^(a)(b)
Series 2013-1A, Class BR2, (3 mo. LIBOR US + 1.40%), 2.58%, 01/25/31	$	1,000	$	948,262
Series 2013-1A, Class CR2, (3 mo. LIBOR US + 1.70%), 2.88%, 01/25/31		1,000		937,577
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, (3 mo. LIBOR US + 1.90%), 3.04%, 01/22/30^(a)(b)		900		837,952
OHA Credit Partners XII Ltd., Series 2015-12A, Class DR, (3 mo. LIBOR US + 2.90%), 4.08%, 07/23/30^(a)(b)		600		550,339
OZLM XXI Ltd., Series 2017-21A, Class B, (3 mo. LIBOR US + 1.90%), 2.96%, 01/20/31^(a)(b)		1,800		1,698,452
Palmer Square CLO Ltd.^(a)(b)
Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.45%), 2.49%, 04/18/31		1,500		1,430,237
Series 2019-1A, Class CR, (3 mo. LIBOR US + 3.05%), 4.46%, 11/14/34		1,000		927,055
Park Avenue Institutional Advisers CLO Ltd., Series 2019-1A, Class C, (3 mo. LIBOR US + 3.85%), 5.26%, 05/15/32^(a)(b)		1,500		1,402,735
Regatta VII Funding Ltd., Series 2016-1A, Class DR2, (3 mo. LIBOR US + 3.05%), 5.15%, 06/20/34^(a)(b)		500		465,555
Regatta XVI Funding Ltd.^(a)(b)
Series 2019-2A, Class C, (3 mo. LIBOR US + 2.70%), 3.74%, 01/15/33		1,000		954,068
Series 2019-2A, Class D, (3 mo. LIBOR US + 3.90%), 4.94%, 01/15/33		1,000		988,555
Rockford Tower CLO Ltd.^(a)(b)
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.19%), 2.25%, 10/20/30		2,000		1,962,414
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 3.71%, 10/20/30		1,000		931,877
RR 5 Ltd., Series 2018-5A, Class C, (3 mo. LIBOR US + 3.10%), 4.14%, 10/15/31^(a)(b)		650		600,923
Sound Point Clo XXI Ltd., Series 2018-3A, Class A1A, (3 mo. LIBOR US + 1.18%), 2.39%, 10/26/31^(a)(b)		1,400		1,373,488
Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.60%), 3.64%, 01/15/30^(a)(b)		1,500		1,344,792
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.15%), 2.19%, 01/16/31^(a)(b)		2,500		2,457,971
TICP CLO IX Ltd., Series 2017-9A, Class A, (3 mo. LIBOR US + 1.14%), 2.20%, 01/20/31^(a)(b)		1,000		983,145
York CLO 1 Ltd., Series 2014-1A, Class ARR, (3 mo. LIBOR US + 1.12%), 2.26%, 10/22/29^(a)(b)		1,968		1,942,185


Total Asset-Backed Securities — 6.4% (Cost: $73,135,682)				69,364,504


Corporate Bonds

Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc., 5.40%, 10/01/48		2,215		2,158,356


Aerospace & Defense — 4.1%
Boeing Co., 5.15%, 05/01/30^(d)		6,775		6,503,174
Bombardier, Inc.^(b)
7.50%, 03/15/25		98		88,567
7.13%, 06/15/26		1,322		1,089,963
7.88%, 04/15/27		1,347		1,121,256
6.00%, 02/15/28		1,121		840,077


Security	Par (000)		Value

Aerospace & Defense (continued)
Bombardier, Inc.^(b)(continued)
7.45%, 05/01/34	$	137	$	102,743
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(b)		516		410,984
General Dynamics Corp., 4.25%, 04/01/50^(d)		1,260		1,211,508
Howmet Aerospace, Inc., 5.13%, 10/01/24		45		44,606
Moog, Inc., 4.25%, 12/15/27^(b)		320		277,277
Northrop Grumman Corp.
4.03%, 10/15/47		2,400		2,131,105
5.25%, 05/01/50		3,050		3,228,929
Raytheon Technologies Corp.
4.63%, 11/16/48^(d)		2,805		2,737,935
3.13%, 07/01/50		3,545		2,711,593
Rolls-Royce PLC, 5.75%, 10/15/27^(b)		1,933		1,742,213
Spirit AeroSystems, Inc., 7.50%, 04/15/25^(b)		332		308,345
TransDigm, Inc.
8.00%, 12/15/25^(b)		1,596		1,613,939
6.25%, 03/15/26^(b)		15,940		15,362,175
6.38%, 06/15/26		8		7,480
7.50%, 03/15/27		432		407,553
4.63%, 01/15/29		940		756,719
4.88%, 05/01/29		622		506,333
Triumph Group, Inc., 8.88%, 06/01/24^(b)		1,635		1,647,050


				44,851,524

Airlines — 1.7%
Air Canada, 3.88%, 08/15/26^(b)		447		378,113
American Airlines Group, Inc., 5.18%, 10/15/23^(c)		1,086		1,069,757
American Airlines, Inc., 11.75%, 07/15/25^(b)		1,014		1,049,389
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)
5.50%, 04/20/26		1,090		1,001,763
5.75%, 04/20/29		2,189		1,868,997
British Airways Pass-Through Trust, Series 2020-1, Class A, 4.25%, 05/15/34^(b)		1,800		1,730,706
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(b)		531		475,882
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)		2,185		2,146,927
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 09/15/28^(b)		1,803		1,468,279
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 04/15/29^(d)(e)		5,749		5,648,536
United Airlines, Inc.^(b)
4.38%, 04/15/26		1,022		900,556
4.63%, 04/15/29		1,228		1,041,675


				18,780,580

Auto Components — 1.6%
Aptiv PLC, 3.10%, 12/01/51		2,670		1,721,973
Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52		4,240		3,204,196
Clarios Global LP, 6.75%, 05/15/25^(b)		497		492,254
Clarios Global LP/Clarios U.S. Finance Co.^(b)
6.25%, 05/15/26^(d)		4,933		4,748,013
8.50%, 05/15/27		7,148		6,908,363
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29^(b)		227		167,640
Goodyear Tire & Rubber Co.
5.00%, 07/15/29		270		223,602
5.63%, 04/30/33		288		230,653


				17,696,694


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

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Automobiles — 2.3%
Advance Auto Parts, Inc., 3.50%, 03/15/32	$	2,405	$	2,062,594
Allison Transmission, Inc., 5.88%, 06/01/29^(b)		794		738,420
Asbury Automotive Group, Inc.
4.50%, 03/01/28		197		170,898
4.75%, 03/01/30		191		157,050
5.00%, 02/15/32^(b)		101		82,568
Carvana Co.^(b)(d)
5.50%, 04/15/27		602		388,493
4.88%, 09/01/29		461		262,127
Ford Motor Co.
7.45%, 07/16/31^(d)		3,660		3,713,802
3.25%, 02/12/32		1,255		938,614
Ford Motor Credit Co. LLC
4.69%, 06/09/25		200		189,002
5.13%, 06/16/25		1,270		1,212,748
3.38%, 11/13/25		207		186,397
2.70%, 08/10/26		613		522,368
4.95%, 05/28/27		400		371,500
2.90%, 02/16/28		627		505,212
5.11%, 05/03/29		200		179,295
4.00%, 11/13/30		200		162,051
3.63%, 06/17/31		456		353,400
General Motors Co.
6.25%, 10/02/43		940		895,526
5.95%, 04/01/49^(d)		3,455		3,208,361
Group 1 Automotive, Inc., 4.00%, 08/15/28^(b)		78		65,191
Hyundai Capital America, 2.38%, 10/15/27^(f)		200		175,937
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27^(f)		500		374,770
Kia Corp., 3.50%, 10/25/27^(f)		200		192,912
LCM Investments Holdings II LLC, 4.88%, 05/01/29^(b)		456		347,062
Lithia Motors, Inc., 3.88%, 06/01/29^(b)		269		228,483
Nissan Motor Co. Ltd., 4.81%, 09/17/30^(b)(d)		7,125		6,329,360
Penske Automotive Group, Inc.
3.50%, 09/01/25		441		413,437
3.75%, 06/15/29		141		117,405
Sonic Automotive, Inc., 4.63%, 11/15/29^(b)		119		92,202
TML Holdings Pte. Ltd., 4.35%, 06/09/26^(f)		200		174,788


				24,811,973

Banks — 3.3%
Australia & New Zealand Banking Group Ltd., (5 year CMT + 1.70%), 2.57%, 11/25/35^(a)(b)(d)		5,445		4,318,201
Bangkok Bank PCL
(5 year CMT + 1.90%), 3.73%, 09/25/34^(a)(f)		200		174,725
(5 year CMT + 2.15%), 3.47%, 09/23/36		200		166,418
(5 year CMT + 4.73%), 5.00%^(g)		222		202,131
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26^(f)		200		180,522
Bank of Communications Co. Ltd., (5 year CMT + 3.35%), 3.80%^(a)(f)(g)		252		246,645
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%^(a)(f)(g)		750		723,750
China Construction Bank Corp., (5 year CMT + 2.15%), 2.45%, 06/24/30^(a)(f)		200		190,078
Fifth Third Bancorp, Series H, (3 mo. LIBOR US + 3.03%), 5.10%^(a)(g)		5,000		4,197,500
Industrial & Commercial Bank of China Macau Ltd., (5 year CMT + 1.65%), 2.88%, 09/12/29^(a)(f)		200		194,725
Intesa Sanpaolo SpA(b)
5.71%, 01/15/26^(d)		9,840		9,373,076


Security	Par (000)		Value

Banks (continued)
Intesa Sanpaolo SpA^(b)(continued) (1 year CMT + 2.75%), 4.95%, 06/01/42^(a)	$	3,045	$	2,057,320
Kasikornbank PCL^(a)(f)
(5 year CMT + 1.70%), 3.34%, 10/02/31		200		180,287
(5 year CMT + 3.34%), 4.00%^(g)		300		247,500
KB Kookmin Card Co. Ltd., 4.00%, 06/09/25		200		198,416
NongHyup Bank, 4.00%, 01/06/26^(f)(h)		200		199,310
Samba Funding Ltd., 2.75%, 10/02/24^(f)		200		193,287
Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26^(f)		200		182,926
Truist Financial Corp., Series L, (3 mo. LIBOR US + 3.10%), 4.93%^(a)(g)		5,270		4,515,361
Wells Fargo & Co.
5.61%, 01/15/44^(d)		4,119		4,145,161
(SOFR + 1.51%), 3.53%, 03/24/28^(a)		4,075		3,859,625


				35,746,964

Beverages — 2.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(d)		6,170		5,799,120
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49^(d)		5,000		5,106,603
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(b)(i)		2,581		1,914,483
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29^(b)		2,874		2,306,385
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(b)
4.13%, 08/15/26		811		687,087
5.25%, 08/15/27		225		160,439
Ball Corp.
5.25%, 07/01/25		30		30,021
2.88%, 08/15/30		147		118,321
3.13%, 09/15/31		712		574,328
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25^(b)		228		203,632
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26		151		154,248
Silgan Holdings, Inc., 4.13%, 02/01/28		58		52,010
Trivium Packaging Finance BV^(b)
5.50%, 08/15/26		2,830		2,673,529
8.50%, 08/15/27		3,036		2,846,565


				22,626,771

Biotechnology — 0.5%
Baxalta, Inc., 5.25%, 06/23/45^(d)		6,000		5,987,490


Building Materials^(b)— 0.3%
CP Atlas Buyer, Inc., 7.00%, 12/01/28		108		77,995
Jeld-Wen, Inc., 4.63%, 12/15/25		30		25,500
Masonite International Corp., Class C, 5.38%, 02/01/28		206		186,430
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28		163		133,992
SRM Escrow Issuer LLC, 6.00%, 11/01/28		1,212		1,024,419
Standard Industries, Inc.
5.00%, 02/15/27		303		270,445
4.38%, 07/15/30		1,492		1,176,815
3.38%, 01/15/31		214		157,850
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29		386		336,785


				3,390,231

Building Products^(b)— 0.4%
Advanced Drainage Systems, Inc., 6.38%, 06/15/30		702		685,552
LBM Acquisition LLC, 6.25%, 01/15/29		336		216,322


82		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Building Products (continued)
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26	$	299	$	243,091
SRS Distribution, Inc.
4.63%, 07/01/28		982		859,250
6.13%, 07/01/29		912		719,545
6.00%, 12/01/29		911		715,345
White Cap Buyer LLC, 6.88%, 10/15/28^(d)		1,309		1,047,200


				4,486,305

Capital Markets — 1.2%
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%^(a)(e)(g)		5,215		4,014,246
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)		447		368,775
Dua Capital Ltd., 2.78%, 05/11/31^(f)		200		163,810
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32		725		581,066
Huarong Finance II Co. Ltd., 4.63%, 06/03/26^(f)		200		183,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24		520		485,320
6.25%, 05/15/26		782		732,077
5.25%, 05/15/27		1,803		1,597,169
4.38%, 02/01/29		651		526,112
Jefferies Financial Group, Inc., 5.50%, 10/18/23^(d)		4,000		4,040,902
NFP Corp., 6.88%, 08/15/28^(b)		764		630,331
Temasek Financial I Ltd., 2.38%, 08/02/41^(f)		250		194,335


				13,517,143

Chemicals — 2.7%
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)		1,090		889,843
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(b)		597		536,464
CNAC HK Finbridge Co. Ltd.^(f)
4.13%, 07/19/27		200		194,638
3.88%, 06/19/29		200		186,938
Diamond BC BV, 4.63%, 10/01/29^(b)		1,086		868,474
DuPont de Nemours, Inc., 5.42%, 11/15/48^(d)		7,500		7,447,508
Element Solutions, Inc., 3.88%, 09/01/28^(b)		2,963		2,444,860
EverArc Escrow SARL, 5.00%, 10/30/29^(b)		1,148		966,289
GC Treasury Center Co. Ltd., 2.98%, 03/18/31^(f)		200		166,788
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(b)		299		297,505
Herens Holdco SARL, 4.75%, 05/15/28^(b)		490		407,092
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)		491		387,890
Ingevity Corp., 3.88%, 11/01/28^(b)		100		83,750
LG Chem Ltd., 1.38%, 07/07/26^(f)		200		178,840
LYB Finance Co. BV, 8.10%, 03/15/27^(b)(d)		6,000		6,855,063
NOVA Chemicals Corp., 4.88%, 06/01/24^(b)		240		228,119
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26^(b)		480		384,000
Scotts Miracle-Gro Co., 4.00%, 04/01/31		364		272,090
UPL Corp. Ltd., (5 year CMT + 3.87%), 5.25%^(a)(f)(g)		500		382,594
WESCO Distribution, Inc.^(b)
7.13%, 06/15/25		1,485		1,481,778
7.25%, 06/15/28		1,354		1,339,106
WR Grace Holdings LLC^(b)
5.63%, 10/01/24		1,493		1,446,433
5.63%, 08/15/29		2,611		1,922,349


				29,368,411

Commercial Services & Supplies — 1.0%
ADT Security Corp.
4.13%, 06/15/23		174		170,910


Security	Par (000)		Value

Commercial Services & Supplies (continued)
ADT Security Corp. (continued)
4.13%, 08/01/29^(b)	$	91	$	73,852
4.88%, 07/15/32^(b)		50		39,801
AerCap Global Aviation Trust, (3 mo. LIBOR US + 4.30%), 6.50%, 06/15/45^(a)(b)		5,000		4,589,217
APX Group, Inc., 5.75%, 07/15/29^(b)		555		429,676
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29^(b)(d)		73		60,722
CMB International Leasing Management Ltd., 1.88%, 08/12/25^(f)		200		186,538
Fortress Transportation & Infrastructure Investors LLC^(b)
6.50%, 10/01/25		163		153,792
5.50%, 05/01/28		645		532,392
Herc Holdings, Inc., 5.50%, 07/15/27^(b)		683		623,511
Hertz Corp.^(b)
4.63%, 12/01/26		249		208,184
5.00%, 12/01/29		177		136,290
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)		443		352,029
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)		356		298,150
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29^(b)		13		10,303
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)
5.75%, 04/15/26		331		308,658
6.25%, 01/15/28		855		715,289
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)		482		413,710
United Rentals North America, Inc.
4.88%, 01/15/28		777		734,638
5.25%, 01/15/30		44		40,810
Williams Scotsman International, Inc., 4.63%, 08/15/28^(b)		541		461,202


				10,539,674

Communications Equipment — 0.4%
Avaya, Inc., 6.13%, 09/15/28^(b)		1,027		670,117
CommScope Technologies LLC, 6.00%, 06/15/25^(b)		942		814,830
CommScope, Inc.^(b)
6.00%, 03/01/26		591		544,329
8.25%, 03/01/27		83		65,611
7.13%, 07/01/28^(d)		464		352,677
4.75%, 09/01/29		250		201,674
Nokia OYJ, 6.63%, 05/15/39		324		320,355
Viasat, Inc.^(b)
5.63%, 09/15/25		731		591,258
5.63%, 04/15/27		243		210,112
6.50%, 07/15/28		287		197,691
Viavi Solutions, Inc., 3.75%, 10/01/29^(b)		600		502,510


				4,471,164

Construction Materials^(b)— 0.3%
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28		1,004		859,936
3.88%, 11/15/29		41		32,779
BCPE Empire Holdings, Inc., 7.63%, 05/01/27		225		183,169
H&E Equipment Services, Inc., 3.88%, 12/15/28		132		106,755
IAA, Inc., 5.50%, 06/15/27		1,054		981,738
Picasso Finance Sub, Inc., 6.13%, 06/15/25		823		802,425


				2,966,802

Consumer Discretionary^(b)— 0.8%
Carnival Corp.
10.50%, 02/01/26^(d)		1,407		1,400,626


S C H E D U L E O F I N V E S T M E N T S			83

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Consumer Discretionary (continued)
Carnival Corp. (continued)
5.75%, 03/01/27	$	1,195	$	863,125
9.88%, 08/01/27		1,285		1,252,875
4.00%, 08/01/28		1,999		1,639,180
6.00%, 05/01/29		662		465,128
CoreLogic, Inc., 4.50%, 05/01/28		869		669,130
Life Time, Inc., 8.00%, 04/15/26		187		166,664
NCL Corp. Ltd., 5.88%, 03/15/26		127		99,681
NCL Finance Ltd., 6.13%, 03/15/28		530		385,575
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28		768		713,242
5.88%, 10/01/30		400		367,264
Royal Caribbean Cruises Ltd.
5.50%, 08/31/26		241		178,942
5.50%, 04/01/28		579		402,405
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29		385		303,574


				8,907,411

Consumer Finance — 1.1%
Block, Inc., 3.50%, 06/01/31^(b)		2,253		1,795,326
HealthEquity, Inc., 4.50%, 10/01/29^(b)		893		781,375
MPH Acquisition Holdings LLC, 5.50%, 09/01/28^(b)		452		402,279
Navient Corp.
7.25%, 09/25/23		299		295,828
6.13%, 03/25/24		59		55,940
5.50%, 03/15/29		547		421,688
OneMain Finance Corp.
7.13%, 03/15/26		1,231		1,137,727
3.50%, 01/15/27		627		501,600
6.63%, 01/15/28		506		452,243
5.38%, 11/15/29		85		68,881
4.00%, 09/15/30		296		219,410
S&P Global, Inc., 3.70%, 03/01/52^(b)		550		469,537
Sabre Global, Inc., 9.25%, 04/15/25^(b)		578		556,932
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)		609		538,959
Shinhan Card Co. Ltd., 1.38%, 10/19/25^(f)		200		182,840
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24		500		462,500
SLM Corp., 3.13%, 11/02/26		347		280,189
Verscend Escrow Corp., 9.75%, 08/15/26^(b)		3,791		3,686,747


				12,310,001

Containers & Packaging — 1.8%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(b)
6.00%, 06/15/27		309		305,826
3.25%, 09/01/28		200		170,714
Clydesdale Acquisition Holdings, Inc.^(b)
6.63%, 04/15/29		856		804,323
8.75%, 04/15/30		588		507,191
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26		224		206,640
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26		355		337,825
Graphic Packaging International LLC, 3.50%, 03/01/29^(b)		264		221,680
International Paper Co.^(d)
8.70%, 06/15/38		4,000		5,168,738
7.30%, 11/15/39		10,000		11,672,012


Security	Par (000)		Value

Containers & Packaging (continued)
LABL, Inc., 5.88%, 11/01/28^(b)	$	520	$	419,862
Sealed Air Corp., 4.00%, 12/01/27^(b)		109		98,265


				19,913,076

Diversified Consumer Services — 1.2%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)
6.63%, 07/15/26^(d)		5,419		4,972,637
9.75%, 07/15/27		1,306		1,105,320
6.00%, 06/01/29		2,301		1,670,921
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28^(b)		2,154		1,760,515
Clarivate Science Holdings Corp.^(b)
3.88%, 07/01/28		1,290		1,077,806
4.88%, 07/01/29		824		676,504
Service Corp. International
5.13%, 06/01/29		468		440,945
3.38%, 08/15/30		585		478,969
4.00%, 05/15/31		716		611,285


				12,794,902

Diversified Financial Services — 9.2%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28^(b)		724		600,790
Ally Financial, Inc., Series B, (5 year CMT + 3.87%), 4.70%^(a)(g)		3,375		2,676,425
Bank of America Corp., (SOFR + 1.83%), 4.57%, 04/27/33^(a)(d)		9,380		9,128,720
Barclays PLC^(d)
4.84%, 05/09/28		4,000		3,848,014
(3 mo. LIBOR US + 1.90%), 4.97%, 05/16/29^(a)		3,220		3,164,602
BNP Paribas S.A., (5 year CMT + 3.34%), 4.63%^(a)(b)(g)		13,999		10,331,236
BOC Aviation Ltd., 3.00%, 09/11/29^(f)		200		178,100
Central Garden & Pet Co., 4.13%, 10/15/30		270		221,538
China Cinda 2020 I Management Ltd., 3.25%, 01/28/27^(f)		200		186,428
Citigroup, Inc., 6.68%, 09/13/43^(d)		4,125		4,626,623
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27^(f)		200		194,225
Credit Suisse AG, 6.50%, 08/08/23^(b)(d)		6,000		6,000,000
Credit Suisse Group AG, (5 year USD Swap + 4.60%), 7.50%^(a)(b)(g)		3,250		3,092,498
Deutsche Bank AG, (SOFR + 1.87%), 2.13%, 11/24/26^(a)		3,260		2,894,462
Doric Nimrod Air Alpha Pass-Through Trust, Series 2013-1, Class A, 5.25%, 05/30/25^(b)		377		371,811
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(b)(i)		326		247,278
Goldman Sachs Group, Inc., (SOFR + 1.85%), 3.62%, 03/15/28^(a)		1,830		1,731,950
Intercontinental Exchange, Inc., 4.00%, 09/15/27		10,590		10,419,035
ION Trading Technologies SARL, 5.75%, 05/15/28^(b)		200		159,958
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28^(b)		675		555,187
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27^(b)		96		77,503
Lloyds Banking Group PLC, 4.65%, 03/24/26^(d)		8,650		8,474,731
Manappuram Finance Ltd., 5.90%, 01/13/23^(f)		700		686,000
Morgan Stanley, (SOFR + 2.62%), 5.30%, 04/20/37^(a)		2,635		2,551,732


84		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
NatWest Group PLC
6.10%, 06/10/23	$	2,500	$	2,532,041
6.00%, 12/19/23^(d)		10,080		10,258,980
5.13%, 05/28/24^(d)		5,250		5,273,138
Shriram Transport Finance Co. Ltd.^(f)
5.95%, 10/24/22		200		197,440
5.10%, 07/16/23		229		219,840
Spectrum Brands, Inc.
5.75%, 07/15/25		1,002		989,377
5.00%, 10/01/29^(b)		34		29,401
UBS Group AG, (1 year CMT + 1.55%), 4.49%, 05/12/26^(a)(b)(d)		2,585		2,575,125
UniCredit SPA, (5 year CMT + 4.75%), 5.46%, 06/30/35^(a)(b)		6,135		4,958,207
Xiaomi Best Time International Ltd., 3.38%, 04/29/30		200		166,788


				99,619,183

Diversified Telecommunication Services — 7.1%
AT&T, Inc.
4.65%, 06/01/44		28		25,421
4.35%, 06/15/45		95		82,942
3.50%, 09/15/53^(d)		15,960		12,097,657
Consolidated Communications, Inc., 6.50%, 10/01/28^(b)		1,313		1,116,812
Frontier Communications Holdings LLC, 8.75%, 05/15/30^(b)		472		477,187
Level 3 Financing, Inc.
5.38%, 05/01/25		614		594,702
4.63%, 09/15/27^(b)		1,065		907,912
4.25%, 07/01/28^(b)		188		150,635
3.63%, 01/15/29^(b)		220		169,631
3.75%, 07/15/29^(b)		181		139,950
Lumen Technologies, Inc.
5.63%, 04/01/25		1,909		1,810,266
5.13%, 12/15/26^(b)		1,080		909,166
4.00%, 02/15/27^(b)		1,320		1,116,390
4.50%, 01/15/29^(b)		1,026		763,749
5.38%, 06/15/29^(b)		988		782,274
Series U, 7.65%, 03/15/42		323		247,902
Series Y, 7.50%, 04/01/24		290		286,012
PLDT, Inc., 2.50%, 01/23/31^(f)		200		165,600
SoftBank Group Corp., (5 year USD ICE Swap + 4.23%), 6.00%^(a)(f)(g)		300		267,000
Sprint Capital Corp.
6.88%, 11/15/28		2,935		3,086,211
8.75%, 03/15/32		2,015		2,425,012
Switch Ltd.^(b)
3.75%, 09/15/28		677		669,655
4.13%, 06/15/29		1,200		1,187,809
Telecom Italia Capital SA
6.38%, 11/15/33		442		341,312
6.00%, 09/30/34		818		616,993
7.20%, 07/18/36		186		141,220
7.72%, 06/04/38		319		246,108
Telecom Italia SpA, 5.30%, 05/30/24^(b)		1,062		1,020,423
Telefonica Emisiones SA, 5.21%, 03/08/47		5,000		4,431,112
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30^(b)		325		224,835
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28^(b)		522		429,288


Security	Par (000)		Value

Diversified Telecommunication Services (continued)
Verizon Communications, Inc.^(d)
6.40%, 09/15/33	$	9,475	$	10,658,843
6.55%, 09/15/43		13,225		15,932,354
5.01%, 04/15/49		6,998		7,103,726
Zayo Group Holdings, Inc.^(b)
4.00%, 03/01/27		5,652		4,688,843
6.13%, 03/01/28		3,249		2,346,135


				77,661,087

Electric Utilities — 4.3%
Dominion Energy, Inc., Series C, (5 year CMT + 3.20%), 4.35%^(a)(g)		2,020		1,661,450
Edison International, Series A, (5 year CMT + 4.70%), 5.38%^(a)(g)		6,851		5,566,437
Emera, Inc., Series 16-A, (3 mo. LIBOR US + 5.44%), 6.75%, 06/15/76^(a)		7,500		7,237,275
FirstEnergy Corp.
2.65%, 03/01/30		612		504,900
Series B, 2.25%, 09/01/30		46		36,455
Series C, 3.40%, 03/01/50		1,065		721,963
FirstEnergy Transmission LLC, 5.45%, 07/15/44^(b)		889		830,958
Korea Western Power Co. Ltd., 4.13%, 06/28/25		200		200,640
NextEra Energy Capital Holdings, Inc.^(a)
(3 mo. LIBOR US + 2.41%), 4.80%, 12/01/77		5,000		4,098,499
(5 year CMT + 2.55%), 3.80%, 03/15/82		3,279		2,632,228
NextEra Energy Operating Partners LP^(b)
4.25%, 07/15/24		712		681,099
4.25%, 09/15/24		26		24,765
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42^(d)		2,750		2,911,674
Pacific Gas & Electric Co., 4.20%, 06/01/41		2,310		1,691,534
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.25%, 10/24/42^(f)		200		170,975
PG&E Corp., 5.25%, 07/01/30		226		185,926
Progress Energy, Inc., 7.00%, 10/30/31^(d)		12,000		13,475,517
Sempra Energy, (5 year CMT + 4.55%), 4.88%^(a)(g)		4,375		4,024,916
State Grid Overseas Investment BVI Ltd., 3.50%, 05/04/27^(f)		200		197,986


				46,855,197

Electrical Equipment^(b)— 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26		714		662,235
GrafTech Finance, Inc., 4.63%, 12/15/28		296		239,610


				901,845

Electronic Equipment, Instruments & Components^(b)— 0.3%
BWX Technologies, Inc.
4.13%, 06/30/28		70		62,300
4.13%, 04/15/29		248		217,620
Energizer Holdings, Inc.
4.75%, 06/15/28		244		193,668
4.38%, 03/31/29		41		31,477
Imola Merger Corp., 4.75%, 05/15/29		1,384		1,157,937
Vertiv Group Corp., 4.13%, 11/15/28		1,351		1,096,904


				2,759,906

Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27		515		469,613
6.25%, 04/01/28		607		537,377
Petroleos Mexicanos, 6.70%, 02/16/32		695		526,462


S C H E D U L E O F I N V E S T M E N T S			85

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Energy Equipment & Services (continued)
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26	$	449	$	408,455
6.88%, 09/01/27		549		487,238
Weatherford International Ltd.^(b)
6.50%, 09/15/28		27		24,233
8.63%, 04/30/30		418		346,851


				2,800,229

Entertainment^(b)— 0.1%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/29		572		483,340
Lindblad Expeditions LLC, 6.75%, 02/15/27		410		351,575
NCL Corp. Ltd., 7.75%, 02/15/29		202		154,530


				989,445

Environmental, Maintenance & Security Service — 0.6%
Clean Harbors, Inc., 5.13%, 07/15/29^(b)		1,278		1,159,785
Covanta Holding Corp.
4.88%, 12/01/29^(b)		235		191,224
5.00%, 09/01/30		293		239,176
GFL Environmental, Inc.^(b)
3.75%, 08/01/25		297		275,468
5.13%, 12/15/26^(d)		2,289		2,188,970
4.00%, 08/01/28		235		193,875
3.50%, 09/01/28		504		432,180
4.75%, 06/15/29		603		498,983
4.38%, 08/15/29		123		99,015
Tervita Corp., 11.00%, 12/01/25^(b)		182		197,925
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)		1,151		1,022,433


				6,499,034

Equity Real Estate Investment Trusts (REITs) — 0.6%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27^(b)		364		301,842
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)		258		215,608
Iron Mountain, Inc.^(b)
4.88%, 09/15/27		606		547,551
5.63%, 07/15/32		778		657,858
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27		178		162,811
4.63%, 08/01/29		965		846,788
3.50%, 03/15/31		2,778		2,189,509
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27		1,529		1,356,391
RLJ Lodging Trust LP, 4.00%, 09/15/29^(b)		199		163,461


				6,441,819

Food & Staples Retailing — 2.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
3.25%, 03/15/26		1,296		1,128,752
4.63%, 01/15/27		1,885		1,683,908
5.88%, 02/15/28		928		867,337
4.88%, 02/15/30		142		121,813
CK Hutchison International 21 Ltd., 3.13%, 04/15/41^(f)		200		161,866
Darling Ingredients, Inc., 6.00%, 06/15/30^(b)		518		516,265
General Mills, Inc., 4.20%, 04/17/28		620		615,124
Kraft Heinz Foods Co.
4.25%, 03/01/31		68		64,661
5.00%, 07/15/35		214		207,160
7.13%, 08/01/39^(b)(d)		4,415		4,945,746
4.63%, 10/01/39		100		87,759
5.00%, 06/04/42		12		10,963


Security	Par (000)		Value

Food & Staples Retailing (continued)
Kraft Heinz Foods Co. (continued)
4.38%, 06/01/46	$	158	$	131,678
4.88%, 10/01/49		263		232,295
5.50%, 06/01/50		2,825		2,711,757
Lamb Weston Holdings, Inc.^(b)
4.88%, 05/15/28		284		267,275
4.13%, 01/31/30		515		445,764
4.38%, 01/31/32		597		519,390
Performance Food Group, Inc., 4.25%, 08/01/29^(b)		700		584,500
Post Holdings, Inc.^(b)
5.63%, 01/15/28		428		406,258
4.63%, 04/15/30		596		502,887
U.S. Foods, Inc., 4.75%, 02/15/29^(b)		595		520,143
Walmart, Inc., 5.25%, 09/01/35^(d)		5,150		5,716,830


				22,450,131

Food Products^(b)— 0.5%
Aramark Services, Inc.
5.00%, 04/01/25		1,367		1,309,784
6.38%, 05/01/25		1,154		1,129,016
5.00%, 02/01/28		170		154,056
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25		1,321		1,213,165
4.63%, 11/15/28		250		211,250
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31		576		472,543
Pilgrim’s Pride Corp., 3.50%, 03/01/32		387		302,344
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29		624		527,530


				5,319,688

Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31^(b)		237		201,539


Health Care Equipment & Supplies — 0.3%
Avantor Funding, Inc.^(b)
4.63%, 07/15/28		2,051		1,880,152
3.88%, 11/01/29		396		346,361
Embecta Corp., 6.75%, 02/15/30^(b)		255		229,584
Hologic, Inc., 3.25%, 02/15/29^(b)		25		21,368
Medtronic, Inc., 4.63%, 03/15/45^(d)		647		648,827


				3,126,292

Health Care Providers & Services — 4.7%
180 Medical, Inc., 3.88%, 10/15/29^(b)		282		243,930
AdaptHealth LLC, 5.13%, 03/01/30^(b)		55		46,360
Aetna, Inc., 3.88%, 08/15/47		3,500		2,891,238
AHP Health Partners, Inc., 5.75%, 07/15/29^(b)		580		426,126
Centene Corp.
2.45%, 07/15/28		1,241		1,035,044
4.63%, 12/15/29		2,027		1,890,177
3.00%, 10/15/30		1,873		1,552,249
2.50%, 03/01/31		2,740		2,174,902
2.63%, 08/01/31		700		556,850
CHS/Community Health Systems, Inc.^(b)
8.00%, 03/15/26		1,082		985,367
5.63%, 03/15/27		1,072		907,309
6.00%, 01/15/29		812		672,677
6.13%, 04/01/30		564		344,040
Elevance Health, Inc., 4.55%, 03/01/48^(d)		5,000		4,727,950
Encompass Health Corp.
4.50%, 02/01/28		106		90,747


86		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care Providers & Services (continued)
Encompass Health Corp. (continued)
4.75%, 02/01/30	$	1,103	$	924,358
4.63%, 04/01/31		250		202,431
HCA, Inc.
5.38%, 09/01/26		359		355,979
5.63%, 09/01/28		833		819,418
5.25%, 06/15/49		3,500		3,014,376
Legacy LifePoint Health LLC^(b)
6.75%, 04/15/25		409		395,343
4.38%, 02/15/27		491		420,698
LifePoint Health, Inc., 5.38%, 01/15/29^(b)(d)		184		135,240
Medline Borrower LP, 5.25%, 10/01/29^(b)		2,133		1,751,833
ModivCare, Inc., 5.88%, 11/15/25^(b)		152		139,840
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28		659		588,666
3.88%, 11/15/30		491		419,697
3.88%, 05/15/32		509		426,840
Owens & Minor, Inc., 6.63%, 04/01/30^(b)		246		224,714
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(b)		432		368,712
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(b)		72		70,020
Surgery Center Holdings, Inc.^(b)
6.75%, 07/01/25		375		343,703
10.00%, 04/15/27		892		864,031
Teleflex, Inc.
4.63%, 11/15/27		70		64,575
4.25%, 06/01/28^(b)		748		675,844
Tenet Healthcare Corp.
4.63%, 07/15/24		471		452,033
4.63%, 09/01/24^(b)		882		846,720
4.88%, 01/01/26^(b)(d)		4,122		3,792,240
6.25%, 02/01/27^(b)		89		81,917
5.13%, 11/01/27^(b)		2,324		2,091,600
4.63%, 06/15/28^(b)		37		32,219
6.13%, 06/15/30^(b)		471		434,535
UnitedHealth Group, Inc., 6.88%, 02/15/38^(d)		10,000		12,383,202


				50,865,750

Health Care Technology^(b)— 0.6%
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27		733		689,995
3.50%, 04/01/30		645		526,274
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25		601		585,188
Charles River Laboratories International, Inc.
4.25%, 05/01/28		324		291,053
3.75%, 03/15/29		141		122,367
4.00%, 03/15/31		204		173,899
IQVIA, Inc.
5.00%, 10/15/26		554		527,591
5.00%, 05/15/27		592		560,091
Minerva Merger Sub, Inc., 6.50%, 02/15/30		1,117		928,886
Syneos Health, Inc., 3.63%, 01/15/29		1,874		1,586,956


				5,992,300

Hotels, Restaurants & Leisure — 3.0%
1011778 BC ULC/New Red Finance, Inc.^(b)
5.75%, 04/15/25		552		555,215
3.88%, 01/15/28		1,493		1,295,805
4.38%, 01/15/28		2,509		2,193,619


Security	Par (000)		Value

Hotels, Restaurants & Leisure (continued)
1011778 BC ULC/New Red Finance, Inc.^(b)(continued)
4.00%, 10/15/30	$	232	$	186,180
Boyd Gaming Corp.
4.75%, 12/01/27		393		355,665
4.75%, 06/15/31^(b)		775		654,890
Boyne USA, Inc., 4.75%, 05/15/29^(b)		508		439,898
Caesars Entertainment, Inc.^(b)
6.25%, 07/01/25		3,215		3,098,392
8.13%, 07/01/27		3,127		3,021,464
4.63%, 10/15/29		1,499		1,165,472
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(b)		1,048		1,002,213
Carnival Corp., 7.63%, 03/01/26^(b)		149		115,406
CDI Escrow Issuer, Inc., 5.75%, 04/01/30^(b)		1,311		1,193,010
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25^(b)		408		395,760
Champion Path Holdings Ltd.^(f)
4.50%, 01/27/26		500		310,000
4.85%, 01/27/28		500		285,875
Churchill Downs, Inc.^(b)
5.50%, 04/01/27		1,730		1,643,500
4.75%, 01/15/28		442		393,380
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.^(b)
4.63%, 01/15/29		807		687,967
6.75%, 01/15/30		521		399,867
Fortune Star BVI Ltd.^(f)
6.75%, 07/02/23		200		157,175
5.95%, 10/19/25		269		164,090
5.00%, 05/18/26		344		206,400
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25^(b)		319		312,620
5.75%, 05/01/28^(b)		451		428,824
3.75%, 05/01/29^(b)		239		202,708
4.88%, 01/15/30		1,316		1,189,335
4.00%, 05/01/31^(b)		483		401,373
Las Vegas Sands Corp.
3.50%, 08/18/26		96		83,434
3.90%, 08/08/29		88		71,904
Marriott International, Inc., Series EE, 5.75%, 05/01/25		1,295		1,343,451
McDonald’s Corp., 4.20%, 04/01/50^(d)		480		428,680
Melco Resorts Finance Ltd.^(f)
5.25%, 04/26/26		300		210,000
5.75%, 07/21/28		300		189,000
5.38%, 12/04/29		383		227,885
MGM China Holdings Ltd., 5.88%, 05/15/26^(f)		200		151,850
MGM Resorts International, 6.00%, 03/15/23		1,335		1,331,903
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(b)		487		396,905
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(b)
5.63%, 09/01/29		242		172,294
5.88%, 09/01/31		242		167,951
Royal Caribbean Cruises Ltd., 5.38%, 07/15/27^(b)		679		493,545
Scientific Games International, Inc.^(b)
8.63%, 07/01/25		442		453,094
7.00%, 05/15/28		451		423,232
7.25%, 11/15/29		218		204,443


S C H E D U L E O F I N V E S T M E N T S			87

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(b)	$	591	$	598,287
Station Casinos LLC, 4.63%, 12/01/31^(b)		611		476,580
Studio City Finance Ltd.^(f)
6.50%, 01/15/28		300		168,750
5.00%, 01/15/29		530		264,271
Sunny Express Enterprises Corp., 2.95%, 03/01/27^(f)		200		191,330
Vail Resorts, Inc., 6.25%, 05/15/25^(b)		341		340,581
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)(d)		602		515,607
Wynn Macau Ltd.^(f)
4.88%, 10/01/24		200		145,124
5.50%, 01/15/26		230		158,987
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29^(b)		1,103		868,723
Yum! Brands, Inc.
4.75%, 01/15/30^(b)		135		122,513
3.63%, 03/15/31		134		112,560


				32,768,987

Household Durables — 0.4%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30^(b)		770		559,405
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)		507		448,229
Lennar Corp., 5.25%, 06/01/26		890		902,894
Mattamy Group Corp., 4.63%, 03/01/30^(b)		427		312,058
Midea Investment Development Co. Ltd., 2.88%, 02/24/27^(f)		200		188,346
NCR Corp.^(b)
5.75%, 09/01/27		512		454,415
5.00%, 10/01/28		241		204,343
5.13%, 04/15/29		159		134,473
6.13%, 09/01/29		175		151,350
PulteGroup, Inc.
5.00%, 01/15/27		55		54,995
7.88%, 06/15/32		56		63,072
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(b)		684		459,990
Tempur Sealy International, Inc.^(b)
4.00%, 04/15/29		471		379,409
3.88%, 10/15/31		344		258,000
Toll Brothers Finance Corp., 4.35%, 02/15/28		35		31,627


				4,602,606

Independent Power and Renewable Electricity Producers — 0.8%
Calpine Corp.^(b)
5.25%, 06/01/26		379		360,050
4.50%, 02/15/28		438		397,650
5.13%, 03/15/28		2,807		2,471,002
5.00%, 02/01/31		3		2,425
Clearway Energy Operating LLC^(b)
4.75%, 03/15/28		630		566,799
3.75%, 01/15/32		307		243,298
Greenko Dutch BV, 3.85%, 03/29/26^(f)		782		662,592
Hanwha Energy USA Holdings Corp., 4.13%, 07/05/25^(f)(h)		200		200,702
India Green Energy Holdings, 5.38%, 04/29/24^(f)		250		233,750
India Green Power Holdings, 4.00%, 02/22/27^(f)		700		542,500
NRG Energy, Inc.
6.63%, 01/15/27		618		605,255
5.75%, 01/15/28		52		47,264
5.25%, 06/15/29^(b)		960		856,800
3.63%, 02/15/31^(b)		514		402,971


Security	Par (000)		Value

Independent Power and Renewable Electricity Producers (continued)
ReNew Power Pvt Ltd., 5.88%, 03/05/27^(f)	$	200	$	181,288
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28^(f)		550		429,688
SMC Global Power Holdings Corp., (5 year CMT + 7.16%), 5.45%^(a)(f)(g)		300		270,750
TerraForm Power Operating LLC^(b)
5.00%, 01/31/28		231		209,226
4.75%, 01/15/30		127		108,774


				8,792,784

Insurance — 3.9%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(b)		478		374,174
AIA Group Ltd., (5 year CMT + 1.76%), 2.70%^(a)(f)(g)		200		178,000
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(b)
4.25%, 10/15/27		88		76,170
6.75%, 10/15/27		2,839		2,519,272
5.88%, 11/01/29		127		105,386
Allstate Corp., Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53^(a)(d)		5,000		4,381,250
AmWINS Group, Inc., 4.88%, 06/30/29^(b)		551		451,226
Aon Global Ltd., 4.25%, 12/12/42^(d)		6,500		5,600,968
Farmers Exchange Capital II, (3 mo. LIBOR US + 3.74%), 6.15%, 11/01/53^(a)(b)		4,890		5,169,291
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)		87		81,445
Hanwha Life Insurance Co. Ltd., (5 year CMT + 2.00%), 4.70%^(a)(f)(g)		200		199,100
HUB International Ltd.^(b)
7.00%, 05/01/26		1,724		1,621,250
5.63%, 12/01/29		181		149,515
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40^(b)(d)		12,000		13,080,408
Principal Financial Group, Inc., (3 mo. LIBOR US + 3.04%), 4.46%, 05/15/55^(a)		5,000		4,475,180
Progressive Corp., Series B, (3 mo. LIBOR US + 2.54%), 5.38%^(a)(g)		5,000		4,400,000


				42,862,635

Interactive Media & Services — 0.6%
Baidu, Inc., 1.63%, 02/23/27		200		177,136
Cablevision Lightpath LLC^(b)
3.88%, 09/15/27		368		304,520
5.63%, 09/15/28		540		422,420
Netflix, Inc.
3.63%, 06/15/25^(b)		210		200,208
5.88%, 11/15/28		1,698		1,660,152
5.38%, 11/15/29^(b)		2,007		1,896,615
4.88%, 06/15/30^(b)		461		421,928
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27^(b)		614		505,661
Tencent Holdings Ltd., 3.60%, 01/19/28^(f)		400		380,512
Twitter, Inc.^(b)
3.88%, 12/15/27		766		722,150
5.00%, 03/01/30		192		182,160


				6,873,462

Internet & Direct Marketing Retail — 0.3%
Alibaba Group Holding Ltd.
3.60%, 11/28/24		200		198,668


88		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Internet & Direct Marketing Retail (continued)
Alibaba Group Holding Ltd. (continued)
3.40%, 12/06/27	$	200	$	191,164
Amazon.com, Inc., 2.70%, 06/03/60^(d)		3,614		2,447,869


				2,837,701

Internet Software & Services — 1.0%
ANGI Group LLC, 3.88%, 08/15/28^(b)		582		443,134
Booking Holdings, Inc., 3.55%, 03/15/28^(d)		3,375		3,252,884
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^(b)
5.25%, 12/01/27		370		338,550
3.50%, 03/01/29		317		267,260
Match Group Holdings II LLC^(b)
4.13%, 08/01/30		383		319,845
3.63%, 10/01/31		305		240,187
Uber Technologies, Inc.^(b)
7.50%, 05/15/25		1,750		1,733,323
8.00%, 11/01/26		481		478,835
7.50%, 09/15/27		2,069		2,004,406
6.25%, 01/15/28		581		537,332
4.50%, 08/15/29		1,982		1,630,195


				11,245,951

IT Services — 0.8%
Booz Allen Hamilton, Inc.^(b)
3.88%, 09/01/28		561		496,485
4.00%, 07/01/29		945		823,974
CA Magnum Holdings
5.38%, 10/31/26^(b)		964		833,860
5.38%, 10/31/26^(f)		700		605,500
Camelot Finance SA, 4.50%, 11/01/26^(b)		1,254		1,143,772
Condor Merger Sub, Inc., 7.38%, 02/15/30^(b)		1,273		1,034,656
Dun & Bradstreet Corp., 5.00%, 12/15/29^(b)		262		226,303
Fair Isaac Corp., 4.00%, 06/15/28^(b)		393		348,135
Gartner, Inc.^(b)
4.50%, 07/01/28		743		682,226
3.63%, 06/15/29		138		119,559
3.75%, 10/01/30		792		674,190
Twilio, Inc., 3.88%, 03/15/31		810		666,444
Wipro IT Services LLC, 1.50%, 06/23/26^(f)		200		178,313
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)		989		828,428


				8,661,845

Leisure Products — 0.1%
Mattel, Inc.
3.75%, 04/01/29^(b)		213		191,401
6.20%, 10/01/40		513		489,915
5.45%, 11/01/41		753		660,947


				1,342,263

Machinery^(b)— 0.4%
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25⁽ⁱ⁾		166		161,020
Madison IAQ LLC, 5.88%, 06/30/29		645		494,276
Terex Corp., 5.00%, 05/15/29		688		584,800
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26		1,550		1,424,760
TK Elevator Holdco GmbH, 7.63%, 07/15/28		596		534,910
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27		1,747		1,557,564


				4,757,330


Security	Par (000)		Value

Media — 9.9%
Altice Financing SA^(b)
5.00%, 01/15/28	$	863	$	695,440
5.75%, 08/15/29		2,009		1,612,222
Altice France Holding SA, 10.50%, 05/15/27^(b)		5,291		4,439,890
AMC Networks, Inc., 4.25%, 02/15/29		263		213,080
Cable One, Inc., 4.00%, 11/15/30^(b)		521		427,991
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27^(b)(d)		2,592		2,446,200
5.00%, 02/01/28^(b)		274		252,820
5.38%, 06/01/29^(b)		1,823		1,629,470
4.75%, 03/01/30^(b)		579		495,190
4.50%, 08/15/30^(b)		3,257		2,704,216
4.25%, 02/01/31^(b)		1,749		1,425,435
4.75%, 02/01/32^(b)		593		485,548
4.50%, 05/01/32		341		276,108
4.50%, 06/01/33^(b)		326		256,895
4.25%, 01/15/34^(b)		2,197		1,697,182
Charter Communications Operating LLC/Charter Communications Operating Capital
6.38%, 10/23/35		479		481,737
6.48%, 10/23/45^(d)		9,584		9,317,274
5.38%, 05/01/47		1,500		1,277,192
6.83%, 10/23/55		3,540		3,557,672
Clear Channel Outdoor Holdings, Inc.^(b)
5.13%, 08/15/27^(d)		5,585		4,715,583
7.75%, 04/15/28		2,155		1,567,913
7.50%, 06/01/29^(d)		1,931		1,388,505
Comcast Corp.
3.75%, 04/01/40		545		477,671
2.99%, 11/01/63		5,558		3,790,961
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)(d)		4,514		4,056,416
Cox Communications, Inc., 8.38%, 03/01/39^(b)		5,000		6,493,127
CSC Holdings LLC
5.25%, 06/01/24		1,061		992,035
5.38%, 02/01/28^(b)		336		290,640
7.50%, 04/01/28^(b)		877		732,295
5.75%, 01/15/30^(b)		406		295,377
4.13%, 12/01/30^(b)		2,480		1,934,400
3.38%, 02/15/31^(b)		225		166,345
4.50%, 11/15/31^(b)		680		524,382
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27^(b)		897		765,204
Discovery Communications LLC, 4.88%, 04/01/43		4,000		3,325,942
DISH DBS Corp.
5.88%, 07/15/22		2,545		2,530,570
7.75%, 07/01/26		1,110		865,245
5.25%, 12/01/26^(b)		2,398		1,879,648
5.75%, 12/01/28^(b)		1,904		1,409,741
Frontier Communications Holdings LLC^(b)
5.88%, 10/15/27		911		819,082
5.00%, 05/01/28		414		351,900
6.75%, 05/01/29		1,212		996,870
6.00%, 01/15/30		536		412,425
GCI LLC, 4.75%, 10/15/28^(b)		251		217,479
Globe Telecom, Inc., (5 year CMT + 5.53%), 4.20%^(a)(f)(g)		700		651,000
Gray Television, Inc., 7.00%, 05/15/27^(b)		415		399,437
iHeartCommunications, Inc.
6.38%, 05/01/26		370		342,696
5.25%, 08/15/27^(b)		376		321,792


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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
iHeartCommunications, Inc. (continued)
4.75%, 01/15/28^(b)	$	184	$	151,631
Iliad Holding SASU^(b)
6.50%, 10/15/26		978		880,171
7.00%, 10/15/28		757		658,541
Lamar Media Corp., 4.00%, 02/15/30		307		257,773
LCPR Senior Secured Financing DAC^(b)
6.75%, 10/15/27		860		802,234
5.13%, 07/15/29		1,214		1,013,690
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(b)(i)		508		261,446
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(b)		1,340		1,045,200
Live Nation Entertainment, Inc.^(b)
4.88%, 11/01/24		136		129,880
6.50%, 05/15/27		2,379		2,339,556
4.75%, 10/15/27		606		537,231
3.75%, 01/15/28		150		129,375
Magallanes, Inc., 3.43%, 03/15/24^(b)		1,460		1,431,285
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%^(a)(f)(g)		695		643,222
Outfront Media Capital LLC/Outfront Media Capital Corp.^(b)
5.00%, 08/15/27		476		415,905
4.25%, 01/15/29		336		267,664
4.63%, 03/15/30		55		43,333
Paramount Global, 5.85%, 09/01/43		1,300		1,214,553
Radiate Holdco LLC/Radiate Finance, Inc.^(b)
4.50%, 09/15/26		1,459		1,258,067
6.50%, 09/15/28		3,116		2,408,278
Scripps Escrow II, Inc., 3.88%, 01/15/29^(b)		37		31,007
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)		817		648,016
Sirius XM Radio, Inc.^(b)
3.13%, 09/01/26		1,020		910,075
5.00%, 08/01/27		596		552,802
4.00%, 07/15/28		619		535,435
5.50%, 07/01/29		1,008		918,540
3.88%, 09/01/31		601		478,546
Stagwell Global LLC, 5.63%, 08/15/29^(b)		209		167,938
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28^(b)		1,000		882,400
Time Warner Cable LLC, 6.55%, 05/01/37		3,519		3,523,486
Univision Communications, Inc.^(b)
6.63%, 06/01/27		113		107,588
7.38%, 06/30/30		215		210,163
UPC Broadband Finco BV, 4.88%, 07/15/31^(b)		934		761,210
Videotron Ltd., 3.63%, 06/15/29^(b)		421		341,751
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(b)		1,452		1,201,485
Walt Disney Co., 2.75%, 09/01/49		3,614		2,579,650
WMG Acquisition Corp., 3.88%, 07/15/30^(b)		263		218,698
Ziggo Bonds Co. BV, 6.00%, 01/15/27^(b)		955		845,175
Ziggo BV, 4.88%, 01/15/30^(b)		605		513,005


				107,722,248

Metals & Mining — 2.1%
ABJA Investment Co. Pte Ltd., 5.45%, 01/24/28^(f)		306		287,640
Allegheny Technologies, Inc., 5.13%, 10/01/31		656		502,523
Arconic Corp.^(b)
6.00%, 05/15/25		705		687,589
6.13%, 02/15/28		552		515,447
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)		2,193		2,034,984


Security	Par (000)		Value

Metals & Mining (continued)
Commercial Metals Co., 4.88%, 05/15/23	$	2,194	$	2,180,288
Constellium SE^(b)
5.88%, 02/15/26		996		929,915
3.75%, 04/15/29		1,731		1,372,809
FMG Resources August 2006 Pty. Ltd., 6.13%, 04/15/32^(b)		708		637,200
JSW Steel Ltd., 3.95%, 04/05/27^(f)		500		401,250
Kaiser Aluminum Corp.^(b)
4.63%, 03/01/28		988		822,530
4.50%, 06/01/31		700		529,816
Mineral Resources Ltd.^(b)
8.00%, 11/01/27		214		208,650
8.50%, 05/01/30		218		214,730
Mongolian Mining Corp./Energy Resources LLC, 9.25%, 04/15/24^(f)		200		134,600
New Gold, Inc., 7.50%, 07/15/27^(b)		1,357		1,180,590
Novelis Corp.^(b)
3.25%, 11/15/26		942		796,249
4.75%, 01/30/30		2,489		2,068,807
3.88%, 08/15/31		832		640,798
Periama Holdings LLC, 5.95%, 04/19/26^(f)		200		178,000
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29^(b)		249		211,878
Southern Copper Corp., 5.88%, 04/23/45^(d)		3,870		4,007,385
Steel Dynamics, Inc., 3.25%, 10/15/50		1,145		787,390
U.S. Steel Corp., 6.88%, 03/01/29		752		656,188
Vedanta Resources Finance II PLC^(f)
13.88%, 01/21/24		400		356,000
8.95%, 03/11/25		200		158,000


				22,501,256

Multiline Retail — 0.1%
Bath & Body Works, Inc., 6.88%, 11/01/35		456		370,500
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)		820		755,696


				1,126,196

Offshore Drilling & Other Services — 0.1%
Entegris, Inc., 4.38%, 04/15/28^(b)		176		155,320
Lam Research Corp., 4.88%, 03/15/49		875		889,328


				1,044,648

Oil, Gas & Consumable Fuels — 14.9%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)		839		815,298
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)
5.75%, 03/01/27		713		663,090
5.75%, 01/15/28		127		115,623
5.38%, 06/15/29		425		380,613
Apache Corp.
4.25%, 01/15/30		469		415,651
5.10%, 09/01/40		346		292,155
5.25%, 02/01/42		57		47,679
5.35%, 07/01/49		198		156,448
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27		916		1,149,748
5.88%, 06/30/29		26		22,880
Buckeye Partners LP
4.13%, 03/01/25^(b)		594		549,943
5.85%, 11/15/43		383		271,930
5.60%, 10/15/44		191		133,007


90		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Callon Petroleum Co.
6.13%, 10/01/24	$	282	$	286,343
9.00%, 04/01/25^(b)		2,272		2,408,320
6.38%, 07/01/26		178		164,205
8.00%, 08/01/28^(b)		1,141		1,096,045
7.50%, 06/15/30^(b)		912		839,168
Cenovus Energy, Inc.
5.38%, 07/15/25		1,186		1,220,696
5.40%, 06/15/47		77		73,962
Centennial Resource Production LLC, 6.88%, 04/01/27^(b)		168		159,539
Central Parent, Inc./Central Merger Sub, Inc., 7.25%, 06/15/29^(b)		929		894,162
Cheniere Energy Partners LP
4.50%, 10/01/29		1,299		1,159,617
4.00%, 03/01/31		567		482,120
3.25%, 01/31/32^(b)		1,036		815,850
Cheniere Energy, Inc., 4.63%, 10/15/28		3,887		3,500,516
Chesapeake Energy Corp.^(b)
5.88%, 02/01/29		80		75,440
6.75%, 04/15/29		1,024		990,239
CNOOC Finance 2013 Ltd., 2.88%, 09/30/29		200		184,787
CNOOC Petroleum North America ULC, 6.40%, 05/15/37^(d)		2,000		2,221,625
CNX Resources Corp., 6.00%, 01/15/29^(b)		78		72,868
Colgate Energy Partners III LLC^(b)
7.75%, 02/15/26		276		262,375
5.88%, 07/01/29^(d)		452		396,065
Comstock Resources, Inc.^(b)
6.75%, 03/01/29		792		709,181
5.88%, 01/15/30		1,107		952,020
Coterra Energy, Inc., 4.38%, 06/01/24^(b)		38		37,982
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31^(b)		1,968		1,675,831
Crescent Energy Finance LLC, 7.25%, 05/01/26^(b)		1,096		997,360
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.^(b)
5.63%, 05/01/27		189		168,210
6.00%, 02/01/29		97		84,640
8.00%, 04/01/29		286		265,625
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(b)		1,702		1,599,880
DCP Midstream Operating LP^(b)
6.45%, 11/03/36		177		173,460
6.75%, 09/15/37		1,218		1,158,622
Devon Energy Corp.
8.25%, 08/01/23		811		842,974
5.25%, 09/15/24		100		102,014
5.25%, 10/15/27		130		131,552
5.88%, 06/15/28		204		208,135
4.50%, 01/15/30		117		110,518
Diamondback Energy, Inc., 3.50%, 12/01/29		692		633,847
DT Midstream, Inc.^(b)
4.13%, 06/15/29		842		713,595
4.38%, 06/15/31		876		733,650
Earthstone Energy Holdings LLC, 8.00%, 04/15/27^(b)		507		479,749
eG Global Finance PLC^(b)
6.75%, 02/07/25		703		662,848
8.50%, 10/30/25		787		762,406
Enbridge, Inc.^(a)
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78		5,000		4,450,693


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Enbridge, Inc.^(a)(continued)
Series 16-A, (3 mo. LIBOR US + 3.89%), 6.00%, 01/15/77	$	5,880	$	5,439,254
Endeavor Energy Resources LP/EER Finance, Inc.^(b)
6.63%, 07/15/25		322		323,578
5.75%, 01/30/28		518		493,473
Energy Transfer LP
5.50%, 06/01/27		406		412,094
6.13%, 12/15/45		3,579		3,413,568
Series B, (3 mo. LIBOR US + 4.16%), 6.63%^(a)(g)		5,000		3,681,958
EnLink Midstream LLC
5.63%, 01/15/28^(b)		546		500,828
5.38%, 06/01/29		645		564,509
EnLink Midstream Partners LP
4.40%, 04/01/24		613		598,377
4.15%, 06/01/25		48		44,682
4.85%, 07/15/26		64		59,040
5.60%, 04/01/44		626		443,341
5.05%, 04/01/45		68		45,985
5.45%, 06/01/47		215		152,164
Enterprise Products Operating LLC
4.90%, 05/15/46^(d)		5,375		4,911,918
Series E, (3 mo. LIBOR US + 3.03%), 5.25%, 08/16/77^(a)		4,800		3,987,749
EQM Midstream Partners LP
4.13%, 12/01/26		226		195,207
7.50%, 06/01/30^(b)		141		135,451
4.75%, 01/15/31^(b)		1,052		838,970
Exxon Mobil Corp., 3.45%, 04/15/51^(d)		3,890		3,178,007
Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/36^(f)		200		161,662
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28		293		253,460
GS Caltex Corp., 4.50%, 01/05/26^(h)		200		199,423
Gulfport Energy Corp., 8.00%, 05/17/26^(b)		53		51,646
Harbour Energy PLC, 5.50%, 10/15/26^(b)		200		179,750
Harvest Midstream I LP, 7.50%, 09/01/28^(b)		115		108,012
Hess Corp., 5.80%, 04/01/47^(d)		5,000		4,986,549
Hess Midstream Operations LP, 4.25%, 02/15/30^(b)		497		416,220
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28^(b)		116		109,331
ITT Holdings LLC, 6.50%, 08/01/29^(b)		711		568,800
Kinder Morgan, Inc.
7.80%, 08/01/31		197		228,880
7.75%, 01/15/32^(d)		4,586		5,350,804
Kinetik Holdings LP, 5.88%, 06/15/30^(b)		928		884,027
Marathon Petroleum Corp., 5.13%, 12/15/26		937		958,880
Matador Resources Co., 5.88%, 09/15/26		1,584		1,522,668
Medco Bell Pte. Ltd., 6.38%, 01/30/27^(f)		300		253,500
Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28^(f)		400		332,000
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26^(f)		200		181,500
MPLX LP
5.20%, 03/01/47		3,500		3,172,804
4.70%, 04/15/48^(d)		5,000		4,203,156
5.50%, 02/15/49		2,640		2,448,665
Murphy Oil Corp.
5.75%, 08/15/25		3		2,969
5.88%, 12/01/27		46		42,929
6.13%, 12/01/42		47		35,133
Murphy Oil USA, Inc., 4.75%, 09/15/29		323		290,719
Nabors Industries Ltd.^(b)
7.25%, 01/15/26		139		123,272


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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Nabors Industries Ltd.^(b)(continued)
7.50%, 01/15/28	$	354	$	304,440
Nabors Industries, Inc., 7.38%, 05/15/27^(b)		620		589,000
New Fortress Energy, Inc.^(b)
6.75%, 09/15/25		1,419		1,340,955
6.50%, 09/30/26		1,543		1,397,590
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(b)		364		327,600
NGPL PipeCo LLC, 7.77%, 12/15/37^(b)		1,117		1,215,560
Northern Oil & Gas, Inc., 8.13%, 03/01/28^(b)		1,330		1,253,525
NuStar Logistics LP
6.00%, 06/01/26		373		348,755
6.38%, 10/01/30		45		39,097
Occidental Petroleum Corp.
6.95%, 07/01/24		92		94,760
8.00%, 07/15/25		60		63,150
5.88%, 09/01/25		195		194,152
5.50%, 12/01/25		289		284,665
8.88%, 07/15/30		159		182,544
6.63%, 09/01/30		1,685		1,735,550
6.13%, 01/01/31		255		258,423
6.45%, 09/15/36		161		165,025
6.20%, 03/15/40		1,521		1,498,185
6.60%, 03/15/46		66		70,092
PDC Energy, Inc., 5.75%, 05/15/26		759		708,018
Pertamina Persero PT, 2.30%, 02/09/31^(f)		200		161,844
Petroleos Mexicanos
3.50%, 01/30/23		5,000		4,906,250
4.63%, 09/21/23^(d)		3,965		3,867,461
Petronas Energy Canada Ltd., 2.11%, 03/23/28^(f)		200		180,500
Plains All American Pipeline LP, Series B, (3 mo. LIBOR US + 4.11%), 6.13%^(a)(g)		2,215		1,572,650
Qatar Energy, 2.25%, 07/12/31^(f)		200		171,000
Range Resources Corp.
5.00%, 03/15/23		551		546,867
4.88%, 05/15/25		30		29,262
Reliance Industries Ltd., 2.88%, 01/12/32^(f)		250		207,785
Rockcliff Energy II LLC, 5.50%, 10/15/29^(b)		667		606,950
Rockies Express Pipeline LLC, 6.88%, 04/15/40^(b)		580		479,950
Sabine Pass Liquefaction LLC
5.63%, 04/15/23^(d)		10,510		10,609,669
5.75%, 05/15/24^(d)		2,575		2,626,087
5.88%, 06/30/26		1,481		1,530,215
Sinopec Group Overseas Development 2017 Ltd., 3.63%, 04/12/27^(f)		200		198,814
Sinopec Group Overseas Development 2018 Ltd., 2.30%, 01/08/31		200		174,658
SM Energy Co.
5.63%, 06/01/25		44		41,580
6.75%, 09/15/26		327		308,480
6.63%, 01/15/27		121		113,135
6.50%, 07/15/28		241		221,649
Southwestern Energy Co.
5.95%, 01/23/25		29		28,649
5.38%, 02/01/29		392		363,619
4.75%, 02/01/32		322		275,157


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27	$	141	$	134,427
5.88%, 03/15/28		317		289,027
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(b)
6.00%, 03/01/27		150		133,875
6.00%, 12/31/30		102		84,660
6.00%, 09/01/31		239		197,175
Tap Rock Resources LLC, 7.00%, 10/01/26^(b)		1,368		1,291,691
TransCanada PipeLines Ltd., 4.88%, 05/15/48^(d)		4,000		3,835,265
Transcanada Trust, (3 mo. LIBOR US + 3.53%), 5.63%, 05/20/75^(a)		2,755		2,600,110
Transocean, Inc., 11.50%, 01/30/27^(b)		294		275,957
Venture Global Calcasieu Pass LLC^(b)
3.88%, 08/15/29		1,623		1,419,679
4.13%, 08/15/31		1,500		1,281,780
3.88%, 11/01/33		2,652		2,187,900
Vermilion Energy, Inc., 6.88%, 05/01/30^(b)		270		241,650
Western Midstream Operating LP
5.45%, 04/01/44		12		9,974
5.30%, 03/01/48		945		761,812
5.50%, 08/15/48		117		95,355
5.75%, 02/01/50		1,445		1,160,420
Williams Cos., Inc.
4.55%, 06/24/24		527		531,175
8.75%, 03/15/32		2,478		3,089,314
5.10%, 09/15/45^(d)		5,075		4,727,251


				162,101,525

Pharmaceuticals — 3.8%
AbbVie, Inc.^(d)
4.75%, 03/15/45		5,485		5,157,714
4.70%, 05/14/45		3,255		3,063,977
Bausch Health Cos., Inc.^(b)
9.00%, 12/15/25		221		163,286
6.13%, 02/01/27		119		101,150
7.00%, 01/15/28		33		18,892
6.25%, 02/15/29		4		2,129
7.25%, 05/30/29		283		153,527
CVS Health Corp.^(d)
5.13%, 07/20/45		3,879		3,736,339
5.05%, 03/25/48		8,205		7,854,220
Elanco Animal Health, Inc., 6.40%, 08/28/28		353		336,021
Jazz Securities DAC, 4.38%, 01/15/29^(b)		853		758,758
Merck & Co., Inc., 6.50%, 12/01/33^(d)		6,420		7,758,688
Option Care Health, Inc., 4.38%, 10/31/29^(b)		380		325,850
Organon & Co./Organon Foreign Debt Co-Issuer BV^(b)
4.13%, 04/30/28		1,633		1,445,205
5.13%, 04/30/31		1,599		1,379,665
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25^(b)		394		275,820
PRA Health Sciences, Inc., 2.88%, 07/15/26^(b)		1,021		908,690
Prestige Brands, Inc., 3.75%, 04/01/31^(b)		318		263,686
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30^(d)		8,270		6,917,148
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25		200		194,162


				40,814,927


92		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28^(b)	$	430	$	391,857


Real Estate Management & Development — 1.3%
Agile Group Holdings Ltd.^(f)
5.75%, 01/02/25		200		68,000
6.05%, 10/13/25		200		65,000
AYC Finance Ltd., 3.90%^(f)(g)		300		232,500
China Aoyuan Group Ltd.^(f)(j)(k)
7.95%, 02/19/23		230		21,103
6.20%, 03/24/26		420		33,600
China Evergrande Group^(f)(j)(k)
10.00%, 04/11/23		300		24,525
7.50%, 06/28/23		300		24,806
9.50%, 03/29/24		300		24,619
10.50%, 04/11/24		350		29,159
China SCE Group Holdings Ltd.^(f)
7.25%, 04/19/23		200		84,000
7.38%, 04/09/24		200		66,000
CIFI Holdings Group Co. Ltd.^(f)
6.55%, 03/28/24		450		299,250
6.45%, 11/07/24		250		160,000
Dexin China Holdings Co. Ltd., 9.95%, 12/03/22^(f)		298		179,228
Easy Tactic Ltd., 9.13%, 07/28/22^(f)		200		52,600
Fantasia Holdings Group Co. Ltd., 7.95%, 07/05/22^(f)(j)(k)		1,050		86,625
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(b)		43		36,066
Global Prime Capital Pte. Ltd., 5.95%, 01/23/25^(f)		200		187,000
GLP Pte Ltd.^(f)
3.88%, 06/04/25		200		192,606
(5 year CMT + 3.74%), 4.50%^(a)(g)		200		168,850
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(b)		360		340,758
Howard Hughes Corp.^(b)
5.38%, 08/01/28		762		638,175
4.13%, 02/01/29		176		135,747
4.38%, 02/01/31		46		34,044
Kaisa Group Holdings Ltd.^(f)(j)(k)
11.50%, 01/30/23		200		26,500
9.75%, 09/28/23		200		26,850
11.95%, 11/12/23		249		32,993
KWG Group Holdings Ltd., 5.88%, 11/10/24^(f)		400		78,000
Modern Land China Co. Ltd., 11.50%, 11/13/22^(c)(f)(j)(k)		1,130		180,800
New Metro Global Ltd., 4.50%, 05/02/26^(f)		349		164,030
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29^(b)(d)		4,485		4,100,164
Pakuwon Jati Tbk PT, 4.88%, 04/29/28^(f)		500		423,687
Powerlong Real Estate Holdings Ltd.^(f)
6.25%, 08/10/24		200		34,000
5.95%, 04/30/25		200		32,000
Realogy Group LLC/Realogy Co-Issuer Corp.^(b)
5.75%, 01/15/29		362		274,512
5.25%, 04/15/30		263		194,620
Redsun Properties Group Ltd., 10.50%, 10/03/22^(f)		200		48,000
RKPF Overseas Ltd.^(f)
Series 2019-A, 5.90%, 03/05/25		200		100,000
Series 2020-A, 5.20%, 01/12/26		306		139,230
Ronshine China Holdings Ltd., 7.10%, 01/25/25^(f)		200		20,000
Shimao Group Holdings Ltd., 3.45%, 01/11/31^(f)		200		21,000
Shui On Development Holding Ltd.^(f)
5.75%, 11/12/23		225		201,375


Security	Par (000)		Value

Real Estate Management & Development (continued)
Shui On Development Holding Ltd.^(f)(continued)
5.50%, 03/03/25	$	230	$	173,650
Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26^(f)		200		177,934
Starwood Property Trust, Inc., 4.38%, 01/15/27^(b)		150		130,209
Sunac China Holdings Ltd., 7.00%, 07/09/25^(f)(j)(k)		782		109,480
Theta Capital Pte. Ltd., 8.13%, 01/22/25^(f)		200		172,000
Times China Holdings Ltd.^(f)
6.75%, 07/08/25		570		79,800
5.75%, 01/14/27		326		44,010
Vanke Real Estate Hong Kong Co. Ltd., 3.98%, 11/09/27^(f)		200		175,350
VICI Properties LP, 5.13%, 05/15/32		3,155		2,973,083
Wanda Properties International Co. Ltd., 7.25%, 01/29/24^(f)		285		209,475
Yango Justice International Ltd.^(f)(j)(k)
8.25%, 11/25/23		200		12,000
7.50%, 04/15/24		200		12,000
Yanlord Land HK Co. Ltd.^(f)
6.80%, 02/27/24		200		169,000
5.13%, 05/20/26		200		148,000
Yuzhou Group Holdings Co. Ltd.^(f)(j)(k)
7.70%, 02/20/25		200		13,000
7.38%, 01/13/26		1,300		84,500
Zhenro Properties Group Ltd., 7.35%, 02/05/25^(f)(j)(k)		233		15,145


				13,980,658

Road & Rail — 2.0%
BNSF Funding Trust I, (3 mo. LIBOR US + 2.35%), 6.61%, 12/15/55^(a)(d)		6,125		5,983,472
CSX Corp., 3.80%, 04/15/50		770		649,348
Norfolk Southern Corp., 6.00%, 03/15/2105^(d)		12,700		12,376,377
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40%, 07/01/27^(b)		2,750		2,695,733
Seaspan Corp., 5.50%, 08/01/29^(b)		683		549,520


				22,254,450

Semiconductors & Semiconductor Equipment — 2.2%
Broadcom, Inc., 5.00%, 04/15/30^(d)		10,970		10,756,069
NVIDIA Corp.^(d)
3.50%, 04/01/50		2,785		2,363,845
3.70%, 04/01/60		1,760		1,476,777
NXP BV/NXP Funding LLC/NXP USA, Inc.
4.40%, 06/01/27		750		738,891
3.40%, 05/01/30		1,755		1,565,570
Qualcomm, Inc., 4.30%, 05/20/47^(d)		3,500		3,355,620
Sensata Technologies BV^(b)
5.63%, 11/01/24		695		686,076
5.00%, 10/01/25		572		549,120
4.00%, 04/15/29		207		175,552
Sensata Technologies, Inc., 4.38%, 02/15/30^(b)		2,261		1,924,513
SK Hynix, Inc., 1.50%, 01/19/26^(f)		200		179,194
TSMC Global Ltd., 2.25%, 04/23/31^(f)		200		169,258


				23,940,485

Software — 1.4%
Black Knight InfoServ LLC, 3.63%, 09/01/28^(b)		859		743,035
Boxer Parent Co., Inc.^(b)
7.13%, 10/02/25		764		731,576
9.13%, 03/01/26		336		313,895
Elastic NV, 4.13%, 07/15/29^(b)		718		599,372
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28^(b)		205		162,696


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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)	$	273	$	220,342
MicroStrategy, Inc., 6.13%, 06/15/28^(b)(d)		180		143,339
MSCI, Inc.^(b)
3.63%, 09/01/30		131		109,212
3.88%, 02/15/31		707		604,485
3.63%, 11/01/31		264		217,311
3.25%, 08/15/33		397		316,445
Open Text Corp.^(b)
3.88%, 02/15/28		474		421,590
3.88%, 12/01/29		315		265,120
Open Text Holdings, Inc., 4.13%, 02/15/30^(b)		901		779,410
Oracle Corp., 3.95%, 03/25/51		4,425		3,250,148
Playtika Holding Corp., 4.25%, 03/15/29^(b)		939		774,675
PTC, Inc.^(b)
3.63%, 02/15/25		166		157,000
4.00%, 02/15/28		867		783,479
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)(d)		3,862		3,601,547
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)		1,099		824,739


				15,019,416

Specialty Retail — 0.3%
Bath & Body Works, Inc., 7.60%, 07/15/37		226		182,195
Carvana Co., 10.25%, 05/01/30^(b)		283		232,060
PetSmart, Inc./PetSmart Finance Corp.^(b)
4.75%, 02/15/28		481		416,180
7.75%, 02/15/29		1,711		1,540,773
Staples, Inc., 7.50%, 04/15/26^(b)		943		781,624


				3,152,832

Technology Hardware, Storage & Peripherals — 0.6%
Dell International LLC/EMC Corp.
5.85%, 07/15/25		2,395		2,469,979
8.35%, 07/15/46		2,355		2,932,739
II-VI, Inc., 5.00%, 12/15/29^(b)		892		778,270


				6,180,988

Textiles, Apparel & Luxury Goods^(b)— 0.1%
Crocs, Inc., 4.13%, 08/15/31		244		172,692
Levi Strauss & Co., 3.50%, 03/01/31		281		229,718
William Carter Co., 5.63%, 03/15/27		365		341,790


				744,200

Thrifts & Mortgage Finance — 0.2%
Home Point Capital, Inc., 5.00%, 02/01/26^(b)		411		283,590
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25^(b)		268		242,540
MGIC Investment Corp., 5.25%, 08/15/28		337		301,767
Nationstar Mortgage Holdings, Inc.^(b)
6.00%, 01/15/27		524		454,539
5.13%, 12/15/30		163		121,847
5.75%, 11/15/31		197		150,843
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26^(b)		233		192,553


				1,747,679

Tobacco^(d)— 2.0%
Altria Group, Inc., 10.20%, 02/06/39		13,392		17,412,563
BAT Capital Corp., 4.54%, 08/15/47		3,000		2,199,618
Reynolds American, Inc., 5.85%, 08/15/45		2,335		1,959,281


				21,571,462


Security	Par (000)		Value

Transportation Infrastructure — 0.6%
FedEx Corp., 5.25%, 05/15/50	$	6,000	$	5,974,043
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/24^(f)		200		193,475
SF Holding Investment 2021 Ltd., 2.38%, 11/17/26^(f)		200		184,618
Signature Aviation U.S. Holdings, Inc., 4.00%, 03/01/28^(b)		541		528,016


				6,880,152

Utilities — 0.3%
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28^(b)		286		236,007
Minejesa Capital BV, 4.63%, 08/10/30^(f)		200		178,022
Mong Duong Finance Holdings BV, 5.13%, 05/07/29^(f)		605		486,760
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)		795		691,650
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26^(f)		200		196,392
Vistra Operations Co. LLC^(b)
5.63%, 02/15/27		812		763,491
4.38%, 05/01/29		471		394,053


				2,946,375

Wireless Telecommunication Services — 2.6%
Altice France SA^(b)
8.13%, 02/01/27		528		485,966
5.50%, 01/15/28		560		451,282
5.13%, 01/15/29		338		256,072
5.13%, 07/15/29		1,305		985,275
5.50%, 10/15/29		1,029		786,063
American Tower Corp., 3.60%, 01/15/28		4,000		3,740,028
Crown Castle International Corp.
3.65%, 09/01/27^(d)		8,000		7,576,380
4.15%, 07/01/50		820		681,524
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/24^(b)		635		586,105
Rogers Communications, Inc., 4.55%, 03/15/52^(b)(d)		5,433		4,771,031
SBA Communications Corp.
3.13%, 02/01/29		33		27,010
3.88%, 02/15/27		2,441		2,228,120
Sprint Corp., 7.63%, 03/01/26		1,096		1,154,775
T-Mobile USA, Inc.
4.75%, 02/01/28		1,013		981,810
2.63%, 02/15/29		438		368,703
3.38%, 04/15/29		506		442,750
2.88%, 02/15/31		235		195,104
3.50%, 04/15/31		990		854,796
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29^(b)		1,037		759,602
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31^(b)		1,234		996,887


				28,329,283


Total Corporate Bonds — 113.6% (Cost: $1,347,561,217)				1,235,005,118


Floating Rate Loan Interests^(a)

Aerospace & Defense — 0.2%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28		636		586,479
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28		106		97,788


94		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Aerospace & Defense (continued)
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 11/17/28^(l)	$	100	$	94,917
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 5.17%, 04/06/26		82		75,487
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 04/06/26		153		140,405
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 9.00%, 02/01/29		113		104,733
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/01/28		809		758,093
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 3.92%, 12/09/25		264		249,440


				2,107,342

Air Freight & Logistics — 0.0%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.72%, 04/06/28		100		89,880
Kestrel Bidco, Inc., Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.03%, 12/11/26		30		26,625
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/15/28		149		134,415


				250,920

Airlines — 0.2%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.81%, 04/20/28		436		414,982
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28^(c)		374		343,145
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 3.40%, 01/29/27		389		341,681
2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.37%, 06/27/25		77		68,708
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.31%, 06/21/27		533		525,341
United Airlines, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.39%, 04/21/28		446		413,150


				2,107,007

Auto Components — 0.1%
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/30/26		602		560,613
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 01/31/28		160		142,655
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 05/16/24		374		357,908
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 02/05/26		341		279,791


				1,340,967


Security	Par (000)		Value

Banks — 0.1%
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 6.67%, 08/02/27	$	373	$	342,016
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 10/29/28		223		205,422


				547,438

Beverages — 0.0%
Naked Juice LLC
2nd Lien Term Loan, (SOFR + 6.00%), 8.15%, 01/24/30^(c)		178		160,202
Term Loan, (SOFR + 3.25%), 5.40%, 01/24/29		385		357,933


				518,135

Building Products — 0.1%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 11/23/27		226		197,745
CPG International LLC, 2022 Term Loan B, (SOFR + 2.50%), 4.09%, 04/28/29^(c)		89		82,325
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 07/28/28		100		94,224
New AMI I LLC, 2022 Term Loan B, (SOFR + 6.00%), 7.52%, 03/08/29		98		88,964
Standard Industries, Inc., 2021 Term Loan B, (6 mo. LIBOR + 2.50%), 3.79%, 09/22/28		74		71,757
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.51%, 12/31/26		343		302,952


				837,967

Capital Markets — 0.1%
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, (SOFR + 3.75%, 1.00% Floor), 5.28%, 04/09/27		1,002		935,513
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.31%, 11/12/27		149		140,293


				1,075,806

Chemicals — 0.2%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.00%, 08/27/26		260		252,487
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 03/18/28		374		356,651
Element Solutions, Inc., 2019 Term Loan B1, 01/31/26^(l)		111		109,629
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 07/03/28		18		15,940
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 4.75%, 03/02/26		99		94,685
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/15/24		199		191,845
New Arclin U.S. Holding Corp., 2021 Term Loan , (1 mo. LIBOR + 3.75%), 5.42%, 09/30/28		189		174,231
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%), 4.38%, 10/14/24		225		208,040
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 3.74%, 06/09/28		187		178,404


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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27	$	76	$	67,227
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.62%, 08/02/28^(c)		221		210,300


				1,859,439

Commercial Services & Supplies — 0.3%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/12/28		300		273,909
Amentum Government Services Holdings LLC, 2022 Term Loan, (SOFR + 4.00%), 5.30%, 02/15/29		54		51,267
Aramark Services, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 04/06/28		113		107,821
Asurion LLC
2018 Term Loan B6, 11/03/23^(l)		111		106,810
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 4.92%, 12/23/26		225		203,358
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 6.92%, 01/31/28		375		318,750
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 10/08/28		148		146,772
Covanta Holding Corp.^(l)
2021 Term Loan B, 11/30/28		84		78,758
2021 Term Loan C, 11/30/28		6		5,914
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/12/25		223		213,139
GFL Environmental, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 4.24%, 05/30/25		112		108,417
Packers Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.44%, 03/09/28		200		182,664
Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 3.65%, 09/23/26		150		139,367
Tempo Acquisition LLC, 2022 Term Loan B, 08/31/28^(l)		621		587,508
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 08/27/25		334		319,267
Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/30/28		149		139,547


				2,983,268

Communications Equipment — 0.0%
ViaSat, Inc., Term Loan, (SOFR + 4.50%), 6.14%, 03/02/29		272		252,522


Construction & Engineering — 0.1%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.40%, 06/21/24		618		531,362
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/21/28		75		71,141
SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.02%, 06/02/28		568		522,525
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 05/12/28		149		138,502


				1,263,530


Security	Par (000)		Value

Construction Materials — 0.1%
Core & Main LP, 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.12%, 07/27/28	$	561	$	533,616
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/29/25		561		530,201
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 4.33%, 06/01/26		12		11,079


				1,074,896

Containers & Packaging — 0.2%
BWAY Holding Co., 2017 Term Loan B, (1 Week LIBOR + 3.25%), 4.31%, 04/03/24		376		352,911
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/01/27		1,006		945,229
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 07/31/26		186		175,503
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 08/18/27		262		232,016


				1,705,659

Distributors — 0.0%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/27		123		116,194
TMK Hawk Parent Corp., 2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.11%, 08/28/24^(c)		122		92,502


				208,696

Diversified Consumer Services — 0.1%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 12/10/29^(c)		100		91,500
2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/11/28		149		137,571
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 11/24/28^(c)		125		119,415
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (PRIME + 5.75%), 10.50%, 12/22/25		485		443,037
Okta, Inc., Term Loan, (SOFR + 6.25%), 7.63%, 12/15/26		126		106,674
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.99%, 10/28/27		113		105,825
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.54%, 01/15/27		372		355,320


				1,359,342

Diversified Financial Services — 0.4%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 6.17%, 07/31/26		372		353,223
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.06%, 03/10/28^(c)		149		143,646
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 02/04/28		187		177,437
AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.81%, 08/02/28^(c)		456		423,813
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%), 4.58%, 10/22/26		262		249,710
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 09/01/28		167		159,406


96		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 9.34%, 12/01/28^(c)	$	50	$	42,500
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.84%, 12/01/27		187		168,684
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 10/01/27		370		349,215
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (SOFR + 4.00%), 6.20%, 02/16/28		50		47,000
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 07/03/24		75		71,050
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 09/21/29		15		14,306
2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 09/23/28		40		37,495
LBM Acquisition LLC, Term Loan B, 12/18/27^(l)		235		192,078
LEB Holdings USA, Inc., Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 11/02/27		75		73,091
Oscar Acquisitionco LLC, Term Loan B, (SOFR + 4.50%), 6.11%, 04/29/29		123		109,162
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 09/25/26		262		242,835
RVR Dealership Holdings LLC, Term Loan B, (SOFR + 3.75%), 5.17%, 02/08/28		75		62,560
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 4.25%, 11/05/28		75		71,188
SMG U.S. Midco 2, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.50%), 4.17%, 01/23/25		153		142,489
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 6.50%, 07/30/25		77		71,683
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.25%, 09/01/25		477		389,265
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/28/27		300		282,060
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 5.28%, 10/19/27		74		68,503
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 3.82%, 04/30/28		126		117,219


				4,059,618

Diversified Telecommunication Services — 0.0%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.57%, 11/30/27		112		105,084
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.06%, 05/01/28		186		173,685
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 11/04/26		223		213,388


				492,157

Electric Utilities — 0.1%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 4.08%, 12/15/27		247		237,857
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.75%, 03/31/28		407		358,306


				596,163


Security	Par (000)		Value

Electrical Equipment — 0.0%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 7.63%, 06/23/28^(c)	$	223	$	208,947
AZZ, Inc., Term Loan B, (SOFR + 4.25%), 5.88%, 05/13/29^(c)		35		33,338
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 03/31/27		183		172,581
II-VI, Inc., 2021 Bridge Term Loan B, 07/02/29^(l)		125		119,531


				534,397

Environmental, Maintenance & Security Service — 0.0%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 09/07/27		300		288,952
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 11/02/27		37		34,911


				323,863

Equity Real Estate Investment Trusts (REITs) — 0.0%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 05/11/24		33		32,480


Food & Staples Retailing — 0.0%
U.S. Foods, Inc.
2019 Term Loan B, (3 mo. LIBOR + 2.00%), 3.57%, 09/13/26		53		49,721
2021 Term Loan B, (3 mo. LIBOR + 2.75%), 4.32%, 11/22/28		249		236,375


				286,096

Food Products — 0.2%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/01/25		164		137,325
B&G Foods, Inc., 2019 Term Loan B4, 10/10/26^(l)		112		105,245
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 10/25/27		594		537,252
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 01/29/27		569		522,385
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 06/08/28		224		210,981
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/20/28		187		177,932


				1,691,120

Gas Utilities — 0.0%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 12/21/28		445		383,761


Health Care Equipment & Supplies — 0.1%
Electron BidCo, Inc., 2021 Term Loan, 11/01/28^(l)		300		280,518
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/04/28		112		105,587
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 10/23/28		766		709,491


				1,095,596

Health Care Providers & Services — 0.1%
CHG Healthcare Services, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.75%, 09/29/28		186		175,550
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.25%, 01/08/27		297		280,895
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/10/25		296		97,431


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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care Providers & Services (continued)
EyeCare Partners LLC, 2020 Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 02/18/27	$	200	$	184,486
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 6.75%, 03/05/26		158		137,409
Orbcomm, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 09/01/28		149		137,558
Sotera Health Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 12/11/26		126		119,543
Vizient, Inc., 2022 Term Loan B, (SOFR + 2.25%), 3.68%, 04/28/29		32		31,720
WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/22/28		250		234,413


				1,399,005

Health Care Services — 0.0%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.74%, 07/24/26		376		351,246


Health Care Technology — 0.1%
Athenahealth, Inc., 2022 Term Loan B, (SOFR + 3.50%), 5.01%, 02/15/29		386		354,465
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 10/10/25		82		74,897
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 06/02/28		223		205,366


				634,728

Hotels, Restaurants & Leisure — 0.4%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 11/19/26		341		324,546
Aristocrat Technologies, Inc., 2022 Term Loan B, (SOFR + 2.25%), 4.40%, 05/24/29		23		22,160
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 12/23/24		450		432,128
Carnival Corp., (6 mo. LIBOR + 3.00%, 0.75% Floor), 5.88%, 06/30/25		110		102,486
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.25%, 03/08/24		585		432,849
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 5.53%, 01/27/29		597		548,987
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 11/30/23		98		96,525
Hilton Worldwide Finance LLC, 2019 Term Loan B2, 06/22/26^(l)		31		30,038
IRB Holding Corp., 2022 Term Loan B, (SOFR + 3.15%, 0.75% Floor), 4.24%, 12/15/27		547		512,567
Penn National Gaming, Inc., 2022 Term Loan B, (SOFR + 2.75%), 4.38%, 05/03/29		154		147,025
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 03/13/28		236		222,136
Scientific Games International, Inc., 2022 USD Term Loan, (SOFR + 3.00%), 4.36%, 04/14/29		88		83,380
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 4.50%, 07/21/26		75		71,005
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/08/27		301		282,425
Travelport Finance Luxembourg SARL, 2021 Consented Term Loan, (3 mo. LIBOR + 5.00%), 7.25%, 05/29/26		276		212,511


Security	Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Twin River Worldwide Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.37%, 10/02/28	$	74	$	69,086
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 08/03/28		262		244,675
Wyndham Hotels & Resorts, Inc., Term Loan B, 05/30/25^(l)		19		18,274


				3,852,803

Household Durables — 0.1%
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%), 6.97%, 05/17/28		172		132,722
Snap One Holdings Corp., Term Loan B, (6 mo. LIBOR + 4.50%), 7.38%, 12/08/28		188		169,949
Solis IV BV, USD Term Loan B1, (SOFR + 3.50%), 4.84%, 02/26/29		262		224,830
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.60%, 10/06/28		76		62,069
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 10/30/27		130		117,885


				707,455

Industrial Conglomerates — 0.1%
AVSC Holding Corp., 2020 Term Loan B1, (0.25% PIK), 5.11%, 03/03/25⁽ⁱ⁾		385		329,729
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.99%, 09/29/28		341		314,379
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.30%, 11/28/23		10		9,830
Vertical U.S. Newco, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 4.02%, 07/30/27		99		93,023
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 3.87%, 03/02/27		460		426,498


				1,173,459

Insurance — 0.2%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/09/25		626		587,752
2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 5.01%, 11/06/27		119		110,772
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/19/28		175		165,116
AssuredPartners, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27		263		245,581
Hub International Ltd.
2018 Term Loan B, 04/25/25^(l)		451		425,822
2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.35%, 04/25/25		111		105,470
Ryan Specialty Group LLC, Term Loan, (SOFR + 3.00%, 0.75% Floor), 4.63%, 09/01/27^(c)		124		119,393
Sedgwick Claims Management Services, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 09/03/26.		224		212,374


				1,972,280

Interactive Media & Services — 0.1%
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 06/26/28		371		353,961


98		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Interactive Media & Services (continued)
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 12/06/27	$	93	$	84,391
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.67%, 10/30/26		432		406,258
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 3.67%, 08/10/27		125		120,221
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26		447		406,531


				1,371,362

Internet & Direct Marketing Retail — 0.0%
CNT Holdings I Corp., 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.69%, 11/08/27		199		188,504


Internet Software & Services — 0.0%
Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.07%, 02/25/27		515		491,668


IT Services — 0.3%
Aruba Investments, Inc., 2020 USD Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.63%, 11/24/27^(c)		75		68,654
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/02/25		225		208,777
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 10/30/26		124		117,419
CCC Intelligent Solutions, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.50%, 09/21/28		187		177,052
CoreLogic, Inc.
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.19%, 06/04/29^(c)		100		72,000
Term Loan, (1 mo. LIBOR + 3.50%), 5.19%, 06/02/28		453		375,606
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 04/28/28		226		216,874
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/01/27		927		883,805
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27^(c)		378		340,255
Trans Union LLC
2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 3.42%, 11/16/26		113		106,099
2021 Term Loan B6, (1 mo. LIBOR + 2.25%), 3.92%, 12/01/28		448		426,401
Virtusa Corp., 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/11/28		75		70,285
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 03/31/28		124		119,319


				3,182,546

Leisure Products — 0.0%
Fender Musical Instruments Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.23%, 12/01/28		100		94,153
Peloton Interactive, Inc., Term Loan, (SOFR + 6.50%), 8.35%, 05/25/27		41		38,976


				133,129

Life Sciences Tools & Services — 0.2%
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%), 3.92%, 11/08/27		277		265,410


Security	Par (000)		Value

Life Sciences Tools & Services (continued)
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.17%, 02/04/27	$	556	$	512,365
ICON Luxembourg SARL
LUX Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28		278		268,006
US Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28		69		66,774
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (SOFR + 3.00%), 3.85%, 10/19/27^(c)		186		176,297
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.88%, 11/15/28		523		489,760


				1,778,612

Machinery — 0.2%
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%), 6.43%, 08/17/26		224		213,801
ASP Blade Holdings, Inc., Initial Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 10/13/28		66		57,767
Clark Equipment Co., 2022 Term Loan B, (SOFR + 2.50%), 4.65%, 04/20/29		42		40,271
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 5.06%, 05/14/28		72		68,740
Fluidra SA, 2022 USD Term Loan B, (SOFR + 2.00%), 3.63%, 01/29/29		22		21,188
Gardner Denver, Inc., 2020 USD Term Loan B2, (1 mo. LIBOR + 1.75%), 3.38%, 03/01/27		143		137,037
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 3.38%, 03/01/27		159		151,590
Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%), 4.52%, 06/21/28		456		414,388
SPX Flow, Inc., (SOFR + 4.50%), 6.13%, 04/05/29		146		135,788
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 5.88%, 03/28/25		451		412,432


				1,653,002

Media — 0.6%
Altice Financing SA, USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 3.79%, 01/31/26		252		226,829
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 5.41%, 08/14/26		412		375,647
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 4.20%, 04/22/26		164		137,847
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 3.42%, 04/30/25		124		120,877
City Football Group Ltd., Term Loan, (3 mo. LIBOR + 3.50%), 4.60%, 07/21/28^(c)		225		206,273
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.74%, 08/21/26		601		514,449
CMG Media Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/17/26		124		114,316
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 12/12/26		672		616,161
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 3.82%, 04/15/27		243		225,156
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.92%, 12/01/23^(c)		92		80,590
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 03/24/25		75		72,752


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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.35%, 10/17/26	$	457	$	425,912
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.42%, 09/13/24		727		683,101
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.92%, 02/23/29		207		193,923
Sinclair Television Group, Inc., 2022 Term Loan B4, (SOFR + 3.75%), 5.38%, 04/21/29^(c)		201		184,920
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.63%, 09/28/23^(c)		299		286,293
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 4.32%, 01/31/29		45		42,761
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 4.57%, 01/31/29		300		286,767
Voyage Digital Ltd., (SOFR + 4.50%), 5.28%, 05/11/29^(c)		107		101,650
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 05/18/25		569		533,959
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 3.79%, 01/20/28		225		215,507
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/09/27		585		537,237


				6,182,927

Oil, Gas & Consumable Fuels — 0.2%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.02%, 11/01/25		784		821,891
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 12/13/25		62		52,622
Lucid Energy Group II Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.87%, 11/24/28		371		365,089
Medallion Midland Acquisition LLC, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 10/18/28		223		213,804
Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 4.71%, 10/05/28		372		353,279


				1,806,685

Personal Products — 0.1%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.00%, 10/01/26.		744		687,082


Pharmaceuticals — 0.1%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 5.50%, 05/04/25		125		113,122
Bausch Health Cos., Inc., 2022 Term Loan B, (SOFR + 5.25%), 6.55%, 02/01/27		273		233,330
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%), 3.63%, 02/22/28		124		122,318
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.81%, 08/01/27		138		130,035
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 05/05/28		298		283,227
Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 10/27/28		55		52,035


Security	Par (000)		Value

Pharmaceuticals (continued)
Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%), 4.63%, 06/02/28	$	216	$	207,696
Precision Medicine Group LLC^(c)
2021 Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%), 3.75%, 11/18/27		15		13,838
2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 11/18/27		286		263,960


				1,419,561

Professional Services — 0.1%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 4.87%, 02/06/26		498		469,339
Element Materials Technology Group U.S. Holdings, Inc.^(l)
2022 USD Delayed Draw Term Loan B, 04/12/29		77		73,463
2022 USD Delayed Draw Term Loan D, 04/12/29		166		159,170
Galaxy U.S. Opco, Inc., Term Loan, (SOFR + 4.75%), 6.28%, 04/29/29		180		168,525


				870,497

Real Estate Management & Development — 0.1%
Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 11/03/28		375		338,088
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 08/21/25		299		280,600


				618,688

Road & Rail — 0.0%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 08/06/27		71		67,493
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 4.25%, 12/30/26		188		179,716
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 7.09%, 08/04/25^(c)		80		71,464


				318,673

Semiconductors & Semiconductor Equipment — 0.0%
Synaptics, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.36%, 12/02/28		111		108,195


Software — 0.6%
Applied Systems, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 09/19/24		39		39,020
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.98%, 02/12/25		298		294,327
2022 Term Loan, 05/17/29^(l)		83		79,369
Central Parent, Inc., 2022 USD Term Loan B, 07/06/29^(l)		73		68,812
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.67%, 10/08/29^(c)		113		98,310
2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/08/28		246		226,056
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/16/28		187		166,325
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/28/24^(c)		205		176,601
Epicor Software Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 07/30/27		299		281,080
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 5.95%, 03/11/28		100		91,700


100		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.44%, 10/27/28	$	486	$	460,450
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.27%, 10/30/28^(c)		100		94,513
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 6.23%, 07/27/28		253		226,699
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.48%, 07/27/29		193		176,021
McAfee LLC, 2022 USD Term Loan B, (SOFR + 4.00%), 5.15%, 03/01/29		376		341,220
Netsmart Technologies, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 10/01/27		186		176,755
Planview Parent, Inc., Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/17/27		111		104,748
Proofpoint, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 4.82%, 08/31/28		450		416,972
RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 04/24/28		742		684,151
Restoration Hardware, Inc., Term Loan B, (1 mo. LIBOR + 2.50%), 4.14%, 10/20/28		187		163,326
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.62%, 08/01/25		150		143,928
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 10/07/27		398		370,386
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.25%, 03/03/28		335		327,798
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 6.21%, 05/03/27		112		103,444
2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.21%, 05/04/26		825		770,728


				6,082,739

Specialty Retail — 0.2%
Belron Finance U.S. LLC, 2018 Term Loan B, (3 mo. LIBOR + 2.25%), 3.69%, 11/13/25		374		360,970
EG Group Ltd., 2021 Term Loan, 6.50%, 03/31/26		447		422,522
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 11/24/28		75		70,303
Mavis Tire Express Services Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.63%, 05/04/28		274		252,503
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 5.92%, 08/31/26		149		134,356
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28		557		522,834
Pilot Travel Centers LLC, 2021 Term Loan B, (SOFR + 2.00%), 3.63%, 08/04/28		99		95,146
Restoration Hardware, Inc., 2022 Incremental Term Loan, (SOFR + 3.25%), 4.88%, 10/20/28		90		80,100
Reverb Buyer, Inc., 2021 First Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.38%, 11/01/28		308		287,760


				2,226,494

Technology Hardware, Storage & Peripherals — 0.0%
Electronics for Imaging, Inc., Term Loan, 07/23/26^(l)		67		59,666


Textiles, Apparel & Luxury Goods — 0.0%
Crocs, Inc., Term Loan B, (SOFR + 3.50%), 4.45%, 02/17/29		266		241,865


Security	Par (000)		Value

Trading Companies & Distributors — 0.0%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 05/19/28	$	187	$	178,131
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.49%, 01/31/28^(c)		113		98,681
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 7.00%, 04/03/28		75		68,607
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/02/28		68		62,386


				407,805

Wireless Telecommunication Services — 0.0%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR), 4.99%, 04/30/28		75		70,444
MetroNet Systems Holdings LLC, 2021 1st Lien Term Loan, (SOFR + 3.75%), 5.05%, 06/02/28		111		102,897
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 04/11/25		188		180,840


				354,181


Total Floating Rate Loan Interests — 6.4% (Cost: $74,520,431)				69,263,042


Foreign Agency Obligations

Brazil — 0.4%
Brazilian Government International Bond, 5.00%, 01/27/45		6,525		4,678,833


Colombia — 0.3%
Colombia Government International Bond, 5.63%, 02/26/44		4,000		2,879,500


India — 0.0%
Export-Import Bank of India, 3.88%, 02/01/28^(f)		200		191,004


Indonesia — 0.5%
Indonesia Government International Bond
5.88%, 01/15/24^(b)		4,400		4,525,950
2.85%, 02/14/30		200		178,037
1.85%, 03/12/31		200		162,022
3.70%, 10/30/49		200		160,022
3.50%, 02/14/50		200		157,475
Perusahaan Penerbit SBSN Indonesia III, 2.80%, 06/23/30^(f)		200		175,475


				5,358,981

Mexico — 0.4%
Mexico Government International Bond, 4.75%, 03/08/44^(d)		5,800		4,804,212


Pakistan — 0.0%
Pakistan Government International Bond^(f)
6.00%, 04/08/26		450		301,550
7.38%, 04/08/31		200		124,022


				425,572

Philippines — 0.1%
Philippine Government International Bond
1.65%, 06/10/31		200		160,272
1.95%, 01/06/32		200		162,772
2.65%, 12/10/45		200		137,022


				460,066


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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

South Korea — 0.0%
Export-Import Bank of Korea, 1.63%, 01/18/27	$	200	$	182,990


Uruguay — 0.3%
Uruguay Government International Bond, 5.10%, 06/18/50		3,500		3,510,500


Total Foreign Agency Obligations — 2.0% (Cost: $25,976,979)				22,491,658


Municipal Bonds

New York — 1.0%
Metropolitan Transportation Authority, RB, BAB, 6.55%, 11/15/31		10,000		11,227,440


Total Municipal Bonds — 1.0% (Cost: $9,833,900)				11,227,440


Preferred Securities

Capital Trusts — 12.6%

Airlines — 0.0%
Airport Authority, 2.10%^(a)(f)(g)		200		180,975


Automobiles — 0.2%
General Motors Financial Co., Inc., Series C, 5.70%^(a)(g)		2,565		2,231,550


Banks^(a)(g)— 4.4%
HSBC Capital Funding Dollar 1 LP, 10.18%^(b)(d)		11,835		16,035,358
Huntington Bancshares, Inc., Series F, 5.63%		6,450		6,029,873
Industrial & Commercial Bank of China Ltd., 3.20%^(f)		300		283,500
ING Groep NV, 3.88%		3,326		2,408,737
Kasikornbank PCL, 5.28%^(f)		268		245,605
Macquarie Bank Ltd., 6.13%^(b)		1,885		1,704,896
Nordea Bank Abp, 6.13%^(b)		5,540		5,336,593
Rizal Commercial Banking Corp., 6.50%^(f)		700		669,069
SVB Financial Group, 4.10%		4,556		3,133,226
TMBThanachart Bank PCL, 4.90%^(f)		700		638,444
U.S. Bancorp, Series J, 5.30%^(d)		10,415		8,850,146
Wells Fargo & Co.
Series S, 5.90%		281		254,080
Series U, 5.88%		2,655		2,588,360


				48,177,887

Capital Markets — 0.1%
State Street Corp., Series F, 5.43%^(a)(g)		618		602,326


Diversified Financial Services — 4.9%
Bank of America Corp., Series U, 5.20%^(a)(d)(g)		5,785		5,365,587
Barclays PLC^(a)(g)
4.38%		1,630		1,249,988
8.00%		4,500		4,421,250
BNP Paribas SA, 7.38%^(a)(b)(g)		4,535		4,489,413


Security	Par (000)		Value

Diversified Financial Services (continued)
Credit Agricole SA, 8.13%^(a)(b)(g)	$	5,000	$	5,121,500
Credit Suisse Group AG, 7.50%^(a)(b)(g)		1,865		1,720,463
HSBC Holdings PLC, 6.50%^(a)(g)		2,615		2,368,108
JPMorgan Chase & Co.
8.75%, 09/01/30		2,000		2,443,366
Series S, 6.75%^(a)(d)(g)		9,775		9,840,248
Lloyds Banking Group PLC, 7.50%^(a)(g)		8,285		8,075,158
NatWest Group PLC, 8.00%^(a)(g)		970		959,573
UBS Group AG, 7.00%^(a)(b)(g)		7,500		7,305,918


				53,360,572

Electric Utilities — 0.6%
PPL Capital Funding, Inc., Series A, 4.92%, 03/30/67^(a)		8,300		6,121,250


Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp., 7.00%^(a)(b)(g)		481		436,507


Insurance — 1.7%
ACE Capital Trust II, 9.70%, 04/01/30^(d)		7,000		8,930,864
Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, 04/01/27		5,000		4,816,060
MetLife, Inc., 6.40%, 12/15/66		5,000		5,026,300


				18,773,224

Oil, Gas & Consumable Fuels — 0.2%
Enterprise Products Operating LLC, 4.36%, 06/01/67^(a)		2,500		1,842,262


Real Estate Management & Development — 0.0%
NWD Finance BVI Ltd., 4.13%^(a)(f)(g)		409		345,605


Wireless Telecommunication Services — 0.4%
Vodafone Group PLC, 7.00%, 04/04/79^(a)		4,745		4,654,608


				136,726,766

	Shares

Preferred Stocks — 3.7%

Banks^(a)(g)— 2.3%
Citigroup, Inc., Series K, 6.88%		488,320		12,564,474
Wells Fargo & Co., Series Q, 5.85%		550,500		13,068,870


				25,633,344

Capital Markets^(a)(g)— 0.9%
Goldman Sachs Group, Inc., Series J, 5.50%		162,450		3,970,278
State Street Corp., Series D, 5.90%		220,495		5,483,711


				9,453,989


102		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)


Security	Shares		Value


Interactive Media & Services — 0.5%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $3,526,645)^(c)(k)(m)		32,185	$	5,327,131


				40,414,464


Total Preferred Securities — 16.3% (Cost: $185,172,899)				177,141,230


Total Long-Term Investments — 145.7% (Cost: $1,716,201,108)				1,584,492,992


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33%^(n)(o)		3,126,037		3,126,037


Total Short-Term Securities — 0.3% (Cost: $3,126,037)				3,126,037


Options Purchased — 0.0% (Cost: $680,224)				659,767


Total Investments Before Options Written — 146.0% (Cost: $1,720,007,369)				1,588,278,796


Options Written — (0.2)% (Premiums Received: $(2,702,036))				(2,698,232	)


Total Investments, Net of Options Written — 145.8% (Cost: $1,717,305,333)				1,585,580,564

Liabilities in Excess of Other Assets — (45.8)%				(498,353,717	)


Net Assets — 100.0%			$	1,087,226,847

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

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

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

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

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

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

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

^(h)	When-issued security.

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

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

^(k)	Non-income producing security.

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

^(m)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $5,327,131, representing 0.5% of its net assets as of period end, and an original cost of $3,526,645.

⁽ⁿ⁾	Affiliate of the Trust.

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

Affiliates


Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	22,030,719	$	—	$	(18,904,682	)^(a)	$	—	$	—	$	3,126,037		3,126,037	$	23,618	$	—

^(a)

Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a

⁾

Barclays Capital, Inc.

1.80

%^(b)

12/21/21

Open

14,668,500

14,707,840

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.78

^(b)

02/11/22

Open

5,362,500

5,374,061

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.78

^(b)

02/11/22

Open

3,685,775

3,693,721

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.80

^(b)

02/11/22

Open

484,800

485,882

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.80

^(b)

02/11/22

Open

3,908,469

3,917,192

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

^(b)

02/14/22

Open

9,371,250

9,397,398

Capital Trusts

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/01/22

Open

6,573,125

6,585,815

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/01/22

Open

7,339,625

7,353,795

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/01/22

Open

7,214,062

7,227,990

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		103

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a

⁾

RBC Capital Markets LLC

1.75

%^(b)

03/01/22

Open

6,648,175

6,661,010

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/01/22

Open

2,700,000

2,705,213

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/01/22

Open

6,231,500

6,243,530

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/01/22

Open

19,435,140

19,473,720

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

^(b)

03/01/22

Open

8,854,675

8,875,638

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

^(b)

03/01/22

Open

3,678,300

3,687,008

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

^(b)

03/01/22

Open

4,462,500

4,473,065

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.80

^(b)

03/02/22

Open

3,287,550

3,294,422

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.80

^(b)

03/02/22

Open

8,737,500

8,755,764

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/02/22

Open

10,730,000

10,751,797

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/02/22

Open

4,757,445

4,767,109

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/02/22

Open

11,855,594

11,879,677

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.62

^(b)

03/03/22

Open

4,324,725

4,331,156

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/03/22

Open

2,332,081

2,336,937

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/03/22

Open

2,701,450

2,706,628

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

13,487,500

13,514,689

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

2,610,000

2,615,261

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

4,325,000

4,333,718

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

724,640

726,101

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

7,162,500

7,176,938

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

8,313,900

8,330,659

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

5,815,000

5,826,722

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

14,850,000

14,879,935

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

8,714,875

8,732,443

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

6,697,500

6,711,001

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

14,715,000

14,744,663

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

7,770,000

7,785,663

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

9,076,781

9,095,079

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/03/22

Open

5,596,719

5,608,001

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

^(b)

03/03/22

Open

2,673,000

2,679,449

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.65

^(b)

03/08/22

Open

156,620

156,865

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.65

^(b)

03/08/22

Open

1,509,638

1,512,001

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.65

^(b)

03/08/22

Open

1,018,175

1,019,769

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

^(b)

03/08/22

Open

1,331,374

1,334,723

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

^(b)

03/08/22

Open

4,445,000

4,456,180

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

^(b)

03/08/22

Open

419,795

420,561

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

9,087,087

9,105,552

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

4,675,000

4,684,499

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

882,500

884,293

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

5,121,619

5,132,026

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

5,417,212

5,428,220

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

4,707,062

4,716,627

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

4,787,500

4,797,228

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

6,056,094

6,068,450

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

4,954,677

4,964,744

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

4,464,900

4,473,972

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

4,561,340

4,568,715

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

1,636,800

1,640,126

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

4,823,244

4,833,044

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

3,775,000

3,782,671

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

3,869,302

3,877,165

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

4,924,219

4,934,224

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

8,773,062

8,790,889

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.80

^(b)

03/09/22

Open

4,318,750

4,327,525

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

^(b)

03/09/22

Open

15,533,437

15,574,752

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.00

^(b)

03/09/22

Open

5,337,500

5,351,696

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/09/22

Open

4,445,756

4,454,092

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/09/22

Open

17,473,531

17,506,294

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/09/22

Open

3,186,562

3,192,862

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

^(b)

03/09/22

Open

2,370,000

2,374,685

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

^(b)

03/09/22

Open

8,228,700

8,248,003

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

^(b)

03/09/22

Open

3,014,483

3,021,554

Corporate Bonds

Open/Demand


104		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a

⁾

RBC Capital Markets LLC

1.90

%^(b)

03/09/22

Open

8,973,020

8,994,069

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

^(b)

03/09/22

Open

2,774,744

2,781,253

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

^(b)

03/09/22

Open

8,555,400

8,575,470

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

^(b)

03/09/22

Open

2,763,265

2,769,747

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

^(b)

03/17/22

Open

2,910,188

2,915,745

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

^(b)

03/17/22

Open

3,688,125

3,695,168

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.80

^(b)

03/17/22

Open

7,557,840

7,573,376

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.95

^(b)

03/17/22

Open

1,373,680

1,377,105

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.95

^(b)

03/17/22

Open

2,803,315

2,810,304

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.95

^(b)

03/17/22

Open

3,489,421

3,498,120

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.95

^(b)

03/17/22

Open

3,550,000

3,558,850

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.75

^(b)

03/17/22

Open

11,079,700

11,100,859

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

^(b)

03/22/22

Open

2,106,000

2,110,753

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

^(b)

03/24/22

Open

2,760,193

2,765,234

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/24/22

Open

13,167,000

13,191,048

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

03/24/22

Open

3,248,175

3,254,107

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

^(b)

04/01/22

Open

2,610,406

2,614,449

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

^(b)

04/01/22

Open

3,113,738

3,120,259

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.25

^(b)

04/12/22

Open

301,600

301,070

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(0.75

)^(b)

04/21/22

Open

382,270

381,237

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.80

^(b)

04/27/22

Open

6,419,312

6,428,585

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.80

^(b)

04/27/22

Open

8,993,075

9,006,065

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.25

)^(b)

04/28/22

Open

285,820

285,185

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.74

^(b)

05/12/22

Open

2,465,444

2,468,885

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.74

^(b)

05/12/22

Open

1,184,400

1,186,053

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.74

^(b)

05/12/22

Open

3,159,844

3,164,254

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.88

^(b)

06/15/22

Open

4,427,895

4,430,211

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

1.75

^(b)

06/15/22

Open

4,412,500

4,414,553

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(3.00

)^(b)

06/17/22

Open

53,838

53,793

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(0.50

)^(b)

06/22/22

Open

386,785

386,742

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(5.00

)^(b)

06/24/22

Open

108,900

108,794

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

^(b)

06/28/22

Open

296,380

296,412

Corporate Bonds

Open/Demand

546,585,368

547,698,452

^(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
Ultra U.S. Treasury Bond		91		09/21/22	$	14,045	$	(182,556	)
5-Year U.S. Treasury Note		2,610		09/30/22		292,646		1,847,147
3-Month SOFR		2,018		03/14/23		487,498		(11,416,906	)

								(9,752,315	)


Short Contracts
10-Year U.S. Treasury Note		1,168		09/21/22		138,244		1,191,457
10-Year U.S. Ultra Long Treasury Note		78		09/21/22		9,911		127,226
U.S. Long Bond		739		09/21/22		102,051		(3,452,927	)

								(2,134,244	)

							$	(11,886,559	)


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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

Exchange-Traded Options Purchased

Description

Number of
Contracts

Expiration
Date

Exercise Price

Notional
Amount (000)

Value

Call

Xtrackers Harvest CSI 300 China A-Shares Fund

2,951

09/16/22

USD

36.00

USD

10,084

278,869

OTC Options Purchased

Description

Counterparty

Expiration
Date

Exercise Price

Notional

Amount (000)

Value

Put

USD Currency

Goldman Sachs International

09/15/22

127.00

USD

23,044

147,644

USD Currency

Goldman Sachs International

09/15/22

128.00

USD

30,932

233,254

380,898

OTC Options Written

Description

Counterparty

Expiration
Date

Exercise Price

Notional
Amount (000)

Value

Put

USD Currency

Goldman Sachs International

09/15/22

123.00

USD

30,931

(104,982

)

OTC Interest Rate Swaptions Written

Paid by the Trust

Received by the Trust

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional
Amount (000)

Value

Call

2-Year Interest Rate Swap, 01/01/25

2.30%

Semi-Annual

1-Day SOFR,
0.82%

Quarterly

Goldman Sachs International

12/30/22

2.30

USD

410,000

(1,363,250

)

Put

2-Year Interest Rate Swap, 01/01/25

1-Day SOFR,
0.82%

Quarterly

3.80%

Semi-Annual

Goldman Sachs International

12/30/22

3.80

USD

410,000

(1,230,000

)

(2,593,250

)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing
Rate Received
by the Trust

Payment
Frequency

Termination
Date

Credit
Rating

^(a)

Notional
Amount (000)

^(b)

Value

Upfront
Premium

Paid
(Received)

Unrealized
Appreciation
(Depreciation)

CDX.NA.HY.38.V2.

5.00

Quarterly

06/20/27

B+

USD 61,776

(1,722,676

)

2,752,043

(4,474,719

)

^(a)

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

^(b)

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

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


Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps^(a)	$	2,752,043	$	—	$	—	$	(4,474,719	)		$ —
Options Written		N/A		N/A		3,804		—			(2,698,232	)

^(a)


106		2 0 2 2 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, 2022

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)	$	—	$	—	$	—	$	—	$	3,165,830	$	—	$	3,165,830
Options purchased
Investments at value — unaffiliated^(b)		—		—		278,869		380,898		—		—		659,767

	$	—	$	—	$	278,869	$	380,898	$	3,165,830	$	—	$	3,825,597


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	15,052,389	$	—	$	15,052,389
Options written
Options written at value		—		—		—		104,982		2,593,250		—		2,698,232
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		4,474,719		—		—		—		—		4,474,719

	$	—	$	4,474,719	$	—	$	104,982	$	17,645,639	$	—	$	22,225,340

^(a)

^(b)

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

For the period ended June 30, 2022, 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	$	—	$	—		$	195,243		$	—		$	16,596,665		$	—	$	16,791,908
Options purchased^(a)		—		—			(741,488	)		—			(233,652	)		—		(975,140	)
Options written		—		—			576,973			—			—			—		576,973
Swaps		—		976,762			—			—			—			—		976,762

	$	—	$	976,762		$	30,728		$	—		$	16,363,013		$	—	$	17,370,503


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	—		$	—		$	(11,081,811	)	$	—	$	(11,081,811	)
Options purchased^(b)		—		—			687,689			(77,325	)		—			—		610,364
Options written		—		—			—			3,804			—			—		3,804
Swaps		—		(4,474,719	)		—			—			—			—		(4,474,719	)

	$	—	$	(4,474,719	)	$	687,689		$	(73,521	)	$	(11,081,811	)	$	—	$	(14,942,362	)

^(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	$	651,559,491
Average notional value of contracts — short	$	289,575,086
Options:
Average value of option contracts purchased	$	1,208,817
Average value of option contracts written	$	172,819
Average notional value of swaption contracts written	$	410,000,000
Credit default swaps:
Average notional value — sell protection	$	62,088,000

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


S C H E D U L E O F I N V E S T M E N T S		107

Schedule of Investments (unaudited) (continued)

June 30, 2022

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	$	2,251,913		$	1,917,252
Options		659,767	^(a)		2,698,232
Swaps — centrally cleared		—			85,129

Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,911,680			4,700,613

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(2,530,782	)		(2,002,381	)

Total derivative assets and liabilities subject to an MNA	$	380,898		$	2,698,232

^(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.


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
Goldman Sachs International	$	380,898	$	(380,898)		$	—	$	—	$	—


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(b)
Goldman Sachs International	$	2,698,232	$	(380,898)		$	—	$	—	$	2,317,334

^(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 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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	68,306,666	$	1,057,838	$	69,364,504
Corporate Bonds		—		1,233,754,561		1,250,557		1,235,005,118
Floating Rate Loan Interests		—		64,857,717		4,405,325		69,263,042
Foreign Agency Obligations		—		22,491,658		—		22,491,658
Municipal Bonds		—		11,227,440		—		11,227,440
Preferred Securities
Capital Trusts		—		136,726,766		—		136,726,766
Preferred Stocks		35,087,333		—		5,327,131		40,414,464
Short-Term Securities
Money Market Funds		3,126,037		—		—		3,126,037


108		2 0 2 2 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, 2022

BlackRock Credit Allocation Income Trust (BTZ)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3			Total
Options Purchased
Equity Contracts	$	278,869		$	—		$	—		$	278,869
Foreign Currency Exchange Contracts.		—			380,898			—			380,898
Liabilities
Unfunded Floating Rate Loan Interests^(a)		—			(10,503	)		(1,030	)		(11,533	)

	$	38,492,239		$	1,537,735,203		$	12,039,821		$	1,588,267,263

Derivative Financial Instruments^(b)
Assets
Interest Rate Contracts	$	3,165,830		$	—		$	—		$	3,165,830
Liabilities
Credit Contracts		—			(4,474,719	)		—			(4,474,719	)
Foreign Currency Exchange Contracts		—			(104,982	)		—			(104,982	)
Interest Rate Contracts		(15,052,389	)		(2,593,250	)		—			(17,645,639	)

	$	(11,886,559	)	$	(7,172,951	)	$	—		$	(19,059,510	)

^(a)

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

^(b)

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

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 $547,698,452 are categorized as Level 2 within the fair value hierarchy.



	Asset-Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Preferred Stocks		Non-Agency Mortgage-Backed Securities			Total

Assets
Opening balance, as of December 31, 2021	$	2,330,249		$	1,323,551		$	—		$	5,263,862	$	—		$	8,917,662
Transfers into Level 3^(a)		—			203,047			—			—		—			203,047
Transfers out of Level 3^(b)		(1,000,000	)		—			—			—		—			(1,000,000	)
Accrued discounts/premiums		—			—			1,978			—		—			1,978
Net realized gain (loss)		—			—			(12,715	)		—		—			(12,715	)
Net change in unrealized appreciation (depreciation)^(c)(d)		(2,998	)		(26,922	)		(375,864	)		63,269		(1,030	)		(343,545	)
Purchases		—			—			5,243,951			—		—			5,243,951
Sales		(269,413	)		(249,119	)		(452,025	)		—		—			(970,557	)

Closing balance, as of June 30, 2022	$	1,057,838		$	1,250,557		$	4,405,325		$	5,327,131	$	(1,030	)	$	12,039,821

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022^(d)	$	(2,998	)	$	(26,922	)	$	(375,864	)	$	63,269	$	(1,030	)	$	(343,545	)

^(a)

^(b)

^(c)

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

^(d)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		109

Schedule of Investments (unaudited)

June 30, 2022

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Shares		Value


Common Stocks

Auto Components — 0.0%
Lear Corp.			178	$	22,408


Construction & Engineering — 0.0%
McDermott International Ltd.^(a)			76,644		43,687


Household Durables — 0.0%
Berkline Benchcraft Equity LLC^(b)			6,155		—


Metals & Mining — 0.0%
Ameriforge Group, Inc.			832		832
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $131,156)^(b)(c)			7,476		621


					1,453

Software — 0.0%
Avaya Holdings Corp.^(a)			40		90


Specialty Retail — 0.2%
NMG Parent LLC			2,218		385,932


Total Common Stocks — 0.2% (Cost: $1,378,110)					453,570


		Par (000)


Corporate Bonds

Airlines — 0.3%
Allegiant Travel Co., 8.50%, 02/05/24^(a)(d)	USD		740		730,750


Auto Components — 0.1%
Clarios Global LP, 6.75%, 05/15/25^(a)(d)			275		272,374


Beverages — 0.1%
Triton Water Holdings, Inc., 6.25%, 04/01/29^(a)(d)			252		178,920


Building Materials — 0.0%
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(a)(d)			73		63,692


Building Products — 0.0%
White Cap Buyer LLC, 6.88%, 10/15/28^(a)(d)			155		124,000


Chemicals^(a)(d)— 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28			32		25,280
WR Grace Holdings LLC, 5.63%, 08/15/29			239		175,964


					201,244

Construction Materials — 0.2%
Wolverine Escrow LLC, 9.00%, 11/15/26^(a)(d)			940		547,832


Diversified Telecommunication Services^(a)(d)— 0.1%
Lumen Technologies, Inc., 5.38%, 06/15/29			246		194,777
Zayo Group Holdings, Inc., 6.13%, 03/01/28			155		111,927


					306,704

Electric Utilities^(a)— 0.0%
Pike Corp., 5.50%, 09/01/28^(d)			89		72,251
Texas Competitive Electric Holdings, 1.00%, 11/10/21^(b)(e)			1,050		—


					72,251

Electronic Equipment, Instruments & Components — 0.2%
Vertiv Group Corp., 4.13%, 11/15/28^(a)(d)			556		451,428


Security		Par (000)		Value


Health Care Equipment & Supplies — 0.1%
Avantor Funding, Inc., 3.88%, 11/01/29^(a)(d)	USD		231	$	202,044


Health Care Providers & Services — 0.1%
Medline Borrower LP, 5.25%, 10/01/29^(a)(d)			237		194,648


Hotels, Restaurants & Leisure^(a)(d)— 0.1%
Caesars Entertainment, Inc., 4.63%, 10/15/29			240		186,600
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30			235		180,362


					366,962

Household Products — 0.0%
Berkline Benchcraft LLC, 4.50%, 06/01/22^(a)(b)(e)(f)			400		—


Insurance — 0.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27^(a)(d)			220		195,224


Internet Software & Services^(a)(d)— 0.1%
Uber Technologies, Inc.
6.25%, 01/15/28			137		126,703
4.50%, 08/15/29			235		193,288


					319,991

Machinery — 0.2%
Madison IAQ LLC, 5.88%, 06/30/29^(a)(d)			742		568,609


Media^(a)(d)— 0.3%
Liberty Broadband Corp., 2.75%, 09/30/50			315		299,622
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(g)			139		71,973
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26			353		304,385


					675,980

Oil, Gas & Consumable Fuels — 0.1%
Occidental Petroleum Corp., 6.63%, 09/01/30^(a)			382		393,460


Real Estate Management & Development — 0.0%
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29^(a)(d)			165		125,123


Wireless Telecommunication Services — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25^(a)(d)			85		80,856


Total Corporate Bonds — 2.2% (Cost: $7,135,977)					6,072,092


Floating Rate Loan Interests^(f)

Aerospace & Defense — 5.3%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28			3,335		3,074,182
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28			678		625,257
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 6.25%, 10/31/26			441		426,892
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 11/17/28^(h)			230		218,309
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 5.17%, 04/06/26			1,239		1,139,726
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 04/06/26			2,305		2,119,890


110		2 0 2 2 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, 2022

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Aerospace & Defense (continued)
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 7.19%, 04/09/26	USD		457	$	377,201
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 9.00%, 02/01/29			1,048		972,521
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/01/28			3,529		3,306,140
Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 01/15/25			608		591,218
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 3.92%, 12/09/25			1,557		1,472,695


					14,324,031

Air Freight & Logistics — 0.4%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.72%, 04/06/28			359		323,656
Kestrel Bidco, Inc., Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.03%, 12/11/26			256		228,784
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/15/28			595		535,633


					1,088,073

Airlines — 3.0%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.81%, 04/20/28			1,009		960,898
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28^(b)			1,261		1,157,059
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 3.40%, 01/29/27			633		555,820
2017 Incremental Term Loan, (6 mo. LIBOR + 2.00%), 2.84%, 12/15/23			961		927,156
2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.37%, 06/27/25			309		273,432
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.31%, 06/21/27			2,132		2,102,188
United Airlines, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.39%, 04/21/28			2,283		2,116,160


					8,092,713

Auto Components — 2.8%
Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/10/28			503		466,876
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/30/26			2,248		2,093,503
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 01/31/28			1,253		1,117,914
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 05/16/24			2,324		2,224,174
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/02/26			133		122,327
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 02/05/26			1,589		1,471,303


					7,496,097


Security		Par (000)			Value


Banks — 0.9%
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 6.67%, 08/02/27	USD		1,538		$	1,411,891
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 10/29/28			995			917,062


						2,328,953

Beverages — 0.8%
Naked Juice LLC
2nd Lien Term Loan, (SOFR + 6.00%), 8.15%, 01/24/30^(b)			726			653,648
Term Loan, (SOFR + 3.25%), 5.40%, 01/24/29			1,568			1,456,319


						2,109,967

Building Materials — 0.1%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%,), 4.57%, 04/12/28			260			214,453
MI Windows & Doors LLC, 2022 Term Loan, (SOFR + 3.50%), 5.13%, 12/18/27			—	⁽ⁱ⁾		407


						214,860

Building Products — 1.8%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 11/23/27			909			795,919
CPG International LLC, 2022 Term Loan B, (SOFR + 2.50%), 4.09%, 04/28/29^(b)			483			446,775
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 07/28/28			508			480,774
New AMI I LLC, 2022 Term Loan B, (SOFR + 6.00%), 7.52%, 03/08/29			525			477,310
Standard Industries, Inc., 2021 Term Loan B, (6 mo. LIBOR + 2.50%), 3.79%, 09/22/28			1,002			966,015
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.51%, 12/31/26			1,966			1,736,251


						4,903,044

Capital Markets — 3.4%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 7.50%, 08/02/29^(b)			1,663			1,546,346
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (SOFR + 3.75%, 1.00% Floor), 5.28%, 04/09/27			3,811			3,558,730
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 8.42%, 04/07/28			1,114			1,080,580
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.31%, 11/12/27			938			881,188
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 06/27/25			508			483,068
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.17%, 06/30/28			911			870,760
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/12/24			721			707,533


						9,128,205

Chemicals — 5.4%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.00%, 08/27/26			1,567			1,523,412
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 03/18/28			2,134			2,033,882
Axalta Coating Systems U.S. Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 4.00%, 06/01/24			431			419,375
CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 12/29/27			451			392,994


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, 2022

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Chemicals (continued)
Element Materials Technology Group U.S. Holdings, Inc., 2017 USD Term Loan B, 06/28/24	USD		709	$	682,174
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.67%, 01/31/26			1,229		1,210,497
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 06/30/27			862		794,770
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 07/03/28			665		592,246
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 4.75%, 03/02/26			1,506		1,434,335
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.87%, 02/14/24			262		261,276
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/15/24			928		895,144
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%), 4.38%, 10/14/24			1,066		983,794
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 3.74%, 06/09/28			1,072		1,022,582
Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 07/31/26			434		408,887
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27			653		581,307
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.62%, 08/02/28^(b)			1,020		971,274
Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. LIBOR + 3.00%), 5.25%, 10/01/25			99		92,981
WR Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 6.06%, 09/22/28			332		314,550


					14,615,480

Commercial Services & Supplies — 6.2%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/12/28			1,621		1,482,705
Amentum Government Services Holdings LLC, 2022 Term Loan, (SOFR + 4.00%), 5.30%, 02/15/29			488		463,297
Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 3.42%, 03/11/25			95		91,194
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.12%), 4.79%, 11/03/23			830		795,966
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 4.67%, 11/03/24			694		649,312
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 4.92%, 12/23/26			485		438,693
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 6.92%, 01/31/28			689		585,397
2021 2nd Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 6.92%, 01/20/29			984		831,480
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 10/08/28			432		427,512
Covanta Holding Corp.
2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 11/30/28			703		663,019
2021 Term Loan C, 11/30/28			53		49,789
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.88%, 11/27/26			1,201		1,135,717


Security		Par (000)		Value


Commercial Services & Supplies (continued)
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/12/25	USD		1,572	$	1,496,951
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.00%, 05/09/25			319		294,913
Packers Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.44%, 03/09/28			1,036		946,127
Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 3.65%, 09/23/26			1,218		1,134,002
Tempo Acquisition LLC, 2022 Term Loan B, (SOFR + 3.00%), 4.53%, 08/31/28			2,977		2,817,163
Vericast Corp., 2021 Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 10.00%, 06/16/26			207		160,353
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 08/27/25			1,928		1,841,425
Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/30/28			485		453,786


					16,758,801

Communications Equipment — 0.5%
ViaSat, Inc., Term Loan, (SOFR + 4.50%), 6.14%, 03/02/29			1,560		1,448,878


Construction & Engineering — 2.2%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.40%, 06/21/24			2,477		2,134,234
New Arclin U.S. Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.67%, 09/30/29^(b)			572		539,110
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/21/28			644		611,036
SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.02%, 06/02/28			1,720		1,582,936
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 05/12/28			1,085		1,007,261


					5,874,577

Construction Materials — 1.6%
Core & Main LP, 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.12%, 07/27/28			2,540		2,414,356
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/29/25			1,471		1,390,063
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 4.33%, 06/01/26			536		500,217


					4,304,636

Containers & Packaging — 1.6%
BWAY Holding Co., 2017 Term Loan B, (1 Week LIBOR + 3.25%), 4.31%, 04/03/24			1,478		1,386,813
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/01/27			1,419		1,332,561
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 07/31/26			381		359,326
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 08/18/27			729		646,939


112		2 0 2 2 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, 2022

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Containers & Packaging (continued)
Trident TPI Holdings, Inc.
2021 Delayed Draw Term Loan, (3 mo. LIBOR + 4.00%), 5.60%, 09/15/28	USD		55	$	51,899
2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%), 6.25%, 09/15/28			622		582,090


					4,359,628

Distributors — 1.0%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/27			736		695,083
TMK Hawk Parent Corp.^(b)
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 10.50%, 1.00% Floor), 11.17%, 05/30/24			592		550,161
2020 Super Priority Second Out Term Loan B, 08/28/24			1,900		1,444,197


					2,689,441

Diversified Consumer Services — 3.6%
2U, Inc., Term Loan, (3 mo. LIBOR + 5.75%), 8.00%, 12/30/24			884		843,553
Ascend Learning LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 12/10/29^(b)			482		441,030
2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/11/28			1,191		1,097,223
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 11/24/28^(b)			575		547,792
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 07/11/25			1,388		1,317,079
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (PRIME + 5.75%), 10.50%, 12/22/25			1,916		1,793,213
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (3 mo. LIBOR + 2.25%), 3.66%, 05/15/24			686		659,118
Okta, Inc., Term Loan, (SOFR + 6.25%), 7.63%, 12/15/26			539		455,252
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.99%, 10/28/27			433		407,189
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 9.01%, 08/10/23			287		278,296
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 9.01%, 08/10/23			452		315,441
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.54%, 01/15/27			1,100		1,050,617
Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 07/20/28			458		426,947


					9,632,750

Diversified Financial Services — 8.1%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 6.17%, 07/31/26			630		598,249
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.06%, 03/10/28^(b)			521		501,217
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 02/04/28			1,073		1,017,803
AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.81%, 08/02/28^(b)			2,197		2,043,334
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%), 4.58%, 10/22/26			1,440		1,374,531


Security		Par (000)		Value


Diversified Financial Services (continued)
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 09/01/28	USD		990	$	942,464
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 9.34%, 12/01/28^(b)			412		350,200
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.84%, 12/01/27			1,071		967,647
EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR + 4.00%), 6.25%, 02/07/25			558		522,975
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 10/01/27			1,919		1,810,577
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (SOFR + 4.00%), 6.20%, 02/16/28			263		247,569
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 07/03/24			1,029		979,695
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 09/21/29			153		145,924
2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 09/23/28			373		351,514
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/18/27			1,438		1,175,176
LEB Holdings USA, Inc., Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 11/02/27			151		147,670
Oscar Acquisitionco LLC, Term Loan B, (SOFR + 4.50%), 6.11%, 04/29/29			683		606,162
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 09/25/26			1,350		1,252,364
RVR Dealership Holdings LLC, Term Loan B, (SOFR + 3.75%), 5.17%, 02/08/28			453		379,503
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 4.25%, 11/05/28			826		784,014
SMG U.S. Midco 2, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.50%), 4.17%, 01/23/25			944		878,048
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 6.50%, 07/30/25			620		575,990
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.25%, 09/01/25			2,295		1,872,368
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/28/27			908		852,337
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 5.28%, 10/19/27			759		696,848
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 3.82%, 04/30/28			1,003		933,101


					22,007,280

Diversified Telecommunication Services — 2.2%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.57%, 11/30/27			351		329,841
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 5.19%, 10/02/27			497		438,144
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.06%, 05/01/28			1,222		1,141,231
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 11/04/26			1,192		1,141,387


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, 2022

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Diversified Telecommunication Services (continued)
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 03/01/27	USD		1,183	$	1,093,148
Meridian Adhesives Group, Inc., Term Loan B, (3 mo. LIBOR + 4.00%), 4.75%, 07/24/28			1,251		1,180,362
Virgin Media SFA Finance Ltd., GBP Term Loan L, 4.19%, 01/15/27	GBP		600		659,285


					5,983,398

Electric Utilities — 0.9%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 4.08%, 12/15/27	USD		772		742,771
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.75%, 03/31/28			1,994		1,758,348


					2,501,119

Electrical Equipment — 1.3%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 7.63%, 06/23/28^(b)			947		887,667
AZZ, Inc., Term Loan B, (SOFR + 4.25%), 5.88%, 05/13/29^(b)			203		193,358
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 03/31/27			1,499		1,411,477
II-VI, Inc., 2021 Bridge Term Loan B, 07/02/29^(h)			1,070		1,023,187


					3,515,689

Environmental, Maintenance & Security Service — 0.7%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 09/07/27			1,217		1,171,732
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 11/02/27			750		711,523


					1,883,255

Equity Real Estate Investment Trusts (REITs) — 0.2%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 05/11/24			612		600,260


Food & Staples Retailing — 0.4%
U.S. Foods, Inc.
2019 Term Loan B, (3 mo. LIBOR + 2.00%), 3.57%, 09/13/26			755		710,325
2021 Term Loan B, (3 mo. LIBOR + 2.75%), 4.32%, 11/22/28			463		439,644


					1,149,969

Food Products — 2.2%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/01/25			737		618,221
2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%), 6.42%, 10/01/25			944		797,774
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 10/25/27			1,207		1,091,848
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 01/29/27			2,190		2,010,448
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 4.92%, 02/05/26			248		230,525


Security		Par (000)		Value


Food Products (continued)
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 06/08/28	USD		939	$	883,870
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/20/28			424		403,039


					6,035,725

Gas Utilities — 0.7%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 12/21/28			2,068		1,782,013


Health Care Equipment & Supplies — 1.7%
Electron BidCo, Inc., 2021 Term Loan, 11/01/28			1,358		1,268,737
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/04/28			474		449,314
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 10/23/28			2,695		2,495,277
Venga Finance SARL, 2021 USD Term Loan B, 12/04/28^(b)(h)			402		373,601


					4,586,929

Health Care Providers & Services — 3.2%
CCRR Parent, Inc., Term Loan B, (3 mo. LIBOR + 3.75%), 6.01%, 03/06/28			1,005		950,989
CHG Healthcare Services, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.75%, 09/29/28			634		598,375
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.25%, 01/08/27			898		848,190
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/10/25			1,184		389,537
EyeCare Partners LLC
2020 Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 02/18/27			1,040		959,153
2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 9.00%, 11/15/29			358		338,595
2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 11/15/28			332		305,116
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 6.75%, 03/05/26			647		562,960
Orbcomm, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 09/01/28			540		497,996
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%), 5.17%, 02/14/25			32		30,576
Sotera Health Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 12/11/26			1,564		1,483,845
Vizient, Inc., 2022 Term Loan B, (SOFR + 2.25%), 3.68%, 04/28/29			209		207,171
WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/22/28			1,513		1,421,886


					8,594,389

Health Care Services — 0.3%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.74%, 07/24/26			600		560,500
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 9.88%, 11/01/29			377		346,840


					907,340

Health Care Technology — 3.2%
Athenahealth, Inc., 2022 Term Loan B, (SOFR + 3.50%), 5.01%, 02/15/29			1,783		1,636,674


114		2 0 2 2 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, 2022

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Health Care Technology (continued)
Change Healthcare Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.17%, 03/01/24	USD		852	$	827,829
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 10/10/25			590		537,562
IQVIA, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 3.42%, 03/07/24			292		285,806
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 06/02/28			2,686		2,474,716
Press Ganey Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.99%, 07/24/26^(b)			1,039		984,095
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.67%, 04/02/29^(b)			1,902		1,787,880


					8,534,562

Hotels, Restaurants & Leisure — 6.7%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 11/19/26			1,003		955,778
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 02/02/26			129		114,979
Aristocrat Technologies, Inc., 2022 Term Loan B, (SOFR + 2.25%), 4.40%, 05/24/29			124		119,474
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 12/23/24			1,104		1,061,071
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 07/20/25			751		722,651
Carnival Corp., (6 mo. LIBOR + 3.00%, 0.75% Floor), 5.88%, 06/30/25			443		410,286
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 3.67%, 03/17/28			479		450,599
ECL Entertainment LLC, Term Loan, (3 mo. LIBOR + 7.50%, 0.75% Floor), 9.75%, 05/01/28			567		552,737
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.25%, 03/08/24			2,740		2,027,829
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 5.53%, 01/27/29			2,097		1,928,452
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 11/30/23			809		798,519
IRB Holding Corp., 2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 4.42%, 02/05/25			974		921,893
Penn National Gaming, Inc., 2022 Term Loan B, (SOFR + 2.75%), 4.38%, 05/03/29			920		880,003
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 03/13/28			1,061		998,103
Scientific Games International, Inc., 2022 USD Term Loan, (SOFR + 3.00%), 4.36%, 04/14/29			505		478,488
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 4.50%, 07/21/26			689		653,622
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/08/27			1,266		1,188,522
Travelport Finance Luxembourg SARL
2020 Super Priority Term Loan, (3 mo. LIBOR + 1.50%, 1.00% Floor), 3.75%, 02/28/25			875		863,049
2021 Consented Term Loan, (3 mo. LIBOR + 5.00%), 7.25%, 05/29/26^(h)			1,026		789,580


Security		Par (000)		Value


Hotels, Restaurants & Leisure (continued)
Twin River Worldwide Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.37%, 10/02/28	USD		557	$	515,292
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 08/03/28			1,402		1,310,828
Wyndham Hotels & Resorts, Inc., Term Loan B, 05/30/25			332		319,698


					18,061,453

Household Durables — 1.6%
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%), 6.97%, 05/17/28			1,019		784,702
Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 3.42%, 02/04/27			930		891,783
Snap One Holdings Corp., Term Loan B, (6 mo. LIBOR + 4.50%), 7.38%, 12/08/28			666		603,511
Solis IV BV, USD Term Loan B1, (SOFR + 3.50%), 4.84%, 02/26/29			1,394		1,196,233
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.60%, 10/06/28			511		418,152
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 10/30/27			634		573,729


					4,468,110

Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 03/03/28			331		317,994


Independent Power and Renewable Electricity Producers — 0.6%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/25			312		298,648
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 3.67%, 08/12/26			468		443,330
Term Loan B9, (1 mo. LIBOR + 2.00%), 3.67%, 04/05/26			871		818,948


					1,560,926

Industrial Conglomerates — 2.5%
AVSC Holding Corp.^(g)
2020 Term Loan B1, (0.25% PIK), 5.11%, 03/03/25			1,498		1,283,344
2020 Term Loan B3, (10.00% PIK), 7.50%, 10/15/26			810		853,968
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.99%, 09/29/28			1,072		987,789
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.30%, 11/28/23			418		414,308
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%), 9.00%, 07/28/28			673		597,636
Vertical U.S. Newco, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 4.02%, 07/30/27			1,170		1,090,177
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 3.87%, 03/02/27			1,814		1,682,793


					6,910,015

Insurance — 4.5%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/09/25			1,779		1,671,193


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, 2022

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Insurance (continued)
Alliant Holdings Intermediate LLC (continued)
2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 5.01%, 11/06/27	USD		2,351	$	2,181,397
Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/09/25			628		592,939
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/19/28			1,194		1,125,569
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27			627		586,206
2021 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27			606		566,372
Hub International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 3.00%), 4.21%, 04/25/25			1,765		1,667,502
2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.35%, 04/25/25			1,657		1,568,057
NFP Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 4.92%, 02/15/27			115		106,138
Ryan Specialty Group LLC, Term Loan, (SOFR + 3.00%, 0.75% Floor), 4.63%, 09/01/27^(b)			705		676,777
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 12/31/25			487		456,267
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 09/03/26			625		593,105
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.92%, 09/03/26			506		487,866


					12,279,388

Interactive Media & Services — 2.5%
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 06/26/28			1,530		1,459,079
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 12/06/27			454		413,468
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.67%, 10/30/26			1,746		1,642,144
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 3.67%, 08/10/27			453		434,630
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			3,134		2,851,914


					6,801,235

Internet & Direct Marketing Retail — 0.5%
CNT Holdings I Corp., 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.69%, 11/08/27			1,157		1,096,027
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 02/12/27^(b)			228		210,584


					1,306,611

Internet Software & Services — 0.4%
Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.07%, 02/25/27			1,096		1,046,600


IT Services — 7.1%
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 9.38%, 11/24/28			885		836,325
2020 USD Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.63%, 11/24/27^(b)			473		435,188


Security		Par (000)		Value


IT Services (continued)
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/02/25	USD		1,259	$	1,169,831
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 10/30/26			1,351		1,275,625
CCC Intelligent Solutions, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.50%, 09/21/28			1,043		986,972
CoreLogic, Inc.
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.19%, 06/04/29^(b)			873		628,848
Term Loan, (1 mo. LIBOR + 3.50%), 5.19%, 06/02/28			2,090		1,732,254
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 04/28/28			1,258		1,207,674
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/01/27			3,082		2,938,972
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27^(b)			1,564		1,407,466
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 10.25%, 10/09/28			2,590		2,570,575
Trans Union LLC
2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 3.42%, 11/16/26			1,150		1,082,932
2021 Term Loan B6, (1 mo. LIBOR + 2.25%), 3.92%, 12/01/28			1,612		1,533,341
Virtusa Corp., 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/11/28			645		607,359
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 03/31/28			603		578,854
ZoomInfo LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/02/26			135		130,191


					19,122,407

Leisure Products — 0.5%
Fender Musical Instruments Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.23%, 12/01/28			604		570,171
MND Holdings III Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 06/19/24			613		598,288
Peloton Interactive, Inc., Term Loan, (SOFR + 6.50%), 8.35%, 05/25/27			213		202,484


					1,370,943

Life Sciences Tools & Services — 3.3%
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%), 3.92%, 11/08/27			1,641		1,569,719
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.17%, 02/04/27			2,714		2,500,940
ICON Luxembourg SARL
LUX Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28			1,713		1,652,437
US Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28			427		411,707
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (SOFR + 3.00%), 3.85%, 10/19/27^(b)			925		876,493
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.88%, 11/15/28			2,113		1,979,968


					8,991,264

Machinery — 3.3%
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%), 6.43%, 08/17/26			1,138		1,087,122


116		2 0 2 2 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, 2022

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value


Machinery (continued)
ASP Blade Holdings, Inc., Initial Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 10/13/28	USD		248		$	216,627
Clark Equipment Co., 2022 Term Loan B, (SOFR + 2.50%), 4.65%, 04/20/29			188			180,263
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 5.06%, 05/14/28			249			237,553
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/21/28			727			678,396
Fluidra SA, 2022 USD Term Loan B, (SOFR + 2.00%), 3.63%, 01/29/29			192			185,875
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 3.38%, 03/01/27			1,385			1,322,787
Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%), 4.52%, 06/21/28			2,299			2,088,597
SPX Flow, Inc., (SOFR + 4.50%), 6.13%, 04/05/29			852			791,634
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 5.88%, 03/28/25			2,402			2,197,148
Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 10/04/28			78			75,827


						9,061,829

Media — 12.8%
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 3.79%, 07/15/25			691			623,170
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 3.79%, 01/31/26			955			860,954
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 5.41%, 08/14/26			2,141			1,951,777
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 4.20%, 04/22/26			934			784,509
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 3.67%, 05/03/28			303			290,822
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 3.42%, 04/30/25			1,612			1,567,308
City Football Group Ltd., Term Loan, (3 mo. LIBOR + 3.50%), 4.60%, 07/21/28^(b)			984			899,935
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.74%, 08/21/26			2,353			2,014,533
CMG Media Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/17/26			—	⁽ⁱ⁾		133
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 12/12/26			3,479			3,192,075
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 3.57%, 07/17/25			1,312			1,217,604
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 3.82%, 04/15/27			1,105			1,024,525
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 4.42%, 01/07/28			526			496,986
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.92%, 12/01/23^(b)			540			472,819
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 03/24/25			819			789,742
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.35%, 10/17/26			1,563			1,457,163


Security		Par (000)		Value


Media (continued)
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.42%, 09/13/24	USD		1,898	$	1,783,167
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.42%, 09/13/24			1,796		1,688,024
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.92%, 02/23/29			689		646,321
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.17%, 09/18/26			539		529,682
Sinclair Television Group, Inc., 2022 Term Loan B4, (SOFR + 3.75%), 5.38%, 04/21/29^(b)			1,124		1,034,080
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.63%, 09/28/23^(b)			2,539		2,430,682
Trader Interactive LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 07/28/28^(b)			347		331,678
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 4.32%, 01/31/29			474		449,201
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 4.57%, 01/31/29			913		872,728
USD Term Loan N, (1 mo. LIBOR + 2.50%), 3.82%, 01/31/28			609		569,197
Voyage Digital Ltd., (SOFR + 4.50%), 5.28%, 05/11/29^(b)			628		596,600
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 05/18/25			2,003		1,880,198
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 3.79%, 01/20/28			1,309		1,253,266
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/09/27			3,114		2,861,661


					34,570,540

Oil, Gas & Consumable Fuels — 2.0%
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 12/13/25			578		488,807
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 06/28/24			25		14,951
2020 Take Back Term Loan, (3.00% PIK), 2.83%, 06/30/25^(g)			183		91,699
Lucid Energy Group II Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.87%, 11/24/28			1,486		1,464,116
Medallion Midland Acquisition LLC, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 10/18/28			1,194		1,142,515
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.82%, 01/31/28			396		393,691
Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 4.71%, 10/05/28			1,937		1,838,744


					5,434,523

Personal Products — 1.4%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (SOFR + 6.00%, 1.00% Floor), 7.65%, 12/22/26			253		247,359


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, 2022

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Personal Products (continued)
Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.00%), 5.42%, 07/03/28	USD		138	$	137,088
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.00%, 10/01/26			3,758		3,468,977


					3,853,424

Pharmaceuticals — 3.0%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 5.50%, 05/04/25			751		678,049
Bausch Health Cos., Inc., 2022 Term Loan B, (SOFR + 5.25%), 6.55%, 02/01/27			1,344		1,149,002
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%), 3.63%, 02/22/28			987		971,072
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.81%, 08/01/27			971		915,253
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 11/15/27			982		925,412
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 05/05/28			1,395		1,327,996
Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 10/27/28			435		414,150
Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%), 4.63%, 06/02/28			951		913,659
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 11/18/27^(b)			851		785,093


					8,079,686

Professional Services — 1.5%
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (SOFR + 3.25%), 4.75%, 01/18/29			442		411,512
Term Loan, (1 mo. LIBOR + 3.25%), 4.87%, 02/06/26			1,487		1,400,199
Element Materials Technology Group U.S. Holdings, Inc.^(h)
2022 USD Delayed Draw Term Loan B, 04/12/29			375		359,023
2022 USD Delayed Draw Term Loan D, 04/12/29			812		777,882
Galaxy U.S. Opco, Inc., Term Loan, (SOFR + 4.75%), 6.28%, 04/29/29			1,244		1,164,695


					4,113,311

Real Estate Management & Development — 1.0%
Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 11/03/28			1,523		1,372,275
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 08/21/25			1,458		1,369,311


					2,741,586

Road & Rail — 0.4%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 08/06/27			408		385,577
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 7.09%, 08/04/25^(b)			731		653,087


					1,038,664

Semiconductors & Semiconductor Equipment — 0.1%
Synaptics, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.36%, 12/02/28			388		376,771


Security		Par (000)		Value


Software — 14.6%
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 09/19/24	USD		302	$	288,748
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%), 7.75%, 09/19/25			439		421,576
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.98%, 02/12/25			1,278		1,264,415
2020 2nd Lien Term Loan, 10/30/28			403		402,074
2022 Term Loan, 05/17/29^(h)			473		452,306
Central Parent, Inc., 2022 USD Term Loan B, 07/06/29^(h)			452		426,069
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.67%, 10/08/29^(b)			602		523,740
2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/08/28			1,847		1,694,962
ConnectWise LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.75%, 09/29/28			628		573,430
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/16/28			740		659,965
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/28/24^(b)			795		685,307
E2open LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.50%), 4.83%, 02/04/28			177		166,431
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.42%, 07/31/28			1,316		1,273,888
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 5.95%, 03/11/28			1,315		1,205,803
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.44%, 10/27/28			3,175		3,006,101
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.27%, 10/30/28^(b)			452		428,144
IPS Corp.
2021 2nd Lien Term Loan B, (1 mo. LIBOR + 7.00%), 8.67%, 10/01/29			645		597,431
2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/02/28			362		331,925
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 6.23%, 07/27/28			1,499		1,343,635
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.48%, 07/27/29			1,359		1,236,214
McAfee LLC, 2022 USD Term Loan B, (SOFR + 4.00%), 5.15%, 03/01/29			2,154		1,954,755
Netsmart Technologies, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 10/01/27			965		916,891
Planview Parent, Inc.
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.92%, 12/18/28^(b)			572		543,400
Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/17/27			1,321		1,241,511
Proofpoint, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 4.82%, 08/31/28			1,737		1,610,399
2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.82%, 08/31/29			895		854,725
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 04/24/28			3,890		3,587,319


118		2 0 2 2 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, 2022

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Software (continued)
RealPage, Inc. (continued)
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 8.17%, 04/23/29	USD		1,825	$	1,730,804
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.92%, 05/30/25			418		394,445
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.62%, 08/01/25			1,716		1,644,233
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 10/07/27			1,354		1,260,407
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.25%, 03/03/28			1,799		1,760,423
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 6.21%, 05/03/27			865		795,877
2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.21%, 05/04/26			2,684		2,507,866
Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/04/26			1,775		1,673,507


					39,458,726

Specialty Retail — 4.9%
Belron Finance U.S. LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 3.69%, 11/13/25			269		259,812
2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 3.50%, 10/30/26^(b)			658		628,509
2021 USD Term Loan B, (3 mo. LIBOR + 2.50%), 3.88%, 04/13/28			1,710		1,640,035
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (SONIA + 4.25%), 5.19%, 06/23/25	GBP		1,000		1,109,265
EG Group Ltd., 2021 Term Loan, 6.50%, 03/31/26	USD		351		331,471
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 11/24/28			423		398,382
Mavis Tire Express Services Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.63%, 05/04/28			1,858		1,713,919
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 5.92%, 08/31/26			1,059		953,273
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28			3,261		3,060,689
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			609		559,374
Restoration Hardware, Inc., 2022 Incremental Term Loan, (SOFR + 3.25%), 4.88%, 10/20/28			535		476,150
Reverb Buyer, Inc., 2021 First Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.38%, 11/01/28			1,517		1,419,347
WOOF Holding, Inc.^(b)
1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 5.81%, 12/21/27			337		314,008
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 9.31%, 12/21/28			345		331,200


					13,195,434

Technology Hardware, Storage & Peripherals — 0.2%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/23/26			628		558,007


Security		Par (000)		Value


Textiles, Apparel & Luxury Goods — 0.4%
Crocs, Inc., Term Loan B, (SOFR + 3.50%), 4.45%, 02/17/29	USD		1,172	$	1,064,385


Trading Companies & Distributors — 0.9%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 05/19/28			850		809,520
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.49%, 01/31/28^(b)			753		655,128
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 7.00%, 04/03/28			418		384,098
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/02/28			614		564,057


					2,412,803

Wireless Telecommunication Services — 1.1%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR), 4.99%, 04/30/28			677		639,381
MetroNet Systems Holdings LLC, 2021 1st Lien Term Loan, (SOFR + 3.75%), 5.05%, 06/02/28			437		403,221
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 04/11/25			2,064		1,985,390


					3,027,992


Total Floating Rate Loan Interests — 143.6% (Cost: $415,971,756)					388,676,689


		Shares

Investment Companies

Fixed Income Funds — 0.2%
Invesco Senior Loan ETF^(j)(k)			35,400		717,558


Total Investment Companies — 0.2% (Cost: $772,948)					717,558


		Benefical Interest (000)

Other Interests

IT Services^(b)(l)— 0.0%
Millennium Corp.	USD		991		—
Millennium Lender Claim Trust			930		—


Total Other Interests — 0.0% (Cost: $ — )					—


		Shares

Warrants

Metals & Mining — 0.0%
Ameriforge Group, Inc.			2,642		—


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, 2022

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.^(a)		617	$	6,336


Total Warrants — 0.0% (Cost: $ — )				6,336


Total Long-Term Investments — 146.2% (Cost: $425,258,791)				395,926,245


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33%^(j)(k)		990,767		990,767


Total Short-Term Securities — 0.4% (Cost: $990,767)				990,767


Total Investments — 146.6% (Cost: $426,249,558)				396,917,012

Liabilities in Excess of Other Assets — (46.6)%				(126,226,755	)


Net Assets — 100.0%			$	270,690,257

^(a)	Non-income producing security.

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

^(c)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $621, representing less than 0.05% of its net assets as of period end, and an original cost of $131,156.

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

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

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

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

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

⁽ⁱ⁾	Rounds to less than 1,000.

^(j)	Affiliate of the Trust.

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

^(l)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

Affiliates




Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds


BlackRock Liquidity Funds, T-Fund, Institutional Class	$	—	$	990,767	^(a)	$	—	$	—	$	—	$	990,767		990,767	$	559	$	—

^(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 1,926,296

GBP 1,536,000

Natwest Markets PLC

09/21/22

53,726

Centrally Cleared Credit Default Swaps — Sell Protection




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


CDX.NA.HY.37.V2		5.00	%		Quarterly		12/20/26	B+	USD	3,465	$	(43,320	)	$	232,801	$	(276,121	)

^(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.


120		2 0 2 2 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, 2022

BlackRock Floating Rate Income Trust (BGT)

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



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

Centrally Cleared Swaps^(a)	$	232,801	$	—	$	—	$	(276,121	)

^(a)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	53,726	$	—	$	—	$	53,726


Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)	$	—	$	276,121	$	—	$	—	$	—	$	—	$	276,121

^(a)

For the period ended June 30, 2022, 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	$	—	$	—		$	—	$	103,033	$	—	$	—	$	103,033
Swaps		—		53,889			—		—		—		—		53,889


	$	—	$	53,889		$	—	$	103,033	$	—	$	—	$	156,922


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	—	$	—		$	—	$	102,722	$	—	$	—	$	102,722
Swaps		—		(344,860	)		—		—		—		—		(344,860	)


	$	—	$	(344,860	)	$	—	$	102,722	$	—	$	—	$	(242,138	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	1,977,407
Credit default swaps:
Average notional value — sell protection	$	3,482,500

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


S C H E D U L E O F I N V E S T M E N T S		121

Schedule of Investments (unaudited) (continued)

June 30, 2022

BlackRock Floating Rate Income Trust (BGT)

Derivative Financial Instruments — Offsetting as of Period End

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



	Assets			Liabilities

Derivative Financial Instruments
Forward foreign currency exchange contracts	$	53,726		$	—
Swaps — centrally cleared		14,293			—


Total derivative assets and liabilities in the Statements of Assets and Liabilities		68,019			—


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(14,293	)		—


Total derivative assets and liabilities subject to an MNA	$	53,726		$	—

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)

Natwest Markets PLC	$	53,726	$	—	$	—	$	—	$	53,726

^(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
Common Stocks
Auto Components	$	22,408	$	—		$	—		$	22,408
Construction & Engineering		43,687		—			—			43,687
Household Durables		—		—			—			—
Metals & Mining		—		832			621			1,453
Software		90		—			—			90
Specialty Retail		—		385,932			—			385,932
Corporate Bonds		—		6,072,092			—			6,072,092
Floating Rate Loan Interests		—		357,586,852			31,089,837			388,676,689
Investment Companies		717,558		—			—			717,558
Other Interests		—		—			—			—
Warrants		6,336		—			—			6,336
Short-Term Securities
Money Market Funds		990,767		—			—			990,767
Liabilities
Unfunded Floating Rate Loan Interests^(a)		—		(50,301	)		(3,801	)		(54,102	)


	$	1,780,846	$	363,995,407		$	31,086,657		$	396,862,910

Derivative Financial Instruments^(b)
Assets
Foreign Currency Exchange Contracts	$	—	$	53,726		$	—		$	53,726
Liabilities
Credit Contracts		—		(276,121	)		—			(276,121	)


	$	—	$	(222,395	)	$	—		$	(222,395	)

^(a)

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

^(b)

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


122		2 0 2 2 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, 2022

BlackRock Floating Rate Income Trust (BGT)

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 $127,000,000 are categorized as Level 2 within the fair value hierarchy.




	Common Stocks		Corporate Bonds			Floating Rate Loan Interests			Other Interests			Unfunded Floating Rate Loan Interests			Total


Assets
Opening balance, as of December 31, 2021	$	486	$	—		$	17,379,496		$	—		$	(182	)	$	17,379,800
Transfers into Level 3^(a)		—		—			21,622,048			—			(1,028	)		21,621,020
Transfers out of Level 3^(b)		—		—			(5,436,326	)		—			182			(5,436,144	)
Accrued discounts/premiums		—		—			123,977			—			—			123,977
Net realized gain (loss)							4,209									4,209
Net change in unrealized appreciation (depreciation)^(c)(d)		135		—			(2,552,886	)		—			(2,773	)		(2,555,524	)
Purchases		—		—			4,443,726			—			—			4,443,726
Sales		—		—			(4,494,407	)		—			—			(4,494,407	)


Closing balance, as of June 30, 2022.	$	621	$	—(e	)	$	31,089,837		$	—(e	)	$	(3,801	)	$	31,086,657


Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022^(d)	$	135	$	—		$	(2,476,933	)	$	—		$	(2,773	)	$	(2,479,571	)

^(a)

^(b)

^(c)

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

^(d)

^(e)

Rounds to less than $1.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		123

Statements of Assets and Liabilities (unaudited)

June 30, 2022


	BHK		HYT^(a)		BTZ		BGT


ASSETS
Investments, at value — unaffiliated^(b)	$	1,070,825,641	$	1,600,914,960	$	1,585,152,759	$	395,926,245
Investments, at value — affiliated^(c)		18,146,817		2,647,274		3,126,037		990,767
Cash		1,231,811		848,709		—		881,276
Cash pledged:
Collateral — reverse repurchase agreements		9,548,039		—		20,758,457		—
Collateral — OTC derivatives		4,459,000		2,680,000		—		—
Futures contracts		1,298,970		573,000		1,671,000		—
Centrally cleared swaps		2,833,000		—		6,264,000		329,000
Foreign currency, at value^(d)		25,778		99,149		—		18,978
Receivables:
Investments sold		2,269,879		37,609,776		6,105,164		4,487,907
Options written		—		—		2,593,250		—
Reverse repurchase agreements		—		—		124,430		—
Swaps		5,298		31,789		—		—
TBA sale commitments		24,956,602		—		—		—
Dividends — unaffiliated		24,339		7,006		—		—
Dividends — affiliated		16,683		1,164		12,399		338
Interest — unaffiliated		10,524,548		24,466,799		22,726,020		2,488,790
Principal paydowns		320,203		—		—		—
Variation margin on futures contracts		992,585		—		2,251,913		—
Variation margin on centrally cleared swaps		—		—		—		14,293
Swap premiums paid		10,998		60,999		—		—
Unrealized appreciation on:
Forward foreign currency exchange contracts		187,533		780,331		—		53,726
OTC swaps		319		1,975		—		—
Deferred offering costs		127,821		163,261		—		—
Prepaid expenses		8,593		16,928		—		6,861


Total assets		1,147,814,457		1,670,903,120		1,650,785,429		405,198,181


LIABILITIES
Bank overdraft		—		—		106,960		—
Cash received as collateral for OTC derivatives		—		—		410,000		—
Options written, at value^(e)		—		—		2,698,232		—
TBA sale commitments, at value^(f)		25,144,893		—		—		—
Reverse repurchase agreements, at value		421,979,136		—		547,698,452		—
Payables:
Investments purchased		52,201,375		13,962,199		7,996,243		6,585,465
Reverse repurchase agreements		—		—		124,430		—
Accounting services fees		103,240		144,705		160,850		43,230
Bank borrowings		—		494,000,000		—		127,000,000
Custodian fees		77,294		44,293		34,325		23,378
Income dividend distributions		73,471		—		377,222		25,957
Interest expense		—		896,510		—		230,519
Investment advisory fees		444,008		843,433		850,252		251,907
Trustees’ and Officer’s fees		200,606		572,424		745,160		204,269
Other accrued expenses		59,985		244,759		138,850		18,083
Professional fees		87,658		130,870		91,758		54,713
Transfer agent fees		36,632		58,408		111,934		16,301
Variation margin on futures contracts		1,082,239		213,568		1,917,252		—
Variation margin on centrally cleared swaps		824,758		—		85,129		—
Swap premiums received		2,963,817		184,427		—		—
Unrealized depreciation on:
Forward foreign currency exchange contracts		1,551		186		—		—
OTC swaps		1,831,922		3,461,234		—		—
Unfunded floating rate loan interests		17,250		114,763		11,533		54,102


Total liabilities		507,129,835		514,871,779		563,558,582		134,507,924


NET ASSETS	$	640,684,622	$	1,156,031,341	$	1,087,226,847	$	270,690,257


124		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2022


	BHK			HYT^(a)			BTZ			BGT


NET ASSETS CONSIST OF
Paid-in capital^(g)(h)(i)	$	755,549,804		$	1,551,509,936		$	1,253,197,058		$	328,730,953
Accumulated loss		(114,865,182	)		(395,478,595	)		(165,970,211	)		(58,040,696	)


NET ASSETS	$	640,684,622		$	1,156,031,341		$	1,087,226,847		$	270,690,257


Net asset value^(g)(h)(i)	$	11.86		$	9.45		$	11.63		$	12.10


^(a) Consolidated Statement of Assets and Liabilities.
^(b) Investments, at cost — unaffiliated	$	1,167,482,395		$	1,850,075,851		$	1,716,881,332		$	425,258,791
^(c) Investments, at cost — affiliated	$	18,146,817		$	2,647,274		$	3,126,037		$	990,767
^(d) Foreign currency, at cost	$	25,727		$	101,869		$	—		$	19,851
^(e) Premiums received	$	—		$	—		$	2,702,036		$	—
^(f) Proceeds from TBA sale commitments.	$	24,956,602		$	—		$	—		$	—
^(g) Shares outstanding		54,010,702			122,317,200			93,507,103			22,370,659
^(h) Shares authorized		Unlimited			200 million			Unlimited			Unlimited
⁽ⁱ⁾ Par value	$	0.001		$	0.10		$	0.001		$	0.001

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			125

Statements of Operations (unaudited)

Six Months Ended June 30, 2022


	BHK			HYT^(a)			BTZ			BGT


INVESTMENT INCOME
Dividends — unaffiliated	$	136,534		$	941,632		$	1,072,869		$	12,664
Dividends — affiliated		28,783			101,936			23,618			559
Interest — unaffiliated		22,742,199			52,571,290			44,401,446			9,862,479
Other income — unaffiliated		—			137,414			196,991			96,610


Total investment income		22,907,516			53,752,272			45,694,924			9,972,312


EXPENSES
Investment advisory		2,936,078			5,717,569			5,476,962			1,589,325
Accounting services		75,188			106,910			78,957			32,010
Custodian		64,145			42,530			27,114			19,970
Transfer agent		44,158			68,452			4,043			21,863
Registration		8,689			12,110			13,294			3,929
Commitment costs		—			108,821			—			25,604
Miscellaneous		84,794			267,508			25,898			33,455


Total expenses excluding interest expense		3,213,052			6,323,900			5,626,268			1,726,156
Interest expense		871,568			3,593,861			1,398,146			836,074


Total expenses		4,084,620			9,917,761			7,024,414			2,562,230
Less:
Fees waived and/or reimbursed by the Manager		(3,231	)		(16,112	)		(3,305	)		(79	)


Total expenses after fees waived and/or reimbursed		4,081,389			9,901,649			7,021,109			2,562,151


Net investment income		18,826,127			43,850,623			38,673,815			7,410,161


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(15,380,004	)		(10,010,831	)		(11,888,224	)		(1,936,367	)
Investments — affiliated		—			(738,522	)		—			—
Forward foreign currency exchange contracts		561,113			2,932,157			—			103,033
Foreign currency transactions		(76,113	)		36,054			—			3,564
Futures contracts		(5,093,903	)		3,289,397			16,791,908			—
Options written		(4,116,630	)		(23,707	)		576,973			—
Swaps		5,446,533			(1,348,937	)		976,762			53,889


		(18,659,004	)		(5,864,389	)		6,457,419			(1,775,881	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(172,635,502	)		(297,311,116	)		(315,260,461	)		(28,155,798	)
Investments — affiliated		—			(576,952	)		—			—
Forward foreign currency exchange contracts		338,746			1,218,978			—			102,722
Foreign currency translations		2,307			(37,854	)		—			(164	)
Futures contracts		(3,573,400	)		229,035			(11,081,811	)		—
Options written		(88,306	)		(7,688	)		3,804			—
Swaps		1,055,745			(3,962,228	)		(4,474,719	)		(344,860	)
Unfunded floating rate loan interests		(17,327	)		(123,645	)		(11,533	)		(53,390	)


		(174,917,737	)		(300,571,470	)		(330,824,720	)		(28,451,490	)


Net realized and unrealized loss		(193,576,741	)		(306,435,859	)		(324,367,301	)		(30,227,371	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(174,750,614	)	$	(262,585,236	)	$	(285,693,486	)	$	(22,817,210	)

^(a)	Consolidated Statement of Operations.

See notes to financial statements.


126		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	BHK						HYT^(a)
	Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21			Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	18,826,127		$	38,808,459		$	43,850,623		$	93,004,873
Net realized gain (loss)		(18,659,004	)		18,970,678			(5,864,389	)		67,211,285
Net change in unrealized appreciation (depreciation)		(174,917,737	)		(53,684,376	)		(300,571,470	)		(41,679,483	)


Net increase (decrease) in net assets resulting from operations		(174,750,614	)		4,094,761			(262,585,236	)		118,536,675


DISTRIBUTIONS TO SHAREHOLDERS^(b)
From net investment income and net realized gain		(20,146,009	)^(c)		(56,675,846	)		(47,620,136	)^(c)		(98,245,910	)
Return of capital		—			—			—			(15,806,301	)


Decrease in net assets resulting from distributions to shareholders		(20,146,009	)		(56,675,846	)		(47,620,136	)		(114,052,211	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions		267,474			925,044			1,065,866			3,779,473


NET ASSETS
Total increase (decrease) in net assets		(194,629,149	)		(51,656,041	)		(309,139,506	)		8,263,937
Beginning of period		835,313,771			886,969,812			1,465,170,847			1,456,906,910


End of period	$	640,684,622		$	835,313,771		$	1,156,031,341		$	1,465,170,847

^(a)	Consolidated Statement of Changes in Net Assets.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S			127

Statements of Changes in Net Assets (continued)


	BTZ						BGT
	Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21			Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	38,673,815		$	79,256,091		$	7,410,161		$	14,622,796
Net realized gain (loss)		6,457,419			21,968,234			(1,775,881	)		4,145,350
Net change in unrealized appreciation (depreciation)		(330,824,720	)		(63,539,672	)		(28,451,490	)		(507,334	)


Net increase (decrease) in net assets resulting from operations		(285,693,486	)		37,684,653			(22,817,210	)		18,260,812


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(39,226,232	)^(b)		(80,320,881	)		(7,236,924	)^(b)		(14,667,710	)
Return of capital		—			(13,796,133	)		—			(2,693,947	)


Decrease in net assets resulting from distributions to shareholders		(39,226,232	)		(94,117,014	)		(7,236,924	)		(17,361,657	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions		—			425,778			32,244			106,634
Redemption of shares resulting from share repurchase program (including transaction costs)		—			—			—			(419,729	)


Net increase (decrease) in net assets derived from capital share transactions		—			425,778			32,244			(313,095	)


NET ASSETS
Total increase (decrease) in net assets		(324,919,718	)		(56,006,583	)		(30,021,890	)		586,060
Beginning of period		1,412,146,565			1,468,153,148			300,712,147			300,126,087


End of period	$	1,087,226,847		$	1,412,146,565		$	270,690,257		$	300,712,147

^(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.


128		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows (unaudited)

Six Months Ended June 30, 2022


	BHK			HYT^(a)			BTZ			BGT


CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations	$	(174,750,614	)	$	(262,585,236	)	$	(285,693,486	)	$	(22,817,210	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments and principal paydowns/payups		631,278,466			467,013,987			301,032,750			75,431,162
Purchases of long-term investments		(624,227,324	)		(304,517,751	)		(251,533,691	)		(55,791,610	)
Net proceeds from sales (purchases) of short-term securities		7,888,692			(2,241,674	)		19,091,683			(990,767	)
Amortization of premium and accretion of discount on investments and other fees		616,115			813,391			1,109,042			(311,447	)
Paid-in-kind income		—			—			—			(106,894	)
Premiums paid on closing options written		(12,484,922	)		(391,480	)		(412,482	)		—
Premiums received from options written		2,110,156			355,566			1,098,240			—
Net realized loss on investments and options written		18,734,193			10,797,046			11,311,251			1,936,367
Net unrealized depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests		174,088,542			300,762,651			315,268,190			28,106,466

(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(16,567	)		(1,160	)		(12,336	)		(336	)
Dividends — unaffiliated		—			101,452			—			—
Interest — unaffiliated		61,700			1,949,759			1,054,085			(1,196,568	)
Swaps		(5,298	)		(31,789	)		—			—
Variation margin on futures contracts		(814,076	)		234			(2,162,280	)		—
Variation margin on centrally cleared swaps		—			—			—			(7,947	)
Swap premiums paid		(6,589	)		(21,729	)		—			—
Prepaid expenses		(2,433	)		(16,928	)		7,123			(4,743	)
Deferred offering costs		(127,821	)		(163,261	)		—			—

Increase (Decrease) in Liabilities
Cash received
Collateral — reverse repurchase agreements		(270,000	)		—			—			—
Collateral — OTC derivatives		(480,000	)		(430,000	)		410,000			—
Payables
Accounting services fees		49,345			70,190			88,673			21,139
Custodian fees		48,411			20,687			19,586			14,000
Interest expense		361,258			373,070			105,401			110,611
Investment advisory fees		(89,050	)		(226,835	)		(198,775	)		(29,432	)
Trustees’ and Officer’s fees		(129,487	)		(261,113	)		(340,615	)		(99,789	)
Other accrued expenses		13,099			(32,180	)		24,925			(4,075	)
Professional fees		(46,631	)		(94,239	)		(28,799	)		(37,641	)
Transfer agent fees		21,068			34,614			(69,803	)		10,718
Variation margin on futures contracts		1,032,886			213,045			1,912,508			—
Variation margin on centrally cleared swaps		245,572			—			85,129			—
Swap premiums received		(45,881	)		38,583			—			—


Net cash provided by operating activities		23,052,810			211,528,900			112,166,319			24,232,004


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(32,201,866	)		(56,074,876	)		(46,694,256	)		(8,625,950	)
Payments for bank borrowings		—			(370,000,000	)		—			—
Proceeds from bank borrowings		—			217,000,000			—			46,000,000
Increase (decrease) in bank overdraft		—			—			106,960			(30,118	)
Amortization of deferred offering costs		—			—			—			(62,000,000	)
Net borrowing of reverse repurchase agreements		16,095,909			—			(39,423,566	)		—


Net cash used for financing activities		(16,105,957	)		(209,074,876	)		(86,010,862	)		(24,656,068	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		5,351			(4,349	)		—			(164	)


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) (continued)

Six Months Ended June 30, 2022


	BHK		HYT^(a)		BTZ		BGT


CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency	$	6,952,204	$	2,449,675	$	26,155,457	$	(424,228	)
Restricted and unrestricted cash and foreign currency at beginning of period		12,444,394		1,751,183		2,538,000		1,653,482


Restricted and unrestricted cash and foreign currency at end of period	$	19,396,598	$	4,200,858	$	28,693,457	$	1,229,254


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	510,310	$	3,220,791	$	1,292,745	$	725,463


NON-CASH FINANCING ACTIVITIES
Reinvestment of distributions	$	267,474	$	1,065,866	$	—	$	32,244


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	1,231,811	$	848,709	$	—	$	881,276
Cash pledged
Collateral — reverse repurchase agreements		9,548,039		—		20,758,457		—
Collateral — OTC derivatives		4,459,000		2,680,000		—		—
Futures contracts		1,298,970		573,000		1,671,000		—
Centrally cleared swaps		2,833,000		—		6,264,000		329,000
Foreign currency at value		25,778		99,149		—		18,978


	$	19,396,598	$	4,200,858	$	28,693,457	$	1,229,254

^(a)	Consolidated Statement of Cash Flows.

See notes to financial statements.


130		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


		BHK

		Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,						Period from 09/01/19 to 12/31/19			Year Ended August 31,
		Six Months Ended 06/30/22 (unaudited)				2021			2020			Period from 09/01/19 to 12/31/19			2019			2018			2017

Net asset value, beginning of period			$	15.47		$	16.45		$	15.32		$	15.79		$	14.08		$	14.96		$	15.25


Net investment income^(a)				0.35			0.72			0.72			0.22			0.66			0.72			0.76
Net realized and unrealized gain (loss)				(3.59	)		(0.65	)		1.24			(0.36	)		1.82			(0.82	)		(0.27	)


Net increase (decrease) from investment operations				(3.24	)		0.07			1.96			(0.14	)		2.48			(0.10	)		0.49


Distributions^(b)
From net investment income				(0.37	)^(c)		(0.80	)		(0.64	)		(0.27	)		(0.73	)		(0.78	)		(0.78	)
From net realized gain				—			(0.25	)		(0.19	)		(0.04	)		(0.04	)		—			—
Return of capital				—			—			—			(0.02	)		—			—			—


Total distributions				(0.37	)		(1.05	)		(0.83	)		(0.33	)		(0.77	)		(0.78	)		(0.78	)


Net asset value, end of period			$	11.86		$	15.47		$	16.45		$	15.32		$	15.79		$	14.08		$	14.96


Market price, end of period			$	11.32		$	16.51		$	16.30		$	14.58		$	14.56		$	12.85		$	14.10


Total Return^(d)
Based on net asset value				(20.99	)%^(e)		0.50	%^(f)		13.24	%		(0.75	)%^(e)		18.86	%		(0.24	)%		3.88	%


Based on market price				(29.34	)%^(e)		8.25	%		17.90	%		2.43	%^(e)		20.09	%		(3.40	)%		4.20	%


Ratios to Average Net Assets^(g)
Total expenses				1.12	%^(h)		0.85	%		0.91	%		1.42	%^(h)(i)		1.72	%		1.60	%		1.16	%


Total expenses after fees waived and/or reimbursed				1.12	%^(h)		0.85	%		0.90	%		1.42	%^(h)		1.72	%		1.60	%		1.16	%


Total expenses after fees waived and/or reimbursed and excluding interest expense				0.88	%^(h)		0.81	%		0.75	%		0.79	%^(h)		0.77	%		0.82	%		0.78	%


Net investment income				5.18	%^(h)		4.50	%		4.52	%		4.15	%^(h)		4.63	%		4.99	%		5.19	%


Supplemental Data
Net assets, end of period (000)			$	640,685		$	835,314		$	886,970		$	826,349		$	851,650		$	759,385		$	806,848


Borrowings outstanding, end of period (000)			$	421,979		$	405,522		$	296,921		$	271,749		$	273,621		$	316,216		$	289,078


Portfolio turnover rate^(j)				48	%		54	%		69	%		21	%		27	%		28	%		32	%



^(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) Includes payment from an affiliate, which had no impact on the Fund’s total return. ^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(h) Annualized. ⁽ⁱ⁾ Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.45%. ^(j) Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:


		Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,						Period from 09/01/19 to 12/31/19			Year Ended August 31,
		Six Months Ended 06/30/22 (unaudited)				2021			2020			Period from 09/01/19 to 12/31/19			2019			2018			2017
	Portfolio turnover rate (excluding MDRs)			37	%		34	%		55	%		11	%		27	%		28	%		32	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			131

Financial Highlights (continued)

(For a share outstanding throughout each period)


	HYT^(a)

	Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,						Period from 09/01/19 to 12/31/19			Year Ended August 31,
	Six Months Ended 06/30/22 (unaudited)				2021			2020			Period from 09/01/19 to 12/31/19			2019			2018			2017

Net asset value, beginning of period		$	11.99		$	11.95		$	11.91		$	11.82		$	11.90		$	12.22		$	11.79


Net investment income^(b)			0.36			0.76			0.79			0.25			0.79			0.83			0.85
Net realized and unrealized gain (loss)			(2.51	)		0.21			0.18			0.22			(0.01	)		(0.31	)		0.47


Net increase (decrease) from investment operations			(2.15	)		0.97			0.97			0.47			0.78			0.52			1.32


Distributions^(c)
From net investment income			(0.39	)^(d)		(0.80	)		(0.82	)		(0.35	)		(0.86	)		(0.84	)		(0.89	)
Return of capital			—			(0.13	)		(0.11	)		(0.03	)		—			—			—


Total distributions			(0.39	)		(0.93	)		(0.93	)		(0.38	)		(0.86	)		(0.84	)		(0.89	)


Net asset value, end of period		$	9.45		$	11.99		$	11.95		$	11.91		$	11.82		$	11.90		$	12.22


Market price, end of period		$	9.53		$	12.34		$	11.43		$	11.20		$	10.51		$	10.70		$	11.13


Total Return^(e)
Based on net asset value			(18.17	)%^(f)		8.42	%		9.57	%		4.28	%^(f)		8.06	%		5.25	%		12.41	%^(g)


Based on market price			(19.82	)%^(f)		16.66	%		11.45	%		10.28	%^(f)		6.86	%		3.91	%		10.94	%


Ratios to Average Net Assets^(h)
Total expenses			1.50	%⁽ⁱ⁾		1.35	%		1.50	%		1.92	%^(i)(j)		2.19	%		1.99	%		1.54	%


Total expenses after fees waived and/or reimbursed			1.50	%⁽ⁱ⁾		1.34	%		1.49	%		1.92	%⁽ⁱ⁾		2.19	%		1.99	%		1.54	%


Total expenses after fees waived and/or reimbursed and excluding interest expense			0.95	%⁽ⁱ⁾		0.93	%		0.94	%		0.93	%⁽ⁱ⁾		0.92	%		0.94	%		0.91	%


Net investment income			6.64	%⁽ⁱ⁾		6.30	%		7.06	%		6.39	%⁽ⁱ⁾		6.87	%		6.88	%		7.04	%


Supplemental Data
Net assets, end of period (000)		$	1,156,031		$	1,465,171		$	1,456,907		$	1,451,868		$	1,440,436		$	1,482,422		$	1,545,622


Borrowings outstanding, end of period (000)		$	494,000		$	647,000		$	685,000		$	607,000		$	486,000		$	647,000		$	649,000


Asset coverage, end of period per $1,000 of bank borrowings		$	3,340		$	3,265		$	3,127		$	3,392		$	3,965		$	3,292		$	3,382


Portfolio turnover rate			16	%		54	%		82	%		20	%		64	%		65	%		75	%

^(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 fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽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%.

See notes to financial statements.


132		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BTZ

	Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,						Period from 11/01/19 to 12/31/19			Year Ended October 31,
	Six Months Ended 06/30/22 (unaudited)					2021			2020		Period from 11/01/19 to 12/31/19				2019			2018			2017

Net asset value, beginning of period		$	15.10		$	15.71		$	14.97		$	14.94		$	13.72		$	14.88		$	14.61


Net investment income^(a)			0.41			0.85			0.84			0.13			0.79			0.81			0.81
Net realized and unrealized gain (loss)			(3.46	)		(0.45	)		0.91			0.15			1.25			(1.17	)		0.30


Net increase (decrease) from investment operations			(3.05	)		0.40			1.75			0.28			2.04			(0.36	)		1.11


Distributions^(b)
From net investment income			(0.42	)^(c)		(0.86	)		(0.85	)		(0.23	)		(0.79	)		(0.80	)		(0.79	)
Return of capital			—			(0.15	)		(0.16	)		(0.02	)		(0.03	)		—			(0.05	)


Total distributions			(0.42	)		(1.01	)		(1.01	)		(0.25	)		(0.82	)		(0.80	)		(0.84	)


Net asset value, end of period		$	11.63		$	15.10		$	15.71		$	14.97		$	14.94		$	13.72		$	14.88


Market price, end of period		$	10.89		$	15.05		$	14.71		$	13.98		$	13.55		$	11.72		$	13.36


Total Return^(d)
Based on net asset value			(20.22	)%^(e)		2.73	%		12.78	%		2.02	%^(e)		16.17	%		(1.72	)%		8.53	%


Based on market price			(25.05	)%^(e)		9.36	%		13.07	%		5.05	%^(e)		23.34	%		(6.49	)%		10.62	%


Ratios to Average Net Assets^(f)
Total expenses			1.13	%^(g)		1.12	%		1.35	%		1.68	%^(g)(h)		2.26	%		1.82	%		1.23	%


Total expenses after fees waived and/or reimbursed			1.13	%^(g)		1.12	%		1.35	%		1.68	%^(g)		2.25	%		1.82	%		1.23	%


Total expenses after fees waived and/or reimbursed and excluding interest expense			0.91	%^(g)		0.94	%		0.94	%		0.92	%^(g)		1.08	%		0.94	%		0.87	%


Net investment income			6.23	%^(g)		5.49	%		5.69	%		5.29	%^(g)		5.57	%		5.69	%		5.53	%


Supplemental Data
Net assets, end of period (000)		$	1,087,227		$	1,412,147		$	1,468,153		$	1,554,828		$	1,551,243		$	1,439,954		$	1,598,034


Borrowings outstanding, end of period (000)		$	547,698		$	587,017		$	614,172		$	577,231		$	568,461		$	707,102		$	477,822


Portfolio turnover rate			14	%		20	%		34	%		2	%		18	%		30	%		25	%

^(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 fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.70%.

See notes to 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)


	BGT

	Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,						Period from 11/01/19 to 12/31/19			Year Ended October 31,
	Six Months Ended 06/30/22 (unaudited)					2021			2020		Period from 11/01/19 to 12/31/19				2019			2018			2017

Net asset value, beginning of period		$	13.44		$	13.40		$	14.10		$	13.95		$	14.33		$	14.49		$	14.41


Net investment income^(a)			0.33			0.65			0.66			0.12			0.80			0.76			0.73
Net realized and unrealized gain (loss)			(1.35	)		0.17			(0.47	)		0.26			(0.37	)		(0.21	)		0.12


Net increase (decrease) from investment operations			(1.02	)		0.82			0.19			0.38			0.43			0.55			0.85


Distributions^(b)
From net investment income			(0.32	)^(c)		(0.66	)		(0.69	)		(0.23	)		(0.81	)		(0.71	)		(0.77	)
Return of capital			—			(0.12	)		(0.20	)		—			—			—			—


Total distributions			(0.32	)		(0.78	)		(0.89	)		(0.23	)		(0.81	)		(0.71	)		(0.77	)


Net asset value, end of period		$	12.10		$	13.44		$	13.40		$	14.10		$	13.95		$	14.33		$	14.49


Market price, end of period		$	11.02		$	13.99		$	11.79		$	12.87		$	12.42		$	12.72		$	14.31


Total Return^(d)
Based on net asset value			(7.50	)%^(e)		6.43	%		2.83	%		2.89	%^(e)		4.00	%		4.25	%		6.13	%


Based on market price			(19.07	)%^(e)		25.91	%		(0.88	)%		5.48	%^(e)		4.31	%		(6.30	)%		11.21	%


Ratios to Average Net Assets^(f)
Total expenses			1.76	%^(g)		1.61	%		1.72	%		2.11	%^(g)		2.41	%		2.29	%		1.92	%


Total expenses after fees waived and/or reimbursed			1.76	%^(g)		1.60	%		1.70	%		2.11	%^(g)		2.41	%		2.29	%		1.92	%


Total expenses after fees waived and/or reimbursed and excluding interest expense			1.19	%^(g)		1.19	%		1.17	%		1.28	%^(g)		1.16	%		1.21	%		1.20	%


Net investment income			5.10	%^(g)		4.82	%		5.13	%		5.23	%^(g)		5.68	%		5.27	%		5.02	%


Supplemental Data
Net assets, end of period (000)		$	270,690		$	300,712		$	300,126		$	323,708		$	321,091		$	339,096		$	342,890


Borrowings outstanding, end of period (000)		$	127,000		$	143,000		$	129,000		$	130,000		$	123,000		$	142,000		$	150,000


Asset coverage, end of period per $1,000 of bank borrowings		$	3,131		$	3,103		$	3,327		$	3,490		$	3,610		$	3,389		$	3,287


Portfolio turnover rate			11	%		50	%		65	%		6	%		53	%		57	%		63	%

^(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 fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

See notes to financial statements.


134		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

Trust Name

Herein Referred To As

Organized

Diversification

Classification

BlackRock Core Bond Trust

BHK

Delaware

Diversified

BlackRock Corporate High Yield Fund, Inc.

HYT

Maryland

Diversified

BlackRock Credit Allocation Income Trust

BTZ

Delaware

Diversified

BlackRock Floating Rate Income Trust

BGT

Delaware

Diversified

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of open-end non-index fixed-income 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 account of HYT Subsidary LLC (Delaware) (the “Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of HYT. The Taxable Subsidiary enables HYT to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for HYT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for HYT. HYT may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $1,351,199, which is 0.1% of HYT consolidated net assets.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Trust does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Realized currency gains (losses) on foreign currency related transactions are reported as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. Each Trust has elected to treat realized gains (losses) from certain forward foreign currency exchange contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2022, 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.


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Notes to Financial Statements (unaudited) (continued)

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 investments 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. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. 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.

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.


136		2 0 2 2 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)

•

Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

•

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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:

•

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


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Notes to Financial Statements (unaudited) (continued)

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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, 2022, 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.

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.


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Notes to Financial Statements (unaudited) (continued)

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	Athenahealth, Inc.	$	195,963	$	195,963	$	179,920	$	(16,043)
	New Arclin U.S. Holding Corp.		16,201		16,120		14,913		(1,207)
HYT	Athenahealth, Inc.		1,283,682		1,283,682		1,178,587		(105,095)
	New Arclin U.S. Holding Corp.		129,776		129,126		119,458		(9,668)
BTZ	Athenahealth, Inc.		65,453		65,274		60,095		(5,179)
	New Arclin U.S. Holding Corp.		27,771		27,528		25,563		(1,965)
	Precision Medicine Group LLC		14,448		14,359		13,329		(1,030)
	Reverb Buyer, Inc.		52,158		52,165		48,806		(3,359)


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Notes to Financial Statements (unaudited) (continued)



Trust Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)


BGT	Athenahealth, Inc.	$	302,121	$	302,121	$	277,386	$	(24,735)
	CP Iris Holdco I, Inc.		72,634		72,634		66,551		(6,083)
	Precision Medicine Group LLC		49,052		49,052		45,251		(3,801)
	Reverb Buyer, Inc.		289,637		288,395		271,028		(17,367)
	Trident TPI Holdings, Inc.		33,063		33,063		30,947		(2,116)

Forward Commitments, When-Issued and Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trusts’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

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, 2022, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Trusts were as follows:


Trust Name	Average Amount Outstanding		Weighted Average Interest Rate

BHK	$	452,957,005		0.39	%
BTZ		529,556,428		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.


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Notes to Financial Statements (unaudited) (continued)

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.	$	(654,417	)	$	654,417		$	—		$	—
BNP Paribas S.A.		(149,957,522	)		149,957,522			—			—
Cantor Fitzgerald & Company		(31,546,918	)		31,546,918			—			—
Credit Agricole Corporate and Investment Bank		(24,295,984	)		24,295,984			—			—
Credit Suisse Securities (USA) LLC		(352,502	)		352,502			—			—
HSBC Securities (USA), Inc.		(92,696,272	)		92,696,272			—			—
Nomura Securities International, Inc.		(88,610,525	)		88,610,525			—			—
RBC Capital Markets LLC		(10,578,470	)		10,578,470			—			—
TD Securities (USA) LLC		(23,286,526	)		23,286,526			—			—


	$	(421,979,136	)	$	421,979,136		$	—		$	—

^(a)

Collateral, if any, with a value of $434,131,128 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.



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.	$	(129,651,329	)	$	129,651,329		$	—		$	—
BNP Paribas S.A.		(63,979,812	)		63,979,812			—			—
Credit Suisse Securities (USA) LLC		(29,371,745	)		29,371,745			—			—
RBC Capital Markets LLC		(306,775,515	)		306,775,515			—			—
TD Securities (USA) LLC		(17,920,051	)		17,920,051			—			—


	$	(547,698,452	)	$	547,698,452		$	—		$	—

^(a)

Collateral, if any, with a value of $608,766,147 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) 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).


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Notes to Financial Statements (unaudited) (continued)

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.

Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

•

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


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Notes to Financial Statements (unaudited) (continued)

Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

•

Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Trusts may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trusts will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trusts will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

•

Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or make a payment to the counterparty.

•

Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market 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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		143

Notes to Financial Statements (unaudited) (continued)

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

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 and BTZ, BlackRock (Singapore) Limited (“BSL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of each Trust for which BIL and BSL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.

Service and Distribution Fees: BHK and HYT has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BHK and HYT common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BHK’s and HYT’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended June 30, 2022 amounted to $0.

Expense Waivers and Reimbursements: With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. 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, 2022, the amounts waived were as follows:




Trust Name	Fees Waived and/or Reimbursed by the Manager


BHK	$	3,231
HYT		16,112
BTZ		3,305
BGT		79


144		2 0 2 2 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)

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, 2023. 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. For the six months ended June 30, 2022, there were no fees waived by the Manager pursuant to this arrangement.

Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

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, 2022, 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	$	3,863,624	$	441,007	$	(172,975	)
HYT		59,136		938,498		39,760
BTZ		163,445		549,077		(77,795	)

7.	*PURCHASES AND SALES*

For the six months ended June 30, 2022, purchases and sales of investments, including paydowns/payups and excluding short-term securities, were as follows:



	U.S. Government Securities				Other Securities


Trust Name	Purchases		Sales		Purchases		Sales


BHK	$	10,061,736	$	73,379,727	$	554,225,254	$	526,408,058
HYT		—		—		307,653,957		501,683,990
BTZ		—		—		252,327,821		300,493,490
BGT		—		—		47,420,697		72,156,313

For the six months ended June 30, 2022, purchases and sales related to mortgage dollar rolls were as follows:




Trust Name	Purchases		Sales


BHK	$	128,391,293	$	128,436,775

8.	*INCOME TAX INFORMATION*

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required, except with respect to any taxes related to the Taxable Subsidiaries.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2022, 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, 2021, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:




Trust Name	Non-Expiring


HYT	$	121,511,509
BTZ		11,269,126
BGT		24,851,216

As of June 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:




Trust Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


BHK	$	1,187,529,702	$	19,888,209	$	(118,927,761	)	$	(99,039,552	)
HYT		1,854,288,067		14,665,116		(267,839,542	)		(253,174,426	)
BTZ		1,724,514,242		30,710,382		(183,303,302	)		(152,592,920	)
BGT		426,438,450		327,921		(30,071,756	)		(29,743,835	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		145

Notes to Financial Statements (unaudited) (continued)

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). 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, 2022, 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	Maximum Amount Borrowed		Average Amount Outstanding		Daily Weighted Average Interest Rate


HYT	$	663,000,000	$	587,707,182		1.23%
BGT		146,000,000		134,049,724		1.26

10.

PRINCIPAL RISKS

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments.

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

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. Although vaccines have been developed and approved for use by various governments, 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


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Notes to Financial Statements (unaudited) (continued)

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 options purchased and exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.

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 LIBOR. Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		147

Notes to Financial Statements (unaudited) (continued)

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.

BHK and HYT have filed a prospectus with the SEC allowing it to issue an additional 15,000,000 and 40,000,000 Common Shares, respectively, through an equity shelf program (a “Shelf Offering”). Under the Shelf Offering, BHK and HYT, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). For the period ended June 30, 2022, BHK and HYT did not issue any Common Shares. As of period end, 15,000,000 and 40,000,000 Common Shares, respectively, remain available for issuance under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.

Initial costs incurred by BHK and HYT in connection with its shelf offering are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the shelf offering period will be charged to expense.

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:




Trust Name	Six Months Ended 06/30/22		Year Ended 12/31/21


BHK		17,666		57,910
HYT		101,463		311,681
BTZ		—		28,104
BGT		2,386		7,902

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2021 through November 30, 2022, 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, 2021, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust’s NAV. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended June 30, 2022, BHK, HYT, BTZ and BGT did not repurchase any shares.

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

07/01/22

07/15/22

07/29/22

0.074600

08/01/22

08/15/22

08/31/22

0.074600

HYT

07/01/22

07/15/22

07/29/22

0.077900

08/01/22

08/15/22

08/31/22

0.077900

BTZ

07/01/22

07/15/22

07/29/22

0.083900

08/01/22

08/15/22

08/31/22

0.083900

BGT

07/01/22

07/15/22

07/29/22

0.064700

08/01/22

08/15/22

08/31/22

0.064700

On July 25, 2022, BGT filed an initial registration statement with the SEC seeking the ability to issue additional Common Shares through an equity shelf program (a “Shelf Offering”), which is not yet effective. BGT may not sell any Common Shares in the Shelf Offering until the registration statement filed with the SEC is effective.


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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Core Bond Trust (“BHK”), BlackRock Corporate High Yield Fund, Inc. (“HYT”), BlackRock Credit Allocation Income Trust (“BTZ”) and BlackRock Floating Rate Income Trust (“BGT”) (collectively, the “Funds” and each, a “Fund”) met on April 14, 2022 (the “April Meeting”) and May 19-20, 2022 (the “May 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 who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each 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 an additional 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 April 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 April 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 April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide


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		149

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the 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 registration statements in connection with BHK’s and HYT’s equity shelf programs and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, 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 April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2021, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered BHK’s performance relative to the BHK’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BHK generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BHK, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered HYT’s performance relative to HYT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, HYT generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for HYT, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BTZ’s performance relative to BTZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BTZ generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BTZ, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BGT’s performance relative to BGT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGT, and that BlackRock has explained its rationale for this belief to the Board.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund


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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, 2021 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 first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board noted that HYT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board noted that BTZ’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and fourth 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 BlackRock believes are generally similar to BTZ. The Board noted that BTZ’s actual management fee rate and total expense ratio ranked in the second and third quartiles, respectively, 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. The Board noted that although each of BHK and HYT may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of BHK’s and HYT’s assets will occur primarily through the appreciation of its investment portfolio.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. 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.


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 noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, approved, by unanimous vote of those present, the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2023, 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, 2023. 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 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 (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

General Information

The Trusts, other than BHK and HYT, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BHK and HYT, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BHK and HYT, has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

BHK’s and HYT’s Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800)-882-0052.

The following information is a summary of certain changes since December 31, 2021. 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.


A D D I T I O N A L I N F O R M A T I O N		153

Additional Information (continued)

General Information (continued)

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BHK and HYT only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BHK and HYT only, prospectuses, 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, including for BHK and HYT only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time to time, BHK and HYT may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BHK and HYT may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BHK and HYT net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BHK and HYT to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

On February 28, 2022, BHK filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BHK are not offers to sell BHK Common Shares or solicitations of an offer to buy BHK Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BHK contains important information about BHK, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BHK carefully and in its entirety before investing. Copies of the final prospectus for can be obtained from BlackRock at blackrock.com.

On February 9, 2022, HYT filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of HYT are not offers to sell HYT Common Shares or solicitations of an offer to buy HYT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of HYT contains important information about HYT, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of HYT carefully and in its entirety before investing. Copies of the final prospectus for can be obtained from BlackRock at blackrock.com.


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Additional Information (continued)

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.

Trust and Service Providers


Investment Adviser		Transfer Agent
BlackRock Advisors, LLC		Computershare Trust Company, N.A.
Wilmington, DE 19809		Canton, MA 02021

Sub-Adviser		Independent Registered Public Accounting Firm
BlackRock International Limited		Deloitte & Touche LLP
Edinburgh, EH3 8BL		Boston, MA 02116
United Kingdom
		Legal Counsel
BlackRock (Singapore) Limited^(a)		Willkie Farr & Gallagher LLP
079912 Singapore		New York, NY 10019

Accounting Agent and Custodian		Address of the Trusts
State Street Bank and Trust Company		100 Bellevue Parkway
Boston, MA 02111		Wilmington, DE 19809

^(a)For BHK and BTZ.


A D D I T I O N A L I N F O R M A T I O N		155

Glossary of Terms Used in this Report


Currency Abbreviation

CAD		Canadian Dollar

EUR		Euro

GBP		British Pound

USD		United States Dollar

Portfolio Abbreviation

AGM		Assured Guaranty Municipal Corp.

BAB		Build America Bond

CAB		Capital Appreciation Bonds

CDI		CREST Depository Interest

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

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

PCL		Public Company Limited

PIK		Payment-in-Kind

RB		Revenue Bond

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s

SOFR		Secured Overnight Financing Rate

SONIA		Sterling Overnight Interbank Average Rate

TBA		To-Be-Announced


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Want to know more?

blackrock.com | 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

TAXBOND-06/22-SAR

(b) Not Applicable

Item 2 –

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

Item 3 –

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

Item 4 –

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

Item 5 –

Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 –

Investments

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

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

Item 7 –

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

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

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

Item 9 –

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

Item 10 –

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

Item 11 –

Controls and Procedures

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

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

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies— Not Applicable to this semi-annual report

Item 13 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 2009¹

The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

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

BlackRock Credit Allocation Income Trust


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

Date: August 19, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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

Date: August 19, 2022


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Credit Allocation Income Trust

Date: August 19, 2022